Interest Income and Interest Expense (Tables)

3 Months Ended

Mar. 31, 2023

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)	2023		2022
Interest income
Loans(a)	$	17,708	$	10,633
Taxable securities	3,967		1,979
Non-taxable securities(b)	248		245
Total investment securities(a)	4,215		2,224
Trading assets - debt instruments	3,646		1,767
Federal funds sold and securities purchased under resale agreements	3,131		397
Securities borrowed(c)	1,716		(87)
Deposits with banks	4,819		238
All other interest-earning assets(d)	1,769		324
Total interest income	$	37,004	$	15,496
Interest expense
Interest-bearing deposits	$	7,637	$	182
Federal funds purchased and securities loaned or sold under repurchase agreements	2,804		113
Short-term borrowings(e)	421		44
Trading liabilities – debt and all other interest-bearing liabilities(f)	1,971		191
Long-term debt	3,313		1,076
Beneficial interest issued by consolidated VIEs	147		18
Total interest expense	$	16,293	$	1,624
Net interest income	$	20,711	$	13,872
Provision for credit losses	2,275		1,463
Net interest income after provision for credit losses	$	18,436	$	12,409

(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 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.