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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net Revenues        
Interest revenue $ 1,486 $ 1,927 $ 3,194 $ 3,925
Interest expense (97) (318) (233) (635)
Net interest revenue 1,389 1,609 2,961 3,290
Other 67 [1] 79 [1] 97 149
Total net revenues 2,450 2,681 5,067 5,404
Expenses Excluding Interest        
Compensation and benefits 819 807 1,716 1,657
Professional services 198 178 380 348
Occupancy and equipment 152 133 294 264
Advertising and market development 70 77 137 146
Communications 78 62 153 124
Depreciation and amortization 109 84 205 167
Regulatory fees and assessments 36 30 70 62
Other 100 74 177 136
Total expenses excluding interest 1,562 1,445 3,132 2,904
Income before taxes on income 888 1,236 1,935 2,500
Taxes on income 217 299 469 599
Net Income 671 937 1,466 1,901
Preferred stock dividends and other 50 [2] 50 [2] 88 [1] 89 [1]
Net Income Available to Common Stockholders $ 621 $ 887 $ 1,378 $ 1,812
Weighted-Average Common Shares Outstanding:        
Basic (shares) 1,288 1,328 1,287 1,331
Diluted (shares) 1,294 [3] 1,337 [3] 1,294 [2] 1,340 [2]
Earnings Per Common Shares Outstanding:        
Basic (USD per share) $ 0.48 $ 0.67 $ 1.07 $ 1.36
Diluted (USD per share) $ 0.48 [3] $ 0.66 [3] $ 1.07 [2] $ 1.35 [2]
Antidilutive stock options and restricted stock awards excluded from the calculation of diluted EPS (in shares) 19 16 19 17
Asset management and administration fees [Member]        
Net Revenues        
Asset management and administration fees and Trading revenue $ 801 $ 786 $ 1,628 $ 1,541
Trading revenue [Member]        
Net Revenues        
Asset management and administration fees and Trading revenue $ 193 [1] $ 207 [1] $ 381 $ 424
[1] Beginning in the first quarter of 2020, order flow revenue was reclassified from other revenue to trading revenue. Prior period amounts have been reclassified to reflect this change.
[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 19 million and 16 million shares for the second quarters of 2020 and 2019, respectively, and 19 million and 17 million shares for the first six months of 2020 and 2019, respectively.