Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.21.2
Business Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Business Segment Information Business Segment InformationThe Corporation reports its results of operations through the following four business segments: Consumer Banking, Global Wealth & Investment Management, Global Banking and Global Markets, with the remaining operations recorded in All Other. For more information see Note 23 – Business Segment Information to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. The following tables present net income 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 and six months ended June 30, 2021 and 2020, and total assets at June 30, 2021 and 2020 for each business segment, as well as All Other.
Results of Business Segments and All Other
At and for the three months ended June 30
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2021 2020 2021 2020 2021 2020
Net interest income $ 10,343  $ 10,976  $ 5,973  $ 5,991  $ 1,354  $ 1,378 
Noninterest income 11,233  11,478  2,213  1,861  3,711  3,047 
Total revenue, net of interest expense 21,576  22,454  8,186  7,852  5,065  4,425 
Provision for credit losses (1,621) 5,117  (697) 3,024  (62) 136 
Noninterest expense 15,045  13,410  4,859  4,735  3,814  3,464 
Income before income taxes 8,152  3,927  4,024  93  1,313  825 
Income tax expense (1,072) 394  986  23  322  202 
Net income $ 9,224  $ 3,533  $ 3,038  $ 70  $ 991  $ 623 
Period-end total assets $ 3,029,894  $ 2,741,688  $ 1,063,650  $ 929,193  $ 378,220  $ 334,190 
  Global Banking Global Markets All Other
  2021 2020 2021 2020 2021 2020
Net interest income $ 1,984  $ 2,363  $ 991  $ 1,297  $ 41  $ (53)
Noninterest income 3,105  2,728  3,729  4,053  (1,525) (211)
Total revenue, net of interest expense 5,089  5,091  4,720  5,350  (1,484) (264)
Provision for credit losses (831) 1,873  22  105  (53) (21)
Noninterest expense 2,599  2,222  3,471  2,684  302  305 
Income before income taxes 3,321  996  1,227  2,561  (1,733) (548)
Income tax expense 897  269  319  666  (3,596) (766)
Net income $ 2,424  $ 727  $ 908  $ 1,895  $ 1,863  $ 218 
Period-end total assets $ 607,969  $ 586,078  $ 773,714  $ 652,068  $ 206,341  $ 240,159 
(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 Global Wealth & Investment Management
(Dollars in millions) 2021 2020 2021 2020 2021 2020
Net interest income $ 20,651  $ 23,250  $ 11,893  $ 12,853  $ 2,685  $ 2,949 
Noninterest income 23,857  22,115  4,362  4,127  7,351  6,412 
Total revenue, net of interest expense 44,508  45,365  16,255  16,980  10,036  9,361 
Provision for credit losses (3,481) 9,878  (1,314) 5,282  (127) 325 
Noninterest expense 30,560  26,885  9,990  9,230  7,682  7,064 
Income before income taxes 17,429  8,602  7,579  2,468  2,481  1,972 
Income tax expense 155  1,059  1,857  605  608  483 
Net income $ 17,274  $ 7,543  $ 5,722  $ 1,863  $ 1,873  $ 1,489 
Period-end total assets $ 3,029,894  $ 2,741,688  $ 1,063,650  $ 929,193  $ 378,220  $ 334,190 
  Global Banking Global Markets All Other
  2021 2020 2021 2020 2021 2020
Net interest income $ 3,964  $ 4,975  $ 1,981  $ 2,449  $ 128  $ 24 
Noninterest income 5,758  4,716  8,937  8,126  (2,551) (1,266)
Total revenue, net of interest expense 9,722  9,691  10,918  10,575  (2,423) (1,242)
Provision for credit losses (1,957) 3,966  17  212  (100) 93 
Noninterest expense 5,380  4,540  6,898  5,498  610  553 
Income before income taxes 6,299  1,185  4,003  4,865  (2,933) (1,888)
Income tax expense 1,701  320  1,041  1,265  (5,052) (1,614)
Net income $ 4,598  $ 865  $ 2,962  $ 3,600  $ 2,119  $ (274)
Period-end total assets $ 607,969  $ 586,078  $ 773,714  $ 652,068  $ 206,341  $ 240,159 
(1)There were no material intersegment revenues
The tables below present noninterest income and the associated components for the three and six months ended June 30, 2021 and 2020 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 June 30
(Dollars in millions) 2021 2020 2021 2020 2021 2020
Fees and commissions:
Card income
Interchange fees $ 1,210  $ 830  $ 945  $ 645  $ 12  $ 8 
Other card income 376  419  367  408  9  10 
Total card income 1,586  1,249  1,312  1,053  21  18 
Service charges
Deposit-related fees 1,557  1,299  851  706  18  14 
Lending-related fees 317  263  —  —  —  — 
Total service charges 1,874  1,562  851  706  18  14 
Investment and brokerage services
Asset management fees 3,156  2,483  45  34  3,110  2,454 
Brokerage fees 967  939  33  32  427  400 
Total investment and brokerage services
4,123  3,422  78  66  3,537  2,854 
Investment banking fees
Underwriting income 1,314  1,523  —  —  88  84 
Syndication fees 401  230  —  —  —  — 
Financial advisory services 407  406  —  —  —  — 
Total investment banking fees 2,122  2,159  —  —  88  84 
Total fees and commissions 9,705  8,392  2,241  1,825  3,664  2,970 
Market making and similar activities 1,826  2,487  —  1  11  18 
Other income (loss) (298) 599  (28) 35  36  59 
