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Lines of business - Contribution of Segments to Overall Profitability (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Segment Reporting Information [Line Items]      
Total fee and other revenue $ 3,332 $ 3,946 $ 3,032
Net interest revenue (expense) 814 815 841
Provision for credit losses [2] 169 [1] (8) 7 [1]
Income from consolidated investment management funds, net of noncontrolling interests 980 1,440 946
Investment income (loss), net (38) 17 26
Net income (loss) attributable to noncontrolling interests (18) 9 10
Investment Management      
Segment Reporting Information [Line Items]      
Net income (loss) attributable to noncontrolling interests (18) 9 10
Operating segments      
Segment Reporting Information [Line Items]      
Total fee and other revenue 3,312 3,954 3,048
Net interest revenue (expense) 814 815 841
Total revenue 4,126 4,769 3,889
Provision for credit losses 169 (8) 7
Noninterest expense 2,712 2,964 2,699
Income (loss) before taxes $ 1,245 $ 1,813 $ 1,183
Pre-tax operating margin 30.00% 38.00% 31.00%
Average assets $ 385,278 $ 354,341 $ 336,165
Operating segments | Investment Services      
Segment Reporting Information [Line Items]      
Total fee and other revenue 2,436 2,236 2,161
Net interest revenue (expense) 806 778 804
Total revenue 3,242 3,014 2,965
Provision for credit losses 149 (5) 8
Noninterest expense 1,987 2,179 1,981
Income (loss) before taxes $ 1,106 $ 840 $ 976
Pre-tax operating margin 34.00% 28.00% 33.00%
Average assets $ 304,089 $ 278,098 $ 256,034
Operating segments | Investment Management      
Segment Reporting Information [Line Items]      
Total fee and other revenue 846 924 869
Net interest revenue (expense) 52 47 67
Total revenue 898 971 936
Provision for credit losses 9 0 1
Noninterest expense 695 731 669
Income (loss) before taxes $ 194 $ 240 $ 266
Pre-tax operating margin 22.00% 25.00% 28.00%
Average assets $ 30,543 $ 28,481 $ 31,857
Income from consolidated investment management funds, net of noncontrolling interests (20) 8 16
Investment income (loss), net (38) 17 26
Net income (loss) attributable to noncontrolling interests (18) 9 10
Operating segments | Other      
Segment Reporting Information [Line Items]      
Total fee and other revenue 30 794 18
Net interest revenue (expense) (44) (10) (30)
Total revenue (14) 784 (12)
Provision for credit losses 11 (3) (2)
Noninterest expense 30 54 49
Income (loss) before taxes (55) 733 (59)
Average assets $ 50,646 $ 47,762 $ 48,274
[1]
In the first quarter of 2020, we adopted new accounting guidance included in ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses On Financial Instruments, on a prospective basis. See Note 2 of the Notes to Consolidated Financial Statements for additional information.
[2] The provision for credit losses for the quarter ended March 31, 2020 relates to the financial instruments within the scope of Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses On Financial Instruments. See Note 2 of the Notes to Consolidated Financial Statements for additional information.