| 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 six months ended June 30, 2015 and 2014, and total assets at June 30, 2015 and 2014 for each business segment, as well as All Other.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results for Business Segments and All Other |
|
|
|
|
At and for the Three Months Ended June 30 |
|
|
|
|
|
Total Corporation (1)
|
|
Consumer Banking |
|
Global Wealth &
Investment Management
|
(Dollars in millions) |
2015 |
|
2014 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Net interest income (FTE basis) |
$ |
10,716 |
|
|
$ |
10,226 |
|
|
$ |
4,910 |
|
|
$ |
5,060 |
|
|
$ |
1,359 |
|
|
$ |
1,485 |
|
Noninterest income |
11,629 |
|
|
11,734 |
|
|
2,634 |
|
|
2,589 |
|
|
3,214 |
|
|
3,104 |
|
Total revenue, net of interest expense (FTE basis) |
22,345 |
|
|
21,960 |
|
|
7,544 |
|
|
7,649 |
|
|
4,573 |
|
|
4,589 |
|
Provision for credit losses |
780 |
|
|
411 |
|
|
506 |
|
|
550 |
|
|
15 |
|
|
(8 |
) |
Noninterest expense |
13,818 |
|
|
18,541 |
|
|
4,321 |
|
|
4,505 |
|
|
3,457 |
|
|
3,445 |
|
Income before income taxes (FTE basis) |
7,747 |
|
|
3,008 |
|
|
2,717 |
|
|
2,594 |
|
|
1,101 |
|
|
1,152 |
|
Income tax expense (FTE basis) |
2,427 |
|
|
717 |
|
|
1,013 |
|
|
960 |
|
|
411 |
|
|
426 |
|
Net income |
$ |
5,320 |
|
|
$ |
2,291 |
|
|
$ |
1,704 |
|
|
$ |
1,634 |
|
|
$ |
690 |
|
|
$ |
726 |
|
Period-end total assets |
$ |
2,149,034 |
|
|
$ |
2,170,557 |
|
|
$ |
611,122 |
|
|
$ |
579,870 |
|
|
$ |
267,021 |
|
|
$ |
263,958 |
|
|
|
|
|
|
|
|
|
|
|
|
Global Banking |
|
Global Markets |
|
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Net interest income (FTE basis) |
|
|
|
|
$ |
2,213 |
|
|
$ |
2,442 |
|
|
$ |
1,028 |
|
|
$ |
962 |
|
Noninterest income |
|
|
|
|
1,902 |
|
|
1,996 |
|
|
3,231 |
|
|
3,637 |
|
Total revenue, net of interest expense (FTE basis) |
|
|
|
|
4,115 |
|
|
4,438 |
|
|
4,259 |
|
|
4,599 |
|
Provision for credit losses |
|
|
|
|
177 |
|
|
136 |
|
|
6 |
|
|
20 |
|
Noninterest expense |
|
|
|
|
1,941 |
|
|
2,007 |
|
|
2,723 |
|
|
2,875 |
|
Income before income taxes (FTE basis) |
|
|
|
|
1,997 |
|
|
2,295 |
|
|
1,530 |
|
|
1,704 |
|
Income tax expense (FTE basis) |
|
|
|
|
746 |
|
|
850 |
|
|
537 |
|
|
602 |
|
Net income |
|
|
|
|
$ |
1,251 |
|
|
$ |
1,445 |
|
|
$ |
993 |
|
|
$ |
1,102 |
|
Period-end total assets |
|
|
|
|
$ |
367,045 |
|
|
$ |
370,561 |
|
|
$ |
580,955 |
|
|
$ |
610,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy Assets & Servicing |
|
All Other |
|
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Net interest income (FTE basis) |
|
|
|
|
$ |
416 |
|
|
$ |
362 |
|
|
$ |
790 |
|
|
$ |
(85 |
) |
Noninterest income |
|
|
|
|
673 |
|
|
438 |
|
|
(25 |
) |
|
(30 |
) |
Total revenue, net of interest expense (FTE basis) |
|
|
|
|
1,089 |
|
|
800 |
|
|
765 |
|
|
(115 |
) |
Provision for credit losses |
|
|
|
|
57 |
|
|
(39 |
) |
|
19 |
|
|
(248 |
) |
Noninterest expense |
|
|
|
|
961 |
|
|
5,234 |
|
|
