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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
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[] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 |
or
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[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number:
1-6523
Exact name of registrant as specified in its charter:
Bank of America Corporation
State or other jurisdiction of incorporation or organization:
Delaware
IRS Employer Identification No.:
56-0906609
Address of principal executive offices:
Bank of America Corporate Center
100 N. Tryon Street
Charlotte, North Carolina 28255
Registrant’s telephone number, including area code:
(704) 386-5681
Securities registered pursuant to section 12(b) of the Act:
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| Title of each class | | Name of each exchange on which registered | |
| Common Stock, par value $0.01 per share | | New York Stock Exchange | |
| Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E | | New York Stock Exchange | |
| Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Non-Cumulative Preferred Stock, Series W | | New York Stock Exchange | |
| Depositary Shares, each representing a 1/1,000th interest in a share of 6.500% Non-Cumulative Preferred Stock, Series Y | | New York Stock Exchange | |
| Depositary Shares, each representing a 1/1,000th interest in a share of 6.200% Non-Cumulative Preferred Stock, Series CC | | New York Stock Exchange | |
| Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series EE | | New York Stock Exchange | |
| Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG | | New York Stock Exchange | |
| Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series HH
| | New York Stock Exchange | |
| 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L | | New York Stock Exchange | |
| Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 1 | | New York Stock Exchange | |
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| Title of each class | | Name of each exchange on which registered | |
| Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 2 | | New York Stock Exchange | |
| Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 4 | | New York Stock Exchange | |
| Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 5 | | New York Stock Exchange | |
| Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto) | | New York Stock Exchange | |
| 5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto) | | New York Stock Exchange | |
| Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation | | New York Stock Exchange | |
| Senior Medium-Term Notes, Series A, Step Up Callable Notes, due November 28, 2031 of BofA Finance LLC (and the guarantee of the Registrant with respect thereto) | | New York Stock Exchange | |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No ☑
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No ☑
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☑
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer ☑ | | Accelerated filer o | | Non-accelerated filer o | | Smaller reporting company o |
| | | | | | Emerging growth company o |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No ☑
The aggregate market value of the registrant’s common stock (“Common Stock”) held on June 30, 2018 by non-affiliates was approximately $282,258,554,953 (based on the June 30, 2018 closing price of Common Stock of $28.19 per share as reported on the New York Stock Exchange). At February 25, 2019, there were 9,658,759,764 shares of Common Stock outstanding.
Documents incorporated by reference: Portions of the definitive proxy statement relating to the registrant’s 2019 annual meeting of stockholders are incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III.
Table of Contents
Bank of America Corporation and Subsidiaries
Part I
Bank of America Corporation and Subsidiaries
Item 1. Business
Bank of America Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, “the Corporation” may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. As part of our efforts to streamline the Corporation’s organizational structure and reduce complexity and costs, the Corporation has reduced and intends to continue to reduce the number of its corporate subsidiaries, including through intercompany mergers.
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses, institutional investors, large corporations and governments with a full range of banking, investing, asset management and other financial and risk management products and services. Our principal executive offices are located in the
Bank of America Corporate Center, 100 North Tryon Street, Charlotte, North Carolina 28255.
Bank of America’s website is www.bankofamerica.com and the Investor Relations portion of our website is http://investor.bankofamerica.com. We use our website to distribute company information, including as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. We routinely post and make accessible financial and other information regarding the Corporation on our website. Accordingly, investors should monitor the Investor Relations portion of our website, in addition to following our press releases, U.S. Securities and Exchange Commission (SEC) filings, public conference calls and webcasts. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 (Exchange Act) are available on the Investor Relations portion of our website under the heading Financial Information (accessible by clicking on the SEC Filings link) as soon as reasonably practicable after we electronically file such reports with, or furnish them to, the SEC and at the SEC’s website, www.sec.gov. Notwithstanding the foregoing, the information contained on our website as referenced in this paragraph is not incorporated by reference into this Annual Report on Form 10-K. Also, we make available on the Investor Relations portion of our website under the heading Corporate Governance: (i) our Code of Conduct (including our insider trading policy); (ii) our Corporate Governance Guidelines (accessible by clicking on the Governance Highlights link); and (iii) the charter of each active committee of our Board of Directors (the Board) (accessible by clicking on the committee names under the Committee Composition link). We also intend to disclose any amendments to our Code of Conduct and waivers of our Code of Conduct required to be disclosed by the rules of the SEC and the New York Stock Exchange (NYSE) on the Investor Relations portion of our website. All of these corporate governance materials are also available free of charge in print to shareholders who request them in writing to: Bank of America Corporation, Attention: Office of the Corporate Secretary, Hearst Tower, 214 North Tryon Street, NC1-027-18-05, Charlotte, North Carolina 28255.
Segments
Through our banking and various nonbank subsidiaries throughout the U.S. and in international markets, we provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. Additional information related to our business segments and the products and services they provide is included in the information set forth on pages 30 through 39 of Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) and Note 23 – Business Segment Information to the Consolidated Financial Statements.
Competition
We operate in a highly competitive environment. Our competitors include banks, thrifts, credit unions, investment banking firms, investment advisory firms, brokerage firms, investment companies, insurance companies, mortgage banking companies, credit card issuers, mutual fund companies, hedge funds, private equity firms, and e-commerce and other internet-based companies. We compete with some of these competitors globally and with others on a regional or product specific basis.
Competition is based on a number of factors including, among others, customer service, quality and range of products and services offered, price, reputation, interest rates on loans and deposits, lending limits and customer convenience. Our ability to continue to compete effectively also depends in large part on our ability to attract new employees and retain and motivate our existing employees, while managing compensation and other costs.
Employees
At December 31, 2018, we had approximately 204,000 employees. None of our domestic employees are subject to a collective bargaining agreement. Management considers our employee relations to be good.
Government Supervision and Regulation
The following discussion describes, among other things, elements of an extensive regulatory framework applicable to BHCs, financial holding companies, banks and broker-dealers, including specific information about Bank of America.
We are subject to an extensive regulatory framework applicable to BHCs, financial holding companies and banks and other financial services entities. U.S. federal regulation of banks, BHCs and financial holding companies is intended primarily for the protection of depositors and the Deposit Insurance Fund (DIF) rather than for the protection of shareholders and creditors.
As a registered financial holding company and BHC, the Corporation is subject to the supervision of, and regular inspection by, the Board of Governors of the Federal Reserve System (Federal Reserve). Our U.S. bank subsidiaries (the Banks) organized as national banking associations are subject to regulation, supervision and examination by the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. U.S. financial holding companies, and the companies under their control, are permitted to engage in activities considered “financial in nature” as defined by the Gramm-Leach-Bliley Act and related Federal Reserve interpretations. Unless otherwise limited by the Federal Reserve, a financial holding company may engage directly or indirectly in activities considered financial in nature provided the financial holding company gives the Federal Reserve after-the-fact notice of the new activities. The Gramm-Leach-Bliley Act also permits national banks to engage in activities considered financial in nature through a financial subsidiary, subject to certain conditions and limitations and with the approval of the OCC.
The scope of the laws and regulations and the intensity of the supervision to which we are subject have increased in recent years in response to the financial crisis, as well as other factors such as technological and market changes. In addition, the banking and financial services sector is subject to substantial regulatory enforcement and fines. Many of these changes have occurred as a result of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (the Financial Reform Act). We cannot assess whether there will be any additional major changes in the regulatory environment and expect that our business will remain subject to extensive regulation and supervision.
We are also subject to various other laws and regulations, as well as supervision and examination by other regulatory agencies, all of which directly or indirectly affect our operations and management and our ability to make distributions to shareholders. For instance, our broker-dealer subsidiaries are subject to both U.S. and international regulation, including supervision by the SEC, New York Stock Exchange and Financial Industry Regulatory Authority, among others; our commodities businesses in the U.S. are subject to regulation by and supervision of the U.S. Commodity Futures Trading Commission (CFTC); our U.S. derivatives activity is subject to regulation and supervision of the CFTC, National Futures Association and SEC, and in the case of the Banks, certain banking regulators; our insurance activities are subject to licensing and regulation by state insurance regulatory agencies; and our consumer financial products and services are regulated by the Consumer Financial Protection Bureau (CFPB).
Our non-U.S. businesses are also subject to extensive regulation by various non-U.S. regulators, including governments, securities exchanges, prudential regulators, central banks and other regulatory bodies, in the jurisdictions in which those businesses operate. For example, our financial services operations in the United Kingdom (U.K.) are subject to regulation by the Prudential Regulatory Authority and Financial Conduct
Authority (FCA) and, in Ireland, the European Central Bank and Central Bank of Ireland.
Source of Strength
Under the Financial Reform Act and Federal Reserve policy, BHCs are expected to act as a source of financial strength to each subsidiary bank and to commit resources to support each such subsidiary. Similarly, under the cross-guarantee provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), in the event of a loss suffered or anticipated by the FDIC, either as a result of default of a bank subsidiary or related to FDIC assistance provided to such a subsidiary in danger of default, the affiliate banks of such a subsidiary may be assessed for the FDIC’s loss, subject to certain exceptions.
Transactions with Affiliates
Pursuant to Section 23A and 23B of the Federal Reserve Act, as implemented by the Federal Reserve’s Regulation W, the Banks are subject to restrictions that limit certain types of transactions between the Banks and their nonbank affiliates. In general, U.S. banks are subject to quantitative and qualitative limits on extensions of credit, purchases of assets and certain other transactions involving its nonbank affiliates. Additionally, transactions between U.S. banks and their nonbank affiliates are required to be on arm’s length terms and must be consistent with standards of safety and soundness.
Deposit Insurance
Deposits placed at U.S. domiciled banks are insured by the FDIC, subject to limits and conditions of applicable law and the FDIC’s regulations. Pursuant to the Financial Reform Act, FDIC insurance coverage limits are $250,000 per customer. All insured depository institutions are required to pay assessments to the FDIC in order to fund the DIF.
The FDIC is required to maintain at least a designated minimum ratio of the DIF to insured deposits in the U.S. The Financial Reform Act requires the FDIC to assess insured depository institutions to achieve a DIF ratio of at least 1.35 percent by September 30, 2020. In November 2018, the FDIC announced that the DIF ratio exceeded 1.35 in advance of the deadline and that the related surcharges ceased. Additionally, the FDIC adopted regulations that establish a long-term target DIF ratio of greater than two percent. As of the date of this report, the DIF ratio is below this required target and the FDIC has adopted a restoration plan that may result in increased deposit insurance assessments. Deposit insurance assessment rates are subject to change by the FDIC and will be impacted by the overall economy and the stability of the banking industry as a whole. For more information regarding deposit insurance, see Item 1A. Risk Factors – Regulatory, Compliance and Legal on page 13.
Capital, Liquidity and Operational Requirements
As a financial holding company, we and our bank subsidiaries are subject to the regulatory capital and liquidity guidelines issued by the Federal Reserve and other U.S. banking regulators, including the FDIC and the OCC. These rules are complex and are evolving as U.S. and international regulatory authorities propose and enact enhanced capital and liquidity rules. The Corporation seeks to manage its capital position to maintain sufficient capital to meet these regulatory guidelines and to support our business activities. These evolving rules are likely to influence our planning processes and may require additional regulatory capital and liquidity, as well as impose additional operational and compliance costs on the Corporation. In addition, the Federal Reserve and the OCC have adopted guidelines that establish minimum standards for the design, implementation and board oversight of BHCs’ and national
banks’ risk governance frameworks. The Federal Reserve also issued a final rule, which became effective January 1, 2019, that includes minimum external total loss-absorbing capacity (TLAC) and long-term debt requirements.
For more information on regulatory capital rules, capital composition and pending or proposed regulatory capital changes, see Capital Management – Regulatory Capital in the MD&A on page 44, and Note 16 – Regulatory Requirements and Restrictions to the Consolidated Financial Statements, which are incorporated by reference in this Item 1.
Distributions
We are subject to various regulatory policies and requirements relating to capital actions, including payment of dividends and common stock repurchases. For instance, Federal Reserve regulations require major U.S. BHCs to submit a capital plan as part of an annual Comprehensive Capital Analysis and Review (CCAR). The purpose of the CCAR for the Federal Reserve is to assess the capital planning process of the BHC, including any planned capital actions, such as payment of dividends and common stock repurchases.
