| Schedule of Segment Reporting Information, by Segment |
The following tables present total revenue, net of interest expense, on a FTE basis, and net income (loss) for 2012, 2011 and 2010, and total assets at December 31, 2012 and 2011 for each business segment, as well as All Other.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At and for the Year Ended December 31 |
Total Corporation (1)
|
|
Consumer & Business Banking |
|
Consumer Real Estate Services |
(Dollars in millions) |
2012 |
2011 |
2010 |
|
2012 |
2011 |
2010 |
|
2012 |
2011 |
2010 |
Net interest income (FTE basis) |
$ |
41,557 |
|
$ |
45,588 |
|
$ |
52,693 |
|
|
$ |
19,125 |
|
$ |
21,378 |
|
$ |
24,299 |
|
|
$ |
2,959 |
|
$ |
3,207 |
|
$ |
4,662 |
|
Noninterest income (loss) |
42,678 |
|
48,838 |
|
58,697 |
|
|
9,898 |
|
11,502 |
|
13,888 |
|
|
5,800 |
|
(6,361 |
) |
5,667 |
|
Total revenue, net of interest expense (FTE basis) |
84,235 |
|
94,426 |
|
111,390 |
|
|
29,023 |
|
32,880 |
|
38,187 |
|
|
8,759 |
|
(3,154 |
) |
10,329 |
|
Provision for credit losses |
8,169 |
|
13,410 |
|
28,435 |
|
|
3,941 |
|
3,490 |
|
11,647 |
|
|
1,442 |
|
4,524 |
|
8,490 |
|
Amortization of intangibles |
1,264 |
|
1,509 |
|
1,731 |
|
|
626 |
|
759 |
|
870 |
|
|
— |
|
11 |
|
38 |
|
Goodwill impairment |
— |
|
3,184 |
|
12,400 |
|
|
— |
|
— |
|
10,400 |
|
|
— |
|
2,603 |
|
2,000 |
|
Other noninterest expense |
70,829 |
|
75,581 |
|
68,977 |
|
|
16,167 |
|
16,960 |
|
17,316 |
|
|
17,306 |
|
19,177 |
|
12,762 |
|
Income (loss) before income taxes |
3,973 |
|
742 |
|
(153 |
) |
|
8,289 |
|
11,671 |
|
(2,046 |
) |
|
(9,989 |
) |
(29,469 |
) |
(12,961 |
) |
Income tax expense (benefit) (FTE basis) |
(215 |
) |
(704 |
) |
2,085 |
|
|
2,968 |
|
4,224 |
|
3,089 |
|
|
(3,482 |
) |
(10,004 |
) |
(4,068 |
) |
Net income (loss) |
$ |
4,188 |
|
$ |
1,446 |
|
$ |
(2,238 |
) |
|
$ |
5,321 |
|
$ |
7,447 |
|
$ |
(5,135 |
) |
|
$ |
(6,507 |
) |
$ |
(19,465 |
) |
$ |
(8,893 |
) |
Year-end total assets |
$ |
2,209,974 |
|
$ |
2,129,046 |
|
|
|
|
$ |
554,878 |
|
$ |
521,097 |
|
|
|
|
$ |
132,388 |
|
$ |
163,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Banking |
|
Global Markets |
|
|
|
|
|
2012 |
2011 |
2010 |
|
2012 |
2011 |
2010 |
Net interest income (FTE basis) |
|
|
|
|
$ |
9,225 |
|
$ |
9,490 |
|
$ |
10,062 |
|
|
$ |
3,310 |
|
$ |
3,682 |
|
$ |
4,332 |
|
Noninterest income |
|
|
|
|
7,982 |
|
7,822 |
|
7,682 |
|
|
10,209 |
|
11,116 |
|
14,799 |
|
Total revenue, net of interest expense (FTE basis) |
|
|
|
|
17,207 |
|
17,312 |
|
17,744 |
|
|
13,519 |
|
14,798 |
|
19,131 |
|
Provision for credit losses |
|
|
|
|
(103 |
) |
(1,118 |
) |
1,298 |
|
|
3 |
|
(56 |
) |
30 |
|
Amortization of intangibles |
|
|
|
|
79 |
|
102 |
|
121 |
|
|
64 |
|
66 |
|
66 |
|
Other noninterest expense |
|
|
|
|
8,229 |
|
8,782 |
|
8,548 |
|
|
10,775 |
|
12,178 |
|
11,708 |
|
Income before income taxes |
|
|
|
|
9,002 |
|
9,546 |
|
7,777 |
|
|
2,677 |
|
2,610 |
|
7,327 |
|
Income tax expense (FTE basis) |
|
|
|
|
3,277 |
|
3,500 |
|
2,887 |
|
|
1,623 |
|
1,622 |
|
3,076 |
|
Net income |
|
|
|
|
$ |
5,725 |
|
$ |
6,046 |
|
$ |
4,890 |
|
|
$ |
1,054 |
|
$ |
988 |
|
$ |
4,251 |
|
