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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
[1] Certain prior period amounts have been reclassified to conform to the current year presentation. See Note 1 for additional information.
[2] The Company has voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class. See Note 16 for additional information.
[3] No fee waivers were recognized for the three and nine months ended September 30, 2023, or for the three months ended September 30, 2022. Includes fee waivers of $57 million for the nine months ended September 30, 2022.