Net Interest Income and Noninterest Income

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Net Interest Income and Noninterest Income

Net Interest Income and Noninterest IncomeThe table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and nine months ended September 30, 2020 and 2019. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.

	Three Months Ended September 30				Nine Months Ended September 30
(Dollars in millions)	2020		2019		2020		2019
Net interest income
Interest income
Loans and leases	$	7,894	$	10,894	$	26,426	$	32,721
Debt securities	2,130		2,829		7,413		8,965
Federal funds sold and securities borrowed or purchased under agreements to resell	55		1,242		900		3,746
Trading account assets	948		1,319		3,203		3,962
Other interest income	459		1,632		2,182		4,916
Total interest income	11,486		17,916		40,124		54,310
Interest expense
Deposits	227		1,880		1,784		5,640
Short-term borrowings	(24)		1,876		1,024		5,725
Trading account liabilities	212		303		764		967
Long-term debt	942		1,670		3,445		5,227
Total interest expense	1,357		5,729		7,017		17,559
Net interest income	$	10,129	$	12,187	$	33,107	$	36,751
Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	1,172	$	963	$	2,794	$	2,827
Other card income	396		502		1,295		1,459
Total card income	1,568		1,465		4,089		4,286
Service charges
Deposit-related fees	1,515		1,690		4,441		4,908
Lending-related fees	302		285		841		809
Total service charges	1,817		1,975		5,282		5,717
Investment and brokerage services
Asset management fees	2,740		2,597		7,905		7,591
Brokerage fees	883		897		2,898		2,733
Total investment and brokerage services	3,623		3,494		10,803		10,324
Investment banking fees
Underwriting income	1,239		740		3,610		2,198
Syndication fees	133		341		634		887
Financial advisory services	397		452		1,072		1,083
Total investment banking fees	1,769		1,533		5,316		4,168
Total fees and commissions	8,777		8,467		25,490		24,495
Market making and similar activities	1,689		2,118		6,983		7,267
Other income	(259)		35		(151)		382
Total noninterest income	$	10,207	$	10,620	$	32,322	$	32,144

(1)Gross interchange fees were $2.4 billion and $2.6 billion for the three months ended September 30, 2020 and 2019 and are presented net of $1.4 billion and $1.6 billion of expenses for rewards and partner payments as well as certain other card costs. Gross interchange fees were $6.7 billion and $7.4 billion for the nine months ended September 30, 2020 and 2019 and are presented net of $4.1 billion and $4.6 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.