Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

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