QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 1. | ||||||||||||||
33-34 | ||||||||||||||
35-36 | ||||||||||||||
37-69 | ||||||||||||||
Item 2. | 1-29 | |||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Item 1. | ||||||||||||||
Item 1A. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Item 5. | ||||||||||||||
Item 6. | ||||||||||||||
Three Months Ended September 30, | Percent Change | Nine Months Ended September 30, | Percent Change | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Client Metrics | |||||||||||||||||||||||||||||||||||
Net new client assets (in billions) (1) | $ | 48.2 | $ | 114.6 | (58) | % | $ | 270.9 | $ | 278.5 | (3) | % | |||||||||||||||||||||||
Core net new client assets (in billions) | $ | 45.7 | $ | 114.6 | (60) | % | $ | 229.6 | $ | 299.3 | (23) | % | |||||||||||||||||||||||
Client assets (in billions, at quarter end) | $ | 7,824.5 | $ | 6,644.2 | 18 | % | |||||||||||||||||||||||||||||
Average client assets (in billions) | $ | 8,032.4 | $ | 7,125.9 | 13 | % | $ | 7,705.4 | $ | 7,385.0 | 4 | % | |||||||||||||||||||||||
New brokerage accounts (in thousands) | 894 | 897 | — | 2,896 | 3,113 | (7) | % | ||||||||||||||||||||||||||||
Active brokerage accounts (in thousands, at quarter end) | 34,540 | 33,875 | 2 | % | |||||||||||||||||||||||||||||||
Assets receiving ongoing advisory services (in billions, at quarter end) | $ | 3,981.0 | $ | 3,417.5 | 16 | % | |||||||||||||||||||||||||||||
Client cash as a percentage of client assets (at quarter end) (2) | 10.8 | % | 12.9 | % | |||||||||||||||||||||||||||||||
Company Financial Information and Metrics | |||||||||||||||||||||||||||||||||||
Total net revenues | $ | 4,606 | $ | 5,500 | (16) | % | $ | 14,378 | $ | 15,265 | (6) | % | |||||||||||||||||||||||
Total expenses excluding interest | 3,223 | 2,823 | 14 | % | 9,194 | 8,475 | 8 | % | |||||||||||||||||||||||||||
Income before taxes on income | 1,383 | 2,677 | (48) | % | 5,184 | 6,790 | (24) | % | |||||||||||||||||||||||||||
Taxes on income | 258 | 657 | (61) | % | 1,162 | 1,575 | (26) | % | |||||||||||||||||||||||||||
Net income | 1,125 | 2,020 | (44) | % | 4,022 | 5,215 | (23) | % | |||||||||||||||||||||||||||
Preferred stock dividends and other | 108 | 136 | (21) | % | 299 | 401 | (25) | % | |||||||||||||||||||||||||||
Net income available to common stockholders | $ | 1,017 | $ | 1,884 | (46) | % | $ | 3,723 | $ | 4,814 | (23) | % | |||||||||||||||||||||||
Earnings per common share — diluted | $ | .56 | $ | .99 | (43) | % | $ | 2.03 | $ | 2.53 | (20) | % | |||||||||||||||||||||||
Net revenue change from prior year | (16) | % | 20 | % | (6) | % | 11 | % | |||||||||||||||||||||||||||
Pre-tax profit margin | 30.0 | % | 48.7 | % | 36.1 | % | 44.5 | % | |||||||||||||||||||||||||||
Return on average common stockholders’ equity (annualized) | 14 | % | 25 | % | 18 | % | 18 | % | |||||||||||||||||||||||||||
Expenses excluding interest as a percentage of average client assets (annualized) | 0.16 | % | 0.16 | % | 0.16 | % | 0.15 | % | |||||||||||||||||||||||||||
Consolidated Tier 1 Leverage Ratio (at quarter end) | 8.2 | % | 6.8 | % | |||||||||||||||||||||||||||||||
Non-GAAP Financial Measures (3) | |||||||||||||||||||||||||||||||||||
Adjusted total expenses (4) | $ | 2,703 | $ | 2,570 | $ | 8,177 | $ | 7,724 | |||||||||||||||||||||||||||
Adjusted diluted EPS | $ | .77 | $ | 1.10 | $ | 2.45 | $ | 2.83 | |||||||||||||||||||||||||||
Return on tangible common equity | 58 | % | 74 | % | 66 | % | 42 | % | |||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Percent Change | Amount | % of Total Net Revenues | Amount | % of Total Net Revenues | ||||||||||||||||||||||||
Net interest revenue | |||||||||||||||||||||||||||||
Interest revenue | 20 | % | $ | 4,028 | 88 | % | $ | 3,357 | 61 | % | |||||||||||||||||||
Interest expense | N/M | (1,791) | (39) | % | (431) | (8) | % | ||||||||||||||||||||||
Net interest revenue | (24) | % | 2,237 | 49 | % | 2,926 | 53 | % | |||||||||||||||||||||
Asset management and administration fees | |||||||||||||||||||||||||||||
Mutual funds, exchange-traded funds (ETFs), and collective trust funds (CTFs) | 28 | % | 666 | 14 | % | 520 | 9 | % | |||||||||||||||||||||
Advice solutions | 5 | % | 476 | 10 | % | 452 | 8 | % | |||||||||||||||||||||
Other | 9 | % | 82 | 2 | % | 75 | 2 | % | |||||||||||||||||||||
Asset management and administration fees | 17 | % | 1,224 | 26 | % | 1,047 | 19 | % | |||||||||||||||||||||
Trading revenue | |||||||||||||||||||||||||||||
Commissions | (9) | % | 394 | 9 | % | 435 | 8 | % | |||||||||||||||||||||
Order flow revenue | (25) | % | 325 | 7 | % | 432 | 8 | % | |||||||||||||||||||||
Principal transactions | (22) | % | 49 | 1 | % | 63 | 1 | % | |||||||||||||||||||||
Trading revenue | (17) | % | 768 | 17 | % | 930 | 17 | % | |||||||||||||||||||||
Bank deposit account fees | (50) | % | 205 | 4 | % | 413 | 8 | % | |||||||||||||||||||||
Other | (7) | % | 172 | 4 | % | 184 | 3 | % | |||||||||||||||||||||
Total net revenues | (16) | % | $ | 4,606 | 100 | % | $ | 5,500 | 100 | % |
2023 | 2022 | ||||||||||||||||||||||||||||
Nine Months Ended September 30, | Percent Change | Amount | % of Total Net Revenues | Amount | % of Total Net Revenues | ||||||||||||||||||||||||
Net interest revenue | |||||||||||||||||||||||||||||
Interest revenue | 45 | % | $ | 12,148 | 85 | % | $ | 8,386 | 55 | % | |||||||||||||||||||
Interest expense | N/M | (4,851) | (34) | % | (733) | (5) | % | ||||||||||||||||||||||
Net interest revenue | (5) | % | 7,297 | 51 | % | 7,653 | 50 | % | |||||||||||||||||||||
Asset management and administration fees | |||||||||||||||||||||||||||||
Mutual funds, ETFs, and CTFs | 23 | % | 1,881 | 13 | % | 1,524 | 10 | % | |||||||||||||||||||||
Advice solutions | (1) | % | 1,393 | 10 | % | 1,409 | 9 | % | |||||||||||||||||||||
Other | 3 | % | 241 | 1 | % | 234 | 2 | % | |||||||||||||||||||||
Asset management and administration fees | 11 | % | 3,515 | 24 | % | 3,167 | 21 | % | |||||||||||||||||||||
Trading revenue | |||||||||||||||||||||||||||||
Commissions | (11) | % | 1,210 | 8 | % | 1,362 | 9 | % | |||||||||||||||||||||
Order flow revenue | (17) | % | 1,104 | 8 | % | 1,332 | 9 | % | |||||||||||||||||||||
Principal transactions | 77 | % | 149 | 1 | % | 84 | — | ||||||||||||||||||||||
Trading revenue | (11) | % | 2,463 | 17 | % | 2,778 | 18 | % | |||||||||||||||||||||
Bank deposit account fees | (50) | % | 531 | 4 | % | 1,059 | 7 | % | |||||||||||||||||||||
Other | (6) | % | 572 | 4 | % | 608 | 4 | % | |||||||||||||||||||||
Total net revenues | (6) | % | $ | 14,378 | 100 | % | $ | 15,265 | 100 | % |
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Average Balance | Interest Revenue/ Expense | Average Yield/Rate | Average Balance | Interest Revenue/ Expense | Average Yield/Rate | |||||||||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 34,391 | $ | 459 | 5.22 | % | $ | 53,127 | $ | 294 | 2.16 | % | |||||||||||||||||||||||
Cash and investments segregated | 21,987 | 285 | 5.08 | % | 49,554 | 214 | 1.69 | % | |||||||||||||||||||||||||||
Receivables from brokerage clients | 63,760 | 1,282 | 7.87 | % | 72,751 | 912 | 4.91 | % | |||||||||||||||||||||||||||
Available for sale securities (1) | 129,545 | 724 | 2.22 | % | 273,968 | 1,161 | 1.69 | % | |||||||||||||||||||||||||||
Held to maturity securities (1) | 163,904 | 706 | 1.72 | % | 97,568 | 345 | 1.41 | % | |||||||||||||||||||||||||||
Bank loans | 40,177 | 426 | 4.23 | % | 39,984 | 300 | 2.99 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 453,764 | 3,882 | 3.37 | % | 586,952 | 3,226 | 2.17 | % | |||||||||||||||||||||||||||
Securities lending revenue | 105 | 124 | |||||||||||||||||||||||||||||||||
Other interest revenue | 41 | 7 | |||||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 453,764 | $ | 4,028 | 3.50 | % | $ | 586,952 | $ | 3,357 | 2.26 | % | |||||||||||||||||||||||
Funding sources | |||||||||||||||||||||||||||||||||||
Bank deposits | $ | 290,853 | $ | 911 | 1.24 | % | $ | 420,132 | $ | 241 | 0.23 | % | |||||||||||||||||||||||
Payables to brokerage clients | 63,731 | 66 | 0.41 | % | 96,802 | 41 | 0.17 | % | |||||||||||||||||||||||||||
Other short-term borrowings (2) | 7,315 | 97 | 5.26 | % | 708 | 4 | 1.95 | % | |||||||||||||||||||||||||||
Federal Home Loan Bank borrowings (2,3) | 36,287 | 477 | 5.18 | % | — | — | — | ||||||||||||||||||||||||||||
Long-term debt | 23,492 | 193 | 3.30 | % | 21,024 | 131 | 2.49 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 421,678 | 1,744 | 1.64 | % | 538,666 | 417 | 0.31 | % | |||||||||||||||||||||||||||
Non-interest-bearing funding sources | 32,086 | 48,286 | |||||||||||||||||||||||||||||||||
Securities lending expense | 46 | 13 | |||||||||||||||||||||||||||||||||
Other interest expense | 1 | 1 | |||||||||||||||||||||||||||||||||
Total funding sources | $ | 453,764 | $ | 1,791 | 1.56 | % | $ | 586,952 | $ | 431 | 0.29 | % | |||||||||||||||||||||||
Net interest revenue | $ | 2,237 | 1.94 | % | $ | 2,926 | 1.97 | % |
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Average Balance | Interest Revenue/ Expense | Average Yield/ Rate | Average Balance | Interest Revenue/ Expense | Average Yield/ Rate | |||||||||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 38,700 | $ | 1,419 | 4.83 | % | $ | 63,598 | $ | 461 | 0.95 | % | |||||||||||||||||||||||
Cash and investments segregated | 29,752 | 1,041 | 4.61 | % | 50,891 | 308 | 0.80 | % | |||||||||||||||||||||||||||
Receivables from brokerage clients | 61,682 | 3,533 | 7.55 | % | 78,630 | 2,244 | 3.76 | % | |||||||||||||||||||||||||||
Available for sale securities (1) | 143,360 | 2,340 | 2.17 | % | 281,897 | 3,196 | 1.51 | % | |||||||||||||||||||||||||||
Held to maturity securities (1) | 167,405 | 2,172 | 1.73 | % | 100,890 | 1,062 | 1.40 | % | |||||||||||||||||||||||||||
Bank loans | 40,183 | 1,227 | 4.08 | % | 38,238 | 717 | 2.50 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 481,082 | 11,732 | 3.23 | % | 614,144 | 7,988 | 1.73 | % | |||||||||||||||||||||||||||
Securities lending revenue | 341 | 383 | |||||||||||||||||||||||||||||||||
Other interest revenue | 75 | 15 | |||||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 481,082 | $ | 12,148 | 3.35 | % | $ | 614,144 | $ | 8,386 | 1.81 | % | |||||||||||||||||||||||
Funding sources | |||||||||||||||||||||||||||||||||||
Bank deposits | $ | 315,309 | $ | 2,392 | 1.01 | % | $ | 440,801 | $ | 285 | 0.09 | % | |||||||||||||||||||||||
Payables to brokerage clients | 68,548 | 205 | 0.40 | % | 101,472 | 47 | 0.06 | % | |||||||||||||||||||||||||||
Other short-term borrowings (2) | 7,286 | 280 | 5.13 | % | 2,656 | 12 | 0.60 | % | |||||||||||||||||||||||||||
Federal Home Loan Bank borrowings (2,3) | 35,896 | 1,387 | 5.11 | % | — | — | — | ||||||||||||||||||||||||||||
Long-term debt | 21,685 | 489 | 3.01 | % | 20,673 | 363 | 2.34 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 448,724 | 4,753 | 1.41 | % | 565,602 | 707 | 0.17 | % | |||||||||||||||||||||||||||
Non-interest-bearing funding sources | 32,358 | 48,542 | |||||||||||||||||||||||||||||||||
Securities lending expense | 96 | 28 | |||||||||||||||||||||||||||||||||
Other interest expense | 2 | (2) | |||||||||||||||||||||||||||||||||
Total funding sources | $ | 481,082 | $ | 4,851 | 1.35 | % | $ | 614,144 | $ | 733 | 0.16 | % | |||||||||||||||||||||||
Net interest revenue | $ | 7,297 | 2.00 | % | $ | 7,653 | 1.65 | % |
Three Months Ended September 30, | 2023 | 2022 | |||||||||||||||||||||
Average Client Assets | Revenue | Average Fee | Average Client Assets | Revenue | Average Fee | ||||||||||||||||||
Schwab money market funds before fee waivers | $ | 414,074 | $ | 270 | 0.26 | % | $ | 184,834 | $ | 132 | 0.28 | % | |||||||||||
Fee waivers | — | — | |||||||||||||||||||||
Schwab money market funds | 414,074 | 270 | 0.26 | % | 184,834 | 132 | 0.28 | % | |||||||||||||||
Schwab equity and bond funds, ETFs, and CTFs | 485,326 | 99 | 0.08 | % | 422,711 | 89 | 0.08 | % | |||||||||||||||
Mutual Fund OneSource® and other no-transaction-fee (NTF) funds (1) | 255,039 | 170 | 0.26 | % | 183,019 | 139 | 0.30 | % | |||||||||||||||
Other third-party mutual funds and ETFs (1) | 632,902 | 127 | 0.08 | % | 747,676 | 160 | 0.08 | % | |||||||||||||||
Total mutual funds, ETFs, and CTFs (2) | $ | 1,787,341 | 666 | 0.15 | % | $ | 1,538,240 | 520 | 0.13 | % | |||||||||||||
Advice solutions (2) | |||||||||||||||||||||||
Fee-based | $ | 468,305 | 476 | 0.40 | % | $ | 431,276 | 452 | 0.42 | % | |||||||||||||
Non-fee-based | 97,957 | — | — | 85,567 | — | — | |||||||||||||||||
Total advice solutions | $ | 566,262 | 476 | 0.33 | % | $ | 516,843 | 452 | 0.35 | % | |||||||||||||
Other balance-based fees (3) | 610,450 | 64 | 0.04 | % | 537,809 | 58 | 0.04 | % | |||||||||||||||
Other (4) | 18 | 17 | |||||||||||||||||||||
Total asset management and administration fees | $ | 1,224 | $ | 1,047 |
2023 | 2022 | ||||||||||||||||||||||
Nine Months Ended September 30, | Average Client Assets | Revenue | Average Fee | Average Client Assets | Revenue | Average Fee | |||||||||||||||||
Schwab money market funds before fee waivers | $ | 368,788 | $ | 735 | 0.27 | % | $ | 158,525 | $ | 340 | 0.29 | % | |||||||||||
Fee waivers | — | (57) | |||||||||||||||||||||
Schwab money market funds | 368,788 | 735 | 0.27 | % | 158,525 | 283 | 0.24 | % | |||||||||||||||
Schwab equity and bond funds, ETFs, and CTFs | 466,995 | 284 | 0.08 | % | 436,928 | 278 | 0.09 | % | |||||||||||||||
Mutual Fund OneSource® and other NTF funds (1) | 235,561 | 469 | 0.27 | % | 196,032 | 453 | 0.31 | % | |||||||||||||||
Other third-party mutual funds and ETFs (1) | 663,577 | 393 | 0.08 | % | 805,204 | 510 | 0.08 | % | |||||||||||||||
Total mutual funds, ETFs, and CTFs (2) | $ | 1,734,921 | 1,881 | 0.14 | % | $ | 1,596,689 | 1,524 | 0.13 | % | |||||||||||||
Advice solutions (2) | |||||||||||||||||||||||
Fee-based | $ | 455,730 | 1,393 | 0.41 | % | $ | 446,979 | 1,409 | 0.42 | % | |||||||||||||
Non-fee-based | 95,951 | — | — | 87,528 | — | — | |||||||||||||||||
Total advice solutions | $ | 551,681 | 1,393 | 0.34 | % | $ | 534,507 | 1,409 | 0.35 | % | |||||||||||||
Other balance-based fees (3) | 588,922 | 189 | 0.04 | % | 573,733 | 186 | 0.04 | % | |||||||||||||||
Other (4) | 52 | 48 | |||||||||||||||||||||
Total asset management and administration fees | $ | 3,515 | $ | 3,167 |
Schwab Money Market Funds | Schwab Equity and Bond Funds, ETFs, and CTFs | Mutual Fund OneSource® and Other NTF funds | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 392,887 | $ | 159,231 | $ | 465,847 | $ | 387,211 | $ | 254,636 | $ | 196,578 | |||||||||||||||||||||||
Net inflows (outflows) | 38,265 | 51,111 | 3,010 | 10,805 | (7,060) | (9,600) | |||||||||||||||||||||||||||||
Net market gains (losses) and other (1) | 5,174 | 737 | (14,763) | (24,272) | 40,416 | (5,480) | |||||||||||||||||||||||||||||
Balance at end of period | $ | 436,326 | $ | 211,079 | $ | 454,094 | $ | 373,744 | $ | 287,992 | $ | 181,498 |
Schwab Money Market Funds | Schwab Equity and Bond Funds, ETFs, and CTFs | Mutual Fund OneSource® and Other NTF funds | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 278,926 | $ | 146,509 | $ | 412,942 | $ | 454,864 | $ | 235,738 | $ | 234,940 | |||||||||||||||||||||||
Net inflows (outflows) | 144,108 | 63,703 | 15,669 | 25,950 | (18,339) | (28,363) | |||||||||||||||||||||||||||||
Net market gains (losses) and other (1) | 13,292 | 867 | 25,483 | (107,070) | 70,593 | (25,079) | |||||||||||||||||||||||||||||
Balance at end of period | $ | 436,326 | $ | 211,079 | $ | 454,094 | $ | 373,744 | $ | 287,992 | $ | 181,498 |
Three Months Ended September 30, | Percent Change | Nine Months Ended September 30, | Percent Change | |||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Commissions | $ | 394 | $ | 435 | (9) | % | $ | 1,210 | $ | 1,362 | (11) | % | ||||||||||||||||||||
Order flow revenue | ||||||||||||||||||||||||||||||||
Options | 219 | 292 | (25) | % | 751 | 895 | (16) | % | ||||||||||||||||||||||||
Equities | 106 | 140 | (24) | % | 353 | 437 | (19) | % | ||||||||||||||||||||||||
Total order flow revenue | 325 | 432 | (25) | % | 1,104 | 1,332 | (17) | % | ||||||||||||||||||||||||
Principal transactions | 49 | 63 | (22) | % | 149 | 84 | 77 | % | ||||||||||||||||||||||||
Total trading revenue | $ | 768 | $ | 930 | (17) | % | $ | 2,463 | $ | 2,778 | (11) | % |
Three Months Ended September 30, | Percent Change | Nine Months Ended September 30, | Percent Change | |||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
DATs (in thousands) | 5,218 | 5,523 | (6) | % | 5,461 | 6,103 | (11) | % | ||||||||||||||||||||||||
Product as a percentage of DATs | ||||||||||||||||||||||||||||||||
Equities | 49 | % | 50 | % | 49 | % | 51 | % | ||||||||||||||||||||||||
Derivatives | 24 | % | 24 | % | 23 | % | 23 | % | ||||||||||||||||||||||||
ETFs | 19 | % | 20 | % | 20 | % | 20 | % | ||||||||||||||||||||||||
Mutual funds | 6 | % | 5 | % | 6 | % | 5 | % | ||||||||||||||||||||||||
Fixed income | 2 | % | 1 | % | 2 | % | 1 | % | ||||||||||||||||||||||||
Number of trading days | 62.5 | 64.0 | (2) | % | 186.5 | 188.0 | (1) | % | ||||||||||||||||||||||||
Revenue per trade (1) | $ | 2.35 | $ | 2.63 | (11) | % | $ | 2.42 | $ | 2.42 | — |
Three Months Ended September 30, | Percent Change | Nine Months Ended September 30, | Percent Change | |||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Bank deposit account fees | $ | 205 | $ | 413 | (50) | % | $ | 531 | $ | 1,059 | (50) | % | ||||||||||||||||||||
Average BDA balances | $ | 101,666 | $ | 148,142 | (31) | % | $ | 107,003 | $ | 152,698 | (30) | % | ||||||||||||||||||||
Average net yield | 0.79 | % | 1.09 | % | 0.66 | % | 0.92 | % | ||||||||||||||||||||||||
Percentage of average BDA balances designated as: | ||||||||||||||||||||||||||||||||
Fixed-rate balances | 91 | % | 79 | % | 93 | % | 78 | % | ||||||||||||||||||||||||
Floating-rate balances | 9 | % | 21 | % | 7 | % | 22 | % |
Three Months Ended September 30, | Percent Change | Nine Months Ended September 30, | Percent Change | |||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Compensation and benefits | ||||||||||||||||||||||||||||||||
Salaries and wages | $ | 1,229 | $ | 901 | 36 | % | $ | 3,162 | $ | 2,630 | 20 | % | ||||||||||||||||||||
Incentive compensation | 300 | 348 | (14) | % | 951 | 1,098 | (13) | % | ||||||||||||||||||||||||
Employee benefits and other | 241 | 227 | 6 | % | 793 | 720 | 10 | % | ||||||||||||||||||||||||
Total compensation and benefits | $ | 1,770 | $ | 1,476 | 20 | % | $ | 4,906 | $ | 4,448 | 10 | % | ||||||||||||||||||||
Professional services | 275 | 264 | 4 | % | 805 | 766 | 5 | % | ||||||||||||||||||||||||
Occupancy and equipment | 305 | 292 | 4 | % | 923 | 855 | 8 | % | ||||||||||||||||||||||||
Advertising and market development | 102 | 89 | 15 | % | 293 | 296 | (1) | % | ||||||||||||||||||||||||
Communications | 151 | 131 | 15 | % | 485 | 444 | 9 | % | ||||||||||||||||||||||||
Depreciation and amortization | 198 | 167 | 19 | % | 566 | 476 | 19 | % | ||||||||||||||||||||||||
Amortization of acquired intangible assets | 135 | 152 | (11) | % | 404 | 460 | (12) | % | ||||||||||||||||||||||||
Regulatory fees and assessments | 114 | 65 | 75 | % | 277 | 200 | 39 | % | ||||||||||||||||||||||||
Other | 173 | 187 | (7) | % | 535 | 530 | 1 | % | ||||||||||||||||||||||||
Total expenses excluding interest | $ | 3,223 | $ | 2,823 | 14 | % | $ | 9,194 | $ | 8,475 | 8 | % | ||||||||||||||||||||
Expenses as a percentage of total net revenues | ||||||||||||||||||||||||||||||||
Compensation and benefits | 38 | % | 27 | % | 34 | % | 29 | % | ||||||||||||||||||||||||
Advertising and market development | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||||||||||||||
Full-time equivalent employees (in thousands) | ||||||||||||||||||||||||||||||||
At quarter end | 35.9 | 35.2 | 2 | % | ||||||||||||||||||||||||||||
Average | 36.1 | 35.2 | 3 | % | 36.0 | 34.5 | 4 | % |
Investor Services | Advisor Services | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Percent Change | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Net Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest revenue | (20) | % | $ | 1,710 | $ | 2,143 | (33) | % | $ | 527 | $ | 783 | (24) | % | $ | 2,237 | $ | 2,926 | |||||||||||||||||||||||||||||||||||
Asset management and administration fees | 16 | % | 877 | 755 | 19 | % | 347 | 292 | 17 | % | 1,224 | 1,047 | |||||||||||||||||||||||||||||||||||||||||
Trading revenue | (16) | % | 672 | 800 | (26) | % | 96 | 130 | (17) | % | 768 | 930 | |||||||||||||||||||||||||||||||||||||||||
Bank deposit account fees | (40) | % | 157 | 263 | (68) | % | 48 | 150 | (50) | % | 205 | 413 | |||||||||||||||||||||||||||||||||||||||||
Other | (5) | % | 144 | 151 | (15) | % | 28 | 33 | (7) | % | 172 | 184 | |||||||||||||||||||||||||||||||||||||||||
Total net revenues | (13) | % | 3,560 | 4,112 | (25) | % | 1,046 | 1,388 | (16) | % | 4,606 | 5,500 | |||||||||||||||||||||||||||||||||||||||||
Expenses Excluding Interest | 11 | % | 2,356 | 2,117 | 23 | % | 867 | 706 | 14 | % | 3,223 | 2,823 | |||||||||||||||||||||||||||||||||||||||||
Income before taxes on income | (40) | % | $ | 1,204 | $ | 1,995 | (74) | % | $ | 179 | $ | 682 | (48) | % | $ | 1,383 | $ | 2,677 | |||||||||||||||||||||||||||||||||||
Net New Client Assets (in billions) (1) | (48) | % | $ | 28.6 | $ | 55.1 | (67) | % | $ | 19.6 | $ | 59.5 | (58) | % | $ | 48.2 | $ | 114.6 |
Investor Services | Advisor Services | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Percent Change | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Net Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest revenue | (2) | % | $ | 5,448 | $ | 5,551 | (12) | % | $ | 1,849 | $ | 2,102 | (5) | % | $ | 7,297 | $ | 7,653 | |||||||||||||||||||||||||||||||||||
Asset management and administration fees | 10 | % | 2,523 | 2,299 | 14 | % | 992 | 868 | 11 | % | 3,515 | 3,167 | |||||||||||||||||||||||||||||||||||||||||
Trading revenue | (11) | % | 2,148 | 2,407 | (15) | % | 315 | 371 | (11) | % | 2,463 | 2,778 | |||||||||||||||||||||||||||||||||||||||||
Bank deposit account fees | (43) | % | 396 | 690 | (63) | % | 135 | 369 | (50) | % | 531 | 1,059 | |||||||||||||||||||||||||||||||||||||||||
Other | (3) | % | 451 | 465 | (15) | % | 121 | 143 | (6) | % | 572 | 608 | |||||||||||||||||||||||||||||||||||||||||
Total net revenues | (4) | % | 10,966 | 11,412 | (11) | % | 3,412 | 3,853 | (6) | % | 14,378 | 15,265 | |||||||||||||||||||||||||||||||||||||||||
Expenses Excluding Interest | 7 | % | 6,780 | 6,359 | 14 | % | 2,414 | 2,116 | 8 | % | 9,194 | 8,475 | |||||||||||||||||||||||||||||||||||||||||
Income before taxes on income | (17) | % | $ | 4,186 | $ | 5,053 | (43) | % | $ | 998 | $ | 1,737 | (24) | % | $ | 5,184 | $ | 6,790 | |||||||||||||||||||||||||||||||||||
Net New Client Assets (in billions) (1) | 22 | % | $ | 144.0 | $ | 118.5 | (21) | % | $ | 126.9 | $ | 160.0 | (3) | % | $ | 270.9 | $ | 278.5 |
September 30, 2023 | December 31, 2022 | ||||||||||
Increase of 200 basis points | 9.6 | % | 7.3 | % | |||||||
Increase of 100 basis points | 5.2 | % | 3.6 | % | |||||||
Increase of 50 basis points | 2.8 | % | 1.7 | % | |||||||
Decrease of 50 basis points | (1.3) | % | (1.5) | % | |||||||
Decrease of 100 basis points | (3.0) | % | (3.2) | % | |||||||
Decrease of 200 basis points | (6.8) | % | (6.7) | % |
Description | Borrower | Outstanding | Available | Maturity of Amounts Outstanding | Weighted-Average Interest Rate on Amounts Outstanding | |||||||||||||||
FHLB secured credit facilities | Banking subsidiaries | $ | 31,800 | $ | 55,593 | (1) | October 2023 - September 2024 | 5.17% | ||||||||||||
Federal Reserve discount window | Banking subsidiaries | — | 7,225 | (1) | N/A | — | ||||||||||||||
Federal Reserve Bank Term Funding Program | Banking subsidiaries | — | 40,157 | (1) | N/A | — | ||||||||||||||
Repurchase agreements | Banking subsidiaries, CSC | 6,515 | — | (2) | October 2023 - July 2024 | 5.34% | ||||||||||||||
Uncommitted, unsecured lines of credit with various external banks | CSC, CS&Co | — | 1,767 | N/A | — | |||||||||||||||
Unsecured commercial paper | CSC | 85 | 4,915 | December 2023 | 5.65% | |||||||||||||||
Secured uncommitted lines of credit with various external banks | CS&Co | 950 | — | (3) | November 2023 - January 2024 | 5.67% | ||||||||||||||
Secured uncommitted lines of credit with various external banks | TDAC | — | — | (4) | N/A | — |
Amount Outstanding | Maturity | Weighted-Average Interest Rate | |||||||||
Brokered CDs | $ | 45,418 | November 2023 - April 2025 | 5.06% |
Average for the Three Months Ended | |||||||||||
September 30, 2023 | June 30, 2023 | ||||||||||
Total eligible HQLA | $ | 60,781 | $ | 65,738 | |||||||
Net cash outflows | 51,351 | 50,965 | |||||||||
LCR | 119 | % | 129 | % |
September 30, 2023 | Par Outstanding | Maturity | Weighted Average Interest Rate | Moody’s | Standard & Poor’s | Fitch | ||||||||||||||
CSC Senior Notes | $ | 24,562 | 2024 - 2034 | 3.12% | A2 | A- | A | |||||||||||||
TDA Holding Senior Notes | 213 | 2024 - 2029 | 3.47% | A2 | A- | — | ||||||||||||||
Issuance Date | Issuance Amount | Maturity Date | Interest Rate | |||||||||||
May 19, 2023 | $ | 1,200 | 05/19/2029 | 5.643% | (1) | |||||||||
May 19, 2023 | 1,300 | 05/19/2034 | 5.853% | (1) | ||||||||||
August 24, 2023 | 1,350 | 08/24/2034 | 6.136% | (1) | ||||||||||
August 24, 2023 | 1,000 | 08/24/2026 | 5.875% |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
CSC | CSB | CSC | CSB | ||||||||||||||||||||
Total stockholders’ equity | $ | 37,784 | $ | 13,669 | $ | 36,608 | $ | 7,664 | |||||||||||||||
Less: | |||||||||||||||||||||||
Preferred stock | 9,191 | — | 9,706 | — | |||||||||||||||||||
Common Equity Tier 1 Capital before regulatory adjustments | $ | 28,593 | $ | 13,669 | $ | 26,902 | $ | 7,664 | |||||||||||||||
Less: | |||||||||||||||||||||||
Goodwill, net of associated deferred tax liabilities | $ | 11,788 | $ | 13 | $ | 11,816 | $ | 13 | |||||||||||||||
Other intangible assets, net of associated deferred tax liabilities | 6,739 | — | 7,079 | — | |||||||||||||||||||
Deferred tax assets, net of valuation allowances and deferred tax liabilities | 37 | 35 | 37 | 35 | |||||||||||||||||||
AOCI adjustment (1) | (20,752) | (18,144) | (22,620) | (19,680) | |||||||||||||||||||
Common Equity Tier 1 Capital | $ | 30,781 | $ | 31,765 | $ | 30,590 | $ | 27,296 | |||||||||||||||
Tier 1 Capital | $ | 39,972 | $ | 31,765 | $ | 40,296 | $ | 27,296 | |||||||||||||||
Total Capital | 40,032 | 31,820 | 40,376 | 27,370 | |||||||||||||||||||
Risk-Weighted Assets | 129,544 | 91,481 | 139,657 | 99,631 | |||||||||||||||||||
Average Assets with regulatory adjustments | 488,627 | 330,908 | 562,803 | 372,802 | |||||||||||||||||||
Total Leverage Exposure | 492,284 | 333,402 | 566,809 | 375,846 | |||||||||||||||||||
Common Equity Tier 1 Capital/Risk-Weighted Assets | 23.8 | % | 34.7 | % | 21.9 | % | 27.4 | % | |||||||||||||||
Tier 1 Capital/Risk-Weighted Assets | 30.9 | % | 34.7 | % | 28.9 | % | 27.4 | % | |||||||||||||||
Total Capital/Risk-Weighted Assets | 30.9 | % | 34.8 | % | 28.9 | % | 27.5 | % | |||||||||||||||
Tier 1 Leverage Ratio | 8.2 | % | 9.6 | % | 7.2 | % | 7.3 | % | |||||||||||||||
Supplementary Leverage Ratio | 8.1 | % | 9.5 | % | 7.1 | % | 7.3 | % |
2023 | 2022 | ||||||||||||||||||||||
Nine Months Ended September 30, | Cash Paid | Per Share Amount | Cash Paid | Per Share Amount | |||||||||||||||||||
Common and Nonvoting Common Stock | $ | 1,379 | $ | .75 | $ | 1,179 | $ | .62 | |||||||||||||||
Preferred Stock: | |||||||||||||||||||||||
Series A (1) | N/A | N/A | 25 | 63.30 | |||||||||||||||||||
Series D (2) | 33 | 44.64 | 33 | 44.64 | |||||||||||||||||||
Series E (3) | N/A | N/A | 27 | 4,544.37 | |||||||||||||||||||
Series F (4) | 12 | 2,500.00 | 13 | 2,500.00 | |||||||||||||||||||
Series G (2) | 100 | 4,031.25 | 101 | 4,031.25 | |||||||||||||||||||
Series H (2) | 68 | 3,000.00 | 75 | 3,000.00 | |||||||||||||||||||
Series I (2) | 63 | 3,000.00 | 68 | 3,000.00 | |||||||||||||||||||
Series J (2) | 20 | 33.39 | 20 | 33.39 | |||||||||||||||||||
Series K (5) | 28 | 3,750.00 | 18 | 2,458.33 |
Non-GAAP Adjustment or Measure | Definition | Usefulness to Investors and Uses by Management | ||||||
Acquisition and integration-related costs, amortization of acquired intangible assets and restructuring costs | Schwab adjusts certain GAAP financial measures to exclude the impact of acquisition and integration-related costs incurred as a result of the Company’s acquisitions, amortization of acquired intangible assets, restructuring costs and, where applicable, the income tax effect of these expenses. Adjustments made to exclude amortization of acquired intangible assets are reflective of all acquired intangible assets, which were recorded as part of purchase accounting. These acquired intangible assets contribute to the Company’s revenue generation. Amortization of acquired intangible assets will continue in future periods over their remaining useful lives. | We exclude acquisition and integration-related costs, amortization of acquired intangible assets and restructuring costs for the purpose of calculating certain non-GAAP measures because we believe doing so provides additional transparency of Schwab’s ongoing operations, and is useful in both evaluating the operating performance of the business and facilitating comparison of results with prior and future periods. Costs related to acquisition and integration or restructuring fluctuate based on the timing of acquisitions, integration and restructuring activities, thereby limiting comparability of results among periods, and are not representative of the costs of running the Company’s ongoing business. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of the Company’s underlying operating performance. | ||||||
Return on tangible common equity | Return on tangible common equity represents annualized adjusted net income available to common stockholders as a percentage of average tangible common equity. Tangible common equity represents common equity less goodwill, acquired intangible assets – net, and related deferred tax liabilities. | Acquisitions typically result in the recognition of significant amounts of goodwill and acquired intangible assets. We believe return on tangible common equity may be useful to investors as a supplemental measure to facilitate assessing capital efficiency and returns relative to the composition of Schwab’s balance sheet. | ||||||
Adjusted Tier 1 Leverage Ratio | Adjusted Tier 1 Leverage Ratio represents the Tier 1 Leverage Ratio as prescribed by bank regulatory guidance for the consolidated company and for CSB, adjusted to reflect the inclusion of AOCI in the ratio. | Inclusion of the impacts of AOCI in the Company’s Tier 1 Leverage Ratio provides additional information regarding the Company’s current capital position. We believe Adjusted Tier 1 Leverage Ratio may be useful to investors as a supplemental measure of the Company’s capital levels. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Total expenses excluding interest (GAAP) | $ | 3,223 | $ | 2,823 | $ | 9,194 | $ | 8,475 | |||||||||||||||
Acquisition and integration-related costs (1) | (106) | (101) | (334) | (291) | |||||||||||||||||||
Amortization of acquired intangible assets | (135) | (152) | (404) | (460) | |||||||||||||||||||
Restructuring costs (2) | (279) | — | (279) | — | |||||||||||||||||||
Adjusted total expenses (non-GAAP) | $ | 2,703 | $ | 2,570 | $ | 8,177 | $ | 7,724 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Amount | Diluted EPS | Amount | Diluted EPS | Amount | Diluted EPS | Amount | Diluted EPS | ||||||||||||||||||||||
Net income available to common stockholders (GAAP), Earnings per common share — diluted (GAAP) | $ | 1,017 | $ | .56 | $ | 1,884 | $ | .99 | $ | 3,723 | $ | 2.03 | $ | 4,814 | $ | 2.53 | |||||||||||||
Acquisition and integration-related costs | 106 | .06 | 101 | .05 | 334 | .18 | 291 | .15 | |||||||||||||||||||||
Amortization of acquired intangible assets | 135 | .07 | 152 | .08 | 404 | .22 | 460 | .24 | |||||||||||||||||||||
Restructuring costs | 279 | .15 | — | — | 279 | .15 | — | — | |||||||||||||||||||||
Income tax effects (1) | (127) | (.07) | (62) | (.02) | (247) | (.13) | (183) | (.09) | |||||||||||||||||||||
Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP) | $ | 1,410 | $ | .77 | $ | 2,075 | $ | 1.10 | $ | 4,493 | $ | 2.45 | $ | 5,382 | $ | 2.83 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Return on average common stockholders’ equity (GAAP) | 14 | % | 25 | % | 18 | % | 18 | % | |||||||||
Average common stockholders’ equity | $ | 28,274 | $ | 30,282 | $ | 27,747 | $ | 36,526 | |||||||||
Less: Average goodwill | (11,951) | (11,951) | (11,951) | (11,952) | |||||||||||||
Less: Average acquired intangible assets — net | (8,457) | (8,999) | (8,589) | (9,151) | |||||||||||||
Plus: Average deferred tax liabilities related to goodwill and acquired intangible assets — net | 1,822 | 1,848 | 1,830 | 1,867 | |||||||||||||
Average tangible common equity | $ | 9,688 | $ | 11,180 | $ | 9,037 | $ | 17,290 | |||||||||
Adjusted net income available to common stockholders (1) | $ | 1,410 | $ | 2,075 | $ | 4,493 | $ | 5,382 | |||||||||
Return on tangible common equity (non-GAAP) | 58 | % | 74 | % | 66 | % | 42 | % |
September 30, 2023 | ||||||||
CSC | CSB | |||||||
Tier 1 Leverage Ratio (GAAP) | 8.2 | % | 9.6 | % | ||||
Tier 1 Capital | $ | 39,972 | $ | 31,765 | ||||
Plus: AOCI adjustment | (20,752) | (18,144) | ||||||
Adjusted Tier 1 Capital | 19,220 | 13,621 | ||||||
Average assets with regulatory adjustments | 488,627 | 330,908 | ||||||
Plus: AOCI adjustment | (20,033) | (17,950) | ||||||
Adjusted average assets with regulatory adjustments | $ | 468,594 | $ | 312,958 | ||||
Adjusted Tier 1 Leverage Ratio (non-GAAP) | 4.1 | % | 4.4 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net Revenues | |||||||||||||||||||||||
Interest revenue | $ | $ | $ | $ | |||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Net interest revenue | |||||||||||||||||||||||
Asset management and administration fees (1) | |||||||||||||||||||||||
Trading revenue | |||||||||||||||||||||||
Bank deposit account fees | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total net revenues | |||||||||||||||||||||||
Expenses Excluding Interest | |||||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||
Professional services | |||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||
Advertising and market development | |||||||||||||||||||||||
Communications | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Amortization of acquired intangible assets | |||||||||||||||||||||||
Regulatory fees and assessments | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total expenses excluding interest | |||||||||||||||||||||||
Income before taxes on income | |||||||||||||||||||||||
Taxes on income | |||||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Preferred stock dividends and other | |||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted-Average Common Shares Outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Earnings Per Common Shares Outstanding (2): | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||||||
Change in net unrealized gain (loss) on available for sale securities: | |||||||||||||||||||||||
Net unrealized gain (loss) excluding transfers to held to maturity | ( | ( | ( | ||||||||||||||||||||
Reclassification of net unrealized loss transferred to held to maturity | |||||||||||||||||||||||
Other reclassifications included in other revenue | ( | ||||||||||||||||||||||
Change in net unrealized gain (loss) on held to maturity securities: | |||||||||||||||||||||||
Reclassification of net unrealized loss transferred from available for sale | ( | ||||||||||||||||||||||
Amortization of amounts previously recorded upon transfer to held to maturity from available for sale | |||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||
Other comprehensive income (loss), before tax | ( | ( | ( | ||||||||||||||||||||
Income tax effect | ( | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | ( | ||||||||||||||||||||
Comprehensive Income (Loss) | $ | $ | ( | $ | $ | ( |
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $ respectively) | |||||||||||
Receivables from brokerage clients — net | |||||||||||
Available for sale securities (amortized cost of $ $ | |||||||||||
Held to maturity securities (including assets pledged of $ and $ | |||||||||||
Bank loans — net | |||||||||||
Equipment, office facilities, and property — net | |||||||||||
Goodwill | |||||||||||
Acquired intangible assets — net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Bank deposits | $ | $ | |||||||||
Payables to brokerage clients | |||||||||||
Accrued expenses and other liabilities | |||||||||||
Other short-term borrowings | |||||||||||
Federal Home Loan Bank borrowings | |||||||||||
Long-term debt | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock — $ and $ | |||||||||||
Common stock — | |||||||||||
Nonvoting common stock — | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock, at cost — and December 31, 2022, respectively | ( | ( | |||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Nonvoting Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at cost | Total | ||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
Call of preferred stock | ( | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Dividends declared on common stock — $ | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||
Repurchase of nonvoting common stock | — | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||
Conversion of nonvoting common stock to common stock | — | — | ( | — | — | — | — | — | — | |||||||||||||||||||||||
Stock option exercises and other | — | — | — | — | — | ( | — | — | ||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Dividends declared on common stock — $ | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Stock option exercises and other | — | — | — | — | — | ( | — | — | ||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ |
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Nonvoting Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at cost | Total | ||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
Issuance of preferred stock, net | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Call of preferred stock | ( | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Dividends declared on common stock — $ per share | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||
Repurchase of nonvoting common stock | — | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||
Conversion of nonvoting common stock to common stock | — | — | ( | — | — | — | — | — | — | |||||||||||||||||||||||
Stock option exercises and other | — | — | — | — | — | ( | — | — | ||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | — | ( | — | ||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Redemption and repurchase of preferred stock, inclusive of tax | ( | — | — | — | — | — | — | — | ( | |||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Dividends declared on common stock — $ per share | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Repurchase of common stock, inclusive of tax | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||
Stock option exercises and other | — | — | — | — | — | ( | — | — | ||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | — | ( | — | ||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||
Share-based compensation | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of acquired intangible assets | |||||||||||
Provision (benefit) for deferred income taxes | ( | ||||||||||
Premium amortization, net, on available for sale and held to maturity securities | |||||||||||
Other | |||||||||||
Net change in: | |||||||||||
Investments segregated and on deposit for regulatory purposes | ( | ||||||||||
Receivables from brokerage clients | ( | ||||||||||
Other assets | |||||||||||
Payables to brokerage clients | ( | ( | |||||||||
Accrued expenses and other liabilities | ( | ||||||||||
Net cash provided by (used for) operating activities | ( | ||||||||||
Cash Flows from Investing Activities | |||||||||||
Purchases of available for sale securities | ( | ( | |||||||||
Proceeds from sales of available for sale securities | |||||||||||
Principal payments on available for sale securities | |||||||||||
Principal payments on held to maturity securities | |||||||||||
Net change in bank loans | ( | ||||||||||
Purchases of equipment, office facilities, and property | ( | ( | |||||||||
Purchases of FHLB stock | ( | ||||||||||
Proceeds from sales of FHLB stock | |||||||||||
Purchases of Federal Reserve stock | ( | ( | |||||||||
Proceeds from sales of Federal Reserve stock | |||||||||||
Other investing activities | ( | ( | |||||||||
Net cash provided by (used for) investing activities | |||||||||||
Cash Flows from Financing Activities | |||||||||||
Net change in bank deposits | ( | ( | |||||||||
Proceeds from FHLB borrowings | |||||||||||
Repayments of FHLB borrowings | ( | ( | |||||||||
Proceeds from other short-term borrowings | |||||||||||
Repayments of other short-term borrowings | ( | ( | |||||||||
Issuances of long-term debt | |||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Net proceeds from preferred stock offerings | |||||||||||
Redemption and repurchase of preferred stock | ( | ||||||||||
Dividends paid | ( | ( | |||||||||
Proceeds from stock options exercised | |||||||||||
Repurchases of common stock and nonvoting common stock | ( | ( | |||||||||
Other financing activities | ( | ( | |||||||||
Net cash provided by (used for) financing activities | ( | ( | |||||||||
Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | ( | ( | |||||||||
Cash and Cash Equivalents, including Amounts Restricted at Beginning of Year | |||||||||||
Cash and Cash Equivalents, including Amounts Restricted at End of Period | $ | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Supplemental Cash Flow Information | |||||||||||
Non-cash investing activity: | |||||||||||
Securities transferred from available for sale to held to maturity, at fair value | $ | $ | |||||||||
Securities matured during the period but settled after period end | $ | $ | |||||||||
Changes in accrued equipment, office facilities, and property purchases | $ | ( | $ | ( | |||||||
Non-cash financing activity: | |||||||||||
Common stock repurchased during the period but settled after period end | $ | $ | |||||||||
Call of preferred stock | $ | $ | |||||||||
Other Supplemental Cash Flow Information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes | $ | $ | |||||||||
Amounts included in the measurement of lease liabilities | $ | $ | |||||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | $ | |||||||||
Leased assets obtained in exchange for new finance lease liabilities | $ | $ | |||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
Reconciliation of cash, cash equivalents and amounts reported within the balance sheet (2) | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents amounts included in cash and investments segregated and on deposit for regulatory purposes | |||||||||||
Total cash and cash equivalents, including amounts restricted shown in the statement of cash flows | $ | $ |
Standard | Description | Date of Adoption | Effects on the Financial Statements or Other Significant Matters | ||||||||
Accounting Standards Update (ASU) 2022-02, “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” | Troubled Debt Restructurings (TDRs) Eliminates the accounting guidance for TDRs. Rather than applying the specific guidance for TDRs, creditors will apply the recognition and measurement guidance for loan refinancings and restructurings to determine whether a modification results in a new loan or a continuation of an existing loan. The guidance requires enhanced disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Vintage Disclosures Requires that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. Adoption provides for prospective application, with an option to apply the modified retrospective transition method for the change in recognition and measurement of TDRs. | January 1, 2023 | The Company adopted this guidance on January 1, 2023 using the prospective transition method. The adoption of this guidance did not have a material impact on the Company’s financial statements. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net interest revenue | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Cash and investments segregated | |||||||||||||||||||||||
Receivables from brokerage clients | |||||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||||
Held to maturity securities | |||||||||||||||||||||||
Bank loans | |||||||||||||||||||||||
Securities lending revenue | |||||||||||||||||||||||
Other interest revenue | |||||||||||||||||||||||
Interest revenue | |||||||||||||||||||||||
Bank deposits | ( | ( | ( | ( | |||||||||||||||||||
Payables to brokerage clients | ( | ( | ( | ( | |||||||||||||||||||
Other short-term borrowings (1) | ( | ( | ( | ( | |||||||||||||||||||
Federal Home Loan Bank borrowings (1) | ( | ( | |||||||||||||||||||||
Long-term debt | ( | ( | ( | ( | |||||||||||||||||||
Securities lending expense | ( | ( | ( | ( | |||||||||||||||||||
Other interest expense | ( | ( | ( | ||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Net interest revenue | |||||||||||||||||||||||
Asset management and administration fees | |||||||||||||||||||||||
Mutual funds, ETFs, and CTFs | |||||||||||||||||||||||
Advice solutions | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Asset management and administration fees | |||||||||||||||||||||||
Trading revenue | |||||||||||||||||||||||
Commissions | |||||||||||||||||||||||
Order flow revenue | |||||||||||||||||||||||
Principal transactions | |||||||||||||||||||||||
Trading revenue | |||||||||||||||||||||||
Bank deposit account fees | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total net revenues | $ | $ | $ | $ |
September 30, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
U.S. Treasury securities | ||||||||||||||||||||||||||
Asset-backed securities (1) | ||||||||||||||||||||||||||
Corporate debt securities (2) | ||||||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Foreign government agency securities | ||||||||||||||||||||||||||
U.S. state and municipal securities | ||||||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Unallocated portfolio layer method fair value basis adjustments (3) | ( | ( | — | |||||||||||||||||||||||
Total available for sale securities (4) | $ | $ | $ | $ | ||||||||||||||||||||||
Held to maturity securities | ||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
Total held to maturity securities | $ | $ | $ | $ |
December 31, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
U.S. Treasury securities | ||||||||||||||||||||||||||
Asset-backed securities (1) | ||||||||||||||||||||||||||
Corporate debt securities (2) | ||||||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Foreign government agency securities | ||||||||||||||||||||||||||
U.S. state and municipal securities | ||||||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total available for sale securities (4) | $ | $ | $ | $ | ||||||||||||||||||||||
Held to maturity securities | ||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
Total held to maturity securities | $ | $ | $ | $ |
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||
September 30, 2023 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||||||||
Foreign government agency securities | |||||||||||||||||||||||||||||||||||
U.S. state and municipal securities | |||||||||||||||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total (1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||||||||
Foreign government agency securities | |||||||||||||||||||||||||||||||||||
U.S. state and municipal securities | |||||||||||||||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
September 30, 2023 | Within 1 year | After 1 year through 5 years | After 5 years through 10 years | After 10 years | Total | ||||||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||
Foreign government agency securities | |||||||||||||||||||||||||||||
U.S. state and municipal securities | |||||||||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Total fair value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total amortized cost (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Held to maturity securities | |||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total fair value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total amortized cost | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Proceeds | $ | $ | $ | $ | |||||||||||||||||||
Gross realized gains | |||||||||||||||||||||||
Gross realized losses |
September 30, 2023 | Current | 30-59 days past due | 60-89 days past due | >90 days past due and other nonaccrual loans (3) | Total past due and other nonaccrual loans | Total loans | Allowance for credit losses | Total bank loans – net | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
First Mortgages (1,2) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
HELOCs (1,2) | ||||||||||||||||||||||||||
Total residential real estate | ||||||||||||||||||||||||||
Pledged asset lines | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total bank loans | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
First Mortgages (1,2) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
HELOCs (1,2) | ||||||||||||||||||||||||||
Total residential real estate | ||||||||||||||||||||||||||
Pledged asset lines | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total bank loans | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2023 | First Mortgages | HELOCs | Total residential real estate | Pledged asset lines | Other | Total | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Charge-offs | |||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||
Provision for credit losses | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ |
Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2023 | First Mortgages | HELOCs | Total residential real estate | Pledged asset lines | Other | Total | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Charge-offs | |||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||
Provision for credit losses | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Nonaccrual loans (1) | $ | $ | |||||||||
Other real estate owned (2) | |||||||||||
Total nonperforming assets | $ | $ |
First Mortgages Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||
September 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | pre-2019 | Total First Mortgages | Revolving HELOCs amortized cost basis | HELOCs converted to term loans | Total HELOCs | ||||||||||||||||||||||
Origination FICO | ||||||||||||||||||||||||||||||||
<620 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
620 – 679 | ||||||||||||||||||||||||||||||||
680 – 739 | ||||||||||||||||||||||||||||||||
≥740 | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Origination LTV | ||||||||||||||||||||||||||||||||
≤70% | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
>70% – ≤90% | ||||||||||||||||||||||||||||||||
>90% – ≤100% | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Updated FICO | ||||||||||||||||||||||||||||||||
<620 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
620 – 679 | ||||||||||||||||||||||||||||||||
680 – 739 | ||||||||||||||||||||||||||||||||
≥740 | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Estimated Current LTV (1) | ||||||||||||||||||||||||||||||||
≤70% | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
>70% – ≤90% | ||||||||||||||||||||||||||||||||
>90% – ≤100% | ||||||||||||||||||||||||||||||||
>100% | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Gross charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Percent of Loans on Nonaccrual Status | % | % | % | % | % | % | % | % | % | % |
First Mortgages Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | pre-2019 | Total First Mortgages | Revolving HELOCs amortized cost basis | HELOCs converted to term loans | Total HELOCs | ||||||||||||||||||||
Origination FICO | |||||||||||||||||||||||||||||
<620 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
620 – 679 | |||||||||||||||||||||||||||||
680 – 739 | |||||||||||||||||||||||||||||
≥740 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Origination LTV | |||||||||||||||||||||||||||||
≤70% | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
>70% – ≤90% | |||||||||||||||||||||||||||||
>90% – ≤100% | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Updated FICO | |||||||||||||||||||||||||||||
<620 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
620 – 679 | |||||||||||||||||||||||||||||
680 – 739 | |||||||||||||||||||||||||||||
≥740 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Estimated Current LTV (1) | |||||||||||||||||||||||||||||
≤70% | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
>70% – ≤90% | |||||||||||||||||||||||||||||
>90% – ≤100% | |||||||||||||||||||||||||||||
>100% | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Percent of Loans on Nonaccrual Status | % | % | % | % | % | % | % | % | % |
September 30, 2023 | Balance | |||||||
Converted to an amortizing loan by period end (1) | $ | |||||||
Within 1 year | ||||||||
> 1 year – 3 years | ||||||||
> 3 years – 5 years | ||||||||
> 5 years | ||||||||
Total | $ |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Aggregate assets | Aggregate liabilities | Maximum exposure to loss | Aggregate assets | Aggregate liabilities | Maximum exposure to loss | |||||||||||||||||||||||||||||||||
LIHTC investments (1) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other investments (2) | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Interest-bearing deposits: | |||||||||||
Deposits swept from brokerage accounts | $ | $ | |||||||||
Time certificates of deposit (1) | |||||||||||
Checking | |||||||||||
Savings and other | |||||||||||
Total interest-bearing deposits | |||||||||||
Non-interest-bearing deposits | |||||||||||
Total bank deposits | $ | $ |
Balance | |||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
Total | $ |
Date of Issuance | Principal Amount Outstanding | ||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
CSC Fixed-rate Senior Notes: | |||||||||||
12/07/17 | $ | $ | |||||||||
10/31/18 | |||||||||||
03/18/21 | |||||||||||
09/24/21 | |||||||||||
03/10/15 | |||||||||||
03/24/20 | |||||||||||
09/24/21 | |||||||||||
05/22/18 | |||||||||||
11/13/15 | |||||||||||
12/11/20 | |||||||||||
05/13/21 | |||||||||||
03/02/17 | |||||||||||
03/03/22 | |||||||||||
09/24/21 | |||||||||||
12/07/17 | |||||||||||
03/18/21 | |||||||||||
10/31/18 | |||||||||||
05/22/19 | |||||||||||
09/24/21 | |||||||||||
03/24/20 | |||||||||||
12/11/20 | |||||||||||
05/13/21 | |||||||||||
08/26/21 | |||||||||||
03/03/22 | |||||||||||
08/24/23 | |||||||||||
CSC Floating-rate Senior Notes: | |||||||||||
SOFR + | 03/18/21 | ||||||||||
SOFR + | 05/13/21 | ||||||||||
SOFR + | 03/03/22 | ||||||||||
CSC Fixed-to-Floating rate Senior Notes: | |||||||||||
05/19/23 | |||||||||||
05/19/23 | |||||||||||
08/24/23 | |||||||||||
Total CSC Senior Notes | |||||||||||
TDA Holding Fixed-rate Senior Notes: | |||||||||||
11/01/18 | |||||||||||
10/22/14 | |||||||||||
04/27/17 | |||||||||||
08/16/19 | |||||||||||
Total TDA Holding Senior Notes | |||||||||||
Finance lease liabilities | |||||||||||
Unamortized premium — net | |||||||||||
Debt issuance costs | ( | ( | |||||||||
Total long-term debt | $ | $ |
Maturities | |||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total maturities | |||||
Unamortized premium — net | |||||
Debt issuance costs | ( | ||||
Total long-term debt | $ |
2023 | 2024 | Total | |||||||||
FHLB borrowings | $ | $ | $ | ||||||||
Other short-term borrowings | |||||||||||
Total | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Commitments to extend credit related to unused HELOCs, PALs, and other lines of credit | $ | $ | |||||||||
Commitments to purchase First Mortgage loans | |||||||||||
Total | $ | $ |
Investor Services Employee Compensation and Benefits | Advisor Services Employee Compensation and Benefits | Total | |||||||||||||||
Balance at December 31, 2022 (1) | $ | $ | $ | ||||||||||||||
Amounts recognized in expense (2) | |||||||||||||||||
Costs paid or otherwise settled | ( | ( | ( | ||||||||||||||
Balance at September 30, 2023 (1) | $ | $ | $ |
Investor Services | Advisor Services | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Employee Compensation and Benefits | Facility Exit Costs (1) | Investor Services Total | Employee Compensation and Benefits | Facility Exit Costs (1) | Advisor Services Total | Total | ||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Investor Services | Advisor Services | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Employee Compensation and Benefits | Facility Exit Costs (1) | Investor Services Total | Employee Compensation and Benefits | Facility Exit Costs (1) | Advisor Services Total | Total | ||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Investor Services | Advisor Services | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Employee Compensation and Benefits | Facility Exit Costs (1) | Investor Services Total | Employee Compensation and Benefits | Facility Exit Costs (1) | Advisor Services Total | Total | ||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Investor Services | Advisor Services | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Employee Compensation and Benefits | Facility Exit Costs (1) | Investor Services Total | Employee Compensation and Benefits | Facility Exit Costs (1) | Advisor Services Total | Total | ||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Investor Services | Advisor Services | ||||||||||||||||||||||||||||||||||||||||
Employee Compensation and Benefits | Facility Exit Costs (1) | Investor Services Total | Employee Compensation and Benefits | Facility Exit Costs (1) | Advisor Services Total | Total | |||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||||||||||||||
Professional services | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Investor Services Employee Compensation and Benefits | Advisor Services Employee Compensation and Benefits | Total | |||||||||||||||
Balance at December 31, 2022 (1) | $ | $ | $ | ||||||||||||||
Amounts recognized in expense (2) | |||||||||||||||||
Costs paid or otherwise settled | |||||||||||||||||
Balance at September 30, 2023 (1) | $ | $ | $ |
Investor Services | Advisor Services | ||||||||||||||||||||||||||||||||||||||||
Employee Compensation and Benefits | Facility Exit Costs (1) | Investor Services Total | Employee Compensation and Benefits | Facility Exit Costs (1) | Advisor Services Total | Total | |||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
September 30, 2023 | ||||||||
Assets | Liabilities | |||||||
Interest rate swaps (1,2) | $ | $ |
September 30, 2023 | |||||
Amortized cost of hedged AFS securities (1,2) | $ | ||||
Cumulative fair value hedging adjustment included in the amortized cost of hedged AFS securities (1,2) | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2023 | 2023 | ||||||||||
Gain (loss) on fair value hedging relationships recognized in interest revenue: | |||||||||||
Hedged items | $ | ( | $ | ( | |||||||
Derivatives designated as hedging instruments |
Gross Assets/ Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts Presented in the Condensed Consolidated Balance Sheets | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||||||||||||||||
Counterparty Offsetting | Collateral | ||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Resale agreements (1) | $ | $ | $ | $ | $ | ( | (2) | $ | |||||||||||||||||||||||||||||||||
Securities borrowed (3) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Interest rate swaps (4) | (5) | ||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Repurchase agreements (6) | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Securities loaned (7) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Secured short-term borrowings (8) | ( | ||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Resale agreements (1) | $ | $ | $ | $ | $ | ( | (2) | $ | |||||||||||||||||||||||||||||||||
Securities borrowed (3) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Repurchase agreements (6) | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Securities loaned (7) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Fair value of client securities available to be pledged | $ | $ | ||||||||||||||||||||||||
Fair value of securities pledged for: | ||||||||||||||||||||||||||
Fulfillment of requirements with the Options Clearing Corporation (1) | $ | $ | ||||||||||||||||||||||||
Fulfillment of client short sales | ||||||||||||||||||||||||||
Securities lending to other broker-dealers | ||||||||||||||||||||||||||
Collateral for secured short-term borrowings | ||||||||||||||||||||||||||
Total collateral pledged to third parties | $ | $ |
September 30, 2023 | Level 1 | Level 2 | Level 3 | Balance at Fair Value | |||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Total cash equivalents | |||||||||||||||||||||||
Investments segregated and on deposit for regulatory purposes: | |||||||||||||||||||||||
U.S. Government securities | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Total investments segregated and on deposit for regulatory purposes | |||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||
U.S. agency mortgage-backed securities | |||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Foreign government agency securities | |||||||||||||||||||||||
U.S. state and municipal securities | |||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total available for sale securities | |||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Other securities owned at fair value: | |||||||||||||||||||||||
Equity, corporate debt, and other securities | |||||||||||||||||||||||
Mutual funds and ETFs | |||||||||||||||||||||||
State and municipal debt obligations | |||||||||||||||||||||||
U.S. Government securities | |||||||||||||||||||||||
Total other securities owned at fair value | |||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||
Total other assets | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Accrued expenses and other liabilities: | |||||||||||||||||||||||
Other | $ | $ | $ | $ | |||||||||||||||||||
Total accrued expenses and other liabilities | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
December 31, 2022 | Level 1 | Level 2 | Level 3 | Balance at Fair Value | |||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Total cash equivalents | |||||||||||||||||||||||
Investments segregated and on deposit for regulatory purposes: | |||||||||||||||||||||||
U.S. Government securities | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Total investments segregated and on deposit for regulatory purposes | |||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||
U.S. agency mortgage-backed securities | |||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Foreign government agency securities | |||||||||||||||||||||||
U.S. state and municipal securities | |||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total available for sale securities | |||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Other securities owned at fair value: | |||||||||||||||||||||||
Equity, corporate debt, and other securities | |||||||||||||||||||||||
Mutual funds and ETFs | |||||||||||||||||||||||
State and municipal debt obligations | |||||||||||||||||||||||
U.S. Government securities | |||||||||||||||||||||||
Total other securities owned at fair value | |||||||||||||||||||||||
Total other assets | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Accrued expenses and other liabilities: | |||||||||||||||||||||||
Other | $ | $ | $ | $ | |||||||||||||||||||
Total accrued expenses and other liabilities | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
September 30, 2023 | Carrying Amount | Level 1 | Level 2 | Level 3 | Balance at Fair Value | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cash and investments segregated and on deposit for regulatory purposes | |||||||||||||||||||||||||||||
Receivables from brokerage clients — net | |||||||||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | |||||||||||||||||||||||||||||
