Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v2.4.0.8
Business Segment Information (Tables)
9 Months Ended
Sep. 30, 2014
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables present net income (loss) and the components thereto (with net interest income on an FTE basis) for the three and nine months ended September 30, 2014 and 2013, and total assets at September 30, 2014 and 2013 for each business segment, as well as All Other.

Business Segments
 
 
 
 
At and for the Three Months Ended September 30
 
 
 
 
 
Total Corporation (1)
 
Consumer & Business Banking
 
Consumer Real Estate Services
(Dollars in millions)
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Net interest income (FTE basis)
$
10,444

 
$
10,479

 
$
4,952

 
$
5,056

 
$
719

 
$
733

Noninterest income
10,990

 
11,264

 
2,559

 
2,468

 
374

 
844

Total revenue, net of interest expense (FTE basis)
21,434

 
21,743

 
7,511

 
7,524

 
1,093

 
1,577

Provision for credit losses
636

 
296

 
617

 
761

 
286

 
(308
)
Amortization of intangibles
234

 
270

 
101

 
126

 

 

Other noninterest expense
19,908

 
16,119

 
3,878

 
3,841

 
7,275

 
3,403

Income (loss) before income taxes
656

 
5,058

 
2,915

 
2,796

 
(6,468
)
 
(1,518
)
Income tax expense (benefit) (FTE basis)
888

 
2,561

 
1,059

 
1,009

 
(1,284
)
 
(528
)
Net income (loss)
$
(232
)
 
$
2,497

 
$
1,856

 
$
1,787

 
$
(5,184
)
 
$
(990
)
Period-end total assets
$
2,123,613

 
$
2,126,653

 
$
612,684

 
$
588,676

 
$
103,309

 
$
115,407

 
 
 
 
 
 
 
 
 
 
 
Global Wealth &
Investment Management
 
Global Banking
 
 
 
 
 
2014
 
2013
 
2014
 
2013
Net interest income (FTE basis)
 
 
 
 
$
1,460

 
$
1,478

 
$
2,249

 
$
2,201

Noninterest income
 
 
 
 
3,206

 
2,912

 
1,844

 
1,807

Total revenue, net of interest expense (FTE basis)
 
 
 
 
4,666

 
4,390

 
4,093

 
4,008

Provision for credit losses
 
 
 
 
(15
)
 
23

 
(32
)
 
322

Amortization of intangibles
 
 
 
 
90

 
95

 
12

 
16

Other noninterest expense
 
 
 
 
3,313

 
3,152

 
1,892

 
1,907

Income before income taxes
 
 
 
 
1,278

 
1,120

 
2,221

 
1,763

Income tax expense (FTE basis)
 
 
 
 
465

 
400

 
807

 
626

Net income
 
 
 
 
$
813

 
$
720

 
$
1,414

 
$
1,137

Period-end total assets
 
 
 
 
$
267,753

 
$
270,484

 
$
386,919

 
$
372,490

 
 
 
 
 
 
 
 
 
 
 
 
 
Global Markets
 
All Other
 
 
 
 
 
2014
 
2013
 
2014
 
2013
Net interest income (FTE basis)
 
 
 
 
$
988

 
$
969

 
$
76

 
$
42

Noninterest income
 
 
 
 
3,148

 
2,250

 
(141
)
 
983

Total revenue, net of interest expense (FTE basis)
 
 
 
 
4,136

 
3,219

 
(65
)
 
1,025

Provision for credit losses
 
 
 
 
45

 
47

 
(265
)
 
(549
)
Amortization of intangibles
 
 
 
 
16

 
16

 
15

 
17

Other noninterest expense
 
 
 
 
3,320

 
2,865

 
230

 
951

Income (loss) before income taxes
 
 
 
 
755

 
291

 
(45
)
 
606

Income tax expense (benefit) (FTE basis)
 
 
 
 
386

 
1,166

 
(545
)
 
(112
)
Net income (loss)
 
 
 
 
$
369

 
$
(875
)
 
$
500

 
$
718

Period-end total assets
 
 
 
 
$
598,668

 
$
601,038

 
$
154,280

 
$
178,558

(1) 
There were no material intersegment revenues.
Business Segments
 
 
 
 
At and for the Nine Months Ended September 30
 
 
 
 
 
Total Corporation (1)
 
Consumer & Business Banking
 
Consumer Real Estate Services
(Dollars in millions)
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Net interest income (FTE basis)
$
30,956

 
$
32,125

 
$
14,833

 
$
15,104

 
$
2,117

 
$
2,174

Noninterest income
35,205

 
35,975

 
7,487

 
7,265

 
1,558

 
3,829

Total revenue, net of interest expense (FTE basis)
66,161

 
68,100

 
22,320

 
22,369

 
3,675

 
6,003

Provision for credit losses
2,056

 
3,220

 
1,963

 
2,680

 
291

 
318

Amortization of intangibles
708

 
820

 
300

 
380

 

