Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

The following table provides a summary of the Firm’s segment results as of or for the years ended December 31, 2023, 2022 and 2021, 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 current allocation methodology incorporates Basel III Standardized RWA and the GSIB surcharge, both under rules currently in effect, as well as 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
	2023			2022				2021				2023			2022				2021				2023			2022			2021			2023			2022			2021
Noninterest revenue	$	15,118		$	14,886		(b)	$	17,092		(b)	$	40,315		$	36,202		(b)	$	38,403		(b)	$	3,494		$	3,336		$	3,929		$	13,560		$	12,507		$	13,071
Net interest income	55,030			39,928				32,787				8,492			11,900				13,540				12,052			8,197			6,079			6,267			5,241			3,886
Total net revenue	70,148			54,814				49,879				48,807			48,102				51,943				15,546			11,533			10,008			19,827			17,748			16,957
Provision for credit losses	6,899			3,813				(6,989)				121			1,158				(1,174)				1,970			1,268			(947)			159			128			(227)
Noninterest expense	34,819			31,208			(b)	29,028			(b)	28,594			27,350			(b)	25,553			(b)	5,378			4,719			4,041			12,780			11,829			10,919
Income/(loss) before income tax expense/(benefit)	28,430			19,793				27,840				20,092			19,594				27,564				8,198			5,546			6,914			6,888			5,791			6,265
Income tax expense/(benefit)	7,198			4,877			(b)	6,883			(b)	5,963			4,669			(b)	6,457			(b)	2,055			1,333			1,668			1,661			1,426			1,528
Net income/(loss)	$	21,232		$	14,916			$	20,957			$	14,129		$	14,925			$	21,107			$	6,143		$	4,213		$	5,246		$	5,227		$	4,365		$	4,737
Average equity	$	54,349		$	50,000			$	50,000			$	108,000		$	103,000			$	83,000			$	29,507		$	25,000		$	24,000		$	16,671		$	17,000		$	14,000
Total assets	642,951			514,085				500,370				1,338,168			1,334,296				1,259,896				300,325			257,106			230,776			245,512			232,037			234,425
Return on equity	38		%	29		%		41		%		13		%	14		%		25		%		20		%	16		%	21		%	31		%	25		%	33		%
Overhead ratio	50			57				58				59			57				49				35			41			40			64			67			64


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As of or for the year ended December 31, (in millions, except ratios)	Corporate						Reconciling Items(a)						Total
	2023		2022		2021		2023		2022		2021		2023			2022			2021
Noninterest revenue	$	132	$	(1,798)	$	68	$	(3,782)	$	(3,148)	$	(3,225)	$	68,837		$	61,985		$	69,338
Net interest income	7,906		1,878		(3,551)		(480)		(434)		(430)		89,267			66,710			52,311
Total net revenue	8,038		80		(3,483)		(4,262)		(3,582)		(3,655)		158,104			128,695			121,649
Provision for credit losses	171		22		81		—		—		—		9,320			6,389			(9,256)
Noninterest expense	5,601		1,034		1,802		—		—		—		87,172			76,140			71,343
Income/(loss) before income tax expense/(benefit)	2,266		(976)		(5,366)		(4,262)		(3,582)		(3,655)		61,612			46,166			59,562
Income tax expense/(benefit)	(555)		(233)		(1,653)		(4,262)		(3,582)		(3,655)		12,060			8,490			11,228
Net income/(loss)	$	2,821	$	(743)	$	(3,713)	$	—	$	—	$	—	$	49,552		$	37,676		$	48,334
Average equity	$	73,529	$	58,068	$	79,968	$	—	$	—	$	—	$	282,056		$	253,068		$	250,968
Total assets	1,348,437		1,328,219		1,518,100		NA		NA		NA		3,875,393			3,665,743			3,743,567
Return on equity	NM		NM		NM		NM		NM		NM		17		%	14		%	19		%
Overhead ratio	NM		NM		NM		NM		NM		NM		55			59			59

(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.

(b)In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.