Q1 2023 presentation

Financial Results

ROE: 11.7%

ROTCE: 14.0%1

Efficiency ratio: 66%2

Credit Quality

Capital and Liquidity

CET1 ratio: 10.8%5

LCR: 122%6

TLAC ratio: 23.3%7

• Net income of $5.0 billion, or $1.23 per diluted common share
• Revenue of $20.7 billion, up 17%
• • Net interest income of $13.3 billion, up 45%
  • Noninterest income of $7.4 billion, down 13%
• Noninterest expense of $13.7 billion, down 1%
• Pre-taxpre-provision profit3 of $7.1 billion, up 82%
• Effective income tax rate of 16.2%
• Average loans of $948.7 billion, up 6%
• Average deposits of $1.4 trillion, down 7%
• Provision for credit losses4 of $1.2 billion
• • Total net loan charge-offs of $604 million, up $299 million, with net loan charge-offs of 0.26% of average loans (annualized)
  • Allowance for credit losses for loans of $13.7 billion, up $1.0 billion
• Common Equity Tier 1 (CET1) capital of $134.5 billion5
• CET1 ratio of 10.8% under the Standardized Approach and 12.0% under the Advanced Approach5
• Liquidity coverage ratio (LCR) of122%6

Capital and liquidity

Common Equity Tier 1 Ratio under the Standardized Approach1

9.2%

Regulatory

Minimum

and Buffers2

Capital Position

• Common Equity Tier 1 (CET1) ratio of 10.8%1 at March 31, 2023 remained above our regulatory minimum and buffers of 9.2%2
• CET1 ratio up ~30 bps from 1Q22 and up ~20 bps from 4Q22 and included:
• • $4.0 billion in gross common stock repurchases, or 86.4 million shares, in 1Q23
  • Period-endcommon shares outstanding down 26.7 million, or 1%, from 1Q22
• As of March 31, 2023, our TLAC as a percentage of total risk-weighted assets was 23.3%3 compared with the required minimum of 21.5%

Liquidity Coverage Ratio4

100%

Regulatory

Minimum

Liquidity Position

• Strong liquidity position with a 1Q23 liquidity coverage ratio4 of 122% which remained above our regulatory minimum of 100%

Credit quality

Provision for Credit Losses1 and Net Loan Charge-offs($ in millions)

Allowance for Credit Losses for Loans ($ in millions)

(787)

12,681

5,533

1.39%

7,148

12,884

5,802

1.37%

7,082

13,225

6,234

1.40%

6,991

13,609

6,653

1.42%

6,956

13,705

6,481

1.45%

7,224

• Commercial net loan charge-offs down $16 million to 5 bps of average loans (annualized) on higher recoveries
• Consumer net loan charge-offs up $60 million to 56 bps of average loans (annualized) driven by a $70 million increase in net loan charge-offs in credit card
• Nonperforming assets increased $379 million, or 7%, as higher commercial real estate nonaccrual loans were partially offset by lower residential mortgage nonaccrual loans

Comparisons in the bullet points are for 1Q23 versus 4Q22, unless otherwise noted.

1. Includes provision for credit losses for loans, debt securities, and interest-earning deposits with banks. 1Q23 Financial Results

• Allowance for credit losses for loans (ACL) up from both1Q22 and 4Q22 on increases for commercial real estate loans, primarily office loans, as well as for credit card and auto loans
• • Allowance coverage for total loans up 6 bps from1Q22 and up 3 bps from 4Q22
  • On 1/1/2023, we adopted the previously disclosed Troubled Debt Restructuring (TDR) accounting standard which removed $429 million of ACL with an offset directly to retained earnings

5