Acquisitions/Dispositions Acquisitions/Dispositions (Notes)

9 Months Ended

Sep. 30, 2014

Acquisitions/Dispositions [Abstract]

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

NOTE 2 - ACQUISITIONS/DISPOSITIONS

(Dollars in millions)
2014	Date	Cash Received		Goodwill			Other Intangibles			Gain
Sale of RidgeWorth	5/30/2014		$193		($40	)		($9	)		$105

On May 30, 2014, the Company completed the sale of RidgeWorth, its asset management subsidiary with approximately $49.1 billion in assets under management, to an investor group led by a private equity fund managed by Lightyear Capital LLC. The Company received cash proceeds of $193 million, removed $96 million in net assets and $23 million in noncontrolling interests, and recognized a pre-tax gain of $105 million in connection with the sale, net of transaction-related expenses.

The Company’s results for the nine months ended September 30, 2014, included income before provision for income taxes related to RidgeWorth, excluding the gain on sale, of $22 million, comprised of $81 million of revenue and $59 million of expense.

The Company’s results for the nine months ended September 30, 2013, included income before provision for income taxes related to RidgeWorth of $49 million, comprised of $145 million of revenue and $96 million of expense.

For the year ended December 31, 2013, the Company’s income before provision for income taxes included $64 million related to RidgeWorth, comprised of $194 million of revenue and $130 million of expense. The financial results of RidgeWorth, including the gain on sale, are reflected in the Corporate Other segment.

There were no other material acquisitions or dispositions during the three and nine months ended September 30, 2014 and 2013.