Our ability to pay dividends is also affected by the various minimum capital requirements and the capital and non-capital standards established under the FDICIA. The right of the Corporation, our shareholders and our creditors to participate in any distribution of the assets or earnings of our subsidiaries is further subject to the prior claims of creditors of the respective subsidiaries.
If the Federal Reserve finds that any of our Banks are not “well-capitalized” or “well-managed,” we would be required to enter into an agreement with the Federal Reserve to comply with all applicable capital and management requirements, which may contain additional limitations or conditions relating to our activities. Additionally, the applicable federal regulatory authority is authorized to determine, under certain circumstances relating to the financial condition of a bank or BHC, that the payment of dividends would be an unsafe or unsound practice and to prohibit payment thereof.
For more information regarding the requirements relating to the payment of dividends, including the minimum capital requirements, see Note 13 – Shareholders’ Equity and Note 16 – Regulatory Requirements and Restrictions to the Consolidated Financial Statements.
Many of our subsidiaries, including our bank and broker-dealer subsidiaries, are subject to laws that restrict dividend payments, or authorize regulatory bodies to block or reduce the flow of funds from those subsidiaries to the parent company or other subsidiaries.
Resolution Planning
As a BHC with greater than $50 billion of assets, the Corporation is required by the Federal Reserve and the FDIC to periodically submit a plan for a rapid and orderly resolution in the event of material financial distress or failure.
Such resolution plan is intended to be a detailed roadmap for the orderly resolution of the BHC and its material entities pursuant to the U.S. Bankruptcy Code and other applicable resolution regimes under one or more hypothetical scenarios assuming no extraordinary government assistance.
If both the Federal Reserve and the FDIC determine that the BHC’s plan is not credible, the Federal Reserve and the FDIC may jointly impose more stringent capital, leverage or liquidity requirements or restrictions on growth, activities or operations. A description of our plan is available on the Federal Reserve and FDIC websites.
The FDIC also requires the submission of a resolution plan for Bank of America, N.A. (BANA), which must describe how the insured depository institution would be resolved under the bank resolution provisions of the Federal Deposit Insurance Act. A description of this plan is available on the FDIC’s website.
We continue to make substantial progress to enhance our resolvability, including simplifying our legal entity structure and business operations, and increasing our preparedness to implement our resolution plan, both from a financial and operational standpoint.
Across international jurisdictions, resolution planning is the responsibility of national resolution authorities (RA). Of most impact to the Corporation are the requirements associated with subsidiaries in the U.K., Ireland and France, where rules have been issued requiring the submission of significant information about locally-incorporated subsidiaries, as well as the Corporation’s affiliated branches located in those jurisdictions (including information on intra-group dependencies, legal entity separation and barriers to resolution) to allow the RA to plan their resolution strategies. As a result of the RA’s review of the submitted information, we could be required to take certain actions over the next several years which could increase operating costs and potentially result in the restructuring of certain businesses and subsidiaries.
For more information regarding our resolution plan, see Item 1A. Risk Factors – Liquidity on page 6.
Insolvency and the Orderly Liquidation Authority
Under the Federal Deposit Insurance Act, the FDIC may be appointed receiver of an insured depository institution if it is insolvent or in certain other circumstances. In addition, under the Financial Reform Act, when a systemically important financial institution (SIFI) such as the Corporation is in default or danger of default, the FDIC may be appointed receiver in order to conduct an orderly liquidation of such institution. In the event of such appointment, the FDIC could, among other things, invoke the orderly liquidation authority, instead of the U.S. Bankruptcy Code, if the Secretary of the Treasury makes certain financial distress and systemic risk determinations. The orderly liquidation authority is modeled in part on the Federal Deposit Insurance Act, but also adopts certain concepts from the U.S. Bankruptcy Code.
The orderly liquidation authority contains certain differences from the U.S. Bankruptcy Code. For example, in certain circumstances, the FDIC could permit payment of obligations it determines to be systemically significant (e.g., short-term creditors or operating creditors) in lieu of paying other obligations (e.g., long-term creditors) without the need to obtain creditors’ consent or prior court review. The insolvency and resolution process could also lead to a large reduction or total elimination of the value of a BHC’s outstanding equity, as well as impairment or elimination of certain debt.
Under the FDIC’s “single point of entry” strategy for resolving SIFIs, the FDIC could replace a distressed BHC with a bridge holding company, which could continue operations and result in an orderly resolution of the underlying bank, but whose equity is held solely for the benefit of creditors of the original BHC.
Furthermore, the Federal Reserve requires that BHCs maintain minimum levels of long-term debt required to provide adequate loss absorbing capacity in the event of a resolution.
For more information regarding our resolution, see Item 1A. Risk Factors – Liquidity on page 6.
Limitations on Acquisitions
The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 permits a BHC to acquire banks located in states other
than its home state without regard to state law, subject to certain conditions, including the condition that the BHC, after and as a result of the acquisition, controls no more than 10 percent of the total amount of deposits of insured depository institutions in the U.S. and no more than 30 percent or such lesser or greater amount set by state law of such deposits in that state. At June 30, 2018, we held greater than 10 percent of the total amount of deposits of insured depository institutions in the U.S.
In addition, the Financial Reform Act restricts acquisitions by a financial institution if, as a result of the acquisition, the total liabilities of the financial institution would exceed 10 percent of the total liabilities of all financial institutions in the U.S. At June 30, 2018, our liabilities did not exceed 10 percent of the total liabilities of all financial institutions in the U.S.
The Volcker Rule
The Volcker Rule prohibits insured depository institutions and companies affiliated with insured depository institutions (collectively, banking entities) from engaging in short-term proprietary trading of certain securities, derivatives, commodity futures and options for their own account. The Volcker Rule also imposes limits on banking entities’ investments in, and other relationships with, hedge funds and private equity funds. The Volcker Rule provides exemptions for certain activities, including market-making, underwriting, hedging, trading in government obligations, insurance company activities and organizing and offering hedge funds and private equity funds. The Volcker Rule also clarifies that certain activities are not prohibited, including acting as agent, broker or custodian. A banking entity with significant trading operations, such as the Corporation, is required to maintain a detailed compliance program to comply with the restrictions of the Volcker Rule.
Derivatives
Our derivatives operations are subject to extensive regulation globally. These operations are subject to regulation under the Financial Reform Act, the European Union (EU) Markets in Financial Instruments Directive and Regulation, the European Market Infrastructure Regulation and similar regulatory regimes in other jurisdictions, that regulate or will regulate the derivatives markets in which we operate by, among other things: requiring clearing and exchange trading of certain derivatives; imposing new capital, margin, reporting, registration and business conduct requirements for certain market participants; imposing position limits on certain over-the-counter (OTC) derivatives; and imposing derivatives trading transparency requirements. Regulations of derivatives are already in effect in many markets in which we operate.
In addition, many G-20 jurisdictions, including the U.S., U.K., Germany and Japan, have adopted resolution stay regulations to address concerns that the close-out of derivatives and other financial contracts in resolution could impede orderly resolution of global systemically important banks (G-SIBs), and additional jurisdictions are expected to follow suit. We and 24 other G-SIBs have adhered to a protocol amending certain financial contracts to provide for contractual recognition of stays of termination rights under various statutory resolution regimes and a stay on the exercise of cross-default rights based on an affiliate’s entry into U.S. bankruptcy proceedings. As resolution stay regulations of a particular jurisdiction go into effect, we amend financial contracts in compliance with such regulations.
Consumer Regulations
Our consumer businesses are subject to extensive regulation and oversight by federal and state regulators. Certain federal consumer finance laws to which we are subject, including the Equal Credit Opportunity Act, Home Mortgage Disclosure Act, Electronic Fund
Transfer Act, Fair Credit Reporting Act, Real Estate Settlement Procedures Act, Truth in Lending Act and Truth in Savings Act, are enforced by the CFPB. Other federal consumer finance laws, such as the Servicemembers Civil Relief Act, are enforced by the OCC.
Privacy and Information Security
We are subject to many U.S. federal, state and international laws and regulations governing requirements for maintaining policies and procedures to protect the non-public confidential information of our customers and employees. The Gramm-Leach-Bliley Act requires us to periodically disclose Bank of America’s privacy policies and practices relating to sharing such information and enables retail customers to opt out of our ability to share information with unaffiliated third parties, under certain circumstances. Other laws and regulations, at the international, federal and state level, impact our ability to share certain information with affiliates and non-affiliates for marketing and/or non-marketing purposes, or to contact customers with marketing offers, including California’s consumer privacy law that established basic rights of consumers in connection with their personal information. The Gramm-Leach-Bliley Act also requires us to implement a comprehensive information security program that includes administrative, technical and physical safeguards to provide the security and confidentiality of customer records and information. These security and privacy policies and procedures for the protection of personal and confidential information are in effect across all businesses and geographic locations. In the EU, the General Data Protection Regulation (GDPR) replaced the Data Protection Directive and related implementing national laws in its member states. The GDPR’s impact on the Corporation was assessed and addressed through a comprehensive compliance implementation program. Additionally, other legislative and regulatory activity in the U.S. and abroad, as well as court proceedings and bilateral U.S. and EU political developments on the validity of cross-border data transfer mechanisms from the EU, continue to lend uncertainty to privacy compliance globally.
Item 1A. Risk Factors
In the course of conducting our business operations, we are exposed to a variety of risks, some of which are inherent in the financial services industry and others of which are more specific to our own businesses. The discussion below addresses the most significant factors, of which we are currently aware, that could affect our businesses, results of operations and financial condition. Additional factors that could affect our businesses, results of operations and financial condition are discussed in Forward-looking Statements in the MD&A on page 20. However, other factors not discussed below or elsewhere in this Annual Report on Form 10-K could also adversely affect our businesses, results of operations and financial condition. Therefore, the risk factors below should not be considered a complete list of potential risks that we may face. For more information on how we manage risks, see Managing Risk in the MD&A on page 40.
Any risk factor described in this Annual Report on Form 10-K or in any of our other SEC filings could by itself, or together with other factors, materially adversely affect our liquidity, competitive position, business, reputation, results of operations, capital position or financial condition, including by materially increasing our expenses or decreasing our revenues, which could result in material losses.
Market
Our business and results of operations may be adversely affected by the U.S. and international financial markets, U.S. and non-U.S. fiscal and monetary policies and economic conditions generally.
Financial markets and general economic, political and social conditions in the U.S. and in one or more countries abroad, including the level and volatility of interest rates, unexpected changes in market financing conditions, gross domestic product (GDP) growth, inflation, consumer spending, employment levels, wage stagnation, prolonged federal government shutdowns, energy prices, home prices, bankruptcies, fluctuations or other significant changes in both debt and equity capital markets and currencies, liquidity of the global financial markets, the growth of global trade and commerce, trade policies, the availability and cost of capital and credit, terrorism, disruption of communication, transportation or energy infrastructure, investor sentiment and confidence, the sustainability of economic growth and any potential slowdown in economic activity may affect markets in the U.S. and abroad and our businesses. Any market downturn in the U.S. or abroad would likely result in a decline in revenue and adversely affect our results of operations and financial condition, including capital and liquidity levels.
In the U.S. and abroad, uncertainties surrounding fiscal and monetary policies present economic challenges. Actions taken by the Federal Reserve, including potential further increases in its target funds rate and the ongoing reduction in its balance sheet, and other central banks are beyond our control and difficult to predict and can affect interest rates and the value of financial instruments and other assets, such as debt securities and mortgage servicing rights (MSRs) and impact our borrowers, potentially increasing delinquency and default rates as interest rates rise.
Changes to existing U.S. laws and regulatory policies including those related to financial regulation, taxation, international trade, fiscal policy and healthcare may adversely impact us. For example, significant fiscal policy initiatives may increase uncertainty surrounding the formulation and direction of U.S. monetary policy, and volatility of interest rates. Higher U.S. interest rates relative to other major economies could increase the likelihood of a more volatile and appreciating U.S. dollar. Changes, or proposed changes to certain U.S. trade policies, particularly with important trading partners, including China, could upset financial markets, disrupt world trade and commerce and lead to trade retaliation through the use of tariffs, foreign exchange measures or the large-scale sale of U.S. Treasury Bonds.
