Business Segments (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 ($ in millions)	Commercial Banking		Consumer and Small Business Banking	Wealth and Asset Management	General Corporate and Other		Eliminations		Total
Net interest income	$	1,007	1,390	98	(1,057)		—		1,438
Provision for credit losses	—		105	1	13		—		119
Net interest income after provision for credit losses	$	1,007	1,285	97	(1,070)		—		1,319
Noninterest income:
Commercial banking revenue	$	154	1	—	(1)		—		154
Wealth and asset management revenue	—		53	137	—		(45)	(a)	145
Service charges on deposits	95		55	—	(1)		—		149
Card and processing revenue	23		78	—	3		—		104
Mortgage banking net revenue	—		57	—	—		—		57
Leasing business revenue	58		—	—	—		—		58
Other noninterest income	24		30	2	(1)		—		55
Securities losses, net	(1)		—	—	(6)		—		(7)
Securities losses, net – non-qualifying hedges on MSRs	—		—	—	—		—		—
Total noninterest income	$	353	274	139	(6)		(45)		715
Noninterest expense:
Compensation and benefits	$	156	217	53	203		—		629
Technology and communications	4		7	—	104		—		115
Net occupancy expense(c)	12		52	3	17		—		84
Equipment expense	7		11	—	19		—		37
Marketing expense	1		17	—	17		—		35
Leasing business expense	29		—	—	—		—		29
Card and processing expense	3		19	—	(1)		—		21
Other noninterest expense	266		301	79	(363)		(45)		238
Total noninterest expense	$	478	624	135	(4)		(45)		1,188
Income (loss) before income taxes	$	882	935	101	(1,072)		—		846
Applicable income tax expense (benefit)	164		196	22	(196)		—		186
Net income (loss)	$	718	739	79	(876)		—		660
Total goodwill	$	2,324	2,369	226	—		—		4,919
Total assets	$	82,829	88,230	10,538	31,370	(b)	—		212,967

(a)Revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking are eliminated in the Condensed Consolidated Statements of Income.

(b)Includes bank premises and equipment of $22 classified as held for sale. For more information, refer to Note 7.

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


September 30, 2022 ($ in millions)	Commercial Banking		Consumer and Small Business Banking	Wealth and Asset Management	General Corporate and Other		Eliminations		Total
Net interest income	$	594	833	79	(8)		—		1,498
Provision for (benefit from) credit losses	(2)		34	—	126		—		158
Net interest income after provision for (benefit from) credit losses	$	596	799	79	(134)		—		1,340
Noninterest income:
Commercial banking revenue	$	133	1	1	(1)		—		134
Wealth and asset management revenue	1		52	132	—		(44)	(a)	141
Service charges on deposits	90		53	—	—		—		143
Card and processing revenue	22		79	1	3		—		105
Mortgage banking net revenue	—		69	—	—		—		69
Leasing business revenue	60		—	—	—		—		60
Other noninterest income(b)	24		33	—	2		—		59
Securities losses, net	(32)		—	—	(6)		—		(38)
Securities losses, net – non-qualifying hedges on MSRs	—		(1)	—	—		—		(1)
Total noninterest income	$	298	286	134	(2)		(44)		672
Noninterest expense:
Compensation and benefits	$	147	207	54	197		—		605
Technology and communications	2		6	—	98		—		106
Net occupancy expense	10		49	3	12		—		74
Equipment expense	7		9	—	20		—		36
Marketing expense	1		20	—	14		—		35
Leasing business expense	33		—	—	—		—		33
Card and processing expense	3		19	—	(1)		—		21
Other noninterest expense	237		298	85	(319)		(44)		257
Total noninterest expense	$	440	608	142	21		(44)		1,167
Income (loss) before income taxes	$	454	477	71	(157)		—		845
Applicable income tax expense (benefit)	85		100	15	(8)		—		192
Net income (loss)	$	369	377	56	(149)		—		653
Total goodwill	$	2,324	2,375	226	—		—		4,925
Total assets	$	83,798	84,653	12,232	24,780	(c)	—		205,463

(a)Revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking are eliminated in the Condensed Consolidated Statements of Income.

(b)Includes $1 of impairment charges for bank premises and equipment recorded in Consumer and Small Business Banking. For more information, refer to Note 7 and Note 23.

