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.
|