Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v2.4.0.8
Business Segment Information (Tables)
6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Business Segments
The following tables present total revenue, net of interest expense, on a FTE basis, and net income (loss) for the three and six months ended June 30, 2013 and 2012, and total assets at June 30, 2013 and 2012 for each business segment, as well as All Other.

Business Segments
 
 
 
 
At and for the Three Months Ended June 30
 
 
 
 
 
Total Corporation (1)
 
Consumer & Business Banking
 
Consumer Real Estate Services
(Dollars in millions)
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Net interest income (FTE basis)
$
10,771

 
$
9,782

 
$
5,034

 
$
4,878

 
$
699

 
$
713

Noninterest income
12,178

 
12,420

 
2,400

 
2,617

 
1,416

 
1,816

Total revenue, net of interest expense (FTE basis)
22,949

 
22,202

 
7,434

 
7,495

 
2,115

 
2,529

Provision for credit losses
1,211

 
1,773

 
967

 
1,157

 
291

 
187

Amortization of intangibles
274

 
321

 
127

 
158

 

 

Other noninterest expense
15,744

 
16,727

 
4,056

 
4,262

 
3,394

 
3,524

Income (loss) before income taxes
5,720

 
3,381

 
2,284

 
1,918

 
(1,570
)
 
(1,182
)
Income tax expense (benefit) (FTE basis)
1,708

 
918

 
892

 
710

 
(633
)
 
(438
)
Net income (loss)
$
4,012

 
$
2,463

 
$
1,392

 
$
1,208

 
$
(937
)
 
$
(744
)
Period-end total assets
$
2,123,320

 
$
2,160,854

 
$
587,576

 
$
537,946

 
$
124,031

 
$
146,386

 
 
 
 
 
 
 
 
 
 
 
Global Banking
 
Global Markets
 
 
 
 
 
2013
 
2012
 
2013
 
2012
Net interest income (FTE basis)
 
 
 
 
$
2,252

 
$
1,940

 
$
1,013

 
$
721

Noninterest income
 
 
 
 
1,887

 
1,968

 
3,176

 
2,857

Total revenue, net of interest expense (FTE basis)
 
 
 
 
4,139

 
3,908

 
4,189

 
3,578

Provision for credit losses
 
 
 
 
163

 
(152
)
 
(16
)
 
(1
)
Amortization of intangibles
 
 
 
 
16

 
20

 
17

 
16

Other noninterest expense
 
 
 
 
1,843

 
1,947

 
2,752

 
2,839

Income before income taxes
 
 
 
 
2,117

 
2,093

 
1,436

 
724

Income tax expense (FTE basis)
 
 
 
 
826

 
775

 
477

 
227

Net income
 
 
 
 
$
1,291

 
$
1,318

 
$
959

 
$
497

Period-end total assets
 
 
 
 
$
334,820

 
$
310,933

 
$
607,050

 
$
576,175

 
 
 
 
 
 
 
 
 
 
 
 
 
Global Wealth &
Investment Management
 
All Other
 
 
 
 
 
2013
 
2012
 
2013
 
2012
Net interest income (FTE basis)
 
 
 
 
$
1,505

 
$
1,393

 
$
268

 
$
137

Noninterest income
 
 
 
 
2,994

 
2,701

 
305

 
461

Total revenue, net of interest expense (FTE basis)
 
 
 
 
4,499

 
4,094

 
573

 
598

Provision for credit losses
 
 
 
 
(15
)
 
47

 
(179
)
 
535

Amortization of intangibles
 
 
 
 
99

 
105

 
15

 
22

Other noninterest expense
 
 
 
 
3,173

 
3,072

 
526

 
1,083

Income (loss) before income taxes
 
 
 
 
1,242

 
870

 
211

 
(1,042
)
Income tax expense (benefit) (FTE basis)
 
 
 
 
484

 
322

 
(338
)
 
(678
)
Net income (loss)
 
 
 
 
$
758

 
$
548

 
$
549

 
$
(364
)
Period-end total assets
 
 
 
 
$
263,867

 
$
263,006

 
$
205,976

 
$
326,408

(1) 
There were no material intersegment revenues.
Business Segments
 
 
 
 
At and for the Six Months Ended June 30
 
 
 
 
 
Total Corporation (1)
 
Consumer & Business Banking
 
Consumer Real Estate Services
(Dollars in millions)
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Net interest income (FTE basis)
$
21,646

 
$
20,835

 
$
10,047

 
$
10,160

 
$
1,442

 
$
1,481

Noninterest income
24,711

 
23,852

 
4,799

 
4,968

 
2,985

 
3,712

Total revenue, net of interest expense (FTE basis)
46,357

 
44,687

 
14,846

 
15,128

 
4,427

 
5,193

Provision for credit losses
2,924

 
4,191

 
1,919

 
2,064

 
626

 
694

Amortization of intangibles
550

 
640

 
254

 
316

 

 

Other noninterest expense
34,968

 
35,549

 
8,099

 
8,409

 
8,800

 
7,404

Income (loss) before income taxes
7,915

 
4,307

 
4,574

 
4,339

 
(4,999
)
 
(2,905
)
Income tax expense (benefit) (FTE basis)
2,420

 
1,191

 
1,743

 
1,599

 
(1,905
)
 
