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, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The table below presents goodwill balances by business segment at December 31, 2021 and 2020. The reporting units utilized for goodwill impairment testing are the operating segments or one level below.
Goodwill
December 31
(Dollars in millions) 2021 2020
Consumer Banking $ 30,137  $ 30,123 
Global Wealth & Investment Management 9,677  9,677 
Global Banking (1)
24,026  23,969 
Global Markets 5,182  5,182 
Total goodwill $ 69,022  $ 68,951 
(1) Prior period has been revised to conform to current-period presentation.
During 2021, the Corporation completed its annual goodwill impairment test as of June 30, 2021 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 both December 31, 2021 and 2020, the net carrying value of intangible assets was $2.2 billion. At both December 31, 2021 and 2020, 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 $76 million, $95 million and $112 million for 2021, 2020 and 2019.