Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.7.0.1
Business Segment Information
 6 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
Business Segment Information
Business Segment Information
The Corporation reports its results of operations through the following four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. For additional information, see Note 24 – Business Segment Information to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. The tables below present net income (loss) and the components thereto (with net interest income on an FTE basis) for the three and six months ended June 30, 2017 and 2016, and total assets at June 30, 2017 and 2016 for each business segment, as well as All Other, including 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.
 
 
 
 
 
 
 
Results of Business Segments and All Other
 
 
 
 
 
 
 
 
 
 
 
 
 
At and for the three months ended June 30
 
Total Corporation (1)
 
Consumer Banking
(Dollars in millions)
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
$
11,223

$
10,341

 
$
5,960

$
5,207

Noninterest income
 
11,843

11,168

 
2,548

2,588

Total revenue, net of interest expense (FTE basis)
 
23,066

21,509

 
8,508

7,795

Provision for credit losses
 
726

976

 
834

726

Noninterest expense
 
13,726

13,493

 
4,409

4,418

Income before income taxes (FTE basis)
 
8,614

7,040

 
3,265

2,651

Income tax expense (FTE basis)
 
3,345

2,257

 
1,233

977

Net income
 
$
5,269

$
4,783

 
$
2,032

$
1,674

Period-end total assets
 
$
2,254,529

$
2,186,966

 
$
735,176

$
668,464

 
 
 
 
 
 
 
 
 
Global Wealth &
Investment Management
 
Global Banking
 
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
$
1,597

$
1,403

 
$
2,711

$
2,425

Noninterest income
 
3,098

3,022

 
2,328

2,271

Total revenue, net of interest expense (FTE basis)
 
4,695

4,425

 
5,039

4,696

Provision for credit losses
 
11

14

 
15

199

Noninterest expense
 
3,392

3,285

 
2,154

2,125

Income before income taxes (FTE basis)
 
1,292

1,126

 
2,870

2,372

Income tax expense (FTE basis)
 
488

421

 
1,084

874

Net income
 
$
804

$
705

 
$
1,786

$
1,498

Period-end total assets
 
$
274,746

$
286,846

 
$
410,580

$
397,591

 
 
 
 
 
 
 
 
 
Global Markets
 
All Other
 
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
$
864

$
1,088

 
$
91

$
218

Noninterest income
 
3,082

3,221

 
787

66

Total revenue, net of interest expense (FTE basis)
 
3,946

4,309

 
878

284

Provision for credit losses
 
25

(5
)
 
(159
)
42

Noninterest expense
 
2,649

2,583

 
1,122

1,082

Income (loss) before income taxes (FTE basis)
 
1,272

1,731

 
(85
)
(840
)
Income tax expense (benefit) (FTE basis)
 
442

618

 
98

(633
)
Net income (loss)
 
$
830

$
1,113

 
$
(183
)
$
(207
)
Period-end total assets
 
$
633,193

$
577,428

 
$
200,834

$
256,637

(1) 
There were no material intersegment revenues.
 
 
 
 
 
 
 
Results of Business Segments and All Other
 
 
 
 
 
 
 
 
 
 
 
 
 
At and for the six months ended June 30
 
Total Corporation (1)
 
Consumer Banking
(Dollars in millions)
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
$
22,478

$
21,041

 
$
11,741

$
10,535

Noninterest income
 
23,033

21,473

 
5,051

5,117

Total revenue, net of interest expense (FTE basis)
 
45,511

42,514

 
16,792

15,652

Provision for credit losses
 
1,561

1,973

 
1,672

1,257

Noninterest expense
 
28,574

28,309

 
8,818

8,959

Income before income taxes (FTE basis)
 
15,376

12,232

 
6,302

5,436

Income tax expense (FTE basis)
 
5,251

3,977

 
2,378

2,000

Net income
 
$
10,125

$
8,255

 
$
3,924

$
3,436

Period-end total assets
 
$
2,254,529

$
2,186,966

 
$
735,176

$
668,464

 
 
 
 
 
 
 
 
 
Global Wealth &
Investment Management
 
Global Banking
 
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
$
3,157

$
2,916

 
$
5,486

$
4,969

Noninterest income
 
6,130

5,978

 
4,508

4,181

Total revenue, net of interest expense (FTE basis)
 
9,287

8,894

 
9,994

9,150

Provision for credit losses
 
34

39

 
32

752

Noninterest expense
 
6,722

6,555

 
4,317

4,299

Income before income taxes (FTE basis)
 
2,531

2,300

 
5,645

4,099

Income tax expense (FTE basis)
 
955

853

 
2,130

1,509

Net income
 
$
1,576

$
1,447

 
$
3,515

$
2,590

Period-end total assets
 
$
274,746

$
286,846

 
$
410,580

$
397,591

 
 
 
 
 
 
 
 
 
Global Markets
 
All Other
 
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
$
1,913

$
2,272

 
$
181

$
349

Noninterest income
 
6,741

5,987

 
603

210

Total revenue, net of interest expense (FTE basis)
 
8,654

8,259

 
784

559

Provision for credit losses
 
8

4

 
(185
)
(79
)
Noninterest expense
 
5,406

5,032

 
3,311

3,464

Income (loss) before income taxes (FTE basis)
 
3,240

3,223

 
(2,342
)
(2,826
)
Income tax expense (benefit) (FTE basis)
 
1,113

1,138

 
(1,325
)
(1,523
)
Net income (loss)
 
$
2,127

$
2,085

 
$
(1,017
)
$
(1,303
)
Period-end total assets
 
$
633,193

$
577,428

 
$
200,834

$
256,637

 
 
 
 
 
 
 
Business Segment Reconciliations
 
 
 
 
 
 
 
 
Three Months Ended June 30
 
Six Months Ended June 30
 
 
2017
2016
 
2017
2016
Segments’ total revenue, net of interest expense (FTE basis)
 
$
22,188

$
21,225

 
$
44,727

$
41,955

Adjustments (2):
 
 

 

 
 

 

ALM activities
 
104

137

 
59

31

Liquidating businesses and other
 
774

147

 
725

528

FTE basis adjustment
 
(237
)
(223
)
 
(434
)
(438
)
Consolidated revenue, net of interest expense
 
$
22,829

$
21,286

 
$
45,077

$
42,076

Segments’ total net income
 
5,452

4,990

 
11,142

9,558

Adjustments, net-of-taxes (2):
 
 
 

 
 
 

ALM activities
 
(86
)
(36
)
 
(265
)
(275
)
Liquidating businesses and other
 
(97
)
(171
)
 
(752
)
(1,028
)
Consolidated net income
 
$
5,269

$
4,783

 
$
10,125

$
8,255

 
 
 
 
 
 
 
 
 
 
 
June 30
 
 
 
 
 
2017
2016
Segments’ total assets
 
 
 
 
$
2,053,695

$
1,930,329

Adjustments (2):
 
 

 

 
 

 

ALM activities, including securities portfolio
 
 
 
 
620,502

619,417

Liquidating businesses and other
 
 
 
 
97,993

129,560

Elimination of segment asset allocations to match liabilities
 
 
 
 
(517,661
)
(492,340
)
Consolidated total assets
 
 
 
 
$
2,254,529

$
2,186,966

(1) 
There were no material intersegment revenues.
(2) 
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.