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Revenue and Expenses
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue and Expenses
Note 20: Revenue and Expenses
Revenue
Our revenue includes net interest income on financial instruments and noninterest income. Table 20.1 presents our revenue by operating segment. For additional description of our
operating segments, including additional financial information and information related to the management reporting process, see Note 19 (Operating Segments).
Table 20.1: Revenue by Operating Segment

(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateReconciling
Items (1)		Consolidated
Company
Year ended December 31, 2025
Net interest income$29,183 7,902 7,557 3,684 (539)(303)47,484 
Noninterest income:
Deposit-related fees2,694 1,290 1,086 27 2 — 5,099 
Lending-related fees89 565 844 16 — — 1,514 
Investment advisory and other asset-based fees (2)2 79 158 10,259 — — 10,498 
Commissions and brokerage services fees— — 395 2,162 (1)— 2,556 
Investment banking fees(5)130 2,985 — (83)— 3,027 
Card fees:
Interchange and merchant services fees (3)3,721 191 53 4 4 — 3,973 
Other card fees616 — — — — — 616 
Total card fees4,337 191 53 4 4 — 4,589 
Mortgage banking (4)769 — 394 (13)2 — 1,152 
Net gains from trading activities (5)— — 4,987 118 42 — 5,147 
Net gains (losses) from debt securities (4)— 4 — — (148)— (144)
Net gains (losses) from equity securities (4)5 75 66 (12)110 — 244 
Other (3)(4)(5)(6)288 1,742 707 83 1,358 (1,645)2,533 
Total noninterest income8,179 4,076 11,675 12,644 1,286 (1,645)36,215 
Total revenue$37,362 11,978 19,232 16,328 747 (1,948)83,699 
Year ended December 31, 2024
Net interest income$28,303 9,096 7,935 3,473 (791)(340)47,676 
Noninterest income:
Deposit-related fees2,734 1,180 1,073 24 4 — 5,015 
Lending-related fees92 555 842 11 — — 1,500 
Investment advisory and other asset-based fees (2)— 84 157 9,534 — — 9,775 
Commissions and brokerage services fees— — 368 2,153 — — 2,521 
Investment banking fees(4)84 2,675 — (90)— 2,665 
Card fees:
Interchange and merchant services fees (3)3,567 205 55 4 2 — 3,833 
Other card fees509 — — — — — 509 
Total card fees4,076 205 55 4 2 — 4,342 
Mortgage banking (4)650 — 410 (13)— — 1,047 
Net gains (losses) from trading activities (5)— (2)5,173 155 40 — 5,366 
Net losses from debt securities (4)— — — — (920)— (920)
Net gains (losses) from equity securities (4)(2)21 19 15 1,017 — 1,070 
Other (3)(4)(5)(6)352 1,555 637 80 1,076 (1,461)2,239 
Total noninterest income7,898 3,682 11,409 11,963 1,129 (1,461)34,620 
Total revenue$36,201 12,778 19,344 15,436 338 (1,801)82,296 

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(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateReconciling
Items (1)		Consolidated
Company
Year ended December 31, 2023
Net interest income$30,185 10,034 9,498 3,966 (888)(420)52,375 
Noninterest income:
Deposit-related fees2,702 998 976 22 (4)— 4,694 
Lending-related fees117 531 790 8 — — 1,446 
Investment advisory and other asset-based fees (2)— 74 150 8,446 — — 8,670 
Commissions and brokerage services fees— — 317 2,058 — — 2,375 
Investment banking fees(6)61 1,738 — (144)— 1,649 
Card fees:
Interchange and merchant services fees (3)3,540 223 60 4 2 — 3,829 
Other card fees427 — — — — — 427 
Total card fees3,967 223 60 4 2 — 4,256 
Mortgage banking (4)512 — 329 (12)— — 829 
Net gains (losses) from trading activities (5)— (10)4,633 162 94 — 4,879 
Net gains (losses) from debt securities (4)— 25 — — (15)— 10 
Net losses from equity securities (4)— (58)(4)(2)(377)— (441)
Other (3)(4)(5)(6)442 1,571 704 39 875 (1,776)1,855 
Total noninterest income7,734 3,415 9,693 10,725 431 (1,776)30,222 
Total revenue$37,919 13,449 19,191 14,691 (457)(2,196)82,597 
(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)We earned trailing commissions of $945 million, $943 million and $904 million for the years ended December 31, 2025, 2024, and 2023, respectively.
(3)The cost of credit card rewards and rebates of $3.0 billion, $2.7 billion and $2.6 billion for the years ended December 31, 2025, 2024, and 2023, respectively, are presented net against the related revenue. In April 2025, we completed our acquisition of the remaining interest in our merchant services joint venture and recognized a net gain of $253 million in other noninterest income in Corporate. Following the acquisition, the revenue from this business has been included in card fees. Prior to the acquisition, our share of the net earnings of the joint venture, which was accounted for as an equity method investment, was included in other noninterest income.
(4)For additional information on these revenue types, see Note 6 (Mortgage Banking Activities), Note 2 (Available-for-Sale and Held-to-Maturity Debt Securities), Note 4 (Equity Securities), and Note 7 (Leasing Activity).
(5)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities. In connection with these changes, we reclassified the gains (losses) related to our physical commodities inventory, including the related hedging impacts, from other noninterest income to net gains from trading activities. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(6)In fourth quarter 2025, we reclassified lease income into other noninterest income. Prior period balances have been revised to conform with the current period presentation.
We provide services to customers which have related performance obligations that we complete to recognize revenue. Our revenue is generally recognized either immediately upon the completion of our service or over time as we perform services.
DEPOSIT-RELATED FEES are earned in connection with deposit accounts for commercial and consumer customers and include fees for account and treasury management services, overdraft services, and other deposit services. Account and treasury management services may require fees for periodic account maintenance activities and event-driven services such as providing cashier’s checks. Our obligation for event-driven services is satisfied at the time of the event when the service is delivered, while our obligation for maintenance services is satisfied over the course of each month. Treasury management fees also include earnings credits on commercial accounts which offset the related revenue.
Our obligation for overdraft services is satisfied at the time of the overdraft. Other deposit services such as ATM network access, or wire transfer and other remittance activities have fees that are earned at the time the service is delivered.
INVESTMENT ADVISORY AND OTHER ASSET-BASED FEES are earned for providing brokerage advisory, trust, and asset management services.