Total held to maturity securities | |||||||||||||||||||||||||||||
Bank loans — net: | |||||||||||||||||||||||||||||
First Mortgages | |||||||||||||||||||||||||||||
HELOCs | |||||||||||||||||||||||||||||
Pledged asset lines | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Total bank loans — net | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Bank deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Payables to brokerage clients | |||||||||||||||||||||||||||||
Accrued expenses and other liabilities | |||||||||||||||||||||||||||||
Other short-term borrowings | |||||||||||||||||||||||||||||
Federal Home Loan Bank borrowings | |||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
December 31, 2022 | Carrying Amount | Level 1 | Level 2 | Level 3 | Balance at Fair Value | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cash and investments segregated and on deposit for regulatory purposes | |||||||||||||||||||||||||||||
Receivables from brokerage clients — net | |||||||||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | |||||||||||||||||||||||||||||
Total held to maturity securities | |||||||||||||||||||||||||||||
Bank loans — net: | |||||||||||||||||||||||||||||
First Mortgages | |||||||||||||||||||||||||||||
HELOCs | |||||||||||||||||||||||||||||
Pledged asset lines | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Total bank loans — net | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Bank deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Payables to brokerage clients | |||||||||||||||||||||||||||||
Accrued expenses and other liabilities | |||||||||||||||||||||||||||||
Other short-term borrowings | |||||||||||||||||||||||||||||
Federal Home Loan Bank borrowings | |||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
Liquidation Preference Per Share | Dividend Rate in Effect at September 30, 2023 | Earliest Redemption Date | Date at Which Dividend Rate Resets or Becomes Floating | Reset / Floating Rate | Margin Over Reset / Floating Rate | ||||||||||||||||||||||||||||||
Shares Issued and Outstanding (in ones) at | Carrying Value at | ||||||||||||||||||||||||||||||||||
September 30, 2023 (1) | December 31, 2022 (1) | September 30, 2023 | December 31, 2022 | Issue Date | |||||||||||||||||||||||||||||||
Fixed-rate: | |||||||||||||||||||||||||||||||||||
Series D | $ | $ | $ | 03/07/16 | % | 06/01/21 | N/A | N/A | N/A | ||||||||||||||||||||||||||
Series J | 03/30/21 | % | 06/01/26 | N/A | N/A | N/A | |||||||||||||||||||||||||||||
Fixed-to-floating rate/Fixed-rate reset: | |||||||||||||||||||||||||||||||||||
Series F | 10/31/17 | % | 12/01/27 | 12/01/27 | % | ||||||||||||||||||||||||||||||
Series G (2) | 04/30/20 | % | 06/01/25 | 06/01/25 | % | ||||||||||||||||||||||||||||||
Series H (3) | 12/11/20 | % | 12/01/30 | 12/01/30 | % | ||||||||||||||||||||||||||||||
Series I (2) | 03/18/21 | % | 06/01/26 | 06/01/26 | % | ||||||||||||||||||||||||||||||
Series K (2) | 03/04/22 | % | 06/01/27 | 06/01/27 | % | ||||||||||||||||||||||||||||||
Total preferred stock | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Declared | Per Share Amount | Total Declared | Per Share Amount | Total Declared (1) | Per Share Amount | Total Declared | Per Share Amount | |||||||||||||||||||||||||||||||||||||||||||
Series A (2) | N/A | N/A | $ | $ | N/A | N/A | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Series D (3) | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Series E (4) | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
Series F (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Series G (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Series H (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Series I (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Series J (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Series K (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Total AOCI | |||||
Balance at June 30, 2022 | $ | ( | |||
Available for sale securities: | |||||
Net unrealized gain (loss), net of tax expense (benefit) of $( | ( | ||||
Other reclassifications included in other revenue, net of tax expense (benefit) of $ | |||||
Held to maturity securities: | |||||
Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $ | |||||
Balance at September 30, 2022 | $ | ( | |||
Balance at June 30, 2023 | $ | ( | |||
Available for sale securities: | |||||
Net unrealized gain (loss), net of tax expense (benefit) of $( | ( | ||||
Other reclassifications included in other revenue, net of tax expense (benefit) of $ | |||||
Held to maturity securities: | |||||
Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $ | |||||
Balance at September 30, 2023 | $ | ( |
Total AOCI | |||||
Balance at December 31, 2021 | $ | ( | |||
Available for sale securities: | |||||
Net unrealized gain (loss), excluding transfers to held to maturity, net of tax expense (benefit) of $( | ( | ||||
Net unrealized loss on securities transferred to held to maturity, net of tax benefit of $ | |||||
Other reclassifications included in other revenue (1) | ( | ||||
Held to maturity securities: | |||||
Net unrealized loss on securities transferred from available for sale, net of tax benefit of $ | ( | ||||
Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $ | |||||
Balance at September 30, 2022 | $ | ( | |||
Balance at December 31, 2022 | $ | ( | |||
Available for sale securities: | |||||
Net unrealized gain (loss), net of tax expense (benefit) of $ | |||||
Other reclassifications included in other revenue, net of tax expense (benefit) of $ | |||||
Held to maturity securities: | |||||
Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $ | |||||
Other, net of tax expense (benefit) of $( | ( | ||||
Balance at September 30, 2023 | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Common Stock | Nonvoting Common Stock | Common Stock | Nonvoting Common Stock | Common Stock | Nonvoting Common Stock | Common Stock | Nonvoting Common Stock | |||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Preferred stock dividends and other (1) | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||
Net income available to common stockholders | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Denominator | ||||||||||||||||||||||||||
Weighted-average common shares outstanding — basic | ||||||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||
Net income available to common stockholders | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | ||||||||||||||||||||||||||
Allocation of net income available to common stockholders: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Denominator | ||||||||||||||||||||||||||
Weighted-average common shares outstanding — basic | ||||||||||||||||||||||||||
Conversion of nonvoting shares to voting shares | ||||||||||||||||||||||||||
Common stock equivalent shares related to stock incentive plans | ||||||||||||||||||||||||||
Weighted-average common shares outstanding — diluted (2) | ||||||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | $ | $ | $ | $ |
Actual | Minimum to be Well Capitalized | Minimum Capital Requirement | ||||||||||||||||||||||||||||||||||||
September 30, 2023 | Amount | Ratio | Amount | Ratio | Amount | Ratio (1) | ||||||||||||||||||||||||||||||||
CSC | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | $ | % | N/A | $ | % | |||||||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital | % | N/A | % | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | % | N/A | % | |||||||||||||||||||||||||||||||||||
Tier 1 Leverage | % | N/A | % | |||||||||||||||||||||||||||||||||||
Supplementary Leverage Ratio | % | N/A | % | |||||||||||||||||||||||||||||||||||
CSB | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital | % | % | % | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | % | % | % | |||||||||||||||||||||||||||||||||||
Tier 1 Leverage | % | % | % | |||||||||||||||||||||||||||||||||||
Supplementary Leverage Ratio | % | N/A | % | |||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
CSC | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | $ | % | N/A | $ | % | |||||||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital | % | N/A | % | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | % | N/A | % | |||||||||||||||||||||||||||||||||||
Tier 1 Leverage | % | N/A | % | |||||||||||||||||||||||||||||||||||
Supplementary Leverage Ratio | % | N/A | % | |||||||||||||||||||||||||||||||||||
CSB | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital | % | % | % | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | % | % | % | |||||||||||||||||||||||||||||||||||
Tier 1 Leverage | % | % | % | |||||||||||||||||||||||||||||||||||
Supplementary Leverage Ratio | % | N/A | % | |||||||||||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||
CS&Co | ||||||||||||||
Net capital | $ | $ | ||||||||||||
Minimum dollar requirement | ||||||||||||||
2% of aggregate debit balances | ||||||||||||||
Net capital in excess of required net capital | $ | $ | ||||||||||||
TDAC | ||||||||||||||
Net capital | $ | $ | ||||||||||||
Minimum dollar requirement | ||||||||||||||
2% of aggregate debit balances | ||||||||||||||
Net capital in excess of required net capital | $ | $ | ||||||||||||
TD Ameritrade, Inc. | ||||||||||||||
Net capital | $ | $ | ||||||||||||
Minimum dollar requirement | ||||||||||||||
2% of aggregate debit balances | ||||||||||||||
Net capital in excess of required net capital | $ | $ |
Investor Services | Advisor Services | Total | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Net Revenues | |||||||||||||||||||||||||||||||||||
Net interest revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Asset management and administration fees | |||||||||||||||||||||||||||||||||||
Trading revenue | |||||||||||||||||||||||||||||||||||
Bank deposit account fees | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total net revenues | |||||||||||||||||||||||||||||||||||
Expenses Excluding Interest | |||||||||||||||||||||||||||||||||||
Income before taxes on income | $ | $ | $ | $ | $ | $ |
Investor Services | Advisor Services | Total | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Net Revenues | |||||||||||||||||||||||||||||||||||
Net interest revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Asset management and administration fees | |||||||||||||||||||||||||||||||||||
Trading revenue | |||||||||||||||||||||||||||||||||||
Bank deposit account fees | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total net revenues | |||||||||||||||||||||||||||||||||||
Expenses Excluding Interest | |||||||||||||||||||||||||||||||||||
Income before taxes on income | $ | $ | $ | $ | $ | $ |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Program | ||||||||||||||||||||||
July: | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 8,723 | ||||||||||||||||||||
Employee transactions (1) | 34 | $ | 57.44 | N/A | N/A | |||||||||||||||||||||
August: | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 8,723 | ||||||||||||||||||||
Employee transactions (1) | 5 | $ | 65.44 | N/A | N/A | |||||||||||||||||||||
September | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 8,723 | ||||||||||||||||||||
Employee transactions (1) | 64 | $ | 55.32 | N/A | N/A | |||||||||||||||||||||
Total: | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 8,723 | ||||||||||||||||||||
Employee transactions (1) | 103 | $ | 56.51 | N/A | N/A |
Plans | |||||||||||||||||||||||
Action | Date | Rule 10b5-1 (1) | Non-Rule 10b5-1 (2) | Number of Securities to be Sold (3) | Latest Expiration | ||||||||||||||||||
X | — | Close of trading on May 15, 2025 |
Exhibit Number | Exhibit | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | (1) | |||||||
32.2 | (1) | |||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | (2) | ||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | (2) | ||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation | (2) | ||||||
101.DEF | Inline XBRL Extension Definition | (2) | ||||||
101.LAB | Inline XBRL Taxonomy Extension Label | (2) | ||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation | (2) | ||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
(1) | Furnished as an exhibit to this Quarterly Report on Form 10-Q. | |||||||
(2) | Attached as Exhibit 101 to this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 are the following materials formatted in Inline XBRL (Extensible Business Reporting Language) (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Stockholders’ Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements. |
THE CHARLES SCHWAB CORPORATION | |||||||||||
(Registrant) | |||||||||||
Date: | November 8, 2023 | /s/ Peter Crawford | |||||||||
Peter Crawford | |||||||||||
Managing Director and Chief Financial Officer |
Date: | November 8, 2023 | /s/ Walter W. Bettinger II | |||||||||
Walter W. Bettinger II | |||||||||||
Co-Chairman and Chief Executive Officer |
Date: | November 8, 2023 | /s/ Peter Crawford | |||||||||
Peter Crawford | |||||||||||
Managing Director and Chief Financial Officer |
/s/ Walter W. Bettinger II | Date: | November 8, 2023 | |||||||||
Walter W. Bettinger II | |||||||||||
Co-Chairman and Chief Executive Officer |
/s/ Peter Crawford | Date: | November 8, 2023 | |||||||||
Peter Crawford | |||||||||||
Managing Director and Chief Financial Officer |
Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||||||
Net Revenues | ||||||||||||
Interest revenue | $ 4,028 | $ 3,357 | $ 12,148 | $ 8,386 | ||||||||
Interest expense | (1,791) | (431) | (4,851) | (733) | ||||||||
Net interest revenue | 2,237 | 2,926 | 7,297 | 7,653 | ||||||||
Total net revenues | 4,606 | 5,500 | 14,378 | 15,265 | ||||||||
Expenses Excluding Interest | ||||||||||||
Compensation and benefits | 1,770 | 1,476 | 4,906 | 4,448 | ||||||||
Professional services | 275 | 264 | 805 | 766 | ||||||||
Occupancy and equipment | 305 | 292 | 923 | 855 | ||||||||
Advertising and market development | 102 | 89 | 293 | 296 | ||||||||
Communications | 151 | 131 | 485 | 444 | ||||||||
Depreciation and amortization | 198 | 167 | 566 | [1] | 476 | [1] | ||||||
Amortization of acquired intangible assets | 135 | 152 | 404 | [1] | 460 | [1] | ||||||
Regulatory fees and assessments | 114 | 65 | 277 | 200 | ||||||||
Other | 173 | 187 | 535 | 530 | ||||||||
Total expenses excluding interest | 3,223 | 2,823 | 9,194 | 8,475 | ||||||||
Income before taxes on income | 1,383 | 2,677 | 5,184 | 6,790 | ||||||||
Taxes on income | 258 | 657 | 1,162 | 1,575 | ||||||||
Net Income | 1,125 | 2,020 | 4,022 | [1] | 5,215 | [1] | ||||||
Preferred stock dividends and other | 108 | 136 | 299 | 401 | ||||||||
Net Income Available to Common Stockholders | $ 1,017 | $ 1,884 | $ 3,723 | $ 4,814 | ||||||||
Weighted-Average Common Shares Outstanding: | ||||||||||||
Basic (in shares) | 1,821 | 1,887 | 1,825 | 1,892 | ||||||||
Diluted (in shares) | 1,827 | 1,895 | 1,832 | 1,901 | ||||||||
Earnings Per Common Shares Outstanding | ||||||||||||
Basic (in USD per share) | [2] | $ 0.56 | $ 1.00 | $ 2.04 | $ 2.54 | |||||||
Diluted (in USD per share) | [2] | $ 0.56 | $ 0.99 | $ 2.03 | $ 2.53 | |||||||
Asset management and administration fees | ||||||||||||
Net Revenues | ||||||||||||
Revenues from contracts with customers | [3] | $ 1,224 | $ 1,047 | $ 3,515 | $ 3,167 | |||||||
Trading revenue | ||||||||||||
Net Revenues | ||||||||||||
Revenues from contracts with customers | 768 | 930 | 2,463 | 2,778 | ||||||||
Bank deposit account fees | ||||||||||||
Net Revenues | ||||||||||||
Revenues from contracts with customers | 205 | 413 | 531 | 1,059 | ||||||||
Other | ||||||||||||
Net Revenues | ||||||||||||
Revenues from contracts with customers | $ 172 | $ 184 | $ 572 | $ 608 | ||||||||
|
Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Statement [Abstract] | ||||
Fee waivers | $ 0 | $ 0 | $ 0 | $ 57 |
Condensed Consolidated Balance Sheets - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Assets | |||||||||
Cash and cash equivalents | [2] | $ 33,251 | [1],[3] | $ 40,195 | |||||
Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $3,010 and $12,159 at September 30, 2023 and December 31, 2022, respectively) | [2] | 18,576 | 42,983 | ||||||
Receivables from brokerage clients — net | [2] | 69,062 | 66,591 | ||||||
Available for sale securities (amortized cost of $122,072 at September 30, 2023 and $160,162 at December 31, 2022; including assets pledged of $1,773 and $41, respectively) | [2] | 110,272 | 147,871 | ||||||
Held to maturity securities (including assets pledged of $5,346 at September 30, 2023 and $4,522 at December 31, 2022) | [2] | 162,452 | 173,074 | ||||||
Bank loans — net | [2] | 40,327 | 40,505 | ||||||
Equipment, office facilities, and property — net | [2] | 3,730 | 3,714 | ||||||
Goodwill | [2] | 11,951 | 11,951 | ||||||
Acquired intangible assets — net | [2] | 8,390 | 8,789 | ||||||
Other assets | [2] | 17,193 | 16,099 | ||||||
Total assets | [2] | 475,204 | 551,772 | ||||||
Liabilities and Stockholders’ Equity | |||||||||
Bank deposits | [2] | 284,408 | 366,724 | ||||||
Payables to brokerage clients | [2] | 72,818 | 97,438 | ||||||
Accrued expenses and other liabilities | [2] | 16,041 | 13,124 | ||||||
Other short-term borrowings | [2] | 7,550 | 4,650 | ||||||
Federal Home Loan Bank borrowings | [2] | 31,800 | 12,400 | ||||||
Long-term debt | [2] | 24,803 | 20,828 | ||||||
Total liabilities | [2] | 437,420 | 515,164 | ||||||
Stockholders’ equity: | |||||||||
Preferred stock — $.01 par value per share; aggregate liquidation preference of $9,329 and $9,850 at September 30, 2023 and December 31, 2022, respectively | [2] | 9,191 | 9,706 | ||||||
Additional paid-in capital | [2] | 27,293 | 27,075 | ||||||
Retained earnings | [2] | 33,429 | 31,066 | ||||||
Treasury stock, at cost — 252,889,055 and 221,033,042 shares at September 30, 2023 and December 31, 2022, respectively | [2] | (11,398) | (8,639) | ||||||
Accumulated other comprehensive income (loss) | [2] | (20,752) | (22,621) | ||||||
Total stockholders’ equity | [2] | 37,784 | 36,608 | ||||||
Total liabilities and stockholders’ equity | [2] | 475,204 | 551,772 | ||||||
Common Stock | |||||||||
Stockholders’ equity: | |||||||||
Common stock | [2] | 20 | 20 | ||||||
Nonvoting Common Stock | |||||||||
Stockholders’ equity: | |||||||||
Common stock | [2] | $ 1 | $ 1 | ||||||
|
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
|||
---|---|---|---|---|---|
Cash and investments segregated and on deposit for regulatory purposes, resale agreements | [1] | $ 3,010 | $ 12,159 | ||
Amortized cost of available for sale securities | [1] | 122,072 | 160,162 | ||
Available for sale securities, assets pledged | [1] | 110,272 | 147,871 | ||
Held to maturity securities, assets pledged | [1] | $ 162,452 | $ 173,074 | ||
Preferred stock, par value (in USD per share) | [1] | $ 0.01 | $ 0.01 | ||
Preferred stock, aggregate liquidation preference | [1] | $ 9,329 | $ 9,850 | ||
Treasury stock (in shares) | [1] | 252,889,055 | 221,033,042 | ||
Common Stock | |||||
Common stock, shares authorized (in shares) | [1] | 3,000,000,000 | 3,000,000,000 | ||
Common stock, par value (in USD per share) | [1] | $ 0.01 | $ 0.01 | ||
Common stock, shares issued (in shares) | 2,023,295,180 | 2,023,295,180 | [1] | ||
Nonvoting Common Stock | |||||
Common stock, shares authorized (in shares) | [1] | 300,000,000 | 300,000,000 | ||
Common stock, par value (in USD per share) | [1] | $ 0.01 | $ 0.01 | ||
Common stock, shares issued (in shares) | 50,893,695 | 50,893,695 | [1] | ||
Asset Pledged as Collateral | |||||
Available for sale securities, assets pledged | [1] | $ 1,773 | $ 41 | ||
Held to maturity securities, assets pledged | [1] | $ 5,346 | $ 4,522 | ||
|
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions |
Total |
Common Stock |
Nonvoting Common Stock |
Preferred Stock |
Common Stock |
Common Stock
Common Stock
|
Common Stock
Nonvoting Common Stock
|
Additional Paid-in Capital |
Retained Earnings |
Treasury Stock, at cost |
Treasury Stock, at cost
Common Stock
|
Treasury Stock, at cost
Nonvoting Common Stock
|
Accumulated Other Comprehensive Income (Loss) |
|||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at beginning of period at Dec. 31, 2021 | $ 56,261.0 | $ 9,954.0 | $ 20.0 | $ 1.0 | $ 26,741.0 | $ 25,992.0 | $ (5,338.0) | $ (1,109.0) | ||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 1,995,000,000 | 79,000,000 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 5,215.0 | [1] | $ 5,014.0 | $ 201.0 | 5,215.0 | |||||||||||||
Other comprehensive income (loss), net of tax | (22,043.0) | (22,043.0) | ||||||||||||||||
Issuance of preferred stock, net | 740.0 | 740.0 | ||||||||||||||||
Call of preferred stock | (400.0) | (397.0) | (3.0) | |||||||||||||||
Dividends declared on preferred stock | (373.9) | (374.0) | ||||||||||||||||
Dividends declared on common stock | (1,179.0) | (1,179.0) | ||||||||||||||||
Repurchase of stock (in shares) | 15,000,000 | 15,000,000 | ||||||||||||||||
Repurchase of stock | (500.0) | (1,000.0) | $ (500.0) | $ (1,000.0) | ||||||||||||||
Conversion of nonvoting common stock to common stock (in shares) | 13,000,000 | (13,000,000) | ||||||||||||||||
Stock option exercises and other | 42.0 | (68.0) | 110.0 | |||||||||||||||
Share-based compensation | 215.0 | 215.0 | ||||||||||||||||
Other | 64.0 | 87.0 | (23.0) | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 2,023,000,000 | 51,000,000 | ||||||||||||||||
Balance at end of period at Sep. 30, 2022 | 37,041.0 | 10,297.0 | $ 20.0 | $ 1.0 | 26,975.0 | 29,651.0 | (6,751.0) | (23,152.0) | ||||||||||
Balance at beginning of period at Jun. 30, 2022 | 44,513.0 | 10,694.0 | $ 20.0 | $ 1.0 | 26,918.0 | 28,174.0 | (5,272.0) | (16,022.0) | ||||||||||
Beginning balance (in shares) at Jun. 30, 2022 | 1,995,000,000 | 79,000,000 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 2,020.0 | 1,956.0 | 64.0 | 2,020.0 | ||||||||||||||
Other comprehensive income (loss), net of tax | (7,130.0) | (7,130.0) | ||||||||||||||||
Call of preferred stock | (400.0) | (397.0) | (3.0) | |||||||||||||||
Dividends declared on preferred stock | (123.4) | (123.0) | ||||||||||||||||
Dividends declared on common stock | (417.0) | (417.0) | ||||||||||||||||
Repurchase of stock (in shares) | 15,000,000 | 15,000,000 | ||||||||||||||||
Repurchase of stock | (500.0) | (1,000.0) | $ (500.0) | $ (1,000.0) | ||||||||||||||
Conversion of nonvoting common stock to common stock (in shares) | 13,000,000 | (13,000,000) | ||||||||||||||||
Stock option exercises and other | 9.0 | (12.0) | 21.0 | |||||||||||||||
Share-based compensation | 50.0 | 50.0 | ||||||||||||||||
Other | 19.0 | 19.0 | ||||||||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 2,023,000,000 | 51,000,000 | ||||||||||||||||
Balance at end of period at Sep. 30, 2022 | 37,041.0 | 10,297.0 | $ 20.0 | $ 1.0 | 26,975.0 | 29,651.0 | (6,751.0) | (23,152.0) | ||||||||||
Balance at beginning of period at Dec. 31, 2022 | 36,608.0 | [2] | 9,706.0 | $ 20.0 | $ 1.0 | 27,075.0 | 31,066.0 | (8,639.0) | (22,621.0) | |||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 2,023,000,000 | 51,000,000 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 4,022.0 | [1] | 3,910.0 | 112.0 | 4,022.0 | |||||||||||||
Other comprehensive income (loss), net of tax | 1,869.0 | 1,869.0 | ||||||||||||||||
Redemption and repurchase of preferred stock, inclusive of tax | (471.0) | (515.0) | 44.0 | |||||||||||||||
Dividends declared on preferred stock | (323.9) | (324.0) | ||||||||||||||||
Dividends declared on common stock | (1,379.0) | (1,379.0) | ||||||||||||||||
Repurchase of stock (in shares) | 37,000,000 | |||||||||||||||||
Repurchase of stock | (2,869.0) | $ (2,800.0) | (2,869.0) | |||||||||||||||
Stock option exercises and other | 33.0 | (110.0) | 143.0 | |||||||||||||||
Share-based compensation | 242.0 | 242.0 | ||||||||||||||||
Other | 53.0 | 86.0 | (33.0) | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2023 | 2,023,000,000 | 51,000,000 | ||||||||||||||||
Balance at end of period at Sep. 30, 2023 | 37,784.0 | [2] | 9,191.0 | $ 20.0 | $ 1.0 | 27,293.0 | 33,429.0 | (11,398.0) | (20,752.0) | |||||||||
Balance at beginning of period at Jun. 30, 2023 | 37,147.0 | 9,191.0 | $ 20.0 | $ 1.0 | 27,220.0 | 32,865.0 | (11,420.0) | (20,730.0) | ||||||||||
Beginning balance (in shares) at Jun. 30, 2023 | 2,023,000,000 | 51,000,000 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 1,125.0 | $ 1,094.0 | $ 31.0 | 1,125.0 | ||||||||||||||
Other comprehensive income (loss), net of tax | (22.0) | (22.0) | ||||||||||||||||
Dividends declared on preferred stock | (103.0) | (103.0) | ||||||||||||||||
Dividends declared on common stock | (458.0) | (458.0) | ||||||||||||||||
Repurchase of stock (in shares) | 0 | |||||||||||||||||
Stock option exercises and other | 9.0 | (9.0) | 18.0 | |||||||||||||||
Share-based compensation | 60.0 | 60.0 | ||||||||||||||||
Other | 26.0 | 22.0 | 4.0 | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2023 | 2,023,000,000 | 51,000,000 | ||||||||||||||||
Balance at end of period at Sep. 30, 2023 | $ 37,784.0 | [2] | $ 9,191.0 | $ 20.0 | $ 1.0 | $ 27,293.0 | $ 33,429.0 | $ (11,398.0) | $ (20,752.0) | |||||||||
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Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared on common stock (in USD per share) | $ 0.25 | $ 0.22 | $ 0.75 | $ 0.62 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
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Cash Flows from Operating Activities | ||||||
Net income | [1] | $ 4,022 | $ 5,215 | |||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||||
Share-based compensation | [1] | 260 | 281 | |||
Depreciation and amortization | [1] | 566 | 476 | |||
Amortization of acquired intangible assets | [1] | 404 | 460 | |||
Provision (benefit) for deferred income taxes | [1] | 5 | (57) | |||
Premium amortization, net, on available for sale and held to maturity securities | [1] | 614 | 1,163 | |||
Other | [1] | 391 | 339 | |||
Net change in: | ||||||
Investments segregated and on deposit for regulatory purposes | [1] | 17,539 | (1,774) | |||
Receivables from brokerage clients | [1] | (2,502) | 16,683 | |||
Other assets | [1] | 202 | 655 | |||
Payables to brokerage clients | [1] | (24,620) | (15,659) | |||
Accrued expenses and other liabilities | [1] | 2,669 | (3,618) | |||
Net cash provided by (used for) operating activities | [1] | (450) | 4,164 | |||
Cash Flows from Investing Activities | ||||||
Purchases of available for sale securities | [1] | (775) | (49,897) | |||
Proceeds from sales of available for sale securities | [1] | 6,385 | 24,019 | |||
Principal payments on available for sale securities | [1] | 31,593 | 40,503 | |||
Principal payments on held to maturity securities | [1] | 12,030 | 12,433 | |||
Net change in bank loans | [1] | 194 | (5,653) | |||
Purchases of equipment, office facilities, and property | [1] | (637) | (769) | |||
Purchases of FHLB stock | [1] | (1,652) | 0 | |||
Proceeds from sales of FHLB stock | [1] | 876 | 0 | |||
Purchases of Federal Reserve stock | [1] | (212) | (85) | |||
Proceeds from sales of Federal Reserve stock | [1] | 98 | 16 | |||
Other investing activities | [1] | (171) | (59) | |||
Net cash provided by (used for) investing activities | [1] | 47,729 | 20,508 | |||
Cash Flows from Financing Activities | ||||||
Net change in bank deposits | [1] | (82,316) | (48,063) | |||
Proceeds from FHLB borrowings | [1] | 41,800 | 4 | |||
Repayments of FHLB borrowings | [1] | (22,400) | (4) | |||
Proceeds from other short-term borrowings | [1] | 14,190 | 14,999 | |||
Repayments of other short-term borrowings | [1] | (11,296) | (19,357) | |||
Issuances of long-term debt | [1] | 4,809 | 2,971 | |||
Repayments of long-term debt | [1] | (823) | (1,029) | |||
Net proceeds from preferred stock offerings | [1] | 0 | 740 | |||
Redemption and repurchase of preferred stock | [1] | (467) | 0 | |||
Dividends paid | [1] | (1,703) | (1,559) | |||
Proceeds from stock options exercised | [1] | 33 | 42 | |||
Repurchases of common stock and nonvoting common stock | [1] | (2,842) | (1,455) | |||
Other financing activities | [1] | (77) | (53) | |||
Net cash provided by (used for) financing activities | [1] | (61,092) | (52,764) | |||
Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | [1] | (13,813) | (28,092) | |||
Cash and Cash Equivalents, including Amounts Restricted at Beginning of Year | [1] | 58,720 | 93,338 | |||
Cash and Cash Equivalents, including Amounts Restricted at End of Period | [1],[2] | 44,907 | 65,246 | |||
Non-cash investing activity: | ||||||
Securities transferred from available for sale to held to maturity, at fair value | [1] | 0 | 108,805 | |||
Securities matured during the period but settled after period end | [1] | 415 | 0 | |||
Changes in accrued equipment, office facilities, and property purchases | [1] | (32) | (28) | |||
Non-cash financing activity: | ||||||
Common stock repurchased during the period but settled after period end | [1] | 0 | 45 | |||
Call of preferred stock | [1] | 0 | 400 | |||
Cash paid during the period for: | ||||||
Interest | [1] | 3,851 | 722 | |||
Income taxes | [1] | 1,243 | 1,436 | |||
Amounts included in the measurement of lease liabilities | [1] | 190 | 162 | |||
Leased assets obtained in exchange for new operating lease liabilities | [1] | 88 | 226 | |||
Leased assets obtained in exchange for new finance lease liabilities | [1] | $ 0 | $ 5 | |||
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Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Reconciliation of cash, cash equivalents and amounts reported within the balance sheet | |||||||||
Cash and cash equivalents | [1],[3] | $ 33,251 | [2] | $ 46,486 | |||||
Restricted cash and cash equivalents amounts included in cash and investments segregated and on deposit for regulatory purposes | [1],[3] | 11,656 | 18,760 | ||||||
Total cash and cash equivalents, including amounts restricted shown in the statement of cash flows | [1],[3] | $ 44,907 | $ 65,246 | ||||||
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Introduction and Basis of Presentation |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Introduction and Basis of Presentation | Introduction and Basis of Presentation The Charles Schwab Corporation (CSC) is a savings and loan holding company. CSC engages, through its subsidiaries (collectively referred to as Schwab or the Company), in wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. Principal business subsidiaries of CSC include the following: •Charles Schwab & Co., Inc. (CS&Co), incorporated in 1971, a securities broker-dealer; •TD Ameritrade, Inc., an introducing securities broker-dealer; •TD Ameritrade Clearing, Inc. (TDAC), a securities broker-dealer that provides trade execution and clearing services to TD Ameritrade, Inc.; •Charles Schwab Bank, SSB (CSB), our principal banking entity; and •Charles Schwab Investment Management, Inc. (CSIM), the investment advisor for Schwab’s proprietary mutual funds (Schwab Funds®) and for Schwab’s exchange-traded funds (Schwab ETFs™). Unless otherwise indicated, the terms “Schwab,” “the Company,” “we,” “us,” or “our” mean CSC together with its consolidated subsidiaries. These unaudited condensed consolidated financial statements have been prepared in conformity with GAAP, which require management to make certain estimates and assumptions that affect the reported amounts in the accompanying financial statements and in the related disclosures. These estimates are based on information available as of the date of the condensed consolidated financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in Schwab’s 2022 Form 10-K. Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation. Beginning in 2023, Federal Home Loan Bank borrowings are presented separately from other short-term borrowings in the condensed consolidated balance sheets. Prior period amounts have been reclassified to reflect these changes. Corresponding presentation changes have been made to the condensed consolidated statements of cash flows and related notes. The significant accounting policies are included in Item 8 – Note 2 in the 2022 Form 10-K. There have been no significant changes to these accounting policies during the first nine months of 2023, except as described in Note 2 below.
