Annual report [Section 13 and 15(d), not S-K Item 405]

Business Segment Information

v3.25.4
Business Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Corporation reports its results of operations through the following four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. The segments are managed by the Corporation’s Management Team, with certain leaders responsible for each segment and/or the lines of business supporting the segments. On a continual basis, the Management Team assesses the performance of the segments by comparing the segments’ budgeted income and expenses to their actual results. The Chief Operating Decision Maker of the segments, which is the Corporation’s CEO, is the final approver on the amount of capital to allocate to each segment.
Consumer Banking
Consumer Banking offers a diversified range of credit, banking and investment products and services to consumers and small businesses. Consumer Banking product offerings include traditional savings accounts, money market savings accounts, CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans to consumers and small businesses in the U.S. Consumer Banking includes the impact of servicing residential mortgages and home equity loans.
Global Wealth & Investment Management
GWIM provides a high-touch client experience through a network of financial advisors focused on clients with over $250,000 in total investable assets, including tailored solutions to meet clients’ needs through a full set of investment management, brokerage, banking and retirement products. GWIM also provides comprehensive wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients’ wealth structuring, investment management, trust and banking needs, including specialty asset management services.
Global Banking
Global Banking provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through the Corporation’s network of offices and client relationship teams. Global Banking also provides investment banking products to clients. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking clients generally include middle-market companies, commercial real estate firms, not-for-profit companies, large global corporations, financial institutions, leasing clients, and mid-sized U.S.-based businesses requiring customized and integrated financial advice and solutions.
Global Markets
Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to institutional investor clients in support of their investing and trading activities. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. Global Markets also works with commercial and corporate clients to provide risk management products. As a result of market-making activities, Global Markets may be required to manage risk in a broad range of financial products. In addition, the economics of certain investment banking and underwriting activities are shared primarily between Global Markets and Global Banking under an internal revenue-sharing arrangement.
All Other
All Other primarily consists of ALM activities, liquidating businesses and certain expenses not otherwise allocated to a business segment, and adjustments to allocate income tax benefits related to tax-related equity investments to noninterest income to present Global Banking and Global Markets on an FTE basis.

Basis of Presentation
The management accounting and reporting process derives segment and business results by utilizing allocation methodologies for revenue and expense. The net income derived for the businesses is dependent upon revenue and cost allocations based on application usage, transaction and volume activity, time studies, and other methodologies and assumptions management believes are appropriate to reflect the results of the business.
Total revenue, net of interest expense, includes net interest income on an FTE basis and noninterest income. The adjustment of net interest income to an FTE basis results in a corresponding increase in income tax expense. The segment results also reflect certain revenue and expense methodologies that are utilized to determine net income. The net interest income of the businesses includes the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, the Corporation allocates assets to match liabilities. Net interest income of the business segments also includes an allocation of net interest income generated by certain of the Corporation’s ALM activities.
The Corporation’s ALM activities include an overall interest rate risk management strategy that incorporates the use of
various derivatives and cash instruments to manage fluctuations in earnings and capital that are caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity so that movements in interest rates do not adversely affect earnings and capital. The results of a majority of the Corporation’s ALM activities are allocated to the business segments and fluctuate based on the performance of the ALM activities. ALM activities include external product pricing decisions including deposit pricing strategies, the effects of the Corporation’s internal funds transfer pricing process and the net effects of other ALM activities.
The segment noninterest expenses consist of the same expenses as those shown in the Consolidated Statement of Income and contain both direct expenses and certain expenses not directly attributable to a specific business segment, including indirect compensation and benefits expenses, that are allocated to the segments. The costs of certain centralized or shared functions are allocated based on methodologies that reflect utilization.
The following table presents net income (loss) and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for 2025, 2024 and 2023, and total assets at December 31, 2025 and 2024 for each business segment, as well as All Other.

