Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v3.19.1
Business Segment Information (Tables)
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following table 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 the three months ended March 31, 2019 and 2018, and total assets at March 31, 2019 and 2018 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)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Net interest income
 
$
12,528

 
$
11,919

 
$
7,106

 
$
6,477

 
$
1,684

 
$
1,584

Noninterest income
 
10,629

 
11,301

 
2,526

 
2,503

 
3,136

 
3,272

Total revenue, net of interest expense
 
23,157

 
23,220

 
9,632

 
8,980

 
4,820


4,856

Provision for credit losses
 
1,013

 
834

 
974

 
935

 
5

 
38

Noninterest expense
 
13,224

 
13,842

 
4,359

 
4,548

 
3,426

 
3,580

Income before income taxes
 
8,920

 
8,544

 
4,299

 
3,497

 
1,389


1,238

Income tax expense
 
1,609

 
1,626

 
1,053

 
893

 
340

 
316

Net income
 
$
7,311

 
$
6,918

 
$
3,246

 
$
2,604

 
$
1,049


$
922

Period-end total assets
 
$
2,377,164

 
$
2,328,478

 
$
794,510

 
$
774,257

 
$
296,785

 
$
279,332

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Global Banking
Global Markets
 
All Other
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Net interest income
 
$
2,790

 
$
2,679

 
$
953

 
$
1,020

 
$
(5
)
 
$
159

Noninterest income
 
2,365

 
2,316

 
3,228

 
3,792

 
(626
)
 
(582
)
Total revenue, net of interest expense
 
5,155

 
4,995

 
4,181

 
4,812


(631
)

(423
)
Provision for credit losses
 
111

 
16

 
(23
)
 
(3
)
 
(54
)
 
(152
)
Noninterest expense
 
2,266

 
2,291

 
2,755

 
2,923

 
418

 
500

Income before income taxes
 
2,778

 
2,688

 
1,449

 
1,892


(995
)

(771
)
Income tax expense
 
750

 
699

 
413

 
492

 
(947
)
 
(774
)
Net income
 
$
2,028

 
$
1,989

 
$
1,036

 
$
1,400


$
(48
)

$
3

Period-end total assets
 
$
436,066

 
$
425,328

 
$
671,123

 
$
648,605

 
$
178,680

 
$
200,956

(1) 
There were no material intersegment revenues.
The table below presents noninterest income and the components thereto for the three months ended March 31, 2019 and 2018 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
 
Three Months Ended March 31
(Dollars in millions)
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Fees and commissions:
 
 
 
 
 
 
 
 
 
 
 
Card income
 
 
 
 
 
 
 
 
 
 
 
Interchange fees
$
896

 
$
914

 
$
728

 
$
758

 
$
17

 
$
10

Other card income
479

 
488

 
469

 
476

 
9

 
11

Total card income
1,375

 
1,402

 
1,197

 
1,234

 
26

 
21

Service charges
 
 
 
 
 
 
 
 
 
 
 
Deposit-related fees
1,580

 
1,646

 
1,020

 
1,044

 
18

 
19

Lending-related fees
259

 
275

 

 

 

 

Total service charges
1,839

 
1,921

 
1,020

 
1,044

 
18

 
19

Investment and brokerage services
 
 
 
 
 
 
 
 
 
 
 
Asset management fees
2,440

 
2,564

 
34

 
36

 
2,414

 
2,528

Brokerage fees
920

 
1,100

 
39

 
46

 
428

 
512

Total investment and brokerage services
3,360

 
3,664

 
73

 
82

 
2,842

 
3,040

Investment banking fees
 
 
 
 
 
 
 
 
 
 
 
Underwriting income
666

 
740

 

 

 
80

 
84

Syndication fees
255

 
317

 

 

 

 

Financial advisory services
343

 
296

 

 

 

 

Total investment banking fees
1,264

 
1,353

 

 

 
80

 
84

Total fees and commissions income
7,838


8,340


2,290


2,360


2,966


3,164

Trading account income
2,338

 
2,553

 
2

 
2

 
34

 
29

Other income
453

 
408

 
234

 
141

 
136

 
79

Total noninterest income
$
10,629


$
11,301


$
2,526


$
2,503


$
3,136


$
3,272

 
 
 
 
 
 
 
 
 
 
 
 
 
Global Banking
 
Global Markets
 
All Other (1)
 
Three Months Ended March 31
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Fees and commissions:
 
 
 
 
 
 
 
 
 
 
 
Card income
 
 
 
 
 
 
 
 
 
 
 
Interchange fees
$
129

 
$
127

 
$
21

 
$
20

 
$
1

 
$
(1
)
Other card income
2

 
1

 
(1
)
 

 

 

Total card income
131

 
128

 
20

 
20

 
1

 
(1
)
Service charges
 
 
 
 
 
 
 
 
 
 
 
Deposit-related fees
498

 
538

 
38

 
40

 
6

 
5

Lending-related fees
215

 
225

 
44

 
50

 

 

Total service charges
713

 
763

 
82

 
90

 
6

 
5

Investment and brokerage services
 
 
 
 
 
 
 
 
 
 
 
Asset management fees

 

 

 

 
(8
)
 

Brokerage fees
9

 
25

 
444

 
488

 

 
29

Total investment and brokerage services
9

 
25

 
444

 
488

 
(8
)
 
29

Investment banking fees
 
 
 
 
 
 
 
 
 
 
 
Underwriting income
280

 
310

 
367

 
430

 
(61
)
 
(84
)
Syndication fees
126

 
158

 
130

 
159

 
(1
)
 

Financial advisory services
303

 
276

 
40

 
20

 

 

Total investment banking income
709

 
744

 
537

 
609

 
(62
)
 
(84
)
Total fees and commissions fees
1,562


1,660


1,083


1,207


(63
)

(51
)
Trading account income
50

 
61

 
2,082

 
2,557

 
170

 
(96
)
Other income
753

 
595

 
63

 
28

 
(733
)
 
(435
)
Total noninterest income
$
2,365


$
2,316


$
3,228


$
3,792


$
(626
)

$
(582
)
(1) 
All Other includes eliminations of intercompany transactions.
 
 
 
 
Business Segment Reconciliations
 
 
 
 
 
 
 
 
Three Months Ended March 31
(Dollars in millions)
2019
 
2018
Segments’ total revenue, net of interest expense
$
23,788

 
$
23,643

Adjustments (1):
 

 
 

ALM activities
12

 
26

Liquidating businesses, eliminations and other
(643
)
 
(449
)
FTE basis adjustment
(153
)
 
(150
)
Consolidated revenue, net of interest expense
$
23,004

 
$
23,070

Segments’ total net income
7,359

 
6,915

Adjustments, net-of-tax (1):
 
 
 

ALM activities
18

 
28

Liquidating businesses, eliminations and other
(66
)
 
(25
)
Consolidated net income
$
7,311

 
$
6,918

 
 
 
 
 
March 31
 
2019
 
2018
Segments’ total assets
$
2,198,484

 
$
2,127,522

Adjustments (1):
 

 
 

ALM activities, including securities portfolio
671,751

 
659,849

Elimination of segment asset allocations to match liabilities
(566,787
)
 
(543,322
)
Other
73,716

 
84,429

Consolidated total assets
$
2,377,164


$
2,328,478

(1) 
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.