The following table provides a summary of the Firm’s segment results as of or for the years ended December 31, 2022, 2021 and 2020, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. This allows management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense/(benefit). These adjustments have no impact on net income as reported by the Firm as a whole or by the LOBs.

Capital allocation

Each business segment is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. ROE is measured and internal targets for expected returns are established as key measures of a business segment’s performance.

The Firm’s allocation methodology incorporates Basel III Standardized RWA, Basel III Advanced RWA, the GSIB surcharge, and a simulation of capital in a severe stress environment. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs may change.

Segment results and reconciliation(a)


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As of or for the year ended December 31, (in millions, except ratios)	Consumer & Community Banking									Corporate & Investment Bank									Commercial Banking									Asset & Wealth Management
	2022			2021			2020			2022			2021			2020			2022			2021			2020			2022			2021			2020
Noninterest revenue	$	15,089		$	17,286		$	17,740		$	35,999		$	38,209		$	35,120		$	3,336		$	3,929		$	3,067		$	12,507		$	13,071		$	10,822
Net interest income	39,928			32,787			33,528			11,900			13,540			14,164			8,197			6,079			6,246			5,241			3,886			3,418
Total net revenue	55,017			50,073			51,268			47,899			51,749			49,284			11,533			10,008			9,313			17,748			16,957			14,240
Provision for credit losses	3,813			(6,989)			12,312			1,158			(1,174)			2,726			1,268			(947)			2,113			128			(227)			263
Noninterest expense	31,471			29,256			27,990			27,087			25,325			23,538			4,719			4,041			3,798			11,829			10,919			9,957
Income/(loss) before income tax expense/(benefit)	19,733			27,806			10,966			19,654			27,598			23,020			5,546			6,914			3,402			5,791			6,265			4,020
Income tax expense/(benefit)	4,862			6,876			2,749			4,684			6,464			5,926			1,333			1,668			824			1,426			1,528			1,028
Net income/(loss)	$	14,871		$	20,930		$	8,217		$	14,970		$	21,134		$	17,094		$	4,213		$	5,246		$	2,578		$	4,365		$	4,737		$	2,992
Average equity	$	50,000		$	50,000		$	52,000		$	103,000		$	83,000		$	80,000		$	25,000		$	24,000		$	22,000		$	17,000		$	14,000		$	10,500
Total assets	514,085			500,370			496,705			1,334,296			1,259,896			1,095,926			257,106			230,776			228,911			232,037			234,425			203,384
Return on equity	29		%	41		%	15		%	14		%	25		%	20		%	16		%	21		%	11		%	25		%	33		%	28		%
Overhead ratio	57			58			55			57			49			48			41			40			41			67			64			70


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As of or for the year ended December 31, (in millions, except ratios)	Corporate						Reconciling Items(a)						Total
	2022		2021		2020		2022		2021		2020		2022			2021			2020
Noninterest revenue	$	(1,798)	$	68	$	1,199	$	(3,148)	$	(3,225)	$	(2,560)	$	61,985		$	69,338		$	65,388
Net interest income	1,878		(3,551)		(2,375)		(434)		(430)		(418)		66,710			52,311			54,563
Total net revenue	80		(3,483)		(1,176)		(3,582)		(3,655)		(2,978)		128,695			121,649			119,951
Provision for credit losses	22		81		66		—		—		—		6,389			(9,256)			17,480
Noninterest expense	1,034		1,802		1,373		—		—		—		76,140			71,343			66,656
Income/(loss) before income tax expense/(benefit)	(976)		(5,366)		(2,615)		(3,582)		(3,655)		(2,978)		46,166			59,562			35,815
Income tax expense/(benefit)	(233)		(1,653)		(865)		(3,582)		(3,655)		(2,978)		8,490			11,228			6,684
Net income/(loss)	$	(743)	$	(3,713)	$	(1,750)	$	—	$	—	$	—	$	37,676		$	48,334		$	29,131
Average equity	$	58,068	$	79,968	$	72,365	$	—	$	—	$	—	$	253,068		$	250,968		$	236,865
Total assets	1,328,219		1,518,100		1,359,831		NA		NA		NA		3,665,743			3,743,567			3,384,757
Return on equity	NM		NM		NM		NM		NM		NM		14		%	19		%	12		%
Overhead ratio	NM		NM		NM		NM		NM		NM		59			59			56

(a)Segment results on a managed basis reflect revenue on a FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.