Quarterly report pursuant to Section 13 or 15(d)

Net Interest Income and Noninterest Income

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Net Interest Income and Noninterest Income
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Net Interest Income and Noninterest Income Net Interest Income and Noninterest IncomeThe table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three months ended March 31, 2021 and 2020. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.
Three Months Ended March 31
(Dollars in millions) 2021 2020
Net interest income
Interest income
Loans and leases $ 7,234  $ 9,963 
Debt securities 2,730  2,843 
Federal funds sold and securities borrowed or purchased under agreements to resell (7) 819 
Trading account assets 872  1,247 
Other interest income 566  1,226 
Total interest income 11,395  16,098 
Interest expense
Deposits 133  1,184 
Short-term borrowings (79) 1,120 
Trading account liabilities 246  329 
Long-term debt 898  1,335 
Total interest expense 1,198  3,968 
Net interest income $ 10,197  $ 12,130 
Noninterest income
Fees and commissions
Card income
Interchange fees (1)
$ 1,067  $ 792 
Other card income 368  480 
Total card income 1,435  1,272 
Service charges
Deposit-related fees 1,495  1,627 
Lending-related fees 297  276 
Total service charges 1,792  1,903 
Investment and brokerage services
Asset management fees 3,002  2,682 
Brokerage fees 1,061  1,076 
Total investment and brokerage services 4,063  3,758 
Investment banking fees
Underwriting income 1,546  848 
Syndication fees 300  271 
Financial advisory services 400  269 
Total investment banking fees 2,246  1,388 
Total fees and commissions 9,536  8,321 
Market making and similar activities 3,529  2,807 
Other income (loss) (441) (491)
Total noninterest income $ 12,624  $ 10,637 
(1)Gross interchange fees and merchant income were $2.5 billion and $2.3 billion for the three months ended March 31, 2021 and 2020 and are presented net of $1.4 billion and $1.5 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.