Interest Income and Interest Expense (Tables)

3 Months Ended

Mar. 31, 2021

Interest Income (Expense), Net [Abstract]

Details of interest income and interest expense

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

	Three months ended March 31,
(in millions)	2021		2020
Interest income
Loans(a)	$	10,187	$	12,305
Taxable securities	1,605		2,233
Non-taxable securities(b)	277		300
Total investment securities(a)	1,882		2,533
Trading assets - debt instruments	1,782		2,064
Federal funds sold and securities purchased under resale agreements	233		1,095
Securities borrowed(c)	(77)		152
Deposits with banks	65		569
All other interest-earning assets(d)	199		443
Total interest income	$	14,271	$	19,161
Interest expense
Interest-bearing deposits	$	146	$	1,575
Federal funds purchased and securities loaned or sold under repurchase agreements	15		787
Short-term borrowings(e)	33		151
Trading liabilities – debt and all other interest-bearing liabilities(c)(f)	27		372
Long-term debt	1,134		1,747
Beneficial interest issued by consolidated VIEs	27		90
Total interest expense	$	1,382	$	4,722
Net interest income	$	12,889	$	14,439
Provision for credit losses	(4,156)		8,285
Net interest income after provision for credit losses	$	17,045	$	6,154

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

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

(c)Negative interest income is related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other interest-bearing liabilities.

(d)Includes interest earned on brokerage-related held-for-investment customer receivables, 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)All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.