Results of Business Segments and All Other (1)
At and for the year ended December 31
Total Corporation (2)
Consumer Banking
(Dollars in millions) 2025 2024 2023 2025 2024 2023
Net interest income $ 60,705  $ 56,679  $ 57,498  $ 35,309  $ 33,078  $ 33,689 
Noninterest income 53,001  49,796  45,838  8,364  8,358  8,342 
Total revenue, net of interest expense 113,706  106,475  103,336  43,673  41,436  42,031 
Provision for credit losses 5,675  5,821  4,394  4,649  4,987  5,158 
Noninterest expense
Compensation and benefits (3,4)
42,346  40,182  38,330  6,063  5,896  5,983 
Other noninterest expense(4)
27,381  26,630  27,515  16,634  16,208  15,433 
Total noninterest expense 69,727  66,812  65,845  22,697  22,104  21,416 
Income before income taxes 38,304  33,842  33,097  16,327  14,345  15,457 
Income tax expense 7,795  6,869  6,792  4,082  3,586  3,864 
Net income $ 30,509  $ 26,973  $ 26,305  $ 12,245  $ 10,759  $ 11,593 
Year-end total assets $ 3,411,738  $ 3,261,299  $ 1,039,346  $ 1,034,370 
Global Wealth & Investment Management Global Banking
2025 2024 2023 2025 2024 2023
Net interest income $ 7,197  $ 6,969  $ 7,147  $ 12,611  $ 13,235  $ 14,645 
Noninterest income 17,686  15,960  13,958  11,497  10,513  9,910 
Total revenue, net of interest expense 24,883  22,929  21,105  24,108  23,748  24,555 
Provision for credit losses 35  4  6  943  883  (586)
Noninterest expense
Compensation and benefits (3,4)
12,064  11,126  10,120  4,670  4,521  4,345 
Other noninterest expense(4)
6,557  6,115  5,716  7,746  7,332  6,999 
Total noninterest expense 18,621  17,241  15,836  12,416  11,853  11,344 
Income before income taxes 6,227  5,684  5,263  10,749  11,012  13,797 
Income tax expense 1,557  1,421  1,316  2,956  3,028  3,725 
Net income $ 4,670  $ 4,263  $ 3,947  $ 7,793  $ 7,984  $ 10,072 
Year-end total assets $ 335,495  $ 338,367  $ 734,710  $ 670,505 
  Global Markets All Other
  2025 2024 2023 2025 2024 2023
Net interest income $ 5,690  $ 3,375  $ 1,678  $ (102) $ 22  $ 339 
Noninterest income 18,406  18,437  17,855  (2,952) (3,472) (4,227)
Total revenue, net of interest expense 24,096  21,812  19,533  (3,054) (3,450) (3,888)
Provision for credit losses 71  (32) (131) (23) (21) (53)
Noninterest expense
Compensation and benefits (3)
3,923  3,553  3,430  —  —  — 
Other noninterest expense 11,495  10,373  9,776  575  1,688  4,043 
Total noninterest expense 15,418  13,926  13,206  575  1,688  4,043 
Income (loss) before income taxes 8,607  7,918  6,458  (3,606) (5,117) (7,878)
Income tax expense (benefit) 2,496  2,296  1,776  (3,296) (3,462) (3,889)
Net income (loss) $ 6,111  $ 5,622  $ 4,682  $ (310) $ (1,655) $ (3,989)
Year-end total assets $ 1,032,858  $ 876,548  $ 269,329  $ 341,509 
(1)Segment results are presented on an FTE basis and include additional net interest income and income tax expense, related to tax-exempt securities, of $609 million, $619 million and $567 million in 2025, 2024 and 2023, respectively, as compared to the Consolidated Statement of Income.
(2)There were no material intersegment revenues.
(3)Represents the compensation and benefits directly incurred by each segment. Corporate overhead compensation and benefits are allocated to the segments through other noninterest expense.
(4)Prior periods have been revised to reflect realignment of certain headcount between segments.