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Summary of Significant Accounting Policies and New Accounting Standards |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies and New Accounting Standards | Summary of Significant Accounting Policies and New Accounting Standards Derivative Instruments and Hedging Activities As discussed further in Note 11, beginning in 2023, the Company utilizes derivative instruments as part of its interest rate risk management. The Company records all derivatives on the balance sheet at fair value. Accounting for the changes in the fair values of derivatives depends on whether we qualify for and elect to apply hedge accounting and the type of hedging accounting relationship applied. Hedge accounting generally matches the timing of gain or loss recognition on the derivatives with the recognition of the changes in the fair values or cash flows attributable to the risk being hedged of the hedged asset or liability in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge, respectively. Schwab’s policy is to designate all eligible derivatives in hedge accounting relationships. To qualify for hedge accounting, among other requirements, a derivative must be highly effective at reducing exposure to the hedged risk. The assessment of effectiveness is done at inception and on an ongoing basis for hedging relationships and, depending on certain criteria, may be qualitative or quantitative. Schwab applies the “shortcut method” of hedge accounting for a portion of its fair value hedges, which assumes perfect effectiveness. Alternatively, when quantitative effectiveness assessments are required, the Company uses regression analysis, which is the method employed for the rest of our hedging relationships. For derivatives the Company has designated and that qualify as fair value hedges of interest rate risk, the gain or loss on the derivatives and the changes in fair values of the hedged assets attributable to benchmark interest rates (basis adjustments) are both recorded in interest revenue on the condensed consolidated statement of income. If the hedging relationship is terminated, the basis adjustment remaining on the hedged asset continues to be reported as part of the amortized cost of that asset and is amortized to interest revenue over the remaining life of the asset as a yield adjustment using the effective interest method. The Company does not amortize basis adjustments prior to termination of the hedging relationship. Certain fair value hedges may be designated under the portfolio layer method (PLM) of hedge accounting, which allows the Company to hedge the interest rate risk of prepayable and non-prepayable financial assets by designating a stated amount of a closed portfolio that is expected to be outstanding for the designated hedge period (a hedged layer) as the hedged item. A PLM hedging relationship may include multiple hedged layers. If at any point during the hedge period the aggregate amount of the hedged layers exceeds the amount of the closed portfolio (i.e., a breach of the hedged layer(s) has occurred) or is expected to exceed the amount of the closed portfolio at a future date during the hedge period (i.e., a breach of the hedged layer is anticipated), the PLM hedge must be fully or partially terminated to cure the breach or anticipated breach. Basis adjustments for active PLM hedges are maintained at the closed portfolio level and are only allocated to individual assets remaining in the closed portfolio when the hedge is terminated, except for the portion of the basis adjustment related to the breach of the hedged layer(s) that has occurred, if any, which is recognized in interest revenue immediately. Allocated PLM basis adjustments are reported as part of the amortized cost of the assets and are amortized to interest revenue over the assets’ respective remaining lives as a yield adjustment using the effective interest method. For derivatives the Company has designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivatives is recorded in AOCI and subsequently reclassified into interest revenue or interest expense, depending on where the hedged cash flows are recognized, on the condensed consolidated statement of income in the same period during which the hedged transactions affect earnings. Amounts reported in AOCI for cash flow hedges of recognized financial assets and liabilities are reclassified into interest revenue or interest expense as interest payments are accrued or made. If the hedging relationship is terminated and transactions that were hedged are no longer probable of occurring, the gain or loss on the derivative(s) recorded in AOCI prior to termination is reclassified into interest revenue or interest expense immediately. Otherwise, the derivative gain or loss in AOCI will continue to be reclassified into interest revenue or interest expense in the periods during which the transactions that were hedged affect earnings. Cash flows associated with derivative instruments are reflected as cash flows from operating activities in the statement of cash flows consistent with the treatment and nature of the items being hedged. Adoption of New Accounting Standards
New Accounting Standards Not Yet Adopted There are currently no new accounting standards not yet adopted that are material to the Company.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Disaggregation of Schwab’s revenue by major source is as follows:
Note: For a summary of revenue provided by our reportable segments, see Note 18. The recognition of revenue is not impacted by the operating segment in which revenue is generated. (1) Certain prior year amounts have been reclassified to conform to the current year presentation. See Note 1 for additional information. Contract balances: Substantially all receivables from contracts with customers within the scope of Accounting Standards Codification (ASC) 606 Revenue From Contracts With Customers (ASC 606), are included in other assets on the condensed consolidated balance sheets, and totaled $563 million and $560 million at September 30, 2023 and December 31, 2022, respectively. Schwab did not have any other significant contract assets as of December 31, 2022. At September 30, 2023, the Company also had net contract assets of $221 million related to the buy down of fixed-rate obligation amounts pursuant to the 2023 IDA agreement. This balance is included in other assets on the condensed consolidated balance sheet, and is amortized on a straight-line basis over the remaining contract term as a reduction to bank deposit account fee revenue. For additional discussion of the 2023 IDA agreement, see Note 9. Schwab did not have any significant contract liability balances as of September 30, 2023 or December 31, 2022. Unsatisfied performance obligations: We do not have any unsatisfied performance obligations other than those that are subject to an elective practical expedient under ASC 606. The practical expedient applies to and is elected for contracts where we recognize revenue at the amount to which we have the right to invoice for services performed.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The amortized cost, gross unrealized gains and losses, and fair value of the Company’s AFS and HTM investment securities are as follows:
(1) Approximately 61% and 57% of asset-backed securities held as of September 30, 2023 and December 31, 2022, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 22% and 18% of the asset-backed securities held as of September 30, 2023 and December 31, 2022, respectively. (2) As of both September 30, 2023 and December 31, 2022, approximately 37% of the total AFS in corporate debt securities were issued by institutions in the financial services industry. (3) Beginning in 2023, this represents the amount of PLM basis adjustments related to AFS securities hedged in a closed portfolio. See Notes 2 and 11 for more information on PLM hedge accounting. (4) Included in cash and cash equivalents on the condensed consolidated balance sheets, but excluded from this table is $48 million of AFS commercial paper as of December 31, 2022 (none as of September 30, 2023). These holdings have maturities of three months or less and an aggregate market value equal to amortized cost. During 2022, the Company transferred a total of $188.6 billion of U.S. agency mortgage-backed securities with a total net pre-tax unrealized loss at the times of transfer of $18.2 billion from the AFS category to the HTM category. The transfer of these securities to the HTM category reduces the Company’s exposure to fluctuations in AOCI that can result from unrealized losses on AFS securities due to changes in market interest rates. The unrealized loss at the time of transfer is amortized over the remaining life of the security, offsetting the amortization of the security’s premium or discount, and resulting in no impact to net income. As of September 30, 2023, the total remaining unamortized loss on these securities transferred to HTM included in AOCI was $11.8 billion net of tax effect ($15.6 billion pre-tax). At September 30, 2023, our banking subsidiaries had pledged investment securities with a value of $68.2 billion as collateral to secure borrowing capacity on secured credit facilities with the FHLB (see Note 8). Our banking subsidiaries pledge investment securities as collateral to secure borrowing capacity at the Federal Reserve discount window, and had pledged securities with a fair value of $7.2 billion as collateral for this facility at September 30, 2023. Beginning in 2023, our banking subsidiaries pledge investment securities as collateral to secure borrowing capacity at the Federal Reserve through the Bank Term Funding Program, and had pledged securities with a par value of $40.2 billion as collateral for this facility at September 30, 2023. The Company also pledges investment securities issued by federal agencies to secure certain trust deposits. The fair value of these pledged securities was $1.5 billion at September 30, 2023. At September 30, 2023, our banking subsidiaries had pledged HTM and AFS securities as collateral under repurchase agreements with external financial institutions. HTM securities pledged were U.S. agency mortgage-backed securities with an aggregate amortized cost of $5.3 billion, and AFS securities pledged were U.S. agency mortgage-backed securities with an aggregate fair value of $1.8 billion. Securities pledged as collateral under these repurchase agreements may be sold, repledged, or otherwise used by the counterparties. See Notes 8 and 12 for additional information on these repurchase agreements. At September 30, 2023, our banking subsidiaries had pledged AFS securities with an aggregate fair value of $180 million as initial margin on interest rate swaps (see Note 11). All of Schwab’s interest rate swaps are cleared through central counterparty (CCP) clearing houses which require the Company to post initial margin as collateral against potential losses. Securities with unrealized losses, aggregated by category and period of continuous unrealized loss, of AFS investment securities are as follows:
At September 30, 2023, substantially all rated securities in the investment portfolios were investment grade. U.S. agency mortgage-backed securities do not have explicit credit ratings; however, management considers these to be of the highest credit quality and rating given the guarantee of principal and interest by the U.S. government or U.S. government-sponsored enterprises. For a description of management’s quarterly evaluation of AFS securities in unrealized loss positions, see Item 8 – Note 2 in the 2022 Form 10-K. No amounts were recognized as credit loss expense and no securities were written down to fair value through earnings for the nine months ended September 30, 2023 and the year ended December 31, 2022. None of the Company’s AFS securities held as of September 30, 2023 and December 31, 2022 had an allowance for credit losses. All HTM securities as of September 30, 2023 and December 31, 2022 were U.S. agency mortgage-backed securities and therefore had no allowance for credit losses because expected nonpayment of the amortized cost basis is zero. The Company had $566 million and $685 million of accrued interest for AFS and HTM securities as of September 30, 2023 and December 31, 2022, respectively. These amounts are excluded from the amortized cost basis and fair market value of AFS and HTM securities and included in other assets on the condensed consolidated balance sheets. There were no writeoffs of accrued interest receivable on AFS and HTM securities during the nine months ended September 30, 2023, or for the year ended December 31, 2022. In the table below, mortgage-backed securities and other asset-backed securities have been allocated to maturity groupings based on final contractual maturities. As borrowers may have the right to call or prepay certain obligations underlying our investment securities, actual maturities may differ from the scheduled contractual maturities presented below. As of September 30, 2023, the estimated effective duration, which reflects anticipated future payments, of our total AFS and HTM investment securities portfolio is approximately 4.0 years. The estimated effective duration of our AFS investment securities portfolio is approximately 2.5 years as of September 30, 2023. Including the impact of the Company’s use of derivative instruments to manage changes in the fair values of our AFS investment portfolio, the effective duration of our total AFS and HTM investments securities as of September 30, 2023 is approximately 3.9 years and for our AFS investment securities is approximately 2.2 years (see Note 11). The maturities of AFS and HTM investment securities are as follows:
(1) For purposes of this table, the amortized cost of AFS securities excludes the PLM fair value hedge basis adjustments of $57 million at September 30, 2023. Proceeds and gross realized gains and losses from sales of AFS investment securities are as follows:
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Bank Loans and Related Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans and Related Allowance for Credit Losses | Bank Loans and Related Allowance for Credit Losses The composition of bank loans and delinquency analysis by portfolio segment and class of financing receivable is as follows:
(1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $100 million and $98 million at September 30, 2023 and December 31, 2022, respectively. (2) At both September 30, 2023 and December 31, 2022, 43% of the First Mortgage and HELOC portfolios were concentrated in California. These loans have performed in a manner consistent with the portfolio as a whole. (3) There were no loans accruing interest that were contractually 90 days or more past due at September 30, 2023 or December 31, 2022. At September 30, 2023, CSB had pledged the full balance of First Mortgages and HELOCs pursuant to a blanket lien status collateral arrangement to secure borrowing capacity on a secured credit facility with the FHLB (see Note 8). Changes in the allowance for credit losses on bank loans were as follows:
Consistent with Schwab’s loan charge-off policy for pledged asset lines (PALs) as disclosed in Item 8 – Note 2 of the 2022 Form 10-K, the Company charges off any unsecured balances no later than 90-days past due. PALs are also subject to the collateral maintenance practical expedient under ASC 326 Financial Instruments — Credit Losses. All PALs were fully collateralized by securities with fair values in excess of borrowings as of September 30, 2023 and December 31, 2022. Therefore, no allowance for credit losses for PALs as of those dates was required. The U.S. economy continues to be challenged by elevated inflation, tightening monetary policy, and geopolitical unrest. Despite these challenges, management’s macroeconomic outlook reflects a near term continuation of higher interest rates with only a slight increase in unemployment and modest home price depreciation. While higher mortgage rates are softening demand and reducing borrower affordability, constrained housing supply will keep home prices relatively stable. Furthermore, credit quality metrics in the Company’s bank loans portfolio have improved in recent years and remain very strong. As a result of these factors, we decreased projected loss rates at September 30, 2023, as compared to December 31, 2022. A summary of bank loan-related nonperforming assets is as follows:
(1) Nonaccrual loans include nonaccrual troubled debt restructurings recorded prior to the adoption of ASU 2022-02. (2) Included in other assets on the condensed consolidated balance sheets. Credit Quality In addition to monitoring delinquency, Schwab monitors the credit quality of First Mortgages and HELOCs by stratifying the portfolios by the following: •Year of origination; •Borrower FICO scores at origination (Origination FICO); •Updated borrower FICO scores (Updated FICO); •Loan-to-value (LTV) ratios at origination (Origination LTV); and •Estimated Current LTV ratios (Estimated Current LTV). Borrowers’ FICO scores are provided by an independent third-party credit reporting service and generally updated quarterly. The Origination LTV and Estimated Current LTV for a HELOC include any first lien mortgage outstanding on the same property at the time of the HELOC’s origination. The Estimated Current LTV for each loan is updated on a monthly basis by reference to a home price appreciation index. The credit quality indicators of the Company’s bank loan portfolio are detailed below:
(1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs.
At September 30, 2023, First Mortgage loans of $21.4 billion had adjustable interest rates. Substantially all of these mortgages have initial fixed interest rates for to ten years and interest rates that adjust annually thereafter. Approximately 27% of the balance of these mortgages consisted of loans with interest-only payment terms. The interest rates on approximately 88% of the balance of these interest-only loans are not scheduled to reset for or more years. Schwab’s mortgage loans do not include interest terms described as temporary introductory rates below current market rates. At September 30, 2023 and December 31, 2022, Schwab had $152 million and $134 million, respectively, of accrued interest on bank loans, which is excluded from the amortized cost basis of bank loans and included in other assets on the condensed consolidated balance sheets. The HELOC product has a 30-year loan term with an initial draw period of ten years from the date of origination. After the initial draw period, the balance outstanding at such time is converted to a 20-year amortizing loan. The interest rate during the initial draw period and the 20-year amortizing period is a floating rate based on the prime rate plus a margin. The following table presents when current outstanding HELOCs will convert to amortizing loans:
(1) Includes $6 million and $15 million of HELOCs converted to amortizing loans during the three and nine months ended September 30, 2023, respectively. At September 30, 2023, $389 million of the HELOC portfolio was secured by second liens on the associated properties. Second lien mortgage loans typically possess a higher degree of credit risk given the subordination to the first lien holder in the event of default. In addition to the credit monitoring activities described previously, Schwab also monitors credit risk by reviewing the delinquency status of the first lien loan on the associated property. At September 30, 2023, the borrowers on approximately 59% of HELOC loan balances outstanding only paid the minimum amount due.
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Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities As of September 30, 2023 and December 31, 2022, substantially all of Schwab’s involvement with variable interest entities (VIEs) is through CSB’s CRA-related investments and most of these are related to Low-Income Housing Tax Credit (LIHTC) investments. As part of CSB’s community reinvestment initiatives, CSB invests in funds that make equity investments in multifamily affordable housing properties and receives tax credits and other tax benefits for these investments. Aggregate assets, liabilities, and maximum exposure to loss The aggregate assets, liabilities, and maximum exposure to loss from those VIEs in which Schwab holds a variable interest, but is not the primary beneficiary, are summarized in the table below:
(1) Aggregate assets and aggregate liabilities are included in other assets and accrued expenses and other liabilities, respectively, on the condensed consolidated balance sheets. (2) Other investments include non-LIHTC CRA investments that are accounted for as loans at amortized cost, equity method investments, AFS securities, or using the adjusted cost method. Aggregate assets are included in AFS securities, bank loans – net, or other assets on the condensed consolidated balance sheets. Schwab’s maximum exposure to loss would result from the loss of the investments, including any committed amounts. Schwab’s funding of these remaining commitments is dependent upon the occurrence of certain conditions, and Schwab expects to pay substantially all of these commitments between 2023 and 2026. During the nine months ended September 30, 2023 and year ended December 31, 2022, Schwab did not provide or intend to provide financial or other support to the VIEs that it was not contractually required to provide.
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Bank Deposits |
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Deposit Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Deposits | Bank Deposits Bank deposits consist of interest-bearing and non-interest-bearing deposits as follows:
(1) Time certificates of deposit consist of brokered CDs. As of September 30, 2023 and December 31, 2022, there were no time deposits that were in excess of FDIC insurance limits or otherwise uninsured. Annual maturities on time certificates of deposit outstanding at September 30, 2023 are as follows:
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Borrowings |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings CSC Senior Notes CSC’s Senior Notes are unsecured obligations. CSC may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes and quarterly for the floating-rate Senior Notes. Interest for the fixed-to-floating rate Senior Notes is payable semi-annually during the fixed rate period of the notes and quarterly during the floating rate period of the notes. TDA Holding Senior Notes TDA Holding’s Senior Notes are unsecured obligations. TDA Holding may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes. The following table lists long-term debt by instrument outstanding as of September 30, 2023 and December 31, 2022:
(1) The 2029 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.643%, payable semi-annually, until the interest reset date on May 19, 2028. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.210%, payable quarterly. (2) The 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.853%, payable semi-annually, until the interest reset date on May 19, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.500%, payable quarterly. (3) The 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 6.136%, payable semi-annually, until the interest reset date on August 24, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.010%, payable quarterly. Annual maturities on all long-term debt outstanding at September 30, 2023 are as follows:
FHLB borrowings: Our banking subsidiaries maintain secured credit facilities with the FHLB. Amounts available under these facilities are dependent on the amount of bank loans and the fair value of certain investment securities that are pledged as collateral. There was $31.8 billion and $12.4 billion outstanding under these facilities as of September 30, 2023 and December 31, 2022, respectively, and these borrowings had a weighted-average interest rate of 5.17% and 4.88%, respectively. As of September 30, 2023 and December 31, 2022, the collateral pledged provided additional borrowing capacity of $55.6 billion and $68.6 billion, respectively. Other short-term borrowings: Total other short-term borrowings outstanding at September 30, 2023 and December 31, 2022 were $7.6 billion and $4.7 billion, respectively, and had a weighted-average interest rate of 5.39% and 4.97%, respectively. Additional information regarding our other short-term borrowings facilities is described below. CSC has the ability to issue up to $5.0 billion of commercial paper notes with maturities of up to 270 days. CSC had $85 million and $250 million outstanding at September 30, 2023 and December 31, 2022, respectively. CSC and CS&Co also have access to uncommitted lines of credit with external banks with total borrowing capacity of $1.8 billion; no amounts were outstanding as of September 30, 2023 or December 31, 2022. CS&Co also maintains secured, uncommitted lines of credit, under which CS&Co may borrow on a short-term basis and pledge either client margin securities or firm securities as collateral, based on the terms of the agreements, under which there was $950 million outstanding at September 30, 2023. Our banking subsidiaries have access to funding through the Federal Reserve discount window. Amounts available are dependent upon the fair value of certain investment securities that are pledged as collateral. As of September 30, 2023 and December 31, 2022, our collateral pledged provided total borrowing capacity of $7.2 billion and $7.8 billion, respectively, of which no amounts were outstanding at the end of either period. Beginning in 2023, our banking subsidiaries have access to funding through the Federal Reserve Bank Term Funding Program. Amounts available are dependent upon the par value of certain investment securities that are pledged as collateral. As of September 30, 2023, our collateral pledged provided total borrowing capacity of $40.2 billion. There were no borrowings outstanding at September 30, 2023. The Company may engage with external financial institutions in repurchase agreements collateralized by investment securities as another source of short-term liquidity. The Company had $6.5 billion and $4.4 billion outstanding pursuant to such repurchase agreements at September 30, 2023 and December 31, 2022, respectively. Repurchase agreements outstanding at September 30, 2023 mature between October 2023 and July 2024. TDAC maintains secured uncommitted lines of credit, under which TDAC borrows on either a demand or short-term basis and pledges client margin securities as collateral. There was no balance outstanding at September 30, 2023 or December 31, 2022. Annual maturities on FHLB borrowings and other short-term borrowings outstanding at September 30, 2023 are as follows:
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Commitments and Contingencies |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Loan Portfolio: CSB provides a co-branded loan origination program for CSB clients (the Program) with Rocket Mortgage, LLC (Rocket Mortgage®). Pursuant to the Program, Rocket Mortgage originates and services First Mortgages and HELOCs for CSB clients. Under the Program, CSB purchases certain First Mortgages and HELOCs that are originated by Rocket Mortgage. CSB purchased First Mortgages of $765 million and $1.3 billion during the third quarters of 2023 and 2022, respectively, and $2.4 billion and $6.0 billion during the first nine months of 2023 and 2022, respectively. CSB purchased HELOCs with commitments of $49 million and $92 million during the third quarters of 2023 and 2022, respectively, and $144 million and $252 million during the first nine months of 2023 and 2022, respectively. The Company’s commitments to extend credit on lines of credit and to purchase First Mortgages are as follows:
Guarantees and indemnifications: Schwab has clients that sell (i.e., write) listed option contracts that are cleared by the Options Clearing Corporation – a clearing house that establishes margin requirements on these transactions. We satisfy the margin requirements of these transactions through the pledging of certain client securities. For additional information on these pledged securities, refer to Note 12. In connection with its securities lending activities, Schwab is required to provide collateral to certain brokerage clients. The Company satisfies the collateral requirements by providing cash as collateral. The Company also provides guarantees to securities clearing houses and exchanges under standard membership agreements, which require members to guarantee the performance of other members. Under the agreements, if another member becomes unable to satisfy its obligations to the clearing houses and exchanges, other members would be required to meet shortfalls. The Company’s liability under these arrangements is not quantifiable and may exceed the amounts it has posted as collateral. The Company also engages third-party firms to clear clients’ futures and options on futures transactions and to facilitate clients’ foreign exchange trading, and has agreed to indemnify these firms for any losses that they may incur from the client transactions introduced to them by the Company. The potential requirement for the Company to make payments under these arrangements is remote. Accordingly, no liability has been recognized for these guarantees. IDA agreement: The 2019 IDA agreement with the TD Depository Institutions became effective on October 6, 2020 and created responsibilities of the Company and certain contingent obligations. On May 4, 2023, the 2019 IDA agreement was replaced and superseded by the 2023 IDA agreement, which specifies responsibilities, including certain contingent obligations, of the Company going forward. Pursuant to the 2023 IDA agreement, uninvested cash within eligible brokerage client accounts is swept off-balance sheet to deposit accounts at the TD Depository Institutions. Schwab provides recordkeeping and support services to the TD Depository Institutions with respect to the deposit accounts for which Schwab receives an aggregate monthly fee. The Company’s ability to migrate these balances to its balance sheet is dependent on multiple factors including having sufficient capital levels to sustain these incremental deposits and certain binding limitations specified in the 2023 IDA agreement, and, prior to May 4, 2023, the 2019 IDA agreement. The 2019 IDA agreement provided that, as of July 1, 2021, Schwab had the option to migrate up to $10 billion of IDA balances every 12 months to Schwab’s balance sheet, subject to certain limitations and adjustments. The Company migrated balances to the balance sheet in 2021 and 2022, subject to the terms of the 2019 IDA agreement. During the first nine months of 2023, Schwab did not move IDA balances to its balance sheet. The 2023 IDA agreement extends the agreement term to sweep balances to the TD Depository Institutions through July 1, 2034, and requires that Schwab maintain minimum and maximum IDA balances as follows: •Through September 10, 2025, Schwab must maintain minimum balances above the total of then-outstanding unmatured fixed-rate obligation amounts, with a maximum of $30 billion above this total amount. During this period, withdrawals of IDA balances by Schwab are generally permitted only to the extent of withdrawals initiated by Schwab customers, with limited exceptions, except to the extent necessary for Schwab to maintain balances below the applicable maximum. •After September 10, 2025, withdrawals of IDA balances are permitted at Schwab’s discretion, subject to an obligation to maintain IDA balances above a minimum of $60 billion, with a maximum of $90 billion. The 2023 IDA agreement eliminates the requirement of the 2019 IDA agreement that at least 80% of the IDA balances be designated as fixed-rate obligation amounts. Designation of deposit balances for investment in fixed- or floating-rate instruments under the 2023 IDA agreement is now at Schwab’s sole discretion with certain limitations on the amount of fixed-rate obligation amounts. Pursuant to the 2023 IDA agreement, Schwab has the option to buy down up to $5 billion of fixed-rate obligation amounts by paying a market-based fee during the agreement term, subject to certain limits. If IDA balances decline below the required IDA balance minimum as described above, Schwab would be required to make a nonperformance payment to the TD Depository Institutions pursuant to the terms of the 2023 IDA agreement. In May and August 2023, Schwab opted to buy down $2.4 billion and $2.1 billion of fixed-rate obligation amounts, respectively, incurring market-based fees of $112 million and $115 million, respectively, which were capitalized as contract assets and included in other assets on the condensed consolidated balance sheet. For additional information on these contract assets, see Note 3. As of September 30, 2023, the total ending IDA balance was $99.6 billion, of which $88.7 billion was fixed-rate obligation amounts and $10.9 billion was floating-rate obligation amounts. As of December 31, 2022, the total ending IDA balance was $122.6 billion, of which $108.5 billion was fixed-rate obligation amounts and $14.1 billion was floating-rate obligation amounts. Legal contingencies: Schwab is subject to claims and lawsuits in the ordinary course of business, including arbitrations, class actions and other litigation, some of which include claims for substantial or unspecified damages. The Company is also the subject of inquiries, investigations, and proceedings by regulatory and other governmental agencies. Predicting the outcome of a litigation or regulatory matter is inherently difficult, requiring significant judgment and evaluation of various factors, including the procedural status of the matter and any recent developments; prior experience and the experience of others in similar cases; available defenses, including potential opportunities to dispose of a case on the merits or procedural grounds before trial (e.g., motions to dismiss or for summary judgment); the progress of fact discovery; the opinions of counsel and experts regarding potential damages; and potential opportunities for settlement and the status of any settlement discussions. It may not be reasonably possible to estimate a range of potential liability until the matter is closer to resolution – pending, for example, further proceedings, the outcome of key motions or appeals, or discussions among the parties. Numerous issues may have to be developed, such as discovery of important factual matters and determination of threshold legal issues, which may include novel or unsettled questions of law. Reserves are established or adjusted or further disclosure and estimates of potential loss are provided as the matter progresses and more information becomes available. Schwab believes it has strong defenses in all significant matters currently pending and is contesting liability and any damages claimed. Nevertheless, some of these matters may result in adverse judgments or awards, including penalties, injunctions or other relief, and the Company may also determine to settle a matter because of the uncertainty and risks of litigation. Described below are matters in which there is a reasonable possibility that a material loss could be incurred or where the matter may otherwise be of significant interest to stockholders. Unless otherwise noted, the Company is unable to provide a reasonable estimate of any potential liability given the stage of proceedings in the matter. With respect to all other pending matters, based on current information and consultation with counsel, it does not appear reasonably possible that the outcome of any such matter would be material to the financial condition, operating results, or cash flows of the Company. Corrente Antitrust Litigation: On June 6, 2022, CSC was sued in the U.S. District Court for the Eastern District of Texas on behalf of a putative class of customers who purchased or sold securities through CS&Co or TD Ameritrade, Inc. from October 26, 2020 to the present. The lawsuit alleges that CSC’s acquisition of TD Ameritrade violated Section 7 of the Clayton Act because it has resulted in an anticompetitive market for the execution of retail customer orders. Plaintiffs seek unspecified damages, as well as injunctive and other relief. A motion by the Company to dismiss the lawsuit was denied by the court on February 24, 2023, and discovery is proceeding. The Company considers the claims to be without merit and is vigorously contesting the lawsuit. Crago Order Routing Litigation: On July 13, 2016, a securities class action lawsuit was filed in the U.S. District Court for the Northern District of California on behalf of a putative class of customers executing equity orders through CS&Co. The lawsuit names CS&Co and CSC as defendants and alleges that an agreement under which CS&Co routed orders to UBS Securities LLC between July 13, 2011 and December 31, 2014 violated CS&Co’s duty to seek best execution. Plaintiffs seek unspecified damages, interest, injunctive and equitable relief, and attorneys’ fees and costs. Defendants consider the allegations to be without merit and have been vigorously contesting the lawsuit. After a first amended complaint was dismissed with leave to amend, plaintiffs filed a second amended complaint on August 14, 2017. Defendants again moved to dismiss, and in a decision issued December 5, 2017, the court denied the motion. Plaintiffs filed a motion for class certification on April 30, 2021, and in a decision on October 27, 2021, the court denied the motion and held that certification of a class action is inappropriate. Plaintiffs sought review of the order denying class certification by the U.S. Court of Appeals, 9th Circuit, which was denied. On September 23, 2022, plaintiffs filed a renewed motion for class certification and defendants moved to compel plaintiffs’ case to arbitration. On February 2, 2023, the court granted defendants’ motion, stayed the case pending the outcome of arbitration, and denied plaintiffs’ renewed motion for class certification as moot. Ford Order Routing Litigation: On September 15, 2014, TDA Holding, TD Ameritrade, Inc. and its former CEO, Frederick J. Tomczyk, were sued in the U.S. District Court for the District of Nebraska on behalf of a putative class of TD Ameritrade, Inc. clients alleging that defendants failed to seek best execution and made misrepresentations and omissions regarding its order routing practices. Plaintiffs seek unspecified damages and injunctive and other relief. Defendants consider the allegations to be without merit and have been vigorously contesting the lawsuit. On September 14, 2018, the District Court granted plaintiffs’ motion for class certification, and defendants petitioned for an immediate appeal of the District Court’s class certification decision. On April 23, 2021, the U.S. Court of Appeals, 8th Circuit, issued a decision reversing the District Court’s certification of a class and remanding the case back to the District Court for further proceedings. Plaintiff renewed his motion for class certification, which the District Court granted on September 20, 2022. Defendants are appealing the District Court’s ruling before the U.S. Court of Appeals, 8th Circuit.
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Exit and Other Related Liabilities |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exit and Other Related Liabilities | Exit and Other Related Liabilities Integration of TD Ameritrade The Company completed its acquisition of TD Ameritrade effective October 6, 2020 and integration work continued during the first nine months of 2023, including the completion of three client transition groups. The Company completed its fourth conversion of 2023 in November and expects to complete the remaining client transitions from TD Ameritrade to Schwab in a final transition group in the first half of 2024. The Company expects to continue to incur significant acquisition and integration-related costs and integration-related capital expenditures throughout the remaining integration process. Such costs have included, and are expected to continue to include, professional fees, such as legal, advisory, and accounting fees, compensation and benefits expenses for employees and contractors involved in the integration work, and costs for technology enhancements. The Company has also incurred exit and other related costs to attain anticipated synergies, which are primarily comprised of employee compensation and benefits such as severance pay, other termination benefits, and retention costs, as well as costs related to facility closures, such as accelerated amortization and depreciation or impairments of assets in those locations. Exit and other related costs are a component of the Company’s overall acquisition and integration-related spending, and support the Company’s ability to achieve integration objectives including expected synergies. Our estimates of the nature, amounts, and timing of recognition of acquisition and integration-related costs remain subject to change based on a number of factors, including the duration and complexity of the remaining integration process and the continued uncertainty of the economic environment. More specifically, factors that could cause variability in our expected acquisition and integration-related costs include the level of employee attrition, changes in the scope and cost of technology, the timeline to wind-down the TD Ameritrade broker-dealers, and real estate-related exit cost variability. Many of these factors may continue to cause variability in our expected acquisition and integration-related costs through the remainder of the integration process. Inclusive of costs recognized through September 30, 2023, Schwab currently expects to incur total exit and other related costs for the integration of TD Ameritrade ranging from $500 million to $700 million, consisting of employee compensation and benefits, facility exit costs, and certain other costs. During the three months ended September 30, 2023 and 2022, the Company recognized $16 million and $9 million of acquisition-related exit costs, respectively. During the nine months ended September 30, 2023 and 2022, the Company recognized $56 million and $29 million of acquisition-related exit costs, respectively. The Company expects that remaining exit and other related costs will be incurred and charged to expense over the next 15 months, with some costs expected to be incurred after client transition to decommission duplicative platforms and complete integration work. In addition to ASC 420 Exit or Disposal Cost Obligations (ASC 420), certain of the costs associated with these activities are accounted for in accordance with ASC 360 Property, Plant and Equipment (ASC 360), ASC 712 Compensation — Nonretirement Post Employment Benefits (ASC 712), ASC 718 Compensation — Stock Compensation (ASC 718), and ASC 842 Leases (ASC 842). The following is a summary of the TD Ameritrade integration activity in the Company’s exit and other related liabilities as of September 30, 2023 and activity for the nine months ended September 30, 2023:
(1) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. (2) Amounts recognized in expense for severance pay and other termination benefits, as well as retention costs, are included in compensation and benefits on the condensed consolidated statements of income. The following table summarizes the TD Ameritrade integration exit and other related costs recognized in expense for the three and nine months ended September 30, 2023:
(1) Costs related to facility closures. These costs, which are comprised of impairment and accelerated amortization of right-of-use (ROU) assets, relate to the impact of abandoning leased properties. The following table summarizes the TD Ameritrade integration exit and other related costs recognized in expense for the three and nine months ended September 30, 2022:
(1) Costs related to facility closures. These costs, which are comprised of accelerated amortization of ROU assets, relate to the impact of abandoning leased properties. The following table summarizes the TD Ameritrade integration exit and other related costs incurred from October 6, 2020 through September 30, 2023:
(1) Costs related to facility closures. These costs, which are primarily comprised of impairment and accelerated amortization of ROU assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties. Other With significant progress now made in the integration of TD Ameritrade, the Company has begun to take incremental actions to streamline its operations to prepare for post-integration, including through position eliminations and decreasing its real estate footprint. In order to achieve anticipated cost savings through these actions, the Company expects to incur exit and related costs, primarily related to employee compensation and benefits and facility exit costs, of approximately $400 million to $500 million inclusive of costs recognized through September 30, 2023. During the three and nine months ended September 30, 2023, the Company recognized $279 million of restructuring-related exit costs. The Company anticipates the remaining costs related to position eliminations will be incurred in the fourth quarter of 2023, and costs related to real estate will be incurred in the fourth quarter of 2023 and during 2024. In addition to ASC 420, certain of the costs associated with these activities are accounted for in accordance with ASC 360, ASC 712, ASC 718, and ASC 842. The following is a summary of the restructuring activity in the Company’s exit and other related liabilities as of September 30, 2023 and activity for the nine months ended September 30, 2023:
(1) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. (2) Amounts recognized in expense for severance pay and other termination benefits are included in compensation and benefits on the condensed consolidated statements of income. The following table summarizes the restructuring exit and other related costs recognized in expense for the three and nine months ended September 30, 2023, which represents cumulative costs incurred to date:
(1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of ROU assets, relate to the impact of abandoning leased properties.
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Risk Management Objective of Using Derivatives Beginning in 2023, the Company utilizes derivative instruments to manage interest rate risk exposures that arise from business activities related to changes in fair values or the receipt of future known and uncertain cash amounts due to changes in interest rates. The Company uses derivative instruments to manage changes in the fair values of, as well as changes in the amounts and/or timing of known or expected cash receipts related to, our AFS investment portfolio. For a description of how the Company accounts for derivative instruments, see Note 2. For additional information on the basis of presentation for derivative instruments on the Company’s condensed consolidated balance sheets and related offsetting considerations, see Note 12. Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of its fixed-rate AFS securities due to changes in benchmark interest rates. The Company uses cleared interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Cleared interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a CCP in exchange for the Company receiving floating-rate payments over the life of the agreements without the exchange of the underlying notional amount. The Company had outstanding interest rate swaps with aggregate notional amounts of $8.9 billion at September 30, 2023 that were designated as fair value hedges of interest rate risk. Fair Values of Derivative Instruments The table below presents the gross fair values of the Company’s interest rate swaps designated as hedging instruments on the condensed consolidated balance sheet:
(1) Derivative assets are included in other assets and derivative liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheet. (2) Includes a $301 million reduction of derivative assets related to variation margin settlements on derivatives cleared through CCPs. Settlements on derivative positions cleared through CCPs are reflected as reductions to the associated derivative asset and liability balances. Effects of Fair Value Hedge Accounting The following amounts were recorded in AFS securities on the condensed consolidated balance sheet related to fair value hedges:
(1) Includes the amortized cost basis of closed portfolios of AFS securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. The amortized cost basis of the closed portfolios used in these hedging relationships is $2.1 billion, of which $1.6 billion is designated in a portfolio layer hedging relationship. The cumulative basis adjustments associated with these hedging relationships are a reduction of the amortized cost basis of the closed portfolios of $57 million. (2) Excludes the amortized cost and fair value hedging adjustment of AFS securities for which hedge accounting has been discontinued. The cumulative amount of fair value hedging adjustments remaining for these securities is a reduction of the amortized cost basis of less than $500 thousand, which is recorded in AFS securities on the condensed consolidated balance sheet and amortized to interest revenue as a yield adjustment over the lives of the securities. The table below presents the effect of the Company’s interest rate swaps designated as fair value hedges on the condensed consolidated statement of income:
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Financial Instruments Subject to Off-Balance Sheet Credit Risk |
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Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments Subject to Off-Balance Sheet Credit Risk | Financial Instruments Subject to Off-Balance Sheet Credit Risk Interest rate swaps: Beginning in 2023, Schwab uses interest rate swaps to manage certain interest rate risk exposures. Schwab’s interest rate swaps are cleared through CCPs which require the Company to post initial margin as collateral against potential losses. Schwab pledges investment securities as collateral in order to meet the CCP’s initial margin requirements. Initial margin is posted through futures commission merchants (FCM) which serve as the intermediary between CCPs and Schwab. Our interest rate swaps are subject to enforceable master netting arrangements allowing a right of setoff within each FCM-CCP relationship; however, we do not net these positions. Therefore, interest rate swaps are presented gross in the condensed consolidated balance sheets. See Note 11 for additional information on the Company’s interest rate swaps. Resale agreements: Schwab enters into collateralized resale agreements principally with other broker-dealers, which could result in losses in the event the counterparty fails to purchase the securities held as collateral for the cash advanced and the fair value of the securities declines. To mitigate this risk, Schwab requires that the counterparty deliver securities to a custodian, to be held as collateral, with a fair value at or in excess of the resale price. Schwab also sets standards for the credit quality of the counterparty, monitors the fair value of the underlying securities as compared to the related receivable, including accrued interest, and requires additional collateral where deemed appropriate. The collateral provided under these resale agreements is utilized to meet obligations under broker-dealer client protection rules, which place limitations on our ability to access such segregated securities. For Schwab to repledge or sell this collateral, we would be required to deposit cash and/or securities of an equal amount into our segregated reserve bank accounts in order to meet our segregated cash and investments requirement. Schwab’s resale agreements as of September 30, 2023 and December 31, 2022 were not subject to master netting arrangements. Securities lending: Schwab loans brokerage client securities temporarily to other brokers and clearing houses in connection with its securities lending activities and receives cash as collateral for the securities loaned. Increases in security prices may cause the fair value of the securities loaned to exceed the amount of cash received as collateral. In the event the counterparty to these transactions does not return the loaned securities or provide additional cash collateral, we may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy our client obligations. Schwab mitigates this risk by requiring credit approvals for counterparties, monitoring the fair value of securities loaned, and requiring additional cash as collateral when necessary. In addition, most of our securities lending transactions are through a program with a clearing organization, which guarantees the return of cash to us. We also borrow securities from other broker-dealers to fulfill short sales by brokerage clients and deliver cash to the lender in exchange for the securities. The fair value of these borrowed securities was $853 million and $685 million at September 30, 2023 and December 31, 2022, respectively. Our securities lending transactions are subject to enforceable master netting arrangements with other broker-dealers; however, we do not net securities lending transactions. Therefore, the securities loaned and securities borrowed are presented gross in the condensed consolidated balance sheets. Repurchase agreements: Schwab enters into collateralized repurchase agreements with external financial institutions in which the Company sells securities and agrees to repurchase these securities on a specified future date at a stated repurchase price. These repurchase agreements are collateralized by investment securities with a fair value equal to or in excess of the secured borrowing liability. Decreases in security prices posted as collateral for repurchase agreements may require Schwab to transfer cash or additional securities deemed acceptable by the counterparty. To mitigate this risk, Schwab monitors the fair value of underlying securities pledged as collateral compared to the related liability. Our collateralized repurchase agreements with each external financial institution are considered to be enforceable master netting arrangements. However, we do not net these arrangements. As such, the secured short-term borrowings associated with these collateralized repurchase agreements are presented gross in the condensed consolidated balance sheets. The following table presents information about our interest rate swaps, resale agreements, securities lending, and other activity depicting the potential effect of rights of setoff between these recognized assets and recognized liabilities.