 

Other noninterest expense
60,213

 
51,087

 
11,612

 
11,907

 
21,290

 
12,161

Income (loss) before income taxes
3,184

 
12,973

 
8,445

 
7,402

 
(17,906
)
 
(6,476
)
Income tax expense (benefit) (FTE basis)
1,401

 
4,981

 
3,118

 
2,764

 
(4,903
)
 
(2,418
)
Net income (loss)
$
1,783

 
$
7,992

 
$
5,327

 
$
4,638

 
$
(13,003
)
 
$
(4,058
)
Period-end total assets
$
2,123,613

 
$
2,126,653

 
$
612,684

 
$
588,676

 
$
103,309

 
$
115,407

 
 
 
 
 
 
 
 
 
 
 
Global Wealth &
Investment Management
 
Global Banking
 
 
 
 
 
2014
 
2013
 
2014
 
2013
Net interest income (FTE basis)
 
 
 
 
$
4,430

 
$
4,579

 
$
6,791

 
$
6,613

Noninterest income
 
 
 
 
9,372

 
8,731

 
5,750

 
5,563

Total revenue, net of interest expense (FTE basis)
 
 
 
 
13,802

 
13,310

 
12,541

 
12,176

Provision for credit losses
 
 
 
 

 
30

 
365

 
634

Amortization of intangibles
 
 
 
 
277

 
293

 
35

 
48

Other noninterest expense
 
 
 
 
9,930

 
9,477

 
5,797

 
5,560

Income before income taxes
 
 
 
 
3,595

 
3,510

 
6,344

 
5,934

Income tax expense (FTE basis)
 
 
 
 
1,327

 
1,311

 
2,342

 
2,216

Net income
 
 
 
 
$
2,268

 
$
2,199

 
$
4,002

 
$
3,718

Period-end total assets
 
 
 
 
$
267,753

 
$
270,484

 
$
386,919

 
$
372,490

 
 
 
 
 
 
 
 
 
 
 
Global Markets
 
All Other
 
 
 
 
 
2014
 
2013
 
2014
 
2013
Net interest income (FTE basis)
 
 
 
 
$
2,937

 
$
3,086

 
$
(152
)
 
$
569

Noninterest income
 
 
 
 
10,794

 
9,106

 
244

 
1,481

Total revenue, net of interest expense (FTE basis)
 
 
 
 
13,731

 
12,192

 
92

 
2,050

Provision for credit losses
 
 
 
 
83

 
36

 
(646
)
 
(478
)
Amortization of intangibles
 
 
 
 
49

 
49

 
47

 
50

Other noninterest expense
 
 
 
 
9,226

 
8,675

 
2,358

 
3,307

Income (loss) before income taxes
 
 
 
 
4,373

 
3,432

 
(1,667
)
 
(829
)
Income tax expense (benefit) (FTE basis)
 
 
 
 
1,595

 
2,233

 
(2,078
)
 
(1,125
)
Net income
 
 
 
 
$
2,778

 
$
1,199

 
$
411

 
$
296

Period-end total assets
 
 
 
 
$
598,668

 
$
601,038

 
$
154,280

 
$
178,558

(1) 
There were no material intersegment revenues.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The table below presents a reconciliation of the five business segments' total revenue, net of interest expense, on an FTE basis, and net income (loss) 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.

Business Segment Reconciliations
 
 
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions)
2014
 
2013
 
2014
 
2013
Segments' total revenue, net of interest expense (FTE basis)
$
21,499

 
$
20,718

 
$
66,069

 
$
66,050

Adjustments:
 
 
 
 
 
 
 
ALM activities
325

 
(27
)
 
582

 
(359
)
Equity investment income
(51
)
 
1,122

 
679

 
2,217

Liquidating businesses and other
(339
)
 
(70
)
 
(1,169
)
 
192

FTE basis adjustment
(225
)
 
(213
)
 
(639
)
 
(646
)
Consolidated revenue, net of interest expense
$
21,209

 
$
21,530

 
$
65,522

 
$
67,454

 
 
 
 
 
 
 
 
Segments' net income (loss)
$
(732
)
 
$
1,779

 
$
1,372

 
$
7,696

Adjustments, net of taxes:
 
 
 
 
 
 
 
ALM activities
189

 
32

 
496

 
(597
)
Equity investment income
(32
)
 
707

 
424

 
1,397

Liquidating businesses and other
343

 
(21
)
 
(509
)
 
(504
)
Consolidated net income (loss)
$
(232
)
 
$
2,497

 
$
1,783

 
$
7,992

 
 
