Business Segments (Tables)

9 Months Ended

Sep. 30, 2021

Results of Operations and Assets by Segment

The following tables present the results of operations and assets by business segment for the three months ended:


September 30, 2021 ($ in millions)	Commercial Banking		Branch Banking	Consumer Lending	Wealth and Asset Management	General Corporate and Other		Eliminations		Total
Net interest income	$	369	309	145	22	344		—		1,189
(Benefit from) provision for credit losses	(242)		13	(2)	—	189		—		(42)
Net interest income after (benefit from) provision for credit losses	$	611	296	147	22	155		—		1,231
Noninterest income:
Commercial banking revenue	$	150	2	—	—	—		—		152
Service charges on deposits	91		61	—	—	—		—		152
Wealth and asset management revenue	—		53	—	140	—		(46)	(a)	147
Card and processing revenue	17		82	—	1	2		—		102
Mortgage banking net revenue	—		3	82	1	—		—		86
Leasing business revenue	78		—	—	—	—		—		78
Other noninterest income(b)	24		28	2	1	65		—		120
Securities (losses) gains, net	2		—	—	—	(3)		—		(1)
Securities losses, net – non-qualifying hedges on MSRs	—		—	—	—	—		—		—
Total noninterest income	$	362	229	84	143	64		(46)		836
Noninterest expense:
Compensation and benefits	$	138	160	61	48	220		—		627
Technology and communications	5		1	3	—	89		—		98
Net occupancy expense(c)	8		48	2	4	17		—		79
Equipment expense	7		9	—	—	18		—		34
Leasing business expense	33		—	—	—	—		—		33
Marketing expense	1		10	1	1	16		—		29
Card and processing expense	2		18	—	—	(1)		—		19
Other noninterest expense	212		217	91	81	(302)		(46)		253
Total noninterest expense	$	406	463	158	134	57		(46)		1,172
Income before income taxes	$	567	62	73	31	162		—		895
Applicable income tax expense	110		14	15	7	45		—		191
Net income	$	457	48	58	24	117		—		704
Total goodwill	$	1,981	2,302	—	231	—		—		4,514
Total assets	$	70,346	88,732	33,438	11,272	3,943	(d)	—		207,731

(a)Revenue sharing agreements between wealth and asset management and branch banking are eliminated in the Condensed Consolidated Statements of Income.

(b)Includes impairment charges of $3 for branches and land recorded in Branch Banking. For more information, refer to Note 7 and Note 22.

(c)Includes impairment losses and termination charges of $1 for ROU assets related to certain operating leases. For more information, refer to Note 9.

(d)Includes bank premises and equipment of $25 classified as held for sale. For more information, refer to Note 7.


September 30, 2020 ($ in millions)	Commercial Banking		Branch Banking	Consumer Lending	Wealth and Asset Management	General Corporate and Other		Eliminations		Total
Net interest income	$	432	355	98	28	257		—		1,170
(Benefit from) provision for credit losses	337		68	2	—	(422)		—		(15)
Net interest income after (benefit from) provision for credit losses	$	95	287	96	28	679		—		1,185
Noninterest income:
Commercial banking revenue	$	125	1	—	—	(1)		—		125
Service charges on deposits	91		53	—	—	—		—		144
Wealth and asset management revenue	1		44	—	126	—		(39)	(a)	132
Card and processing revenue	13		76	—	—	3		—		92
Mortgage banking net revenue	—		2	72	2	—		—		76
Leasing business revenue	77		—	—	—	—		—		77
Other noninterest income(b)	11		16	2	4	(7)		—		26
Securities gains, net	—		—	—	—	51		—		51
Securities losses, net – non-qualifying hedges on MSRs	—		—	(1)	—	—		—		(1)
Total noninterest income	$	318	192	73	132	46		(39)		722
Noninterest expense:
Compensation and benefits	$	127	162	57	54	237		—		637
Technology and communications	3		1	2	—	83		—		89
Net occupancy expense(c)	8		44	2	3	33		—		90
Equipment expense	6		10	—	—	17		—		33
Leasing business expense	35		—	—	—	—		—		35
Marketing expense	2		6	1	—	14		—		23
Card and processing expense	2		28	—	—	(1)		—		29
Other noninterest expense	228		209	75	76	(324)		(39)		225
Total noninterest expense	$	411	460	137	133	59		(39)		1,161
Income before income taxes	$	2	19	32	27	666		—		746
Applicable income tax expense (benefit)	(10)		4	7	6	158		—		165
Net income	$	12	15	25	21	508		—		581
Total goodwill	$	1,961	2,047	—	253	—		—		4,261
Total assets	$	72,025	77,018	27,869	11,520	13,564	(d)	—		201,996

(a)Revenue sharing agreements between wealth and asset management and branch banking are eliminated in the Condensed Consolidated Statements of Income.

(b)Includes impairment charges of $7 and $4 for branches and land recorded in Branch Banking and General Corporate and Other, respectively. For more information, refer to Note 7 and Note 22.

(c)Includes impairment losses and termination charges of $1 for ROU assets related to certain operating leases. For more information, refer to Note 9.

(d)Includes bank premises and equipment of $45 classified as held for sale. For more information, refer to Note 7.

