v3.26.1
Revenue and Expenses (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue by Operating Segment Table 17.1 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 16 (Operating Segments). For a description of our revenue from contracts with customers, see Note 20 (Revenue and Expenses) in our 2025 Form 10-K.
Table 17.1: Revenue by Operating Segment

(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateReconciling
Items (1)		Consolidated
Company
Quarter ended March 31, 2026
Net interest income$7,551 1,988 2,184 905 (460)(72)12,096 
Noninterest income:
Deposit-related fees720 319 274 7 (1)— 1,319 
Lending-related fees22 150 217 4 — — 393 
Investment advisory and other asset-based fees (2)264 18 39 2,503 — — 2,824 
Commissions and brokerage services fees115 — 115 438 (1)— 667 
Investment banking fees(1)15 844 — (62)— 796 
Card fees:
Interchange and merchant services fees (3)894 55 16 1 2 — 968 
Other card fees170 — — — — — 170 
Total card fees1,064 55 16 1 2 — 1,138 
Mortgage banking (4)163 — 41 (3)— — 201 
Net gains (losses) from trading activities
— — 1,382 20 (51)— 1,351 
Net gains (losses) from debt securities (4)— 1 — — (1)— — 
Net gains from equity securities (4)
— 51 14 — 107 — 172 
Other (4)
100 523 152 — 235 (521)489 
Total noninterest income2,447 1,132 3,094 2,970 228 (521)9,350 
Total revenue$9,998 3,120 5,278 3,875 (232)(593)21,446 
Quarter ended March 31, 2025
Net interest income$7,039 1,977 1,790 730 36 (77)11,495 
Noninterest income:
Deposit-related fees651 335 275 7 1 — 1,269 
Lending-related fees16 136 201 11 — — 364 
Investment advisory and other asset-based fees (2)240 21 41 2,234 — — 2,536 
Commissions and brokerage services fees113 — 104 421 — — 638 
Investment banking fees— 29 765 — (19)— 775 
Card fees:
Interchange and merchant services fees (3)854 49 14 1 1 — 919 
Other card fees124 — — — 1 — 125 
Total card fees978 49 14 1 2 — 1,044 
Mortgage banking (4)222 — 114 (4)— — 332 
Net gains (losses) from trading activities
— — 1,358 27 (1)— 1,384 
Net losses from debt securities (4)— 2 — — (149)— (147)
Net gains (losses) from equity securities (4)(7)(5)31 (12)(350)— (343)
Other (4)
131 381 371 (11)303 (373)802 
Total noninterest income2,344 948 3,274 2,674 (213)(373)8,654 
Total revenue$9,383 2,925 5,064 3,404 (177)(450)20,149 
(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 $244 million and $233 million for the quarters ended March 31, 2026 and 2025, respectively.
(3)The cost of credit card rewards and rebates of $784 million and $667 million for the quarters ended March 31, 2026 and 2025, respectively, are presented net against the related revenue.
(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).
Net Gains (Losses) from Trading Activities, by Risk Type Table 17.2 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 17.2: Net Gains (Losses) from Trading Activities, by Risk Type (1)
Quarter ended March 31,
(in millions)20262025
Interest rate$564 1,319 
Commodity (2)260 232 
Equity448 341 
Foreign exchange92 (683)
Credit(13)175 
Total net gains from trading activities
$1,351 1,384 
(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.
(2)See Note 10 (Derivatives) for additional information. Also includes gains (losses) on structured debt portfolios where we have elected the fair value option. See Note 11 (Fair Value Measurements) for additional information. 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).
Other Expense The amounts presented in Table 17.3 are included in other noninterest expense on our consolidated statement of income.
Table 17.3: Other Expense

Quarter ended March 31,
(in millions)
20262025
Regulatory charges and assessments (1)
$310 303 
Legal actions (2)63 (19)
Other operating losses (3)
160 152 
(1)Regulatory charges and assessments predominantly consists of Federal Deposit Insurance Corporation (FDIC) deposit assessment expense.
(2)Legal actions includes expenses related to litigation and regulatory matters. For additional information on legal actions, see Note 9 (Legal Actions).
(3)Includes fraud losses for credit card and deposit accounts, and deposit overdraft losses.