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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net Revenues        
Interest revenue $ 1,590 $ 1,127 $ 3,011 $ 2,182
Interest expense (183) (74) (341) (129)
Net interest revenue 1,407 1,053 2,670 2,053
Asset management and administration fees 814 845 1,665 1,668
Trading revenue 180 157 381 349
Other 85 75 168 141
Total net revenues 2,486 2,130 4,884 4,211
Expenses Excluding Interest        
Compensation and benefits 745 663 1,515 1,364
Professional services 156 144 312 277
Occupancy and equipment 122 107 244 212
Advertising and market development 77 71 150 142
Communications 58 58 120 115
Depreciation and amortization 75 66 148 131 [1]
Regulatory fees and assessments 50 46 101 90
Other 72 66 161 128
Total expenses excluding interest 1,355 1,221 2,751 2,459
Income before taxes on income 1,131 909 2,133 1,752
Taxes on income 265 334 484 613
Net Income 866 575 1,649 1,139 [1]
Preferred stock dividends and other [2] 53 45 90 84
Net Income Available to Common Stockholders $ 813 $ 530 $ 1,559 $ 1,055
Weighted-Average Common Shares Outstanding:        
Basic (shares) 1,350 1,338 1,349 1,337
Diluted (shares) [3] 1,364 1,351 1,363 1,351
Earnings Per Common Shares Outstanding:        
Basic (USD per share) $ 0.60 $ 0.40 $ 1.16 $ 0.79
Diluted (USD per share) 0.60 0.39 1.14 0.78
Dividends Declared Per Common Share (USD per share) $ 0.10 $ 0.08 $ 0.20 $ 0.16
[1] Adjusted for the retrospective adoption of ASU 2016-18. See Note 2.
[2] Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units.
[3] Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 10 million and 9 million shares for the second quarters of 2018 and 2017, respectively, and 12 million and 10 million shares for the first six months of 2018 and 2017, respectively.