| Schedule of Segment Reporting Information, by Segment |
The following tables present net income (loss) and the components thereto (with net interest income on an FTE basis) for the three months ended March 31, 2018 and 2017 and total assets at March 31, 2018 and 2017 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 March 31 |
Total Corporation (1)
|
|
Consumer Banking |
|
Global Wealth &
Investment Management |
(Dollars in millions) |
2018 |
2017 |
|
2018 |
2017 |
|
2018 |
2017 |
Net interest income (FTE basis) |
$ |
11,758 |
|
$ |
11,255 |
|
|
$ |
6,510 |
|
$ |
5,781 |
|
|
$ |
1,594 |
|
$ |
1,560 |
|
Noninterest income |
11,517 |
|
11,190 |
|
|
2,522 |
|
2,503 |
|
|
3,262 |
|
3,032 |
|
Total revenue, net of interest expense (FTE basis) |
23,275 |
|
22,445 |
|
|
9,032 |
|
8,284 |
|
|
4,856 |
|
4,592 |
|
Provision for credit losses |
834 |
|
835 |
|
|
935 |
|
838 |
|
|
38 |
|
23 |
|
Noninterest expense |
13,897 |
|
14,093 |
|
|
4,480 |
|
4,410 |
|
|
3,428 |
|
3,329 |
|
Income before income taxes (FTE basis) |
8,544 |
|
7,517 |
|
|
3,617 |
|
3,036 |
|
|
1,390 |
|
1,240 |
|
Income tax expense (FTE basis) |
1,626 |
|
2,180 |
|
|
922 |
|
1,144 |
|
|
355 |
|
467 |
|
Net income |
$ |
6,918 |
|
$ |
5,337 |
|
|
$ |
2,695 |
|
$ |
1,892 |
|
|
$ |
1,035 |
|
$ |
773 |
|
Period-end total assets |
$ |
2,328,478 |
|
$ |
2,247,794 |
|
|
$ |
774,256 |
|
$ |
734,087 |
|
|
$ |
279,331 |
|
$ |
291,177 |
|
|
|
|
|
|
|
|
|
|
|
Global Banking |
|
Global Markets |
|
All Other |
|
2018 |
2017 |
|
2018 |
2017 |
|
2018 |
2017 |
Net interest income (FTE basis) |
$ |
2,640 |
|
$ |
2,602 |
|
|
$ |
870 |
|
$ |
1,049 |
|
|
$ |
144 |
|
$ |
263 |
|
Noninterest income (loss) |
2,294 |
|
2,353 |
|
|
3,916 |
|
3,659 |
|
|
(477 |
) |
(357 |
) |
Total revenue, net of interest expense (FTE basis) |
4,934 |
|
4,955 |
|
|
4,786 |
|
4,708 |
|
|
(333 |
) |
(94 |
) |
Provision for credit losses |
16 |
|
17 |
|
|
(3 |
) |
(17 |
) |
|
(152 |
) |
(26 |
) |
Noninterest expense |
2,195 |
|
2,163 |
|
|
2,818 |
|
2,757 |
|
|
976 |
|
1,434 |
|
Income (loss) before income taxes (FTE basis) |
2,723 |
|
2,775 |
|
|
1,971 |
|
1,968 |
|
|
(1,157 |
) |
(1,502 |
) |
Income tax expense (benefit) (FTE basis) |
707 |
|
1,046 |
|
|
513 |
|
671 |
|
|
(871 |
) |
(1,148 |
) |
Net income (loss) |
$ |
2,016 |
|
$ |
1,729 |
|
|
$ |
1,458 |
|
$ |
1,297 |
|
|
$ |
(286 |
) |
$ |
(354 |
) |
Period-end total assets |
$ |
424,134 |
|
$ |
416,763 |
|
|
$ |
648,605 |
|
$ |
604,014 |
|
|
$ |
202,152 |
|
$ |
201,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Segment Reconciliations |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31 |
|
|
2018 |
|
2017 |
Segments’ total revenue, net of interest expense (FTE basis) |
|
$ |
23,608 |
|
|
$ |
22,539 |
|
Adjustments (2):
|
|
|
|
|
|
|
ALM activities |
|
116 |
|
|
(45 |
) |
Liquidating businesses and other |
|
(449 |
) |
|
(49 |
) |
FTE basis adjustment |
|
(150 |
) |
|
(197 |
) |
Consolidated revenue, net of interest expense |
|
$ |
23,125 |
|
|
$ |
22,248 |
|
Segments’ total net income |
|
7,204 |
|
|
5,691 |
|
Adjustments, net-of-taxes (2):
|
|
|
|
|
|
|
ALM activities |
|
(54 |
) |
|
(179 |
) |
Liquidating businesses and other |
|
(232 |
) |
|
(175 |
) |
Consolidated net income |
|
$ |
6,918 |
|
|
$ |
5,337 |
|
|
|
|
|
|
|
|
March 31 |
|
|
2018 |
|
2017 |
Segments’ total assets |
|
$ |
2,126,326 |
|
|
$ |
2,046,041 |
|
Adjustments (2):
|
|
|
|
|
|
|
ALM activities, including securities portfolio |
|
659,849 |
|
|
633,028 |
|
Liquidating businesses and other (3)
|
|
85,631 |
|
|
112,153 |
|
Elimination of segment asset allocations to match liabilities |
|
(543,328 |
) |
|
(543,428 |
) |
Consolidated total assets |
|
$ |
2,328,478 |
|
|
$ |
2,247,794 |
|
|
|
(1) |
There were no material intersegment revenues. |
|
|
(2) |
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments. |
|
|
(3) |
At March 31, 2017, includes assets of the non-U.S. consumer credit card business which were included in assets of business held for sale on the Consolidated Balance Sheet.