(1,026
)
Net income (loss)
$
5,495

 
$
3,116

 
$
2,831

 
$
2,740

 
$
(3,094
)
 
$
(1,879
)
Period-end total assets
$
2,123,320

 
$
2,160,854

 
$
587,576

 
$
537,946

 
$
124,031

 
$
146,386

 
 
 
 
 
 
 
 
 
 
 
Global Banking
 
Global Markets
 
 
 
 
 
2013
 
2012
 
2013
 
2012
Net interest income (FTE basis)
 
 
 
 
$
4,412

 
$
4,027

 
$
2,122

 
$
1,628

Noninterest income
 
 
 
 
3,757

 
3,910

 
6,936

 
6,357

Total revenue, net of interest expense (FTE basis)
 
 
 
 
8,169

 
7,937

 
9,058

 
7,985

Provision for credit losses
 
 
 
 
312

 
(427
)
 
(11
)
 
(14
)
Amortization of intangibles
 
 
 
 
32

 
40

 
33

 
31

Other noninterest expense
 
 
 
 
3,664

 
3,888

 
5,809

 
6,059

Income before income taxes
 
 
 
 
4,161

 
4,436

 
3,227

 
1,909

Income tax expense (FTE basis)
 
 
 
 
1,586

 
1,634

 
1,099

 
583

Net income
 
 
 
 
$
2,575

 
$
2,802

 
$
2,128

 
$
1,326

Period-end total assets
 
 
 
 
$
334,820

 
$
310,933

 
$
607,050

 
$
576,175

 
 
 
 
 
 
 
 
 
 
 
Global Wealth &
Investment Management
 
All Other
 
 
 
 
 
2013
 
2012
 
2013
 
2012
Net interest income (FTE basis)
 
 
 
 
$
3,101

 
$
2,924

 
$
522

 
$
615

Noninterest income (loss)
 
 
 
 
5,819

 
5,317

 
415

 
(412
)
Total revenue, net of interest expense (FTE basis)
 
 
 
 
8,920

 
8,241

 
937

 
203

Provision for credit losses
 
 
 
 
7

 
93

 
71

 
1,781

Amortization of intangibles
 
 
 
 
198

 
210

 
33

 
43

Other noninterest expense
 
 
 
 
6,327

 
6,199

 
2,269

 
3,590

Income (loss) before income taxes
 
 
 
 
2,388

 
1,739

 
(1,436
)
 
(5,211
)
Income tax expense (benefit) (FTE basis)
 
 
 
 
910

 
641

 
(1,013
)
 
(2,240
)
Net income (loss)
 
 
 
 
$
1,478

 
$
1,098

 
$
(423
)
 
$
(2,971
)
Period-end total assets
 
 
 
 
$
263,867

 
$
263,006

 
$
205,976

 
$
326,408

(1)
There were no material intersegment revenues.
Reconciliation of Consolidated Total Assets of Business Segments
The table below presents a reconciliation of the five business segments' total revenue, net of interest expense, on a FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet. The adjustments presented in the table below include consolidated income, expense and asset amounts not specifically allocated to individual business segments.

Business Segment Reconciliations
 
 
 
 
 
 
Three Months Ended June 30
 
Six Months Ended June 30
(Dollars in millions)
 
2013
 
2012
 
2013
 
2012
Segments' total revenue, net of interest expense (FTE basis)
 
$
22,376

 
$
21,604

 
$
45,420

 
$
44,484

Adjustments:
 
 
 
 
 
 
 
 
ALM activities (1)
 
(94
)
 
477

 
(410
)
 
(692
)
Equity investment income (loss)
 
576

 
(36
)
 
1,096

 
394

Liquidating businesses and other
 
91

 
157

 
251

 
501

FTE basis adjustment
 
(222
)
 
(234
)
 
(433
)
 
(441
)
Consolidated revenue, net of interest expense
 
$
22,727

 
$
21,968

 
$
45,924

 
$
44,246

 
 
 
 
 
 
 
 
 
Segments' net income
 
$
3,463

 
$
2,827

 
$
5,918

 
$
6,087

Adjustments, net-of-taxes:
 
 
 
 
 
 
 
 
ALM activities
 
(166
)
 
(229
)
 
(677
)
 
(2,052
)
Equity investment income (loss)
 
363

 
(23
)
 
690

 
248

Liquidating businesses and other
 
352

 
(112
)
 
(436
)
 
(1,167
)
Consolidated net income
 
$
4,012

 
$
2,463

 
$
5,495

 
$
3,116

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30
 
 
 
 
 
 
2013
 
2012
Segments' total assets
 
 
 
 
 
$
1,917,344

 
$
1,834,446

Adjustments:
 
 
 
 
 
 
 
 
ALM activities, including securities portfolio
 
 
 
 
 
659,623

 
641,210

Equity investments
 
 
 
 
 
4,172

 
5,546

Liquidating businesses and other
 
 
 
 
 
72,508

 
181,802

Elimination of segment asset allocations to match liabilities
 
 
 
 
 
(530,327
)
 
(502,150
)
Consolidated total assets
 
 
 
 
 
$
2,123,320

 
$
2,160,854


(1) 
Includes positive fair value adjustments on structured liabilities of $10 million and negative adjustments of $80 million for the three and six months ended June 30, 2013 compared to negative adjustments of $62 million and $3.4 billion for the same periods in 2012.