Any of these developments could adversely affect our consumer and commercial businesses, our securities and derivatives portfolios, our level of charge-offs and provision for credit losses, the carrying value of our deferred tax assets, our capital levels and liquidity and the costs of running our business, and our results of operations. Additionally, events and ongoing uncertainty related to the planned exit of the U.K. from the EU could magnify any negative impact of these developments on our business and results of operations.
Increased market volatility and adverse changes in other financial or capital market conditions may increase our market risk.
Our liquidity, competitive position, business, results of operations and financial condition are affected by market risks such as changes in interest and currency exchange rates, fluctuations in equity and futures prices, lower trading volumes and prices of securitized products, the implied volatility of interest rates and credit spreads and other economic and business factors. These market risks may adversely affect, among other things, (i) the value of our on- and off-balance sheet securities, trading assets, other financial instruments and MSRs, (ii) the cost of debt capital and our access to credit markets, (iii) the value of assets under management (AUM), (iv) fee income relating to AUM, (v) customer allocation of capital among investment alternatives, (vi)
the volume of client activity in our trading operations, (vii) investment banking fees, (viii) the general profitability and risk level of the transactions in which we engage and (ix) our competitiveness with respect to deposit pricing. For example, the value of certain of our assets is sensitive to changes in market interest rates. If the Federal Reserve or a non-U.S. central bank changes or signals a change in monetary policy, market interest rates could be affected, which could adversely impact the value of such assets. In addition, the low but rising interest rate environment and recent flattening of the yield curve could negatively impact our liquidity, financial condition or results of operations, including future revenue and earnings growth.
We use various models and strategies to assess and control our market risk exposures but those are subject to inherent limitations. For more information regarding models and strategies, see Item 1A. Risk Factors – Other on page 16. In times of market stress or other unforeseen circumstances, previously uncorrelated indicators may become correlated and vice versa. These types of market movements may limit the effectiveness of our hedging strategies and cause us to incur significant losses. These changes in correlation can be exacerbated where other market participants are using risk or trading models with assumptions or algorithms similar to ours. In these and other cases, it may be difficult to reduce our risk positions due to activity of other market participants or widespread market dislocations, including circumstances where asset values are declining significantly or no market exists for certain assets. To the extent that we own securities that do not have an established liquid trading market or are otherwise subject to restrictions on sale or hedging, we may not be able to reduce our positions and therefore reduce our risk associated with such positions. In addition, challenging market conditions may also adversely affect our investment banking fees.
For more information about market risk and our market risk management policies and procedures, see Market Risk Management in the MD&A on page 70.
We may incur losses if the value of certain assets declines, including due to changes in interest rates and prepayment speeds.
We have a large portfolio of financial instruments, including certain loans and loan commitments, loans held-for-sale, securities financing agreements, asset-backed secured financings, long-term deposits, long-term debt, trading account assets and liabilities, derivative assets and liabilities, available-for-sale (AFS) debt and marketable equity securities, other debt securities, equity method investments, certain MSRs and certain other assets and liabilities that we measure at fair value and other accounting values, subject to impairment assessments. We determine these values based on applicable accounting guidance, which for financial instruments measured at fair value, requires an entity to base fair value on exit price and to maximize the use of observable inputs and minimize the use of unobservable inputs in fair value measurements. The fair values of these financial instruments include adjustments for market liquidity, credit quality, funding impact on certain derivatives and other transaction-specific factors, where appropriate.
Gains or losses on these instruments can have a direct impact on our results of operations, including higher or lower mortgage banking income and earnings, unless we have effectively hedged our exposures. For example, decreases in interest rates and increases in mortgage prepayment speeds, which are influenced by interest rates and other factors such as reductions in mortgage insurance premiums and origination costs, could adversely impact the value of our MSR asset, and cause a significant acceleration of purchase premium amortization on our mortgage portfolio, because a decline in long-term interest rates shortens the expected lives of the securities, and adversely affects our net
interest margin. Conversely, increases in interest rates may result in a decrease in residential mortgage loan originations. In addition, increases in interest rates may adversely impact the fair value of debt securities and, accordingly, for debt securities classified as AFS, may adversely affect accumulated other comprehensive income and, thus, capital levels.
Fair values may be impacted by declining values of the underlying assets or the prices at which observable market transactions occur and the continued availability of these transactions. The financial strength of counterparties, with whom we have economically hedged some of our exposure to these assets, also will affect the fair value of these assets. Sudden declines and volatility in the prices of assets may curtail or eliminate trading activities in these assets, which may make it difficult to sell, hedge or value these assets. The inability to sell or effectively hedge assets reduces our ability to limit losses in such positions and the difficulty in valuing assets may increase our risk-weighted assets, which requires us to maintain additional capital and increases our funding costs. Asset values also directly impact revenues in our wealth management and related advisory businesses. We receive asset-based management fees based on the value of our clients’ portfolios or investments in funds managed by us and, in some cases, we also receive performance fees based on increases in the value of such investments. Declines in asset values can reduce the value of our clients’ portfolios or fund assets, which in turn can result in lower fees earned for managing such assets.
For more information on fair value measurements, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements. For more information on our asset management businesses, see GWIM in the MD&A on page 33. For more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book in the MD&A on page 74.
Liquidity
If we are unable to access the capital markets, continue to maintain deposits, or our borrowing costs increase, our liquidity and competitive position will be negatively affected.
Liquidity is essential to our businesses. We fund our assets primarily with globally sourced deposits in our bank entities, as well as secured and unsecured liabilities transacted in the capital markets. We rely on certain secured funding sources, such as repo markets, which are typically short-term and credit-sensitive in nature. We also engage in asset securitization transactions, including with the government-sponsored enterprises (GSEs), to fund consumer lending activities. Our liquidity could be adversely affected by any inability to access the capital markets; illiquidity or volatility in the capital markets; the decrease in value of eligible collateral or increased collateral requirements due to credit concerns for short-term borrowing; changes to our relationships with our funding providers based on real or perceived changes in our risk profile; prolonged federal government shutdowns; changes in regulations, guidance or GSE status that impact our funding avenues or ability to access certain funding sources; the refusal or inability of the Federal Reserve to act as lender of last resort; simultaneous draws on lines of credit; the withdrawal of customer deposits, which could result from customer attrition for higher yields or the desire for more conservative alternatives; increased regulatory liquidity, capital and margin requirements for our U.S. or international banks and their nonbank subsidiaries; failure by a significant market participant or third party, such as a clearing agent or custodian; reputational issues; or negative perceptions about our short- or long-term business prospects, including downgrades of our credit ratings. Several of these factors may arise due to circumstances beyond our control, such as general
market volatility, disruption, shock or stress, fluctuations in interest rates, negative views about the Corporation or financial services industry generally or a specific news event, changes in the regulatory environment, actions by credit rating agencies or an operational problem that affects third parties or us. The impact of these events, whether within our control or not, could include an inability to sell assets or redeem investments, unforeseen outflows of cash, the need to draw on liquidity facilities, debt repurchases to support the secondary market or meet client requests, the need for additional funding for commitments and contingencies, as well as unexpected collateral calls, among other things, the result of which could be a liquidity shortfall and/or impact on our liquidity coverage ratio.
Our cost of obtaining funding is directly related to prevailing market interest rates and to our credit spreads. Credit spreads are the amount in excess of the interest rate of U.S. Treasury securities, or other benchmark securities, of a similar maturity that we need to pay to our funding providers. Increases in interest rates and our credit spreads can increase the cost of our funding and result in mark-to-market or credit valuation adjustment exposures. Changes in our credit spreads are market-driven and may be influenced by market perceptions of our creditworthiness. Changes to interest rates and our credit spreads occur continuously and may be unpredictable and highly volatile. Additionally, concentrations within our funding profile, such as maturities, currencies or counterparties, can reduce our funding efficiency.
For more information about our liquidity position and other liquidity matters, including credit ratings and outlooks and the policies and procedures we use to manage our liquidity risks, see Liquidity Risk in the MD&A on page 47.
Adverse changes to our credit ratings from the major credit rating agencies could significantly limit our access to funding or the capital markets, increase our borrowing costs or trigger additional collateral or funding requirements.
Our borrowing costs and ability to raise funds are directly impacted by our credit ratings. In addition, credit ratings may be important to customers or counterparties when we compete in certain markets and seek to engage in certain transactions, including OTC derivatives. Credit ratings and outlooks are opinions expressed by rating agencies on our creditworthiness and that of our obligations or securities, including long-term debt, short-term borrowings, preferred stock and asset securitizations. Our credit ratings are subject to ongoing review by rating agencies, which consider a number of factors, including our own financial strength, performance, prospects and operations as well as factors not under our control such as the likelihood of the U.S. government providing meaningful support to us or our subsidiaries in a crisis.
Rating agencies could make adjustments to our credit ratings at any time, and there can be no assurance as to when and whether downgrades will occur. A reduction in certain of our credit ratings could result in a wider credit spread and negatively affect our liquidity, access to credit markets, the related cost of funds, our businesses and certain trading revenues, particularly in those businesses where counterparty creditworthiness is critical. If the short-term credit ratings of our parent company, bank or broker-dealer subsidiaries were downgraded by one or more levels, we may suffer the potential loss of access to short-term funding sources such as repo financing, and/or increased cost of funds. Under the terms of certain OTC derivative contracts and other trading agreements, if our or our subsidiaries’ credit ratings are downgraded, the counterparties may require additional collateral or terminate these contracts or agreements.
While certain potential impacts are contractual and quantifiable, the full consequences of a credit rating downgrade
to a financial institution are inherently uncertain, as they depend upon numerous dynamic, complex and inter-related factors and assumptions, including whether any downgrade of a firm’s long-term credit ratings precipitates downgrades to its short-term credit ratings, and assumptions about the potential behaviors of various customers, investors and counterparties.
For more information on the amount of additional collateral required and derivative liabilities that would be subject to unilateral termination at December 31, 2018, if the rating agencies had downgraded their long-term senior debt ratings for the Corporation or certain subsidiaries by each of two incremental notches, see Credit-related Contingent Features and Collateral in Note 3 – Derivatives to the Consolidated Financial Statements.
For more information about our credit ratings and their potential effects to our liquidity, see Liquidity Risk – Credit Ratings in the MD&A on page 50 and Note 3 – Derivatives to the Consolidated Financial Statements.
Bank of America Corporation is a holding company and we depend upon our subsidiaries for liquidity, including the ability to pay dividends to shareholders and to fund payments on other obligations. Applicable laws and regulations, including capital and liquidity requirements, and actions taken pursuant to our resolution plan could restrict our ability to transfer funds from subsidiaries to Bank of America Corporation or to other subsidiaries, which could adversely affect our cash flow and financial condition.
Bank of America Corporation, as the parent company, is a separate and distinct legal entity from our banking and nonbank subsidiaries. We evaluate and manage liquidity on a legal entity basis. Legal entity liquidity is an important consideration as there are legal, regulatory, contractual and other limitations on our ability to utilize liquidity from one legal entity to satisfy the liquidity requirements of another, including the parent company, which could result in adverse liquidity events. The parent company depends on dividends, distributions, loans, advances and other payments from our banking and nonbank subsidiaries to fund dividend payments on our common stock and preferred stock and to fund all payments on our other obligations, including debt obligations. Many of our subsidiaries, including our bank and broker-dealer subsidiaries, are subject to laws that restrict dividend payments, or authorize regulatory bodies to block or reduce the flow of funds from those subsidiaries to the parent company or other subsidiaries. Our bank and broker-dealer subsidiaries are subject to restrictions on their ability to lend or transact with affiliates and to minimum regulatory capital and liquidity requirements, as well as restrictions on their ability to use funds deposited with them in bank or brokerage accounts to fund their businesses. Intercompany arrangements we entered into in connection with our resolution planning submissions could restrict the amount of funding available to the parent company from our subsidiaries under certain adverse conditions.