(1) Included in cash and investments segregated and on deposit for regulatory purposes in the condensed consolidated balance sheets. (2) Actual collateral was greater than or equal to the value of the related assets. At September 30, 2023 and December 31, 2022, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $3.1 billion and $12.3 billion, respectively. (3) Included in other assets on the condensed consolidated balance sheets. (4) Derivative assets are included in other assets and derivative liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. Derivative asset and liability positions are inclusive of variation margin settlements cleared through CCPs which are reflected as reductions to the associated derivative asset and liability balances. See Note 11 for additional information. (5) At September 30, 2023, the fair value of initial margin pledged as collateral related to interest rate swaps was $180 million. See Notes 4 and 11 for additional information. (6) Included in other short-term borrowings in the condensed consolidated balance sheets. Actual collateral was greater than or equal to the value of the related liabilities. At September 30, 2023 and December 31, 2022, the fair value of collateral pledged in connection with repurchase agreements was $7.0 billion and $4.6 billion, respectively. See Note 8 for additional information. (7) Included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Securities loaned are predominantly comprised of equity securities held in client brokerage accounts with overnight and continuous remaining contractual maturities. The cash collateral received from counterparties under securities lending transactions was equal to or greater than the market value of the securities loaned at September 30, 2023 and December 31, 2022. (8) Included in other short-term borrowings in the condensed consolidated balance sheets. See below for collateral pledged and Note 8 for additional information. Margin lending: Clients with margin loans have agreed to allow Schwab to pledge collateralized securities in their brokerage accounts in accordance with federal regulations. The following table summarizes the fair value of client securities that were available, under such regulations, that could have been used as collateral, as well as the fair value of securities that we had pledged to third parties under such regulations and from securities borrowed transactions:
Note: Excludes amounts available and pledged for securities lending from fully-paid client securities. The fair value of fully-paid client securities available and pledged was $140 million and $160 million at September 30, 2023 and December 31, 2022, respectively. (1) Securities pledged to fulfill client margin requirements for open option contracts established with the Options Clearing Corporation.
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Fair Values of Assets and Liabilities |
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Fair Values of Assets and Liabilities | Fair Values of Assets and Liabilities Assets and liabilities measured at fair value on a recurring basis Schwab’s assets and liabilities measured at fair value on a recurring basis include: certain cash equivalents, certain investments segregated and on deposit for regulatory purposes, AFS securities, certain other assets, interest rate swaps and certain accrued expenses and other liabilities. The Company uses the market approach to determine the fair value of assets and liabilities. When available, the Company uses quoted prices in active markets to measure the fair value of assets and liabilities. Quoted prices for investments in exchange-traded securities represent end-of-day close prices published by exchanges. Quoted prices for money market funds and other mutual funds represent reported net asset values. When utilizing market data and bid-ask spread, the Company uses the price within the bid-ask spread that best represents fair value. When quoted prices in active markets do not exist, the Company uses prices obtained from independent third-party pricing services to measure the fair value of investment assets, and we generally obtain prices from three independent third-party pricing sources for such assets recorded at fair value. Our primary independent pricing service provides prices for our fixed income investments such as commercial paper; certificates of deposits; U.S. government and agency securities; state and municipal securities; corporate debt securities; asset-backed securities; foreign government agency securities; and non-agency commercial mortgage-backed securities. Such prices are based on observable trades, broker/dealer quotes, and discounted cash flows that incorporate observable information such as yields for similar types of securities (a benchmark interest rate plus observable spreads) and weighted-average maturity for the same or similar “to-be-issued” securities. We compare the prices obtained from the primary independent pricing service to the prices obtained from the additional independent pricing services to determine if the price obtained from the primary independent pricing service is reasonable. Schwab does not adjust the prices received from independent third-party pricing services unless such prices are inconsistent with the definition of fair value and result in material differences in the amounts recorded. Liabilities measured at fair value on a recurring basis include interest rate swaps and repurchase liabilities related to client-held fractional shares of equities, ETFs, and other securities, which are included in other assets on the condensed consolidated balance sheets. The Company has elected the fair value option pursuant to ASC 825 Financial Instruments for the repurchase liabilities to match the measurement and accounting of the related client-held fractional shares. The fair values of the repurchase liabilities are based on quoted market prices or other observable market data consistent with the related client-held fractional shares. Unrealized gains and losses on client-held fractional shares offset the unrealized gains and losses on the corresponding repurchase liabilities, resulting in no impact to the condensed consolidated statements of income. The Company’s liabilities to repurchase client-held fractional shares do not have credit risk, and, as a result, the Company has not recognized any gains or losses in the condensed consolidated statements of income or comprehensive income attributable to instrument-specific credit risk for these repurchase liabilities. The repurchase liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. The fair values of interest rate swaps are based on market observable interest rate yield curves. Fair value measurements are priced considering the coupon rate of the fixed leg of the contract and the variable coupon rate on the floating leg of the contract. Valuation is based on both spot and forward rates on the swap yield curve. The Company validates its valuations with counterparty quotations from CCPs. See Note 11 for additional information on the Company’s interest rate swaps. For a description of the fair value hierarchy and Schwab’s fair value methodologies, see Item 8 – Note 2 in the 2022 Form 10-K. The Company did not adjust prices received from the primary independent third-party pricing service at September 30, 2023 or December 31, 2022. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:
Fair Value of Other Financial Instruments The following tables present the fair value hierarchy for other financial instruments:
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Stockholders' Equity | Stockholders’ Equity On July 27, 2022, CSC publicly announced that its Board of Directors approved a new share repurchase authorization to repurchase up to $15.0 billion of common stock, replacing the previous and now terminated share repurchase authorization of up to $4.0 billion of common stock. The new share repurchase authorization does not have an expiration date. There were no repurchases of CSC’s common stock during the three months ended September 30, 2023. CSC repurchased 37 million shares of its common stock for $2.8 billion during the nine months ended September 30, 2023. As of September 30, 2023, approximately $8.7 billion remained on the new authorization. There were no repurchases of CSC’s preferred stock during the three months ended September 30, 2023. The Company repurchased 11,620 depositary shares representing interests in Series F preferred stock for $11 million, 42,036 depositary shares representing interests in Series G preferred stock for $42 million, 273,251 depositary shares representing interests in Series H preferred stock for $235 million, and 194,567 depositary shares representing interests in Series I preferred stock for $179 million on the open market during the nine months ended September 30, 2023. The repurchase prices are inclusive of $3 million of dividends accrued by the stockholders as of the repurchase date. Beginning in 2023, share repurchases, net of issuances, are subject to a nondeductible excise tax which was recognized as a direct and incremental cost associated with these transactions. The Company’s preferred stock issued and outstanding is as follows:
(1) Represented by depositary shares. (2) The dividend rate for Series G, Series I, and Series K resets on each five-year anniversary from the first reset date. (3) The dividend rate for Series H resets on each ten-year anniversary from the first reset date. (4) The reset/floating rate for Series F will be determined by the calculation agent prior to the commencement of the floating rate period using what the calculation agent determines to be the industry-accepted substitute or successor base rate to LIBOR. N/A Not applicable. Dividends declared on the Company’s preferred stock are as follows:
(1) Excludes $3 million of dividends declared on Series G, H and I, and accrued by stockholders as of the repurchase date. Such dividends are part of the consideration paid upon repurchase of the depositary shares during the nine months ended September 30, 2023. (2) Series A was redeemed on November 1, 2022. Prior to redemption, dividends were paid semi-annually until February 1, 2022 and quarterly thereafter. The final dividend was paid on November 1, 2022. (3) Dividends paid quarterly. (4) Series E was redeemed on December 1, 2022. Prior to redemption, dividends were paid semi-annually until March 1, 2022 and quarterly thereafter. The final dividend was paid on December 1, 2022. (5) Dividends paid semi-annually until December 1, 2027 and quarterly thereafter. (6) Series K was issued on March 4, 2022. Dividends are paid quarterly, and the first dividend was paid on June 1, 2022. N/A Not applicable.
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Accumulated Other Comprehensive Income |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income AOCI represents cumulative gains and losses that are not reflected in earnings. AOCI balances and the components of other comprehensive income (loss) are as follows:
(1) Tax expense (benefit) was less than $1 million. In 2022, the Company transferred a portion of its AFS securities to the HTM category. As of September 30, 2023, the total remaining unamortized loss on these securities transferred to HTM included in AOCI was $11.8 billion net of tax effect ($15.6 billion pre-tax). See Note 4 for additional discussion on the 2022 transfers of AFS securities to HTM.
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Earnings Per Common Share |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share For the three and nine months ended September 30, 2023 and 2022, the Company had voting and nonvoting common stock outstanding. Since the rights of the voting and nonvoting common stock are identical, except with respect to voting, the net income of the Company has been allocated on a proportionate basis to the two classes. Diluted earnings per share is calculated using the treasury stock method for outstanding stock options and non-vested restricted stock units and the if-converted method for nonvoting common stock. The if-converted method assumes conversion of all nonvoting common stock to common stock. For further details surrounding the EPS computation, see Item 8 – Note 25 in the 2022 Form 10-K. EPS under the basic and diluted computations for both common stock and nonvoting common stock are as follows:
(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 15 million and 18 million for the three and nine months ended September 30, 2023, respectively, and 13 million and 15 million for the three and nine months ended September 30, 2022, respectively.
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Regulatory Requirements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Regulatory Capital Requirements Under Banking Regulations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Requirements | Regulatory Requirements At September 30, 2023, CSC and its banking subsidiaries met all of their respective capital requirements. Regulatory capital and ratios for CSC (consolidated) and CSB are as follows:
(1) Under risk-based capital rules, CSC and CSB are also required to maintain additional capital buffers above the regulatory minimum risk-based capital ratios. As of September 30, 2023, CSC was subject to a stress capital buffer of 2.5%. In addition, CSB is required to maintain a capital conservation buffer of 2.5%. CSC and CSB are also required to maintain a countercyclical capital buffer above the regulatory minimum risk-based capital ratios, which was zero for both periods presented. If a buffer falls below the minimum requirement, CSC and CSB would be subject to increasingly strict limits on capital distributions and discretionary bonus payments to executive officers. At September 30, 2023, the minimum capital ratio requirements for both CSC and CSB, inclusive of their respective buffers, were 7.0%, 8.5%, and 10.5% for Common Equity Tier 1 Risk-Based Capital, Tier 1 Risk-Based Capital, and Total Risk-Based Capital, respectively. N/A Not applicable. Based on its regulatory capital ratios at September 30, 2023, CSB is considered well capitalized (the highest category) under its respective regulatory capital rules. There are no conditions or events since September 30, 2023 that management believes have changed CSB’s capital category. At September 30, 2023, the balance sheets of Charles Schwab Premier Bank, SSB (CSPB) and Charles Schwab Trust Bank (Trust Bank) consisted primarily of investment securities, and the entities held total assets of $27.6 billion and $11.4 billion, respectively. Based on their regulatory capital ratios, at September 30, 2023, CSPB and Trust Bank are considered well capitalized under their respective regulatory capital rules. Net capital and net capital requirements for CS&Co, TDAC, and TD Ameritrade, Inc., are as follows:
Pursuant to the SEC’s Customer Protection Rule and other applicable regulations, Schwab had cash and investments segregated for the exclusive benefit of clients at September 30, 2023. The SEC’s Customer Protection Rule requires broker-dealers to segregate client fully-paid securities and cash balances not collateralizing margin positions and not swept to money market funds or bank deposit accounts. Amounts included in cash and investments segregated and on deposit for regulatory purposes represent actual balances on deposit. Cash and cash equivalents included in cash and investments segregated and on deposit for regulatory purposes are presented as part of Schwab’s cash balances in the condensed consolidated statements of cash flows.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Schwab’s two reportable segments are Investor Services and Advisor Services. Schwab structures the operating segments according to its clients and the services provided to those clients. The Investor Services segment provides retail brokerage, investment advisory, and banking and trust services to individual investors, and retirement plan services, as well as other corporate brokerage services, to businesses and their employees. The Advisor Services segment provides custodial, trading, banking and trust, and support services, as well as retirement business services, to independent RIAs, independent retirement advisors, and recordkeepers. Revenues and expenses are attributed to the two segments based on which segment services the client. Management evaluates the performance of the segments on a pre-tax basis. Segment assets and liabilities are not used for evaluating segment performance or in deciding how to allocate resources to segments. There are no revenues from transactions between the segments. Financial information for the segments is presented in the following table:
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Pay vs Performance Disclosure - USD ($) $ in Millions |
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Pay vs Performance Disclosure | ||||||||
Net income | $ 1,125 | $ 2,020 | $ 4,022 | [1] | $ 5,215 | [1] | ||
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Insider Trading Arrangements |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023
shares
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Sep. 30, 2023
shares
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Trading Arrangements, by Individual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Rule 10b5-1 Arrangement Adopted | false | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Terminated | false | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Rule 10b5-1 Arrangement Terminated | false | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
John K. Adams, Jr. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Material Terms of Trading Arrangement | During the three months ended September 30, 2023, certain of our officers and directors adopted or terminated trading arrangements for the sale of shares of our common stock as follows:
(1) Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). (2) Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). (3) Securities to be sold under the plan represent shares acquired upon the exercise of stock options.
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Name | John K. Adams, Jr. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Director | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Adopted | true | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | August 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 626 days | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 15,701 | 15,701 |
Summary of Significant Accounting Policies and New Accounting Standards (Policy) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | These unaudited condensed consolidated financial statements have been prepared in conformity with GAAP, which require management to make certain estimates and assumptions that affect the reported amounts in the accompanying financial statements and in the related disclosures. These estimates are based on information available as of the date of the condensed consolidated financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in Schwab’s 2022 Form 10-K.
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Reclassifications | Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation. Beginning in 2023, Federal Home Loan Bank borrowings are presented separately from other short-term borrowings in the condensed consolidated balance sheets. Prior period amounts have been reclassified to reflect these changes. Corresponding presentation changes have been made to the condensed consolidated statements of cash flows and related notes. | ||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | As discussed further in Note 11, beginning in 2023, the Company utilizes derivative instruments as part of its interest rate risk management. The Company records all derivatives on the balance sheet at fair value. Accounting for the changes in the fair values of derivatives depends on whether we qualify for and elect to apply hedge accounting and the type of hedging accounting relationship applied. Hedge accounting generally matches the timing of gain or loss recognition on the derivatives with the recognition of the changes in the fair values or cash flows attributable to the risk being hedged of the hedged asset or liability in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge, respectively. Schwab’s policy is to designate all eligible derivatives in hedge accounting relationships. To qualify for hedge accounting, among other requirements, a derivative must be highly effective at reducing exposure to the hedged risk. The assessment of effectiveness is done at inception and on an ongoing basis for hedging relationships and, depending on certain criteria, may be qualitative or quantitative. Schwab applies the “shortcut method” of hedge accounting for a portion of its fair value hedges, which assumes perfect effectiveness. Alternatively, when quantitative effectiveness assessments are required, the Company uses regression analysis, which is the method employed for the rest of our hedging relationships. For derivatives the Company has designated and that qualify as fair value hedges of interest rate risk, the gain or loss on the derivatives and the changes in fair values of the hedged assets attributable to benchmark interest rates (basis adjustments) are both recorded in interest revenue on the condensed consolidated statement of income. If the hedging relationship is terminated, the basis adjustment remaining on the hedged asset continues to be reported as part of the amortized cost of that asset and is amortized to interest revenue over the remaining life of the asset as a yield adjustment using the effective interest method. The Company does not amortize basis adjustments prior to termination of the hedging relationship. Certain fair value hedges may be designated under the portfolio layer method (PLM) of hedge accounting, which allows the Company to hedge the interest rate risk of prepayable and non-prepayable financial assets by designating a stated amount of a closed portfolio that is expected to be outstanding for the designated hedge period (a hedged layer) as the hedged item. A PLM hedging relationship may include multiple hedged layers. If at any point during the hedge period the aggregate amount of the hedged layers exceeds the amount of the closed portfolio (i.e., a breach of the hedged layer(s) has occurred) or is expected to exceed the amount of the closed portfolio at a future date during the hedge period (i.e., a breach of the hedged layer is anticipated), the PLM hedge must be fully or partially terminated to cure the breach or anticipated breach. Basis adjustments for active PLM hedges are maintained at the closed portfolio level and are only allocated to individual assets remaining in the closed portfolio when the hedge is terminated, except for the portion of the basis adjustment related to the breach of the hedged layer(s) that has occurred, if any, which is recognized in interest revenue immediately. Allocated PLM basis adjustments are reported as part of the amortized cost of the assets and are amortized to interest revenue over the assets’ respective remaining lives as a yield adjustment using the effective interest method. For derivatives the Company has designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivatives is recorded in AOCI and subsequently reclassified into interest revenue or interest expense, depending on where the hedged cash flows are recognized, on the condensed consolidated statement of income in the same period during which the hedged transactions affect earnings. Amounts reported in AOCI for cash flow hedges of recognized financial assets and liabilities are reclassified into interest revenue or interest expense as interest payments are accrued or made. If the hedging relationship is terminated and transactions that were hedged are no longer probable of occurring, the gain or loss on the derivative(s) recorded in AOCI prior to termination is reclassified into interest revenue or interest expense immediately. Otherwise, the derivative gain or loss in AOCI will continue to be reclassified into interest revenue or interest expense in the periods during which the transactions that were hedged affect earnings. Cash flows associated with derivative instruments are reflected as cash flows from operating activities in the statement of cash flows consistent with the treatment and nature of the items being hedged.
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Adoption of New Accounting Standards and New Accounting Standards Not Yet Adopted |
New Accounting Standards Not Yet Adopted There are currently no new accounting standards not yet adopted that are material to the Company.
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Assets and liabilities measured at fair value on a recurring basis | Schwab’s assets and liabilities measured at fair value on a recurring basis include: certain cash equivalents, certain investments segregated and on deposit for regulatory purposes, AFS securities, certain other assets, interest rate swaps and certain accrued expenses and other liabilities. The Company uses the market approach to determine the fair value of assets and liabilities. When available, the Company uses quoted prices in active markets to measure the fair value of assets and liabilities. Quoted prices for investments in exchange-traded securities represent end-of-day close prices published by exchanges. Quoted prices for money market funds and other mutual funds represent reported net asset values. When utilizing market data and bid-ask spread, the Company uses the price within the bid-ask spread that best represents fair value. When quoted prices in active markets do not exist, the Company uses prices obtained from independent third-party pricing services to measure the fair value of investment assets, and we generally obtain prices from three independent third-party pricing sources for such assets recorded at fair value. Our primary independent pricing service provides prices for our fixed income investments such as commercial paper; certificates of deposits; U.S. government and agency securities; state and municipal securities; corporate debt securities; asset-backed securities; foreign government agency securities; and non-agency commercial mortgage-backed securities. Such prices are based on observable trades, broker/dealer quotes, and discounted cash flows that incorporate observable information such as yields for similar types of securities (a benchmark interest rate plus observable spreads) and weighted-average maturity for the same or similar “to-be-issued” securities. We compare the prices obtained from the primary independent pricing service to the prices obtained from the additional independent pricing services to determine if the price obtained from the primary independent pricing service is reasonable. Schwab does not adjust the prices received from independent third-party pricing services unless such prices are inconsistent with the definition of fair value and result in material differences in the amounts recorded. Liabilities measured at fair value on a recurring basis include interest rate swaps and repurchase liabilities related to client-held fractional shares of equities, ETFs, and other securities, which are included in other assets on the condensed consolidated balance sheets. The Company has elected the fair value option pursuant to ASC 825 Financial Instruments for the repurchase liabilities to match the measurement and accounting of the related client-held fractional shares. The fair values of the repurchase liabilities are based on quoted market prices or other observable market data consistent with the related client-held fractional shares. Unrealized gains and losses on client-held fractional shares offset the unrealized gains and losses on the corresponding repurchase liabilities, resulting in no impact to the condensed consolidated statements of income. The Company’s liabilities to repurchase client-held fractional shares do not have credit risk, and, as a result, the Company has not recognized any gains or losses in the condensed consolidated statements of income or comprehensive income attributable to instrument-specific credit risk for these repurchase liabilities. The repurchase liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. The fair values of interest rate swaps are based on market observable interest rate yield curves. Fair value measurements are priced considering the coupon rate of the fixed leg of the contract and the variable coupon rate on the floating leg of the contract. Valuation is based on both spot and forward rates on the swap yield curve. The Company validates its valuations with counterparty quotations from CCPs. See Note 11 for additional information on the Company’s interest rate swaps.
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Summary of Significant Accounting Policies and New Accounting Standards (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements |
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Disaggregation of Schwab’s revenue by major source is as follows:
Note: For a summary of revenue provided by our reportable segments, see Note 18. The recognition of revenue is not impacted by the operating segment in which revenue is generated. (1) Certain prior year amounts have been reclassified to conform to the current year presentation. See Note 1 for additional information.
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale and Held to Maturity | The amortized cost, gross unrealized gains and losses, and fair value of the Company’s AFS and HTM investment securities are as follows:
(1) Approximately 61% and 57% of asset-backed securities held as of September 30, 2023 and December 31, 2022, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 22% and 18% of the asset-backed securities held as of September 30, 2023 and December 31, 2022, respectively. (2) As of both September 30, 2023 and December 31, 2022, approximately 37% of the total AFS in corporate debt securities were issued by institutions in the financial services industry. (3) Beginning in 2023, this represents the amount of PLM basis adjustments related to AFS securities hedged in a closed portfolio. See Notes 2 and 11 for more information on PLM hedge accounting. (4) Included in cash and cash equivalents on the condensed consolidated balance sheets, but excluded from this table is $48 million of AFS commercial paper as of December 31, 2022 (none as of September 30, 2023). These holdings have maturities of three months or less and an aggregate market value equal to amortized cost.
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Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss | Securities with unrealized losses, aggregated by category and period of continuous unrealized loss, of AFS investment securities are as follows:
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Maturities of Securities Available for Sale and Held to Maturity | The maturities of AFS and HTM investment securities are as follows:
(1) For purposes of this table, the amortized cost of AFS securities excludes the PLM fair value hedge basis adjustments of $57 million at September 30, 2023.
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Proceeds and Gross Realized Gains And Losses from Sales of Securities Available for Sale | Proceeds and gross realized gains and losses from sales of AFS investment securities are as follows:
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Bank Loans and Related Allowance for Credit Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Bank Loans and Delinquency Analysis by Loan Segment | The composition of bank loans and delinquency analysis by portfolio segment and class of financing receivable is as follows:
(1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $100 million and $98 million at September 30, 2023 and December 31, 2022, respectively. (2) At both September 30, 2023 and December 31, 2022, 43% of the First Mortgage and HELOC portfolios were concentrated in California. These loans have performed in a manner consistent with the portfolio as a whole. (3) There were no loans accruing interest that were contractually 90 days or more past due at September 30, 2023 or December 31, 2022.
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Changes in Allowance for Credit Losses on Bank Loans | Changes in the allowance for credit losses on bank loans were as follows:
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Bank Loan-related Nonperforming Assets | A summary of bank loan-related nonperforming assets is as follows:
(1) Nonaccrual loans include nonaccrual troubled debt restructurings recorded prior to the adoption of ASU 2022-02. (2) Included in other assets on the condensed consolidated balance sheets.
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Credit Quality Indicators of Bank Loan Portfolio | The credit quality indicators of the Company’s bank loan portfolio are detailed below:
(1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs.
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Converting to Amortizing Loans | The following table presents when current outstanding HELOCs will convert to amortizing loans:
(1) Includes $6 million and $15 million of HELOCs converted to amortizing loans during the three and nine months ended September 30, 2023, respectively.
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Variable Interest Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Assets, Liabilities and Maximum Exposure to Loss from VIEs which Variable Interest is Held but not the Primary Beneficiary | The aggregate assets, liabilities, and maximum exposure to loss from those VIEs in which Schwab holds a variable interest, but is not the primary beneficiary, are summarized in the table below:
(1) Aggregate assets and aggregate liabilities are included in other assets and accrued expenses and other liabilities, respectively, on the condensed consolidated balance sheets. (2) Other investments include non-LIHTC CRA investments that are accounted for as loans at amortized cost, equity method investments, AFS securities, or using the adjusted cost method. Aggregate assets are included in AFS securities, bank loans – net, or other assets on the condensed consolidated balance sheets.
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Bank Deposits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits from Banking Clients Consisting of Interest Bearing and Noninterest Bearing Deposits | Bank deposits consist of interest-bearing and non-interest-bearing deposits as follows:
(1) Time certificates of deposit consist of brokered CDs. As of September 30, 2023 and December 31, 2022, there were no time deposits that were in excess of FDIC insurance limits or otherwise uninsured.
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Annual Maturities on Time Certificates of Deposit Outstanding | Annual maturities on time certificates of deposit outstanding at September 30, 2023 are as follows:
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Borrowings (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt Including Unamortized Debt Discounts and Premiums | The following table lists long-term debt by instrument outstanding as of September 30, 2023 and December 31, 2022:
(1) The 2029 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.643%, payable semi-annually, until the interest reset date on May 19, 2028. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.210%, payable quarterly. (2) The 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.853%, payable semi-annually, until the interest reset date on May 19, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.500%, payable quarterly. (3) The 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 6.136%, payable semi-annually, until the interest reset date on August 24, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.010%, payable quarterly.
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Annual Maturities on Debt Outstanding | Annual maturities on all long-term debt outstanding at September 30, 2023 are as follows:
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments to Extend Credit on Lines of Credit and to Purchase First Mortgages | The Company’s commitments to extend credit on lines of credit and to purchase First Mortgages are as follows:
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Exit and Other Related Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in Exit and Other Related Liabilities | The following is a summary of the TD Ameritrade integration activity in the Company’s exit and other related liabilities as of September 30, 2023 and activity for the nine months ended September 30, 2023:
(1) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. (2) Amounts recognized in expense for severance pay and other termination benefits, as well as retention costs, are included in compensation and benefits on the condensed consolidated statements of income. The following is a summary of the restructuring activity in the Company’s exit and other related liabilities as of September 30, 2023 and activity for the nine months ended September 30, 2023:
(1) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. (2) Amounts recognized in expense for severance pay and other termination benefits are included in compensation and benefits on the condensed consolidated statements of income.
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Summary of Exit and Other Related Costs Recognized in Expense | The following table summarizes the TD Ameritrade integration exit and other related costs recognized in expense for the three and nine months ended September 30, 2023:
(1) Costs related to facility closures. These costs, which are comprised of impairment and accelerated amortization of right-of-use (ROU) assets, relate to the impact of abandoning leased properties. The following table summarizes the TD Ameritrade integration exit and other related costs recognized in expense for the three and nine months ended September 30, 2022:
(1) Costs related to facility closures. These costs, which are comprised of accelerated amortization of ROU assets, relate to the impact of abandoning leased properties. The following table summarizes the TD Ameritrade integration exit and other related costs incurred from October 6, 2020 through September 30, 2023:
(1) Costs related to facility closures. These costs, which are primarily comprised of impairment and accelerated amortization of ROU assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties. The following table summarizes the restructuring exit and other related costs recognized in expense for the three and nine months ended September 30, 2023, which represents cumulative costs incurred to date:
(1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of ROU assets, relate to the impact of abandoning leased properties.
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Fair Values of Derivatives | The table below presents the gross fair values of the Company’s interest rate swaps designated as hedging instruments on the condensed consolidated balance sheet:
(1) Derivative assets are included in other assets and derivative liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheet. (2) Includes a $301 million reduction of derivative assets related to variation margin settlements on derivatives cleared through CCPs. Settlements on derivative positions cleared through CCPs are reflected as reductions to the associated derivative asset and liability balances.
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Fair Value Hedge Derivatives | The following amounts were recorded in AFS securities on the condensed consolidated balance sheet related to fair value hedges:
(1) Includes the amortized cost basis of closed portfolios of AFS securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. The amortized cost basis of the closed portfolios used in these hedging relationships is $2.1 billion, of which $1.6 billion is designated in a portfolio layer hedging relationship. The cumulative basis adjustments associated with these hedging relationships are a reduction of the amortized cost basis of the closed portfolios of $57 million. (2) Excludes the amortized cost and fair value hedging adjustment of AFS securities for which hedge accounting has been discontinued. The cumulative amount of fair value hedging adjustments remaining for these securities is a reduction of the amortized cost basis of less than $500 thousand, which is recorded in AFS securities on the condensed consolidated balance sheet and amortized to interest revenue as a yield adjustment over the lives of the securities. The table below presents the effect of the Company’s interest rate swaps designated as fair value hedges on the condensed consolidated statement of income:
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Financial Instruments Subject to Off-Balance Sheet Credit Risk (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets and Liabilities | The following table presents information about our interest rate swaps, resale agreements, securities lending, and other activity depicting the potential effect of rights of setoff between these recognized assets and recognized liabilities.
(1) Included in cash and investments segregated and on deposit for regulatory purposes in the condensed consolidated balance sheets. (2) Actual collateral was greater than or equal to the value of the related assets. At September 30, 2023 and December 31, 2022, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $3.1 billion and $12.3 billion, respectively. (3) Included in other assets on the condensed consolidated balance sheets. (4) Derivative assets are included in other assets and derivative liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. Derivative asset and liability positions are inclusive of variation margin settlements cleared through CCPs which are reflected as reductions to the associated derivative asset and liability balances. See Note 11 for additional information. (5) At September 30, 2023, the fair value of initial margin pledged as collateral related to interest rate swaps was $180 million. See Notes 4 and 11 for additional information. (6) Included in other short-term borrowings in the condensed consolidated balance sheets. Actual collateral was greater than or equal to the value of the related liabilities. At September 30, 2023 and December 31, 2022, the fair value of collateral pledged in connection with repurchase agreements was $7.0 billion and $4.6 billion, respectively. See Note 8 for additional information. (7) Included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Securities loaned are predominantly comprised of equity securities held in client brokerage accounts with overnight and continuous remaining contractual maturities. The cash collateral received from counterparties under securities lending transactions was equal to or greater than the market value of the securities loaned at September 30, 2023 and December 31, 2022. (8) Included in other short-term borrowings in the condensed consolidated balance sheets. See below for collateral pledged and Note 8 for additional information.
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Summary of the Fair Value of Client Securities Available to Utilize as Collateral and Amounts Pledged | The following table summarizes the fair value of client securities that were available, under such regulations, that could have been used as collateral, as well as the fair value of securities that we had pledged to third parties under such regulations and from securities borrowed transactions:
Note: Excludes amounts available and pledged for securities lending from fully-paid client securities. The fair value of fully-paid client securities available and pledged was $140 million and $160 million at September 30, 2023 and December 31, 2022, respectively. (1) Securities pledged to fulfill client margin requirements for open option contracts established with the Options Clearing Corporation.
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Fair Values of Assets and Liabilities (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:
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Fair Value of Other Financial Instruments | The following tables present the fair value hierarchy for other financial instruments:
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Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Issued and Outstanding | The Company’s preferred stock issued and outstanding is as follows:
(1) Represented by depositary shares. (2) The dividend rate for Series G, Series I, and Series K resets on each five-year anniversary from the first reset date. (3) The dividend rate for Series H resets on each ten-year anniversary from the first reset date. (4) The reset/floating rate for Series F will be determined by the calculation agent prior to the commencement of the floating rate period using what the calculation agent determines to be the industry-accepted substitute or successor base rate to LIBOR. N/A Not applicable.
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Dividends Declared | Dividends declared on the Company’s preferred stock are as follows:
(1) Excludes $3 million of dividends declared on Series G, H and I, and accrued by stockholders as of the repurchase date. Such dividends are part of the consideration paid upon repurchase of the depositary shares during the nine months ended September 30, 2023. (2) Series A was redeemed on November 1, 2022. Prior to redemption, dividends were paid semi-annually until February 1, 2022 and quarterly thereafter. The final dividend was paid on November 1, 2022. (3) Dividends paid quarterly. (4) Series E was redeemed on December 1, 2022. Prior to redemption, dividends were paid semi-annually until March 1, 2022 and quarterly thereafter. The final dividend was paid on December 1, 2022. (5) Dividends paid semi-annually until December 1, 2027 and quarterly thereafter. (6) Series K was issued on March 4, 2022. Dividends are paid quarterly, and the first dividend was paid on June 1, 2022. N/A Not applicable.
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Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | AOCI represents cumulative gains and losses that are not reflected in earnings. AOCI balances and the components of other comprehensive income (loss) are as follows:
(1) Tax expense (benefit) was less than $1 million.
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Earnings Per Common Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EPS Under Basic and Diluted Computations | EPS under the basic and diluted computations for both common stock and nonvoting common stock are as follows:
(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 15 million and 18 million for the three and nine months ended September 30, 2023, respectively, and 13 million and 15 million for the three and nine months ended September 30, 2022, respectively.
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Regulatory Requirements (Tables) |
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Regulatory Capital Requirements Under Banking Regulations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital and Ratios | Regulatory capital and ratios for CSC (consolidated) and CSB are as follows:
(1) Under risk-based capital rules, CSC and CSB are also required to maintain additional capital buffers above the regulatory minimum risk-based capital ratios. As of September 30, 2023, CSC was subject to a stress capital buffer of 2.5%. In addition, CSB is required to maintain a capital conservation buffer of 2.5%. CSC and CSB are also required to maintain a countercyclical capital buffer above the regulatory minimum risk-based capital ratios, which was zero for both periods presented. If a buffer falls below the minimum requirement, CSC and CSB would be subject to increasingly strict limits on capital distributions and discretionary bonus payments to executive officers. At September 30, 2023, the minimum capital ratio requirements for both CSC and CSB, inclusive of their respective buffers, were 7.0%, 8.5%, and 10.5% for Common Equity Tier 1 Risk-Based Capital, Tier 1 Risk-Based Capital, and Total Risk-Based Capital, respectively. N/A Not applicable.
