Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Note 17: Revenue from Contracts with Customers

Our revenue includes net interest income on financial instruments and noninterest income. Table 17.1 presents our revenue by operating segment. For additional description of our

operating segments, including additional financial information

and the underlying management accounting process, see

Note 22 (Operating Segments). For a description of our revenue from contracts with customers, see Note 20 (Revenue from Contracts with Customers) in our 2021 Form 10-K.

Table 17.1: Revenue by Operating Segment

(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate	Reconciling Items (1)	Consolidated Company
Quarter ended March 31, 2022
Net interest income (2)	$	5,996	1,361	1,990	799	(818)	(107)	9,221
Noninterest income:
Deposit-related fees	845		328	293	7	—	—	1,473
Lending-related fees (2)	34		121	185	2	—	—	342
Investment advisory and other asset-based fees (3)	—		2	12	2,476	8	—	2,498
Commissions and brokerage services fees	—		—	83	454	—	—	537
Investment banking fees	(1)		15	462	—	(29)	—	447
Card fees:
Card interchange and network revenues (4)	834		53	14	1	—	—	902
Other card fees (2)	127		—	—	—	—	—	127
Total card fees	961		53	14	1	—	—	1,029
Mortgage banking (2)	654		—	42	(3)	—	—	693
Net gains (losses) from trading activities (2)	—		—	228	1	(11)	—	218
Net gains from debt securities (2)	—		—	—	—	2	—	2
Net gains (losses) from equity securities (2)	(9)		86	(5)	—	504	—	576
Lease income (2)	—		179	2	—	146	—	327
Other (2)	83		182	164	20	186	(406)	229
Total noninterest income	2,567		966	1,480	2,958	806	(406)	8,371
Total revenue	$	8,563	2,327	3,470	3,757	(12)	(513)	17,592
Quarter ended March 31, 2021
Net interest income (2)	$	5,615	1,254	1,779	657	(390)	(107)	8,808
Noninterest income:
Deposit-related fees	661		317	266	7	4	—	1,255
Lending-related fees (2)	40		136	183	2	—	—	361
Investment advisory and other asset-based fees (3)	—		5	22	2,306	423	—	2,756
Commissions and brokerage services fees	—		—	81	555	—	—	636
Investment banking fees	(6)		13	611	(1)	(49)	—	568
Card fees:
Card interchange and network revenues (4)	778		45	10	1	—	—	834
Other card fees (2)	114		—	—	—	1	—	115
Total card fees	892		45	10	1	1	—	949
Mortgage banking (2)	1,259		—	70	(3)	—	—	1,326
Net gains from trading activities (2)	1		2	331	6	8	—	348
Net gains from debt securities (2)	—		—	—	—	151	—	151
Net gains from equity securities (2)	34		13	75	—	270	—	392
Lease income (2)	—		174	1	—	140	—	315
Other (2)	158		122	175	14	469	(271)	667
Total noninterest income	3,039		827	1,825	2,887	1,417	(271)	9,724
Total revenue	$	8,654	2,081	3,604	3,544	1,027	(378)	18,532

(1)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.

(2)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.

(3)We earned trailing commissions of $271 million and $298 million for the quarters ended March 31, 2022 and 2021, respectively.

(4)The cost of credit card rewards and rebates of $482 million and $310 million for the quarters ended March 31, 2022 and 2021, respectively, are presented net against the related revenues.