Annual report pursuant to Section 13 and 15(d)

Business Segment Information (Tables)

v3.22.4
Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The table below 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 2022, 2021 and 2020, and total assets at December 31, 2022, 2021 and 2020 for each business segment, as well as All Other.
Results of Business Segments and All Other
At and for the year ended December 31
Total Corporation (1)
Consumer Banking
(Dollars in millions) 2022 2021 2020 2022 2021 2020
Net interest income $ 52,900  $ 43,361  $ 43,859  $ 30,045  $ 24,929  $ 24,698 
Noninterest income 42,488  46,179  42,168  8,590  9,076  8,564 
Total revenue, net of interest expense 95,388  89,540  86,027  38,635  34,005  33,262 
Provision for credit losses 2,543  (4,594) 11,320  1,980  (1,035) 5,765 
Noninterest expense 61,438  59,731  55,213  20,077  19,290  18,882 
Income before income taxes 31,407  34,403  19,494  16,578  15,750  8,615 
Income tax expense 3,879  2,425  1,600  4,062  3,859  2,111 
Net income $ 27,528  $ 31,978  $ 17,894  $ 12,516  $ 11,891  $ 6,504 
Year-end total assets $ 3,051,375  $ 3,169,495  $ 1,126,453  $ 1,131,142   
  Global Wealth & Investment Management Global Banking
  2022 2021 2020 2022 2021 2020
Net interest income $ 7,466  $ 5,664  $ 5,468  $ 12,184  $ 8,511  $ 9,013 
Noninterest income 14,282  15,084  13,116  10,045  12,364  9,974 
Total revenue, net of interest expense 21,748  20,748  18,584  22,229  20,875  18,987 
Provision for credit losses 66  (241) 357  641  (3,201) 4,897 
Noninterest expense 15,490  15,258  14,160  10,966  10,632  9,342 
Income before income taxes 6,192  5,731  4,067  10,622  13,444  4,748 
Income tax expense 1,517  1,404  996  2,815  3,630  1,282 
Net income $ 4,675  $ 4,327  $ 3,071  $ 7,807  $ 9,814  $ 3,466 
Year-end total assets $ 368,893  $ 438,275  $ 588,466  $ 638,131   
  Global Markets All Other
  2022 2021 2020 2022 2021 2020
Net interest income $ 3,088  $ 4,011  $ 4,646  $ 117  $ 246  $ 34 
Noninterest income 15,050  15,244  14,119  (5,479) (5,589) (3,605)
Total revenue, net of interest expense 18,138  19,255  18,765  (5,362) (5,343) (3,571)
Provision for credit losses 28  65  251  (172) (182) 50 
Noninterest expense 12,420  13,032  11,417  2,485  1,519  1,412 
Income (loss) before income taxes 5,690  6,158  7,097  (7,675) (6,680) (5,033)
Income tax expense (benefit) 1,508  1,601  1,845  (6,023) (8,069) (4,634)
Net income (loss) $ 4,182  $ 4,557  $ 5,252  $ (1,652) $ 1,389  $ (399)
Year-end total assets $ 812,489  $ 747,794  $ 155,074  $ 214,153   
(1)There were no material intersegment revenues.
The tables below present noninterest income and the associated components for 2022, 2021 and 2020 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
(Dollars in millions) 2022 2021 2020 2022 2021 2020 2022 2021 2020
Fees and commissions:
Card income
Interchange fees $ 4,096  $ 4,560  $ 3,954  $ 3,239  $ 3,597  $ 3,027  $ 20  $ 43  $ 36 
Other card income 1,987  1,658  1,702  1,930  1,575  1,646  50  42  42 
Total card income 6,083  6,218  5,656  5,169  5,172  4,673  70  85  78 
Service charges
Deposit-related fees 5,190  6,271  5,991  2,706  3,538  3,417  65  72  67 
Lending-related fees 1,215  1,233  1,150  —  —  —  8  —  — 
Total service charges 6,405  7,504  7,141  2,706  3,538  3,417  73  72  67 
Investment and brokerage services
Asset management fees 12,152  12,729  10,708  195  188  146  11,957  12,541  10,578 
