Goodwill and intangible assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Breakdown of Goodwill by Business

The tables below provide a breakdown of goodwill by business segment.

Goodwill by business segment (in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Consolidated
Balance at Dec. 31, 2021	$	7,062	$	1,435	$	9,015	$	17,512
Foreign currency translation	(87)		(10)		(144)		(241)
Balance at June 30, 2022	$	6,975	$	1,425	$	8,871	$	17,271

Goodwill by business segment (in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Consolidated
Balance at Dec. 31, 2020	$	7,033	$	1,423	$	9,040	$	17,496
Dispositions	—		—		(5)		(5)
Foreign currency translation	(22)		1		17		(4)
Balance at June 30, 2021	$	7,011	$	1,424	$	9,052	$	17,487

Breakdown of Intangible Assets by Business

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

Intangible assets – net carrying amount by business segment (in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Consolidated
Balance at Dec. 31, 2021	$	230	$	392	$	1,520	$	849	$	2,991
Amortization	(17)		(4)		(13)		—		(34)
Foreign currency translation	(6)		—		(17)		—		(23)
Balance at June 30, 2022	$	207	$	388	$	1,490	$	849	$	2,934

Intangible assets – net carrying amount by business segment (in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Consolidated
Balance at Dec. 31, 2020	$	194	$	414	$	1,555	$	849	$	3,012
Disposition	—		—		(6)		—		(6)
Amortization	(15)		(14)		(15)		—		(44)
Foreign currency translation	—		—		2		—		2
Balance at June 30, 2021	$	179	$	400	$	1,536	$	849	$	2,964

Breakdown of Intangible Assets by Type

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

Intangible assets	June 30, 2022							Dec. 31, 2021
(dollars 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—Securities Services	$	739	$	(532)	$	207	11 years	$	747	$	(518)	$	229
Customer contracts—Market and Wealth Services	314		(297)		17		4 years	378		(356)		22
Customer relationships—Investment and Wealth Management	553		(451)		102		9 years	568		(456)		112
Other	47		(11)		36		13 years	47		(8)		39
Total subject to amortization	1,653		(1,291)		362		10 years	1,740		(1,338)		402
Not subject to amortization: (b)
Tradename	1,290		N/A		1,290		N/A	1,294		N/A		1,294
Customer relationships	1,282		N/A		1,282		N/A	1,295		N/A		1,295
Total not subject to amortization	2,572		N/A		2,572		N/A	2,589		N/A		2,589
Total intangible assets	$	4,225	$	(1,291)	$	2,934	N/A	$	4,329	$	(1,338)	$	2,991

(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

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)
2022		$	67
2023		57
2024		50
2025		43
2026		34