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Strategic Lines of Business (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Business Segment Financial Results | Business segment financial results are as follows:
(dollar amounts in millions) | Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
Year Ended December 31, 2022
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 1,753 |  |  | $ | 680 |  |  | $ | 199 |  |  | $ | (187) |  |  | $ | 21 |  |  | $ | 2,466 |
Provision for credit losses | 32 |  |  | 11 |  |  | 9 |  |  | — |  |  | 8 |  |  | 60 |
Noninterest income | 607 |  |  | 122 |  |  | 298 |  |  | 58 |  |  | (17) |  |  | 1,068 |
Noninterest expenses | 963 |  |  | 689 |  |  | 348 |  |  | 1 |  |  | (3) |  |  | 1,998 |
Provision (benefit) for income taxes | 313 |  |  | 22 |  |  | 33 |  |  | (37) |  |  | (6) |  |  | 325 |
Net income (loss) | $ | 1,052 |  |  | $ | 80 |  |  | $ | 107 |  |  | $ | (93) |  |  | $ | 5 |  |  | $ | 1,151 |
Net credit-related charge-offs (recoveries) | $ | 21 |  |  | $ | (1) |  |  | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 47,660 |  |  | $ | 2,814 |  |  | $ | 5,037 |  |  | $ | 20,682 |  |  | $ | 11,079 |  |  | $ | 87,272 |
Loans | 43,481 |  |  | 2,063 |  |  | 4,906 |  |  | — |  |  | 10 |  |  | 50,460 |
Deposits | 42,584 |  |  | 26,672 |  |  | 5,439 |  |  | 591 |  |  | 195 |  |  | 75,481 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.21 | % |  | 0.29 | % |  | 1.83 | % |  | n/m |  | n/m |  | 1.32 | %
Efficiency ratio (b) | 40.69 |  |  | 85.31 |  |  | 70.00 |  |  | n/m |  | n/m |  | 56.32 |
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 1,574 |  |  | $ | 565 |  |  | $ | 166 |  |  | $ | (471) |  |  | $ | 10 |  |  | $ | 1,844 |
Provision for credit losses | (346) |  |  | (5) |  |  | (32) |  |  | — |  |  | (1) |  |  | (384) |
Noninterest income | 663 |  |  | 123 |  |  | 279 |  |  | 41 |  |  | 17 |  |  | 1,123 |
Noninterest expenses | 870 |  |  | 645 |  |  | 317 |  |  | 1 |  |  | 28 |  |  | 1,861 |
Provision (benefit) for income taxes | 384 |  |  | 5 |  |  | 36 |  |  | (100) |  |  | (3) |  |  | 322 |
Net income (loss) | $ | 1,329 |  |  | $ | 43 |  |  | $ | 124 |  |  | $ | (331) |  |  | $ | 3 |  |  | $ | 1,168 |
Net credit-related (recoveries) charge-offs | $ | (12) |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (10) |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 44,004 |  |  | $ | 3,213 |  |  | $ | 5,028 |  |  | $ | 17,705 |  |  | $ | 20,202 |  |  | $ | 90,152 |
Loans | 41,801 |  |  | 2,382 |  |  | 4,903 |  |  | — |  |  | (3) |  |  | 49,083 |
Deposits | 45,602 |  |  | 25,682 |  |  | 5,218 |  |  | 965 |  |  | 214 |  |  | 77,681 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.71 | % |  | 0.16 | % |  | 2.24 | % |  | n/m |  | n/m |  | 1.30 | %
Efficiency ratio (b) | 38.76 |  |  | 92.98 |  |  | 71.02 |  |  | n/m |  | n/m |  | 62.42 |
(Table continues on following page)
(dollar amounts in millions) | Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
Year Ended December 31, 2020
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 1,605 |  |  | $ | 503 |  |  | $ | 167 |  |  | $ | (384) |  |  | $ | 20 |  |  | $ | 1,911 |
Provision for credit losses | 495 |  |  | 7 |  |  | 35 |  |  | — |  |  | — |  |  | 537 |
Noninterest income | 555 |  |  | 110 |  |  | 263 |  |  | 55 |  |  | 18 |  |  | 1,001 |
Noninterest expenses | 813 |  |  | 607 |  |  | 295 |  |  | 2 |  |  | 37 |  |  | 1,754 |
Provision (benefit) for income taxes | 184 |  |  | (3) |  |  | 22 |  |  | (78) |  |  | (1) |  |  | 124 |
Net income (loss) | $ | 668 |  |  | $ | 2 |  |  | $ | 78 |  |  | $ | (253) |  |  | $ | 2 |  |  | $ | 497 |
Net credit-related charge-offs | $ | 192 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 196 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 45,716 |  |  | $ | 3,281 |  |  | $ | 5,162 |  |  | $ | 15,418 |  |  | $ | 11,569 |  |  | $ | 81,146 |
Loans | 44,119 |  |  | 2,468 |  |  | 5,045 |  |  | — |  |  | (1) |  |  | 51,631 |
Deposits | 36,616 |  |  | 22,832 |  |  | 4,402 |  |  | 1,026 |  |  | 162 |  |  | 65,038 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 1.46 | % |  | — | % |  | 1.51 | % |  | n/m |  | n/m |  | 0.61 | %
Efficiency ratio (b) | 37.63 |  |  | 98.52 |  |  | 68.47 |  |  | n/m |  | n/m |  | 60.13 |
(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 net gains (losses) from securities, 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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