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Business Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Corporation reports its results of operations through the following four business segments: Consumer Banking, Global Wealth & Investment Management, Global Banking and Global Markets, with the remaining operations recorded in All Other. The segments are managed by the Corporation’s Management Team, with certain leaders responsible for each segment and/or the lines of business supporting the segments. On a continual basis, the Management Team assesses the performance of the segments by comparing the segments’ budgeted income and expenses to their actual results. The Chief Operating Decision Maker of the segments, which is the Corporation’s CEO, is the final approver on the amount of capital to allocate to each segment.
Consumer Banking
Consumer Banking offers a diversified range of credit, banking and investment products and services to consumers and small businesses. Consumer Banking product offerings include traditional savings accounts, money market savings accounts, CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans to consumers and small businesses in the U.S. Consumer Banking includes the impact of servicing residential mortgages and home equity loans.
Global Wealth & Investment Management
GWIM provides a high-touch client experience through a network of financial advisors focused on clients with over $250,000 in total investable assets, including tailored solutions to meet clients’ needs through a full set of investment management, brokerage, banking and retirement products. GWIM also provides comprehensive wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients’ wealth structuring, investment management, trust and banking needs, including specialty asset management services.
Global Banking
Global Banking provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through the Corporation’s network of offices and client relationship teams. Global Banking also provides investment banking products to clients. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking clients generally include middle-market companies, commercial real estate firms, not-for-profit companies, large global corporations, financial institutions, leasing clients, and mid-sized U.S.-based businesses requiring customized and integrated financial advice and solutions.
Global Markets
Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to institutional investor clients in support of their investing and trading activities. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. Global Markets also works with commercial and corporate clients to provide risk management products. As a result of market-making activities, Global Markets may be required to manage risk in a broad range of financial products. In addition, the economics of certain investment banking and underwriting activities are shared primarily between Global Markets and Global Banking under an internal revenue-sharing arrangement.
All Other
All Other primarily consists of ALM activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to the business segments. All Other includes income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking and Global Markets.
Basis of Presentation
The management accounting and reporting process derives segment and business results by utilizing allocation methodologies for revenue and expense. The net income derived for the businesses is dependent upon revenue and cost allocations using an activity-based costing model, funds transfer pricing, and other methodologies and assumptions management believes are appropriate to reflect the results of the business.
Total revenue, net of interest expense, includes net interest income on an FTE basis and noninterest income. The adjustment of net interest income to an FTE basis results in a corresponding increase in income tax expense. The segment
results also reflect certain revenue and expense methodologies that are utilized to determine net income. The net interest income of the businesses includes the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, the Corporation allocates assets to match liabilities. Net interest income of the business segments also includes an allocation of net interest income generated by certain of the Corporation’s ALM activities.
The Corporation’s ALM activities include an overall interest rate risk management strategy that incorporates the use of various derivatives and cash instruments to manage fluctuations in earnings and capital that are caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity so that movements in interest rates do not significantly adversely affect earnings and capital. The results of a majority of the Corporation’s ALM activities are allocated to the business segments and fluctuate based on the performance of the ALM activities. ALM activities include external product pricing decisions including deposit pricing strategies, the effects of the Corporation’s internal funds transfer pricing process and the net effects of other ALM activities.
The segment noninterest expenses consist of the same expenses as those shown in the Consolidated Statement of Income and contain both direct expenses and certain expenses not directly attributable to a specific business segment, including indirect compensation and benefits expenses, that are allocated to the segments. The costs of certain centralized or shared functions are allocated based on methodologies that reflect utilization.
The following table presents net income (loss) and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for 2024, 2023 and 2022, and total assets at December 31, 2024 and 2023 for each business segment, as well as All Other.
