Goodwill and intangible assets (Tables)

9 Months Ended

Sep. 30, 2021

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, 2020	$	8,456	$	9,040	$	—	$	17,496
Dispositions	—		(5)		—		(5)
Foreign currency translation	(48)		(23)		—		(71)
Balance at Sept. 30, 2021	$	8,408	$	9,012	$	—	$	17,420


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 Capital Markets business.

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, 2020	$	608	$	1,555	$	849	$	3,012
Disposition	—		(6)		—		(6)
Amortization	(41)		(22)		—		(63)
Foreign currency translation	—		(2)		—		(2)
Balance at Sept. 30, 2021	$	567	$	1,525	$	849	$	2,941


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

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


Intangible assets	Sept. 30, 2021							Dec. 31, 2020
(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	$	1,059	$	(864)	$	195	9 years	$	1,435	$	(1,199)	$	236
Customer relationships—Investment and Wealth Management	609		(491)		118		9 years	705		(564)		141
Other	46		(7)		39		14 years	59		(15)		44
Total subject to amortization	1,714		(1,362)		352		10 years	2,199		(1,778)		421
Not subject to amortization: (b)
Tradename	1,294		N/A		1,294		N/A	1,295		N/A		1,295
Customer relationships	1,295		N/A		1,295		N/A	1,296		N/A		1,296
Total not subject to amortization	2,589		N/A		2,589		N/A	2,591		N/A		2,591
Total intangible assets	$	4,303	$	(1,362)	$	2,941	N/A	$	4,790	$	(1,778)	$	3,012

(a) Excludes fully amortized intangible assets.

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

N/A – Not applicable.

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)
2021		$	81
2022		63
2023		53
2024		45
2025		38