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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenue      
Investment banking fees $ 9,486 $ 7,501 $ 7,550
Principal transactions 18,021 14,018 12,059
Lending- and deposit-related fees [1] 6,511 6,626 6,377
Asset management, administration and commissions [1] 18,177 16,908 16,793
Investment securities gains/(losses) 802 258 (395)
Mortgage fees and related income 3,091 2,036 1,254
Card income [2] 4,435 5,076 4,743
Other income 4,457 5,731 5,343
Noninterest revenue 64,980 58,154 53,724
Interest income 64,523 84,040 76,100
Interest expense 9,960 26,795 21,041
Net interest income 54,563 57,245 55,059
Total net revenue 119,543 115,399 108,783
Provision for credit losses 17,480 5,585 4,871
Noninterest expense      
Compensation expense 34,988 34,155 33,117
Occupancy expense 4,449 4,322 3,952
Technology, communications and equipment expense 10,338 9,821 8,802
Professional and outside services 8,464 8,533 8,502
Marketing [2] 2,476 3,351 3,044
Other expense 5,941 5,087 5,731
Total noninterest expense 66,656 65,269 63,148
Income before income tax expense 35,407 44,545 40,764
Income tax expense 6,276 8,114 8,290
Net income 29,131 36,431 32,474
Net income applicable to common stockholders $ 27,410 $ 34,642 $ 30,709
Net income per common share data      
Basic earnings per share (in dollars per share) $ 8.89 $ 10.75 $ 9.04
Diluted earnings per share (in dollars per share) $ 8.88 $ 10.72 $ 9.00
Weighted-average basic shares (in shares) 3,082.4 3,221.5 3,396.4
Weighted-average diluted shares (in shares) 3,087.4 3,230.4 3,414.0
[1] In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
[2] In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.