Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The table below presents goodwill balances by business segment and All Other at December 31, 2019 and 2018. The reporting units utilized for goodwill impairment testing are the operating segments or one level below.
 
 
 
 
Goodwill
 
 
 
 
 
 
 
 
December 31
(Dollars in millions)
2019
 
2018
Consumer Banking
$
30,123

 
$
30,123

Global Wealth & Investment Management
9,677

 
9,677

Global Banking
23,923

 
23,923

Global Markets
5,182

 
5,182

All Other
46

 
46

Total goodwill
$
68,951

 
$
68,951


During 2019, the Corporation completed its annual goodwill impairment test as of June 30, 2019 using qualitative assessments for all applicable reporting units. Based on the results of the annual goodwill impairment test, the Corporation determined there was no impairment. For more information on the use of qualitative assessments, see Note 1 – Summary of Significant Accounting Principles.
Intangible Assets
At December 31, 2019 and 2018, the net carrying value of intangible assets was $1.7 billion and $1.8 billion. At December 31, 2019 and 2018, 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 $112 million, $538 million and $621 million for 2019, 2018 and 2017, respectively.