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Goodwill
3 Months Ended
Mar. 31, 2012
Intangible Assets and Goodwill [Abstract]  
Goodwill

10.    Goodwill

 

Goodwill was $2.2 billion at March 31, 2012 and December 31, 2011, and includes accumulated impairment losses of $54 million. In 2011, $398 million of goodwill has been allocated to the branch operations being sold to First Niagara and is classified within other branch assets held for sale. See Note 3, “Branch Assets and Liabilities Held for Sale”, for further discussion.

As a result of recent market volatility in the first quarter of 2012, we performed an interim impairment test of the goodwill associated with our Global Banking and Markets reporting unit as of March 31, 2012. As a result of this test, the fair value of the Global Banking and Markets reporting unit continued to exceed its carrying value, including goodwill. At March 31, 2012, goodwill totaling $612 million has been allocated to our Global Banking and Markets reporting unit. As of March 31, 2012 the book value including goodwill of our Global Banking and Markets reporting unit was 91 percent of fair value. Our goodwill impairment testing is however, highly sensitive to certain assumptions and estimates used. We continue to perform periodic analyses of the risks and strategies of our business and product offerings. If significant deterioration in the economic and credit conditions occur, or changes in the strategy or performance of our business or product offerings occur, additional interim impairment tests will be required in 2012.