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Restructuring
12 Months Ended
Dec. 31, 2024
Restructuring Charges [Abstract]  
Restructuring
RESTRUCTURING
We periodically initiate restructuring programs to enhance our overall effectiveness and efficiency and to support new business strategies. These programs are generally completed within a year of when they are initiated. In connection with these programs, we will typically incur severance and other exit costs.
We had $217 million, $216 million and $135 million accrued in total restructuring reserves as of December 31, 2024, 2023 and 2022, respectively. Restructuring expense, which primarily relates to new severance charges, net of revisions to existing reserves, was $123 million, $179 million and $142 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included within Salaries and employee benefits within our Consolidated Statements of Income. The cumulative cost relating to restructuring programs initiated in 2024 or in prior years that were in progress during 2024 was $400 million. There were no programs initiated prior to 2022 that were still in progress during 2024. Cumulative amounts were not material to any reportable operating segment.