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)202520242023202520242023
Net interest income$60,705 $56,679 $57,498 $35,309 $33,078 $33,689 
Noninterest income53,001 49,796 45,838 8,364 8,358 8,342 
Total revenue, net of interest expense113,706 106,475 103,336 43,673 41,436 42,031 
Provision for credit losses5,675 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 expense69,727 66,812 65,845 22,697 22,104 21,416 
Income before income taxes38,304 33,842 33,097 16,327 14,345 15,457 
Income tax expense7,795 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 ManagementGlobal Banking
202520242023202520242023
Net interest income$7,197 $6,969 $7,147 $12,611 $13,235 $14,645 
Noninterest income17,686 15,960 13,958 11,497 10,513 9,910 
Total revenue, net of interest expense24,883 22,929 21,105 24,108 23,748 24,555 
Provision for credit losses35 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 expense18,621 17,241 15,836 12,416 11,853 11,344 
Income before income taxes6,227 5,684 5,263 10,749 11,012 13,797 
Income tax expense1,557 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 MarketsAll Other
 202520242023202520242023
Net interest income$5,690 $3,375 $1,678 $(102)$22 $339 
Noninterest income18,406 18,437 17,855 (2,952)(3,472)(4,227)
Total revenue, net of interest expense24,096 21,812 19,533 (3,054)(3,450)(3,888)
Provision for credit losses71 (32)(131)(23)(21)(53)
Noninterest expense
Compensation and benefits (3)
3,923 3,553 3,430 — — — 
Other noninterest expense11,495 10,373 9,776 575 1,688 4,043 
Total noninterest expense15,418 13,926 13,206 575 1,688 4,043 
Income (loss) before income taxes8,607 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 CorporationConsumer BankingGlobal Wealth &
Investment Management
(Dollars in millions)202520242023202520242023202520242023
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 income6,359 6,284 6,054 5,456 5,432 5,264 33 41 45 
Service charges
Deposit-related fees5,044 4,708 4,382 2,528 2,445 2,317 50 44 41 
Lending-related fees1,413 1,347 1,302 — — — 64 53 37 
Total service charges6,457 6,055 5,684 2,528 2,445 2,317 114 97 78 
Investment and brokerage services
Asset management fees15,601 13,875 12,002 245 207 197 15,369 13,668 11,805 
Brokerage fees4,355 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 income3,320 3,275 2,235 — — — 265 246 171 
Syndication fees1,420 1,221 898 — — — — — — 
Financial advisory services1,890 1,690 1,575 — — — 3 — — 
Total investment banking fees6,630 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 activities12,014 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 BankingGlobal MarketsAll Other
202520242023202520242023202520242023
Fees and commissions:
Card income
Interchange fees $800 $773 $772 $65 $66 $66 $— $— $— 
Other card income 16 13 9 — — — (11)(41)(102)
Total card income816 786 781 65 66 66 (11)(41)(102)
Service charges
Deposit-related fees2,403 2,128 1,943 59 88 79 4 3 2 
Lending-related fees1,035 1,007 1,009 314 287 256 — — — 
Total service charges3,438 3,135 2,952 373 375 335 4 3 2 
Investment and brokerage services
Asset management fees— — — — — — (13)— — 
Brokerage fees79 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 income1,303 1,305 922 1,968 1,892 1,298 (216)(168)(156)
Syndication fees732 644 505 688 577 393 — — — 
Financial advisory services1,707 1,504 1,392 181 186 183 (1)— — 
Total investment banking fees3,742 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 activities274 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)