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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Net Revenues        
Interest revenue $ 2,153 $ 1,432 $ 6,236 $ 4,626
Interest expense (123) (89) (348) (322)
Net interest revenue 2,030 1,343 5,888 4,304
Other 152 64 614 161
Total net revenues 4,570 2,448 13,812 7,515
Expenses Excluding Interest        
Compensation and benefits 1,303 840 4,051 2,556
Professional services 250 194 723 574
Occupancy and equipment 246 155 722 449
Advertising and market development 119 66 363 203
Communications 144 73 457 226
Depreciation and amortization 140 97 404 284
Amortization of acquired intangible assets 153 25 461 43
Regulatory fees and assessments 64 36 208 106
Other 140 73 733 250
Total expenses excluding interest 2,559 1,559 8,122 4,691
Income before taxes on income 2,011 889 5,690 2,824
Taxes on income 485 191 1,415 660
Net Income 1,526 698 4,275 2,164
Preferred stock dividends and other 120 83 364 171
Net Income Available to Common Stockholders $ 1,406 $ 615 $ 3,911 $ 1,993
Weighted-Average Common Shares Outstanding:        
Basic (shares) 1,888 1,289 1,885 1,288
Diluted (shares) 1,898 1,294 1,895 1,294
Earnings Per Common Shares Outstanding        
Basic (USD per share) [1] $ 0.74 $ 0.48 $ 2.07 $ 1.55
Diluted (USD per share) [1] $ 0.74 $ 0.48 $ 2.06 $ 1.54
Asset management and administration fees [Member]        
Net Revenues        
Revenues from contracts with customers [2] $ 1,101 $ 860 $ 3,164 $ 2,488
Trading revenue [Member]        
Net Revenues        
Revenues from contracts with customers 964 181 3,135 562
Bank deposit account fees [Member]        
Net Revenues        
Revenues from contracts with customers 323 0 1,011 0
Fee waivers [Member]        
Net Revenues        
Revenues from contracts with customers $ 83 $ 44 $ 246 $ 59
[1] For the three and nine months ended September 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.
[2] Includes fee waivers of $83 million and $246 million for the third quarter and first nine months of 2021, respectively, and $44 million and $59 million for the third quarter and first nine months of 2020, respectively.