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Strategic Lines of Business
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Strategic Lines of Business STRATEGIC LINES OF BUSINESS
The Corporation has strategically aligned its operations into three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. These business segments are differentiated based on the type of customer and the related products and services provided. In addition to the three major business segments, the Finance Division is also reported as a segment. The Other category includes items not directly associated with the business segments or the Finance segment. Business segment results are produced by the Corporation’s internal management accounting system. This system measures financial results based on the internal business unit structure of the Corporation. The performance of the business segments is not comparable with the Corporation's consolidated results and is not necessarily comparable with similar information for any other financial institution. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. The management accounting system assigns balance sheet and income statement items to each business segment using certain methodologies, which are regularly reviewed and refined. From time to time, the Corporation may make reclassifications among the segments to more appropriately reflect management's current view of the segments, and methodologies may be modified as the management accounting system is enhanced and changes occur in the organizational structure and/or product lines. For comparability purposes, amounts in all periods are based on business unit structure and methodologies in effect at June 30, 2024.
The following discussion provides information about the activities of each business segment. A discussion of the financial results and the factors impacting performance can be found in "Business Segments" in the "Strategic Lines of Business" section of the financial review.
The Commercial Bank meets the needs of small and middle market businesses, multinational corporations and governmental entities by offering various products and services including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance and letters of credit.
The Retail Bank includes a full range of personal financial services, consisting of consumer lending, consumer deposit gathering and mortgage loan origination. This business segment offers a variety of consumer products including deposit accounts, installment loans, credit cards, home equity lines of credit and residential mortgage loans. In addition, this business segment offers products and services to small businesses who are serviced through a team of dedicated business bankers and our branch network.
Wealth Management provides products and services to affluent, high-net worth and ultra-high net worth individuals and families, business owners and executives, and institutional clients, including comprehensive financial planning, trust and fiduciary services, investment management and advisory, brokerage, private banking and business transition planning services.
The Finance segment includes the Corporation’s securities portfolio and asset and liability management activities. This segment is responsible for managing the Corporation’s funding, liquidity and capital needs, performing interest sensitivity analysis and executing various strategies to manage the Corporation’s exposure to liquidity, interest rate risk and foreign exchange risk.
The Other category includes tax benefits not assigned to specific business segments, charges of an unusual or infrequent nature that are not reflective of the normal operations of the business segments and miscellaneous other expenses of a corporate nature.
For further information on the methodologies which form the basis for these results refer to Note 22 to the consolidated financial statements in the Corporation's 2023 Annual Report.
Business segment financial results were as follows:
Commercial
Bank		Retail
Bank		Wealth ManagementFinanceOtherTotal
(dollar amounts in millions)
Three Months Ended June 30, 2024
Earnings summary:
Net interest income (expense)$465 $203 $48 $(220)$37 $533 
Provision for credit losses— 1 (2)— 1 — 
Noninterest income146 33 78 33 1 291 
Noninterest expenses250 177 88 1 39 555 
Provision (benefit) for income taxes85 14 10 (46)— 63 
Net income (loss)$276 $44 $30 $(142)$(2)$206 
Net charge-offs$8 $2 $1 $— $— $11 
Selected average balances:
Assets $45,843 $3,029 $5,299 $18,448 $6,588 $79,207 
Loans 43,709 2,322 5,026 — 14 51,071 
Deposits31,176 24,590 3,951 3,032 306 63,055 
Statistical data:
Return on average assets (a)2.42 %0.71 %2.25 %n/mn/m1.05 %
Efficiency ratio (b)40.97 76.15 70.78 n/mn/m67.77 
Three Months Ended June 30, 2023
Earnings summary:
Net interest income (expense)$504 $214 $51 $(173)$25 $621 
Provision for credit losses33 (4)2 — 2 33 
Noninterest income158 29 83 29 4 303 
Noninterest expenses248 171 89 2 25 535 
Provision (benefit) for income taxes90 18 11 (36)— 83 
Net income (loss)$291 $58 $32 $(110)$2 $273 
Net (recoveries) charge-offs$(3)$— $1 $— $— $(2)
Selected average balances:
Assets$50,945 $2,931 $5,624 $20,649 $10,206 $90,355 
Loans47,813 2,214 5,341 — — 55,368 
Deposits31,030 24,002 3,942 4,980 378 64,332 
Statistical data:
Return on average assets (a)2.29 %0.94 %2.31 %n/mn/m1.21 %
Efficiency ratio (b)37.44 69.73 66.21 n/mn/m57.70 
(a)Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.
(b)Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants.
n/m – not meaningful
Commercial
Bank		Retail
Bank		Wealth ManagementFinanceOtherTotal
(dollar amounts in millions)
Six Months Ended June 30, 2024
Earnings summary:
Net interest income (expense)$942 $404 $94 $(437)$78 $1,081 
Provision for credit losses16 — (1)— (1)14 
Noninterest income293 61 143 23 7 527 
Noninterest expenses525 358 185 4 86 1,158 
Provision (benefit) for income taxes142 22 11 (87)4 92 
Net income (loss)$552 $85 $42 $(331)$(4)$344 
Net charge-offs$22 $2 $1 $— $— $25 
Selected average balances:
Assets $46,163 $3,028 $5,372 $18,752 $8,097 $81,412 
Loans 43,810 2,309 5,089 — 13 51,221 
Deposits31,694 24,487 3,925 3,786 291 64,183 
Statistical data:
Return on average assets (a)2.41 %0.68 %1.56 %n/mn/m0.85 %
Efficiency ratio (b)42.53 77.63 78.32 n/mn/m72.24 
Six Months Ended June 30, 2023
Earnings summary:
Net interest income (expense)$1,045 $436 $109 $(306)$45 $1,329 
Provision for credit losses59 2 (1)— 3 63 
Noninterest income311 57 156 52 9 585 
Noninterest expenses499 336 196 3 52 1,086 
Provision (benefit) for income taxes180 37 17 (64)(2)168 
Net income (loss)$618 $118 $53 $(193)$1 $597 
Net (recoveries) charge-offs$(5)$— $1 $— $— $(4)
Selected average balances:
Assets$50,132 $2,923 $5,486 $20,794 $8,426 $87,761 
Loans46,943 2,209 5,271 — — 54,423 
Deposits33,883 24,576 4,326 2,916 371 66,072 
Statistical data:
Return on average assets (a)2.48 %0.95 %1.98 %n/mn/m1.37 %
Efficiency ratio (b)36.82 67.54 73.61 n/mn/m56.58 
(a)Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.
(b)Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants.
n/m – not meaningful