Interest Income and Interest Expense (Tables)

12 Months Ended

Dec. 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:

Year ended December 31, (in millions)	2022		2021		2020
Interest income
Loans(a)	$	52,736	$	41,537	$	43,758
Taxable securities	10,372		6,460		7,843
Non-taxable securities(b)	975		1,063		1,184
Total investment securities(a)	11,347		7,523		9,027
Trading assets - debt instruments	9,053		6,825		7,832
Federal funds sold and securities purchased under resale agreements	4,632		958		2,436
Securities borrowed(c)	2,237		(385)		(302)
Deposits with banks	9,039		512		749
All other interest-earning assets(d)	3,763		894		1,023
Total interest income	$	92,807	$	57,864	$	64,523
Interest expense
Interest bearing deposits	$	10,082	$	531	$	2,357
Federal funds purchased and securities loaned or sold under repurchase agreements	3,721		274		1,058
Short-term borrowings(e)	747		126		372
Trading liabilities - debt and all other interest-bearing liabilities(f)	3,246		257		195
Long-term debt	8,075		4,282		5,764
Beneficial interest issued by consolidated VIEs	226		83		214
Total interest expense	$	26,097	$	5,553	$	9,960
Net interest income	$	66,710	$	52,311	$	54,563
Provision for credit losses	6,389		(9,256)		17,480
Net interest income after provision for credit losses	$	60,321	$	61,567	$	37,083

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

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

(c)Negative interest and rates reflect the net impact of interest earned offset by fees paid on client-driven prime brokerage securities borrowed transactions.

(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.