415 |
|
|
475 |
|
Income (loss) before income taxes (FTE basis) |
|
|
|
|
71 |
|
|
(4,395 |
) |
|
331 |
|
|
(342 |
) |
Income tax expense (benefit) (FTE basis) |
|
|
|
|
26 |
|
|
(1,654 |
) |
|
(306 |
) |
|
(467 |
) |
Net income (loss) |
|
|
|
|
$ |
45 |
|
|
$ |
(2,741 |
) |
|
$ |
637 |
|
|
$ |
125 |
|
Period-end total assets |
|
|
|
|
$ |
50,853 |
|
|
$ |
52,647 |
|
|
$ |
272,038 |
|
|
$ |
293,086 |
|
|
|
(1) |
There were no material intersegment revenues. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of Business Segments and All Other |
|
|
|
|
At and for the Six Months Ended June 30 |
|
|
|
|
|
Total Corporation (1)
|
|
Consumer Banking |
|
Global Wealth &
Investment Management |
(Dollars in millions) |
2015 |
|
2014 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Net interest income (FTE basis) |
$ |
20,386 |
|
|
$ |
20,512 |
|
|
$ |
9,781 |
|
|
$ |
10,130 |
|
|
$ |
2,710 |
|
|
$ |
2,970 |
|
Noninterest income |
23,380 |
|
|
24,215 |
|
|
5,213 |
|
|
5,170 |
|
|
6,380 |
|
|
6,166 |
|
Total revenue, net of interest expense (FTE basis) |
43,766 |
|
|
44,727 |
|
|
14,994 |
|
|
15,300 |
|
|
9,090 |
|
|
9,136 |
|
Provision for credit losses |
1,545 |
|
|
1,420 |
|
|
1,222 |
|
|
1,359 |
|
|
38 |
|
|
15 |
|
Noninterest expense |
29,513 |
|
|
40,779 |
|
|
8,710 |
|
|
9,000 |
|
|
6,916 |
|
|
6,803 |
|
Income before income taxes (FTE basis) |
12,708 |
|
|
2,528 |
|
|
5,062 |
|
|
4,941 |
|
|
2,136 |
|
|
2,318 |
|
Income tax expense (FTE basis) |
4,031 |
|
|
513 |
|
|
1,883 |
|
|
1,839 |
|
|
795 |
|
|
863 |
|
Net income |
$ |
8,677 |
|
|
$ |
2,015 |
|
|
$ |
3,179 |
|
|
$ |
3,102 |
|
|
$ |
1,341 |
|
|
$ |
1,455 |
|
Period-end total assets |
$ |
2,149,034 |
|
|
$ |
2,170,557 |
|
|
$ |
611,122 |
|
|
$ |
579,870 |
|
|
$ |
267,021 |
|
|
$ |
263,958 |
|
|
|
|
|
|
|
|
|
|
|
|
Global Banking |
|
Global Markets |
|
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Net interest income (FTE basis) |
|
|
|
|
$ |
4,473 |
|
|
$ |
4,946 |
|
|
$ |
2,037 |
|
|
$ |
1,968 |
|
Noninterest income |
|
|
|
|
3,920 |
|
|
4,018 |
|
|
6,836 |
|
|
7,657 |
|
Total revenue, net of interest expense (FTE basis) |
|
|
|
|
8,393 |
|
|
8,964 |
|
|
8,873 |
|
|
9,625 |
|
Provision for credit losses |
|
|
|
|
273 |
|
|
417 |
|
|
27 |
|
|
38 |
|
Noninterest expense |
|
|
|
|
3,951 |
|
|
4,184 |
|
|
5,854 |
|
|
5,964 |
|
Income before income taxes (FTE basis) |
|
|
|
|
4,169 |
|
|
4,363 |
|
|
2,992 |
|
|
3,623 |
|
Income tax expense (FTE basis) |
|
|
|
|
1,552 |
|
|
1,625 |
|
|
1,054 |
|
|
1,211 |
|
Net income |
|
|
|
|
$ |
2,617 |
|
|
$ |
2,738 |
|
|
$ |
1,938 |
|
|
$ |
2,412 |
|
Period-end total assets |
|
|
|
|
$ |
367,045 |
|
|
$ |
370,561 |
|
|
$ |
580,955 |
|
|
$ |
610,435 |
|
|
|
|
|
|
|
|
|
|
|
|
Legacy Assets & Servicing |
|
All Other |
|
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Net interest income (FTE basis) |
|
|
|
|
$ |
844 |
|
|
$ |
739 |
|
|
$ |
541 |
|
|
$ |
(241 |
) |
Noninterest income |
|
|
|
|
1,159 |
