Business combinations entered into by the Bancorp typically include the acquisition of goodwill. Acquisition activity includes acquisitions in the respective period in addition to purchase accounting adjustments related to previous acquisitions. During the fourth quarter of 2008, the Bancorp determined that the Commercial Banking and Consumer Lending reporting units' goodwill carrying amounts exceeded their associated implied fair values by $750 million and $215 million, respectively. The resulting $965 million goodwill impairment charge was recorded in the fourth quarter of 2008 and represents the total amount of accumulated impairment losses as of September 30, 2014.

Changes in the net carrying amount of goodwill, by reporting unit, for the nine months ended September 30, 2014 and 2013 were as follows:

		Commercial	Branch	Consumer	Investment
($ in millions)		Banking	Banking	Lending	Advisors	Total
Net carrying value as of December 31, 2013	$	613	1,655	-	148	2,416
Acquisition activity		-	-	-	-	-
Net carrying value as of September 30, 2014	$	613	1,655	-	148	2,416

Net carrying value as of December 31, 2012		613	1,655	-	148	2,416
Acquisition activity		-	-	-	-	-
Net carrying value as of September 30, 2013	$	613	1,655	-	148	2,416

The Bancorp completed its annual goodwill impairment test as of September 30, 2014 by performing a qualitative assessment of goodwill at the reporting unit level to determine whether any indicators of impairment existed. In performing this qualitative assessment, the Bancorp evaluated events and circumstances since the last impairment analysis, macroeconomic conditions, banking industry and market conditions, and key financial metrics of the Bancorp as well as reporting unit and overall Bancorp financial performance. After assessing the totality of the events and circumstances, the Bancorp determined that it was not more likely than not that the fair value of each of its reporting units was less than their carrying amounts and, therefore, the first and second steps of the quantitative goodwill impairment test were deemed unnecessary.