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, 2024
Revenue from Contract with Customer [Abstract]  
Net Interest Income and Noninterest Income Net Interest Income and Noninterest Income
The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three months ended March 31, 2024 and 2023. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 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) 2024 2023
Net interest income
Interest income
Loans and leases $ 15,240  $ 13,097 
Debt securities 6,137  5,460 
Federal funds sold and securities borrowed or purchased under agreements to resell 5,175  3,712 
Trading account assets 2,455  2,028 
Other interest income (1)
7,278  4,358 
Total interest income 36,285  28,655 
Interest expense
Deposits 9,138  4,314 
Short-term borrowings 8,535  6,180 
Trading account liabilities 546  504 
Long-term debt 4,034  3,209 
Total interest expense 22,253  14,207 
Net interest income $ 14,032  $ 14,448 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$ 931  $ 956 
Other card income 532  513 
Total card income 1,463  1,469 
Service charges
Deposit-related fees 1,122  1,097 
Lending-related fees 320  313 
Total service charges 1,442  1,410 
Investment and brokerage services
Asset management fees 3,270  2,918 
Brokerage fees 917  934 
Total investment and brokerage services 4,187  3,852 
Investment banking fees
Underwriting income 901  569 
Syndication fees 294  231 
Financial advisory services 373  363 
Total investment banking fees 1,568  1,163 
Total fees and commissions 8,660  7,894 
Market making and similar activities 3,888  4,712 
Other income (loss) (762) (796)
Total noninterest income $ 11,786  $ 11,810 
(1)Includes interest income on interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks of $4.5 billion and $2.0 billion for the three months ended March 31, 2024 and 2023.
(2)Gross interchange fees and merchant income were $3.2 billion for both the three months ended March 31, 2024 and 2023 and are presented net of $2.3 billion and $2.2 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.