Additional restrictions on related party transactions, increased capital and liquidity requirements and additional limitations on the use of funds on deposit in bank or brokerage accounts, as well as lower earnings, can reduce the amount of funds available to meet the obligations of the parent company and even require the parent company to provide additional funding to such subsidiaries. Also, regulatory action that requires additional liquidity at each of our subsidiaries could impede access to funds we need to pay our obligations or pay dividends. In addition, our right to participate in a distribution of assets upon a subsidiary’s liquidation or reorganization is subject to prior claims of the subsidiary’s creditors. For more information regarding our ability to pay dividends, see Capital Management in the MD&A on page 43 and Note 13 – Shareholders’ Equity to the Consolidated Financial Statements.
In the event of a resolution, whether in a bankruptcy proceeding or under the orderly liquidation authority of the FDIC, such resolution could materially adversely affect our liquidity and financial condition and the ability to pay dividends to shareholders and to pay obligations.
Bank of America Corporation, our parent holding company, is required to periodically submit a plan to the FDIC and Federal Reserve describing its resolution strategy under the U.S. Bankruptcy Code in the event of material financial distress or failure. In the current plan, Bank of America Corporation’s preferred resolution strategy is a “single point of entry” strategy. This strategy provides that only the parent holding company files for resolution under the U.S. Bankruptcy Code and contemplates providing certain key operating subsidiaries with sufficient capital and liquidity to operate through severe stress and to enable such subsidiaries to continue operating or be wound down in a solvent manner following a bankruptcy of the parent holding company. Bank of America Corporation has entered into intercompany arrangements resulting in the contribution of most of its capital and liquidity to key subsidiaries. Pursuant to these arrangements, if Bank of America Corporation’s liquidity resources deteriorate so severely that resolution becomes imminent, Bank of America Corporation will no longer be able to draw liquidity from its key subsidiaries, and will be required to contribute its remaining financial assets to a wholly-owned holding company subsidiary, which could materially and adversely affect our liquidity and financial condition and the ability to pay dividends to shareholders and meet our payment obligations.
In addition, if the FDIC and Federal Reserve jointly determine that Bank of America Corporation’s resolution plan is not credible, they could impose more stringent capital, leverage or liquidity requirements or restrictions on our growth, activities or operations. Further, we could be required to take certain actions that could impose operating costs and could potentially result in the divestiture or restructuring of certain businesses and subsidiaries.
Under the Financial Reform Act, when a G-SIB such as Bank of America Corporation is in default or danger of default, the FDIC may be appointed receiver in order to conduct an orderly liquidation of such institution. In the event of such appointment, the FDIC could, among other things, invoke the orderly liquidation authority, instead of the U.S. Bankruptcy Code, if the Secretary of the Treasury makes certain financial distress and systemic risk determinations. In 2013, the FDIC issued a notice describing its preferred “single point of entry” strategy for resolving a G-SIB. Under this approach, the FDIC could replace Bank of America Corporation with a bridge holding company, which could continue operations and result in an orderly resolution of the underlying bank, but whose equity would be held solely for the benefit of our creditors. The FDIC’s “single point of entry” strategy may result in our security holders suffering greater losses than would have been the case under a bankruptcy proceeding or a different resolution strategy.
For more information about resolution planning, see Item 1. Business – Resolution Planning on page 3. For more information about the FDIC’s orderly liquidation, see Item 1. Business – Insolvency and the Orderly Liquidation Authority on page 4.
Credit
Economic or market disruptions, insufficient credit loss reserves or concentration of credit risk may result in an increase in the provision for credit losses, which could have an adverse effect on our financial condition and results of operations.
A number of our products expose us to credit risk, including loans, letters of credit, derivatives, debt securities, trading account assets and assets held-for-sale. The financial condition of our
consumer and commercial borrowers, counterparties and underlying collateral could adversely affect our financial condition and results of operations.
Global and U.S. economic conditions and macroeconomic events, including a decline in global GDP, consumer spending or real estate prices, as well as increasing leverage, rising unemployment and/or fluctuations in foreign exchange or interest rates, particularly if inflation is rising, may impact our credit portfolios. Economic or market stress or disruptions, including as a result of natural disasters, would likely increase the risk that borrowers or counterparties would default or become delinquent in their obligations to us, resulting in credit loss. Increases in delinquencies and default rates could adversely affect our consumer credit card, home equity, residential mortgage and purchased credit-impaired portfolios through increased charge-offs and provision for credit losses. A deteriorating economic environment could also adversely affect our consumer and commercial loan portfolios with weakened client and collateral positions. Additionally, simultaneous drawdowns on lines of credit or an increase in a borrower’s leverage in a weakening economic environment could result in deterioration in our credit portfolio, should borrowers be unable to fulfill competing financial obligations. Specifically, our consumer portfolio could be negatively impacted by drastic reductions in employment, or increases in underemployment, resulting in lower disposable income.
We estimate and establish an allowance for credit losses for losses inherent in our lending activities (including unfunded lending commitments), excluding those measured at fair value, through a charge to earnings. The process for determining the amount of the allowance requires us to make difficult and complex judgments, including loss forecasts on how borrowers will react to changing economic conditions. The ability of our borrowers or counterparties to repay their obligations will likely be impacted by changes in future economic conditions, which in turn could impact the accuracy of our loss forecasts and allowance estimates. There is also the possibility that we will fail to accurately identify the appropriate economic indicators or that we will fail to accurately estimate their impacts.
We may suffer unexpected losses if the models and assumptions we use to establish reserves and make judgments in extending credit to our borrowers or counterparties prove inaccurate in predicting future events. In addition, external factors, such as natural disasters, can influence recognition of credit losses in our portfolios and impact our allowance for credit losses. Although we believe that our allowance for credit losses was in compliance with applicable accounting standards at December 31, 2018, there is no guarantee that it will be sufficient to address credit losses, particularly if economic conditions deteriorate. In such an event, we may increase the size of our allowance which would reduce our earnings.
In the ordinary course of our business, we also may be subject to a concentration of credit risk in a particular industry, geographic location, counterparty, borrower or issuer. A deterioration in the financial condition or prospects of a particular industry or a failure or downgrade of, or default by, any particular entity or group of entities could negatively affect our businesses, and the processes by which we set limits and monitor the level of our credit exposure to individual entities, industries and countries may not function as we have anticipated. While our activities expose us to many different industries and counterparties, we routinely execute a high volume of transactions with counterparties in the financial services industry, including broker-dealers, commercial banks, investment banks, insurers, mutual funds and hedge funds, and other institutional clients. This has resulted in significant credit
concentration with respect to this industry. Financial services institutions and other counterparties are inter-related because of trading, funding, clearing or other relationships. As a result, defaults by, or even market uncertainty about the financial stability of one or more financial services institutions, or the financial services industry generally, could lead to market-wide liquidity disruptions, losses and defaults. Many of these transactions expose us to credit risk and, in some cases, disputes and litigation in the event of default of a counterparty. In addition, our credit risk may be heightened by market risk when the collateral held by us cannot be liquidated or is liquidated at prices not sufficient to recover the full amount of the loan or derivatives exposure due to us. Further, disputes with obligors as to the valuation of collateral could increase in times of significant market stress, volatility or illiquidity, and we could suffer losses during such periods if we are unable to realize the fair value of the collateral or manage declines in the value of collateral.
In the ordinary course of business, we also enter into transactions with sovereign nations, U.S. states and U.S. municipalities. Unfavorable economic or political conditions, disruptions to capital markets, currency fluctuations, changes in oil prices, social instability and changes in government policies could impact the operating budgets or credit ratings of these government entities and expose us to credit risk.
We also have a concentration of credit risk with respect to our consumer real estate, auto, consumer credit card and commercial real estate portfolios, which represent a significant percentage of our overall credit portfolio. Additionally, decreases in home price valuations or commercial real estate valuations in certain markets where we have large concentrations, including as a result of natural disasters, as well as more broadly within the U.S. or globally, could result in increased defaults, delinquencies or credit loss. For more information, see Consumer Portfolio Credit Risk Management in the MD&A on page 51. Furthermore, our commercial portfolios include exposures to certain industries, including the energy sector. For more information, see Commercial Portfolio Credit Risk Management in the MD&A on page 59. Economic weaknesses, adverse business conditions, market disruptions, rising interest or capitalization rates, the collapse of speculative bubbles, greater volatility in areas where we have concentrated credit risk or deterioration in real estate values or household incomes may cause us to experience a decrease in cash flow and higher credit losses in either our consumer or commercial portfolios or cause us to write down the value of certain assets.
Liquidity disruptions in the financial markets may result in our inability to sell, syndicate or realize the value of our positions, leading to increased concentrations, which could increase the credit and market risk associated with our positions, as well as increase our risk-weighted assets.
For more information about our credit risk and credit risk management policies and procedures, see Credit Risk Management in the MD&A on page 51, Note 1 – Summary of Significant Accounting Principles, Note 5 – Outstanding Loans and Leases and Note 6 – Allowance for Credit Losses to the Consolidated Financial Statements.
If the U.S. housing market weakens or home prices decline, our consumer loan portfolios, credit quality, credit losses, representations and warranties exposures and earnings may be adversely affected.
While U.S. home prices continued to generally improve during 2018, declines in future periods may negatively impact the demand for many of our products. Additionally, our mortgage loan production volume is generally influenced by the rate of growth in residential mortgage debt outstanding and the size of the residential mortgage market, both of which may be adversely
affected by rising interest rates. Conditions in the U.S. housing market in prior years resulted in both significant write-downs of asset values in several asset classes, notably mortgage-backed securities, and exposure to monolines. If the U.S. housing market were to weaken, the value of real estate could decline, which could result in increased credit losses and delinquent servicing expenses and negatively affect our representations and warranties exposures, which could have an adverse effect on our financial condition and results of operations.
Our derivatives businesses may expose us to unexpected risks and potential losses.
We are party to a large number of derivatives transactions, including credit derivatives. Our derivatives businesses may expose us to unexpected market, credit and operational risks that could cause us to suffer unexpected losses. Severe declines in asset values, unanticipated credit events or unforeseen circumstances that may cause previously uncorrelated factors to become correlated and vice versa, may create losses resulting from risks not appropriately taken into account or anticipated in the development, structuring or pricing of a derivative instrument. Certain of our OTC derivative contracts and other trading agreements provide that upon the occurrence of certain specified events, such as a change in the credit rating of a particular Bank of America entity or entities, we may be required to provide additional collateral or take other remedial actions, or our counterparties may have the right to terminate or otherwise diminish our rights under these contracts or agreements.
In addition, in the event of a downgrade of our credit ratings, certain derivative and other counterparties may request we substitute BANA (which has generally had equal or higher credit ratings than the parent company) as counterparty for certain contracts. Our ability to substitute or make changes to these agreements may be subject to certain limitations including, counterparty willingness, operational considerations, regulatory limitations on having BANA as a counterparty and collateral constraints. It is possible that such limitations on our ability to substitute or make changes to these agreements, including having BANA as the new counterparty, could adversely affect our results of operations.
Many derivative instruments are individually negotiated and non-standardized, which can make exiting, transferring or settling some positions difficult. Many derivatives require that we deliver to the counterparty the underlying security, loan or other obligation in order to receive payment. In a number of cases, we do not hold, and may not be able to obtain, the underlying security, loan or other obligation.
We are also a member of various central counterparty clearinghouses (CCPs) due to regulatory requirements for mandatory clearing of derivative transactions, which potentially increases our credit risk exposures to CCPs. In the event that one or more members of the CCP defaults on its obligations, we may be required to pay a portion of any losses incurred by the CCP as a result of that default. Also, as a clearing member, we are exposed to the risk of non-performance by our clients for which we clear transactions, which may not be covered by available collateral.
For more information on our derivatives exposure, see Note 3 – Derivatives to the Consolidated Financial Statements.
Geopolitical
We are subject to numerous political, economic, market, reputational, operational, legal, regulatory and other risks in the jurisdictions in which we operate.
