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Consolidated Statements of Income/(Loss) (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest Income        
Interest and fees on loans $ 1,299 $ 1,318 $ 2,613 $ 2,635
Interest and fees on loans held for sale 22 33 50 66
Interest and dividends on securities available for sale:        
Taxable interest 177 167 342 343
Tax-exempt interest 6 9 11 18
Dividends 21 [1] 19 [1] 41 [1] 38 [1]
Trading account interest 21 24 43 44
Total interest income 1,546 1,570 3,100 3,144
Interest Expense        
Interest on deposits 162 225 331 458
Interest on funds purchased and securities sold under agreements to repurchase 1 2 2 3
Interest on trading liabilities 8 8 16 14
Interest on other short-term borrowings 3 3 6 6
Interest on long-term debt 113 154 237 313
Total interest expense 287 392 592 794
Net interest income 1,259 1,178 2,508 2,350
Provision for credit losses 392 662 839 1,524
Net interest income after provision for credit losses 867 516 1,669 826
Noninterest Income        
Service charges on deposit accounts 170 208 333 404
Other charges and fees 130 133 256 262
Card fees 105 94 205 181
Trust and investment management income 135 127 270 249
Retail investment services 59 48 117 95
Mortgage production related income/(loss) 4 (16) 3 (47)
Mortgage servicing related income 72 88 144 158
Investment banking income 95 58 162 114
Trading account profits and commissions 53 109 105 102
Net securities gains 32 [2] 57 [2] 96 [2] 58 [2]
Other noninterest income 57 46 104 74
Total noninterest income 912 952 1,795 1,650
Noninterest Expense        
Employee compensation 638 575 1,256 1,132
Employee benefits 110 107 246 242
Outside processing and software 162 158 320 307
Net occupancy expense 89 90 178 181
Regulatory assessments 81 65 152 129
Other real estate expense 64 87 133 133
Credit and collection services 60 66 111 140
Equipment expense 44 42 88 83
Marketing and customer development 46 44 84 78
Operating losses 62 16 89 30
Amortization of intangible assets 12 13 23 26
Net (gain)/loss on extinguishment of debt (1) 63 (2) 54
Other noninterest expense 175 177 329 329
Total noninterest expense 1,542 1,503 3,007 2,864
Income/(loss) before provision/(benefit) for income taxes 237 (35) 457 (388)
Provision/(benefit) for income taxes 58 (50) 91 (244)
Net income/(loss) including income attributable to noncontrolling interest 179 15 366 (144)
Net income attributable to noncontrolling interest 1 3 8 5
Net income/(loss) 178 12 358 (149)
Net income/(loss) available to common shareholders $ 174 $ (56) $ 212 $ (285)
Net income/(loss) per average common share        
Diluted $ 0.33 [3] $ (0.11) [3] $ 0.41 [3] $ (0.58) [3]
Basic $ 0.33 $ (0.11) $ 0.41 $ (0.58)
Dividends declared per common share $ 0.01 $ 0.01 $ 0.02 $ 0.02
Average common shares - diluted 535,416 498,499 519,548 498,369
Average common shares - basic 531,792 495,351 515,819 495,112
[1] Includes dividends on common stock of The Coca-Cola Company of $14 million and $13 million during the three months ended June 30, 2011 and 2010, respectively, and $28 million and $26 million during the six months ended June 30, 2011 and 2010, respectively.
[2] Includes credit-related other-than-temporary impairment losses of $1 million for the three months ended June 30, 2011 and 2010, and $2 million for the six months ended June 30, 2011 and 2010.
[3] For earnings per share calculation purposes, the impact of dilutive securities are excluded from the diluted share count during periods that the Company has recognized a net loss available to common shareholders because the impact would be anti-dilutive.