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Interim Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest income:        
Loans $ 472 $ 365 $ 903 $ 748
Investment securities:        
Taxable 251 142 475 296
Non-taxable 24 14 45 27
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 4 3 7 20
Total interest income 751 524 1,430 1,091
Interest expense:        
Deposits 12 6 22 43
Borrowings 11 5 20 11
Total interest expense 23 11 42 54
Net interest income 728 513 1,388 1,037
Provision for credit losses 35 66 54 310
Net interest income after provision for credit losses 693 447 1,334 727
Noninterest income:        
Gains on investment securities, net 305 35 472 81
Gains on equity warrant assets, net 122 27 344 40
Client investment fees 15 32 35 75
Foreign exchange fees 67 36 124 84
Credit card fees 31 21 59 50
Deposit service charges 28 21 53 45
Lending related fees 18 11 34 24
Letters of credit and standby letters of credit fees 13 11 26 23
Investment banking revenue 103 142 245 188
Commissions 17 17 41 33
Other 42 16 72 27
Total noninterest income 761 369 1,505 670
Noninterest expense:        
Compensation and benefits 425 320 870 575
Professional services 97 64 178 103
Premises and equipment 37 28 70 55
Net occupancy 17 19 35 37
Business development and travel 3 3 7 17
FDIC and state assessments 10 7 20 12
Merger-related charges 19 0 19 0
Other 45 39 90 80
Total noninterest expense 653 480 1,289 879
Income before income tax expense 801 336 1,550 518
Income tax expense 173 88 360 137
Net income before noncontrolling interests 628 248 1,190 381
Net income attributable to noncontrolling interests (113) (14) (138) (12)
Preferred stock dividends (13) (5) (18) (8)
Net income available to common stockholders $ 502 $ 229 $ 1,034 $ 361
Earnings per common share—basic (dollars per share) $ 9.23 $ 4.44 $ 19.40 $ 7.00
Earnings per common share—diluted (dollars per share) $ 9.09 $ 4.42 $ 19.10 $ 6.97