Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

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Business Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The 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
2023 Annual Report on Form 10-K. The following tables 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, 2024 and 2023, and total assets at March 31, 2024 and 2023 for each business segment, as well as All Other.
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) 2024 2023 2024 2023 2024 2023
Net interest income $ 14,190  $ 14,582  $ 8,197  $ 8,593  $ 1,814  $ 1,876 
Noninterest income 11,786  11,810  1,969  2,113  3,777  3,439 
Total revenue, net of interest expense 25,976  26,392  10,166  10,706  5,591  5,315 
Provision for credit losses 1,319  931  1,150  1,089  (13) 25 
Noninterest expense 17,237  16,238  5,475  5,473  4,264  4,067 
Income before income taxes 7,420  9,223  3,541  4,144  1,340  1,223 
Income tax expense 746  1,062  885  1,036  335  306 
Net income $ 6,674  $ 8,161  $ 2,656  $ 3,108  $ 1,005  $ 917 
Period-end total assets $ 3,273,803  $ 3,194,657  $ 1,060,482  $ 1,124,438  $ 343,718  $ 349,888 
  Global Banking Global Markets All Other
  2024 2023 2024 2023 2024 2023
Net interest income $ 3,460  $ 3,907  $ 681  $ 109  $ 38  $ 97 
Noninterest income 2,520  2,296  5,202  5,517  (1,682) (1,555)
Total revenue, net of interest expense 5,980  6,203  5,883  5,626  (1,644) (1,458)
Provision for credit losses 229  (237) (36) (53) (11) 107 
Noninterest expense 3,012  2,940  3,492  3,351  994  407 
Income (loss) before income taxes 2,739  3,500  2,427  2,328  (2,627) (1,972)
Income tax expense (benefit) 753  945  704  640  (1,931) (1,865)
Net income (loss) $ 1,986  $ 2,555  $ 1,723  $ 1,688  $ (696) $ (107)
Period-end total assets $ 623,204  $ 591,231  $ 902,741  $ 861,477  $ 343,658  $ 267,623 
(1)There were no material intersegment revenues.
The table below presents noninterest income and the associated components for the three months ended March 31, 2024 and 2023 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) 2024 2023 2024 2023 2024 2023
Fees and commissions:
Card income
Interchange fees $ 931  $ 956  $ 732  $ 753  $ (4) $ — 
Other card income 532  513  540  521  14  12 
Total card income 1,463  1,469  1,272  1,274  10  12 
Service charges
Deposit-related fees 1,122  1,097  578  599  11  11 
Lending-related fees 320  313  —  —  12  8 
Total service charges 1,442  1,410  578  599  23  19 
Investment and brokerage services
Asset management fees 3,270  2,918  55  47  3,219  2,873 
Brokerage fees 917  934  23  27  381  365 
Total investment and brokerage services
4,187  3,852  78  74  3,600  3,238 
Investment banking fees
Underwriting income 901  569  —  —  63  39 
Syndication fees 294  231  —  —  —  — 
Financial advisory services 373  363  —  —  —  — 
Total investment banking fees 1,568  1,163  —  —  63  39 
Total fees and commissions 8,660  7,894  1,928  1,947  3,696  3,308 
Market making and similar activities 3,888  4,712  5  5  34  34 
Other income (loss) (762) (796) 36  161  47  97 
Total noninterest income $ 11,786  $ 11,810  $ 1,969  $ 2,113  $ 3,777  $ 3,439 
Global Banking Global Markets
All Other (1)
Three Months Ended March 31
2024 2023 2024 2023 2024 2023
Fees and commissions:
Card income
Interchange fees $ 186  $ 187  $ 17  $ 16  $ —  $ — 
Other card income 2  3  —  —  (24) (23)
Total card income 188  190  17  16  (24) (23)
Service charges
Deposit-related fees 509  467  23  20  1  — 
Lending-related fees 241  247  67  58  —  — 
Total service charges 750  714  90  78  1  — 
Investment and brokerage services
Asset management fees —  —  —  —  (4) (2)
Brokerage fees 18  9  495  533  —  — 
Total investment and brokerage services
18  9  495  533  (4) (2)
Investment banking fees
Underwriting income 381  229  510  314  (53) (13)
Syndication fees 152  126  142  105  —  — 
Financial advisory services 317  313  56  50  —  — 
Total investment banking fees 850  668  708  469  (53) (13)
Total fees and commissions 1,806  1,581  1,310  1,096  (80) (38)
Market making and similar activities 68  45  3,830  4,398  (49) 230 
Other income (loss) 646  670  62  23  (1,553) (1,747)
Total noninterest income $ 2,520  $ 2,296  $ 5,202  $ 5,517  $ (1,682) $ (1,555)
(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 March 31
(Dollars in millions) 2024 2023
Segments’ total revenue, net of interest expense $ 27,620  $ 27,850 
Adjustments (1):
   
Asset and liability management activities (72) (225)
Liquidating businesses, eliminations and other (1,572) (1,233)
FTE basis adjustment (158) (134)
Consolidated revenue, net of interest expense $ 25,818  $ 26,258 
Segments’ total net income 7,370  8,268 
Adjustments, net-of-tax (1):
 
Asset and liability management activities (56) (174)
Liquidating businesses, eliminations and other (640) 67 
Consolidated net income $ 6,674  $ 8,161 
March 31
2024 2023
Segments’ total assets $ 2,930,145  $ 2,927,034 
Adjustments (1):
Asset and liability management activities, including securities portfolio 1,267,264  1,229,425 
Elimination of segment asset allocations to match liabilities (987,051) (1,024,196)
Other 63,445  62,394 
Consolidated total assets $ 3,273,803  $ 3,194,657 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.