Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v3.3.0.814
Business Segment Information (Tables)
9 Months Ended
Sep. 30, 2015
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, 2015 and 2014, and total assets at September 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 September 30
 
 
 
 
 
Total Corporation (1)
 
Consumer Banking
 
Global Wealth &
Investment Management
(Dollars in millions)
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Net interest income (FTE basis)
$
9,742

 
$
10,444

 
$
5,005

 
$
5,081

 
$
1,376

 
$
1,459

Noninterest income
11,171

 
10,990

 
2,827

 
2,668

 
3,092

 
3,207

Total revenue, net of interest expense (FTE basis)
20,913

 
21,434

 
7,832

 
7,749

 
4,468

 
4,666

Provision for credit losses
806

 
636

 
648

 
668

 
(2
)
 
(15
)
Noninterest expense
13,807

 
20,142

 
4,434

 
4,462

 
3,447

 
3,405

Income before income taxes (FTE basis)
6,300

 
656

 
2,750

 
2,619

 
1,023

 
1,276

Income tax expense (FTE basis)
1,792

 
888

 
991

 
950

 
367

 
464

Net income (loss)
$
4,508

 
$
(232
)
 
$
1,759

 
$
1,669

 
$
656

 
$
812

Period-end total assets
$
2,153,006

 
$
2,123,613

 
$
615,152

 
$
580,372

 
$
279,155

 
$
266,240

 
 
 
 
 
 
 
 
 
 
 
Global Banking
 
Global Markets
 
 
 
 
 
2015
 
2014
 
2015
 
2014
Net interest income (FTE basis)
 
 
 
 
$
2,345

 
$
2,450

 
$
1,135

 
$
999

Noninterest income
 
 
 
 
1,846

 
1,895

 
2,936

 
3,162

Total revenue, net of interest expense (FTE basis)
 
 
 
 
4,191

 
4,345

 
4,071

 
4,161

Provision for credit losses
 
 
 
 
179

 
(64
)
 
42

 
45

Noninterest expense
 
 
 
 
2,020

 
2,016

 
2,683

 
3,357

Income before income taxes (FTE basis)
 
 
 
 
1,992

 
2,393

 
1,346

 
759

Income tax expense (FTE basis)
 
 
 
 
715

 
872

 
338

 
388

Net income
 
 
 
 
$
1,277

 
$
1,521

 
$
1,008

 
$
371

Period-end total assets
 
 
 
 
$
372,363

 
$
354,944

 
$
579,776

 
$
598,804

 
 
 
 
 
 
 
 
 
 
 
 
 
Legacy Assets & Servicing
 
All Other
 
 
 
 
 
2015
 
2014
 
2015
 
2014
Net interest income (FTE basis)
 
 
 
 
$
383

 
$
387

 
$
(502
)
 
$
68

Noninterest income
 
 
 
 
458

 
169

 
12

 
(111
)
Total revenue, net of interest expense (FTE basis)
 
 
 
 
841

 
556

 
(490
)
 
(43
)
Provision for credit losses
 
 
 
 
6

 
267

 
(67
)
 
(265
)
Noninterest expense
 
 
 
 
1,143

 
6,648

 
80

 
254

Loss before income taxes (FTE basis)
 
 
 
 
(308
)
 
(6,359
)
 
(503
)
 
(32
)
Income tax benefit (FTE basis)
 
 
 
 
(112
)
 
(1,245
)
 
(507
)
 
(541
)
Net income (loss)
 
 
 
 
$
(196
)
 
$
(5,114
)
 
$
4

 
$
509

Period-end total assets
 
 
 
 
$
49,080

 
$
56,908

 
$
257,480

 
$
266,345

(1) 
There were no material intersegment revenues.
Results of Business Segments and All Other
 
 
 
 
At and for the Nine Months Ended September 30
 
 
 
 
 
Total Corporation (1)
 
Consumer Banking
 
Global Wealth &
Investment Management
(Dollars in millions)
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Net interest income (FTE basis)
$
30,128

 
$
30,956

 
$
14,786

 
$
15,211

 
$
4,086

 
$
4,430

Noninterest income
34,551

 
35,205

 
8,040

 
7,838

 
9,472

 
9,372

Total revenue, net of interest expense (FTE basis)
64,679

 
66,161

 
22,826

 
23,049

 
13,558

 
13,802

Provision for credit losses
2,351

 
2,056

 
1,870

 
2,027

 
36

 