|
|
747 |
|
|
(128 |
) |
|
457 |
|
Total revenue, net of interest expense (FTE basis) |
|
|
|
|
2,003 |
|
|
1,486 |
|
|
413 |
|
|
216 |
|
Provision for credit losses |
|
|
|
|
148 |
|
|
(27 |
) |
|
(163 |
) |
|
(382 |
) |
Noninterest expense |
|
|
|
|
2,164 |
|
|
12,637 |
|
|
1,918 |
|
|
2,191 |
|
Loss before income taxes (FTE basis) |
|
|
|
|
(309 |
) |
|
(11,124 |
) |
|
(1,342 |
) |
|
(1,593 |
) |
Income tax benefit (FTE basis) |
|
|
|
|
(115 |
) |
|
(3,502 |
) |
|
(1,138 |
) |
|
(1,523 |
) |
Net loss |
|
|
|
|
$ |
(194 |
) |
|
$ |
(7,622 |
) |
|
$ |
(204 |
) |
|
$ |
(70 |
) |
Period-end total assets |
|
|
|
|
$ |
50,853 |
|
|
$ |
52,647 |
|
|
$ |
272,038 |
|
|
$ |
293,086 |
|
|
|
(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 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 June 30 |
|
Six Months Ended June 30 |
(Dollars in millions) |
2015 |
|
2014 |
|
2015 |
|
2014 |
Segments' total revenue, net of interest expense (FTE basis) |
$ |
21,580 |
|
|
$ |
22,075 |
|
|
$ |
43,353 |
|
|
$ |
44,511 |
|
Adjustments: |
|
|
|
|
|
|
|
ALM activities |
1,013 |
|
|
(84 |
) |
|
792 |
|
|
(349 |
) |
Equity investment income |
11 |
|
|
95 |
|
|
12 |
|
|
793 |
|
Liquidating businesses and other |
(259 |
) |
|
(126 |
) |
|
(391 |
) |
|
(228 |
) |
FTE basis adjustment |
(228 |
) |
|
(213 |
) |
|
(447 |
) |
|
(414 |
) |
Consolidated revenue, net of interest expense |
$ |
22,117 |
|
|
$ |
21,747 |
|
|
$ |
43,319 |
|
|
$ |
44,313 |
|
|
|
|
|
|
|
|
|
Segments' total net income |
$ |
4,683 |
|
|
$ |
2,166 |
|
|
$ |
8,881 |
|
|
$ |
2,085 |
|
Adjustments, net-of-taxes: |
|
|
|
|
|
|
|
ALM activities |
448 |
|
|
(169 |
) |
|
209 |
|
|
(75 |
) |
Equity investment income |
7 |
|
|
59 |
|
|
7 |
|
|
496 |
|
Liquidating businesses and other |
182 |
|
|
235 |
|
|
(420 |
) |
|
(491 |
) |
Consolidated net income |
$ |
5,320 |
|
|
$ |
2,291 |
|
|
$ |
8,677 |
|
|
$ |
2,015 |
|
|
|
|
|
|
|
|
|
|
|
|
June 30 |
|
|
|
|
|
2015 |
|
2014 |
Segments' total assets |
|
|
|
|
$ |
1,876,996 |
|
|
$ |
1,877,471 |
|
Adjustments: |
|
|
|
|
|
|
|
ALM activities, including securities portfolio |
|
|
|
|
688,743 |
|
|
694,031 |
|
Equity investments |
|
|
|
|
4,670 |
|
|
5,126 |
|
Liquidating businesses and other |
|
|
|
|
67,096 |
|
|
80,563 |
|
Elimination of segment asset allocations to match liabilities |
|
|
|
|
(488,471 |
) |
|
(486,634 |
) |
Consolidated total assets |
|
|
|
|
$ |
2,149,034 |
|
|
$ |
2,170,557 |
|
|
| 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 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 June 30 |
|
Six Months Ended June 30 |
(Dollars in millions) |
2015 |
|
2014 |
|
2015 |
|
2014 |
Segments' total revenue, net of interest expense (FTE basis) |
$ |
21,580 |
|
|
$ |
22,075 |
|
|
$ |
43,353 |
|
|
$ |
44,511 |
|
Adjustments: |
|
|
|
|
|
|
|
ALM activities |
1,013 |
|
|
(84 |
) |
|
792 |
|
|
(349 |
) |
Equity investment income |
11 |
|
|
95 |
|
|
12 |
|
|
793 |
|
Liquidating businesses and other |
