Goodwill and intangible assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The tables below provide a breakdown of goodwill by business segment.


Goodwill by business segment (in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Consolidated
Balance at Dec. 31, 2024
Goodwill	$	7,331	$	1,475	$	8,472	$	17,278
Accumulated impairment losses	—		—		(680)		(680)
Net goodwill	$	7,331	$	1,475	$	7,792	$	16,598


Dispositions	(18)		—		—		(18)
Foreign currency translation	94		6		106		206
Other	(13)		—		—		(13)
Balance at Sept. 30, 2025
Goodwill	$	7,394	$	1,481	$	8,578	$	17,453
Accumulated impairment losses	—		—		(680)		(680)
Net goodwill	$	7,394	$	1,481	$	7,898	$	16,773


Goodwill by business segment (in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Consolidated
Balance at Dec. 31, 2023
Goodwill	$	7,004	$	1,429	$	8,508	$	16,941
Accumulated impairment losses	—		—		(680)		(680)
Net goodwill	$	7,004	$	1,429	$	7,828	$	16,261

Business realignment (a)	(51)		48		3		—

Foreign currency translation	15		4		58		77

Balance at Sept. 30, 2024
Goodwill	$	6,968	$	1,481	$	8,569	$	17,018
Accumulated impairment losses	—		—		(680)		(680)
Net goodwill	$	6,968	$	1,481	$	7,889	$	16,338

(a) In the first quarter of 2024, we made certain realignments of similar products and services within our lines of business. See Note 24 of the Notes to Consolidated Financial Statements in our 2024 Annual Report for additional information.

Goodwill impairment testing

The goodwill impairment test is performed at least annually at the reporting unit level. An interim goodwill impairment test is performed when events or circumstances occur that may indicate that it is more likely than not that the fair value of any reporting unit may be less than its carrying value.

In the third quarter of 2025, due to the results of the second quarter 2025 interim goodwill impairment test and macroeconomic conditions, we performed an interim goodwill impairment test of the Investment Management reporting unit, which had $6.2 billion of allocated goodwill. No additional goodwill impairment was recognized.

Intangible assets

The tables below provide a breakdown of intangible assets by business segment.


Intangible assets – net carrying amount by business segment (in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Consolidated
Balance at Dec. 31, 2024	$	186	$	374	$	1,442	$	849	$	2,851

Amortization	(20)		(2)		(12)		—		(34)
Foreign currency translation	6		—		11		—		17
Balance at Sept. 30, 2025	$	172	$	372	$	1,441	$	849	$	2,834


Intangible assets – net carrying amount by business segment (in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Consolidated
Balance at Dec. 31, 2023	$	164	$	378	$	1,463	$	849	$	2,854

Amortization	(21)		(3)		(13)		—		(37)
Foreign currency translation	—		—		7		—		7
Balance at Sept. 30, 2024	$	143	$	375	$	1,457	$	849	$	2,824

The table below provides a breakdown of intangible assets by type.


Intangible assets	Sept. 30, 2025							Dec. 31, 2024
(dollars in millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Remaining weighted- average amortization period	Gross carrying amount		Accumulated amortization		Net carrying amount
Subject to amortization: (a)
Customer contracts – Securities Services	$	789	$	(617)	$	172	12 years	$	779	$	(593)	$	186
Customer contracts – Market and Wealth Services	269		(268)		1		1 year	269		(266)		3
Customer relationships – Investment and Wealth Management	517		(469)		48		7 years	553		(495)		58
Other	40		(15)		25		11 years	42		(14)		28
Total subject to amortization	$	1,615	$	(1,369)	$	246	11 years	$	1,643	$	(1,368)	$	275
Not subject to amortization: (b)
Tradenames	$	1,294	N/A		$	1,294	N/A	$	1,291	N/A		$	1,291
Customer relationships	1,294		N/A		1,294		N/A	1,285		N/A		1,285
Total not subject to amortization	$	2,588	N/A		$	2,588	N/A	$	2,576	N/A		$	2,576
Total intangible assets	$	4,203	$	(1,369)	$	2,834	N/A	$	4,219	$	(1,368)	$	2,851

(a) Excludes fully amortized intangible assets.

(b) Intangible assets not subject to amortization have an indefinite life.

N/A – Not applicable.

Estimated annual amortization expense for current intangibles for the next five years is as follows:


For the year ended Dec. 31,	Estimated amortization expense (in millions)
2025		$	45
2026		37
2027		31
2028		27
2029		24

Intangible asset impairment testing

Intangible assets not subject to amortization are tested for impairment annually or more often if events or circumstances indicate they may be impaired.