The table below presents noninterest income and the associated components for 2025, 2024 and 2023, for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income.
Noninterest Income by Business Segment and All Other
Total Corporation Consumer Banking Global Wealth &
Investment Management
(Dollars in millions) 2025 2024 2023 2025 2024 2023 2025 2024 2023
Fees and commissions:
Card income
Interchange fees $ 3,876  $ 4,013  $ 3,983  $ 3,047  $ 3,194  $ 3,157  $ (36) $ (20) $ (12)
Other card income 2,483  2,271  2,071  2,409  2,238  2,107  69  61  57 
Total card income 6,359  6,284  6,054  5,456  5,432  5,264  33  41  45 
Service charges
Deposit-related fees 5,044  4,708  4,382  2,528  2,445  2,317  50  44  41 
Lending-related fees 1,413  1,347  1,302  —  —  —  64  53  37 
Total service charges 6,457  6,055  5,684  2,528  2,445  2,317  114  97  78 
Investment and brokerage services
Asset management fees 15,601  13,875  12,002  245  207  197  15,369  13,668  11,805 
Brokerage fees 4,355  3,891  3,561  115  113  111  1,650  1,570  1,408 
Total investment and brokerage services
19,956  17,766  15,563  360  320  308  17,019  15,238  13,213 
Investment banking fees
Underwriting income 3,320  3,275  2,235  —  —  —  265  246  171 
Syndication fees 1,420  1,221  898  —  —  —  —  —  — 
Financial advisory services 1,890  1,690  1,575  —  —  —  3  —  — 
Total investment banking fees 6,630  6,186  4,708  —  —  —  268  246  171 
Total fees and commissions 39,402  36,291  32,009  8,344  8,197  7,889  17,434  15,622  13,507 
Market making and similar activities 12,014  12,967  12,732  26  21  20  127  143  137 
Other income (loss) 1,585  538  1,097  (6) 140  433  125  195  314 
Total noninterest income $ 53,001  $ 49,796  $ 45,838  $ 8,364  $ 8,358  $ 8,342  $ 17,686  $ 15,960  $ 13,958 
Global Banking Global Markets All Other
2025 2024 2023 2025 2024 2023 2025 2024 2023
Fees and commissions:
Card income
Interchange fees $ 800  $ 773  $ 772  $ 65  $ 66  $ 66  $ —  $ —  $ — 
Other card income 16  13  9  —  —  —  (11) (41) (102)
Total card income 816  786  781  65  66  66  (11) (41) (102)
Service charges
Deposit-related fees 2,403  2,128  1,943  59  88  79  4  3  2 
Lending-related fees 1,035  1,007  1,009  314  287  256  —  —  — 
Total service charges 3,438  3,135  2,952  373  375  335  4  3  2 
Investment and brokerage services
Asset management fees —  —  —  —  —  —  (13) —  — 
Brokerage fees 79  91  57  2,511  2,128  1,993  —  (11) (8)
Total investment and brokerage services
79  91  57  2,511  2,128  1,993  (13) (11) (8)
Investment banking fees
Underwriting income 1,303  1,305  922  1,968  1,892  1,298  (216) (168) (156)
Syndication fees 732  644  505  688  577  393  —  —  — 
Financial advisory services 1,707  1,504  1,392  181  186  183  (1) —  — 
Total investment banking fees 3,742  3,453  2,819  2,837  2,655  1,874  (217) (168) (156)
Total fees and commissions 8,075  7,465  6,609  5,786  5,224  4,268  (237) (217) (264)
Market making and similar activities 274  275  190  12,064  12,778  13,430  (477) (250) (1,045)
Other income (loss) 3,148  2,773  3,111  556  435  157  (2,238) (3,005) (2,918)
Total noninterest income $ 11,497  $ 10,513  $ 9,910  $ 18,406  $ 18,437  $ 17,855  $ (2,952) $ (3,472) $ (4,227)