Fees from advisory account relationships with brokerage customers are charged based on a percentage of the market value of the client’s assets. Services and obligations related to providing investment advice, active management of client assets, and assistance with selecting and engaging a third-party advisory manager are generally satisfied over a month or quarter. Trailing commissions are earned for selling shares to investors and our obligation is satisfied at the time shares are sold. However, these fees are received and recognized over time during the period the customer owns the shares and we remain the broker of record. The amount of trailing commissions is variable based on the length of time the customer holds the shares and on changes in the value of the underlying assets.

Trust services include acting as a trustee or agent for personal trust and agency assets. Obligations for trust services are generally satisfied over time; however, obligations for activities that are transactional in nature are satisfied at the time the service is delivered.

Asset management services are earned for managing and administering assets and these services are generally satisfied over time.
COMMISSIONS AND BROKERAGE SERVICES FEES are earned for providing brokerage services.

Commissions from transactional accounts with brokerage customers are earned for executing transactions at the client’s direction. Our obligation is generally satisfied upon the execution of the transaction and the fees are based on the size and number of transactions executed.

Fees earned from other brokerage services include securities clearance, omnibus and networking fees received from mutual fund companies in return for providing record keeping and other administrative services, and annual account maintenance fees charged to customers. Our obligation is satisfied at the time we provide the service which is generally at the time of the transaction.

INVESTMENT BANKING FEES are earned for underwriting debt and equity securities, arranging syndicated loan transactions and performing other advisory services, such as assistance for
mergers and acquisitions. Our obligation for these services is generally satisfied at closing of the transaction.

CARD FEES are earned for processing credit and debit card transactions on behalf of cardholders and merchants through payment networks such as Visa and MasterCard. Our obligation is satisfied concurrently with the delivery of services on a daily basis. The cost of credit card rewards and rebates is estimated using multiple factors including cardholder activity and reward redemption rates and is presented as a reduction to the related revenue. Other card fees represent late fees, cash advance fees, balance transfer fees, and annual fees.

NET GAINS (LOSSES) FROM TRADING ACTIVITIES. Table 20.2 provides the noninterest income associated with trading assets and liabilities. The table excludes revenue from securities purchased under resale agreements and expense from securities sold or loaned under agreements to repurchase in our Corporate and Investment Banking (CIB) Markets business.

Table 20.2: Net Gains (Losses) from Trading Activities, by Risk Type (1)
Year ended December 31,
(in millions)202520242023
Interest rate$1,762 823 444 
Commodity (2)809 464 452 
Equity1,181 1,195 1,106 
Foreign exchange902 2,299 2,124 
Credit493 585 753 
Total net gains from trading activities (2)$5,147 5,366 4,879 
(1)Includes gains (losses) on portfolio level derivative valuation adjustments, as well as remeasurement gains (losses) on foreign currency-denominated assets and liabilities, including related hedges. See Note 13 (Derivatives) for additional information. Also includes gains (losses) on structured debt portfolios where we have elected the fair value option. See Note 14 (Fair Value Measurements) for additional information.
(2)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities. In connection with these changes, we reclassified the gains (losses) related to our physical commodities inventory, including the related hedging impacts, from other noninterest income to net gains from trading activities. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).
Expenses
PERSONNEL EXPENSE. Personnel expense included severance expense of $953 million, $666 million, and $1.5 billion for the years ended December 31, 2025, 2024, and 2023, respectively.

OTHER EXPENSE. Other noninterest expense on our consolidated statement of income included amounts presented in Table 20.3.

Table 20.3: Other Expense

Year ended December 31,
(in millions)
202520242023
Regulatory charges and assessments (1)
$851 1,365 3,065 
Legal actions (2)168 290 179 
Customer remediation (3)65 722 207 
Other operating losses (4)674 745 797 
(1)Regulatory charges and assessments predominantly consists of Federal Deposit Insurance Corporation (FDIC) deposit assessment expense, including $(271) million, $243 million, and $1.9 billion for the years ended December 31, 2025, 2024, and 2023, respectively, for an FDIC special assessment to recover losses to the FDIC deposit insurance fund as a result of bank failures in the first half of 2023. We expect the ultimate amount of the special assessment may continue to change as the FDIC determines the actual net losses to the deposit insurance fund.
(2)Legal actions includes expenses related to litigation and regulatory matters. For additional information on legal actions, see Note 12 (Legal Actions).
(3)Customer remediation includes expenses related to our efforts to provide remediation as appropriate to customers who may have experienced financial harm. We had accrued liabilities for the probable and estimable costs related to our customer remediation activities of $95 million and $236 million as of December 31, 2025 and 2024, respectively.
(4)Includes fraud losses for credit card and deposit accounts, and deposit overdraft losses.
Expenses for legal actions and customer remediation may have significant variability given their inherent and unpredictable nature. The timing and determination of the amount of any associated expenses for these matters depends on a variety of factors, some of which are outside of our control.