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Strategic Lines of Business (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024
Earnings summary:
Net interest income (expense)			$	465					$	203					$	48					$	(220)					$	37					$	533
Provision for credit losses			—						1						(2)						—						1						—
Noninterest income			146						33						78						33						1						291
Noninterest expenses			250						177						88						1						39						555
Provision (benefit) for income taxes			85						14						10						(46)						—						63
Net income (loss)			$	276					$	44					$	30					$	(142)					$	(2)					$	206
Net charge-offs			$	8					$	2					$	1					$	—					$	—					$	11
Selected average balances:
Assets			$	45,843					$	3,029					$	5,299					$	18,448					$	6,588					$	79,207
Loans			43,709						2,322						5,026						—						14						51,071
Deposits			31,176						24,590						3,951						3,032						306						63,055
Statistical data:
Return on average assets (a)			2.42		%				0.71		%				2.25		%				n/m						n/m						1.05		%
Efficiency ratio (b)			40.97						76.15						70.78						n/m						n/m						67.77
Three Months Ended June 30, 2023
Earnings summary:
Net interest income (expense)			$	504					$	214					$	51					$	(173)					$	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						11						(36)						—						83
Net income (loss)			$	291					$	58					$	32					$	(110)					$	2					$	273
Net (recoveries) charge-offs			$	(3)					$	—					$	1					$	—					$	—					$	(2)
Selected average balances:
Assets			$	50,945					$	2,931					$	5,624					$	20,649					$	10,206					$	90,355
Loans			47,813						2,214						5,341						—						—						55,368
Deposits			31,030						24,002						3,942						4,980						378						64,332
Statistical data:
Return on average assets (a)			2.29		%				0.94		%				2.31		%				n/m						n/m						1.21		%
Efficiency ratio (b)			37.44						69.73						66.21						n/m						n/m						57.70

(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

			Commercial Bank						Retail Bank						Wealth Management						Finance						Other						Total
(dollar amounts in millions)
Six Months Ended June 30, 2024
Earnings summary:
Net interest income (expense)			$	942					$	404					$	94					$	(437)					$	78					$	1,081
Provision for credit losses			16						—						(1)						—						(1)						14
Noninterest income			293						61						143						23						7						527
Noninterest expenses			525						358						185						4						86						1,158
Provision (benefit) for income taxes			142						22						11						(87)						4						92
Net income (loss)			$	552					$	85					$	42					$	(331)					$	(4)					$	344
Net charge-offs			$	22					$	2					$	1					$	—					$	—					$	25
Selected average balances:
Assets			$	46,163					$	3,028					$	5,372					$	18,752					$	8,097					$	81,412
Loans			43,810						2,309						5,089						—						13						51,221
Deposits			31,694						24,487						3,925						3,786						291						64,183
Statistical data:
Return on average assets (a)			2.41		%				0.68		%				1.56		%				n/m						n/m						0.85		%
Efficiency ratio (b)			42.53						77.63						78.32						n/m						n/m						72.24
Six Months Ended June 30, 2023
Earnings summary:
Net interest income (expense)			$	1,045					$	436					$	109					$	(306)					$	45					$	1,329
Provision for credit losses			59						2						(1)						—						3						63
Noninterest income			311						57						156						52						9						585
Noninterest expenses			499						336						196						3						52						1,086
Provision (benefit) for income taxes			180						37						17						(64)						(2)						168
Net income (loss)			$	618					$	118					$	53					$	(193)					$	1					$	597
Net (recoveries) charge-offs			$	(5)					$	—					$	1					$	—					$	—					$	(4)
Selected average balances:
Assets			$	50,132					$	2,923					$	5,486					$	20,794					$	8,426					$	87,761
Loans			46,943						2,209						5,271						—						—						54,423
Deposits			33,883						24,576						4,326						2,916						371						66,072
Statistical data:
Return on average assets (a)			2.48		%				0.95		%				1.98		%				n/m						n/m						1.37		%
Efficiency ratio (b)			36.82						67.54						73.61						n/m						n/m						56.58

(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 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: 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 3: 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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X

- References

No definition available.

+ Details

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