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Goodwill, Mortgage Servicing Rights, and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
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)202320222021
Consumer & Community Banking$32,116 $32,121 $31,474 
Corporate & Investment Bank8,266 8,008 7,906 
Commercial Banking2,985 2,985 2,986 
Asset & Wealth Management8,582 7,902 7,222 
Corporate
685 646 727 
Total goodwill$52,634 $51,662 $50,315 
The following table presents changes in the carrying amount of goodwill.
Year ended December 31, (in millions)202320222021
Balance at beginning of period$51,662 $50,315 $49,248 
Changes during the period from:
Business combinations(a)
917 1,426 1,073 
Other(b)
55 (79)(6)
Balance at December 31,$52,634 $51,662 $50,315 
(a)For 2023, predominantly represents estimated goodwill associated with the acquisition of the remaining 51% interest in CIFM in AWM and the acquisition of Aumni Inc. in CIB. 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.
(b)Predominantly foreign currency adjustments.
Mortgage servicing rights activity
The following table summarizes MSR activity for the years ended December 31, 2023, 2022 and 2021.
As of or for the year ended December 31, (in millions, except where otherwise noted)202320222021
Fair value at beginning of period$7,973 $5,494 $3,276 
MSR activity:
Originations of MSRs253 798 1,659 
Purchase of MSRs(a)
1,028 1,400 1,363 
Disposition of MSRs(b)
(188)(822)(114)
Net additions/(dispositions)1,093 1,376 2,908 
Changes due to collection/realization of expected cash flows
(1,011)(936)(788)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(c)
424 2,022 404 
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)
(22)14 109 
Discount rates
14 — — 
Prepayment model changes and other(d)
51 3 (415)
Total changes in valuation due to other inputs and assumptions43 17 (306)
Total changes in valuation due to inputs and assumptions467 2,039 98 
Fair value at December 31,$8,522 $7,973 $5,494 
Change in unrealized gains/(losses) included in income related to MSRs held at December 31,
$467 $2,039 $98 
Contractual service fees, late fees and other ancillary fees included in income1,590 1,535 1,298 
Third-party mortgage loans serviced at December 31, (in billions)632 584 520 
Servicer advances, net of an allowance for uncollectible amounts, at December 31(e)
659 758 1,611 
(a)Includes purchase price adjustments associated with MSRs purchased, primarily as a result of loans that prepaid within 90 days of settlement, allowing the Firm to recover the purchase price.
(b)Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage-backed securities (“SMBS”). 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.
(c)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.
(d)Represents changes in prepayments other than those attributable to changes in market interest rates.
(e)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, 2023, 2022 and 2021.
Year ended December 31,
(in millions)		202320222021
CCB mortgage fees and related income
Production revenue$421 $497 $2,215 
Net mortgage servicing revenue: 
Operating revenue: 
Loan servicing revenue1,634 1,582 1,257 
Changes in MSR asset fair value due to collection/realization of expected cash flows
(1,011)(936)(788)
Total operating revenue623 646 469 
Risk management: 
Changes in MSR asset fair value due to market interest rates and other(a)
424 2,022 404 
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)
43 17 (306)
Change in derivative fair value and other
(336)(1,946)(623)
Total risk management131 93 (525)
Total net mortgage servicing revenue754 739 (56)
Total CCB mortgage fees and related income1,175 1,236 2,159 
All other1 14 11 
Mortgage fees and related income
$1,176 $1,250 $2,170 
(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, 2023 and 2022, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.
December 31,
(in millions, except rates)		20232022
Weighted-average prepayment speed assumption (constant prepayment rate)
6.29 %6.12 %
Impact on fair value of 10% adverse change
$(206)$(183)
Impact on fair value of 20% adverse change
(401)(356)
Weighted-average option adjusted spread(a)
6.10 %5.77 %
Impact on fair value of 100 basis points adverse change
$(369)$(341)
Impact on fair value of 200 basis points adverse change
(709)(655)
(a)Includes the impact of operational risk and regulatory capital.
Schedule of future amortization expense
The following table presents estimated future amortization expense.
December 31, (millions)Finite-lived intangible assets
2024$330 
2025294 
2026290 
2027288 
2028272