Year-end total assets |
|
|
|
|
$ |
362,797 |
|
$ |
348,773 |
|
|
|
|
$ |
615,297 |
|
$ |
501,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Wealth &
Investment Management
|
|
All Other |
|
|
|
|
|
2012 |
2011 |
2010 |
|
2012 |
2011 |
2010 |
Net interest income (FTE basis) |
|
|
|
|
$ |
5,827 |
|
$ |
5,885 |
|
$ |
5,547 |
|
|
$ |
1,111 |
|
$ |
1,946 |
|
$ |
3,791 |
|
Noninterest income (loss) |
|
|
|
|
10,690 |
|
10,610 |
|
9,836 |
|
|
(1,901 |
) |
14,149 |
|
6,825 |
|
Total revenue, net of interest expense (FTE basis) |
|
|
|
|
16,517 |
|
16,495 |
|
15,383 |
|
|
(790 |
) |
16,095 |
|
10,616 |
|
Provision for credit losses |
|
|
|
|
266 |
|
398 |
|
646 |
|
|
2,620 |
|
6,172 |
|
6,324 |
|
Amortization of intangibles |
|
|
|
|
414 |
|
438 |
|
458 |
|
|
81 |
|
133 |
|
178 |
|
Goodwill impairment |
|
|
|
|
— |
|
— |
|
— |
|
|
— |
|
581 |
|
— |
|
Other noninterest expense |
|
|
|
|
12,341 |
|
12,945 |
|
11,861 |
|
|
6,011 |
|
5,539 |
|
6,782 |
|
Income (loss) before income taxes |
|
|
|
|
3,496 |
|
2,714 |
|
2,418 |
|
|
(9,502 |
) |
3,670 |
|
(2,668 |
) |
Income tax expense (benefit) (FTE basis) |
|
|
|
|
1,273 |
|
996 |
|
1,076 |
|
|
(5,874 |
) |
(1,042 |
) |
(3,975 |
) |
Net income (loss) |
|
|
|
|
$ |
2,223 |
|
$ |
1,718 |
|
$ |
1,342 |
|
|
$ |
(3,628 |
) |
$ |
4,712 |
|
$ |
1,307 |
|
Year-end total assets |
|
|
|
|
$ |
297,330 |
|
$ |
273,106 |
|
|
|
|
$ |
247,284 |
|
$ |
320,491 |
|
|
|
|
| Reconciliation Of Consolidated Net Income Of Business Segments |
The following tables present a reconciliation of the five business segments’ total revenue, net of interest expense, on a FTE basis, and net income (loss) to the Corporation’s Consolidated Statement of Income, and total assets to the Corporation’s Consolidated Balance Sheet. The adjustments presented in the following tables include consolidated income, expense and asset amounts not specifically allocated to individual business segments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Segment Reconciliations |
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
2012 |
|
2011 |
|
2010 |
Segments’ total revenue, net of interest expense (FTE basis) |
$ |
85,025 |
|
|
$ |
78,331 |
|
|
$ |
100,774 |
|
Adjustments: |
|
|
|
|
|
|
|
|
ALM activities (1)
|
(2,412 |
) |
|
7,576 |
|
|
1,872 |
|
Equity investment income |
1,135 |
|
|
7,105 |
|
|
4,629 |
|
Liquidating businesses |
2,279 |
|
|
3,526 |
|
|
6,005 |
|
FTE basis adjustment |
(901 |
) |
|
(972 |
) |
|
(1,170 |
) |
Other |
(1,792 |
) |
|
(2,112 |
) |
|
(1,890 |
) |
Consolidated revenue, net of interest expense |
$ |
83,334 |
|
|
$ |
93,454 |
|
|
$ |
110,220 |
|
Segments’ net income (loss) |
$ |
7,816 |
|
|
$ |
(3,266 |
) |
|
$ |
(3,545 |
) |
Adjustments, net of taxes: |
|
|
|
|
|
|
|
|
ALM activities |
(4,088 |
) |
|
513 |
|
|
(2,480 |
) |
Equity investment income |
715 |
|
|
4,476 |
|
|
2,916 |
|
Liquidating businesses |
226 |
|
|
(263 |
) |
|
635 |
|
Merger and restructuring charges |
— |
|
|
(402 |
) |
|
(1,146 |
) |
Other |
(481 |
) |
|
388 |
|
|
1,382 |
|
Consolidated net income (loss) |
$ |
4,188 |
|
|
$ |
1,446 |
|
|
$ |
(2,238 |
) |
|
|
|
|
|
|
|
|
|
December 31 |
|
|
|
2012 |
|
