Contract revenue (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

The following table presents fee and other revenue, disaggregated by type, related to contracts with customers for each business segment. Business segment data has been determined on an internal management basis of accounting, rather than GAAP, which is used for consolidated financial reporting.


Disaggregation of contract revenue by business segment
	Quarter ended
	Sept. 30, 2021								June 30, 2021								Sept. 30, 2020
(in millions)	IS		IWM		Other		Total		IS		IWM		Other		Total		IS		IWM		Other		Total
Fee and other revenue – contract revenue:
Investment services fees:
Asset servicing fees	$	1,199	$	25	$	(17)	$	1,207	$	1,175	$	24	$	(16)	$	1,183	$	1,143	$	25	$	(13)	$	1,155
Clearing services fees	423		—		—		423		435		—		—		435		397		—		—		397
Issuer services fees	280		—		—		280		281		—		—		281		296		—		—		296
Treasury services fees	168		1		—		169		164		—		(1)		163		153		1		(2)		152
Total investment services fees	2,070		26		(17)		2,079		2,055		24		(17)		2,062		1,989		26		(15)		2,000
Investment management and performance fees	5		901		(6)		900		4		870		(4)		870		4		838		(3)		839
Financing-related fees	16		—		—		16		16		—		—		16		13		1		1		15
Distribution and servicing	(1)		28		1		28		—		28		(1)		27		(2)		31		—		29
Investment and other income	38		(10)		—		28		32		(7)		—		25		57		(33)		(2)		22
Total fee and other revenue – contract revenue	2,128		945		(22)		3,051		2,107		915		(22)		3,000		2,061		863		(19)		2,905
Fee and other revenue – not in scope of Accounting Standards Codification (“ASC”) 606 (a)(b)	250		40		57		347		229		37		44		310		185		8		39		232
Total fee and other revenue	$	2,378	$	985	$	35	$	3,398	$	2,336	$	952	$	22	$	3,310	$	2,246	$	871	$	20	$	3,137

(a) Primarily includes asset servicing fees, foreign exchange revenue, financing-related fees, investment and other income and net securities gains, all of which are accounted for using other accounting guidance.

(b) The revenue in the Investment and Wealth Management business segment is net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds of $(4) million in the third quarter of 2021, $5 million in the second quarter of 2021 and $7 million in the third quarter of 2020.

IS – Investment Services business segment.

IWM – Investment and Wealth Management business segment.


Disaggregation of contract revenue by business segment
	Year-to-date
	Sept. 30, 2021								Sept. 30, 2020
(in millions)	IS		IWM		Other		Total		IS		IWM		Other		Total
Fee and other revenue – contract revenue:
Investment services fees:
Asset servicing fees	$	3,549	$	74	$	(51)	$	3,572	$	3,417	$	73	$	(39)	$	3,451
Clearing services fees	1,313		—		—		1,313		1,298		—		—		1,298
Issuer services fees	806		—		—		806		836		—		—		836
Treasury services fees	491		1		—		492		446		1		(1)		446
Total investment services fees	6,159		75		(51)		6,183		5,997		74		(40)		6,031
Investment management and performance fees	13		2,654		(15)		2,652		13		2,492		(12)		2,493
Financing-related fees	52		—		—		52		64		2		1		67
Distribution and servicing	—		84		—		84		(21)		108		—		87
Investment and other income	106		(28)		—		78		191		(124)		1		68
Total fee and other revenue – contract revenue	6,330		2,785		(66)		9,049		6,244		2,552		(50)		8,746
Fee and other revenue – not in scope of ASC 606 (a)(b)	729		95		96		920		777		3		138		918
Total fee and other revenue	$	7,059	$	2,880	$	30	$	9,969	$	7,021	$	2,555	$	88	$	9,664

(b) The revenue in the Investment and Wealth Management business segment is net of income attributable to noncontrolling interests related to consolidated investment management funds of $6 million in the first nine months of 2021 and $4 million in the first nine months of 2020.

IS – Investment Services business segment.

IWM – Investment and Wealth Management business segment.