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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest Income      
Interest and fees on loans and leases $ 7,477 $ 7,334 $ 4,954
Interest on securities 1,839 1,770 1,517
Interest on other short-term investments 1,110 656 116
Total interest income 10,426 9,760 6,587
Interest Expense      
Interest on deposits 3,736 2,929 447
Interest on federal funds purchased 11 15 6
Interest on other short-term borrowings 157 247 108
Interest on long-term debt 892 742 417
Total interest expense 4,796 3,933 978
Net Interest Income 5,630 5,827 5,609
Provision for credit losses 530 515 563
Net Interest Income After Provision for Credit Losses 5,100 5,312 5,046
Noninterest Income      
Wealth and asset management revenue 647 581 570
Commercial payments revenue 608 564 568
Consumer banking revenue 555 546 542
Capital markets fees 424 422 387
Commercial banking revenue 377 409 419
Mortgage banking net revenue 211 250 215
Other noninterest income 12 91 149
Securities gains (losses), net 15 18 (84)
Total noninterest income 2,849 2,881 2,766
Noninterest Expense      
Compensation and benefits [1] 2,763 2,694 2,554
Technology and communications [1] 474 464 416
Net occupancy expense [1] 339 331 307
Equipment expense [1] 153 148 145
Loan and lease expense [1] 132 133 167
Marketing expense [1] 115 126 118
Card and processing expense [1] 84 84 80
Other noninterest expense [1] 973 1,225 932
Total noninterest expense [1] 5,033 5,205 4,719
Income (loss) before income taxes (FTE) 2,916 2,988 3,093
Applicable income tax expense 602 639 647
Net Income 2,314 2,349 2,446
Dividends on preferred stock 159 137 116
Net Income Available to Common Shareholders $ 2,155 $ 2,212 $ 2,330
Shares Disclosures      
Earnings per share - basic (in dollars per share) $ 3.16 $ 3.23 $ 3.38
Earnings per share - diluted (in dollars per share) $ 3.14 $ 3.22 $ 3.35
Average common shares outstanding - basic (in shares) 682,160,985 684,172,079 688,633,659
Average common shares outstanding - diluted (in shares) 687,300,837 687,678,291 694,952,038
[1] During the fourth quarter of 2024, certain noninterest income and noninterest expense line items were reclassified to better align disclosures to business activities. These reclassifications were retrospectively applied to all prior periods presented. Total noninterest income and noninterest expense did not change as a result of these reclassifications. Refer to Note 1 for additional information.