2011 |
Segments’ total assets |
|
|
$ |
1,962,690 |
|
|
$ |
1,808,555 |
|
Adjustments: |
|
|
|
|
|
|
|
ALM activities, including securities portfolio |
|
|
622,722 |
|
|
611,793 |
|
Equity investments |
|
|
5,508 |
|
|
7,098 |
|
Liquidating businesses |
|
|
32,597 |
|
|
37,570 |
|
Elimination of segment excess asset allocations to match liabilities |
|
|
(554,426 |
) |
|
(492,251 |
) |
Other |
|
|
140,883 |
|
|
156,281 |
|
Consolidated total assets |
|
|
$ |
2,209,974 |
|
|
$ |
2,129,046 |
|
|
|
(1) |
Includes negative fair value adjustments on structured liabilities of $5.1 billion in 2012 and positive fair value adjustments on structured liabilities of $3.3 billion and $18 million in 2011 and 2010.
|
|
| Reconciliation of Assets from Segment to Consolidated |
The following tables present a reconciliation of the five business segments’ total revenue, net of interest expense, on a FTE basis, and net income (loss) to the Corporation’s Consolidated Statement of Income, and total assets to the Corporation’s Consolidated Balance Sheet. The adjustments presented in the following tables include consolidated income, expense and asset amounts not specifically allocated to individual business segments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Segment Reconciliations |
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
2012 |
|
2011 |
|
2010 |
Segments’ total revenue, net of interest expense (FTE basis) |
$ |
85,025 |
|
|
$ |
78,331 |
|
|
$ |
100,774 |
|
Adjustments: |
|
|
|
|
|
|
|
|
ALM activities (1)
|
(2,412 |
) |
|
7,576 |
|
|
1,872 |
|
Equity investment income |
1,135 |
|
|
7,105 |
|
|
4,629 |
|
Liquidating businesses |
2,279 |
|
|
3,526 |
|
|
6,005 |
|
FTE basis adjustment |
(901 |
) |
|
(972 |
) |
|
(1,170 |
) |
Other |
(1,792 |
) |
|
(2,112 |
) |
|
(1,890 |
) |
Consolidated revenue, net of interest expense |
$ |
83,334 |
|
|
$ |
93,454 |
|
|
$ |
110,220 |
|
Segments’ net income (loss) |
$ |
7,816 |
|
|
$ |
(3,266 |
) |
|
$ |
(3,545 |
) |
Adjustments, net of taxes: |
|
|
|
|
|
|
|
|
ALM activities |
(4,088 |
) |
|
513 |
|
|
(2,480 |
) |
Equity investment income |
715 |
|
|
4,476 |
|
|
2,916 |
|
Liquidating businesses |
226 |
|
|
(263 |
) |
|
635 |
|
Merger and restructuring charges |
— |
|
|
(402 |
) |
|
(1,146 |
) |
Other |
(481 |
) |
|
388 |
|
|
1,382 |
|
Consolidated net income (loss) |
$ |
4,188 |
|
|
$ |
1,446 |
|
|
$ |
(2,238 |
) |
|
|
|
|
|
|
|
|
|
December 31 |
|
|
|
2012 |
|
2011 |
Segments’ total assets |
|
|
$ |
1,962,690 |
|
|
$ |
1,808,555 |
|
Adjustments: |
|
|
|
|
|
|
|
ALM activities, including securities portfolio |
|
|
622,722 |
|
|
611,793 |
|
Equity investments |
|
|
5,508 |
|
|
7,098 |
|
Liquidating businesses |
|
|
32,597 |
|
|
37,570 |
|
Elimination of segment excess asset allocations to match liabilities |
|
|
(554,426 |
) |
|
(492,251 |
) |
Other |
|
|
140,883 |
|
|
156,281 |
|
Consolidated total assets |
|
|
$ |
2,209,974 |
|
|
$ |
2,129,046 |
|
|
|
(1) |
Includes negative fair value adjustments on structured liabilities of $5.1 billion in 2012 and positive fair value adjustments on structured liabilities of $3.3 billion and $18 million in 2011 and 2010.
|
|