We do business throughout the world, including in emerging markets. Our businesses and revenues derived from non-U.S. jurisdictions are subject to risk of loss from currency fluctuations,
financial, social or judicial instability, changes in governmental policies or policies of central banks, expropriation, nationalization and/or confiscation of assets, price controls, capital controls, redenomination risk, exchange controls, protectionist trade policies, increasing trade tensions between the U.S. and important trading partners, particularly China, increasing the risk of escalating tariffs and other restrictive actions, unfavorable political and diplomatic developments, oil price fluctuation and changes in legislation. These risks are especially elevated in emerging markets. A number of non-U.S. jurisdictions in which we do business have been or may be negatively impacted by slowing growth or recessionary conditions, market volatility and/or political unrest. The political and economic environment in Europe, including the debt concerns of certain EU countries, remains challenging and the current degree of political and economic uncertainty, including potential recessionary conditions, could increase. For example, the ongoing negotiations of the terms of the U.K.’s planned exit from the EU may create uncertainty and increase risk, which could adversely affect us.
Potential risks of default on or devaluation of sovereign debt in some non-U.S. jurisdictions could expose us to substantial losses. Risks in one nation can limit our opportunities for portfolio growth and negatively affect our operations in other nations, including our U.S. operations. Market and economic disruptions of all types may affect consumer confidence levels and spending, corporate investment and job creation, bankruptcy rates, levels of incurrence and default on consumer and corporate debt, economic growth rates and asset values, among other factors. Any such unfavorable conditions or developments could have an adverse impact on our company.
We also invest or trade in the securities of corporations and governments located in non-U.S. jurisdictions, including emerging markets. Revenues from the trading of non-U.S. securities may be subject to negative fluctuations as a result of the above factors. Furthermore, the impact of these fluctuations could be magnified because non-U.S. trading markets, particularly in emerging markets, are generally smaller, less liquid and more volatile than U.S. trading markets.
Our non-U.S. businesses are also subject to extensive regulation by governments, securities exchanges and regulators, central banks and other regulatory bodies. In many countries, the laws and regulations applicable to the financial services and securities industries are uncertain and evolving, and it may be difficult for us to determine the exact requirements of local laws in every market or manage our relationships with multiple regulators in various jurisdictions. Our potential inability to remain in compliance with local laws in a particular market and manage our relationships with regulators could have an adverse effect not only on our businesses in that market but also on our reputation in general.
In addition to non-U.S. legislation, our international operations are also subject to U.S. legal requirements. For example, our operations are subject to U.S. and non-U.S. laws and regulations relating to bribery and corruption, anti-money laundering, and economic sanctions, which can vary by jurisdiction. The increasing speed and novel ways in which funds circulate could make it more challenging to track the movement of funds. Our ability to comply with these legal requirements depends on our ability to continually improve detection and reporting and analytic capabilities.
In the U.S., debt ceiling and budget deficit concerns, which have increased the possibility of U.S. government defaults on its debt and/or downgrades to its credit ratings, and prolonged government shutdowns could negatively impact the global economy and banking system and adversely affect our financial condition, including our liquidity. Additionally, changes in fiscal,
monetary or regulatory policy could increase our compliance costs and adversely affect our business operations, organizational structure and results of operations. We are also subject to geopolitical risks, including acts or threats of terrorism, and actions taken by the U.S. or other governments in response thereto, and/or military conflicts, which could adversely affect business and economic conditions abroad, as well as in the U.S.
For more information on our non-U.S. credit and trading portfolios, see Non-U.S. Portfolio in the MD&A on page 65.
The U.K. Referendum, and the planned exit of the U.K. from the EU, could adversely affect us.
We conduct business in Europe, the Middle East and Africa primarily through our subsidiaries in the U.K. and Ireland. For the year ended December 31, 2018, our operations in Europe, the Middle East and Africa, including the U.K., represented approximately six percent of our total revenue, net of interest expense.
A referendum was held in the U.K. in 2016, which resulted in a majority vote in favor of exiting the EU on March 29, 2019. Negotiations between the EU and U.K. regarding this exit consist of three phases: a withdrawal agreement, a new trade deal and an arrangement for a transition period. Significant political and economic uncertainty persists regarding the timing, details and viability of each phase. There may be heightened uncertainty if the terms of the U.K.’s exit from the EU are not agreed upon at the time of its exit. The ultimate impact and terms of the U.K.’s planned exit remain unclear, and short- and long-term global economic and market volatility may occur, including as a result of currency fluctuations and trade relations. If uncertainty resulting from the U.K.’s exit negatively impacts economic conditions, financial markets and consumer confidence, our business, results of operations, financial position and/or operational model could be adversely affected.
We are also subject to different laws, regulations and regulatory authorities and may incur additional costs and/or experience negative tax consequences as a result of establishing our principal EU banking and broker-dealer operations outside of the U.K., which could adversely impact our EU business, results of operations and operational model. Additionally, changes to the legal and regulatory framework under which our subsidiaries will continue to provide products and services in the U.K. following an exit by the U.K. from the EU may result in additional compliance costs and have an adverse impact on our results of operations. For more information on our EU operations outside of the U.K., see Executive Summary – Recent Developments – U.K. Exit from the EU in the MD&A on page 21.
Business Operations
A failure in or breach of our operational or security systems or infrastructure, or those of third parties, could disrupt our businesses, and adversely impact our results of operations, liquidity and financial condition, as well as cause legal or reputational harm.
The potential for operational risk exposure exists throughout our organization and, as a result of our interactions with, and reliance on, third parties, is not limited to our own internal operational functions. Our operational and security systems infrastructure, including our computer systems, emerging technologies, data management and internal processes, as well as those of third parties, are integral to our performance. We rely on our employees and third parties in our day-to-day and ongoing operations, who may, as a result of human error, misconduct, malfeasance or failure or breach of systems or infrastructure, expose us to risk. We have taken measures to implement training, procedures, backup systems and other safeguards to support our operations, but our ability to conduct business may be adversely
affected by any significant disruptions to us or to third parties with whom we interact or upon whom we rely. For example, technology project implementation challenges may cause business interruptions. In addition, our ability to implement backup systems and other safeguards with respect to third-party systems is more limited than with respect to our own systems. Our financial, accounting, data processing, backup or other operating or security systems and infrastructure or those of third parties with whom we interact or upon whom we rely may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our or such third party’s control, which could adversely affect our ability to process transactions or provide services. There could be sudden increases in customer transaction volume due to electronic trading platforms and algorithmic trading applications; electrical, telecommunications or other major physical infrastructure outages; newly identified vulnerabilities in key hardware or software; natural disasters such as earthquakes, tornadoes, hurricanes and floods; pandemics; and events arising from local or larger scale political or social matters, including terrorist acts, which could result in prolonged operational outages. In the event that backup systems are utilized, they may not process data as quickly as our primary systems and some data might not have been backed up. We continuously update the systems on which we rely to support our operations and growth and to remain compliant with all applicable laws, rules and regulations globally. This updating entails significant costs and creates risks associated with implementing new systems and integrating them with existing ones, including business interruptions. Operational risk exposures could adversely impact our results of operations, liquidity and financial condition, as well as cause reputational harm.
A cyber-attack, information or security breach, or a technology failure of ours or of a third party could adversely affect our ability to conduct our business, manage our exposure to risk or expand our businesses, result in the disclosure or misuse of confidential or proprietary information, increase our costs to maintain and update our operational and security systems and infrastructure, and adversely impact our results of operations, liquidity and financial condition, as well as cause legal or reputational harm.
Our businesses are highly dependent on the security, controls and efficacy of our infrastructure, computer and data management systems, as well as those of our customers, suppliers, counterparties and other third parties with whom we interact or on whom we rely. Our businesses rely on effective access management and the secure collection, processing, transmission, storage and retrieval of confidential, proprietary, personal and other information in our computer and data management systems and networks, and in the computer and data management systems and networks of third parties. In addition, to access our network, products and services, our employees, customers, suppliers, counterparties and other third parties increasingly use personal mobile devices or computing devices that are outside of our network and control environments and are subject to their own cybersecurity risks.
We, our employees and customers, regulators and other third parties have been subject to, and are likely to continue to be the target of, cyber-attacks. These cyber-attacks include computer viruses, malicious or destructive code (such as ransomware), phishing attacks, denial of service or information or other security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information of ours, our employees, our customers or of third parties, damages to systems, or otherwise material disruption to our or our customers’ or other third parties’ network
access or business operations. As cyber threats continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any information security vulnerabilities or incidents. Cyber threats are rapidly evolving, and despite substantial efforts to protect the integrity of our systems and implement controls, processes, policies and other protective measures, we may not be able to anticipate all cyber-attacks or information or security breaches, nor may we be able to implement effective preventive or defensive measures to address such attacks or breaches.
Cybersecurity risks for financial services organizations have significantly increased in recent years in part because of the proliferation of new and emerging technologies, and the use of the Internet and telecommunications technologies to conduct financial transactions. For example, cybersecurity risks may increase in the future as we continue to increase our mobile-payment and other internet-based product offerings, expand our internal usage of web- or cloud-based products and applications and continue to develop our use of process automation and artificial intelligence. In addition, cybersecurity risks have significantly increased in recent years in part due to the increasingly sophisticated activities of organized crime groups, hackers, terrorist organizations, hostile foreign governments, disgruntled employees or vendors, activists and other external parties, including those involved in corporate espionage. Even the most advanced internal control environment may be vulnerable to compromise. Internal access management failures could result in the compromise or unauthorized exposure of confidential data. Targeted social engineering attacks are becoming more sophisticated and are extremely difficult to prevent. The techniques used by bad actors change frequently and may not be recognized until well after a breach has occurred, at which time the materiality of the breach may be difficult to assess. Additionally, the existence of cyber-attacks or security breaches at third parties with access to our data, such as vendors, may not be disclosed to us in a timely manner.
Although to date we have not experienced any material losses or other material consequences relating to technology failure, cyber-attacks or other information or security breaches, whether directed at us or third parties, there can be no assurance that we will not suffer such material losses or consequences in the future. Our risk and exposure to these matters remain heightened because of, among other things, the evolving nature of these threats, our prominent size and scale, and our role in the financial services industry and the broader economy, our plans to continue to implement our internet banking and mobile banking channel strategies and develop additional remote connectivity solutions to serve our customers when and how they want to be served, our continuous transmission of sensitive information to, and storage of such information by, third parties, including our vendors and regulators, our geographic footprint and international presence, the outsourcing of some of our business operations, threats of cyber terrorism, external extremist parties, including foreign state actors, in some circumstances as a means to promote political ends, and system and customer account updates and conversions. As a result, cybersecurity and the continued development and enhancement of our controls, processes and practices designed to protect our systems, computers, software, data and networks from attack, damage or unauthorized access remain a critical priority.
We also face indirect technology, cybersecurity and operational risks relating to the customers, clients and other third parties with whom we do business or upon whom we rely to facilitate or enable our business activities, including financial counterparties;
financial intermediaries such as clearing agents, exchanges and clearing houses; vendors; regulators; providers of critical infrastructure such as internet access and electrical power; and retailers for whom we process transactions. As a result of increasing consolidation, interdependence and complexity of financial entities and technology systems, a technology failure, cyber-attack or other information or security breach that significantly degrades, deletes or compromises the systems or data of one or more financial entities or third-party or downstream service providers could have a material impact on counterparties or other market participants, including us. This consolidation, interconnectivity and complexity increases the risk of operational failure, on both individual and industry-wide bases, as disparate systems need to be integrated, often on an accelerated basis. Any technology failure, cyber-attack or other information or security breach, termination or constraint of any third party, including downstream service providers, could, among other things, adversely affect our ability to conduct day-to-day business activities, effect transactions, service our clients, manage our exposure to risk, expand our businesses or result in the misappropriation or destruction of the personal, proprietary or confidential information of our employees, customers, suppliers, counterparties and other third parties.