|
The table below presents noninterest income and the components thereto for the three months ended March 31, 2018 and 2017 for each business segment, as well as All Other. For additional information, see Note 1 – Summary of Significant Accounting Principles and Note 2 – Noninterest Income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income by Business Segment and All Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporation |
|
Consumer Banking |
|
Global Wealth &
Investment Management |
|
Three Months Ended March 31 |
(Dollars in millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Card income |
|
|
|
|
|
|
|
|
|
|
|
Interchange fees |
$ |
971 |
|
|
$ |
958 |
|
|
$ |
804 |
|
|
$ |
784 |
|
|
$ |
11 |
|
|
$ |
26 |
|
Other card income |
486 |
|
|
491 |
|
|
475 |
|
|
440 |
|
|
10 |
|
|
10 |
|
Total card income |
1,457 |
|
|
1,449 |
|
|
1,279 |
|
|
1,224 |
|
|
21 |
|
|
36 |
|
Service charges |
|
|
|
|
|
|
|
|
|
|
|
Deposit-related fees |
1,646 |
|
|
1,653 |
|
|
1,044 |
|
|
1,050 |
|
|
19 |
|
|
20 |
|
Lending-related fees |
275 |
|
|
265 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total service charges |
1,921 |
|
|
1,918 |
|
|
1,044 |
|
|
1,050 |
|
|
19 |
|
|
20 |
|
Investment and brokerage services |
|
|
|
|
|
|
|
|
|
|
|
Asset management fees |
2,564 |
|
|
2,200 |
|
|
36 |
|
|
33 |
|
|
2,528 |
|
|
2,167 |
|
Brokerage fees |
1,100 |
|
|
1,217 |
|
|
46 |
|
|
49 |
|
|
512 |
|
|
624 |
|
Total investment and brokerage services |
3,664 |
|
|
3,417 |
|
|
82 |
|
|
82 |
|
|
3,040 |
|
|
2,791 |
|
Investment banking income |
|
|
|
|
|
|
|
|
|
|
|
Underwriting income |
740 |
|
|
779 |
|
|
— |
|
|
— |
|
|
84 |
|
|
51 |
|
Syndication fees |
316 |
|
|
400 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Financial advisory services |
297 |
|
|
405 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total investment banking income |
1,353 |
|
|
1,584 |
|
|
— |
|
|
— |
|
|
84 |
|
|
51 |
|
Trading account profits |
2,699 |
|
|
2,331 |
|
|
2 |
|
|
— |
|
|
29 |
|
|
59 |
|
Other income |
423 |
|
|
491 |
|
|
115 |
|
|
147 |
|
|
69 |
|
|
75 |
|
Total noninterest income |
$ |
11,517 |
|
|
$ |
11,190 |
|
|
$ |
2,522 |
|
|
$ |
2,503 |
|
|
$ |
3,262 |
|
|
$ |
3,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Banking |
|
Global Markets |
|
All Other |
|
Three Months Ended March 31 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Card income |
|
|
|
|
|
|
|
|
|
|
|
Interchange fees |
$ |
134 |
|
|
$ |
121 |
|
|
$ |
22 |
|
|
$ |
22 |
|
|
$ |
— |
|
|
$ |
5 |
|
Other card income |
1 |
|
|
4 |
|
|
— |
|
|
— |
|
|
— |
|
|
37 |
|
Total card income |
135 |
|
|
125 |
|
|
22 |
|
|
22 |
|
|
— |
|
|
42 |
|
Service charges |
|
|
|
|
|
|
|
|
|
|
|
Deposit-related fees |
538 |
|
|
544 |
|
|
40 |
|
|
33 |
|
|
5 |
|
|
6 |
|
Lending-related fees |
225 |
|
|
221 |
|
|
50 |
|
|
44 |
|
|
— |
|
|
— |
|
Total service charges |
763 |
|
|
765 |
|
|
90 |
|
|
77 |
|
|
5 |
|
|
6 |
|
Investment and brokerage services |
|
|
|
|
|
|
|
|
|
|
|
Asset management fees |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Brokerage fees (1)
|
25 |
|
|
17 |
|
|
488 |
|
|
531 |
|
|
29 |
|
|
(4 |
) |
Total investment and brokerage services |
25 |
|
|
17 |
|
|
488 |
|
|
531 |
|
|
29 |
|
|
(4 |
) |
Investment banking income |
|
|
|
|
|
|
|
|
|
|
|
Underwriting income (1)
|
161 |
|
|
150 |
|
|
579 |
|
|
636 |
|
|
(84 |
) |
|
(58 |
) |
Syndication fees |
298 |
|
|
379 |
|
|
18 |
|
|
21 |
|
|
— |
|
|
— |
|
Financial advisory services |
285 |
|
|
396 |
|
|
12 |
|
|
9 |
|
|
— |
|
|
— |
|
Total investment banking income |
744 |
|
|
925 |
|
|
609 |
|
|
666 |
|
|
(84 |
) |
|
(58 |
) |
Trading account profits |
61 |
|
|
32 |
|
|
2,703 |
|
|
2,177 |
|
|
(96 |
) |
|
63 |
|
Other income |
566 |
|
|
489 |
|
|
4 |
|
|
186 |
|
|
(331 |
) |
|
(406 |
) |
Total noninterest income |
$ |
2,294 |
|
|
$ |
2,353 |
|
|
$ |
3,916 |
|
|
$ |
3,659 |
|
|
$ |
(477 |
) |
|
$ |
(357 |
) |
|
|
(1) |
All Other Includes eliminations of intercompany transactions.
|
|