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Net Capital and Net Capital Requirements | Net capital and net capital requirements for CS&Co, TDAC, and TD Ameritrade, Inc., are as follows:
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information for Reportable Segments | Financial information for the segments is presented in the following table:
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Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Disaggregation of Revenue [Line Items] | ||||||
Cash and cash equivalents | $ 459 | $ 294 | $ 1,419 | $ 461 | ||
Cash and investments segregated | 285 | 214 | 1,041 | 308 | ||
Receivables from brokerage clients | 1,282 | 912 | 3,533 | 2,244 | ||
Available for sale securities | 724 | 1,161 | 2,340 | 3,196 | ||
Held to maturity securities | 706 | 345 | 2,172 | 1,062 | ||
Bank loans | 426 | 300 | 1,227 | 717 | ||
Securities lending revenue | 105 | 124 | 341 | 383 | ||
Other interest revenue | 41 | 7 | 75 | 15 | ||
Interest revenue | 4,028 | 3,357 | 12,148 | 8,386 | ||
Bank deposits | (911) | (241) | (2,392) | (285) | ||
Payables to brokerage clients | (66) | (41) | (205) | (47) | ||
Other short-term borrowings | (97) | (4) | (280) | (12) | ||
Federal Home Loan Bank borrowings | (477) | 0 | (1,387) | 0 | ||
Long-term debt | (193) | (131) | (489) | (363) | ||
Securities lending expense | (46) | (13) | (96) | (28) | ||
Other interest expense | (1) | (1) | (2) | 2 | ||
Interest expense | (1,791) | (431) | (4,851) | (733) | ||
Net interest revenue | 2,237 | 2,926 | 7,297 | 7,653 | ||
Total net revenues | 4,606 | 5,500 | 14,378 | 15,265 | ||
Asset management and administration fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues from contracts with customers | [1] | 1,224 | 1,047 | 3,515 | 3,167 | |
Mutual funds, ETFs, and CTFs | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues from contracts with customers | 666 | 520 | 1,881 | 1,524 | ||
Advice solutions | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues from contracts with customers | 476 | 452 | 1,393 | 1,409 | ||
Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues from contracts with customers | 82 | 75 | 241 | 234 | ||
Trading revenue | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues from contracts with customers | 768 | 930 | 2,463 | 2,778 | ||
Commissions | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues from contracts with customers | 394 | 435 | 1,210 | 1,362 | ||
Order flow revenue | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues from contracts with customers | 325 | 432 | 1,104 | 1,332 | ||
Principal transactions | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues from contracts with customers | 49 | 63 | 149 | 84 | ||
Bank deposit account fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues from contracts with customers | 205 | 413 | 531 | 1,059 | ||
Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues from contracts with customers | $ 172 | $ 184 | $ 572 | $ 608 | ||
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Revenue Recognition - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers | $ 563 | $ 560 |
Net contract assets | $ 221 |
Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale and Held to Maturity (Details) - USD ($) |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
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Available for sale securities | ||||
Amortized Cost | [1] | $ 122,072,000,000 | $ 160,162,000,000 | |
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 11,800,000,000 | 12,291,000,000 | ||
Fair Value | [1] | 110,272,000,000 | 147,871,000,000 | |
Unallocated portfolio layer method fair value basis adjustments, Amortized Cost | (57,000,000) | |||
Unallocated portfolio layer method fair value basis adjustments, Gross Unrealized Gains | 0 | |||
Unallocated portfolio layer method fair value basis adjustments, Gross Unrealized Losses | (57,000,000) | |||
Held to maturity securities | ||||
Amortized Cost | [1] | 162,452,000,000 | 173,074,000,000 | |
Gross Unrealized Gains | 0 | 1,442,000,000 | ||
Gross Unrealized Losses | 19,449,000,000 | 15,580,000,000 | ||
Fair Value | 143,003,000,000 | 158,936,000,000 | ||
U.S. agency mortgage-backed securities | ||||
Available for sale securities | ||||
Amortized Cost | 73,518,000,000 | 85,994,000,000 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 8,657,000,000 | 8,306,000,000 | ||
Fair Value | 64,861,000,000 | 77,688,000,000 | ||
Held to maturity securities | ||||
Amortized Cost | 162,452,000,000 | 173,074,000,000 | ||
Gross Unrealized Gains | 0 | 1,442,000,000 | ||
Gross Unrealized Losses | 19,449,000,000 | 15,580,000,000 | ||
Fair Value | 143,003,000,000 | 158,936,000,000 | ||
U.S. Treasury securities | ||||
Available for sale securities | ||||
Amortized Cost | 23,139,000,000 | 41,879,000,000 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 1,351,000,000 | 1,877,000,000 | ||
Fair Value | 21,788,000,000 | 40,002,000,000 | ||
Asset-backed securities | ||||
Available for sale securities | ||||
Amortized Cost | 10,111,000,000 | 13,672,000,000 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 487,000,000 | 649,000,000 | ||
Fair Value | 9,624,000,000 | 13,023,000,000 | ||
Corporate debt securities | ||||
Available for sale securities | ||||
Amortized Cost | 13,361,000,000 | 13,830,000,000 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 1,207,000,000 | 1,275,000,000 | ||
Fair Value | 12,154,000,000 | 12,555,000,000 | ||
Certificates of deposit | ||||
Available for sale securities | ||||
Amortized Cost | 100,000,000 | 2,245,000,000 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 1,000,000 | 14,000,000 | ||
Fair Value | 99,000,000 | 2,231,000,000 | ||
Foreign government agency securities | ||||
Available for sale securities | ||||
Amortized Cost | 1,034,000,000 | 1,033,000,000 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 49,000,000 | 64,000,000 | ||
Fair Value | 985,000,000 | 969,000,000 | ||
U.S. state and municipal securities | ||||
Available for sale securities | ||||
Amortized Cost | 636,000,000 | 713,000,000 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 81,000,000 | 75,000,000 | ||
Fair Value | 555,000,000 | 638,000,000 | ||
Non-agency commercial mortgage-backed securities | ||||
Available for sale securities | ||||
Amortized Cost | 208,000,000 | 473,000,000 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 20,000,000 | 23,000,000 | ||
Fair Value | 188,000,000 | 450,000,000 | ||
Other | ||||
Available for sale securities | ||||
Amortized Cost | 22,000,000 | 323,000,000 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 4,000,000 | 8,000,000 | ||
Fair Value | $ 18,000,000 | $ 315,000,000 | ||
Federal Family Education Loan Program (FFELP) Guaranteed Loans | Asset-backed securities | Financial Instrument Concentration Risk | ||||
Held to maturity securities | ||||
Concentration risk percentage | 61.00% | 57.00% | ||
Collateralized Credit Card Securities | Asset-backed securities | Financial Instrument Concentration Risk | ||||
Held to maturity securities | ||||
Concentration risk percentage | 22.00% | 18.00% | ||
Corporate Debt Securities Issued By Financial Services Industry | ||||
Held to maturity securities | ||||
AFS securities percentage | 37.00% | 37.00% | ||
Commercial paper | Cash and Cash Equivalents | ||||
Available for sale securities | ||||
Fair Value | $ 0 | $ 48,000,000 | ||
|
Investment Securities - Narrative (Details) - USD ($) |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|||
Debt Securities, Available-for-sale [Line Items] | ||||
Remaining unamortized loss on securities transferred to held to maturity, net of tax | $ 11,800,000,000 | |||
Remaining unamortized loss on securities transferred to held to maturity, pretax | 15,600,000,000 | |||
Held to maturity securities, assets pledged | [1] | 162,452,000,000 | $ 173,074,000,000 | |
Available for sale securities, assets pledged | [1] | 110,272,000,000 | 147,871,000,000 | |
Available for sale, written down to fair value | 0 | 0 | ||
Writedown to fair value | 0 | 0 | ||
Available for sale, allowance for credit loss | 0 | 0 | ||
Held to maturity securities, allowance for credit loss | 0 | 0 | ||
Accrued interest receivable | 566,000,000 | 685,000,000 | ||
Write-off of accrued interest receivable on available for sale and held to maturity securities | $ 0 | 0 | ||
Estimated effective duration of available for sale and held to maturity investment securities portfolio | 4 years | |||
Estimated effective duration of available for sale investment securities portfolio | 2 years 6 months | |||
Impact of derivative instruments on estimated effective duration for available for sale and held to maturity investment securities portfolio | 3 years 10 months 24 days | |||
Impact of derivative instruments on estimated effective duration for available for sale investment securities portfolio | 2 years 2 months 12 days | |||
Asset Pledged as Collateral | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Held to maturity securities, assets pledged | [1] | $ 5,346,000,000 | 4,522,000,000 | |
Available for sale securities, assets pledged | [1] | 1,773,000,000 | 41,000,000 | |
Asset Pledged as Collateral | Interest rate swaps | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for sale securities, assets pledged | 180,000,000 | |||
Federal Home Loan Bank Advances | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fair value of pledged securities | 68,200,000,000 | |||
Federal Reserve Bank Advances | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fair value of pledged securities | 7,200,000,000 | |||
Federal Reserve Bank Term Funding Program (BTFP) | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fair value of pledged securities | 40,200,000,000 | |||
U.S. agency mortgage-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Transfers of available for sale securities to held to maturity | 188,600,000,000 | |||
Pretax unrealized loss from transfers of available for sale securities to held to maturity | 18,200,000,000 | |||
Held to maturity securities, assets pledged | 162,452,000,000 | 173,074,000,000 | ||
Available for sale securities, assets pledged | 64,861,000,000 | $ 77,688,000,000 | ||
U.S. agency mortgage-backed securities | Asset Pledged as Collateral | Securities Sold under Agreements to Repurchase | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Held to maturity securities, assets pledged | 5,300,000,000 | |||
Available for sale securities, assets pledged | 1,800,000,000 | |||
Deposits | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fair value of pledged securities | $ 1,500,000,000 | |||
|
Investment Securities - Available For Sale with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Available for sale securities | ||
Less than 12 months Fair Value | $ 1,622 | $ 81,299 |
Less than 12 months Unrealized Losses | 3 | 3,622 |
12 months or longer Fair Value | 108,638 | 65,941 |
12 months or longer Unrealized Losses | 11,854 | 8,669 |
Total Fair Value | 110,260 | 147,240 |
Total Unrealized Losses | 11,857 | 12,291 |
Portfolio layer method fair value hedge basis adjustments, excluded from unrealized losses on available for sale securities | 57 | |
U.S. agency mortgage-backed securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 97 | 34,938 |
Less than 12 months Unrealized Losses | 1 | 2,025 |
12 months or longer Fair Value | 64,763 | 42,558 |
12 months or longer Unrealized Losses | 8,656 | 6,281 |
Total Fair Value | 64,860 | 77,496 |
Total Unrealized Losses | 8,657 | 8,306 |
U.S. Treasury securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 1,493 | 27,063 |
Less than 12 months Unrealized Losses | 2 | 716 |
12 months or longer Fair Value | 20,295 | 12,519 |
12 months or longer Unrealized Losses | 1,349 | 1,161 |
Total Fair Value | 21,788 | 39,582 |
Total Unrealized Losses | 1,351 | 1,877 |
Asset-backed securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 32 | 6,717 |
Less than 12 months Unrealized Losses | 0 | 217 |
12 months or longer Fair Value | 9,580 | 6,299 |
12 months or longer Unrealized Losses | 487 | 432 |
Total Fair Value | 9,612 | 13,016 |
Total Unrealized Losses | 487 | 649 |
Corporate debt securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 0 | 8,552 |
Less than 12 months Unrealized Losses | 0 | 542 |
12 months or longer Fair Value | 12,155 | 3,998 |
12 months or longer Unrealized Losses | 1,207 | 733 |
Total Fair Value | 12,155 | 12,550 |
Total Unrealized Losses | 1,207 | 1,275 |
Certificates of deposit | ||
Available for sale securities | ||
Less than 12 months Fair Value | 0 | 2,033 |
Less than 12 months Unrealized Losses | 0 | 10 |
12 months or longer Fair Value | 99 | 196 |
12 months or longer Unrealized Losses | 1 | 4 |
Total Fair Value | 99 | 2,229 |
Total Unrealized Losses | 1 | 14 |
Foreign government agency securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 0 | 756 |
Less than 12 months Unrealized Losses | 0 | 50 |
12 months or longer Fair Value | 985 | 214 |
12 months or longer Unrealized Losses | 49 | 14 |
Total Fair Value | 985 | 970 |
Total Unrealized Losses | 49 | 64 |
U.S. state and municipal securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 0 | 482 |
Less than 12 months Unrealized Losses | 0 | 31 |
12 months or longer Fair Value | 555 | 157 |
12 months or longer Unrealized Losses | 81 | 44 |
Total Fair Value | 555 | 639 |
Total Unrealized Losses | 81 | 75 |
Non-agency commercial mortgage-backed securities | ||
Available for sale securities | ||
Less than 12 months Fair Value | 0 | 443 |
Less than 12 months Unrealized Losses | 0 | 23 |
12 months or longer Fair Value | 188 | 0 |
12 months or longer Unrealized Losses | 20 | 0 |
Total Fair Value | 188 | 443 |
Total Unrealized Losses | 20 | 23 |
Other | ||
Available for sale securities | ||
Less than 12 months Fair Value | 0 | 315 |
Less than 12 months Unrealized Losses | 0 | 8 |
12 months or longer Fair Value | 18 | 0 |
12 months or longer Unrealized Losses | 4 | 0 |
Total Fair Value | 18 | 315 |
Total Unrealized Losses | $ 4 | $ 8 |
Investment Securities - Maturities of Securities Available for Sale and Held to Maturity (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Available for sale securities, fair value | ||||
Within 1 year | $ 11,890 | |||
After 1 year through 5 years | 37,571 | |||
After 5 years through 10 years | 14,579 | |||
After 10 years | 46,232 | |||
Total | [1] | 110,272 | $ 147,871 | |
Available for sale securities, amortized cost | ||||
Amortized Cost | 122,129 | |||
Held to maturity securities, fair value | ||||
Within 1 year | 724 | |||
After 1 year through 5 years | 6,780 | |||
After 5 years through 10 years | 36,652 | |||
After 10 years | 98,847 | |||
Total | 143,003 | 158,936 | ||
Held to maturity securities, amortized cost | ||||
Within 1 year | 749 | |||
After 1 year through 5 years | 7,343 | |||
After 5 years through 10 years | 41,217 | |||
After 10 years | 113,143 | |||
Amortized Cost | 162,452 | |||
Portfolio layer method fair value hedge basis adjustments, excluded from amortized cost of available for sale securities | 57 | |||
Within 1 year | 12,128 | |||
After 1 year through 5 years | 40,565 | |||
After 5 years through 10 years | 16,667 | |||
After 10 years | 52,769 | |||
U.S. agency mortgage-backed securities | ||||
Available for sale securities, fair value | ||||
Within 1 year | 494 | |||
After 1 year through 5 years | 12,620 | |||
After 5 years through 10 years | 11,503 | |||
After 10 years | 40,244 | |||
Total | 64,861 | 77,688 | ||
Held to maturity securities, fair value | ||||
Within 1 year | 724 | |||
After 1 year through 5 years | 6,780 | |||
After 5 years through 10 years | 36,652 | |||
After 10 years | 98,847 | |||
Total | 143,003 | 158,936 | ||
U.S. Treasury securities | ||||
Available for sale securities, fair value | ||||
Within 1 year | 8,649 | |||
After 1 year through 5 years | 13,139 | |||
After 5 years through 10 years | 0 | |||
After 10 years | 0 | |||
Total | 21,788 | 40,002 | ||
Asset-backed securities | ||||
Available for sale securities, fair value | ||||
Within 1 year | 0 | |||
After 1 year through 5 years | 2,755 | |||
After 5 years through 10 years | 1,209 | |||
After 10 years | 5,660 | |||
Total | 9,624 | 13,023 | ||
Corporate debt securities | ||||
Available for sale securities, fair value | ||||
Within 1 year | 2,160 | |||
After 1 year through 5 years | 8,514 | |||
After 5 years through 10 years | 1,480 | |||
After 10 years | 0 | |||
Total | 12,154 | 12,555 | ||
Certificates of deposit | ||||
Available for sale securities, fair value | ||||
Within 1 year | 99 | |||
After 1 year through 5 years | 0 | |||
After 5 years through 10 years | 0 | |||
After 10 years | 0 | |||
Total | 99 | 2,231 | ||
Foreign government agency securities | ||||
Available for sale securities, fair value | ||||
Within 1 year | 488 | |||
After 1 year through 5 years | 497 | |||
After 5 years through 10 years | 0 | |||
After 10 years | 0 | |||
Total | 985 | 969 | ||
U.S. state and municipal securities | ||||
Available for sale securities, fair value | ||||
Within 1 year | 0 | |||
After 1 year through 5 years | 46 | |||
After 5 years through 10 years | 387 | |||
After 10 years | 122 | |||
Total | 555 | 638 | ||
Non-agency commercial mortgage-backed securities | ||||
Available for sale securities, fair value | ||||
Within 1 year | 0 | |||
After 1 year through 5 years | 0 | |||
After 5 years through 10 years | 0 | |||
After 10 years | 188 | |||
Total | 188 | 450 | ||
Other | ||||
Available for sale securities, fair value | ||||
Within 1 year | 0 | |||
After 1 year through 5 years | 0 | |||
After 5 years through 10 years | 0 | |||
After 10 years | 18 | |||
Total | $ 18 | $ 315 | ||
|
Investment Securities - Proceeds and Gross Realized Gains And Losses from Sales of Securities Available for Sale (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||
Investments, Debt and Equity Securities [Abstract] | ||||||||
Proceeds | $ 3,485 | $ 10,549 | $ 6,385 | [1] | $ 24,019 | [1] | ||
Gross realized gains | 1 | 16 | 1 | 156 | ||||
Gross realized losses | $ 25 | $ 32 | $ 45 | $ 155 | ||||
|
Bank Loans and Related Allowance for Credit Losses - Composition of Bank Loans and Delinquency Analysis by Loan Segment (Details) - USD ($) |
9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
|||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | $ 40,381,000,000 | $ 40,578,000,000 | ||||||
Allowance for credit losses | 54,000,000 | 73,000,000 | $ 75,000,000 | $ 49,000,000 | $ 37,000,000 | $ 18,000,000 | ||
Total bank loans – net | [1] | 40,327,000,000 | 40,505,000,000 | |||||
Loans accruing interest contractually 90 days or more past due | 0 | 0 | ||||||
Current | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 40,328,000,000 | 40,522,000,000 | ||||||
Total past due and other nonaccrual loans | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 53,000,000 | 56,000,000 | ||||||
30-59 days past due | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 36,000,000 | 31,000,000 | ||||||
60-89 days past due | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 3,000,000 | 2,000,000 | ||||||
More than or equal to 90 days past due and other nonaccrual loans | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 14,000,000 | 23,000,000 | ||||||
Residential real estate | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 26,549,000,000 | 25,795,000,000 | ||||||
Allowance for credit losses | 49,000,000 | 70,000,000 | 71,000,000 | 46,000,000 | 34,000,000 | 15,000,000 | ||
Total bank loans – net | 26,500,000,000 | 25,725,000,000 | ||||||
Unamortized premiums and discounts and direct origination costs | $ 100,000,000 | $ 98,000,000 | ||||||
Residential real estate | Loans Geographic Area | California | Geographic Concentration Risk | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Concentration risk percentage | 43.00% | 43.00% | ||||||
Residential real estate | Current | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | $ 26,509,000,000 | $ 25,747,000,000 | ||||||
Residential real estate | Total past due and other nonaccrual loans | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 40,000,000 | 48,000,000 | ||||||
Residential real estate | 30-59 days past due | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 26,000,000 | 27,000,000 | ||||||
Residential real estate | 60-89 days past due | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 1,000,000 | 2,000,000 | ||||||
Residential real estate | More than or equal to 90 days past due and other nonaccrual loans | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 13,000,000 | 19,000,000 | ||||||
Residential real estate | First Mortgages | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 26,056,000,000 | 25,198,000,000 | ||||||
Allowance for credit losses | 47,000,000 | 66,000,000 | 68,000,000 | 42,000,000 | 31,000,000 | 13,000,000 | ||
Total bank loans – net | 26,009,000,000 | 25,132,000,000 | ||||||
Residential real estate | First Mortgages | Current | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 26,022,000,000 | 25,157,000,000 | ||||||
Residential real estate | First Mortgages | Total past due and other nonaccrual loans | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 34,000,000 | 41,000,000 | ||||||
Residential real estate | First Mortgages | 30-59 days past due | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 25,000,000 | 25,000,000 | ||||||
Residential real estate | First Mortgages | 60-89 days past due | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 1,000,000 | 2,000,000 | ||||||
Residential real estate | First Mortgages | More than or equal to 90 days past due and other nonaccrual loans | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 8,000,000 | 14,000,000 | ||||||
Residential real estate | HELOCs | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 493,000,000 | 597,000,000 | ||||||
Allowance for credit losses | 2,000,000 | 4,000,000 | 3,000,000 | 4,000,000 | 3,000,000 | 2,000,000 | ||
Total bank loans – net | 491,000,000 | 593,000,000 | ||||||
Residential real estate | HELOCs | Current | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 487,000,000 | 590,000,000 | ||||||
Residential real estate | HELOCs | Total past due and other nonaccrual loans | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 6,000,000 | 7,000,000 | ||||||
Residential real estate | HELOCs | 30-59 days past due | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 1,000,000 | 2,000,000 | ||||||
Residential real estate | HELOCs | 60-89 days past due | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 0 | 0 | ||||||
Residential real estate | HELOCs | More than or equal to 90 days past due and other nonaccrual loans | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 5,000,000 | 5,000,000 | ||||||
Pledged asset lines | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 13,538,000,000 | 14,592,000,000 | ||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | 0 | 0 | ||
Total bank loans – net | 13,538,000,000 | 14,592,000,000 | ||||||
Pledged asset lines | Current | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 13,525,000,000 | 14,584,000,000 | ||||||
Pledged asset lines | Total past due and other nonaccrual loans | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 13,000,000 | 8,000,000 | ||||||
Pledged asset lines | 30-59 days past due | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 10,000,000 | 4,000,000 | ||||||
Pledged asset lines | 60-89 days past due | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 2,000,000 | 0 | ||||||
Pledged asset lines | More than or equal to 90 days past due and other nonaccrual loans | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 1,000,000 | 4,000,000 | ||||||
Other | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 294,000,000 | 191,000,000 | ||||||
Allowance for credit losses | 5,000,000 | 3,000,000 | $ 4,000,000 | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | ||
Total bank loans – net | 289,000,000 | 188,000,000 | ||||||
Other | Current | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 294,000,000 | 191,000,000 | ||||||
Other | Total past due and other nonaccrual loans | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 0 | 0 | ||||||
Other | 30-59 days past due | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 0 | 0 | ||||||
Other | 60-89 days past due | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | 0 | 0 | ||||||
Other | More than or equal to 90 days past due and other nonaccrual loans | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Total loans | $ 0 | $ 0 | ||||||
|
Bank Loans and Related Allowance for Credit Losses - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 75 | $ 37 | $ 73 | $ 18 |
Charge-offs | 0 | (4) | 0 | (4) |
Recoveries | 0 | 1 | 0 | 1 |
Provision for credit losses | (21) | 15 | (19) | 34 |
Balance at end of period | 54 | 49 | 54 | 49 |
Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 71 | 34 | 70 | 15 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 1 | 0 | 1 |
Provision for credit losses | (22) | 11 | (21) | 30 |
Balance at end of period | 49 | 46 | 49 | 46 |
Residential real estate | First Mortgages | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 68 | 31 | 66 | 13 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for credit losses | (21) | 11 | (19) | 29 |
Balance at end of period | 47 | 42 | 47 | 42 |
Residential real estate | HELOCs | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 3 | 3 | 4 | 2 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 1 | 0 | 1 |
Provision for credit losses | (1) | 0 | (2) | 1 |
Balance at end of period | 2 | 4 | 2 | 4 |
Pledged asset lines | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Charge-offs | 0 | (4) | 0 | (4) |
Recoveries | 0 | 0 | 0 | 0 |
Provision for credit losses | 0 | 4 | 0 | 4 |
Balance at end of period | 0 | 0 | 0 | 0 |
Other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 4 | 3 | 3 | 3 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for credit losses | 1 | 0 | 2 | 0 |
Balance at end of period | $ 5 | $ 3 | $ 5 | $ 3 |
Bank Loans and Related Allowance for Credit Losses - Nonperforming Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Receivables [Abstract] | ||
Nonaccrual loans | $ 14 | $ 23 |
Other real estate owned | 0 | 2 |
Total nonperforming assets | $ 14 | $ 25 |
Bank Loans and Related Allowance for Credit Losses - Credit Quality Indicators of Bank Loan Portfolio (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Gross charge-offs | |||||
Total loans | $ 0 | $ 4 | $ 0 | $ 4 | |
Residential real estate | |||||
Gross charge-offs | |||||
Total loans | 0 | 0 | 0 | 0 | |
Residential real estate | First Mortgages | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 2,197 | 2,197 | |||
2022 | 6,161 | 6,161 | $ 6,444 | ||
2021 | 11,771 | 11,771 | 12,293 | ||
2020 | 4,038 | 4,038 | 4,270 | ||
2019 | 870 | 870 | 929 | ||
pre-2019 | 1,019 | 1,019 | 1,262 | ||
Total loans | 26,056 | 26,056 | $ 25,198 | ||
Gross charge-offs | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
pre-2019 | 0 | ||||
Total loans | $ 0 | 0 | $ 0 | 0 | |
Percent of Loans on Nonaccrual Status | |||||
2023 | 0.01% | 0.01% | |||
2022 | 0.03% | 0.03% | 0.02% | ||
2021 | 0.02% | 0.02% | 0.03% | ||
2020 | 0.01% | 0.01% | 0.09% | ||
2019 | 0.01% | 0.01% | 0.02% | ||
pre-2019 | 0.33% | 0.33% | 0.43% | ||
Total loans | 0.03% | 0.03% | 0.06% | ||
Residential real estate | First Mortgages | Estimated Current Loan To Value Ratio 70% and Below | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | $ 1,517 | $ 1,517 | |||
2022 | 4,858 | 4,858 | $ 4,574 | ||
2021 | 11,511 | 11,511 | 11,751 | ||
2020 | 4,026 | 4,026 | 4,255 | ||
2019 | 868 | 868 | 928 | ||
pre-2019 | 1,018 | 1,018 | 1,257 | ||
Total loans | 23,798 | 23,798 | 22,765 | ||
Residential real estate | First Mortgages | Estimated Current Loan To Value Ratio Greater Than 70% Through 90% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 680 | 680 | |||
2022 | 1,283 | 1,283 | 1,845 | ||
2021 | 257 | 257 | 542 | ||
2020 | 12 | 12 | 15 | ||
2019 | 2 | 2 | 1 | ||
pre-2019 | 1 | 1 | 5 | ||
Total loans | 2,235 | 2,235 | 2,408 | ||
Residential real estate | First Mortgages | Estimated Current LTV Greater Than 90% Through 100% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 19 | 19 | 25 | ||
2021 | 3 | 3 | 0 | ||
2020 | 0 | 0 | 0 | ||
2019 | 0 | 0 | 0 | ||
pre-2019 | 0 | 0 | 0 | ||
Total loans | 22 | 22 | 25 | ||
Residential real estate | First Mortgages | Estimated Current LTV Greater Than 100% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 1 | 1 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
2019 | 0 | 0 | 0 | ||
pre-2019 | 0 | 0 | 0 | ||
Total loans | 1 | 1 | 0 | ||
Residential real estate | First Mortgages | Updated FICO Score Below 620 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 4 | 4 | |||
2022 | 10 | 10 | 11 | ||
2021 | 11 | 11 | 12 | ||
2020 | 6 | 6 | 7 | ||
2019 | 2 | 2 | 2 | ||
pre-2019 | 12 | 12 | 13 | ||
Total loans | 45 | 45 | 45 | ||
Residential real estate | First Mortgages | Updated FICO Score 620 Through 679 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 26 | 26 | |||
2022 | 68 | 68 | 87 | ||
2021 | 91 | 91 | 127 | ||
2020 | 30 | 30 | 42 | ||
2019 | 11 | 11 | 10 | ||
pre-2019 | 35 | 35 | 43 | ||
Total loans | 261 | 261 | 309 | ||
Residential real estate | First Mortgages | Updated FICO Score 680 Through 739 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 259 | 259 | |||
2022 | 585 | 585 | 711 | ||
2021 | 961 | 961 | 1,079 | ||
2020 | 329 | 329 | 378 | ||
2019 | 62 | 62 | 89 | ||
pre-2019 | 118 | 118 | 161 | ||
Total loans | 2,314 | 2,314 | 2,418 | ||
Residential real estate | First Mortgages | Updated FICO Score 740 and Above | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 1,908 | 1,908 | |||
2022 | 5,498 | 5,498 | 5,635 | ||
2021 | 10,708 | 10,708 | 11,075 | ||
2020 | 3,673 | 3,673 | 3,843 | ||
2019 | 795 | 795 | 828 | ||
pre-2019 | 854 | 854 | 1,045 | ||
Total loans | 23,436 | 23,436 | 22,426 | ||
Residential real estate | First Mortgages | Financial Asset Originated | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 2,197 | 2,197 | |||
2022 | 6,161 | 6,161 | 6,444 | ||
2021 | 11,771 | 11,771 | 12,293 | ||
2020 | 4,038 | 4,038 | 4,270 | ||
2019 | 870 | 870 | 929 | ||
pre-2019 | 1,019 | 1,019 | 1,262 | ||
Total loans | 26,056 | 26,056 | 25,198 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination Loan to Value Ratio 70% and Below | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 1,481 | 1,481 | |||
2022 | 4,561 | 4,561 | 4,771 | ||
2021 | 10,197 | 10,197 | 10,641 | ||
2020 | 3,357 | 3,357 | 3,549 | ||
2019 | 703 | 703 | 749 | ||
pre-2019 | 759 | 759 | 940 | ||
Total loans | 21,058 | 21,058 | 20,650 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination Loan to Value Ratio Greater Than 70% Through 90% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 716 | 716 | |||
2022 | 1,600 | 1,600 | 1,673 | ||
2021 | 1,574 | 1,574 | 1,652 | ||
2020 | 681 | 681 | 721 | ||
2019 | 167 | 167 | 180 | ||
pre-2019 | 258 | 258 | 320 | ||
Total loans | 4,996 | 4,996 | 4,546 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination Loan to Value Ratio Greater Than 90% Through 100% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
2019 | 0 | 0 | 0 | ||
pre-2019 | 2 | 2 | 2 | ||
Total loans | 2 | 2 | 2 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination FICO Score Below 620 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 3 | 3 | 3 | ||
2021 | 1 | 1 | 1 | ||
2020 | 0 | 0 | 0 | ||
2019 | 0 | 0 | 0 | ||
pre-2019 | 1 | 1 | 1 | ||
Total loans | 5 | 5 | 5 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination FICO Score 620 Through 679 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 3 | 3 | |||
2022 | 27 | 27 | 28 | ||
2021 | 30 | 30 | 31 | ||
2020 | 20 | 20 | 21 | ||
2019 | 2 | 2 | 2 | ||
pre-2019 | 13 | 13 | 15 | ||
Total loans | 95 | 95 | 97 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination FICO Score 680 Through 739 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 243 | 243 | |||
2022 | 795 | 795 | 820 | ||
2021 | 1,177 | 1,177 | 1,224 | ||
2020 | 400 | 400 | 430 | ||
2019 | 108 | 108 | 116 | ||
pre-2019 | 206 | 206 | 243 | ||
Total loans | 2,929 | 2,929 | 2,833 | ||
Residential real estate | First Mortgages | Financial Asset Originated | Origination FICO Score 740 and Above | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 1,951 | 1,951 | |||
2022 | 5,336 | 5,336 | 5,593 | ||
2021 | 10,563 | 10,563 | 11,037 | ||
2020 | 3,618 | 3,618 | 3,819 | ||
2019 | 760 | 760 | 811 | ||
pre-2019 | 799 | 799 | 1,003 | ||
Total loans | 23,027 | 23,027 | 22,263 | ||
Residential real estate | HELOCs | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 317 | 317 | 382 | ||
HELOCs converted to term loans | 176 | 176 | 215 | ||
Total loans | 493 | 493 | $ 597 | ||
Gross charge-offs | |||||
Revolving HELOCs amortized cost basis | 0 | ||||
HELOCs converted to term loans | 0 | ||||
Total loans | $ 0 | $ 0 | $ 0 | $ 0 | |
Percent of Loans on Nonaccrual Status | |||||
Revolving HELOCs amortized cost basis | 0.28% | 0.28% | 0.34% | ||
HELOCs converted to term loans | 2.03% | 2.03% | 1.90% | ||
Total loans | 1.01% | 1.01% | 0.84% | ||
Residential real estate | HELOCs | Estimated Current Loan To Value Ratio 70% and Below | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | $ 315 | $ 315 | $ 380 | ||
HELOCs converted to term loans | 175 | 175 | 214 | ||
Total loans | 490 | 490 | 594 | ||
Residential real estate | HELOCs | Estimated Current Loan To Value Ratio Greater Than 70% Through 90% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 2 | 2 | 2 | ||
HELOCs converted to term loans | 1 | 1 | 1 | ||
Total loans | 3 | 3 | 3 | ||
Residential real estate | HELOCs | Estimated Current LTV Greater Than 90% Through 100% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 0 | 0 | 0 | ||
HELOCs converted to term loans | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Residential real estate | HELOCs | Estimated Current LTV Greater Than 100% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 0 | 0 | 0 | ||
HELOCs converted to term loans | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Residential real estate | HELOCs | Updated FICO Score Below 620 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 2 | 2 | 2 | ||
HELOCs converted to term loans | 5 | 5 | 5 | ||
Total loans | 7 | 7 | 7 | ||
Residential real estate | HELOCs | Updated FICO Score 620 Through 679 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 6 | 6 | 6 | ||
HELOCs converted to term loans | 8 | 8 | 10 | ||
Total loans | 14 | 14 | 16 | ||
Residential real estate | HELOCs | Updated FICO Score 680 Through 739 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 45 | 45 | 52 | ||
HELOCs converted to term loans | 30 | 30 | 35 | ||
Total loans | 75 | 75 | 87 | ||
Residential real estate | HELOCs | Updated FICO Score 740 and Above | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 264 | 264 | 322 | ||
HELOCs converted to term loans | 133 | 133 | 165 | ||
Total loans | 397 | 397 | 487 | ||
Residential real estate | HELOCs | Financial Asset Originated | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 317 | 317 | 382 | ||
HELOCs converted to term loans | 176 | 176 | 215 | ||
Total loans | 493 | 493 | 597 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination Loan to Value Ratio 70% and Below | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 282 | 282 | 332 | ||
HELOCs converted to term loans | 123 | 123 | 153 | ||
Total loans | 405 | 405 | 485 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination Loan to Value Ratio Greater Than 70% Through 90% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 35 | 35 | 50 | ||
HELOCs converted to term loans | 52 | 52 | 61 | ||
Total loans | 87 | 87 | 111 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination Loan to Value Ratio Greater Than 90% Through 100% | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 0 | 0 | 0 | ||
HELOCs converted to term loans | 1 | 1 | 1 | ||
Total loans | 1 | 1 | 1 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination FICO Score Below 620 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 0 | 0 | 0 | ||
HELOCs converted to term loans | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination FICO Score 620 Through 679 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 0 | 0 | 0 | ||
HELOCs converted to term loans | 1 | 1 | 2 | ||
Total loans | 1 | 1 | 2 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination FICO Score 680 Through 739 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 53 | 53 | 59 | ||
HELOCs converted to term loans | 39 | 39 | 47 | ||
Total loans | 92 | 92 | 106 | ||