Noninterest expense
43,320

 
60,921

 
13,141

 
13,446

 
10,366

 
10,213

Income before income taxes (FTE basis)
19,008

 
3,184

 
7,815

 
7,576

 
3,156

 
3,589

Income tax expense (FTE basis)
5,823

 
1,401

 
2,875

 
2,795

 
1,161

 
1,325

Net income
$
13,185

 
$
1,783

 
$
4,940

 
$
4,781

 
$
1,995

 
$
2,264

Period-end total assets
$
2,153,006

 
$
2,123,613

 
$
615,152

 
$
580,372

 
$
279,155

 
$
266,240

 
 
 
 
 
 
 
 
 
 
 
Global Banking
 
Global Markets
 
 
 
 
 
2015
 
2014
 
2015
 
2014
Net interest income (FTE basis)
 
 
 
 
$
6,818

 
$
7,396

 
$
3,172

 
$
2,968

Noninterest income
 
 
 
 
5,749

 
5,897

 
9,789

 
10,833

Total revenue, net of interest expense (FTE basis)
 
 
 
 
12,567

 
13,293

 
12,961

 
13,801

Provision for credit losses
 
 
 
 
452

 
353

 
69

 
83

Noninterest expense
 
 
 
 
5,952

 
6,200

 
8,556

 
9,341

Income before income taxes (FTE basis)
 
 
 
 
6,163

 
6,740

 
4,336

 
4,377

Income tax expense (FTE basis)
 
 
 
 
2,268

 
2,491

 
1,392

 
1,597

Net income
 
 
 
 
$
3,895

 
$
4,249

 
$
2,944

 
$
2,780

Period-end total assets
 
 
 
 
$
372,363

 
$
354,944

 
$
579,776

 
$
598,804

 
 
 
 
 
 
 
 
 
 
 
Legacy Assets & Servicing
 
All Other
 
 
 
 
 
2015
 
2014
 
2015
 
2014
Net interest income (FTE basis)
 
 
 
 
$
1,228

 
$
1,126

 
$
38

 
$
(175
)
Noninterest income
 
 
 
 
1,616

 
916

 
(115
)
 
349

Total revenue, net of interest expense (FTE basis)
 
 
 
 
2,844

 
2,042

 
(77
)
 
174

Provision for credit losses
 
 
 
 
154

 
240

 
(230
)
 
(647
)
Noninterest expense
 
 
 
 
3,307

 
19,287

 
1,998

 
2,434

Loss before income taxes (FTE basis)
 
 
 
 
(617
)
 
(17,485
)
 
(1,845
)
 
(1,613
)
Income tax benefit (FTE basis)
 
 
 
 
(227
)
 
(4,748
)
 
(1,646
)
 
(2,059
)
Net income (loss)
 
 
 
 
$
(390
)
 
$
(12,737
)
 
$
(199
)
 
$
446

Period-end total assets
 
 
 
 
$
49,080

 
$
56,908

 
$
257,480

 
$
266,345


(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)
2015
 
2014
 
2015
 
2014
Segments' total revenue, net of interest expense (FTE basis)
$
21,403

 
$
21,477

 
$
64,756

 
$
65,987

Adjustments:
 
 
 
 
 
 
 
ALM activities
(115
)
 
195

 
677

 
(154
)
Equity investment income (loss)
(46
)
 
(26
)
 
(34
)
 
766

Liquidating businesses and other
(329
)
 
(212
)
 
(720
)
 
(438
)
FTE basis adjustment
(231
)
 
(225
)
 
(678
)
 
(639
)
Consolidated revenue, net of interest expense
$
20,682

 
$
21,209

 
$
64,001

 
$
65,522

 
 
 
 
 
 
 
 
Segments' total net income (loss)
$
4,504

 
$
(741
)
 
$
13,384

 
$
1,337

Adjustments, net-of-taxes:
 
 
 
 
 
 
 
ALM activities
(184
)
 
107

 
25

 
33

Equity investment income (loss)
(29
)
 
(16
)
 
(21
)
 
479

Liquidating businesses and other
217

 
418

 
(203
)
 
(66
)
Consolidated net income (loss)
$
4,508

 
$
(232
)
 
$
13,185

 
$
1,783

 
 
 
 
 
 
 
 
 
 
 
September 30
 
 
 
 
 