Total noninterest income $ 11,233  $ 11,478  $ 2,213  $ 1,861  $ 3,711  $ 3,047 
Global Banking Global Markets
All Other (1)
Three Months Ended June 30
2021 2020 2021 2020 2021 2020
Fees and commissions:
Card income
Interchange fees $ 178  $ 65  $ 74  $ 111  $ 1  $ 1 
Other card income 2  3  —  —  (2) (2)
Total card income 180  68  74  111  (1) (1)
Service charges
Deposit-related fees 641  524  45  45  2  10 
Lending-related fees 259  214  58  50  —  (1)
Total service charges 900  738  103  95  2  9 
Investment and brokerage services
Asset management fees —  —  —  —  1  (5)
Brokerage fees 40  23  473  480  (6) 4 
Total investment and brokerage services
40  23  473  480  (5) (1)
Investment banking fees
Underwriting income 587  703  737  781  (98) (45)
Syndication fees 210  133  191  97  —  — 
Financial advisory services 376  345  31  61  —  — 
Total investment banking fees 1,173  1,181  959  939  (98) (45)
Total fees and commissions 2,293  2,010  1,609  1,625  (102) (38)
Market making and similar activities 28  (15) 1,964  2,360  (177) 123 
Other income (loss) 784  733  156  68  (1,246) (296)
Total noninterest income $ 3,105  $ 2,728  $ 3,729  $ 4,053  $ (1,525) $ (211)
(1)All Other includes eliminations of intercompany transactions.
Noninterest Income by Business Segment and All Other
Total Corporation Consumer Banking Global Wealth &
Investment Management
Six Months Ended June 30
(Dollars in millions) 2021 2020 2021 2020 2021 2020
Fees and commissions:
Card income
Interchange fees $ 2,277  $ 1,622  $ 1,781  $ 1,289  $ 22  $ 16 
Other card income 744  899  720  874  18  19 
Total card income 3,021  2,521  2,501  2,163  40  35 
Service charges
Deposit-related fees 3,052  2,926  1,682  1,701  36  32 
Lending-related fees 614  539  —  —  —  — 
Total service charges 3,666  3,465  1,682  1,701  36  32 
Investment and brokerage services
Asset management fees 6,158  5,165  87  72  6,071  5,106 
Brokerage fees 2,028  2,015  68  65  857  870 
Total investment and brokerage services
8,186  7,180  155  137  6,928  5,976 
Investment banking fees
Underwriting income 2,860  2,371  —  —  223  199 
Syndication fees 701  501  —  —  —  — 
Financial advisory services 807  675  —  —  —  — 
Total investment banking fees 4,368  3,547  —  —  223  199 
Total fees and commissions 19,241  16,713  4,338  4,001  7,227  6,242 
Market making and similar activities 5,355  5,294  —  2  22  39 
Other income (loss) (739) 108  24  124  102  131 
Total noninterest income $ 23,857  $ 22,115  $ 4,362  $ 4,127  $ 7,351  $ 6,412 
Global Banking Global Markets
All Other (1)
Six Months Ended June 30
2021 2020 2021 2020 2021 2020
Fees and commissions:
Card income
Interchange fees $ 324  $ 184  $ 150  $ 132  $ —  $ 1 
Other card income 6  7  —  —  —  (1)
Total card income 330  191  150  132  —  — 
Service charges
Deposit-related fees 1,243  1,095  87  80  4  18 
Lending-related fees 504  438  110  102  —  (1)
Total service charges 1,747  1,533  197  182  4  17 
Investment and brokerage services
Asset management fees —  —  —  —  —  (13)
Brokerage fees 81  31  1,033  1,048  (11) 1 
Total investment and brokerage services
81  31  1,033  1,048  (11) (12)
Investment banking fees
Underwriting income 1,241  1,071  1,536  1,237  (140) (136)
Syndication fees 371  279  330  222  —  — 
Financial advisory services 733  592  74  83  —  — 
Total investment banking fees 2,345  1,942  1,940  1,542  (140) (136)
Total fees and commissions 4,503  3,697  3,320  2,904  (147) (131)
Market making and similar activities 59  72  5,434  5,334  (160) (153)
Other income (loss) 1,196  947  183  (112) (2,244) (982)
Total noninterest income $ 5,758  $ 4,716  $ 8,937  $ 8,126  $ (2,551) $ (1,266)
(1)All Other includes eliminations of intercompany transactions.
The table below presents 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.
Business Segment Reconciliations
Three Months Ended June 30 Six Months Ended June 30
(Dollars in millions) 2021 2020 2021 2020
Segments’ total revenue, net of interest expense $ 23,060  $ 22,718  $ 46,931  $ 46,607 
Adjustments (1):
       
Asset and liability management activities (154) 677  (44) 592 
Liquidating businesses, eliminations and other (1,330) (941) (2,379) (1,834)
FTE basis adjustment (110) (128) (221) (272)
Consolidated revenue, net of interest expense $ 21,466  $ 22,326  $ 44,287  $ 45,093 
Segments’ total net income 7,361  3,315  15,155  7,817 
Adjustments, net-of-tax (1):
   
Asset and liability management activities (113) 521  (30) 444 
Liquidating businesses, eliminations and other 1,976  (303) 2,149  (718)
Consolidated net income $ 9,224  $ 3,533  $ 17,274  $ 7,543 
June 30
2021 2020
Segments’ total assets $ 2,823,553  $ 2,501,529 
Adjustments (1):
   
Asset and liability management activities, including securities portfolio 1,250,633  1,002,652 
Elimination of segment asset allocations to match liabilities (1,111,500) (829,129)
Other 67,208  66,636 
Consolidated total assets $ 3,029,894  $ 2,741,688 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.