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Strategic Lines of Business (Tables)

6 Months Ended

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

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

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- References

No definition available.

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