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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Net Revenues        
Interest revenue [1] $ 2,068 $ 1,486 $ 4,083 $ 3,194
Interest expense [1] (121) (97) (225) (233)
Net interest revenue [1] 1,947 1,389 3,858 2,961
Other [1] 241 67 462 97
Total net revenues [1] 4,527 2,450 9,242 5,067
Expenses Excluding Interest        
Compensation and benefits [1] 1,318 819 2,748 1,716
Professional services [1] 247 198 473 380
Occupancy and equipment [1] 239 152 476 294
Advertising and market development [1] 128 70 244 137
Communications [1] 166 78 313 153
Depreciation and amortization 135 [1] 97 [1] 264 [2] 187 [2]
Amortization of acquired intangible assets 154 [1] 12 [1] 308 [1] 18 [2]
Regulatory fees and assessments [1] 66 36 144 70
Other [1] 355 100 593 177
Total expenses excluding interest [1] 2,808 1,562 5,563 3,132
Income before taxes on income [1] 1,719 888 3,679 1,935
Taxes on income [1] 454 217 930 469
Net Income 1,265 [1] 671 [1] 2,749 [1] 1,466 [2]
Preferred stock dividends and other [1],[3] 148 50 244 88
Net Income Available to Common Stockholders [1] $ 1,117 $ 621 $ 2,505 $ 1,378
Weighted-Average Common Shares Outstanding:        
Basic (shares) [1] 1,886 1,288 1,884 1,287
Diluted (shares) [1] 1,896 1,294 1,894 1,294
Earnings Per Common Shares Outstanding        
Basic (USD per share) [1],[4] $ 0.59 $ 0.48 $ 1.33 $ 1.07
Diluted (USD per share) [1],[4] $ 0.59 $ 0.48 $ 1.32 $ 1.07
Asset management and administration fees [Member]        
Net Revenues        
Revenues from contracts with customers [1],[5] $ 1,047 $ 801 $ 2,063 $ 1,628
Trading revenue [Member]        
Net Revenues        
Revenues from contracts with customers [1] 955 193 2,171 381
Bank deposit account fees [Member]        
Net Revenues        
Revenues from contracts with customers 337 0 688 [1] 0
Fee waivers [Member]        
Net Revenues        
Revenues from contracts with customers $ 85 $ 15 $ 163 $ 15
[1] Certain prior year amounts have been reclassified to conform to the current year presentation. See Note 1 for additional information.
[2] Certain prior year amounts have been reclassified to conform to the current year presentation. See Note 1 for additional information.
[3] Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units.
[4] For the three and six months ended June 30, 2021, the Company had voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class. See Note 16 for additional information.
[5] Includes fee waivers of $85 million and $163 million for the second quarter and first six months of 2021, respectively, and $15 million for the second quarter and first six months of 2020.