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v3.23.2

Strategic Lines of Business (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Business Segment Financial Results | Business segment financial results were as follows:
| Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
(dollar amounts in millions) |  |  |  |  |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 496 |  |  | $ | 214 |  |  | $ | 51 |  |  | $ | (165) |  |  | $ | 25 |  |  | $ | 621 |
Provision for credit losses | 33 |  |  | (4) |  |  | 2 |  |  | — |  |  | 2 |  |  | 33 |
Noninterest income | 158 |  |  | 29 |  |  | 83 |  |  | 29 |  |  | 4 |  |  | 303 |
Noninterest expenses | 248 |  |  | 171 |  |  | 89 |  |  | 2 |  |  | 25 |  |  | 535 |
Provision (benefit) for income taxes | 90 |  |  | 18 |  |  | 10 |  |  | (35) |  |  | — |  |  | 83 |
Net income (loss) | $ | 283 |  |  | $ | 58 |  |  | $ | 33 |  |  | $ | (103) |  |  | $ | 2 |  |  | $ | 273 |
Net credit-related (recoveries) charge-offs | $ | (3) |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 51,548 |  |  | $ | 2,930 |  |  | $ | 5,625 |  |  | $ | 20,046 |  |  | $ | 10,206 |  |  | $ | 90,355 |
Loans | 47,813 |  |  | 2,214 |  |  | 5,341 |  |  | — |  |  | — |  |  | 55,368 |
Deposits | 31,030 |  |  | 24,002 |  |  | 3,943 |  |  | 4,980 |  |  | 377 |  |  | 64,332 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.21 | % |  | 0.94 | % |  | 2.31 | % |  | n/m |  | n/m |  | 1.21 | %
Efficiency ratio (b) | 37.91 |  |  | 69.73 |  |  | 66.23 |  |  | n/m |  | n/m |  | 57.70 |
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 398 |  |  | $ | 147 |  |  | $ | 47 |  |  | $ | (33) |  |  | $ | 2 |  |  | $ | 561 |
Provision for credit losses | 8 |  |  | (2) |  |  | 4 |  |  | — |  |  | — |  |  | 10 |
Noninterest income | 160 |  |  | 32 |  |  | 77 |  |  | 13 |  |  | (14) |  |  | 268 |
Noninterest expenses | 237 |  |  | 173 |  |  | 89 |  |  | — |  |  | (17) |  |  | 482 |
Provision (benefit) for income taxes | 70 |  |  | 2 |  |  | 7 |  |  | (7) |  |  | 4 |  |  | 76 |
Net income (loss) | $ | 243 |  |  | $ | 6 |  |  | $ | 24 |  |  | $ | (13) |  |  | $ | 1 |  |  | $ | 261 |
Net credit-related charge-offs (recoveries) | $ | 2 |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 47,596 |  |  | $ | 2,768 |  |  | $ | 4,963 |  |  | $ | 21,078 |  |  | $ | 12,405 |  |  | $ | 88,810 |
Loans | 43,169 |  |  | 2,015 |  |  | 4,832 |  |  | — |  |  | 11 |  |  | 50,027 |
Deposits | 43,738 |  |  | 27,145 |  |  | 5,966 |  |  | 520 |  |  | 220 |  |  | 77,589 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.00 | % |  | 0.09 | % |  | 1.53 | % |  | n/m |  | n/m |  | 1.18 | %
Efficiency ratio (b) | 42.35 |  |  | 96.12 |  |  | 71.69 |  |  | n/m |  | n/m |  | 58.03 |
(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
(dollar amounts in millions) | Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
Six Months Ended June 30, 2023
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 1,027 |  |  | $ | 436 |  |  | $ | 109 |  |  | $ | (288) |  |  | $ | 45 |  |  | $ | 1,329 |
Provision for credit losses | 59 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 63 |
Noninterest income | 311 |  |  | 57 |  |  | 156 |  |  | 52 |  |  | 9 |  |  | 585 |
Noninterest expenses | 499 |  |  | 336 |  |  | 195 |  |  | 3 |  |  | 53 |  |  | 1,086 |
Provision (benefit) for income taxes | 177 |  |  | 37 |  |  | 16 |  |  | (60) |  |  | (2) |  |  | 168 |
Net income (loss) | $ | 603 |  |  | $ | 118 |  |  | $ | 54 |  |  | $ | (179) |  |  | $ | 1 |  |  | $ | 597 |
Net credit-related (recoveries) charge-offs | $ | (5) |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | (4) |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 50,859 |  |  | $ | 2,923 |  |  | $ | 5,486 |  |  | $ | 20,067 |  |  | $ | 8,426 |  |  | $ | 87,761 |
Loans | 46,943 |  |  | 2,209 |  |  | 5,271 |  |  | — |  |  | — |  |  | 54,423 |
Deposits | 33,883 |  |  | 24,576 |  |  | 4,327 |  |  | 2,916 |  |  | 370 |  |  | 66,072 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.39 | % |  | 0.95 | % |  | 1.98 | % |  | n/m |  | n/m |  | 1.37 | %
Efficiency ratio (b) | 37.31 |  |  | 67.55 |  |  | 73.63 |  |  | n/m |  | n/m |  | 56.58 |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 754 |  |  | $ | 277 |  |  | $ | 83 |  |  | $ | (97) |  |  | $ | — |  |  | $ | 1,017 |
Provision for credit losses | (15) |  |  | 5 |  |  | 6 |  |  | — |  |  | 3 |  |  | (1) |
Noninterest income | 292 |  |  | 60 |  |  | 149 |  |  | 31 |  |  | (20) |  |  | 512 |
Noninterest expenses | 471 |  |  | 337 |  |  | 172 |  |  | — |  |  | (25) |  |  | 955 |
Provision (benefit) for income taxes | 135 |  |  | (2) |  |  | 13 |  |  | (19) |  |  | (2) |  |  | 125 |
Net income (loss) | $ | 455 |  |  | $ | (3) |  |  | $ | 41 |  |  | $ | (47) |  |  | $ | 4 |  |  | $ | 450 |
Net credit-related charge-offs (recoveries) | $ | 11 |  |  | $ | (1) |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 46,316 |  |  | $ | 2,788 |  |  | $ | 4,910 |  |  | $ | 20,165 |  |  | $ | 15,795 |  |  | $ | 89,974 |
Loans | 42,361 |  |  | 2,014 |  |  | 4,773 |  |  | — |  |  | 7 |  |  | 49,155 |
Deposits | 44,883 |  |  | 27,004 |  |  | 5,636 |  |  | 599 |  |  | 220 |  |  | 78,342 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 1.85 | % |  | (0.03 | %) |  | 1.38 | % |  | n/m |  | n/m |  | 1.01 | %
Efficiency ratio (b) | 44.65 |  |  | 99.83 |  |  | 74.04 |  |  | n/m |  | n/m |  | 62.11 |
(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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