XML 41 R3.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Interest income $ 143,713 $ 133,258 $ 74,408
Interest expense 89,618 78,358 25,740
Net interest income 54,095 54,900 48,668
Commissions and fees 10,653 8,905 9,175
Principal transactions 11,653 10,948 14,159
Administration and other fiduciary fees 4,134 3,781 3,784
Realized gains on sales of investments, net 328 188 67
Impairment losses on investments:      
Impairment losses on investments (431) (323) (499)
(Provision) releases for credit losses on AFS debt securities [1] 1 (4) 5
Net impairment losses recognized in earnings (430) (327) (494)
Other revenue 706 67 (21)
Total non-interest revenues 27,044 23,562 26,670
Total revenues, net of interest expense 81,139 78,462 75,338
Provisions for credit losses and for benefits and claims      
Provision for credit losses on loans 9,726 7,786 4,745
Provision (release) for credit losses on HTM debt securities 50 (24) 33
Provision for credit losses on other assets 362 1,762 76
Policyholder benefits and claims 90 87 94
Provision (release) for credit losses on unfunded lending commitments (119) (425) 291
Total provisions for credit losses and for benefits and claims 10,109 9,186 5,239
Operating expenses      
Compensation and benefits 28,542 29,232 26,655
Premises and equipment 2,438 2,508 2,320
Technology/communication 9,035 9,106 8,587
Advertising and marketing 1,113 1,393 1,556
Restructuring 259 781 0
Transactional and tax charges 3,574 3,218 2,848
Professional services 2,016 2,078 2,481
Other operating 7,007 8,050 6,845
Total operating expenses 53,984 56,366 51,292
Income from continuing operations before income taxes 17,046 12,910 18,807
Provision (benefit) for income taxes 4,211 3,528 3,642
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total 12,835 9,382 15,165
Discontinued operations      
Income (loss) from discontinued operations (2) (1) (272)
Benefit for income taxes 0 0 (41)
Income (loss) from discontinued operations, net of taxes (2) (1) (231)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total 12,833 9,381 14,934
Less: Noncontrolling interests from continuing operations 151 153 89
Net income $ 12,682 $ 9,228 $ 14,845
Basic earnings per share      
Income from continuing operations (in dollars per share) [2] $ 6.03 $ 4.07 $ 7.16
Loss from discontinued operations, net of taxes (in dollars per share) [2] 0 0 (0.12)
Net income (in dollars per share) [2] $ 6.03 $ 4.07 $ 7.04
Weighted-average common shares outstanding (in shares) 1,901.4 1,930.1 1,946.7
Diluted earnings per share      
Income from continuing operations (in dollars per share) [2] $ 5.95 $ 4.04 $ 7.11
Loss from discontinued operations, net of taxes (in dollars per share) [2] 0 0 (0.12)
Net income (in dollars per share) [2] $ 5.94 $ 4.04 $ 7.00
Adjusted weighted-average common shares outstanding (in shares) 1,940.1 1,955.8 1,964.3
[1] In accordance with ASC 326, which requires the provision for credit losses on AFS debt securities to be included in revenue. The Total provisions for credit losses and for benefits and claims excludes the provision for credit losses on AFS debt securities, which is disclosed separately above.
[2] Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.