Residential real estate | HELOCs | Financial Asset Originated | Origination FICO Score 740 and Above | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving HELOCs amortized cost basis | 264 | 264 | 323 | ||
HELOCs converted to term loans | 136 | 136 | 166 | ||
Total loans | $ 400 | $ 400 | $ 489 |
Bank Loans and Related Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest | $ 152 | $ 134 |
Residential real estate | First Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Bank loans | $ 21,400 | |
Percent of loans with interest-only payments | 27.00% | |
Percent of interest only adjustable rate | 88.00% | |
Total bank loans | $ 26,056 | 25,198 |
Residential real estate | First Mortgages | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed rate interest rate period | 3 years | |
Interest-only reset period | 3 years | |
Residential real estate | First Mortgages | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed rate interest rate period | 10 years | |
Residential real estate | HELOCs | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan term | 30 years | |
Initial draw period | 10 years | |
Converting to amortizing loans period | 20 years | |
Total bank loans | $ 493 | $ 597 |
Percent of loan balance outstanding, borrowers paid only minimum due | 59.00% | |
Residential real estate | Home Equity Secured By Second Liens | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total bank loans | $ 389 |
Bank Loans and Related Allowance for Credit Losses - Convert to Amortizing Loans (Details) - Residential real estate - HELOCs - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Converted to an amortizing loan by period end | $ 176 | $ 176 | |
Within 1 year | 23 | 23 | |
> 1 year – 3 years | 39 | 39 | |
> 3 years – 5 years | 51 | 51 | |
> 5 years | 204 | 204 | |
Total loans | 493 | 493 | $ 597 |
Converted to amortizing loans during the period | $ 6 | $ 15 |
Variable Interest Entities (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Variable Interest Entity [Line Items] | ||||
Aggregate assets | [1] | $ 475,204 | $ 551,772 | |
Aggregate liabilities | [1] | 437,420 | 515,164 | |
Variable Interest Entity, Not Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Aggregate assets | 1,482 | 1,261 | ||
Aggregate liabilities | 744 | 619 | ||
Maximum exposure to loss | 1,524 | 1,309 | ||
Variable Interest Entity, Not Primary Beneficiary | LIHTC Investments | ||||
Variable Interest Entity [Line Items] | ||||
Aggregate assets | 1,306 | 1,094 | ||
Aggregate liabilities | 744 | 619 | ||
Maximum exposure to loss | 1,306 | 1,094 | ||
Variable Interest Entity, Not Primary Beneficiary | Other investments | ||||
Variable Interest Entity [Line Items] | ||||
Aggregate assets | 176 | 167 | ||
Aggregate liabilities | 0 | 0 | ||
Maximum exposure to loss | $ 218 | $ 215 | ||
|
Bank Deposits - Deposits from Banking Clients Consisting of Interest Bearing and Noninterest Bearing Deposits (Details) - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Interest-bearing deposits: | ||||
Deposits swept from brokerage accounts | $ 217,517,000,000 | $ 333,754,000,000 | ||
Time certificates of deposit | 45,418,000,000 | 6,047,000,000 | ||
Checking | 15,560,000,000 | 19,719,000,000 | ||
Savings and other | 4,672,000,000 | 6,098,000,000 | ||
Total interest-bearing deposits | 283,167,000,000 | 365,618,000,000 | ||
Non-interest-bearing deposits | 1,241,000,000 | 1,106,000,000 | ||
Total bank deposits | [1] | 284,408,000,000 | 366,724,000,000 | |
Uninsured time CDs and time deposits in excess of FDIC insurance limits | $ 0 | $ 0 | ||
|
Bank Deposits - Annual Maturities on Time Certificates of Deposit Outstanding (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Deposit Liabilities [Abstract] | |
2023 | $ 5,358 |
2024 | 38,422 |
2025 | 1,638 |
Total | $ 45,418 |
Borrowings - Long-term Debt Including Unamortized Debt Discounts and Premiums (Details) - USD ($) $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Aug. 24, 2033 |
May 19, 2033 |
May 19, 2028 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Debt Instrument [Line Items] | |||||
Finance lease liabilities | $ 45 | $ 68 | |||
Unamortized premium — net | 98 | 129 | |||
Debt issuance costs | (115) | (94) | |||
Total long-term debt | 24,803 | 20,828 | |||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior notes | 24,562 | 20,512 | |||
Senior Notes | TD Ameritrade Holding | |||||
Debt Instrument [Line Items] | |||||
Senior notes | 213 | 213 | |||
Senior Notes | 2.650% due January 25, 2023 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 0 | 800 | |||
Fixed interest rate | 2.65% | ||||
Senior Notes | 3.550% due February 1, 2024 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 500 | 500 | |||
Fixed interest rate | 3.55% | ||||
Senior Notes | 0.750% due March 18, 2024 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,500 | 1,500 | |||
Fixed interest rate | 0.75% | ||||
Senior Notes | 3.750% due April 1, 2024 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 350 | 350 | |||
Fixed interest rate | 3.75% | ||||
Senior Notes | 3.750% due April 1, 2024 | TD Ameritrade Holding | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 50 | 50 | |||
Fixed interest rate | 3.75% | ||||
Senior Notes | 3.000% due March 10, 2025 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 375 | 375 | |||
Fixed interest rate | 3.00% | ||||
Senior Notes | 4.200% due March 24, 2025 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 600 | 600 | |||
Fixed interest rate | 4.20% | ||||
Senior Notes | 3.625% due April 1, 2025 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 418 | 418 | |||
Fixed interest rate | 3.625% | ||||
Senior Notes | 3.625% due April 1, 2025 | TD Ameritrade Holding | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 82 | 82 | |||
Fixed interest rate | 3.625% | ||||
Senior Notes | 3.850% due May 21, 2025 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 750 | 750 | |||
Fixed interest rate | 3.85% | ||||
Senior Notes | 3.450% due February 13, 2026 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 350 | 350 | |||
Fixed interest rate | 3.45% | ||||
Senior Notes | 0.900% due March 11, 2026 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,250 | 1,250 | |||
Fixed interest rate | 0.90% | ||||
Senior Notes | 1.150% due May 13, 2026 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,000 | 1,000 | |||
Fixed interest rate | 1.15% | ||||
Senior Notes | 3.200% due March 2, 2027 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 650 | 650 | |||
Fixed interest rate | 3.20% | ||||
Senior Notes | 2.450% due March 3, 2027 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,500 | 1,500 | |||
Fixed interest rate | 2.45% | ||||
Senior Notes | 3.300% due April 1, 2027 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 744 | 744 | |||
Fixed interest rate | 3.30% | ||||
Senior Notes | 3.300% due April 1, 2027 | TD Ameritrade Holding | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 56 | 56 | |||
Fixed interest rate | 3.30% | ||||
Senior Notes | 3.200% due January 25, 2028 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 700 | 700 | |||
Fixed interest rate | 3.20% | ||||
Senior Notes | 2.000% due March 20, 2028 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,250 | 1,250 | |||
Fixed interest rate | 2.00% | ||||
Senior Notes | 4.000% due February 1, 2029 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 600 | 600 | |||
Fixed interest rate | 4.00% | ||||
Senior Notes | 3.250% due May 22, 2029 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 600 | 600 | |||
Fixed interest rate | 3.25% | ||||
Senior Notes | 2.750% due October 1, 2029 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 475 | 475 | |||
Fixed interest rate | 2.75% | ||||
Senior Notes | 2.750% due October 1, 2029 | TD Ameritrade Holding | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 25 | 25 | |||
Fixed interest rate | 2.75% | ||||
Senior Notes | 4.625% due March 22, 2030 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 500 | 500 | |||
Fixed interest rate | 4.625% | ||||
Senior Notes | 1.650% due March 11, 2031 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 750 | 750 | |||
Fixed interest rate | 1.65% | ||||
Senior Notes | 2.300% due May 13, 2031 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 750 | 750 | |||
Fixed interest rate | 2.30% | ||||
Senior Notes | 1.950% due December 1, 2031 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 850 | 850 | |||
Fixed interest rate | 1.95% | ||||
Senior Notes | 2.900% due March 3, 2032 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,000 | 1,000 | |||
Fixed interest rate | 2.90% | ||||
Senior Notes | 5.875% due August 24, 2026 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,000 | 0 | |||
Fixed interest rate | 5.875% | ||||
Senior Notes | SOFR + 0.500% due March 18, 2024 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,250 | 1,250 | |||
Senior Notes | SOFR + 0.500% due March 18, 2024 | Secured Overnight Financing Rate (SOFR) | |||||
Debt Instrument [Line Items] | |||||
Basis spread rate | 0.50% | ||||
Senior Notes | SOFR + 0.520% due May 13, 2026 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 500 | 500 | |||
Senior Notes | SOFR + 0.520% due May 13, 2026 | Secured Overnight Financing Rate (SOFR) | |||||
Debt Instrument [Line Items] | |||||
Basis spread rate | 0.52% | ||||
Senior Notes | SOFR + 1.050% due March 3, 2027 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 500 | 500 | |||
Senior Notes | SOFR + 1.050% due March 3, 2027 | Secured Overnight Financing Rate (SOFR) | |||||
Debt Instrument [Line Items] | |||||
Basis spread rate | 1.05% | ||||
Senior Notes | 5.643% due May 19, 2029 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,200 | 0 | |||
Fixed interest rate | 5.643% | ||||
Senior Notes | 5.643% due May 19, 2029 | Secured Overnight Financing Rate (SOFR) | Forecast | |||||
Debt Instrument [Line Items] | |||||
Basis spread rate | 2.21% | ||||
Senior Notes | 5.853% due May 19, 2034 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,300 | 0 | |||
Fixed interest rate | 5.853% | ||||
Senior Notes | 5.853% due May 19, 2034 | Secured Overnight Financing Rate (SOFR) | Forecast | |||||
Debt Instrument [Line Items] | |||||
Basis spread rate | 2.50% | ||||
Senior Notes | 6.136% due August 24, 2034 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,350 | $ 0 | |||
Fixed interest rate | 6.136% | ||||
Senior Notes | 6.136% due August 24, 2034 | Secured Overnight Financing Rate (SOFR) | Forecast | |||||
Debt Instrument [Line Items] | |||||
Basis spread rate | 2.01% |
Borrowings - Annual Maturities on Long-term Debt Outstanding (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Disclosure [Abstract] | ||
2023 | $ 8 | |
2024 | 3,675 | |
2025 | 2,237 | |
2026 | 4,100 | |
2027 | 3,450 | |
Thereafter | 11,350 | |
Total maturities | 24,820 | |
Unamortized premium — net | 98 | $ 129 |
Debt issuance costs | (115) | (94) |
Total long-term debt | $ 24,803 | $ 20,828 |
Borrowings - Narrative (Details) - USD ($) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|||
Line of Credit Facility [Line Items] | ||||
Other short-term borrowings | [1] | $ 7,550,000,000 | $ 4,650,000,000 | |
Weighted-average interest rate of short-term borrowings | 5.39% | 4.97% | ||
Capacity of allowable commercial paper note issuance | $ 5,000,000,000 | |||
Commercial paper | 85,000,000 | $ 250,000,000 | ||
Secured Uncommitted Lines Of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Other short-term borrowings | $ 950,000,000 | |||
Commercial paper | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Maturity term | 270 days | |||
Federal Reserve Bank Advances | ||||
Line of Credit Facility [Line Items] | ||||
Other short-term borrowings | $ 0 | 0 | ||
Total borrowing capacity | 7,200,000,000 | 7,800,000,000 | ||
Federal Reserve Bank Term Funding Program (BTFP) | ||||
Line of Credit Facility [Line Items] | ||||
Other short-term borrowings | 0 | |||
Total borrowing capacity | 40,200,000,000 | |||
Repurchase Agreements | ||||
Line of Credit Facility [Line Items] | ||||
Other short-term borrowings | 6,500,000,000 | 4,400,000,000 | ||
Line of Credit | TDAC | ||||
Line of Credit Facility [Line Items] | ||||
Other short-term borrowings | 0 | 0 | ||
Line of Credit | Uncommitted Lines Of Credit With External Banks | ||||
Line of Credit Facility [Line Items] | ||||
Other short-term borrowings | 0 | 0 | ||
Total borrowing capacity | 1,800,000,000 | |||
Line of Credit | Secured Uncommitted Lines Of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Other short-term borrowings | 950,000,000 | |||
Federal Home Loan Bank Advances | Secured Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings outstanding | $ 31,800,000,000 | $ 12,400,000,000 | ||
Weighted average interest rate | 5.17% | 4.88% | ||
Total borrowing capacity | $ 55,600,000,000 | $ 68,600,000,000 | ||
|
Borrowings - Annual Maturities on Borrowings Outstanding (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
FHLB borrowings | ||||
Total | [1] | $ 31,800 | $ 12,400 | |
Other short-term borrowings | ||||
2023 | 3,148 | |||
2024 | 4,402 | |||
Total | [1] | 7,550 | $ 4,650 | |
2023 | 15,548 | |||
2024 | 23,802 | |||
Total | 39,350 | |||
Federal Home Loan Bank Advances | Secured Credit Facility | ||||
FHLB borrowings | ||||
2023 | 12,400 | |||
2024 | 19,400 | |||
Total | $ 31,800 | |||
|
Commitments and Contingencies - Narrative (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2023 |
May 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
May 04, 2023 |
Dec. 31, 2022 |
Jul. 01, 2021 |
|
Loss Contingencies [Line Items] | |||||||||
Reduction in deposit balance over 12 month period | $ 10,000,000,000 | ||||||||
Additions (reductions) in deposit balance | $ 0 | ||||||||
ID balance ceiling amount above fixed-rate obligation | $ 30,000,000,000 | ||||||||
IDA balance floor amount | 60,000,000,000 | ||||||||
ID balance ceiling amount | 90,000,000,000 | ||||||||
Percentage of fixed rate investments | 80.00% | ||||||||
Maximum buy down in fixed-rate obligation IDA balance | $ 5,000,000,000 | ||||||||
Buy down of fixed-rate obligation amounts in deposits balance | $ 2,100,000,000 | $ 2,400,000,000 | |||||||
Market-based fee capitalized as a contract asset | $ 115,000,000 | $ 112,000,000 | |||||||
Ending IDA balance | $ 99,600,000,000 | 99,600,000,000 | $ 122,600,000,000 | ||||||
Fixed-rate obligation IDA balance | 88,700,000,000 | 88,700,000,000 | 108,500,000,000 | ||||||
Floating-rate obligation IDA balance | 10,900,000,000 | 10,900,000,000 | $ 14,100,000,000 | ||||||
Guarantees | |||||||||
Loss Contingencies [Line Items] | |||||||||
Liability for guarantees | 0 | 0 | |||||||
Residential real estate | First Mortgages | |||||||||
Loss Contingencies [Line Items] | |||||||||
Purchased during period | 765,000,000 | $ 1,300,000,000 | 2,400,000,000 | $ 6,000,000,000.0 | |||||
Residential real estate | HELOCs | |||||||||
Loss Contingencies [Line Items] | |||||||||
Purchased during period | $ 49,000,000 | $ 92,000,000 | $ 144,000,000 | $ 252,000,000 |
Commitments and Contingencies - Commitments to Extend Credit on Lines of Credit and to Purchase First Mortgages (Details) - Residential real estate - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 3,626 | $ 5,025 |
Home Equity Lines of Credit, Pledged Asset Lines, and Other Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commitments to extend credit related to unused HELOCs, PALs, and other lines of credit | 3,247 | 4,533 |
First Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commitments to purchase First Mortgage loans | $ 379 | $ 492 |
Exit and Other Related Liabilities - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 36 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
clientTransitionGroup
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
|
TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Acquisition-related exit costs | $ 16 | $ 9 | $ 56 | $ 29 | $ 384 |
Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Acquisition-related exit costs | 279 | 279 | |||
Minimum | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected integration exit and other related costs | 500 | 500 | 500 | ||
Minimum | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected integration exit and other related costs | 400 | 400 | 400 | ||
Maximum | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected integration exit and other related costs | 700 | $ 700 | 700 | ||
Expected period of remaining costs to be incurred | 15 months | ||||
Maximum | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected integration exit and other related costs | $ 500 | $ 500 | $ 500 | ||
TD Ameritrade, Inc. | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of integration client transition groups | clientTransitionGroup | 3 |
Exit and Other Related Liabilities - Activity in Exit and Other Related Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 36 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
|
TD Ameritrade Integration | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | $ 46 | ||||
Amounts recognized in expense | $ 16 | $ 9 | 56 | $ 29 | $ 384 |
Costs paid or otherwise settled | (12) | ||||
Balance at end of period | 57 | 57 | 57 | ||
TD Ameritrade Integration | Compensation and benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 9 | 6 | 23 | 23 | 307 |
Other | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Amounts recognized in expense | 279 | 279 | |||
Costs paid or otherwise settled | 0 | ||||
Balance at end of period | 276 | 276 | 276 | ||
Other | Compensation and benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 276 | 276 | |||
Investor Services Employee Compensation and Benefits | TD Ameritrade Integration | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 36 | ||||
Amounts recognized in expense | 16 | 7 | 44 | 22 | 303 |
Costs paid or otherwise settled | (10) | ||||
Balance at end of period | 46 | 46 | 46 | ||
Investor Services Employee Compensation and Benefits | TD Ameritrade Integration | Employee Severance And Retention | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 9 | 5 | 20 | 18 | 243 |
Investor Services Employee Compensation and Benefits | TD Ameritrade Integration | Compensation and benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 9 | 5 | 20 | 18 | 243 |
Investor Services Employee Compensation and Benefits | TD Ameritrade Integration | Compensation and benefits | Employee Severance And Retention | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 9 | 5 | 20 | 18 | 243 |
Investor Services Employee Compensation and Benefits | Other | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Amounts recognized in expense | 204 | 204 | |||
Costs paid or otherwise settled | 0 | ||||
Balance at end of period | 202 | 202 | 202 | ||
Investor Services Employee Compensation and Benefits | Other | Employee Compensation and Benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 202 | 202 | |||
Investor Services Employee Compensation and Benefits | Other | Compensation and benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 202 | 202 | |||
Investor Services Employee Compensation and Benefits | Other | Compensation and benefits | Employee Compensation and Benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 202 | 202 | |||
Advisor Services Employee Compensation and Benefits | TD Ameritrade Integration | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 10 | ||||
Amounts recognized in expense | 0 | 2 | 12 | 7 | 81 |
Costs paid or otherwise settled | (2) | ||||
Balance at end of period | 11 | 11 | 11 | ||
Advisor Services Employee Compensation and Benefits | TD Ameritrade Integration | Employee Severance And Retention | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 0 | 1 | 3 | 5 | 64 |
Advisor Services Employee Compensation and Benefits | TD Ameritrade Integration | Compensation and benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 0 | 1 | 3 | 5 | 64 |
Advisor Services Employee Compensation and Benefits | TD Ameritrade Integration | Compensation and benefits | Employee Severance And Retention | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 0 | $ 1 | 3 | $ 5 | 64 |
Advisor Services Employee Compensation and Benefits | Other | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Amounts recognized in expense | 75 | 75 | |||
Costs paid or otherwise settled | 0 | ||||
Balance at end of period | 74 | 74 | $ 74 | ||
Advisor Services Employee Compensation and Benefits | Other | Employee Compensation and Benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 74 | 74 | |||
Advisor Services Employee Compensation and Benefits | Other | Compensation and benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | 74 | 74 | |||
Advisor Services Employee Compensation and Benefits | Other | Compensation and benefits | Employee Compensation and Benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
Amounts recognized in expense | $ 74 | $ 74 |
Exit and Other Related Liabilities - Summary of Exit and Other Related Costs Recognized in Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 36 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
|
TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | $ 16 | $ 9 | $ 56 | $ 29 | $ 384 |
Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 279 | 279 | |||
Compensation and benefits | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 9 | 6 | 23 | 23 | 307 |
Compensation and benefits | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 276 | 276 | |||
Occupancy and equipment | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 3 | 3 | 8 | 6 | 46 |
Occupancy and equipment | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 2 | 2 | |||
Depreciation and amortization | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 3 | ||||
Professional services | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | ||||
Other | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 4 | 25 | 27 | ||
Other | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | 1 | |||
Investor Services | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 16 | 7 | 44 | 22 | 303 |
Investor Services | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 204 | 204 | |||
Investor Services | Compensation and benefits | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 9 | 5 | 20 | 18 | 243 |
Investor Services | Compensation and benefits | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 202 | 202 | |||
Investor Services | Occupancy and equipment | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 3 | 2 | 6 | 4 | 37 |
Investor Services | Occupancy and equipment | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | 1 | |||
Investor Services | Depreciation and amortization | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 2 | ||||
Investor Services | Professional services | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | ||||
Investor Services | Other | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 4 | 18 | 20 | ||
Investor Services | Other | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | 1 | |||
Investor Services | Employee Severance And Retention | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 9 | 5 | 20 | 18 | 243 |
Investor Services | Employee Severance And Retention | Compensation and benefits | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 9 | 5 | 20 | 18 | 243 |
Investor Services | Employee Severance And Retention | Occupancy and equipment | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | 0 | 0 | 0 |
Investor Services | Employee Severance And Retention | Depreciation and amortization | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | ||||
Investor Services | Employee Severance And Retention | Professional services | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | ||||
Investor Services | Employee Severance And Retention | Other | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | 0 | ||
Investor Services | Employee Compensation and Benefits | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 202 | 202 | |||
Investor Services | Employee Compensation and Benefits | Compensation and benefits | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 202 | 202 | |||
Investor Services | Employee Compensation and Benefits | Occupancy and equipment | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | |||
Investor Services | Employee Compensation and Benefits | Other | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | |||
Investor Services | Facility Exit Costs | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 7 | 2 | 24 | 4 | 60 |
Investor Services | Facility Exit Costs | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 2 | 2 | |||
Investor Services | Facility Exit Costs | Compensation and benefits | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | 0 | 0 | 0 |
Investor Services | Facility Exit Costs | Compensation and benefits | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | |||
Investor Services | Facility Exit Costs | Occupancy and equipment | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 3 | 2 | 6 | 4 | 37 |
Investor Services | Facility Exit Costs | Occupancy and equipment | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | 1 | |||
Investor Services | Facility Exit Costs | Depreciation and amortization | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 2 | ||||
Investor Services | Facility Exit Costs | Professional services | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | ||||
Investor Services | Facility Exit Costs | Other | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 4 | 18 | 20 | ||
Investor Services | Facility Exit Costs | Other | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | 1 | |||
Advisor Services | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 2 | 12 | 7 | 81 |
Advisor Services | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 75 | 75 | |||
Advisor Services | Compensation and benefits | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 1 | 3 | 5 | 64 |
Advisor Services | Compensation and benefits | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 74 | 74 | |||
Advisor Services | Occupancy and equipment | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 1 | 2 | 2 | 9 |
Advisor Services | Occupancy and equipment | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | 1 | |||
Advisor Services | Depreciation and amortization | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | ||||
Advisor Services | Professional services | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | ||||
Advisor Services | Other | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 7 | 7 | ||
Advisor Services | Other | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | |||
Advisor Services | Employee Severance And Retention | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 1 | 3 | 5 | 64 |
Advisor Services | Employee Severance And Retention | Compensation and benefits | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 1 | 3 | 5 | 64 |
Advisor Services | Employee Severance And Retention | Occupancy and equipment | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | 0 | 0 | 0 |
Advisor Services | Employee Severance And Retention | Depreciation and amortization | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | ||||
Advisor Services | Employee Severance And Retention | Professional services | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | ||||
Advisor Services | Employee Severance And Retention | Other | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | 0 | ||
Advisor Services | Employee Compensation and Benefits | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 74 | 74 | |||
Advisor Services | Employee Compensation and Benefits | Compensation and benefits | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 74 | 74 | |||
Advisor Services | Employee Compensation and Benefits | Occupancy and equipment | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | |||
Advisor Services | Employee Compensation and Benefits | Other | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | |||
Advisor Services | Facility Exit Costs | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 1 | 9 | 2 | 17 |
Advisor Services | Facility Exit Costs | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | 1 | |||
Advisor Services | Facility Exit Costs | Compensation and benefits | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | 0 | 0 | 0 |
Advisor Services | Facility Exit Costs | Compensation and benefits | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 0 | |||
Advisor Services | Facility Exit Costs | Occupancy and equipment | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | $ 1 | 2 | $ 2 | 9 |
Advisor Services | Facility Exit Costs | Occupancy and equipment | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | 1 | |||
Advisor Services | Facility Exit Costs | Depreciation and amortization | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 1 | ||||
Advisor Services | Facility Exit Costs | Professional services | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | ||||
Advisor Services | Facility Exit Costs | Other | TD Ameritrade Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | 0 | 7 | $ 7 | ||
Advisor Services | Facility Exit Costs | Other | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Amounts recognized in expense | $ 0 | $ 0 |
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Billions |
Sep. 30, 2023
USD ($)
|
---|---|
Designated as Hedging Instrument | Interest rate swaps | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Aggregate notional amounts | $ 8.9 |
Derivative Instruments and Hedging Activities - Gross Fair Values of Derivatives (Details) - Interest rate swaps $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Derivatives, Fair Value [Line Items] | |
Assets | $ 3 |
Designated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Assets | 3 |
Liabilities | 0 |
Reduction of derivative asset related to variation margin settlements | $ 301 |
Derivative Instruments and Hedging Activities - Fair Value Hedge Derivatives (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Cumulative basis adjustments, reduction of the amortized cost basis of the close portfolios | $ 57,000 |
Debt Securities | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Amortized cost of hedged AFS securities | 8,589,000 |
Cumulative fair value hedging adjustment included in the amortized cost of hedged AFS securities | (304,000) |
Amortized cost basis of closed portfolio hedges | 2,100,000 |
Amount of designated hedged items of closed portfolio hedges | 1,600,000 |
Cumulative basis adjustments, reduction of the amortized cost basis of the close portfolios | 57,000 |
Debt Securities | Maximum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Cumulative fair value hedging adjustments related to securities which hedge accounting has been discontinued, reduction of the the amortized cost basis | $ 500 |
Derivative Instruments and Hedging Activities - Effect of Fair Value Hedge Derivatives (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
|
Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivatives designated as hedging instruments | $ 182 | $ 304 |
Debt Securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged items | $ (182) | $ (304) |
Financial Instruments Subject to Off-Balance Sheet Credit Risk - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Securities Financing Transaction, Fair Value | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair value of borrowed securities from other broker-dealers to fulfill short sales by clients | $ 853 | $ 685 |
Financial Instruments Subject to Off-Balance Sheet Credit Risk - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Resale agreements | ||||
Gross Assets | $ 3,010 | $ 12,159 | ||
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 | ||
Net Amounts Presented in the Condensed Consolidated Balance Sheets | [1] | 3,010 | 12,159 | |
Counterparty Offsetting | 0 | 0 | ||
Collateral | (3,010) | (12,159) | ||
Net Amount | 0 | 0 | ||
Securities borrowed | ||||
Gross Assets | 892 | 705 | ||
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 | ||
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 892 | 705 | ||
Counterparty Offsetting | (646) | (331) | ||
Collateral | (244) | (366) | ||
Net Amount | 2 | 8 | ||
Interest rate swaps | ||||
Total Gross Assets | 3,905 | 12,864 | ||
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 | ||
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 3,905 | 12,864 | ||
Counterparty Offsetting | (646) | (331) | ||
Collateral | (3,254) | (12,525) | ||
Net Amount | 5 | 8 | ||
Repurchase agreements | ||||
Gross Liabilities | 6,515 | 4,402 | ||
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 | ||
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 6,515 | 4,402 | ||
Counterparty Offsetting | 0 | 0 | ||
Collateral | (6,515) | (4,402) | ||
Net Amount | 0 | 0 | ||
Securities loaned | ||||
Gross Liabilities | 5,878 | 4,200 | ||
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 | ||
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 5,878 | 4,200 | ||
Counterparty Offsetting | (646) | (331) | ||
Collateral | (4,721) | (3,313) | ||
Net Amount | 511 | 556 | ||
Secured short-term borrowings | ||||
Total | [1] | 7,550 | 4,650 | |
Total Gross Liabilities | 13,343 | 8,602 | ||
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 | ||
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 13,343 | 8,602 | ||
Counterparty Offsetting | (646) | (331) | ||
Collateral | (12,186) | (7,715) | ||
Net Amount | 511 | 556 | ||
Fair value of client securities available to be pledged | 90,299 | 86,775 | ||
Available for sale securities, assets pledged | [1] | 110,272 | 147,871 | |
Secured short-term borrowings | ||||
Secured short-term borrowings | ||||
Gross Liabilities | 950 | |||
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | |||
Total | 950 | |||
Counterparty Offsetting | 0 | |||
Collateral | (950) | |||
Net Amount | 0 | |||
Asset Pledged as Collateral | ||||
Secured short-term borrowings | ||||
Available for sale securities, assets pledged | [1] | 1,773 | 41 | |
Interest rate swaps | Asset Pledged as Collateral | ||||
Secured short-term borrowings | ||||
Available for sale securities, assets pledged | 180 | |||
Securities Sold under Agreements to Repurchase | ||||
Secured short-term borrowings | ||||
Fair value of collateral pledged in connection with repurchase agreements | 7,000 | 4,600 | ||
Resale and Repurchase Agreements | ||||
Secured short-term borrowings | ||||
Fair value of client securities available to be pledged | 3,100 | $ 12,300 | ||
Interest rate swaps | ||||
Interest rate swaps | ||||
Gross Assets | 3 | |||
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | |||
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 3 | |||
Counterparty Offsetting | 0 | |||
Collateral | 0 | |||
Net Amount | $ 3 | |||
|
Financial Instruments Subject to Off-Balance Sheet Credit Risk - Summary of the Fair Value of Client Securities Available to Utilize as Collateral and Amounts Pledged (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Securities Financing Transaction [Line Items] | ||
Fair value of client securities available to be pledged | $ 90,299 | $ 86,775 |
Total collateral pledged to third parties | 26,705 | 19,939 |
Fulfillment of requirements with the Options Clearing Corporation | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | 15,086 | 11,717 |
Fulfillment of client short sales | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | 5,363 | 4,750 |
Securities lending to other broker-dealers | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | 5,190 | 3,472 |
Collateral for secured short-term borrowings | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | 1,066 | 0 |
Fully Paid Client Securities | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | $ 140 | $ 160 |
Fair Values of Assets and Liabilities - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
thirdPartyPricingSource
| |
Fair Value Disclosures [Abstract] | |
Number of third-party sources | 3 |
Fair Values of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | [1] | $ 110,272 | $ 147,871 | |
Certificates of deposit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 99 | 2,231 | ||
U.S. agency mortgage-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 64,861 | 77,688 | ||
U.S. Treasury securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 21,788 | 40,002 | ||
Asset-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 9,624 | 13,023 | ||
Corporate debt securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 12,154 | 12,555 | ||
