Quarterly report pursuant to Section 13 or 15(d)

Net Interest Income and Noninterest Income (Tables)

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Net Interest Income and Noninterest Income (Tables)
9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following table presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and nine months ended September 30, 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 September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020
Net interest income
Interest income
Loans and leases $ 7,502  $ 7,894  $ 21,859  $ 26,426 
Debt securities 3,282  2,130  8,832  7,413 
Federal funds sold and securities borrowed or purchased under agreements to resell 6  55  (43) 900 
Trading account assets 967  948  2,793  3,203 
Other interest income 579  459  1,677  2,182 
Total interest income 12,336  11,486  35,118  40,124 
Interest expense
Deposits 133  227  394  1,784 
Short-term borrowings (41) (24) (205) 1,024 
Trading account liabilities 285  212  824  764 
Long-term debt 865  942  2,581  3,445 
Total interest expense 1,242  1,357  3,594  7,017 
Net interest income $ 11,094  $ 10,129  $ 31,524  $ 33,107 
Noninterest income
Fees and commissions
Card income
Interchange fees (1)
$ 1,154  $ 1,172  $ 3,431  $ 2,794 
Other card income 429  396  1,173  1,295 
Total card income 1,583  1,568  4,604  4,089 
Service charges
Deposit-related fees 1,619  1,515  4,671  4,441 
Lending-related fees 309  302  923  841 
Total service charges 1,928  1,817  5,594  5,282 
Investment and brokerage services
Asset management fees 3,276  2,740  9,434  7,905 
Brokerage fees 960  883  2,988  2,898 
Total investment and brokerage services 4,236  3,623  12,422  10,803 
Investment banking fees
Underwriting income 1,168  1,239  4,028  3,610 
Syndication fees 346  133  1,047  634 
Financial advisory services 654  397  1,461  1,072 
Total investment banking fees 2,168  1,769  6,536  5,316 
Total fees and commissions 9,915  8,777  29,156  25,490 
Market making and similar activities 2,005  1,689  7,360  6,983 
Other income (loss) (248) (259) (987) (151)
Total noninterest income $ 11,672  $ 10,207  $ 35,529  $ 32,322 
(1)Gross interchange fees and merchant income were $3.0 billion and $2.4 billion for the three months ended September 30, 2021 and 2020 and are presented net of $1.8 billion and $1.4 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods. Gross interchange fees and merchant income were $8.3 billion and $6.7 billion for the nine months ended September 30, 2021 and 2020 and are presented net of $4.9 billion and $4.1 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.