Interest Income and Interest Expense (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
(in millions)	2022		2021		2022		2021
Interest income
Loans(a)	$	11,626	$	10,145	$	22,259	$	20,332
Taxable securities	2,289		1,577		4,268		3,182
Non-taxable securities(b)	245		270		490		547
Total investment securities(a)	2,534		1,847		4,758		3,729
Trading assets - debt instruments	2,049		1,711		3,816		3,493
Federal funds sold and securities purchased under resale agreements	543		175		940		408
Securities borrowed(c)	173		(90)		86		(167)
Deposits with banks	1,079		103		1,317		168
All other interest-earning assets(d)	642		203		966		402
Total interest income	$	18,646	$	14,094	$	34,142	$	28,365
Interest expense
Interest-bearing deposits	$	898	$	132	$	1,080	$	278
Federal funds purchased and securities loaned or sold under repurchase agreements	468		60		585		75
Short-term borrowings(e)	90		33		130		66
Trading liabilities – debt and all other interest-bearing liabilities(c)(f)	471		51		662		78
Long-term debt	1,561		1,056		2,637		2,190
Beneficial interest issued by consolidated VIEs	30		21		48		48
Total interest expense	$	3,518	$	1,353	$	5,142	$	2,735
Net interest income	$	15,128	$	12,741	$	29,000	$	25,630
Provision for credit losses	1,101		(2,285)		2,564		(6,441)
Net interest income after provision for credit losses	$	14,027	$	15,026	$	26,436	$	32,071

(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 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.