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Goodwill and Mortgage Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill attributed to the business segments The following table presents goodwill attributed to the reportable business segments and Corporate.
December 31, (in millions)202220212020
Consumer & Community Banking$32,121 $31,474 $31,311 
Corporate & Investment Bank8,008 7,906 7,913 
Commercial Banking2,985 2,986 2,985 
Asset & Wealth Management7,902 7,222 7,039 
Corporate(a)
646 727 — 
Total goodwill$51,662 $50,315 $49,248 
(a)For goodwill in Corporate acquired in the third quarter of 2021, the Firm elected to perform a qualitative impairment assessment, as permitted under U.S. GAAP.
The following table presents changes in the carrying amount of goodwill.
Year ended December 31, (in millions)202220212020
Balance at beginning of period$50,315 $49,248 $47,823 
Changes during the period from:
Business combinations(a)
1,426 1,073 
(c)
1,412 
Other(b)
(79)(6)
(c)
13 
Balance at December 31,$51,662 $50,315 $49,248 
(a)For 2022, represents estimated goodwill associated with the acquisitions of Global Shares PLC in AWM, Frosch Travel Group, LLC and Figg, Inc. in CCB, and Renovite Technologies, Inc. and Volkswagen Payments S.A. in CIB. For 2021, represents goodwill associated with the acquisitions of Nutmeg in Corporate, OpenInvest and Campbell Global in AWM, and Frank and The Infatuation in CCB. For 2020, represents goodwill associated with the acquisitions of cxLoyalty in CCB and 55ip in AWM.
(b)Predominantly foreign currency adjustments.
(c)Prior-period amounts have been revised to conform with the current presentation.
Mortgage servicing rights activity
The following table summarizes MSR activity for the years ended December 31, 2022, 2021 and 2020.
As of or for the year ended December 31, (in millions, except where otherwise noted)202220212020
Fair value at beginning of period$5,494 $3,276 $4,699 
MSR activity:
Originations of MSRs798 1,659 944 
Purchase of MSRs1,400 1,363 248 
Disposition of MSRs(a)
(822)(114)(176)
Net additions/(dispositions)1,376 2,908 1,016 
Changes due to collection/realization of expected cash flows
(936)(788)(899)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)
2,022 404 (1,568)
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)
14 109 (54)
Discount rates
— — 199 
Prepayment model changes and other(c)
3 (415)(117)
Total changes in valuation due to other inputs and assumptions17 (306)28 
Total changes in valuation due to inputs and assumptions2,039 98 (1,540)
Fair value at December 31,$7,973 $5,494 $3,276 
Change in unrealized gains/(losses) included in income related to MSRs held at December 31,
$2,039 $98 $(1,540)
Contractual service fees, late fees and other ancillary fees included in income1,535 1,298 1,325 
Third-party mortgage loans serviced at December 31, (in billions)584 520 448 
Servicer advances, net of an allowance for uncollectible amounts, at December 31, (in billions)(d)
0.8 1.6 1.8 
(a)Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage backed securities (“SMBS”) for the years ended December 31, 2022 and 2020. In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities.
(b)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(c)Represents changes in prepayments other than those attributable to changes in market interest rates.
(d)Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.
CCB mortgage fees and related income
The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the years ended December 31, 2022, 2021 and 2020.
Year ended December 31,
(in millions)		202220212020
CCB mortgage fees and related income
Production revenue$497 $2,215 $2,629 
Net mortgage servicing revenue: 
Operating revenue: 
Loan servicing revenue1,582 1,257 1,367 
Changes in MSR asset fair value due to collection/realization of expected cash flows
(936)(788)(899)
Total operating revenue646 469 468 
Risk management: 
Changes in MSR asset fair value due to market interest rates and other(a)
2,022 404 (1,568)
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)
17 (306)28 
Change in derivative fair value and other
(1,946)(623)1,522 
Total risk management93 (525)(18)
Total net mortgage servicing revenue739 (56)450 
Total CCB mortgage fees and related income1,236 2,159 3,079 
All other14 11 12 
Mortgage fees and related income
$1,250 $2,170 $3,091 
(a)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(b)Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).
Key economic assumptions used to determine the fair value of the Firm's Mortgage Servicing Rights (MSRs)
The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at December 31, 2022 and 2021, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.
December 31,
(in millions, except rates)		20222021
Weighted-average prepayment speed assumption (constant prepayment rate)
6.12 %9.90 %
Impact on fair value of 10% adverse change
$(183)$(210)
Impact on fair value of 20% adverse change
(356)(404)
Weighted-average option adjusted spread(a)
5.77 %6.44 %
Impact on fair value of 100 basis points adverse change
$(341)$(225)
Impact on fair value of 200 basis points adverse change
(655)(433)
(a)Includes the impact of operational risk and regulatory capital.