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Interim Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loans $ 865 $ 519 $ 2,089 $ 1,422
Investment securities:        
Taxable 545 332 1,618 807
Non-taxable 35 28 105 73
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 76 5 105 12
Total interest income 1,521 884 3,917 2,314
Interest expense:        
Deposits 249 19 348 41
Borrowings 74 13 122 33
Total interest expense 323 32 470 74
Net interest income 1,198 852 3,447 2,240
Provision for credit losses 72 21 279 75
Net interest income after provision for credit losses 1,126 831 3,168 2,165
Noninterest income:        
Gains (losses) on investment securities, net (127) 189 (199) 661
Gains on equity warrant assets, net 40 147 120 491
Client investment fees 119 20 237 55
Wealth management and trust fees 19 22 63 22
Foreign exchange fees 74 65 216 189
Credit card fees 37 34 114 93
Deposit service charges 32 29 94 82
Lending related fees 20 21 65 55
Letters of credit and standby letters of credit fees 15 13 43 39
Investment banking revenue 75 90 293 335
Commissions 24 17 73 58
Other 31 25 119 97
Total noninterest income 359 672 1,238 2,177
Noninterest expense:        
Compensation and benefits 563 548 1,649 1,418
Professional services 117 104 355 282
Premises and equipment 71 54 189 124
Net occupancy 25 25 74 60
Business development and travel 21 6 62 13
FDIC and state assessments 25 13 57 33
Merger-related charges 7 83 39 102
Other 63 46 188 136
Total noninterest expense 892 879 2,613 2,168
Income before income tax expense 593 624 1,793 2,174
Income tax expense 175 149 489 509
Net income before noncontrolling interests and dividends 418 475 1,304 1,665
Net (income) loss attributable to noncontrolling interests 51 (88) 53 (226)
Preferred stock dividends (40) (22) (123) (40)
Net income available to common stockholders $ 429 $ 365 $ 1,234 $ 1,399
Earnings per common share—basic (dollars per share) $ 7.26 $ 6.33 $ 20.94 $ 25.54
Earnings per common share—diluted (dollars per share) $ 7.21 $ 6.24 $ 20.73 $ 25.16