Annual report pursuant to Section 13 and 15(d)

Performance by Geographical Area

v3.22.0.1
Performance by Geographical Area
 12 Months Ended
Dec. 31, 2021
Segments, Geographical Areas [Abstract]  
Performance by Geographical Area Performance by Geographical AreaThe Corporation’s operations are highly integrated with operations in both U.S. and non-U.S. markets. The non-U.S. business activities are largely conducted in Europe, the Middle East and Africa and in Asia. The Corporation identifies its geographic performance based on the business unit structure used to manage the capital or expense deployed in the region as applicable. This requires certain judgments related to the allocation of revenue so that revenue can be appropriately matched with the related capital or expense deployed in the region. Certain asset, liability, income and expense amounts have been allocated to arrive at total assets, total revenue, net of interest expense, income before income taxes and net income by geographic area as presented below.
(Dollars in millions)  
Total Assets at Year End (1)
Total Revenue, Net of Interest Expense (2)
Income Before Income Taxes Net Income
U.S. (3)
2021 $ 2,789,862  $ 78,012  $ 31,392  $ 27,781 
  2020 2,490,247  75,576  18,247  16,692 
  2019 81,236  30,699  25,937 
Asia 2021 117,085  4,439  988  733 
  2020 99,283  4,232  1,051  788 
  2019 3,491  765  570 
Europe, Middle East and Africa 2021 233,356  5,423  1,097  3,134 
  2020 202,701  4,491  (596) 264 
  2019 5,310  921  672 
Latin America and the Caribbean 2021 29,192  1,239  499  330 
  2020 27,396  1,229  293  150 
  2019 1,207  369  251 
Total Non-U.S.  2021 379,633  11,101  2,584  4,197 
  2020 329,380  9,952  748  1,202 
  2019 10,008  2,055  1,493 
Total Consolidated 2021 $ 3,169,495  $ 89,113  $ 33,976  $ 31,978 
  2020 2,819,627  85,528  18,995  17,894 
  2019 91,244  32,754  27,430 
(1)Total assets include long-lived assets, which are primarily located in the U.S.
(2)There were no material intercompany revenues between geographic regions for any of the periods presented.
(3)Substantially reflects the U.S.