| Schedule of Segment Reporting Information, by Segment |
The following tables present net income and the components thereto (with net interest income on a FTE basis) for 2013, 2012 and 2011, and total assets at December 31, 2013 and 2012 for each business segment, as well as All Other.
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Business Segments |
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At and for the Year Ended December 31 |
Total Corporation (1)
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Consumer & Business Banking |
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Consumer Real Estate Services |
(Dollars in millions) |
2013 |
2012 |
2011 |
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2013 |
2012 |
2011 |
|
2013 |
2012 |
2011 |
Net interest income (FTE basis) |
$ |
43,124 |
|
$ |
41,557 |
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$ |
45,588 |
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$ |
20,051 |
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$ |
19,853 |
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$ |
22,249 |
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$ |
2,890 |
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$ |
2,930 |
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$ |
3,209 |
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Noninterest income (loss) |
46,677 |
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42,678 |
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48,838 |
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9,816 |
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9,937 |
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11,572 |
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4,826 |
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5,821 |
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(6,310 |
) |
Total revenue, net of interest expense (FTE basis) |
89,801 |
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84,235 |
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94,426 |
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29,867 |
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29,790 |
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33,821 |
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7,716 |
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8,751 |
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(3,101 |
) |
Provision for credit losses |
3,556 |
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8,169 |
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13,410 |
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3,107 |
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4,148 |
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3,677 |
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(156 |
) |
1,442 |
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4,523 |
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Amortization of intangibles |
1,086 |
|
1,264 |
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1,509 |
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|
505 |
|
626 |
|
759 |
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— |
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— |
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11 |
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Goodwill impairment |
— |
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— |
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3,184 |
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— |
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— |
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— |
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— |
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— |
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2,603 |
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Other noninterest expense |
68,128 |
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70,829 |
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75,581 |
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15,852 |
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16,369 |
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17,153 |
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16,013 |
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17,190 |
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19,055 |
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Income (loss) before income taxes |
17,031 |
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3,973 |
|
742 |
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10,403 |
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8,647 |
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12,232 |
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(8,141 |
) |
(9,881 |
) |
(29,293 |
) |
Income tax expense (benefit) (FTE basis) |
5,600 |
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(215 |
) |
(704 |
) |
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3,815 |
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3,101 |
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4,431 |
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(2,986 |
) |
(3,442 |
) |
(9,939 |
) |
Net income (loss) |
$ |
11,431 |
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$ |
4,188 |
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$ |
1,446 |
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$ |
6,588 |
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$ |
5,546 |
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$ |
7,801 |
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$ |
(5,155 |
) |
$ |
(6,439 |
) |
$ |
(19,354 |
) |
Year-end total assets |
$ |
2,102,273 |
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$ |
2,209,974 |
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$ |
592,978 |
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$ |
554,915 |
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$ |
113,386 |
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$ |
131,059 |
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Global Wealth &
Investment Management |
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Global Banking |
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2013 |
2012 |
2011 |
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2013 |
2012 |
2011 |
Net interest income (FTE basis) |
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$ |
6,064 |
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$ |
5,827 |
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$ |
5,885 |
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$ |
8,914 |
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$ |
8,135 |
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$ |
8,233 |
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Noninterest income |
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11,726 |
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10,691 |
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10,610 |
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7,567 |
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7,539 |
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7,361 |
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Total revenue, net of interest expense (FTE basis) |
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17,790 |
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16,518 |
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16,495 |
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16,481 |
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15,674 |
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15,594 |
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Provision for credit losses |
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56 |
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266 |
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398 |
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1,075 |
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(342 |
) |
(1,308 |
) |
Amortization of intangibles |
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387 |
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410 |
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437 |
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62 |
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79 |
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101 |
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Other noninterest expense |
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12,651 |
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12,311 |
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12,899 |
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7,490 |
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7,540 |
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7,928 |
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Income before income taxes |
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4,696 |
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3,531 |
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2,761 |
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7,854 |
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8,397 |
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8,873 |
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Income tax expense (FTE basis) |
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1,722 |
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1,286 |
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1,014 |
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2,880 |
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3,053 |
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3,251 |
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Net income |
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$ |