Brokerage fees 3,749  3,961  3,866  109  132  127  1,604  1,771  1,692 
Total investment and brokerage services
15,901  16,690  14,574  304  320  273  13,561  14,312  12,270 
Investment banking fees
Underwriting income 1,970  5,077  4,698  —  —  —  189  388  391 
Syndication fees 1,070  1,499  861  —  —  —  —  —  — 
Financial advisory services 1,783  2,311  1,621  —  —  —  —  —  — 
Total investment banking fees 4,823  8,887  7,180  —  —  —  189  388  391 
Total fees and commissions 33,212  39,299  34,551  8,179  9,030  8,363  13,893  14,857  12,806 
Market making and similar activities 12,075  8,691  8,355  10  1  2  102  40  63 
Other income (loss) (2,799) (1,811) (738) 401  45  199  287  187  247 
Total noninterest income $ 42,488  $ 46,179  $ 42,168  $ 8,590  $ 9,076  $ 8,564  $ 14,282  $ 15,084  $ 13,116 
Global Banking Global Markets
All Other (1)
2022 2021 2020 2022 2021 2020 2022 2021 2020
Fees and commissions:
Card income
Interchange fees $ 767  $ 700  $ 499  $ 66  $ 220  $ 391  $ 4  $ —  $ 1 
Other card income 7  13  14  —  —  —  —  28  — 
Total card income 774  713  513  66  220  391  4  28  1 
Service charges
Deposit-related fees 2,310  2,508  2,298  101  146  177  8  7  32 
Lending-related fees 983  1,015  940  224  218  210  —  —  — 
Total service charges 3,293  3,523  3,238  325  364  387  8  7  32 
Investment and brokerage services
Asset management fees —  —  —  —  —  —  —  —  (16)
Brokerage fees 42  104  74  2,002  1,979  1,973  (8) (25) — 
Total investment and brokerage services
42  104  74  2,002  1,979  1,973  (8) (25) (16)
Investment banking fees
Underwriting income 796  2,187  2,070  1,176  2,725  2,449  (191) (223) (212)
Syndication fees 565  781  482  505  718  379  —  —  — 
Financial advisory services 1,643  2,139  1,458  139  173  163  1  (1) — 
Total investment banking fees 3,004  5,107  4,010  1,820  3,616  2,991  (190) (224) (212)
Total fees and commissions 7,113  9,447  7,835  4,213  6,179  5,742  (186) (214) (195)
Market making and similar activities 215  145  103  11,406  8,760  8,471  342  (255) (284)
Other income (loss) 2,717  2,772  2,036  (569) 305  (94) (5,635) (5,120) (3,126)
Total noninterest income $ 10,045  $ 12,364  $ 9,974  $ 15,050  $ 15,244  $ 14,119  $ (5,479) $ (5,589) $ (3,605)
(1)All Other includes eliminations of intercompany transactions.
Business Segment Reconciliations
(Dollars in millions) 2022 2021 2020
Segments’ total revenue, net of interest expense $ 100,750  $ 94,883  $ 89,598 
Adjustments (1):
     
Asset and liability management activities (164) (4) 375 
Liquidating businesses, eliminations and other (5,198) (5,339) (3,946)
FTE basis adjustment (438) (427) (499)
Consolidated revenue, net of interest expense $ 94,950  $ 89,113  $ 85,528 
Segments’ total net income 29,180  30,589  18,293 
Adjustments, net-of-tax (1):
   
Asset and liability management activities (122) 11  279 
Liquidating businesses, eliminations and other (1,530) 1,378  (678)
Consolidated net income $ 27,528  $ 31,978  $ 17,894 
December 31
2022 2021
Segments’ total assets $ 2,896,301  $ 2,955,342 
Adjustments (1):
Asset and liability management activities, including securities portfolio 1,133,375  1,363,626 
Elimination of segment asset allocations to match liabilities (1,041,793) (1,216,891)
Other 63,492  67,418 
Consolidated total assets $ 3,051,375  $ 3,169,495 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.