Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 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 September 30, 2022
Net interest income (2)	$	7,102	1,991	2,270	1,088	(248)	(105)	12,098
Noninterest income:
Deposit-related fees	773		256	255	5	—	—	1,289
Lending-related fees (2)	32		126	198	2	—	—	358
Investment advisory and other asset-based fees (3)	—		13	32	2,066	—	—	2,111
Commissions and brokerage services fees	—		—	76	486	—	—	562
Investment banking fees	—		14	392	—	(31)	—	375
Card fees:
Card interchange and network revenue (4)	915		60	15	1	—	—	991
Other card fees (2)	128		—	—	—	—	—	128
Total card fees	1,043		60	15	1	—	—	1,119
Mortgage banking (2)	212		—	115	(3)	—	—	324
Net gains (losses) from trading activities (2)	—		(4)	674	16	214	—	900
Net gains from debt securities (2)	—		—	—	—	6	—	6
Net gains (losses) from equity securities (2)	12		85	(2)	(1)	(128)	—	(34)
Lease income (2)	—		176	1	—	145	—	322
Other (2)	103		235	34	5	78	(380)	75
Total noninterest income	2,175		961	1,790	2,577	284	(380)	7,407
Total revenue	$	9,277	2,952	4,060	3,665	36	(485)	19,505
Quarter ended September 30, 2021
Net interest income (2)	$	5,707	1,231	1,866	637	(427)	(105)	8,909
Noninterest income:
Deposit-related fees	799		323	286	7	1	—	1,416
Lending-related fees (2)	35		132	196	2	—	—	365
Investment advisory and other asset-based fees (3)	—		1	9	2,457	415	—	2,882
Commissions and brokerage services fees	—		—	67	458	—	—	525
Investment banking fees	(1)		16	536	4	(8)	—	547
Card fees:
Card interchange and network revenue (4)	878		51	12	1	—	—	942
Other card fees (2)	136		—	—	—	—	—	136
Total card fees	1,014		51	12	1	—	—	1,078
Mortgage banking (2)	1,168		—	94	(3)	—	—	1,259
Net gains (losses) from trading activities (2)	(1)		(1)	85	4	5	—	92
Net gains from debt securities (2)	—		44	—	—	239	—	283
Net gains (losses) from equity securities (2)	(2)		(40)	100	37	774	—	869
Lease income (2)	—		165	—	—	157	—	322
Other (2)	85		154	134	14	169	(269)	287
Total noninterest income	3,097		845	1,519	2,981	1,752	(269)	9,925
Total revenue	$	8,804	2,076	3,385	3,618	1,325	(374)	18,834
Nine months ended September 30, 2022
Net interest income (2)	$	19,470	4,932	6,317	2,803	(1,685)	(320)	31,517
Noninterest income:
Deposit-related fees	2,397		894	828	19	—	—	4,138
Lending-related fees (2)	100		369	578	6	—	—	1,053
Investment advisory and other asset-based fees (3)	—		25	74	6,848	8	—	6,955
Commissions and brokerage services fees	—		—	242	1,399	—	—	1,641
Investment banking fees	(3)		44	1,161	—	(94)	—	1,108
Card fees:
Card interchange and network revenue (4)	2,669		171	44	3	—	—	2,887
Other card fees (2)	373		—	—	—	—	—	373
Total card fees	3,042		171	44	3	—	—	3,260
Mortgage banking (2)	1,077		—	236	(9)	—	—	1,304
Net gains (losses) from trading activities (2)	—		(4)	1,280	28	260	—	1,564
Net gains from debt securities (2)	—		5	—	—	146	—	151
Net gains (losses) from equity securities (2)	(5)		104	(9)	(2)	(161)	—	(73)
Lease income (2)	—		534	14	—	434	—	982
Other (2)	269		697	338	32	383	(1,194)	525
Total noninterest income	6,877		2,839	4,786	8,324	976	(1,194)	22,608
Total revenue	$	26,347	7,771	11,103	11,127	(709)	(1,514)	54,125
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(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate	Reconciling Items (1)	Consolidated Company
Nine months ended September 30, 2021
Net interest income (2)	$	16,940	3,687	5,428	1,904	(1,121)	(321)	26,517
Noninterest income:
Deposit-related fees	2,192		965	829	21	6	—	4,013
Lending-related fees (2)	111		403	569	6	(1)	—	1,088
Investment advisory and other asset-based fees (3)	—		8	43	7,145	1,236	—	8,432
Commissions and brokerage services fees	—		—	216	1,526	(1)	—	1,741
Investment banking fees	(9)		38	1,727	2	(73)	—	1,685
Card fees:
Card interchange and network revenue (4)	2,552		145	33	3	—	—	2,733
Other card fees (2)	371		—	—	—	—	—	371
Total card fees	2,923		145	33	3	—	—	3,104
Mortgage banking (2)	3,585		—	345	(9)	—	—	3,921
Net gains (losses) from trading activities (2)	—		—	446	16	(1)	—	461
Net gains from debt securities (2)	—		44	—	—	390	—	434
Net gains from equity securities (2)	32		5	221	43	3,656	—	3,957
Lease income (2)	—		512	1	—	437	—	950
Other (2)	370		458	469	41	847	(852)	1,333
Total noninterest income	9,204		2,578	4,899	8,794	6,496	(852)	31,119
Total revenue	$	26,144	6,265	10,327	10,698	5,375	(1,173)	57,636

(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 $231 million and $747 million for the third quarter and first nine months of 2022, respectively, and $297 million and $895 million for the third quarter and first nine months of 2021, respectively.

(4)The cost of credit card rewards and rebates of $577 million and $1.6 billion for the third quarter and first nine months of 2022, respectively, and $416 million and $1.1 billion for the third quarter and first nine months of 2021, respectively, are presented net against the related revenues.