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Business Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 2,051 |  |  | $ | 846 |  |  | $ | 208 |  |  | $ | (693) |  |  | $ | 102 |  |  | $ | 2,514 |
Provision for credit losses | 90 |  |  | 3 |  |  | (6) |  |  | — |  |  | 2 |  |  | 89 |
Noninterest income | 603 |  |  | 119 |  |  | 307 |  |  | 37 |  |  | 12 |  |  | 1,078 |
Noninterest expenses | 1,106 |  |  | 728 |  |  | 402 |  |  | 12 |  |  | 111 |  |  | 2,359 |
Provision (benefit) for income taxes | 342 |  |  | 58 |  |  | 29 |  |  | (164) |  |  | (2) |  |  | 263 |
Net income (loss) | $ | 1,116 |  |  | $ | 176 |  |  | $ | 90 |  |  | $ | (504) |  |  | $ | 3 |  |  | $ | 881 |
Net charge-offs | $ | 20 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 49,458 |  |  | $ | 2,960 |  |  | $ | 5,500 |  |  | $ | 20,139 |  |  | $ | 9,137 |  |  | $ | 87,194 |
Loans | 46,435 |  |  | 2,236 |  |  | 5,232 |  |  | — |  |  | — |  |  | 53,903 |
Deposits | 33,019 |  |  | 24,363 |  |  | 4,130 |  |  | 4,169 |  |  | 337 |  |  | 66,018 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.26 | % |  | 0.71 | % |  | 1.61 | % |  | n/m |  | n/m |  | 1.01 | %
Efficiency ratio (b) | 41.68 |  |  | 74.90 |  |  | 78.16 |  |  | n/m |  | n/m |  | 65.56 |
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 1,761 |  |  | $ | 680 |  |  | $ | 199 |  |  | $ | (195) |  |  | $ | 21 |  |  | $ | 2,466 |
Provision for credit losses | 32 |  |  | 11 |  |  | 9 |  |  | — |  |  | 8 |  |  | 60 |
Noninterest income | 607 |  |  | 122 |  |  | 298 |  |  | 59 |  |  | (18) |  |  | 1,068 |
Noninterest expenses | 964 |  |  | 690 |  |  | 348 |  |  | 1 |  |  | (5) |  |  | 1,998 |
Provision (benefit) for income taxes | 315 |  |  | 22 |  |  | 34 |  |  | (39) |  |  | (7) |  |  | 325 |
Net income (loss) | $ | 1,057 |  |  | $ | 79 |  |  | $ | 106 |  |  | $ | (98) |  |  | $ | 7 |  |  | $ | 1,151 |
Net charge-offs (recoveries) | $ | 21 |  |  | $ | (1) |  |  | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 47,437 |  |  | $ | 2,814 |  |  | $ | 5,037 |  |  | $ | 20,912 |  |  | $ | 11,072 |  |  | $ | 87,272 |
Loans | 43,481 |  |  | 2,063 |  |  | 4,906 |  |  | — |  |  | 10 |  |  | 50,460 |
Deposits | 42,584 |  |  | 26,672 |  |  | 5,439 |  |  | 360 |  |  | 426 |  |  | 75,481 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.23 | % |  | 0.29 | % |  | 1.84 | % |  | n/m |  | n/m |  | 1.32 | %
Efficiency ratio (b) | 40.57 |  |  | 85.51 |  |  | 69.92 |  |  | n/m |  | n/m |  | 56.32 |
Table continues on the following page.
(dollar amounts in millions) | Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
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 | 871 |  |  | 648 |  |  | 316 |  |  | 1 |  |  | 25 |  |  | 1,861 |
Provision (benefit) for income taxes | 384 |  |  | 5 |  |  | 36 |  |  | (100) |  |  | (3) |  |  | 322 |
Net income (loss) | $ | 1,328 |  |  | $ | 40 |  |  | $ | 125 |  |  | $ | (331) |  |  | $ | 6 |  |  | $ | 1,168 |
Net credit-related (recoveries) charge-offs | $ | (12) |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (10) |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 44,007 |  |  | $ | 3,213 |  |  | $ | 5,025 |  |  | $ | 17,713 |  |  | $ | 20,194 |  |  | $ | 90,152 |
Loans | 41,799 |  |  | 2,382 |  |  | 4,902 |  |  | — |  |  | — |  |  | 49,083 |
Deposits | 45,602 |  |  | 25,682 |  |  | 5,218 |  |  | 787 |  |  | 392 |  |  | 77,681 |
Statistical data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.71 | % |  | 0.15 | % |  | 2.24 | % |  | n/m |  | n/m |  | 1.30 | %
Efficiency ratio (b) | 38.78 |  |  | 93.34 |  |  | 70.93 |  |  | n/m |  | n/m |  | 62.42 |
(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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