 
 
 
 
 
 
 
 
 
 
 
September 30
 
 
 
 
 
2014
 
2013
Segments' total assets
 
 
 
 
$
1,969,333

 
$
1,948,095

Adjustments:
 
 
 
 
 
 
 
ALM activities, including securities portfolio
 
 
 
 
665,201

 
662,307

Equity investments
 
 
 
 
1,873

 
2,625

Liquidating businesses and other
 
 
 
 
79,234

 
71,039

Elimination of segment asset allocations to match liabilities
 
 
 
 
(592,028
)
 
(557,413
)
Consolidated total assets
 
 
 
 
$
2,123,613

 
$
2,126,653

Reconciliation of Revenue from Segments to Consolidated
The table below presents a reconciliation of the five business segments' total revenue, net of interest expense, on an FTE basis, and net income (loss) 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.

Business Segment Reconciliations
 
 
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions)
2014
 
2013
 
2014
 
2013
Segments' total revenue, net of interest expense (FTE basis)
$
21,499

 
$
20,718

 
$
66,069

 
$
66,050

Adjustments:
 
 
 
 
 
 
 
ALM activities
325

 
(27
)
 
582

 
(359
)
Equity investment income
(51
)
 
1,122

 
679

 
2,217

Liquidating businesses and other
(339
)
 
(70
)
 
(1,169
)
 
192

FTE basis adjustment
(225
)
 
(213
)
 
(639
)
 
(646
)
Consolidated revenue, net of interest expense
$
21,209

 
$
21,530

 
$
65,522

 
$
67,454

 
 
 
 
 
 
 
 
Segments' net income (loss)
$
(732
)
 
$
1,779

 
$
1,372

 
$
7,696

Adjustments, net of taxes:
 
 
 
 
 
 
 
ALM activities
189

 
32

 
496

 
(597
)
Equity investment income
(32
)
 
707

 
424

 
1,397

Liquidating businesses and other
343

 
(21
)
 
(509
)
 
(504
)
Consolidated net income (loss)
$
(232
)
 
$
2,497

 
$
1,783

 
$
7,992

 
 
 
 
 
 
 
 
 
 
 
 
 
September 30
 
 
 
 
 
2014
 
2013
Segments' total assets
 
 
 
 
$
1,969,333

 
$
1,948,095

Adjustments:
 
 
 
 
 
 
 
ALM activities, including securities portfolio
 
 
 
 
665,201

 
662,307

Equity investments
 
 
 
 
1,873

 
2,625

Liquidating businesses and other
 
 
 
 
79,234

 
71,039

Elimination of segment asset allocations to match liabilities
 
 
 
 
(592,028
)
 
(557,413
)
Consolidated total assets
 
 
 
 
$
2,123,613

 
$
2,126,653

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 an FTE basis, and net income (loss) 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.

Business Segment Reconciliations
 
 
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions)
2014
 
2013
 
2014
 
2013
Segments' total revenue, net of interest expense (FTE basis)
$
21,499

 
$
20,718

 
$
66,069

 
$
66,050

Adjustments:
 
 
 
 
 
 
 
ALM activities
325

 
(27
)
 
582

 
(359
)
Equity investment income
(51
)
 
1,122

 
679

 
2,217

Liquidating businesses and other
(339
)
 
(70
)
 
(1,169
)
 
192

FTE basis adjustment
(225
)
 
(213
)
 
(639
)
 
(646
)
Consolidated revenue, net of interest expense
$
21,209

 
$
21,530

 
$
65,522

 
$
67,454

 
 
 
 
 
 
 
 
Segments' net income (loss)
$
(732
)
 
$
1,779

 
$
1,372

 
$
7,696

Adjustments, net of taxes:
 
 
 
 
 
 
 
ALM activities
189

 
32

 
496

 
(597
)
Equity investment income
(32
)
 
707

 
424

 
1,397

Liquidating businesses and other
343

 
(21
)
 
(509
)
 
(504
)
Consolidated net income (loss)
$
(232
)
 
$
2,497

 
$
1,783

 
$
7,992

 
 
 
 
 
 
 
 
 
 
 
 
 
September 30
 
 
 
 
 
2014
 
2013
Segments' total assets
 
 
 
 
$
1,969,333

 
$
1,948,095

Adjustments:
 
 
 
 
 
 
 
ALM activities, including securities portfolio
 
 
 
 
665,201

 
662,307

Equity investments
 
 
 
 
1,873

 
2,625

Liquidating businesses and other
 
 
 
 
79,234

 
71,039

Elimination of segment asset allocations to match liabilities
 
 
 
 
(592,028
)
 
(557,413
)
Consolidated total assets
 
 
 
 
$
2,123,613

 
$
2,126,653