Fee-Based Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2024

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 23 Fee-based Revenue from Contracts with Customers in our 2023 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.

Table 80 presents the noninterest income recognized within the scope of Topic 606 for each of our three reportable business segments’ principal products and services, along with the relationship to the noninterest income revenue streams shown on our Consolidated Income Statement. For a description of the fee-based revenue and how it is recognized for each segment’s principal products and services, see Note 23 Fee-based Revenue from Contracts with Customers in our 2023 Form 10-K.

Table 80: Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income

	Three Months Ended June 30, 2024						Three Months Ended June 30, 2023
In millions	Retail Banking		Corporate & Institutional Banking		Asset Management Group		Retail Banking		Corporate & Institutional Banking		Asset Management Group
Asset management and brokerage
Asset management fees					$	229					$	222
Brokerage fees	$	135					$	124			2
Total asset management and brokerage	135				229		124				224
Card and cash management
Treasury management fees	11		$	371			11		$	345
Debit card fees	176						178
Net credit card fees (a)	58						61
Merchant services	41		19				45		19
Other	22						25
Total card and cash management	308		390				320		364
Lending and deposit services
Deposit account fees	158						151
Other	19		8				18		8
Total lending and deposit services	177		8				169		8
Residential and commercial mortgage (b)			28						40
Capital markets and advisory			193						130
Other			11						14
Total in-scope noninterest income	620		630		229		613		556		224
Out-of-scope noninterest income (c)	789		312		6		89		265		4
Noninterest income by business segment	$	1,409	$	942	$	235	$	702	$	821	$	228
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income					$	1,479					$	1,393
Out-of-scope business segment noninterest income (c)					1,107						358
Noninterest income from other segments					(477)						32
Noninterest income as shown on the Consolidated Income Statement					$	2,109					$	1,783

(Continued from previous page)	Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
In millions	Retail Banking		Corporate & Institutional Banking		Asset Management Group		Retail Banking		Corporate & Institutional Banking		Asset Management Group
Asset management and brokerage
Asset management fees					$	456					$	446
Brokerage fees	$	272					$	254			4
Total asset management and brokerage	272				456		254				450
Card and cash management
Treasury management fees	21		$	728			21		$	673
Debit card fees	343						343
Net credit card fees (a)	103						119
Merchant services	78		38				84		38
Other	44						49
Total card and cash management	589		766				616		711
Lending and deposit services
Deposit account fees	313						306
Other	35		17				36		16
Total lending and deposit services	348		17				342		16
Residential and commercial mortgage (b)			58						82
Capital markets and advisory			383						286
Other			28						22
Total in-scope noninterest income	1,209		1,252		456		1,212		1,117		450
Out-of-scope noninterest income (c)	964		578		9		233		590		8
Noninterest income by business segment	$	2,173	$	1,830	$	465	$	1,445	$	1,707	$	458
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income					$	2,917					$	2,779
Out-of-scope business segment noninterest income (c)					1,551						831
Noninterest income from other segments					(478)						191
Noninterest income as shown on the Consolidated Income Statement					$	3,990					$	3,801

(a)Net credit card fees consists of interchange fees of $170 million and $173 million and credit card reward costs of $113 million and $112 million for the three months ended June 30, 2024 and 2023, respectively. Net credit card fees consists of interchange fees of $328 million and $333 million and credit card reward costs of $226 million and $214 million for the six months ended June 30, 2024 and 2023, respectively.

(b)Residential mortgage noninterest income falls under the scope of other accounting and disclosure requirements outside of Topic 606 and is included within the out-of-scope noninterest income line for the Retail Banking segment.

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