Goodwill and intangible assets (Tables)

9 Months Ended

Sep. 30, 2020

The tables below provide a breakdown of goodwill by business.


Goodwill by business (in millions)	Investment Services		Investment and Wealth Management		Other		Consolidated
Balance at Dec. 31, 2019	$	8,332	$	9,007	$	47	$	17,386
Foreign currency translation	21		(50)		—		(29)
Other (a)	47		—		(47)		—
Balance at Sept. 30, 2020	$	8,400	$	8,957	$	—	$	17,357

(a) Reflects the transfer of goodwill associated with the Capital Markets business.


Goodwill by business (in millions)	Investment Services		Investment and Wealth Management		Other		Consolidated
Balance at Dec. 31, 2018	$	8,333	$	8,970	$	47	$	17,350
Foreign currency translation	(45)		(57)		—		(102)
Balance at Sept. 30, 2019	$	8,288	$	8,913	$	47	$	17,248

The tables below provide a breakdown of intangible assets by business.


Intangible assets – net carrying amount by business (in millions)	Investment Services		Investment and Wealth Management		Other		Consolidated
Balance at Dec. 31, 2019	$	678	$	1,580	$	849	$	3,107
Amortization	(54)		(24)		—		(78)
Foreign currency translation	1		(4)		—		(3)
Balance at Sept. 30, 2020	$	625	$	1,552	$	849	$	3,026


Intangible assets – net carrying amount by business (in millions)	Investment Services		Investment and Wealth Management		Other		Consolidated
Balance at Dec. 31, 2018	$	758	$	1,613	$	849	$	3,220
Amortization	(61)		(28)		—		(89)
Foreign currency translation	(1)		(6)		—		(7)
Balance at Sept. 30, 2019	$	696	$	1,579	$	849	$	3,124

The table below provides a breakdown of intangible assets by type.


Intangible assets	Sept. 30, 2020							Dec. 31, 2019
(in millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Remaining weighted- average amortization period	Gross carrying amount		Accumulated amortization		Net carrying amount
Subject to amortization: (a)
Customer contracts—Investment Services	$	1,482	$	(1,228)	$	254	10 years	$	1,520	$	(1,214)	$	306
Customer relationships—Investment and Wealth Management	711		(563)		148		10 years	712		(544)		168
Other	64		(21)		43		14 years	64		(16)		48
Total subject to amortization	2,257		(1,812)		445		10 years	2,296		(1,774)		522
Not subject to amortization: (b)
Tradenames	1,292		N/A		1,292		N/A	1,293		N/A		1,293
Customer relationships	1,289		N/A		1,289		N/A	1,292		N/A		1,292
Total not subject to amortization	2,581		N/A		2,581		N/A	2,585		N/A		2,585
Total intangible assets	$	4,838	$	(1,812)	$	3,026	N/A	$	4,881	$	(1,774)	$	3,107

(a) Excludes fully amortized intangible assets.

(b) Intangible assets not subject to amortization have an indefinite life.

Estimated annual amortization expense for current intangibles for the next five years is as follows:


For the year ended Dec. 31,	Estimated amortization expense (in millions)
2020		$	104
2021		81
2022		63
2023		52
2024		45