Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.22.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2022
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 June 30, 2022 and December 31, 2021. The reporting units utilized for goodwill impairment testing are the operating segments or one level below. The Corporation completed its annual goodwill impairment test as of June 30, 2022 and determined there was no impairment. 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 to the Consolidated Financial Statements of the Corporation’s 2021 Annual Report on Form 10-K.
Goodwill
June 30 December 31
(Dollars in millions) 2022 2021
Consumer Banking $ 30,137  $ 30,137 
Global Wealth & Investment Management 9,677  9,677 
Global Banking 24,026  24,026 
Global Markets 5,182  5,182 
Total goodwill $ 69,022  $ 69,022 
Intangible Assets
At June 30, 2022 and December 31, 2021, the net carrying value of intangible assets was $2.1 billion and $2.2 billion. At both June 30, 2022 and December 31, 2021, 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 $20 million and $39 million for the three and six months ended June 30, 2022 compared to $20 million and $37 million for the same periods in 2021.