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, 2023
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 2023, 2022 and 2021. 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) 2023 2022 2021
Net interest income
Interest income
Loans and leases $ 57,124  $ 37,919  $ 29,282 
Debt securities 20,226  17,127  12,376 
Federal funds sold and securities borrowed or purchased under agreements to resell (1)
18,679  4,560  (90)
Trading account assets 8,773  5,521  3,770 
Other interest income 25,460  7,438  2,334 
Total interest income 130,262  72,565  47,672 
Interest expense
Deposits 26,163  4,718  537 
Short-term borrowings (1)
30,553  6,978  (358)
Trading account liabilities 2,043  1,538  1,128 
Long-term debt 14,572  6,869  3,431 
Total interest expense 73,331  20,103  4,738 
Net interest income $ 56,931  $ 52,462  $ 42,934 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$ 3,983  $ 4,096  $ 4,560 
Other card income 2,071  1,987  1,658 
Total card income 6,054  6,083  6,218 
Service charges
Deposit-related fees 4,382  5,190  6,271 
Lending-related fees 1,302  1,215  1,233 
Total service charges 5,684  6,405  7,504 
Investment and brokerage services
Asset management fees 12,002  12,152  12,729 
Brokerage fees 3,561  3,749  3,961 
Total investment and brokerage services 15,563  15,901  16,690 
Investment banking fees
Underwriting income 2,235  1,970  5,077 
Syndication fees 898  1,070  1,499 
Financial advisory services 1,575  1,783  2,311 
Total investment banking fees 4,708  4,823  8,887 
Total fees and commissions 32,009  33,212  39,299 
Market making and similar activities 12,732  12,075  8,691 
Other income (loss) (3,091) (2,799) (1,811)
Total noninterest income $ 41,650  $ 42,488  $ 46,179 
(1)For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles.
(2)Gross interchange fees and merchant income were $13.3 billion, $12.9 billion and $11.5 billion for 2023, 2022 and 2021, respectively, and are presented net of $9.3 billion, $8.8 billion and $6.9 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.