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Lines of business (Tables)
6 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
Contribution of Segments to Overall Profitability
The following consolidating schedules show the contribution of our businesses to our overall profitability.

For the quarter ended June 30, 2017
Investment
Management

 
Investment
Services

 
Other

 
Consolidated

 
(dollar amounts in millions)
Fee and other revenue
$
899

(a) 
$
2,115

 
$
113

 
$
3,127

(a) 
Net interest revenue (expense)
87

 
761

 
(22
)
 
826

 
Total revenue
986

(a)
2,876

 
91

 
3,953

(a)
Provision for credit losses

 
(3
)
 
(4
)
 
(7
)
 
Noninterest expense
698

 
1,927

 
28

 
2,653

(b)
Income before taxes
$
288

(a) 
$
952

 
$
67

 
$
1,307

(a)(b)
Pre-tax operating margin (c)
29
%
 
33
%
 
N/M

 
33
%
 
Average assets
$
31,355

 
$
254,724

 
$
56,436

 
$
342,515

 
(a)
Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $7 million representing $10 million of income and noncontrolling interests of $3 million. Income before taxes is net of noncontrolling interests of $3 million.
(b)
Noninterest expense includes a loss attributable to noncontrolling interest of $2 million related to other consolidated subsidiaries.
(c)
Income before taxes divided by total revenue.
N/M - Not meaningful.


For the quarter ended March 31, 2017
Investment
Management

 
Investment
Services

 
Other

 
Consolidated

 
(dollar amounts in millions)
Fee and other revenue
$
877

(a) 
$
2,084

 
$
72

 
$
3,033

(a) 
Net interest revenue (expense)
86

 
707

 
(1
)
 
792

 
Total revenue
963

(a)
2,791

 
71

 
3,825

(a)
Provision for credit losses
3

 

 
(8
)
 
(5
)
 
Noninterest expense
683

 
1,849

 
107

 
2,639

(b)
Income (loss) before taxes
$
277

(a) 
$
942

 
$
(28
)
 
$
1,191

(a)(b)
Pre-tax operating margin (c)
29
%
 
34
%
 
N/M

 
31
%
 
Average assets
$
31,067

 
$
251,027

 
$
54,106

 
$
336,200

 

(a)
Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $15 million, representing $33 million of income and noncontrolling interests of $18 million. Income before taxes is net of noncontrolling interests of $18 million.
(b)
Noninterest expense includes a loss attributable to noncontrolling interest of $3 million related to other consolidated subsidiaries.
(c)
Income before taxes divided by total revenue.
N/M - Not meaningful.

For the quarter ended June 30, 2016
Investment
Management

 
Investment
Services

 
Other

 
Consolidated

 
(dollar amounts in millions)
Fee and other revenue
$
856

(a) 
$
2,054

 
$
95

 
$
3,005

(a) 
Net interest revenue (expense)
82

 
690

 
(5
)
 
767

 
Total revenue
938

(a)
2,744

 
90

 
3,772

(a)
Provision for credit losses
1

 
(7
)
 
(3
)
 
(9
)
 
Noninterest expense
703

 
1,859

 
56

 
2,618

(b)
Income before taxes
$
234

(a) 
$
892

 
$
37

 
$
1,163

(a)(b)
Pre-tax operating margin (c)
25
%
 
33
%
 
N/M

 
31
%
 
Average assets
$
30,229

 
$
277,225

 
$
66,766

 
$
374,220

 

(a)
Both fee and other revenue and total revenue include net income from consolidated investment management funds of $6 million, representing $10 million of income and noncontrolling interests of $4 million. Income before taxes is net of noncontrolling interests of $4 million.
(b)
Noninterest expense includes a loss attributable to noncontrolling interest of $2 million related to other consolidated subsidiaries.
(c)
Income before taxes divided by total revenue.
N/M - Not meaningful.


For the six months ended June 30, 2017
Investment
Management

 
Investment
Services

 
Other

 
Consolidated

 
(dollar amounts in millions)
Fee and other revenue
$
1,776

(a)
$
4,199

 
$
185

 
$
6,160

(a) 
Net interest revenue (expense)
173

 
1,468

 
(23
)
 
1,618

 
Total revenue
1,949

(a)
5,667

 
162

 
7,778

(a) 
Provision for credit losses
3

 
(3
)
 
(12
)
 
(12
)
 
Noninterest expense
1,381

 
3,776

 
135

 
5,292

(b)
Income before taxes
$
565

(a)
$
1,894

 
$
39

 
$
2,498

(a)(b)
Pre-tax operating margin (c)
29
%
 
33
%
 
N/M

 
32
%
 
Average assets
$
31,212

 
$
253,031

 
$
55,132

 
$
339,375

 
(a)
Both total fee and other revenue and total revenue include net income from consolidated investment management funds of $22 million, representing $43 million of income and noncontrolling interests of $21 million. Income before taxes is net of noncontrolling interests of $21 million.
(b)
Noninterest expense includes a loss attributable to noncontrolling interest of $5 million related to other consolidated subsidiaries.
(c)
Income before taxes divided by total revenue.
N/M - Not meaningful.


For the six months ended June 30, 2016
Investment
Management

 
Investment
Services

 
Other

 
Consolidated

 
(dollar amounts in millions)
Fee and other revenue
$
1,668

(a)
$
4,084

 
$
224

 
$
5,976

(a)
Net interest revenue (expense)
165

 
1,369

 
(1
)
 
1,533

 
Total revenue
1,833

(a)
5,453

 
223

 
7,509

(a)
Provision for credit losses

 
7

 
(6
)
 
1

 
Noninterest expense
1,382

 
3,667

 
196

 
5,245

(b)
Income before taxes
$
451

(a)
$
1,779

 
$
33

 
$
2,263

(a)(b)
Pre-tax operating margin (c)
25
%
 
33
%
 
N/M

 
30
%
 
Average assets
$
29,874

 
$
275,257

 
$
64,256

 
$
369,387

 
(a)
Both total fee and other revenue and total revenue include net income from consolidated investment management funds of $7 million, representing $4 million of income and a loss attributable to noncontrolling interests of $3 million. Income before taxes is net of a loss attributable to noncontrolling interests of $3 million.
(b)
Noninterest expense includes a loss attributable to noncontrolling interest of $4 million related to other consolidated subsidiaries.
(c)
Income before taxes divided by total revenue.
N/M - Not meaningful.