Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue by Operating Segment

Table 18.1 presents our revenue by operating segment. The “Other” segment for each of the tables below includes the elimination of certain items that are included in more than one business segment, substantially all of which

represents products and services for WIM customers served through Community Banking distribution channels. For additional description of our operating segments, including additional financial information and the underlying management reporting process, see Note 22 (Operating Segments).

Table 18.1: Revenue by Operating Segment

	Quarter ended Mar 31,
	Community Banking					Wholesale Banking				Wealth and Investment Management				Other				Consolidated Company
(in millions)	2020			2019		2020		2019		2020		2019		2020		2019		2020		2019
Net interest income (1)	$	6,787		7,248		4,136		4,534		867		1,101		(478	)	(572	)	11,312		12,311
Noninterest income:
Service charges on deposit accounts	700			610		508		483		5		4		(4	)	(3	)	1,209		1,094
Trust and investment fees:
Brokerage advisory, commissions and other fees	518			449		90		78		2,397		2,124		(523	)	(458	)	2,482		2,193
Trust and investment management	194			210		131		114		582		676		(206	)	(214	)	701		786
Investment banking	(99		)	(20	)	490		412		1		5		(1	)	(3	)	391		394
Total trust and investment fees	613			639		711		604		2,980		2,805		(730	)	(675	)	3,574		3,373
Card fees	809			858		83		86		1		1		(1	)	(1	)	892		944
Other fees:
Lending related charges and fees (1)	50			65		278		282		2		2		(2	)	(2	)	328		347
Cash network fees	106			109		—		—		—		—		—		—		106		109
Commercial real estate brokerage commissions	—			—		1		81		—		—		—		—		1		81
Wire transfer and other remittance fees	66			64		43		48		2		2		(1	)	(1	)	110		113
All other fees (1)	63			94		24		26		—		—		—		—		87		120
Total other fees	285			332		346		437		4		4		(3	)	(3	)	632		770
Mortgage banking (1)	340			641		40		68		(3	)	(3	)	2		2		379		708
Insurance (1)	11			11		75		78		19		17		(10	)	(10	)	95		96
Net gains (losses) from trading activities (1)	29			5		41		333		(7	)	19		1		—		64		357
Net gains (losses) on debt securities (1)	194			37		43		88		—		—		—		—		237		125
Net gains (losses) from equity securities (1)	(1,028		)	601		(95	)	77		(278	)	136		—		—		(1,401	)	814
Lease income (1)	—			—		352		443		—		—		—		—		352		443
Other income of the segment (1)	756			768		(423	)	(120	)	127		(5	)	(88	)	(69	)	372		574
Total noninterest income	2,709			4,502		1,681		2,577		2,848		2,978		(833	)	(759	)	6,405		9,298
Revenue	$	9,496		11,750		5,817		7,111		3,715		4,079		(1,311	)	(1,331	)	17,717		21,609

(1) These revenues are related to financial assets and liabilities, including loans, leases, securities and derivatives, with additional details included in other footnotes to our financial statements.

Disaggregation of Revenue by Operating Segment

Table 18.3 presents our brokerage advisory, commissions and other fees by operating segment.

Table 18.3: Brokerage Advisory, Commissions and Other Fees by Operating Segment

	Quarter ended Mar 31,
	Community Banking			Wholesale Banking		Wealth and Investment Management		Other				Consolidated Company
(in millions)	2020		2019	2020	2019	2020	2019	2020		2019		2020	2019
Asset-based revenue (1)	$	398	343	—	—	1,805	1,580	(398	)	(343	)	1,805	1,580
Transactional revenue	102		89	3	16	432	387	(107	)	(98	)	430	394
Other revenue	18		17	87	62	160	157	(18	)	(17	)	247	219
Brokerage advisory, commissions and other fees	$	518	449	90	78	2,397	2,124	(523	)	(458	)	2,482	2,193

(1)

We earned trailing commissions of $275 million and $280 million for first quarter 2020 and 2019, respectively.

Table 18.4 presents our trust and investment management fees by operating segment.

Table 18.4: Trust and Investment Management Fees by Operating Segment

	Quarter ended Mar 31,
	Community Banking			Wholesale Banking		Wealth and Investment Management			Other				Consolidated Company
(in millions)	2020		2019	2020	2019	2020		2019	2020		2019		2020	2019
Investment management fees	$	—	1	—	—	489		477	—		—		489	478
Trust fees	194		209	89	82	102		168	(206	)	(214	)	179	245
Other revenue	—		—	42	32	(9	)	31	—		—		33	63
Trust and investment management fees	$	194	210	131	114	582		676	(206	)	(214	)	701	786

Table 18.2 presents our service charges on deposit accounts by operating segment.

Table 18.2: Service Charges on Deposit Accounts by Operating Segment

	Quarter ended Mar 31,
	Community Banking			Wholesale Banking		Wealth and Investment Management		Other				Consolidated Company
(in millions)	2020		2019	2020	2019	2020	2019	2020		2019		2020	2019
Overdraft fees	$	484	417	1	1	—	—	—		—		485	418
Account charges	216		193	507	482	5	4	(4	)	(3	)	724	676
Service charges on deposit accounts	$	700	610	508	483	5	4	(4	)	(3	)	1,209	1,094

Table 18.5 presents our card fees by operating segment.

Table 18.5: Card Fees by Operating Segment

	Quarter ended Mar 31,
	Community Banking			Wholesale Banking		Wealth and Investment Management		Other				Consolidated Company
(in millions)	2020		2019	2020	2019	2020	2019	2020		2019		2020	2019
Credit card interchange and network revenues (1)	$	134	189	83	86	1	1	(1	)	(1	)	217	275
Debit card interchange and network revenues	513		507	—	—	—	—	—		—		513	507
Late fees, cash advance fees, balance transfer fees, and annual fees	162		162	—	—	—	—	—		—		162	162
Card fees	$	809	858	83	86	1	1	(1	)	(1	)	892	944

(1)

The cost of credit card rewards and rebates of $385 million and $354 million for the quarters ended March 31, 2020 and 2019, respectively, are presented net against the related revenues.