Cyber-attacks or other information or security breaches, whether directed at us or third parties, may result in significant lost revenue, give rise to losses or have other negative consequences. Furthermore, the public perception that a cyber-attack on our systems has been successful, whether or not this perception is correct, may damage our reputation with customers and third parties with whom we do business. Although we maintain cyber insurance, there can be no assurance that liabilities or losses we may incur will be covered under such policies or that the amount of insurance will be adequate. Also, successful penetration or circumvention of system security could result in negative consequences, including loss of customers and business opportunities, the withdrawal of customer deposits, prolonged computer and network outages resulting in disruptions to our critical business operations and customer services, misappropriation or destruction of our confidential information and/or the confidential, proprietary or personal information of certain parties, such as our employees, customers, suppliers, counterparties and other third parties, or damage to their computers or systems. This could result in a violation of applicable privacy and other laws in the U.S. and abroad, litigation exposure, regulatory fines, penalties or intervention, loss of confidence in our security measures, reputational damage, reimbursement or other compensatory costs, additional compliance costs and our internal controls or disclosure controls being rendered ineffective. The occurrence of any of these events could adversely impact our results of operations, liquidity and financial condition.
Our mortgage loan repurchase obligations or claims from third parties could result in additional losses.
We and our legacy companies have sold significant amounts of residential mortgage loans. In connection with these sales, we or certain of our subsidiaries or legacy companies made various representations and warranties, breaches of which may result in a requirement that we repurchase the mortgage loans, or otherwise make whole or provide other remedies to counterparties. At December 31, 2018, we had $14.4 billion of unresolved repurchase claims, net of duplicate claims and excluding claims where the statute of limitations has expired without litigation being commenced.
At December 31, 2018, our liability for obligations under representations and warranties exposures was $2.0 billion. We also have an estimated range of possible loss (RPL) for
representations and warranties exposures that is combined with the litigation RPL, which we disclose in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements. The recorded liability and estimated RPL are based on currently available information, significant judgment and a number of assumptions that are subject to change. There can be no assurance that the Corporation will reach future settlements or, if it does, that the terms of past settlements can be relied upon to predict the terms of future settlements. Future representations and warranties losses may occur in excess of our recorded liability and estimated RPL, and such losses could have a material adverse effect on our liquidity, financial condition and results of operations.
Additionally, our recorded liability for representations and warranties exposures and the corresponding estimated RPL do not consider certain losses related to servicing, including foreclosure and related costs, fraud, indemnity or claims (including for residential mortgage-backed securities) related to securities law. Losses with respect to one or more of these matters could be material to our results of operations or liquidity.
For more information about our representations and warranties exposure, see Off-Balance Sheet Arrangements and Contractual Obligations – Representations and Warranties in the MD&A on page 40, Complex Accounting Estimates – Representations and Warranties Liability in the MD&A on page 79 and Note 12 – Commitments and Contingencies to the Consolidated Financial Statements.
Failure to satisfy our obligations as servicer for residential mortgage securitizations, along with other losses we could incur in our capacity as servicer, and foreclosure delays and/or investigations into our residential mortgage foreclosure practices could cause losses.
We and our legacy companies have securitized a significant portion of the residential mortgage loans that we originated or acquired. We service a portion of the loans we have securitized and also service loans on behalf of third-party securitization vehicles and other investors. If we commit a material breach of our obligations as servicer or master servicer, we may be subject to termination if the breach is not cured within a specified period of time following notice, which could cause us to lose servicing income. In addition, for loans principally held in private-label securitization trusts, we may have liability for any failure by us, as a servicer or master servicer, for any act or omission on our part that involves willful misfeasance, bad faith, gross negligence or reckless disregard of our duties. If any such breach was found to have occurred, it may harm our reputation, increase our servicing costs or adversely impact our results of operations. Additionally, with respect to foreclosures, we may incur costs or losses due to irregularities in the underlying documentation, or if the validity of a foreclosure action is challenged by a borrower or overturned by a court because of errors or deficiencies in the foreclosure process. We may also incur costs or losses relating to delays or alleged deficiencies in processing documents necessary to comply with state law governing foreclosure.
Changes in the structure of the GSEs and the relationship among the GSEs, the government and the private markets, or the conversion of the current conservatorship of Fannie Mae or Freddie Mac into receivership, could result in significant changes to our business operations and may adversely impact our business.
During 2018, we sold approximately $3.0 billion of loans to Fannie Mae and Freddie Mac. Each is currently in a conservatorship with its primary regulator, the Federal Housing Finance Agency (FHFA), acting as conservator. We cannot predict whether the conservatorships will end, any associated changes to their business structure that could result or whether the conservatorships will end in receivership, privatization or other
change in business structure. There are several proposed approaches to reform that, if enacted, could change the structure and the relationship among the GSEs, the government and the private markets, including the trading markets for agency conforming mortgage loans and markets for mortgage-related securities in which we participate. Although the FHFA has taken steps to unify underwriting parameters and business practices between GSEs, we cannot predict the prospects for the enactment, timing or content of legislative or rulemaking proposals regarding the future status of any GSEs and/or their impact on the guarantees, demand or price of mortgage-related securities. Accordingly, uncertainty regarding their future continues to exist, including whether the GSEs will continue to exist in their current forms or continue to guarantee mortgages and provide funding for mortgage loans.
Any of these developments could adversely affect the value of our securities portfolios, capital levels and liquidity and results of operations.
Our risk management framework may not be effective in mitigating risk and reducing the potential for losses.
Our risk management framework is designed to minimize risk and loss to us. We seek to effectively identify, measure, monitor, report and control the types of risk to which we are subject, including strategic, credit, market, liquidity, compliance, operational and reputational risks. While we employ a broad and diversified set of controls and risk mitigation techniques, including hedging strategies and techniques that seek to balance our ability to profit from trading positions with our exposure to potential losses, our ability to control and mitigate risks that result in losses is inherently limited by our ability to identify all risks, including emerging and unknown risks, anticipate the timing of risks, apply effective hedging strategies, manage and aggregate data correctly and efficiently, and develop risk management models to assess and control risk.
Our ability to manage risk is limited by our ability to develop and maintain a culture of managing risk well throughout the Corporation and manage risks associated with third parties and vendors, to enable effective risk management and ensure that risks are appropriately considered, evaluated and responded to in a timely manner. Uncertain economic conditions, heightened legislative and regulatory scrutiny of the financial services industry and the overall complexity of our operations, among other developments, may result in a heightened level of risk for us. Accordingly, we could suffer losses as a result of our failure to properly anticipate, manage, control or mitigate risks.
For more information about our risk management policies and procedures, see Managing Risk in the MD&A on page 40.
We may not be successful in reorganizing the current business of Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) into two affiliated broker-dealers.
As a result of resolution planning, the current business of MLPF&S is expected to be reorganized, subject to regulatory approval, into two affiliated broker-dealers during 2019, MLPF&S and BofA Securities, Inc. In the event that the broker-dealer reorganization is not fully realized or takes longer to realize than expected, we could experience unexpected expenses, reputational damage, compliance and regulatory issues, and lost revenue. For more information about the broker-dealer reorganization, see Capital Management – Broker-dealer Regulatory Capital and Securities Regulation in the MD&A on page 47.
Regulatory, Compliance and Legal
We are subject to comprehensive government legislation and regulations, both domestically and internationally, which impact our operating costs, and could require us to make changes to our operations and result in an adverse impact on our results of operations. Additionally, these regulations and uncertainty surrounding the scope and requirements of the final rules implementing recently enacted and proposed legislation, as well as certain settlements and consent orders we have entered into, have increased and could continue to increase our compliance and operational risks and costs.
We are subject to comprehensive regulation under federal and state laws in the U.S. and the laws of the various jurisdictions in which we operate. These laws and regulations significantly affect and have the potential to restrict the scope of our existing businesses, limit our ability to pursue certain business opportunities, including the products and services we offer, reduce certain fees and rates or make our products and services more expensive for clients and customers.
In response to the financial crisis as well as other factors such as technological and market changes, the U.S. adopted the Financial Reform Act, which has resulted in significant rulemaking and proposed rulemaking by the U.S. Department of the Treasury, Federal Reserve, OCC, CFPB, Financial Stability Oversight Council, FDIC, Department of Labor, SEC and CFTC. For example, under the provisions of the Financial Reform Act known as the “Volcker Rule,” we are prohibited from proprietary trading and limited in our sponsorship of, and investment in, hedge funds, private equity funds and certain other covered private funds. Non-U.S. regulators, such as the U.K. financial regulators and the European Parliament and Commission, have adopted or proposed laws and regulations regarding financial institutions located in their jurisdictions, which have required and could require us to make significant modifications to our non-U.S. businesses, operations and legal entity structure in order to comply with these requirements.
We continue to make adjustments to our business and operations, legal entity structure and capital and liquidity management policies, procedures and controls to comply with these laws and regulations, as well as final rulemaking, guidance and interpretation by regulatory authorities. Further, we could become subject to future regulatory requirements beyond those currently proposed, adopted or contemplated. The cumulative effect of all of the legislation and regulations on our business, operations and profitability remains uncertain. This uncertainty necessitates that in our business planning we make certain assumptions with respect to the scope and requirements of the proposed rules. If these assumptions prove incorrect, we could be subject to increased regulatory and compliance risks and costs as well as potential reputational harm. In addition, U.S. and international regulatory initiatives may overlap, and non-U.S. regulations and initiatives may be inconsistent or may conflict with current or proposed U.S. regulations, which could lead to compliance risks and increased costs.
Our regulators’ prudential and supervisory authority gives them broad power and discretion to direct our actions, and they have assumed an active oversight, inspection and investigatory role across the financial services industry. However, regulatory focus is not limited to laws and regulations applicable to the financial services industry specifically, but also extends to other significant laws and regulations that apply across industries and jurisdictions,
including related to anti-money laundering, anti-corruption and economic sanctions. Additionally, we are subject to laws in the U.S. and abroad, including GDPR, regarding personal and confidential information of certain parties, such as our employees, customers, suppliers, counterparties and other third parties.
As part of their enforcement authority, our regulators have the authority to, among other things, assess significant civil or criminal monetary penalties, fines or restitution, issue cease and desist or removal orders and initiate injunctive actions. The amounts paid by us and other financial institutions to settle proceedings or investigations have been substantial and may increase. In some cases, governmental authorities have required criminal pleas or other extraordinary terms as part of such settlements, which could have significant consequences for a financial institution, including reputational harm, loss of customers, restrictions on the ability to access capital markets, and the inability to operate certain businesses or offer certain products for a period of time.
The Corporation and its employees and representatives are subject to regulatory scrutiny across jurisdictions. Additionally, the complexity of the federal and state regulatory and enforcement regimes in the U.S., coupled with the global scope of our operations and the aggressiveness of the regulatory environment worldwide also means that a single event or practice or a series of related events or practices may give rise to a large number of overlapping investigations and regulatory proceedings, either by multiple federal and state agencies in the U.S. or by multiple regulators and other governmental entities in different jurisdictions. Responding to inquiries, investigations, lawsuits and proceedings, regardless of the ultimate outcome of the matter, is time-consuming and expensive and can divert the attention of our senior management from our business. The outcome of such proceedings may be difficult to predict or estimate until late in the proceedings, which may last a number of years.
We are currently subject to the terms of settlements and consent orders that we have entered into with government agencies and regulatory authorities and may become subject to additional settlements or orders in the future. Such settlements and consent orders impose significant operational and compliance costs on us as they typically require us to enhance our procedures and controls, expand our risk and control functions within our lines of business, invest in technology and hire significant numbers of additional risk, control and compliance personnel. Moreover, if we fail to meet the requirements of the regulatory settlements and orders to which we are subject, or more generally, to maintain risk and control procedures and processes that meet the heightened standards established by our regulators and other government agencies, we could be required to enter into further settlements and orders, pay additional fines, penalties or judgments, or accept material regulatory restrictions on our businesses.
While we believe that we have adopted appropriate risk management and compliance programs to identify, assess, monitor and report on applicable laws, policies and procedures, compliance risks will continue to exist, particularly as we adapt to new rules and regulations. Additionally, there is no guarantee that our risk management and compliance programs will be consistently executed to successfully manage compliance risk. We also rely upon third parties who may expose us to compliance and legal risk. Future legislative or regulatory actions, and any required changes to our business or operations, or those of third parties upon whom we rely, resulting from such developments and actions, could result in a significant loss of revenue, impose additional compliance and other costs or otherwise reduce our profitability, limit the products and services that we offer or our ability to pursue certain business opportunities, require us to dispose of or curtail certain businesses, affect the value of assets
that we hold, require us to increase our prices and therefore reduce demand for our products, or otherwise adversely affect our businesses. In addition, legal and regulatory proceedings and other contingencies will arise from time to time that may result in fines, regulatory sanctions, penalties, equitable relief and changes to our business practices. As a result, we are and will continue to be subject to heightened compliance and operating costs that could adversely affect our results of operations.
