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v3.22.2.2

Strategic Lines of Business (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Business Segment Financial Results | Business segment financial results are as follows:
| Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
(dollar amounts in millions) |  |  |  |  |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 478 |  |  | $ | 188 |  |  | $ | 55 |  |  | $ | (22) |  |  | $ | 8 |  |  | $ | 707 |
Provision for credit losses | 16 |  |  | 2 |  |  | 5 |  |  | — |  |  | 5 |  |  | 28 |
Noninterest income | 169 |  |  | 29 |  |  | 77 |  |  | 6 |  |  | (3) |  |  | 278 |
Noninterest expenses | 242 |  |  | 170 |  |  | 87 |  |  | — |  |  | 3 |  |  | 502 |
Provision (benefit) for income taxes | 94 |  |  | 11 |  |  | 10 |  |  | (6) |  |  | (5) |  |  | 104 |
Net income (loss) | $ | 295 |  |  | $ | 34 |  |  | $ | 30 |  |  | $ | (10) |  |  | $ | 2 |  |  | $ | 351 |
Net credit-related charge-offs | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | 13 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 48,323 |  |  | $ | 2,799 |  |  | $ | 5,097 |  |  | $ | 22,133 |  |  | $ | 7,070 |  |  | $ | 85,422 |
Loans | 44,043 |  |  | 2,066 |  |  | 4,973 |  |  | — |  |  | 31 |  |  | 51,113 |
Deposits | 41,471 |  |  | 26,665 |  |  | 5,293 |  |  | 383 |  |  | 164 |  |  | 73,976 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.42 | % |  | 0.51 | % |  | 2.08 | % |  | n/m |  | n/m |  | 1.63 | %
Efficiency ratio (b) | 37.54 |  |  | 76.81 |  |  | 65.92 |  |  | n/m |  | n/m |  | 50.75 |
Three Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 406 |  |  | $ | 149 |  |  | $ | 40 |  |  | $ | (124) |  |  | $ | 4 |  |  | $ | 475 |
Provision for credit losses | (25) |  |  | (5) |  |  | (13) |  |  | — |  |  | 1 |  |  | (42) |
Noninterest income | 169 |  |  | 32 |  |  | 69 |  |  | 10 |  |  | — |  |  | 280 |
Noninterest expenses | 223 |  |  | 159 |  |  | 79 |  |  | — |  |  | 4 |  |  | 465 |
Provision (benefit) for income taxes | 83 |  |  | 4 |  |  | 10 |  |  | (27) |  |  | — |  |  | 70 |
Net income (loss) | $ | 294 |  |  | $ | 23 |  |  | $ | 33 |  |  | $ | (87) |  |  | $ | (1) |  |  | $ | 262 |
Net credit-related charge-offs (recoveries) | $ | 4 |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 43,366 |  |  | $ | 3,105 |  |  | $ | 4,956 |  |  | $ | 17,922 |  |  | $ | 22,004 |  |  | $ | 91,353 |
Loans | 41,037 |  |  | 2,297 |  |  | 4,829 |  |  | — |  |  | (28) |  |  | 48,135 |
Deposits | 46,641 |  |  | 26,088 |  |  | 5,209 |  |  | 977 |  |  | 200 |  |  | 79,115 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.33 | % |  | 0.34 | % |  | 2.36 | % |  | n/m |  | n/m |  | 1.14 | %
Efficiency ratio (b) | 38.40 |  |  | 87.18 |  |  | 72.83 |  |  | n/m |  | n/m |  | 61.13 |
(a)Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. (b)Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants. n/m – not meaningful
(dollar amounts in millions) | Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
Nine Months Ended September 30, 2022
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 1,232 |  |  | $ | 464 |  |  | $ | 138 |  |  | $ | (118) |  |  | $ | 8 |  |  | $ | 1,724 |
Provision for credit losses | 1 |  |  | 7 |  |  | 11 |  |  | — |  |  | 8 |  |  | 27 |
Noninterest income | 461 |  |  | 89 |  |  | 226 |  |  | 36 |  |  | (22) |  |  | 790 |
Noninterest expenses | 713 |  |  | 507 |  |  | 259 |  |  | — |  |  | (22) |  |  | 1,457 |
Provision (benefit) for income taxes | 229 |  |  | 9 |  |  | 23 |  |  | (25) |  |  | (7) |  |  | 229 |
Net income (loss) | $ | 750 |  |  | $ | 30 |  |  | $ | 71 |  |  | $ | (57) |  |  | $ | 7 |  |  | $ | 801 |
Net credit-related charge-offs (recoveries) | $ | 17 |  |  | $ | (1) |  |  | $ | (2) |  |  | $ | — |  |  | $ | 7 |  |  | $ | 21 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 46,992 |  |  | $ | 2,791 |  |  | $ | 4,974 |  |  | $ | 20,824 |  |  | $ | 12,859 |  |  | $ | 88,440 |
Loans | 42,928 |  |  | 2,031 |  |  | 4,841 |  |  | — |  |  | 15 |  |  | 49,815 |
Deposits | 43,733 |  |  | 26,890 |  |  | 5,520 |  |  | 527 |  |  | 201 |  |  | 76,871 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.07 | % |  | 0.16 | % |  | 1.60 | % |  | n/m |  | n/m |  | 1.21 | %
Efficiency ratio (b) | 41.93 |  |  | 90.59 |  |  | 71.16 |  |  | n/m |  | n/m |  | 57.67 |
Nine Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 1,189 |  |  | $ | 427 |  |  | $ | 125 |  |  | $ | (368) |  |  | $ | 10 |  |  | $ | 1,383 |
Provision for credit losses | (325) |  |  | (6) |  |  | (29) |  |  | — |  |  | 1 |  |  | (359) |
Noninterest income | 495 |  |  | 90 |  |  | 207 |  |  | 31 |  |  | 11 |  |  | 834 |
Noninterest expenses | 641 |  |  | 481 |  |  | 232 |  |  | 1 |  |  | 20 |  |  | 1,375 |
Provision (benefit) for income taxes | 307 |  |  | 5 |  |  | 29 |  |  | (78) |  |  | (2) |  |  | 261 |
Net income (loss) | $ | 1,061 |  |  | $ | 37 |  |  | $ | 100 |  |  | $ | (260) |  |  | $ | 2 |  |  | $ | 940 |
Net credit-related (recoveries) charge-offs | $ | (6) |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | (6) |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 44,114 |  |  | $ | 3,321 |  |  | $ | 5,059 |  |  | $ | 17,451 |  |  | $ | 18,004 |  |  | $ | 87,949 |
Loans | 42,087 |  |  | 2,483 |  |  | 4,940 |  |  | — |  |  | (2) |  |  | 49,508 |
Deposits | 43,844 |  |  | 25,334 |  |  | 5,047 |  |  | 969 |  |  | 177 |  |  | 75,371 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 3.00 | % |  | 0.19 | % |  | 2.49 | % |  | n/m |  | n/m |  | 1.43 | %
Efficiency ratio (b) | 37.96 |  |  | 92.26 |  |  | 69.80 |  |  | n/m |  | n/m |  | 61.80 |
(a)Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. (b)Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants. n/m – not meaningful

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