Annual report [Section 13 and 15(d), not S-K Item 405]

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The table below presents goodwill balances by business segment at December 31, 2024 and 2023. The reporting units utilized for goodwill impairment testing are the operating segments or one level below.
Goodwill
December 31
(Dollars in millions) 2024 2023
Consumer Banking $ 30,137  $ 30,137 
Global Wealth & Investment Management 9,677  9,677 
Global Banking 24,026  24,026 
Global Markets 5,181  5,181 
Total goodwill $ 69,021  $ 69,021 
During 2024, the Corporation completed its annual goodwill impairment test as of June 30, 2024 using a qualitative assessment for all applicable reporting units. Based on the assessment, the Corporation has concluded that none of its reporting units are at risk of impairment, as each of the reporting units’ fair values are substantially in excess of their carrying values. For more information regarding the nature of and accounting for the Corporation’s annual goodwill impairment testing, see Note 1 – Summary of Significant Accounting Principles.
Intangible Assets
At both December 31, 2024 and 2023, the net carrying value of intangible assets was $2.0 billion. At both December 31, 2024 and 2023, intangible assets included $1.6 billion of intangible assets associated with trade names, substantially all of which had an indefinite life and, accordingly, are not being amortized. Amortization of intangibles expense was $78 million for 2024, 2023 and 2022.