We are subject to significant financial and reputational risks from potential liability arising from lawsuits and regulatory and government action.
We face significant legal risks in our business, and the volume of claims and amount of damages, penalties and fines claimed in litigation and other disputes, and regulatory and government proceedings against us and other financial institutions continue to be high. Greater than expected litigation and investigation costs, substantial legal liability or significant regulatory or government action against us could have adverse effects on our financial condition, including liquidity, and results of operations or cause significant reputational harm to us. We continue to experience a significant volume of litigation and other disputes, including claims for contractual indemnification with counterparties regarding relative rights and responsibilities. Consumers, clients and other counterparties continue to be litigious. Among other things, financial institutions, including us, continue to be the subject of claims alleging anti-competitive conduct with respect to various products and markets, including U.S. antitrust class actions claiming joint and several liability for treble damages. In addition, regulatory authorities have had a supervisory focus on enforcement, including in connection with alleged violations of law and customer harm. For example, U.S. regulators and government agencies have pursued claims against financial institutions under the Financial Institutions Reform, Recovery, and Enforcement Act, False Claims Act and antitrust laws. Such claims may carry significant and, in certain cases, treble damages. The ongoing environment of extensive regulation, regulatory compliance burdens, litigation and regulatory and government enforcement, combined with uncertainty related to the continually evolving regulatory environment, may affect operational and compliance costs and risks, which may limit our ability to continue providing certain products and services.
Additionally, misconduct by employees, including improper or illegal conduct, can cause significant reputational harm as well as litigation and regulatory action.
For more information on litigation risks, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements.
U.S. federal banking agencies may require us to increase our regulatory capital, TLAC, long-term debt or liquidity requirements, which could result in the need to issue additional qualifying securities or to take other actions, such as to sell company assets.
We are subject to U.S. regulatory capital and liquidity rules. These rules, among other things, establish minimum requirements to qualify as a “well-capitalized” institution. If any of our subsidiary insured depository institutions fails to maintain its status as “well capitalized” under the applicable regulatory capital rules, the Federal Reserve will require us to agree to bring the insured depository institution back to “well-capitalized” status. For the duration of such an agreement, the Federal Reserve may impose restrictions on our activities. If we were to fail to enter into or comply with such an agreement, or fail to comply with the terms of such agreement, the Federal Reserve may impose more severe restrictions on our activities, including requiring us to cease and desist activities permitted under the Bank Holding Company Act of 1956.
In the current regulatory environment, capital and liquidity requirements are frequently introduced and amended. It is possible that regulators may increase regulatory capital requirements including TLAC and long-term debt requirements, change how regulatory capital is calculated or increase liquidity requirements. Our risk-based capital surcharge (G-SIB surcharge) may increase from current estimates, and we are also subject to a countercyclical capital buffer which, while currently set at zero, may be increased by regulators. In 2018, the Federal Reserve issued a proposal to implement a stress capital buffer into its capital requirements, which may increase our regulatory capital requirements, if adopted. A significant component of regulatory capital ratios is calculating our risk-weighted assets and our leverage exposure which may increase. The Basel Committee on Banking Supervision has also revised several key methodologies for measuring risk-weighted assets, including a standardized approach for credit risk, standardized approach for operational risk and constraints on the use of internal models, as well as a capital floor based on the revised standardized approaches. U.S. banking regulators may update the U.S. Basel 3 rules to incorporate the Basel Committee revisions. In 2018, U.S. banking regulators published a proposal outlining a standardized approach for counterparty credit risk, which updates the calculation of the exposure amount for derivative contracts under the regulatory capital rule. Additionally, Net Stable Funding Ratio requirements have been proposed, which would apply to us and our subsidiary depository institutions, and target longer term liquidity risk. While the impact of these proposals remains uncertain, they could have a negative impact on our capital and liquidity positions.
As part of its annual CCAR review, the Federal Reserve conducts stress testing on parts of our business using hypothetical economic scenarios prepared by the Federal Reserve. Those scenarios may affect our CCAR stress test results, which may have an effect on our projected regulatory capital amounts in the annual CCAR submission, including the CCAR capital plan affecting our dividends and stock repurchases.
Changes to and compliance with the regulatory capital and liquidity requirements may impact our operations by requiring us to liquidate assets, increase borrowings, issue additional equity or other securities, cease or alter certain operations, sell company assets, or hold highly liquid assets, which may adversely affect our results of operations. We may be prohibited from taking capital actions such as paying or increasing dividends, or repurchasing securities if the Federal Reserve objects to our CCAR capital plan.
For more information, see Capital Management – Regulatory Capital in the MD&A on page 44 and Note 16 – Regulatory Requirements and Restrictions to the Consolidated Financial Statements.
Changes in accounting standards or assumptions in applying accounting policies could adversely affect us.
Our accounting policies and methods are fundamental to how we record and report our financial condition and results of operations. Some of these policies require use of estimates and assumptions that may affect the reported value of our assets or liabilities and results of operations and are critical because they require management to make difficult, subjective and complex judgments about matters that are inherently uncertain. If those assumptions, estimates or judgments were incorrectly made, we could be required to correct and restate prior-period financial statements. Accounting standard-setters and those who interpret the accounting standards, the SEC, banking regulators and our independent registered public accounting firm may also amend or even reverse their previous interpretations or positions on how various standards should be applied. These changes may be difficult to predict and could impact how we prepare and report
our financial statements. In some cases, we could be required to apply a new or revised standard retrospectively, resulting in us revising prior-period financial statements.
In June 2016, the Financial Accounting Standards Board issued a new accounting standard with respect to accounting for credit losses that will become effective for the Corporation on January 1, 2020. The standard replaces the existing measurement of the allowance for credit losses, which is based on management’s best estimate of probable credit losses inherent in the Corporation’s lending activities, with management’s best estimate of lifetime expected credit losses inherent in the Corporation’s financial assets that are recognized at amortized cost. The standard will also expand credit quality disclosures. The impact of this new accounting standard may be an increase in the Corporation’s allowance for credit losses at the date of adoption which would result in a negative adjustment to retained earnings. The ultimate impact will depend on the characteristics of the Corporation’s portfolio at adoption date as well as the macroeconomic conditions and forecasts as of that date. For more information on some of our critical accounting policies and recent accounting changes, see Complex Accounting Estimates in the MD&A on page 77 and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
We may be adversely affected by changes in U.S. and non-U.S. tax laws and regulations.
On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act (the Tax Act) which made significant changes to federal income tax law including, among other things, reducing the statutory corporate income tax rate to 21 percent from 35 percent and changing the taxation of our non-U.S. business activities.
In addition, we have U.K. net deferred tax assets which consist primarily of net operating losses that are expected to be realized by certain subsidiaries over an extended number of years. Adverse developments with respect to tax laws or to other material factors, such as prolonged worsening of Europe’s capital markets or changes in the ability of our U.K. subsidiaries to conduct business in the EU, could lead our management to reassess and/or change its current conclusion that no valuation allowance is necessary with respect to our U.K. net deferred tax assets.
It is possible that governmental authorities in the U.S. and/or other countries could further amend tax laws that would adversely affect us, including the possibility that certain favorable aspects of the Tax Act could be amended in the future.
Reputation
Damage to our reputation could harm our businesses, including our competitive position and business prospects.
Our ability to attract and retain customers, clients, investors and employees is impacted by our reputation. Harm to our reputation can arise from various sources, including officer, director or employee misconduct, security breaches, unethical behavior, litigation or regulatory outcomes, compensation practices, the suitability or reasonableness of recommending particular trading or investment strategies, including the reliability of our research and models, prohibiting clients from engaging in certain transactions and sales practices. Additionally, our reputation may be harmed by failing to deliver products, subpar standards of service and quality expected by our customers, clients and the community, compliance failures, inadequacy of responsiveness to internal controls, unintended disclosure of personal, proprietary or confidential information, perception of our environmental, social and governance practices and disclosures, and the activities of our clients, customers and counterparties, including vendors. Actions by the financial services industry
generally or by certain members or individuals in the industry also can adversely affect our reputation. In addition, adverse publicity or negative information posted on social media, whether or not factually correct, may adversely impact our business prospects or financial results.
We are subject to complex and evolving laws and regulations regarding privacy, know-your-customer requirements, data protection, including the GDPR, cross-border data movement and other matters. Principles concerning the appropriate scope of consumer and commercial privacy vary considerably in different jurisdictions, and regulatory and public expectations regarding the definition and scope of consumer and commercial privacy may remain fluid. It is possible that these laws may be interpreted and applied by various jurisdictions in a manner inconsistent with our current or future practices, or that is inconsistent with one another. If personal, confidential or proprietary information of customers or clients in our possession is mishandled or misused, or if we do not timely or adequately address mishandled or misused information, we may face regulatory, reputational and operational risks which could have an adverse effect on our financial condition and results of operations.
We could suffer reputational harm if we fail to properly identify and manage potential conflicts of interest. Management of potential conflicts of interests has become increasingly complex as we expand our business activities through more numerous transactions, obligations and interests with and among our clients.
The failure to adequately address, or the perceived failure to adequately address, conflicts of interest could affect the willingness of clients to use our products and services, or give rise to litigation or enforcement actions, which could adversely affect our businesses.
Our actual or perceived failure to address these and other issues, such as operational risks, gives rise to reputational risk that could harm us and our business prospects. Failure to appropriately address any of these issues could also give rise to additional regulatory restrictions, legal risks and reputational harm, which could, among other consequences, increase the size and number of litigation claims and damages asserted or subject us to enforcement actions, fines and penalties and cause us to incur related costs and expenses. For more information on reputational risk, see Reputational Risk Management in the MD&A on page 77.
Other
We face significant and increasing competition in the financial services industry.
We operate in a highly competitive environment and will continue to experience intense competition from local and global financial institutions as well as new entrants, in both domestic and foreign markets, in which we compete on the basis of a number of factors, including customer service, quality and range of products and services offered, technology, price, reputation, interest rates on loans and deposits, lending limits and customer convenience. Additionally, the changing regulatory environment may create competitive disadvantages for us given geography-driven capital and liquidity requirements. For example, U.S. regulators have in certain instances adopted stricter capital and liquidity requirements than those applicable to non-U.S. institutions. To the extent we expand into new business areas and new geographic regions, we may face competitors with more experience and more established relationships with clients, regulators and industry participants in the relevant market, which could adversely affect our ability to compete. In addition, technological advances and the growth of e-commerce have lowered geographic barriers of other financial institutions, made
it easier for non-depository institutions to offer products and services that traditionally were banking products and allowed non-traditional financial service providers to compete with traditional financial service companies in providing electronic and internet-based financial solutions including electronic securities trading, marketplace lending and payment processing. Further, clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies. Increased competition may negatively affect our earnings by creating pressure to lower prices or credit standards on our products and services requiring additional investment to improve the quality and delivery of our technology and/or reducing our market share, or affecting the willingness of our clients to do business with us.
Our inability to adapt our products and services to evolving industry standards and consumer preferences could harm our business.
Our business model is based on a diversified mix of businesses that provide a broad range of financial products and services, delivered through multiple distribution channels. Our success depends on our ability to adapt and develop our products, services and technology to evolving industry standards and consumer preferences. There is increasing pressure by competitors to provide products and services on more attractive terms, including higher interest rates on deposits, which may impact our ability to grow revenue and/or effectively compete. Additionally legislative and regulatory developments may affect the competitive landscape. Further, the competitive landscape may be impacted by the growth of non-depository institutions that offer traditional banking products at higher rates or with no fees, or otherwise offer alternative products. This can reduce our net interest margin and revenues from our fee-based products and services. In addition, the widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services as we grow and develop our online and mobile banking channel strategies in addition to remote connectivity solutions. We may not be as timely or successful in developing or introducing new products and services, integrating new products or services into our existing offerings, responding or adapting to changes in consumer behavior, preferences, spending, investing and/or saving habits, achieving market acceptance of our products and services, reducing costs in response to pressures to deliver products and services at lower prices or sufficiently developing and maintaining loyal customers. The inability to adapt our products and services to evolving industry standards and consumer preferences could harm our business and adversely affect our results of operations and reputation.
