Fee-Based Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Fee-Based Revenue from Contracts with Customers

FEE-BASED REVENUE FROM CONTRACTS WITH CUSTOMERS

As more fully described in Note 24 Fee-based Revenue from Contracts with Customers in our 2020 Form 10-K, a subset of our noninterest income relates to certain fee-based revenue within the scope of ASC Topic 606 - Revenue from Contracts with Customers (Topic 606).

Fee-based revenue within the scope of Topic 606 is recognized within our three reportable business segments: Retail Banking, Corporate & Institutional Banking and Asset Management Group. Interest income, income from lease contracts, fair value gains from financial instruments (including derivatives), income from mortgage servicing rights and guarantee products, letter of credit fees, non-refundable fees associated with acquiring or originating a loan and gains from the sale of financial assets are outside of the scope of Topic 606.

The following tables present noninterest income within the scope of Topic 606 disaggregated by segment. A description of the fee-based revenue and how it is recognized for each segment’s principal services and products is included in our 2020 Form 10-K.

Retail Banking

Table 73: Retail Banking Noninterest Income Disaggregation

	Three months ended March 31
In millions	2021		2020
Product
Debit card fees	$	138	$	129
Deposit account fees	108		158
Brokerage fees	102		93
Net credit card fees (a)	47		41
Merchant services	32		49
Other	57		56
Total in-scope noninterest income by product	$	484	$	526
Reconciliation to total Retail Banking noninterest income
Total in-scope noninterest income	$	484	$	526
Total out-of-scope noninterest income (b)	170		262
Total Retail Banking noninterest income	$	654	$	788

(a)Net credit card fees consists of interchange fees of $120 million and $118 million and credit card reward costs of $73 million and $77 million for the three months ended March 31, 2021 and 2020, respectively.

(b)Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606.

Corporate & Institutional Banking

Table 74: Corporate & Institutional Banking Noninterest Income Disaggregation

	Three months ended March 31
In millions	2021		2020
Product
Treasury management fees	$	235	$	216
Capital markets fees	192		175
Commercial mortgage banking activities	31		26
Other	29		20
Total in-scope noninterest income by product	$	487	$	437
Reconciliation to total Corporate & Institutional Banking noninterest income
Total in-scope noninterest income	$	487	$	437
Total out-of-scope noninterest income (a)	320		257
Total Corporate & Institutional Banking noninterest income	$	807	$	694

(a)Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606.

Asset Management Group

Table 75: Asset Management Group Noninterest Income Disaggregation

	Three months ended March 31
In millions	2021		2020
Customer Type
Personal	$	173	$	150
Institutional	53		51
Total in-scope noninterest income by customer type	$	226	$	201
Reconciliation to Asset Management Group noninterest income
Total in-scope noninterest income	$	226	$	201
Total out-of-scope noninterest income (a)	3		3
Total Asset Management Group noninterest income	$	229	$	204

(a)Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606.