Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
9 Months Ended
Sep. 30, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
NOTE 9 – Goodwill and Intangible Assets
 
Goodwill

The table below presents goodwill by business segment at September 30, 2012 and December 31, 2011. Effective January 1, 2012, the Corporation changed its basis of presentation from six to five segments. For more information on this realignment, see Note 19 – Business Segment Information. The reporting units utilized for goodwill impairment tests are the operating segments or one level below. For more information, see Note 10 – Goodwill and Intangible Assets to the Consolidated Financial Statements of the Corporation's 2011 Annual Report on Form 10-K.

Goodwill
(Dollars in millions)
September 30
2012
 
December 31
2011
Consumer & Business Banking
$
29,986

 
$
29,986

Global Banking
24,802

 
24,802

Global Markets
4,450

 
4,441

Global Wealth & Investment Management
9,928

 
9,928

All Other
810

 
810

Total goodwill
$
69,976

 
$
69,967



There was no goodwill in CRES at September 30, 2012, June 30, 2012 or December 31, 2011. During the three months ended September 30, 2012, the Corporation completed its annual goodwill impairment test as of June 30, 2012 for all applicable reporting units. Based on the results of step one of the annual goodwill impairment test, the Corporation determined that step two was not required for any of the reporting units as their fair value exceeded their carrying value indicating there was no impairment.

Intangible Assets

The table below presents the gross carrying amount and accumulated amortization for intangible assets at September 30, 2012 and December 31, 2011.

Intangible Assets (1)
 
September 30, 2012
 
December 31, 2011
(Dollars in millions)
Gross
Carrying Value
 
Accumulated
Amortization
 
Gross
Carrying Value
 
Accumulated
Amortization
Purchased credit card relationships
$
6,177

 
$
4,378

 
$
6,948

 
$
4,775

Core deposit intangibles
3,592

 
2,797

 
3,903

 
2,915

Customer relationships
4,042

 
1,788

 
4,081

 
1,532

Affinity relationships
1,571

 
1,056

 
1,569

 
966

Other intangibles
2,283

 
616

 
2,476

 
768

Total intangible assets
$
17,665

 
$
10,635

 
$
18,977

 
$
10,956

(1) 
Excludes fully amortized intangible assets.

At September 30, 2012 and December 31, 2011, none of the intangible assets were impaired. Amortization of intangibles expense was $315 million and $955 million for the three and nine months ended September 30, 2012 compared to $377 million and $1.1 billion for the same periods in 2011. The Corporation estimates aggregate amortization expense will be approximately $310 million for the fourth quarter of 2012, and $1.1 billion, $980 million, $920 million, $770 million and $670 million for 2013 through 2017, respectively.