The following tables present the results of operations and assets by business segment for the nine months ended:


September 30, 2021 ($ in millions)	Commercial Banking			Branch Banking	Consumer Lending	Wealth and Asset Management	General Corporate and Other		Eliminations		Total
Net interest income	$	1,110		905	415	64	1,080		—		3,574
(Benefit from) provision for credit losses	(470)			79	7	(1)	55		—		(330)
Net interest income after (benefit from) provision for credit losses	$	1,580		826	408	65	1,025		—		3,904
Noninterest income:
Commercial banking revenue	$	457		7	—	1	—		—		465
Service charges on deposits	273			172	—	—	—		—		445
Wealth and asset management revenue	2			154	—	414	—		(134)	(a)	436
Card and processing revenue	45			244	—	2	7		—		298
Mortgage banking net revenue	—			8	225	2	—		—		235
Leasing business revenue	226		(c)	—	—	—	—		—		226
Other noninterest income(b)	66			73	6	3	63		—		211
Securities gains, net	8			—	—	—	4		—		12
Securities losses, net – non-qualifying hedges on MSRs	—			—	(2)	—	—		—		(2)
Total noninterest income	$	1,077		658	229	422	74		(134)		2,326
Noninterest expense:
Compensation and benefits	$	431		488	189	151	712		—		1,971
Technology and communications	12			4	8	1	260		—		285
Net occupancy expense(d)	25			144	8	11	47		—		235
Equipment expense	19			28	—	—	55		—		102
Leasing business expense	102			—	—	—	—		—		102
Marketing expense	4			24	2	1	41		—		72
Card and processing expense	5			68	—	—	(3)		—		70
Other noninterest expense	627			647	276	236	(948)		(134)		704
Total noninterest expense	$	1,225		1,403	483	400	164		(134)		3,541
Income before income taxes	$	1,432		81	154	87	935		—		2,689
Applicable income tax expense	270			17	33	19	243		—		582
Net income	$	1,162		64	121	68	692		—		2,107
Total goodwill	$	1,981		2,302	—	231	—		—		4,514
Total assets	$	70,346		88,732	33,438	11,272	3,943	(e)	—		207,731

(a)Revenue sharing agreements between wealth and asset management and branch banking are eliminated in the Condensed Consolidated Statements of Income.

(b)Includes impairment charges of $6 and $1 for branches and land recorded in Branch Banking and General Corporate and Other, respectively. For more information, refer to Note 7 and Note 22.

(c)Includes impairment charges of $25 for operating lease equipment. For more information, refer to Note 8 and Note 22.

(d)Includes impairment losses and termination charges of $3 for ROU assets related to certain operating leases. For more information, refer to Note 9.

(e)Includes bank premises and equipment of $25 classified as held for sale. For more information, refer to Note 7.


September 30, 2020 ($ in millions)	Commercial Banking			Branch Banking	Consumer Lending	Wealth and Asset Management	General Corporate and Other		Eliminations		Total
Net interest income	$	1,512		1,372	279	116	321		—		3,600
Provision for credit losses	839			182	25	—	64		—		1,110
Net interest income after provision for credit losses	$	673		1,190	254	116	257		—		2,490
Noninterest income:
Commercial banking revenue	$	386		3	—	1	(3)		—		387
Service charges on deposits	253			160	—	1	—		—		414
Wealth and asset management revenue	2			128	—	371	—		(114)	(a)	387
Card and processing revenue	40			209	—	1	10		—		260
Mortgage banking net revenue	—			6	286	3	—		—		295
Leasing business revenue	207		(c)	—	—	—	—		—		207
Other noninterest income(b)	9			49	8	13	(37)		—		42
Securities gains, net	—			—	—	—	48		—		48
Securities gains, net – non-qualifying hedges on MSRs	—			—	3	—	—		—		3
Total noninterest income	$	897		555	297	390	18		(114)		2,043
Noninterest expense:
Compensation and benefits	$	405		491	162	165	688		—		1,911
Technology and communications	10			2	6	1	253		—		272
Net occupancy expense(d)	23			131	7	9	84		—		254
Equipment expense	20			31	—	—	46		—		97
Leasing business expense	103			—	—	—	—		—		103
Marketing expense	5			23	3	2	41		—		74
Card and processing expense	6			86	—	—	(3)		—		89
Other noninterest expense	722			635	204	223	(988)		(114)		682
Total noninterest expense	$	1,294		1,399	382	400	121		(114)		3,482
Income before income taxes	$	276		346	169	106	154		—		1,051
Applicable income tax expense	27			73	35	22	71		—		228
Net income	$	249		273	134	84	83		—		823
Total goodwill	$	1,961		2,047	—	253	—		—		4,261
Total assets	$	72,025		77,018	27,869	11,520	13,564	(e)	—		201,996

(a)Revenue sharing agreements between wealth and asset management and branch banking are eliminated in the Condensed Consolidated Statements of Income.

(b)Includes impairment charges of $11 and $14 for branches and land recorded in Branch Banking and General Corporate and Other, respectively. For more information, refer to Note 7 and Note 22.

(c)Includes impairment charges of $3 for operating lease equipment. For more information, refer to Note 8 and Note 22.

(d)Includes impairment losses and termination charges of $6 for ROU assets related to certain operating leases. For more information, refer to Note 9.

(e)Includes bank premises and equipment of $45 classified as held for sale. For more information, refer to Note 7.