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Strategic Lines of Business (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Earnings Summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 464 |  |  | $ | 205 |  |  | $ | 46 |  |  | $ | (220) |  |  | $ | 39 |  |  | $ | 534
Provision for credit losses | 6 |  |  | 4 |  |  | 3 |  |  | — |  |  | 1 |  |  | 14
Noninterest income | 149 |  |  | 24 |  |  | 73 |  |  | 26 |  |  | 5 |  |  | 277
Noninterest expenses | 252 |  |  | 175 |  |  | 90 |  |  | 1 |  |  | 44 |  |  | 562
Provision (benefit) for income taxes | 83 |  |  | 12 |  |  | 7 |  |  | (48) |  |  | (3) |  |  | 51
Net income (loss) | $ | 272 |  |  | $ | 38 |  |  | $ | 19 |  |  | $ | (147) |  |  | $ | 2 |  |  | $ | 184
Net charge-offs | $ | 10 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11
Selected Average Balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 45,669 |  |  | $ | 3,045 |  |  | $ | 5,296 |  |  | $ | 18,277 |  |  | $ | 7,944 |  |  | $ | 80,231
Loans | 43,462 |  |  | 2,347 |  |  | 5,042 |  |  | — |  |  | 10 |  |  | 50,861
Deposits | 32,261 |  |  | 24,224 |  |  | 3,844 |  |  | 3,300 |  |  | 267 |  |  | 63,896
Statistical Data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.36 | % |  | 0.63 | % |  | 1.47 | % |  | n/m |  | n/m |  | 0.92 | %
Efficiency ratio (b) | 41.23 |  |  | 74.24 |  |  | 75.35 |  |  | n/m |  | n/m |  | 68.80 |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Earnings Summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 505 |  |  | $ | 208 |  |  | $ | 49 |  |  | $ | (187) |  |  | $ | 26 |  |  | $ | 601
Provision (benefit) for credit losses | 22 |  |  | — |  |  | (9) |  |  | — |  |  | 1 |  |  | 14
Noninterest income | 150 |  |  | 31 |  |  | 78 |  |  | 40 |  |  | (4) |  |  | 295
Noninterest expenses | 257 |  |  | 175 |  |  | 102 |  |  | 1 |  |  | 20 |  |  | 555
Provision (benefit) for income taxes | 89 |  |  | 16 |  |  | 9 |  |  | (37) |  |  | (1) |  |  | 76
Net income (loss) | $ | 287 |  |  | $ | 48 |  |  | $ | 25 |  |  | $ | (111) |  |  | $ | 2 |  |  | $ | 251
Net charge-offs | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6
Selected Average Balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 49,459 |  |  | $ | 2,985 |  |  | $ | 5,557 |  |  | $ | 19,832 |  |  | $ | 11,317 |  |  | $ | 89,150
Loans | 46,477 |  |  | 2,250 |  |  | 5,227 |  |  | — |  |  | 33 |  |  | 53,987
Deposits | 31,868 |  |  | 24,034 |  |  | 3,950 |  |  | 5,711 |  |  | 320 |  |  | 65,883
Statistical Data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.30 | % |  | 0.79 | % |  | 1.81 | % |  | n/m |  | n/m |  | 1.12 | %
Efficiency ratio (b) | 39.34 |  |  | 72.71 |  |  | 79.99 |  |  | n/m |  | n/m |  | 61.86 |
(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) |  |  |  |  |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Earnings Summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 1,406 |  |  | $ | 609 |  |  | $ | 140 |  |  | $ | (657) |  |  | $ | 117 |  |  | $ | 1,615 |
Provision for credit losses | 22 |  |  | 4 |  |  | 2 |  |  | — |  |  | — |  |  | 28 |
Noninterest income | 442 |  |  | 85 |  |  | 216 |  |  | 49 |  |  | 12 |  |  | 804 |
Noninterest expenses | 777 |  |  | 533 |  |  | 275 |  |  | 5 |  |  | 130 |  |  | 1,720 |
Provision (benefit) for income taxes | 225 |  |  | 34 |  |  | 18 |  |  | (135) |  |  | 1 |  |  | 143 |
Net income (loss) | $ | 824 |  |  | $ | 123 |  |  | $ | 61 |  |  | $ | (478) |  |  | $ | (2) |  |  | $ | 528 |
Net charge-offs | $ | 32 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 36 |
Selected Average Balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 45,998 |  |  | $ | 3,033 |  |  | $ | 5,346 |  |  | $ | 18,593 |  |  | $ | 8,046 |  |  | $ | 81,016 |
Loans | 43,693 |  |  | 2,322 |  |  | 5,073 |  |  | — |  |  | 12 |  |  | 51,100 |
Deposits | 31,845 |  |  | 24,400 |  |  | 3,898 |  |  | 3,661 |  |  | 283 |  |  | 64,087 |
Statistical Data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.40 | % |  | 0.66 | % |  | 1.53 | % |  | n/m |  | n/m |  | 0.87 | %
Efficiency ratio (b) | 42.07 |  |  | 76.47 |  |  | 77.32 |  |  | n/m |  | n/m |  | 71.08 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Earnings Summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 1,550 |  |  | $ | 644 |  |  | $ | 158 |  |  | $ | (493) |  |  | $ | 71 |  |  | $ | 1,930 |
Provision (benefit) for credit losses | 81 |  |  | 2 |  |  | (10) |  |  | — |  |  | 4 |  |  | 77 |
Noninterest income | 460 |  |  | 89 |  |  | 233 |  |  | 93 |  |  | 5 |  |  | 880 |
Noninterest expenses | 756 |  |  | 511 |  |  | 298 |  |  | 4 |  |  | 72 |  |  | 1,641 |
Provision (benefit) for income taxes | 269 |  |  | 53 |  |  | 26 |  |  | (101) |  |  | (3) |  |  | 244 |
Net income (loss) | $ | 904 |  |  | $ | 167 |  |  | $ | 77 |  |  | $ | (303) |  |  | $ | 3 |  |  | $ | 848 |
Net charge-offs | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Selected Average Balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 49,906 |  |  | $ | 2,944 |  |  | $ | 5,510 |  |  | $ | 20,469 |  |  | $ | 9,400 |  |  | $ | 88,229 |
Loans | 46,796 |  |  | 2,223 |  |  | 5,257 |  |  | — |  |  | — |  |  | 54,276 |
Deposits | 33,204 |  |  | 24,394 |  |  | 4,200 |  |  | 3,858 |  |  | 353 |  |  | 66,009 |
Statistical Data: |  |  |  |  |  |  |  |  |  |  |
Return on average assets (a) | 2.42 | % |  | 0.89 | % |  | 1.92 | % |  | n/m |  | n/m |  | 1.29 | %
Efficiency ratio (b) | 37.64 |  |  | 69.23 |  |  | 75.68 |  |  | n/m |  | n/m |  | 58.26 |
(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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