2,974 |
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$ |
2,245 |
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$ |
1,747 |
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$ |
4,974 |
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$ |
5,344 |
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$ |
5,622 |
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Year-end total assets |
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$ |
274,112 |
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$ |
297,326 |
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$ |
379,207 |
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$ |
331,611 |
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Global Markets |
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All Other |
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2013 |
2012 |
2011 |
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2013 |
2012 |
2011 |
Net interest income (FTE basis) |
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$ |
4,239 |
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$ |
3,672 |
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$ |
4,068 |
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$ |
966 |
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$ |
1,140 |
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$ |
1,944 |
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Noninterest income (loss) |
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11,819 |
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10,612 |
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11,507 |
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|
923 |
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(1,922 |
) |
14,098 |
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Total revenue, net of interest expense (FTE basis) |
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16,058 |
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14,284 |
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15,575 |
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1,889 |
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(782 |
) |
16,042 |
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Provision for credit losses |
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140 |
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34 |
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(53 |
) |
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(666 |
) |
2,621 |
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6,173 |
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Amortization of intangibles |
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65 |
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64 |
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66 |
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67 |
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85 |
|
135 |
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Goodwill impairment |
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— |
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— |
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— |
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— |
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— |
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581 |
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Other noninterest expense |
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11,948 |
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11,231 |
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12,824 |
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4,174 |
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6,188 |
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5,722 |
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Income (loss) before income taxes |
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3,905 |
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2,955 |
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2,738 |
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(1,686 |
) |
(9,676 |
) |
3,431 |
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Income tax expense (benefit) (FTE basis) |
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2,342 |
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1,726 |
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1,669 |
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(2,173 |
) |
(5,939 |
) |
(1,130 |
) |
Net income (loss) |
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$ |
1,563 |
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$ |
1,229 |
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$ |
1,069 |
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$ |
487 |
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$ |
(3,737 |
) |
$ |
4,561 |
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Year-end total assets |
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$ |
575,709 |
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$ |
632,263 |
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$ |
166,881 |
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$ |
262,800 |
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(1) |
There were no material intersegment revenues. |
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| Reconciliation of Assets from Segment to Consolidated |
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.
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Business Segment Reconciliations |
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(Dollars in millions) |
2013 |
|
2012 |
|
2011 |
Segments’ total revenue, net of interest expense (FTE basis) |
$ |
87,912 |
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$ |
85,017 |
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$ |
78,384 |
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Adjustments: |
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ALM activities (1)
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(986 |
) |
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(2,412 |
) |
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7,576 |
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Equity investment income |
2,610 |
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1,135 |
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7,105 |
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Liquidating businesses and other |
265 |
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|
495 |
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1,361 |
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FTE basis adjustment |
(859 |
) |
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(901 |
) |
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(972 |
) |
Consolidated revenue, net of interest expense |
$ |
88,942 |
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$ |
83,334 |
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$ |
93,454 |
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Segments’ net income (loss) |
$ |
10,944 |
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$ |
7,925 |
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$ |
(3,115 |
) |
Adjustments, net of taxes: |
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ALM activities |
(1,207 |
) |
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(4,087 |
) |
|
513 |
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Equity investment income |
1,644 |
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|
715 |
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4,476 |
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Liquidating businesses and other |
50 |
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(365 |
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(26 |
) |
Merger and restructuring charges |
— |
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— |
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(402 |
) |
Consolidated net income |
$ |
11,431 |
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$ |
4,188 |
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$ |
1,446 |
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December 31 |
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2013 |
|
2012 |
Segments’ total assets |
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$ |
1,935,392 |
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$ |
1,947,174 |
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Adjustments: |
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ALM activities, including securities portfolio |
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664,302 |
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655,915 |
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Equity investments |
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2,411 |
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5,508 |
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Liquidating businesses and other |
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70,435 |
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138,974 |
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Elimination of segment asset allocations to match liabilities |
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(570,267 |
) |
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(537,597 |
) |
Consolidated total assets |
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$ |
2,102,273 |
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$ |
2,209,974 |
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(1) |
Includes negative fair value adjustments on structured liabilities related to changes in the Corporation’s credit spreads of $649 million and $5.1 billion in 2013 and 2012 compared to positive adjustments of $3.3 billion in 2011.
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