v3.26.1
Revenue and Expenses
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue and Expenses
Note 17: Revenue and Expenses
Revenue
Our revenue includes net interest income on financial instruments and noninterest income. 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 June 30, 2026
Net interest income$7,742 2,047 2,273 919 (589)(75)12,317 
Noninterest income:
Deposit-related fees747 325 277 7 1 — 1,357 
Lending-related fees23 148 229 5 — — 405 
Investment advisory and other asset-based fees (2)264 15 36 2,506 — — 2,821 
Commissions and brokerage services fees127 — 123 437 — — 687 
Investment banking fees(3)24 948 — (30)— 939 
Card fees:
Interchange and merchant services fees (3)973 58 15 1 — — 1,047 
Other card fees175 — — — — — 175 
Total card fees1,148 58 15 1 — — 1,222 
Mortgage banking (4)154 — 104 (3)1 — 256 
Net gains (losses) from trading activities(1)— 1,309 26 59 — 1,393 
Net gains (losses) from debt securities (4)— 2 — — (1)— 1 
Net gains from equity securities (4)— 37 2 — 808 — 847 
Other (4)87 462 109 (6)164 (439)377 
Total noninterest income2,546 1,071 3,152 2,973 1,002 (439)10,305 
Total revenue$10,288 3,118 5,425 3,892 413 (514)22,622 
Quarter ended June 30, 2025
Net interest income$7,305 1,983 1,815 785 (103)(77)11,708 
Noninterest income:
Deposit-related fees653 324 266 6 — — 1,249 
Lending-related fees15 138 209 11 — — 373 
Investment advisory and other asset-based fees (2)232 20 39 2,208 — — 2,499 
Commissions and brokerage services fees 111 — 99 400 — — 610 
Investment banking fees(1)28 700 — (31)— 696 
Card fees:
Interchange and merchant services fees (3)972 49 13 1 1 — 1,036 
Other card fees137 — — — — — 137 
Total card fees1,109 49 13 1 1 — 1,173 
Mortgage banking (4)169 — 64 (3)— — 230 
Net gains from trading activities — — 1,335 27 14 — 1,376 
Net gains from debt securities (4)— — — — — — — 
Net gains from equity securities (4)12 3 31 — 73 — 119 
Other (4)83 388 102 3 605 (392)789 
Total noninterest income2,383 950 2,858 2,653 662 (392)9,114 
Total revenue$9,688 2,933 4,673 3,438 559 (469)20,822 
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(in millions)
Consumer Banking and LendingCommercial BankingCorporate and Investment BankingWealth and Investment ManagementCorporateReconciling
Items (1)		Consolidated
Company
Six months ended June 30, 2026
Net interest income$15,293 4,035 4,457 1,824 (1,049)(147)24,413 
Noninterest income:
Deposit-related fees1,467 644 551 14 — — 2,676 
Lending-related fees45 298 446 9 — — 798 
Investment advisory and other asset-based fees (2)528 33 75 5,009 — — 5,645 
Commissions and brokerage services fees242 — 238 875 (1)— 1,354 
Investment banking fees(4)39 1,792 — (92)— 1,735 
Card fees:
Interchange and merchant services fees (3)1,867 113 31 2 2 — 2,015 
Other card fees345 — — — — — 345 
Total card fees2,212 113 31 2 2 — 2,360 
Mortgage banking (4)317 — 145 (6)1 — 457 
Net gains (losses) from trading activities
(1)— 2,691 46 8 — 2,744 
Net gains (losses) from debt securities (4)— 3 — — (2)— 1 
Net gains from equity securities (4)
— 88 16 — 915 — 1,019 
Other (4)
187 985 261 (6)399 (960)866 
Total noninterest income4,993 2,203 6,246 5,943 1,230 (960)19,655 
Total revenue$20,286 6,238 10,703 7,767 181 (1,107)44,068 
Six months ended June 30, 2025
Net interest income$14,344 3,960 3,605 1,515 (67)(154)23,203 
Noninterest income:
Deposit-related fees1,304 659 541 13 1 — 2,518 
Lending-related fees31 274 410 22 — — 737 
Investment advisory and other asset-based fees (2)472 41 80 4,442 — — 5,035 
Commissions and brokerage services fees224 — 203 821 — — 1,248 
Investment banking fees(1)57 1,465 — (50)— 1,471 
Card fees:
Interchange and merchant services fees (3)1,826 98 27 2 2 — 1,955 
Other card fees261 — — — 1 — 262 
Total card fees2,087 98 27 2 3 — 2,217 
Mortgage banking (4)391 — 178 (7)— — 562 
Net gains from trading activities— — 2,693 54 13 — 2,760 
Net gains (losses) from debt securities (4)— 2 — — (149)— (147)
Net gains (losses) from equity securities (4)5 (2)62 (12)(277)— (224)
Other (4)
214 769 473 (8)908 (765)1,591 
Total noninterest income4,727 1,898 6,132 5,327 449 (765)17,768 
Total revenue$19,071 5,858 9,737 6,842 382 (919)40,971 
(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 $243 million and $487 million for the second quarter and first half of 2026, respectively, and $222 million and $455 million for the second quarter and first half of 2025, respectively.
(3)The cost of credit card rewards and rebates of $878 million and $1.7 billion for the second quarter and first half of 2026, respectively, and $737 million and $1.4 billion for the second quarter and first half of 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. 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 June 30,Six months ended June 30,
(in millions)2026202520262025
Interest rate$(804)250 $(240)1,569 
Commodity (2)210 197 470 429 
Equity379 128 827 469 
Foreign exchange1,455 640 1,547 (43)
Credit153 161 140 336 
Total net gains from trading activities$1,393 1,376 $2,744 2,760 
(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 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.
(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
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 June 30,Six months ended June 30,
(in millions)
2026202520262025
Regulatory charges and assessments (1)
$281 244 $591 547 
Legal actions (2)69 122 132 103 
Other operating losses (3)
131 177 291 329 
(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.
Expenses for legal actions 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.