Results of Business Segments and All Other (1)
At and for the year ended December 31
Total Corporation (2)
Consumer Banking
(Dollars in millions)202420232022202420232022
Net interest income$56,679 $57,498 $52,900 $33,078 $33,689 $30,045 
Noninterest income45,827 41,650 42,488 8,358 8,342 8,590 
Total revenue, net of interest expense102,506 99,148 95,388 41,436 42,031 38,635 
Provision for credit losses5,821 4,394 2,543 4,987 5,158 1,980 
Noninterest expense
Compensation and benefits (3)
40,182 38,330 36,447 6,422 6,490 6,218 
Other noninterest expense26,630 27,515 24,991 15,682 14,926 13,859 
Total noninterest expense66,812 65,845 61,438 22,104 21,416 20,077 
Income before income taxes29,873 28,909 31,407 14,345 15,457 16,578 
Income tax expense2,741 2,394 3,879 3,586 3,864 4,062 
Net income$27,132 $26,515 $27,528 $10,759 $11,593 $12,516 
Year-end total assets$3,261,519 $3,180,151 $1,034,370 $1,049,830 
Global Wealth & Investment ManagementGlobal Banking
202420232022202420232022
Net interest income$6,969 $7,147 $7,466 $13,235 $14,645 $12,184 
Noninterest income15,960 13,958 14,282 10,723 10,151 10,045 
Total revenue, net of interest expense22,929 21,105 21,748 23,958 24,796 22,229 
Provision for credit losses4 6 66 883 (586)641 
Noninterest expense
Compensation and benefits (3)
11,126 10,120 9,922 4,327 4,134 4,092 
Other noninterest expense6,115 5,716 5,568 7,526 7,210 6,874 
Total noninterest expense17,241 15,836 15,490 11,853 11,344 10,966 
Income before income taxes5,684 5,263 6,192 11,222 14,038 10,622 
Income tax expense1,421 1,316 1,517 3,086 3,790 2,815 
Net income$4,263 $3,947 $4,675 $8,136 $10,248 $7,807 
Year-end total assets$338,367 $344,626 $670,905 $621,751 
 Global MarketsAll Other
 202420232022202420232022
Net interest income$3,375 $1,678 $3,088 $22 $339 $117 
Noninterest income18,437 17,849 15,050 (7,651)(8,650)(5,479)
Total revenue, net of interest expense21,812 19,527 18,138 (7,629)(8,311)(5,362)
Provision for credit losses(32)(131)28 (21)(53)(172)
Noninterest expense
Compensation and benefits (3)
3,550 3,428 3,210 — — — 
Other noninterest expense10,376 9,778 9,210 1,688 4,043 2,485 
Total noninterest expense13,926 13,206 12,420 1,688 4,043 2,485 
Income (loss) before income taxes7,918 6,452 5,690 (9,296)(12,301)(7,675)
Income tax expense (benefit)2,296 1,774 1,508 (7,648)(8,350)(6,023)
Net income (loss)$5,622 $4,678 $4,182 $(1,648)$(3,951)$(1,652)
Year-end total assets$876,605 $817,588 $341,272 $346,356 
(1)Segment results are presented on an FTE basis and include additional net interest income and income tax expense, related to tax-exempt securities, of $619 million, $567 million and $438 million in 2024, 2023 and 2022, respectively, as compared to the Consolidated Statement of Income.
(2)There were no material intersegment revenues.
(3)Represents the compensation and benefits directly incurred by each segment.

The table below presents noninterest income and the associated components for 2024, 2023 and 2022, for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income.
Noninterest Income by Business Segment and All Other
Total CorporationConsumer BankingGlobal Wealth &
Investment Management
(Dollars in millions)202420232022202420232022202420232022
Fees and commissions:
Card income
Interchange fees $4,013 $3,983 $4,096 $3,194 $3,157 $3,239 $(20)$(12)$20 
Other card income 2,271 2,071 1,987 2,238 2,107 1,930 61 57 50 
Total card income6,284 6,054 6,083 5,432 5,264 5,169 41 45 70 
Service charges
Deposit-related fees4,708 4,382 5,190 2,445 2,317 2,706 44 41 65 
Lending-related fees1,347 1,302 1,215 — — — 53 37 8 
Total service charges6,055 5,684 6,405 2,445 2,317 2,706 97 78 73 
Investment and brokerage services
Asset management fees13,875 12,002 12,152 207 197 195 13,668 11,805 11,957 
Brokerage fees3,891 3,561 3,749 113 111 109 1,570 1,408 1,604 
Total investment and brokerage services
17,766 15,563 15,901 320 308 304 15,238 13,213 13,561 
Investment banking fees
Underwriting income3,275 2,235 1,970 — — — 246 171 189 
Syndication fees1,221 898 1,070 — — — — — — 
Financial advisory services1,690 1,575 1,783 — — — — — — 
Total investment banking fees6,186 4,708 4,823 — — — 246 171 189 
Total fees and commissions 36,291 32,009 33,212 8,197 7,889 8,179 15,622 13,507 13,893 
Market making and similar activities12,967 12,732 12,075 21 20 10 143 137 102 
Other income (loss)(3,431)(3,091)(2,799)140 433 401 195 314 287 
Total noninterest income$45,827 $41,650 $42,488 $8,358 $8,342 $8,590 $15,960 $13,958 $14,282 
Global BankingGlobal MarketsAll Other
202420232022202420232022202420232022
Fees and commissions:
Card income
Interchange fees $773 $772 $767 $66 $66 $66 $— $— $4 
Other card income 13 9 7 — — — (41)(102)— 
Total card income786 781 774 66 66 66 (41)(102)4 
Service charges
Deposit-related fees2,128 1,943 2,310 88 79 101 3 2 8 
Lending-related fees1,007 1,009 983 287 256 224 — — — 
Total service charges3,135 2,952 3,293 375 335 325 3 2 8 
Investment and brokerage services
Asset management fees— — — — — — — — — 
Brokerage fees91 57 42 2,128 1,993 2,002 (11)(8)(8)
Total investment and brokerage services
91 57 42 2,128 1,993 2,002 (11)(8)(8)
Investment banking fees
Underwriting income1,305 922 796 1,892 1,298 1,176 (168)(156)(191)
Syndication fees644 505 565 577 393 505 — — — 
Financial advisory services1,504 1,392 1,643 186 183 139 — — 1 
Total investment banking fees3,453 2,819 3,004 2,655 1,874 1,820 (168)(156)(190)
Total fees and commissions 7,465 6,609 7,113 5,224 4,268 4,213 (217)(264)(186)
Market making and similar activities275 190 215 12,778 13,430 11,406 (250)(1,045)342 
Other income (loss)2,983 3,352 2,717 435 151 (569)(7,184)(7,341)(5,635)
Total noninterest income$10,723 $10,151 $10,045 $18,437 $17,849 $15,050 $(7,651)$(8,650)$(5,479)