Foreign government agency securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 985 | 969 | ||
U.S. state and municipal securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 555 | 638 | ||
Non-agency commercial mortgage-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 188 | 450 | ||
Other | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 18 | 315 | ||
Fair Value, Recurring | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents: | 12,744 | 14,055 | ||
Investments segregated and on deposit for regulatory purposes: | 12,318 | 24,645 | ||
Fair Value | 110,272 | 147,871 | ||
Other assets: | 1,629 | 1,432 | ||
Total assets | 136,963 | 188,003 | ||
Total accrued expenses and other liabilities | 1,433 | 1,261 | ||
Total liabilities | 1,433 | 1,261 | ||
Fair Value, Recurring | Money market funds | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents: | 12,744 | 14,007 | ||
Fair Value, Recurring | Commercial paper | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents: | 48 | |||
Fair Value, Recurring | U.S. Government securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments segregated and on deposit for regulatory purposes: | 11,368 | 23,645 | ||
Other assets: | 2 | 1 | ||
Fair Value, Recurring | Certificates of deposit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments segregated and on deposit for regulatory purposes: | 950 | 1,000 | ||
Fair Value | 99 | 2,231 | ||
Fair Value, Recurring | U.S. agency mortgage-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 64,861 | 77,688 | ||
Fair Value, Recurring | U.S. Treasury securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 21,788 | 40,002 | ||
Fair Value, Recurring | Asset-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 9,624 | 13,023 | ||
Fair Value, Recurring | Corporate debt securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 12,154 | 12,555 | ||
Fair Value, Recurring | Foreign government agency securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 985 | 969 | ||
Fair Value, Recurring | U.S. state and municipal securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 555 | 638 | ||
Fair Value, Recurring | Non-agency commercial mortgage-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 188 | 450 | ||
Fair Value, Recurring | Other | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 18 | 315 | ||
Fair Value, Recurring | Total other securities owned at fair value | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 1,626 | 1,432 | ||
Fair Value, Recurring | Equity, corporate debt, and other securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 936 | 810 | ||
Fair Value, Recurring | Mutual funds and ETFs | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 677 | 596 | ||
Fair Value, Recurring | State and municipal debt obligations | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 11 | 25 | ||
Fair Value, Recurring | Interest rate swaps | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 3 | |||
Fair Value, Recurring | Other | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total accrued expenses and other liabilities | 1,433 | 1,261 | ||
Fair Value, Recurring | Level 1 | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents: | 12,744 | 14,007 | ||
Investments segregated and on deposit for regulatory purposes: | 0 | 0 | ||
Fair Value | 0 | 0 | ||
Other assets: | 1,554 | 1,351 | ||
Total assets | 14,298 | 15,358 | ||
Total accrued expenses and other liabilities | 1,396 | 1,218 | ||
Total liabilities | 1,396 | 1,218 | ||
Fair Value, Recurring | Level 1 | Money market funds | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents: | 12,744 | 14,007 | ||
Fair Value, Recurring | Level 1 | Commercial paper | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents: | 0 | |||
Fair Value, Recurring | Level 1 | U.S. Government securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments segregated and on deposit for regulatory purposes: | 0 | 0 | ||
Other assets: | 0 | 0 | ||
Fair Value, Recurring | Level 1 | Certificates of deposit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments segregated and on deposit for regulatory purposes: | 0 | 0 | ||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 1 | U.S. agency mortgage-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 1 | U.S. Treasury securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 1 | Asset-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 1 | Corporate debt securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 1 | Foreign government agency securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 1 | U.S. state and municipal securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 1 | Non-agency commercial mortgage-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 1 | Other | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 1 | Total other securities owned at fair value | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 1,554 | 1,351 | ||
Fair Value, Recurring | Level 1 | Equity, corporate debt, and other securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 877 | 755 | ||
Fair Value, Recurring | Level 1 | Mutual funds and ETFs | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 677 | 596 | ||
Fair Value, Recurring | Level 1 | State and municipal debt obligations | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 0 | 0 | ||
Fair Value, Recurring | Level 1 | Interest rate swaps | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 0 | |||
Fair Value, Recurring | Level 1 | Other | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total accrued expenses and other liabilities | 1,396 | 1,218 | ||
Fair Value, Recurring | Level 2 | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents: | 0 | 48 | ||
Investments segregated and on deposit for regulatory purposes: | 12,318 | 24,645 | ||
Fair Value | 110,272 | 147,871 | ||
Other assets: | 75 | 81 | ||
Total assets | 122,665 | 172,645 | ||
Total accrued expenses and other liabilities | 37 | 43 | ||
Total liabilities | 37 | 43 | ||
Fair Value, Recurring | Level 2 | Money market funds | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents: | 0 | 0 | ||
Fair Value, Recurring | Level 2 | Commercial paper | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents: | 48 | |||
Fair Value, Recurring | Level 2 | U.S. Government securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments segregated and on deposit for regulatory purposes: | 11,368 | 23,645 | ||
Other assets: | 2 | 1 | ||
Fair Value, Recurring | Level 2 | Certificates of deposit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments segregated and on deposit for regulatory purposes: | 950 | 1,000 | ||
Fair Value | 99 | 2,231 | ||
Fair Value, Recurring | Level 2 | U.S. agency mortgage-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 64,861 | 77,688 | ||
Fair Value, Recurring | Level 2 | U.S. Treasury securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 21,788 | 40,002 | ||
Fair Value, Recurring | Level 2 | Asset-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 9,624 | 13,023 | ||
Fair Value, Recurring | Level 2 | Corporate debt securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 12,154 | 12,555 | ||
Fair Value, Recurring | Level 2 | Foreign government agency securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 985 | 969 | ||
Fair Value, Recurring | Level 2 | U.S. state and municipal securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 555 | 638 | ||
Fair Value, Recurring | Level 2 | Non-agency commercial mortgage-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 188 | 450 | ||
Fair Value, Recurring | Level 2 | Other | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 18 | 315 | ||
Fair Value, Recurring | Level 2 | Total other securities owned at fair value | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 72 | 81 | ||
Fair Value, Recurring | Level 2 | Equity, corporate debt, and other securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 59 | 55 | ||
Fair Value, Recurring | Level 2 | Mutual funds and ETFs | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 0 | 0 | ||
Fair Value, Recurring | Level 2 | State and municipal debt obligations | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 11 | 25 | ||
Fair Value, Recurring | Level 2 | Interest rate swaps | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 3 | |||
Fair Value, Recurring | Level 2 | Other | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total accrued expenses and other liabilities | 37 | 43 | ||
Fair Value, Recurring | Level 3 | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents: | 0 | 0 | ||
Investments segregated and on deposit for regulatory purposes: | 0 | 0 | ||
Fair Value | 0 | 0 | ||
Other assets: | 0 | 0 | ||
Total assets | 0 | 0 | ||
Total accrued expenses and other liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Fair Value, Recurring | Level 3 | Money market funds | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents: | 0 | 0 | ||
Fair Value, Recurring | Level 3 | Commercial paper | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents: | 0 | |||
Fair Value, Recurring | Level 3 | U.S. Government securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments segregated and on deposit for regulatory purposes: | 0 | 0 | ||
Other assets: | 0 | 0 | ||
Fair Value, Recurring | Level 3 | Certificates of deposit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments segregated and on deposit for regulatory purposes: | 0 | 0 | ||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 3 | U.S. agency mortgage-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 3 | U.S. Treasury securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 3 | Asset-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 3 | Corporate debt securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 3 | Foreign government agency securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 3 | U.S. state and municipal securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 3 | Non-agency commercial mortgage-backed securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 3 | Other | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Fair Value, Recurring | Level 3 | Total other securities owned at fair value | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 0 | 0 | ||
Fair Value, Recurring | Level 3 | Equity, corporate debt, and other securities | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 0 | 0 | ||
Fair Value, Recurring | Level 3 | Mutual funds and ETFs | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 0 | 0 | ||
Fair Value, Recurring | Level 3 | State and municipal debt obligations | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 0 | 0 | ||
Fair Value, Recurring | Level 3 | Interest rate swaps | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets: | 0 | |||
Fair Value, Recurring | Level 3 | Other | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total accrued expenses and other liabilities | $ 0 | $ 0 | ||
|
Fair Values of Assets and Liabilities - Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Assets | ||||
Held to maturity securities: | [1] | $ 162,452 | $ 173,074 | |
U.S. agency mortgage-backed securities | ||||
Assets | ||||
Held to maturity securities: | 162,452 | 173,074 | ||
Carrying Amount | ||||
Assets | ||||
Cash and cash equivalents | 20,507 | 26,140 | ||
Cash and investments segregated and on deposit for regulatory purposes | 6,201 | 18,288 | ||
Receivables from brokerage clients — net | 69,034 | 66,573 | ||
Held to maturity securities: | 162,452 | 173,074 | ||
Bank loans – net | 40,327 | 40,505 | ||
Other assets: | 5,105 | 3,788 | ||
Liabilities | ||||
Bank deposits | 284,408 | 366,724 | ||
Payables to brokerage clients | 72,818 | 97,438 | ||
Accrued expenses and other liabilities | 7,061 | 5,584 | ||
Other short-term borrowings | 7,550 | 4,650 | ||
Federal Home Loan Bank borrowings | 31,800 | 12,400 | ||
Long-term debt | 24,758 | 20,760 | ||
Carrying Amount | Residential real estate | First Mortgages | ||||
Assets | ||||
Bank loans – net | 26,009 | 25,132 | ||
Carrying Amount | Residential real estate | HELOCs | ||||
Assets | ||||
Bank loans – net | 491 | 593 | ||
Carrying Amount | Pledged asset lines | ||||
Assets | ||||
Bank loans – net | 13,538 | 14,592 | ||
Carrying Amount | Other | ||||
Assets | ||||
Bank loans – net | 289 | 188 | ||
Carrying Amount | U.S. agency mortgage-backed securities | ||||
Assets | ||||
Held to maturity securities: | 162,452 | 173,074 | ||
Portion at Other than Fair Value Measurement | ||||
Assets | ||||
Cash and cash equivalents | 20,507 | 26,140 | ||
Cash and investments segregated and on deposit for regulatory purposes | 6,201 | 18,288 | ||
Receivables from brokerage clients — net | 69,034 | 66,573 | ||
Held to maturity securities: | 143,003 | 158,936 | ||
Bank loans – net | 36,792 | 37,638 | ||
Other assets: | 5,105 | 3,788 | ||
Liabilities | ||||
Bank deposits | 284,408 | 366,724 | ||
Payables to brokerage clients | 72,818 | 97,438 | ||
Accrued expenses and other liabilities | 7,061 | 5,584 | ||
Other short-term borrowings | 7,550 | 4,650 | ||
Federal Home Loan Bank borrowings | 31,800 | 12,400 | ||
Long-term debt | 22,632 | 19,108 | ||
Portion at Other than Fair Value Measurement | Residential real estate | First Mortgages | ||||
Assets | ||||
Bank loans – net | 22,420 | 22,201 | ||
Portion at Other than Fair Value Measurement | Residential real estate | HELOCs | ||||
Assets | ||||
Bank loans – net | 545 | 657 | ||
Portion at Other than Fair Value Measurement | Pledged asset lines | ||||
Assets | ||||
Bank loans – net | 13,538 | 14,592 | ||
Portion at Other than Fair Value Measurement | Other | ||||
Assets | ||||
Bank loans – net | 289 | 188 | ||
Portion at Other than Fair Value Measurement | U.S. agency mortgage-backed securities | ||||
Assets | ||||
Held to maturity securities: | 143,003 | 158,936 | ||
Portion at Other than Fair Value Measurement | Level 1 | ||||
Assets | ||||
Cash and cash equivalents | 20,507 | 26,140 | ||
Cash and investments segregated and on deposit for regulatory purposes | 3,201 | 6,156 | ||
Receivables from brokerage clients — net | 0 | 0 | ||
Held to maturity securities: | 0 | 0 | ||
Bank loans – net | 0 | 0 | ||
Other assets: | 0 | 0 | ||
Liabilities | ||||
Bank deposits | 0 | 0 | ||
Payables to brokerage clients | 0 | 0 | ||
Accrued expenses and other liabilities | 0 | 0 | ||
Other short-term borrowings | 0 | 0 | ||
Federal Home Loan Bank borrowings | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Level 1 | Residential real estate | First Mortgages | ||||
Assets | ||||
Bank loans – net | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Level 1 | Residential real estate | HELOCs | ||||
Assets | ||||
Bank loans – net | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Level 1 | Pledged asset lines | ||||
Assets | ||||
Bank loans – net | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Level 1 | Other | ||||
Assets | ||||
Bank loans – net | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Level 1 | U.S. agency mortgage-backed securities | ||||
Assets | ||||
Held to maturity securities: | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Level 2 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Cash and investments segregated and on deposit for regulatory purposes | 3,000 | 12,132 | ||
Receivables from brokerage clients — net | 69,034 | 66,573 | ||
Held to maturity securities: | 143,003 | 158,936 | ||
Bank loans – net | 36,792 | 37,638 | ||
Other assets: | 5,105 | 3,788 | ||
Liabilities | ||||
Bank deposits | 284,408 | 366,724 | ||
Payables to brokerage clients | 72,818 | 97,438 | ||
Accrued expenses and other liabilities | 7,061 | 5,584 | ||
Other short-term borrowings | 7,550 | 4,650 | ||
Federal Home Loan Bank borrowings | 31,800 | 12,400 | ||
Long-term debt | 22,632 | 19,108 | ||
Portion at Other than Fair Value Measurement | Level 2 | Residential real estate | First Mortgages | ||||
Assets | ||||
Bank loans – net | 22,420 | 22,201 | ||
Portion at Other than Fair Value Measurement | Level 2 | Residential real estate | HELOCs | ||||
Assets | ||||
Bank loans – net | 545 | 657 | ||
Portion at Other than Fair Value Measurement | Level 2 | Pledged asset lines | ||||
Assets | ||||
Bank loans – net | 13,538 | 14,592 | ||
Portion at Other than Fair Value Measurement | Level 2 | Other | ||||
Assets | ||||
Bank loans – net | 289 | 188 | ||
Portion at Other than Fair Value Measurement | Level 2 | U.S. agency mortgage-backed securities | ||||
Assets | ||||
Held to maturity securities: | 143,003 | 158,936 | ||
Portion at Other than Fair Value Measurement | Level 3 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Cash and investments segregated and on deposit for regulatory purposes | 0 | 0 | ||
Receivables from brokerage clients — net | 0 | 0 | ||
Held to maturity securities: | 0 | 0 | ||
Bank loans – net | 0 | 0 | ||
Other assets: | 0 | 0 | ||
Liabilities | ||||
Bank deposits | 0 | 0 | ||
Payables to brokerage clients | 0 | 0 | ||
Accrued expenses and other liabilities | 0 | 0 | ||
Other short-term borrowings | 0 | 0 | ||
Federal Home Loan Bank borrowings | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Level 3 | Residential real estate | First Mortgages | ||||
Assets | ||||
Bank loans – net | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Level 3 | Residential real estate | HELOCs | ||||
Assets | ||||
Bank loans – net | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Level 3 | Pledged asset lines | ||||
Assets | ||||
Bank loans – net | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Level 3 | Other | ||||
Assets | ||||
Bank loans – net | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Level 3 | U.S. agency mortgage-backed securities | ||||
Assets | ||||
Held to maturity securities: | $ 0 | $ 0 | ||
|
Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jul. 27, 2022 |
Jul. 26, 2022 |
|
Class of Stock [Line Items] | ||||||
Value of shares repurchased | $ 2,869.0 | |||||
Value of stock repurchased | 471.0 | |||||
Dividends accrued | $ 103.0 | $ 123.4 | $ 323.9 | $ 373.9 | ||
Depositary Shares, Series F Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of stock (in shares) | 11,620 | |||||
Value of stock repurchased | $ 11.0 | |||||
Depositary Shares, Series G Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of stock (in shares) | 42,036 | |||||
Value of stock repurchased | $ 42.0 | |||||
Depositary Shares, Series H Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of stock (in shares) | 273,251 | |||||
Value of stock repurchased | $ 235.0 | |||||
Depositary Shares, Series I Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of stock (in shares) | 194,567 | |||||
Value of stock repurchased | $ 179.0 | |||||
Series F, Series G, Series H, nd Series I Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Dividends accrued | $ 3.0 | |||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Share repurchase, authorized amount | $ 15,000.0 | $ 4,000.0 | ||||
Shares repurchased (in shares) | 0 | 37,000,000 | ||||
Value of shares repurchased | $ 2,800.0 | |||||
Remaining amount authorized for share repurchase | $ 8,700.0 | 8,700.0 | ||||
Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of stock (in shares) | 0 | |||||
Value of stock repurchased | $ 515.0 |
Stockholders' Equity - Preferred Stock Issued and Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | 1,429,785 | 1,435,000 | ||
Shares outstanding (in shares) | 1,429,785 | 1,435,000 | ||
Carrying value | [1] | $ 9,191 | $ 9,706 | |
Series D | ||||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | 750,000 | 750,000 | ||
Shares outstanding (in shares) | 750,000 | 750,000 | ||
Liquidation preference per share (in USD per share) | $ 1,000 | |||
Carrying value | $ 728 | $ 728 | ||
Dividend rate in effect | 5.95% | |||
Series J | ||||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | 600,000 | 600,000 | ||
Shares outstanding (in shares) | 600,000 | 600,000 | ||
Liquidation preference per share (in USD per share) | $ 1,000 | |||
Carrying value | $ 584 | $ 584 | ||
Dividend rate in effect | 4.45% | |||
Series F | ||||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | 4,884 | 5,000 | ||
Shares outstanding (in shares) | 4,884 | 5,000 | ||
Liquidation preference per share (in USD per share) | $ 100,000 | |||
Carrying value | $ 481 | $ 492 | ||
Dividend rate in effect | 5.00% | |||
Series F | London Interbank Offered Rate (LIBOR) | ||||
Class of Stock [Line Items] | ||||
Dividend term | 3 months | |||
Floating annual rate | 2.575% | |||
Series G | ||||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | 24,580 | 25,000 | ||
Shares outstanding (in shares) | 24,580 | 25,000 | ||
Liquidation preference per share (in USD per share) | $ 100,000 | |||
Carrying value | $ 2,428 | $ 2,470 | ||
Dividend rate in effect | 5.375% | |||
Dividend term | 5 years | |||
Series G | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Dividend term | 5 years | |||
Floating annual rate | 4.971% | |||
Series H | ||||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | 22,267 | 25,000 | ||
Shares outstanding (in shares) | 22,267 | 25,000 | ||
Liquidation preference per share (in USD per share) | $ 100,000 | |||
Carrying value | $ 2,200 | $ 2,470 | ||
Dividend rate in effect | 4.00% | |||
Dividend term | 10 years | |||
Series H | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Dividend term | 10 years | |||
Floating annual rate | 3.079% | |||
Series I | ||||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | 20,554 | 22,500 | ||
Shares outstanding (in shares) | 20,554 | 22,500 | ||
Liquidation preference per share (in USD per share) | $ 100,000 | |||
Carrying value | $ 2,030 | $ 2,222 | ||
Dividend rate in effect | 4.00% | |||
Dividend term | 5 years | |||
Series I | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Dividend term | 5 years | |||
Floating annual rate | 3.168% | |||
Series K | ||||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | 7,500 | 7,500 | ||
Shares outstanding (in shares) | 7,500 | 7,500 | ||
Liquidation preference per share (in USD per share) | $ 100,000 | |||
Carrying value | $ 740 | $ 740 | ||
Dividend rate in effect | 5.00% | |||
Series K | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Dividend term | 5 years | |||
Floating annual rate | 3.256% | |||
|
Stockholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Class of Stock [Line Items] | ||||
Dividends declared | $ 103.0 | $ 123.4 | $ 323.9 | $ 373.9 |
Series A | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 7.7 | $ 18.9 | ||
Dividends declared, per share amount (in USD per share) | $ 19.43 | $ 47.73 | ||
Series D | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 11.2 | $ 11.2 | $ 33.5 | $ 33.5 |
Dividends declared, per share amount (in USD per share) | $ 14.88 | $ 14.88 | $ 44.64 | $ 44.64 |
Series E | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 7.4 | $ 27.2 | ||
Dividends declared, per share amount (in USD per share) | $ 1,251.05 | $ 4,544.37 | ||
Series F | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 0.0 | $ 0.0 | $ 12.2 | $ 12.5 |
Dividends declared, per share amount (in USD per share) | $ 0 | $ 0 | $ 2,500 | $ 2,500 |
Series G | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 33.0 | $ 33.6 | $ 99.3 | $ 100.8 |
Dividends declared, per share amount (in USD per share) | $ 1,343.75 | $ 1,343.75 | $ 4,031.25 | $ 4,031.25 |
Series H | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 22.2 | $ 25.0 | $ 68.2 | $ 75.0 |
Dividends declared, per share amount (in USD per share) | $ 1,000 | $ 1,000 | $ 3,000 | $ 3,000 |
Series I | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 20.6 | $ 22.5 | $ 62.5 | $ 67.5 |
Dividends declared, per share amount (in USD per share) | $ 1,000 | $ 1,000 | $ 3,000 | $ 3,000 |
Series J | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 6.7 | $ 6.7 | $ 20.1 | $ 20.1 |
Dividends declared, per share amount (in USD per share) | $ 11.13 | $ 11.13 | $ 33.39 | $ 33.39 |
Series K | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 9.3 | $ 9.3 | $ 28.1 | $ 18.4 |
Dividends declared, per share amount (in USD per share) | $ 1,250 | $ 1,250 | $ 3,750 | $ 2,458.33 |
Series F, Series G, Series H, nd Series I Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Dividends declared | $ 3.0 |
Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | $ 37,147 | $ 44,513 | $ 36,608 | [1] | $ 56,261 | |||
Other net changes | (22) | (7,130) | 1,869 | (22,043) | ||||
Balance at end of period | 37,784 | [1] | 37,041 | 37,784 | [1] | 37,041 | ||
Accumulated other comprehensive income, tax expense (benefit) | (29) | (2,264) | 508 | (6,960) | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (20,730) | (16,022) | (22,621) | (1,109) | ||||
Other net changes | (22) | (7,130) | 1,869 | (22,043) | ||||
Balance at end of period | (20,752) | (23,152) | (20,752) | (23,152) | ||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Other net changes | (538) | (7,207) | 367 | (22,272) | ||||
Accumulated other comprehensive income, tax expense (benefit) | (182) | (2,286) | 79 | (7,027) | ||||
Net Unrealized Gain (Loss) on Securities Transferred to Held-to-Maturity | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Other net changes | 1,850 | |||||||
Accumulated other comprehensive income, tax expense (benefit) | 579 | |||||||
Other Reclassifications Included in Other Revenue from Sale of Securities | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Other net changes | 18 | 12 | 33 | (1) | ||||
Accumulated other comprehensive income, tax expense (benefit) | 6 | 4 | 11 | |||||
Net Unrealized Gain (Loss) on Securities Transferred from Available-for-Sale | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Other net changes | (1,850) | |||||||
Accumulated other comprehensive income, tax expense (benefit) | 579 | |||||||
Amortization of Held to Maturity Securities Transferred from Available for Sale Attributable to Parent | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Other net changes | 498 | 65 | 1,476 | 230 | ||||
Accumulated other comprehensive income, tax expense (benefit) | $ 147 | $ 18 | 420 | 67 | ||||
Other Accumulated Other Comprehensive Income | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Other net changes | (7) | |||||||
Accumulated other comprehensive income, tax expense (benefit) | $ (2) | |||||||
Other Accumulated Other Comprehensive Income | Maximum | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Accumulated other comprehensive income, tax expense (benefit) | $ 1 | |||||||
|
Accumulated Other Comprehensive Income - Narrative (Details) $ in Billions |
Sep. 30, 2023
USD ($)
|
---|---|
Equity [Abstract] | |
Remaining unamortized loss on securities transferred to held to maturity, net of tax | $ 11.8 |
Remaining unamortized loss on securities transferred to held to maturity, pretax | $ 15.6 |
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Net income | $ 1,125 | $ 2,020 | $ 4,022 | [1] | $ 5,215 | [1] | ||||
Preferred stock dividends and other | (108) | (136) | (299) | (401) | ||||||
Net Income Available to Common Stockholders | $ 1,017 | $ 1,884 | $ 3,723 | $ 4,814 | ||||||
Weighted-average common shares outstanding - basic (in shares) | 1,821 | 1,887 | 1,825 | 1,892 | ||||||
Basic earnings per share (in USD per share) | [2] | $ 0.56 | $ 1.00 | $ 2.04 | $ 2.54 | |||||
Weighted-average common shares outstanding - diluted (in shares) | 1,827 | 1,895 | 1,832 | 1,901 | ||||||
Diluted earnings per share (in USD per share) | [2] | $ 0.56 | $ 0.99 | $ 2.03 | $ 2.53 | |||||
Antidilutive stock options and restricted stock awards excluded from the calculation of diluted EPS (in shares) | 15 | 13 | 18 | 15 | ||||||
Common Stock | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Net income | $ 1,094 | $ 1,956 | $ 3,910 | $ 5,014 | ||||||
Preferred stock dividends and other | (105) | (132) | (291) | (385) | ||||||
Net Income Available to Common Stockholders | $ 989 | $ 1,824 | $ 3,619 | $ 4,629 | ||||||
Weighted-average common shares outstanding - basic (in shares) | 1,770 | 1,827 | 1,774 | 1,819 | ||||||
Basic earnings per share (in USD per share) | $ 0.56 | $ 1.00 | $ 2.04 | $ 2.54 | ||||||
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | $ 28 | $ 60 | $ 104 | $ 185 | ||||||
Allocation of net income available to common stockholders: | $ 1,017 | $ 1,884 | $ 3,723 | $ 4,814 | ||||||
Conversion of nonvoting shares to voting shares (in shares) | 51 | 60 | 51 | 73 | ||||||
Common stock equivalent shares related to stock incentive plans (in shares) | 6 | 8 | 7 | 9 | ||||||
Weighted-average common shares outstanding - diluted (in shares) | 1,827 | 1,895 | 1,832 | 1,901 | ||||||
Diluted earnings per share (in USD per share) | $ 0.56 | $ 0.99 | $ 2.03 | $ 2.53 | ||||||
Nonvoting Common Stock | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Net income | $ 31 | $ 64 | $ 112 | $ 201 | ||||||
Preferred stock dividends and other | (3) | (4) | (8) | (16) | ||||||
Net Income Available to Common Stockholders | $ 28 | $ 60 | $ 104 | $ 185 | ||||||
Weighted-average common shares outstanding - basic (in shares) | 51 | 60 | 51 | 73 | ||||||
Basic earnings per share (in USD per share) | $ 0.56 | $ 1.00 | $ 2.04 | $ 2.54 | ||||||
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Allocation of net income available to common stockholders: | $ 28 | $ 60 | $ 104 | $ 185 | ||||||
Conversion of nonvoting shares to voting shares (in shares) | 0 | 0 | 0 | 0 | ||||||
Common stock equivalent shares related to stock incentive plans (in shares) | 0 | 0 | 0 | 0 | ||||||
Weighted-average common shares outstanding - diluted (in shares) | 51 | 60 | 51 | 73 | ||||||
Diluted earnings per share (in USD per share) | $ 0.56 | $ 0.99 | $ 2.03 | $ 2.53 | ||||||
|
Regulatory Requirements - Regulatory Capital and Ratios (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
---|---|---|
CSC | ||
Common Equity Tier 1 Risk-Based Capital | ||
Actual Amount | $ 30,781 | $ 30,590 |
Actual Ratio | 0.238 | 0.219 |
Minimum Capital Requirement Amount | $ 5,829 | $ 6,285 |
Minimum Capital Requirement Ratio | 0.045 | 0.045 |
Tier 1 Risk-Based Capital | ||
Actual Amount | $ 39,972 | $ 40,296 |
Actual Ratio | 0.309 | 0.289 |
Minimum Capital Requirement Amount | $ 7,773 | $ 8,379 |
Minimum Capital Requirement Ratio | 0.060 | 0.060 |
Total Risk-Based Capital | ||
Actual Amount | $ 40,032 | $ 40,376 |
Actual Ratio | 0.309 | 0.289 |
Minimum Capital Requirement Amount | $ 10,364 | $ 11,173 |
Minimum Capital Requirement Ratio | 0.080 | 0.080 |
Tier 1 Leverage | ||
Actual Amount | $ 39,972 | $ 40,296 |
Actual Ratio | 0.082 | 0.072 |
Minimum Capital Requirement Amount | $ 19,545 | $ 22,512 |
Minimum Capital Requirement Ratio | 0.040 | 0.040 |
Supplementary Leverage Ratio | ||
Actual Amount | $ 39,972 | $ 40,296 |
Actual Ratio | 0.081 | 0.071 |
Minimum Capital Requirement Amount | $ 14,769 | $ 17,004 |
Minimum Capital Requirement Ratio | 0.030 | 0.030 |
CSB | ||
Common Equity Tier 1 Risk-Based Capital | ||
Actual Amount | $ 31,765 | $ 27,296 |
Actual Ratio | 0.347 | 0.274 |
Minimum to be Well Capitalized Amount | $ 5,946 | $ 6,476 |
Minimum to be Well Capitalized Ratio | 0.065 | 0.065 |
Minimum Capital Requirement Amount | $ 4,117 | $ 4,483 |
Minimum Capital Requirement Ratio | 0.045 | 0.045 |
Tier 1 Risk-Based Capital | ||
Actual Amount | $ 31,765 | $ 27,296 |
Actual Ratio | 0.347 | 0.274 |
Minimum to be Well Capitalized Amount | $ 7,318 | $ 7,970 |
Minimum to be Well Capitalized Ratio | 0.080 | 0.080 |
Minimum Capital Requirement Amount | $ 5,489 | $ 5,978 |
Minimum Capital Requirement Ratio | 0.060 | 0.060 |
Total Risk-Based Capital | ||
Actual Amount | $ 31,820 | $ 27,370 |
Actual Ratio | 0.348 | 0.275 |
Minimum to be Well Capitalized Amount | $ 9,148 | $ 9,963 |
Minimum to be Well Capitalized Ratio | 0.100 | 0.100 |
Minimum Capital Requirement Amount | $ 7,318 | $ 7,970 |
Minimum Capital Requirement Ratio | 0.080 | 0.080 |
Tier 1 Leverage | ||
Actual Amount | $ 31,765 | $ 27,296 |
Actual Ratio | 0.096 | 0.073 |
Minimum to be Well Capitalized Amount | $ 16,545 | $ 18,640 |
Minimum to be Well Capitalized Ratio | 0.050 | 0.050 |
Minimum Capital Requirement Amount | $ 13,236 | $ 14,912 |
Minimum Capital Requirement Ratio | 0.040 | 0.040 |
Supplementary Leverage Ratio | ||
Actual Amount | $ 31,765 | $ 27,296 |
Actual Ratio | 0.095 | 0.073 |
Minimum Capital Requirement Amount | $ 10,002 | $ 11,275 |
Minimum Capital Requirement Ratio | 0.030 | 0.030 |
Regulatory Requirements - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total assets | [1] | $ 475,204 | $ 551,772 | |
Charles Schwab Premier Bank, SSB | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total assets | 27,600 | |||
Charles Schwab Trust Bank | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total assets | $ 11,400 | |||
|
Regulatory Requirements - Net Capital and Net Capital Requirements (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
CS&Co | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net capital | $ 5,290,000 | $ 5,386,000 |
Minimum dollar requirement | 250 | 250 |
2% of aggregate debit balances | 997,000 | 778,000 |
Net capital in excess of required net capital | 4,293,000 | 4,608,000 |
TDAC | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net capital | 4,201,000 | 5,291,000 |
Minimum dollar requirement | 1,500 | 1,500 |
2% of aggregate debit balances | 501,000 | 626,000 |
Net capital in excess of required net capital | 3,700,000 | 4,665,000 |
TD Ameritrade, Inc. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net capital | 671,000 | 806,000 |
Minimum dollar requirement | 250 | 250 |
2% of aggregate debit balances | 0 | 0 |
Net capital in excess of required net capital | $ 671,000 | $ 806,000 |
Segment Information - Narrative (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
segment
|
Sep. 30, 2022
USD ($)
segment
|
|
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | 2 | ||
Revenues | $ 4,606,000,000 | $ 5,500,000,000 | $ 14,378,000,000 | $ 15,265,000,000 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 0 | $ 0 |
Segment Information - Financial Information for Reportable Segments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Net Revenues | ||||||
Net interest revenue | $ 2,237 | $ 2,926 | $ 7,297 | $ 7,653 | ||
Total net revenues | 4,606 | 5,500 | 14,378 | 15,265 | ||
Expenses Excluding Interest | 3,223 | 2,823 | 9,194 | 8,475 | ||
Income before taxes on income | 1,383 | 2,677 | 5,184 | 6,790 | ||
Asset management and administration fees | ||||||
Net Revenues | ||||||
Revenues from contracts with customers | [1] | 1,224 | 1,047 | 3,515 | 3,167 | |
Trading revenue | ||||||
Net Revenues | ||||||
Revenues from contracts with customers | 768 | 930 | 2,463 | 2,778 | ||
Bank deposit account fees | ||||||
Net Revenues | ||||||
Revenues from contracts with customers | 205 | 413 | 531 | 1,059 | ||
Other | ||||||
Net Revenues | ||||||
Revenues from contracts with customers | 172 | 184 | 572 | 608 | ||
Investor Services | ||||||
Net Revenues | ||||||
Net interest revenue | 1,710 | 2,143 | 5,448 | 5,551 | ||
Total net revenues | 3,560 | 4,112 | 10,966 | 11,412 | ||
Expenses Excluding Interest | 2,356 | 2,117 | 6,780 | 6,359 | ||
Income before taxes on income | 1,204 | 1,995 | 4,186 | 5,053 | ||
Investor Services | Asset management and administration fees | ||||||
Net Revenues | ||||||
Revenues from contracts with customers | 877 | 755 | 2,523 | 2,299 | ||
Investor Services | Trading revenue | ||||||
Net Revenues | ||||||
Revenues from contracts with customers | 672 | 800 | 2,148 | 2,407 | ||
Investor Services | Bank deposit account fees | ||||||
Net Revenues | ||||||
Revenues from contracts with customers | 157 | 263 | 396 | 690 | ||
Investor Services | Other | ||||||
Net Revenues | ||||||
Revenues from contracts with customers | 144 | 151 | 451 | 465 | ||
Advisor Services | ||||||
Net Revenues | ||||||
Net interest revenue | 527 | 783 | 1,849 | 2,102 | ||
Total net revenues | 1,046 | 1,388 | 3,412 | 3,853 | ||
Expenses Excluding Interest | 867 | 706 | 2,414 | 2,116 | ||
Income before taxes on income | 179 | 682 | 998 | 1,737 | ||
Advisor Services | Asset management and administration fees | ||||||
Net Revenues | ||||||
Revenues from contracts with customers | 347 | 292 | 992 | 868 | ||
Advisor Services | Trading revenue | ||||||
Net Revenues | ||||||
Revenues from contracts with customers | 96 | 130 | 315 | 371 | ||
Advisor Services | Bank deposit account fees | ||||||
Net Revenues | ||||||
Revenues from contracts with customers | 48 | 150 | 135 | 369 | ||
Advisor Services | Other | ||||||
Net Revenues | ||||||
Revenues from contracts with customers | $ 28 | $ 33 | $ 121 | $ 143 | ||
|
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