Operating Segments (Tables)

9 Months Ended

Sep. 30, 2024

Table 17.1 presents our results by operating segment.

Table 17.1: Operating Segments


(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, 2024
Net interest income (2)	$	7,149	2,289	1,909	842	(415)	(84)	11,690
Noninterest income	1,975		1,044	3,002	3,036	78	(459)	8,676
Total revenue	9,124		3,333	4,911	3,878	(337)	(543)	20,366
Provision for credit losses	930		85	26	16	8	—	1,065
Noninterest expense	5,624		1,480	2,229	3,154	580	—	13,067
Income (loss) before income tax expense (benefit)	2,570		1,768	2,656	708	(925)	(543)	6,234
Income tax expense (benefit)	646		448	664	179	(330)	(543)	1,064
Net income (loss) before noncontrolling interests	1,924		1,320	1,992	529	(595)	—	5,170
Less: Net income from noncontrolling interests	—		2	—	—	54	—	56
Net income (loss)	$	1,924	1,318	1,992	529	(649)	—	5,114
Quarter ended September 30, 2023
Net interest income (2)	$	7,633	2,519	2,319	1,007	(269)	(104)	13,105
Noninterest income	1,948		886	2,604	2,695	21	(402)	7,752
Total revenue	9,581		3,405	4,923	3,702	(248)	(506)	20,857
Provision for credit losses	768		52	324	(10)	63	—	1,197
Noninterest expense	5,913		1,543	2,182	3,006	469	—	13,113
Income (loss) before income tax expense (benefit)	2,900		1,810	2,417	706	(780)	(506)	6,547
Income tax expense (benefit)	727		453	601	177	(641)	(506)	811
Net income (loss) before noncontrolling interests	2,173		1,357	1,816	529	(139)	—	5,736
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(34)	—	(31)
Net income (loss)	$	2,173	1,354	1,816	529	(105)	—	5,767
Nine months ended September 30, 2024
Net interest income (2)	$	21,283	6,848	5,881	2,617	(527)	(262)	35,840
Noninterest income	5,938		2,759	8,850	8,861	761	(1,091)	26,078
Total revenue	27,221		9,607	14,731	11,478	234	(1,353)	61,918
Provision for credit losses	2,650		257	316	5	11	—	3,239
Noninterest expense	17,349		4,665	6,729	9,577	2,378	—	40,698
Income (loss) before income tax expense (benefit)	7,222		4,685	7,686	1,896	(2,155)	(1,353)	17,981
Income tax expense (benefit)	1,815		1,191	1,928	502	(804)	(1,353)	3,279
Net income (loss) before noncontrolling interests	5,407		3,494	5,758	1,394	(1,351)	—	14,702
Less: Net income from noncontrolling interests	—		8	—	—	51	—	59
Net income (loss)	$	5,407	3,486	5,758	1,394	(1,402)	—	14,643
Nine months ended September 30, 2023
Net interest income (2)	$	22,556	7,509	7,139	3,060	(344)	(316)	39,604
Noninterest income	5,844		2,572	7,317	7,971	147	(1,336)	22,515
Total revenue	28,400		10,081	14,456	11,031	(197)	(1,652)	62,119
Provision for credit losses	2,509		35	1,509	25	39	—	4,117
Noninterest expense	17,978		4,925	6,486	9,041	1,346	—	39,776
Income (loss) before income tax expense (benefit)	7,913		5,121	6,461	1,965	(1,582)	(1,652)	18,226
Income tax expense (benefit)	1,985		1,281	1,617	492	(1,016)	(1,652)	2,707
Net income (loss) before noncontrolling interests	5,928		3,840	4,844	1,473	(566)	—	15,519
Less: Net income (loss) from noncontrolling interests	—		9	—	—	(186)	—	(177)
Net income (loss)	$	5,928	3,831	4,844	1,473	(380)	—	15,696












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	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate	Reconciling Items (1)	Consolidated Company
Quarter ended September 30, 2024
Loans (average)	$	323,615	222,116	275,218	82,797	6,509	—	910,255
Assets (average)	358,591		244,807	574,697	89,587	648,930	—	1,916,612
Deposits (average)	773,554		173,158	194,315	107,991	92,662	—	1,341,680

Nine months ended September 30, 2024
Loans (average)	$	326,417	223,482	278,072	82,815	7,620	—	918,406
Assets (average)	362,475		246,107	561,280	89,928	656,289	—	1,916,079
Deposits (average)	775,005		168,044	188,399	104,117	107,691	—	1,343,256

Loans (period-end)	322,745		223,999	273,723	83,023	6,221	—	909,711
Assets (period-end)	358,762		248,313	583,144	89,288	642,618	—	1,922,125
Deposits (period-end)	775,745		178,406	199,700	112,472	83,323	—	1,349,646
Quarter ended September 30, 2023
Loans (average)	$	335,545	224,416	291,651	82,195	9,386	—	943,193
Assets (average)	376,249		243,661	559,647	88,987	623,339	—	1,891,883
Deposits (average)	801,061		160,556	157,212	107,500	113,978	—	1,340,307

Nine months ended September 30, 2023
Loans (average)	$	336,725	224,361	292,610	82,948	9,252	—	945,896
Assets (average)	378,826		246,322	552,888	89,957	610,047	—	1,878,040
Deposits (average)	821,741		165,887	158,337	115,418	86,707	—	1,348,090

Loans (period-end)	334,956		225,771	290,330	82,331	9,036	—	942,424
Assets (period-end)	376,151		245,159	557,642	88,854	641,455	—	1,909,261
Deposits (period-end)	798,897		160,368	162,776	103,255	128,714	—	1,354,010

(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 affordable 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)Net interest income is interest earned on assets minus the interest paid on liabilities to fund those assets. Segment interest earned includes actual interest income on segment assets as well as a funding credit for their deposits. Segment interest paid on liabilities includes actual interest expense on segment liabilities as well as a funding charge for their assets.