Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY DATA (Unaudited)

NOTE 22—QUARTERLY DATA (UNAUDITED)

The information presented below reflects all adjustments, which, in the opinion of management, are of a normal and recurring nature necessary to present fairly the results of operations for the quarterly periods presented (dollars in millions, except per share amounts):

	2019								2018
	First		Second		Third		Fourth		First		Second		Third		Fourth
Total net revenue	$	755	$	685	$	767	$	679	$	708	$	710	$	720	$	735
Net income	$	290	$	219	$	274	$	172	$	247	$	250	$	285	$	270
Earnings per share:
Basic	$	1.10	$	0.90	$	1.08	$	0.76	$	0.88	$	0.95	$	1.01	$	1.07
Diluted	$	1.09	$	0.90	$	1.08	$	0.76	$	0.88	$	0.95	$	1.00	$	1.06

Net income in the fourth quarter of 2019 included $21 million of restructuring and acquisition-related activities expense and $8 million of expense related to the impairment of certain technology assets which was recognized in other non-interest expense. The restructuring and acquisition-related activities expense related primarily to the closure of our New York headquarters, severance from organizational changes driven by enterprise-wide cost containment initiatives, and costs incurred as part of the Gradifi acquisition. See Note 2—Acquisitions and Restructuring and Note 9—Property and Equipment, Net for additional information. Net income and total net revenue in the second quarter of 2019 included $80 million of pre-tax losses from balance sheet repositioning. See Note 6—Available-for-Sale and Held-to-Maturity Securities for additional information.