(c)Includes bank premises and equipment of $24 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, 2023 ($ in millions)	Commercial Banking		Consumer and Small Business Banking	Wealth and Asset Management	General Corporate and Other		Eliminations		Total
Net interest income	$	3,006	4,016	294	(2,905)		—		4,411
Provision for credit losses	37		221	1	201		—		460
Net interest income after provision for credit losses	$	2,969	3,795	293	(3,106)		—		3,951
Noninterest income:
Commercial banking revenue	$	459	3	1	(2)		—		461
Wealth and asset management revenue	2		159	410	—		(137)	(a)	434
Service charges on deposits	275		159	—	(3)		—		431
Card and processing revenue	69		231	2	8		—		310
Mortgage banking net revenue	—		184	—	—		—		184
Leasing business revenue	162		—	—	—		—		162
Other noninterest income(b)	68		83	2	(1)		—		152
Securities gains (losses), net	(9)		—	—	12		—		3
Securities losses, net – non-qualifying hedges on MSRs	—		—	—	—		—		—
Total noninterest income	$	1,026	819	415	14		(137)		2,137
Noninterest expense:
Compensation and benefits	$	499	663	169	705		—		2,036
Technology and communications	10		20	1	316		—		347
Net occupancy expense(d)	32		156	9	51		—		248
Equipment expense	22		32	—	56		—		110
Marketing expense	2		52	1	41		—		96
Leasing business expense	94		—	—	—		—		94
Card and processing expense	8		57	1	(3)		—		63
Other noninterest expense	849		920	242	(1,118)		(137)		756
Total noninterest expense	$	1,516	1,900	423	48		(137)		3,750
Income (loss) before income taxes	$	2,479	2,714	285	(3,140)		—		2,338
Applicable income tax expense (benefit)	470		569	59	(579)		—		519
Net income (loss)	$	2,009	2,145	226	(2,561)		—		1,819
Total goodwill	$	2,324	2,369	226	—		—		4,919
Total assets	$	82,829	88,230	10,538	31,370	(c)	—		212,967

(a)Revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking are eliminated in the Condensed Consolidated Statements of Income.

(b)Includes impairment charges of $1 for bank premises and equipment recorded in both Consumer and Small Business Banking and General Corporate and Other. For more information, refer to Note 7 and Note 23.

(c)Includes bank premises and equipment of $22 classified as held for sale. For more information, refer to Note 7.

(d)Includes impairment losses and termination charges of $2 for ROU assets related to certain operating leases. For more information, refer to Note 9.


September 30, 2022 ($ in millions)	Commercial Banking			Consumer and Small Business Banking	Wealth and Asset Management	General Corporate and Other		Eliminations		Total
Net interest income	$	1,669		1,981	167	215		—		4,032
Provision for credit losses	44			93	—	246		—		383
Net interest income after provision for credit losses	$	1,625		1,888	167	(31)		—		3,649
Noninterest income:
Commercial banking revenue	$	405		2	1	(2)		—		406
Wealth and asset management revenue	2			154	407	—		(133)	(a)	430
Service charges on deposits	285			164	1	(1)		—		449
Card and processing revenue	65			231	2	8		—		306
Mortgage banking net revenue	—			151	1	—		—		152
Leasing business revenue	179		(c)	—	—	—		—		179
Other noninterest income(b)	88			86	—	21		—		195
Securities losses, net	(32)			—	—	(52)		—		(84)
Securities losses, net – non-qualifying hedges on MSRs	—			(2)	—	—		—		(2)
Total noninterest income	$	992		786	412	(26)		(133)		2,031
Noninterest expense:
Compensation and benefits	$	483		630	166	621		—		1,900
Technology and communications	9			15	1	281		—		306
Net occupancy expense(e)	30			147	9	39		—		225
Equipment expense	21			28	—	59		—		108
Marketing expense	3			44	1	39		—		87
Leasing business expense	95			—	—	—		—		95
Card and processing expense	8			54	—	(3)		—		59
Other noninterest expense	712			871	244	(973)		(133)		721
Total noninterest expense	$	1,361		1,789	421	63		(133)		3,501
Income (loss) before income taxes	$	1,256		885	158	(120)		—		2,179
Applicable income tax expense	230			186	33	21		—		470
Net income (loss)	$	1,026		699	125	(141)		—		1,709
Total goodwill	$	2,324		2,375	226	—		—		4,925
Total assets	$	83,798		84,653	12,232	24,780	(d)	—		205,463

(a)Revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking are eliminated in the Condensed Consolidated Statements of Income.

(b)Includes $2 of impairment charges for bank premises and equipment recorded in Consumer and Small Business Banking. For more information, refer to Note 7 and Note 23.

(c)Includes impairment charges of $2 for operating lease equipment. For more information, refer to Note 8 and Note 23.

(d)Includes bank premises and equipment of $24 classified as held for sale. For more information, refer to Note 7.

(e)Includes $2 of impairment losses and termination charges for ROU assets related to certain operating leases. For more information, refer to Note 9.