Goodwill

Goodwill was $1,607 million and $1,612 million at September 30, 2017 and December 31, 2016, respectively. Goodwill for these periods reflects accumulated impairment losses of $670 million, which were recognized in prior periods. During the third quarter of 2017, $5 million of goodwill was allocated to the portion of our Private Banking business sold to UBS. See Note 8, “Sale of Certain Private Banking Client Relationships,” for further discussion.

During the third quarter of 2017, we completed our annual impairment test of goodwill and determined that the fair value of all of our reporting units exceeded their carrying amounts.