2015
 
2014
Segments' total assets
 
 
 
 
$
1,895,526

 
$
1,857,268

Adjustments:
 
 
 
 
 
 
 
ALM activities, including securities portfolio
 
 
 
 
683,700

 
665,202

Equity investments
 
 
 
 
4,378

 
5,001

Liquidating businesses and other
 
 
 
 
63,135

 
79,576

Elimination of segment asset allocations to match liabilities
 
 
 
 
(493,733
)
 
(483,434
)
Consolidated total assets
 
 
 
 
$
2,153,006

 
$
2,123,613

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)
2015
 
2014
 
2015
 
2014
Segments' total revenue, net of interest expense (FTE basis)
$
21,403

 
$
21,477

 
$
64,756

 
$
65,987

Adjustments:
 
 
 
 
 
 
 
ALM activities
(115
)
 
195

 
677

 
(154
)
Equity investment income (loss)
(46
)
 
(26
)
 
(34
)
 
766

Liquidating businesses and other
(329
)
 
(212
)
 
(720
)
 
(438
)
FTE basis adjustment
(231
)
 
(225
)
 
(678
)
 
(639
)
Consolidated revenue, net of interest expense
$
20,682

 
$
21,209

 
$
64,001

 
$
65,522

 
 
 
 
 
 
 
 
Segments' total net income (loss)
$
4,504

 
$
(741
)
 
$
13,384

 
$
1,337

Adjustments, net-of-taxes:
 
 
 
 
 
 
 
ALM activities
(184
)
 
107

 
25

 
33

Equity investment income (loss)
(29
)
 
(16
)
 
(21
)
 
479

Liquidating businesses and other
217

 
418

 
(203
)
 
(66
)
Consolidated net income (loss)
$
4,508

 
$
(232
)
 
$
13,185

 
$
1,783

 
 
 
 
 
 
 
 
 
 
 
September 30
 
 
 
 
 
2015
 
2014
Segments' total assets
 
 
 
 
$
1,895,526

 
$
1,857,268

Adjustments:
 
 
 
 
 
 
 
ALM activities, including securities portfolio
 
 
 
 
683,700

 
665,202

Equity investments
 
 
 
 
4,378

 
5,001

Liquidating businesses and other
 
 
 
 
63,135

 
79,576

Elimination of segment asset allocations to match liabilities
 
 
 
 
(493,733
)
 
(483,434
)
Consolidated total assets
 
 
 
 
$
2,153,006

 
$
2,123,613

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)
2015
 
2014
 
2015
 
2014
Segments' total revenue, net of interest expense (FTE basis)
$
21,403

 
$
21,477

 
$
64,756

 
$
65,987

Adjustments:
 
 
 
 
 
 
 
ALM activities
(115
)
 
195

 
677

 
(154
)
Equity investment income (loss)
(46
)
 
(26
)
 
(34
)
 
766

Liquidating businesses and other
(329
)
 
(212
)
 
(720
)
 
(438
)
FTE basis adjustment
(231
)
 
(225
)
 
(678
)
 
(639
)
Consolidated revenue, net of interest expense
$
20,682

 
$
21,209

 
$
64,001

 
$
65,522

 
 
 
 
 
 
 
 
Segments' total net income (loss)
$
4,504

 
$
(741
)
 
$
13,384

 
$
1,337

Adjustments, net-of-taxes:
 
 
 
 
 
 
 
ALM activities
(184
)
 
107

 
25

 
33

Equity investment income (loss)
(29
)
 
(16
)
 
(21
)
 
479

Liquidating businesses and other
217

 
418

 
(203
)
 
(66
)
Consolidated net income (loss)
$
4,508

 
$
(232
)
 
$
13,185

 
$
1,783

 
 
 
 
 
 
 
 
 
 
 
September 30
 
 
 
 
 
2015
 
2014
Segments' total assets
 
 
 
 
$
1,895,526

 
$
1,857,268

Adjustments:
 
 
 
 
 
 
 
ALM activities, including securities portfolio
 
 
 
 
683,700

 
665,202

Equity investments
 
 
 
 
4,378

 
5,001

Liquidating businesses and other
 
 
 
 
63,135

 
79,576

Elimination of segment asset allocations to match liabilities
 
 
 
 
(493,733
)
 
(483,434
)
Consolidated total assets
 
 
 
 
$
2,153,006

 
$
2,123,613