Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Income

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Consolidated Statement of Income (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Interest income      
Loans and leases $ 38,880 $ 44,966 $ 50,996
Debt securities 8,776 9,521 11,667
Federal funds sold and securities borrowed or purchased under agreements to resell 1,502 2,147 1,832
Trading account assets 5,094 5,961 6,841
Other interest income 3,148 3,641 4,161
Total interest income 57,400 66,236 75,497
Interest expense      
Deposits 1,990 3,002 3,997
Short-term borrowings 3,572 4,599 3,699
Trading account liabilities 1,763 2,212 2,571
Long-term debt 9,419 11,807 13,707
Total interest expense 16,744 21,620 23,974
Net interest income 40,656 44,616 51,523
Noninterest income      
Card income 6,121 7,184 8,108
Service charges 7,600 8,094 9,390
Investment and brokerage services 11,393 11,826 11,622
Investment banking income 5,299 5,217 5,520
Equity investment income 2,070 7,360 5,260
Trading account profits 5,870 6,697 10,054
Mortgage banking income (loss) 4,750 (8,830) 2,734
Insurance income (loss) (195) 1,346 2,066
Gains on sales of debt securities 1,662 3,374 2,526
Other income (loss) (1,839) 6,869 2,384
Other-than-temporary impairment losses on available-for-sale debt securities:      
Total other-than-temporary impairment losses (57) (360) (2,174)
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income 4 61 1,207
Net impairment losses recognized in earnings on available-for-sale debt securities (53) (299) (967)
Total noninterest income 42,678 [1] 48,838 [1] 58,697 [1]
Total revenue, net of interest expense 83,334 [2] 93,454 [2] 110,220 [2]
Provision for credit losses 8,169 13,410 28,435
Noninterest expense      
Personnel 35,648 36,965 35,149
Occupancy 4,570 4,748 4,716
Equipment 2,269 2,340 2,452
Marketing 1,873 2,203 1,963
Professional fees 3,574 3,381 2,695
Amortization of intangibles 1,264 1,509 1,731
Data processing 2,961 2,652 2,544
Telecommunications 1,660 1,553 1,416
Other general operating 18,274 21,101 16,222
Goodwill impairment    3,184 12,400
Merger and restructuring charges 0 638 1,820
Total noninterest expense 72,093 80,274 83,108
Income (loss) before income taxes 3,072 (230) (1,323)
Income tax expense (benefit) (1,116) (1,676) 915
Net income (loss) 4,188 1,446 (2,238)
Preferred stock dividends and accretion 1,428 1,361 1,357
Net income (loss) applicable to common shareholders $ 2,760 $ 85 $ (3,595)
Per common share information      
Earnings (loss) $ 0.26 $ 0.01 $ (0.37)
Diluted earnings (loss) $ 0.25 $ 0.01 $ (0.37)
Dividends paid $ 0.04 $ 0.04 $ 0.04
Average common shares issued and outstanding (in thousands) 10,746,028 10,142,625 9,790,472
Average diluted common shares issued and outstanding (in thousands) 10,840,854 10,254,824 9,790,472
[1] There were no material intersegment revenues.
[2] There were no material intercompany revenues between geographic regions for any of the periods presented.