Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 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 June 30, 2024 and December 31, 2023. 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, 2024 by using a qualitative assessment. 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 to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.
Goodwill
(Dollars in millions) June 30 2024 December 31 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 
Intangible Assets
At both June 30, 2024 and December 31, 2023, the net carrying value of intangible assets was $2.0 billion. At both June 30, 2024 and December 31, 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 $20 million for both the three months ended June 30, 2024 and 2023, and $39 million for both the six months ended June 30, 2024 and 2023.