(259 |
) |
|
(126 |
) |
|
(391 |
) |
|
(228 |
) |
FTE basis adjustment |
(228 |
) |
|
(213 |
) |
|
(447 |
) |
|
(414 |
) |
Consolidated revenue, net of interest expense |
$ |
22,117 |
|
|
$ |
21,747 |
|
|
$ |
43,319 |
|
|
$ |
44,313 |
|
|
|
|
|
|
|
|
|
Segments' total net income |
$ |
4,683 |
|
|
$ |
2,166 |
|
|
$ |
8,881 |
|
|
$ |
2,085 |
|
Adjustments, net-of-taxes: |
|
|
|
|
|
|
|
ALM activities |
448 |
|
|
(169 |
) |
|
209 |
|
|
(75 |
) |
Equity investment income |
7 |
|
|
59 |
|
|
7 |
|
|
496 |
|
Liquidating businesses and other |
182 |
|
|
235 |
|
|
(420 |
) |
|
(491 |
) |
Consolidated net income |
$ |
5,320 |
|
|
$ |
2,291 |
|
|
$ |
8,677 |
|
|
$ |
2,015 |
|
|
|
|
|
|
|
|
|
|
|
|
June 30 |
|
|
|
|
|
2015 |
|
2014 |
Segments' total assets |
|
|
|
|
$ |
1,876,996 |
|
|
$ |
1,877,471 |
|
Adjustments: |
|
|
|
|
|
|
|
ALM activities, including securities portfolio |
|
|
|
|
688,743 |
|
|
694,031 |
|
Equity investments |
|
|
|
|
4,670 |
|
|
5,126 |
|
Liquidating businesses and other |
|
|
|
|
67,096 |
|
|
80,563 |
|
Elimination of segment asset allocations to match liabilities |
|
|
|
|
(488,471 |
) |
|
(486,634 |
) |
Consolidated total assets |
|
|
|
|
$ |
2,149,034 |
|
|
$ |
2,170,557 |
|
|
| 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 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 June 30 |
|
Six Months Ended June 30 |
(Dollars in millions) |
2015 |
|
2014 |
|
2015 |
|
2014 |
Segments' total revenue, net of interest expense (FTE basis) |
$ |
21,580 |
|
|
$ |
22,075 |
|
|
$ |
43,353 |
|
|
$ |
44,511 |
|
Adjustments: |
|
|
|
|
|
|
|
ALM activities |
1,013 |
|
|
(84 |
) |
|
792 |
|
|
(349 |
) |
Equity investment income |
11 |
|
|
95 |
|
|
12 |
|
|
793 |
|
Liquidating businesses and other |
(259 |
) |
|
(126 |
) |
|
(391 |
) |
|
(228 |
) |
FTE basis adjustment |
(228 |
) |
|
(213 |
) |
|
(447 |
) |
|
(414 |
) |
Consolidated revenue, net of interest expense |
$ |
22,117 |
|
|
$ |
21,747 |
|
|
$ |
43,319 |
|
|
$ |
44,313 |
|
|
|
|
|
|
|
|
|
Segments' total net income |
$ |
4,683 |
|
|
$ |
2,166 |
|
|
$ |
8,881 |
|
|
$ |
2,085 |
|
Adjustments, net-of-taxes: |
|
|
|
|
|
|
|
ALM activities |
448 |
|
|
(169 |
) |
|
209 |
|
|
(75 |
) |
Equity investment income |
7 |
|
|
59 |
|
|
7 |
|
|
496 |
|
Liquidating businesses and other |
182 |
|
|
235 |
|
|
(420 |
) |
|
(491 |
) |
Consolidated net income |
$ |
5,320 |
|
|
$ |
2,291 |
|
|
$ |
8,677 |
|
|
$ |
2,015 |
|
|
|
|
|
|
|
|
|
|
|
|
June 30 |
|
|
|
|
|
2015 |
|
2014 |
Segments' total assets |
|
|
|
|
$ |
1,876,996 |
|
|
$ |
1,877,471 |
|
Adjustments: |
|
|
|
|
|
|
|
ALM activities, including securities portfolio |
|
|
|
|
688,743 |
|
|
694,031 |
|
Equity investments |
|
|
|
|
4,670 |
|
|
5,126 |
|
Liquidating businesses and other |
|
|
|
|
67,096 |
|
|
80,563 |
|
Elimination of segment asset allocations to match liabilities |
|
|
|
|
(488,471 |
) |
|
(486,634 |
) |
Consolidated total assets |
|
|
|
|
$ |
2,149,034 |
|
|
$ |
2,170,557 |
|
|