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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net Revenues        
Interest revenue $ 1,755 $ 1,176 $ 4,766 $ 3,358
Interest expense (228) (94) (569) (223)
Net interest revenue 1,527 1,082 4,197 3,135
Asset management and administration fees 809 861 2,474 2,529
Trading revenue 176 151 557 500
Other 67 71 235 212
Total net revenues 2,579 2,165 7,463 6,376
Expenses Excluding Interest        
Compensation and benefits 737 662 2,252 2,026
Professional services 164 152 476 429
Occupancy and equipment 124 111 368 323
Advertising and market development 70 63 220 205
Communications 59 56 179 171
Depreciation and amortization 78 69 226 200 [1]
Regulatory fees and assessments 57 43 158 133
Other 71 64 232 192
Total expenses excluding interest 1,360 1,220 4,111 3,679
Income before taxes on income 1,219 945 3,352 2,697
Taxes on income 296 327 780 940
Net Income 923 618 2,572 1,757 [1]
Preferred stock dividends and other [2] 38 43 128 127
Net Income Available to Common Stockholders $ 885 $ 575 $ 2,444 $ 1,630
Weighted-Average Common Shares Outstanding:        
Basic (shares) 1,351 1,339 1,349 1,338
Diluted (shares) [3] 1,364 1,353 1,363 1,352
Earnings Per Common Shares Outstanding:        
Basic (USD per share) $ 0.66 $ 0.43 $ 1.81 $ 1.22
Diluted (USD per share) 0.65 0.42 1.79 1.21
Dividends Declared Per Common Share (USD per share) $ 0.13 $ 0.08 $ 0.33 $ 0.24
[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 11 million and 9 million shares for the third quarters of 2018 and 2017, respectively, and 12 million and 10 million shares for the first nine months of 2018 and 2017, respectively.