Interest Income and Interest Expense (Tables)

12 Months Ended

Dec. 31, 2018

Interest Income (Expense), Net [Abstract]

Details of interest income and interest expense

The following table presents the components of interest income and interest expense:

Year ended December 31, (in millions)	2018		2017			2016
Interest income
Loans(a)	$	47,620	$	41,008		$	36,634
Taxable securities	5,653		5,535			5,538
Non-taxable securities(b)	1,595		1,847			1,766
Total investment securities	7,248		7,382			7,304
Trading assets	8,703		7,610			7,292
Federal funds sold and securities purchased under resale agreements	3,819		2,327			2,265
Securities borrowed(c)	728		(37		)	(332		)
Deposits with banks	5,907		4,238			1,879
All other interest-earning assets(d)	3,417		1,844			859
Total interest income	$	77,442	$	64,372		$	55,901
Interest expense
Interest bearing deposits	$	5,973	$	2,857		$	1,356
Federal funds purchased and securities loaned or sold under repurchase agreements	3,066		1,611			1,089
Short-term borrowings(e)	1,144		481			203
Trading liabilities - debt and all other interest-bearing liabilities(f)	3,729		2,070			1,102
Long-term debt	7,978		6,753			5,564
Beneficial interest issued by consolidated VIEs	493		503			504
Total interest expense	$	22,383	$	14,275		$	9,818
Net interest income	$	55,059	$	50,097		$	46,083
Provision for credit losses	4,871		5,290			5,361
Net interest income after provision for credit losses	$	50,188	$	44,807		$	40,722

(a) Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts, net deferred fees/costs, etc.).

(b) Represents securities that are tax-exempt for U.S. federal income tax purposes.

(c) Negative interest income is related to client-driven demand for certain securities combined with the impact of low interest rates. This is matched book activity and the negative interest expense on the corresponding securities loaned is recognized in interest expense.

(d) Includes held-for-investment margin loans, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated balance sheets.

(e) Includes commercial paper.

(f)

Other interest-bearing liabilities include brokerage customer payables.