Interest Income and Interest Expense (Tables)

3 Months Ended

Mar. 31, 2022

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)	2022		2021
Interest income
Loans(a)	$	10,633	$	10,187
Taxable securities	1,979		1,605
Non-taxable securities(b)	245		277
Total investment securities(a)	2,224		1,882
Trading assets - debt instruments	1,767		1,782
Federal funds sold and securities purchased under resale agreements	397		233
Securities borrowed(c)	(87)		(77)
Deposits with banks	238		65
All other interest-earning assets(d)	324		199
Total interest income	$	15,496	$	14,271
Interest expense
Interest-bearing deposits	$	182	$	146
Federal funds purchased and securities loaned or sold under repurchase agreements	117		15
Short-term borrowings(e)	40		33
Trading liabilities – debt and all other interest-bearing liabilities(c)(f)	191		27
Long-term debt	1,076		1,134
Beneficial interest issued by consolidated VIEs	18		27
Total interest expense	$	1,624	$	1,382
Net interest income	$	13,872	$	12,889
Provision for credit losses	1,463		(4,156)
Net interest income after provision for credit losses	$	12,409	$	17,045

(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.