Our ability to attract and retain qualified employees is critical to the success of our business and failure to do so could hurt our business prospects and competitive position.
Our performance is heavily dependent on the talents and efforts of highly skilled individuals. Competition for qualified personnel within the financial services industry and from businesses outside the financial services industry is intense. Our competitors include non-U.S. based institutions and institutions subject to different compensation and hiring regulations than those imposed on U.S. institutions and financial institutions.
In order to attract and retain qualified personnel, we must provide market-level compensation. As a large financial and banking institution, we may be subject to limitations on compensation practices (which may or may not affect our competitors) by the Federal Reserve, the OCC, the FDIC and other regulators around the world. EU and U.K. rules limit and subject to clawback certain forms of variable compensation for senior
employees. Current and potential future limitations on executive compensation imposed by legislation or regulation could adversely affect our ability to attract and maintain qualified employees. Furthermore, a substantial portion of our annual incentive compensation paid to our senior employees has in recent years taken the form of long-term equity-based awards. Therefore, the ultimate value of this compensation depends on the price of our common stock when the awards vest. If we are unable to continue to attract and retain qualified individuals, our business prospects and competitive position could be adversely affected.
We could suffer losses if our models and strategies fail to properly anticipate and manage risk.
We use proprietary models and strategies extensively to measure and assess capital requirements for credit, country, market, operational and strategic risks and to assess and control our operations and financial condition. These models require oversight and periodic re-validation and are subject to inherent limitations due to the use of historical trends and simplifying assumptions, and uncertainty regarding economic and financial outcomes. Our models may not be sufficiently predictive of future results due to limited historical patterns, extreme or unanticipated market movements or customer behavior and illiquidity, especially during severe market downturns or stress events, and may not be effective if we fail to detect flaws in our models during our review process, our models contain erroneous data, valuations, formulas or algorithms or our applications running the models do not perform as expected. The models that we use to assess and control our market risk exposures also reflect assumptions about the degree of correlation among prices of various asset classes or other market indicators. Market conditions in recent years have involved unprecedented dislocations and highlight the limitations inherent in using historical data to manage risk. We could suffer losses if models and strategies fail to properly anticipate and manage risks.
Failure to properly manage and aggregate data may result in our inability to manage risk and business needs and inaccurate financial, regulatory and operational reporting.
We rely on our ability to manage, aggregate, interpret and use data in an accurate, timely and complete manner for effective risk reporting and management. Our policies, programs, processes and practices govern how data is managed, aggregated, interpreted and used. While we continuously update our policies, programs, processes and practices, and implement emerging technologies, such as artificial intelligence, our data management and aggregation processes are subject to failure, including human error or system failure. Failure to manage data effectively and to aggregate data in an accurate, timely and complete manner may limit our ability to manage current and emerging risk, to produce
accurate financial, regulatory and operational reporting as well as to manage changing business needs.
Reforms to and uncertainty regarding the London InterBank Offered Rate (LIBOR) and certain other indices may adversely affect our business, financial condition and results of operations.
The U.K. FCA announced in July 2017, that it will no longer persuade or require banks to submit rates for LIBOR after 2021. This announcement, in conjunction with financial benchmark reforms more generally and changes in the interbank lending markets, have resulted in uncertainty about the future of LIBOR and certain other rates or indices which are used as interest rate “benchmarks” in many of our products and contracts, including floating-rate notes and other adjustable-rate products. These actions and uncertainties may have the effect of triggering future changes in the rules or methodologies used to calculate benchmarks or lead to the discontinuation or unavailability of benchmarks. ICE Benchmark Administration is the administrator of LIBOR and maintains a reference panel of contributor banks, which includes BANA London branch for certain LIBOR rates. Uncertainty as to the nature and effect of such reforms and actions, and the potential or actual discontinuation of benchmark quotes, may adversely affect the value of, return on and trading market for our financial assets and liabilities that are based on or are linked to benchmarks, including any LIBOR-based securities, loans and derivatives, or our financial condition or results of operations. Additionally, there can be no assurance that we and other market participants will be adequately prepared for an actual discontinuation of benchmarks, including LIBOR, that existing assets and liabilities based on or linked to benchmarks will transition successfully to alternative reference rates or benchmarks or of the timing of adoption and degree of integration of such alternative reference rates or benchmarks in the markets. The discontinuation of benchmarks, including LIBOR, may have an unpredictable impact on the contractual mechanics of outstanding securities, loans, derivatives or other products (including, but not limited to, interest rates to be paid to or by us), require renegotiation of outstanding financial assets and liabilities, adversely affect the return on such outstanding products, cause significant disruption to financial markets that are relevant to our business segments, particularly Global Banking and Global Markets, increase the risk of litigation and/or increase expenses related to the transition to alternative reference rates or benchmarks, among other adverse consequences. Additionally, any transition from current benchmarks may alter the Corporation’s risk profiles and models, valuation tools, product design and effectiveness of hedging strategies, as well as increase the costs and risks related to potential regulatory requirements. Reforms to and uncertainty regarding transitions from current benchmarks may adversely affect our business, financial condition or results of operations.
Item 1B. Unresolved Staff Comments
Item 2. Properties
As of December 31, 2018, our principal offices and other materially important properties consisted of the following:
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Facility Name | | Location | | General Character of the Physical Property | | Primary Business Segment | | Property Status | | Property Square Feet (1) |
Bank of America Corporate Center | | Charlotte, NC | | 60 Story Building | | Principal Executive Offices | | Owned | | 1,212,177 |
Bank of America Tower at One Bryant Park | | New York, NY | | 55 Story Building | | GWIM, Global Banking and Global Markets | | Leased (2) | | 1,836,575 |
Bank of America Merrill Lynch Financial Centre | | London, UK | | 4 Building Campus | | Global Banking and Global Markets | | Leased | | 562,595 |
Cheung Kong Center | | Hong Kong | | 62 Story Building | | Global Banking and Global Markets | | Leased | | 149,790 |
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(1) | For leased properties, property square feet represents the square footage occupied by the Corporation. |
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(2) | The Corporation has a 49.9 percent joint venture interest in this property. |
We own or lease approximately 77.3 million square feet in over 20,000 facility and ATM locations globally, including approximately 72.2 million square feet in the U.S. (all 50 states and the District of Columbia, the U.S. Virgin Islands, Puerto Rico and Guam) and approximately 5.1 million square feet in more than 35 countries.
We believe our owned and leased properties are adequate for our business needs and are well maintained. We continue to evaluate our owned and leased real estate and may determine from time to time that certain of our premises and facilities, or ownership structures, are no longer necessary for our operations. In connection therewith, we are evaluating the sale or sale/
leaseback of certain properties and we may incur costs in connection with any such transactions.
Item 3. Legal Proceedings
See Litigation and Regulatory Matters in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements, which is incorporated herein by reference.
Item 4. Mine Safety Disclosures
None
Part II
Bank of America Corporation and Subsidiaries
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The principal market on which our common stock is traded is the New York Stock Exchange under the symbol “BAC.” As of February 25, 2019, there were 170,394 registered shareholders of common stock.
The table below presents share repurchase activity for the three months ended December 31, 2018. The primary source of funds for cash distributions by the Corporation to its shareholders is
dividends received from its bank subsidiaries. Each of the bank subsidiaries is subject to various regulatory policies and requirements relating to the payment of dividends, including requirements to maintain capital above regulatory minimums. All of the Corporation’s preferred stock outstanding has preference over the Corporation’s common stock with respect to payment of dividends.
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(Dollars in millions, except per share information; shares in thousands) | Total Common Shares Purchased (1) | | Weighted-Average Per Share Price | | Total Shares Purchased as Part of Publicly Announced Programs | | Remaining Buyback Authority Amounts (2) |
October 1 - 31, 2018 | 54,357 |
| | $ | 27.78 |
| | 54,353 |
| | $ | 14,050 |
|
November 1 - 30, 2018 | 68,630 |
| | 27.77 |
| | 68,612 |
| | 12,145 |
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December 1 - 31, 2018 | 71,404 |
| | 25.44 |
| | 71,401 |
| | 10,328 |
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Three months ended December 31, 2018 | 194,391 |
| | 26.92 |
| | 194,366 |
| | |
|
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(1) | Includes shares of the Corporation’s common stock acquired by the Corporation in connection with satisfaction of tax withholding obligations on vested restricted stock or restricted stock units and certain forfeitures and terminations of employment-related awards and for potential re-issuance to certain employees under equity incentive plans. |
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(2) | On June 28, 2018, following the Federal Reserve’s non-objection to our 2018 CCAR capital plan, the Board authorized the repurchase of approximately $20.6 billion in common stock from July 1, 2018 through June 30, 2019, including approximately $600 million to offset the effect of equity-based compensation issuances during the same period. During the three months ended December 31, 2018, pursuant to the Board’s authorizations, the Corporation repurchased $5.2 billion of common stock, which included common stock repurchases to offset equity-based compensation awards. On February 7, 2019, the Corporation announced that the Board authorized the repurchase of an additional $2.5 billion of common stock during the first and second quarters of 2019. Amounts shown do not include this additional repurchase authority. For more information, see Capital Management -- CCAR and Capital Planning on page 43 and Note 13 – Shareholders’ Equity to the Consolidated Financial Statements. |
The Corporation did not have any unregistered sales of equity securities during the three months ended December 31, 2018.
Item 6. Selected Financial Data
See Tables 8 and 9 in the MD&A beginning on page 26, which are incorporated herein by reference.
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Item 7. Bank of America Corporation and Subsidiaries |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
Bank of America Corporation (the “Corporation”) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, expenses, efficiency ratio, capital measures, strategy and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.
You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of this Annual Report on Form 10-K: the Corporation’s potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions and the possibility that amounts may be in excess of the Corporation’s recorded liability and estimated range of possible loss for litigation and regulatory exposures; the possibility that the Corporation could face increased servicing, securities, fraud, indemnity, contribution or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers, other parties involved in securitizations, monolines or private-label and other investors; the possibility that future representations and warranties losses may occur in excess of the Corporation’s recorded liability and estimated range of possible loss for its representations and warranties exposures; the Corporation’s ability to resolve representations and warranties repurchase and related claims, including claims brought by investors or trustees seeking to avoid the statute of limitations for repurchase claims; the risks related to the discontinuation of the London InterBank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies, including tariffs, and potential geopolitical instability; the impact on the Corporation’s business, financial condition and results of operations of a potential higher interest rate environment; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties; the Corporation’s ability to achieve its expense targets and expectations regarding net interest income, net charge-offs, loan growth or other projections; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits; estimates of the fair value and other accounting values, subject to
impairment assessments, of certain of the Corporation’s assets and liabilities; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements and/or global systemically important bank surcharges; the success of our reorganization of Merrill Lynch, Pierce, Fenner & Smith Incorporated; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of regulations, other guidance or additional information on the impact from the Tax Cuts and Jobs Act; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards and derivatives regulations; a failure in or breach of the Corporation’s operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks; the impact on the Corporation’s business, financial condition and results of operations from the planned exit of the United Kingdom from the European Union; the impact of a prolonged federal government shutdown and uncertainty regarding the federal government’s debt limit; and other similar matters.
Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
Notes to the Consolidated Financial Statements referred to in the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are incorporated by reference into the MD&A. Certain prior-year amounts have been reclassified to conform to current-year presentation. Throughout the MD&A, the Corporation uses certain acronyms and abbreviations which are defined in the Glossary.
Executive Summary
Business Overview
The Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, “the Corporation” may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. Our principal executive offices are located in Charlotte, North Carolina. Through our banking and various nonbank subsidiaries throughout the U.S. and in international markets, we provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. We operate our banking activities primarily under the Bank of America, National Association (Bank of America, N.A. or BANA) charter. At December 31, 2018, the Corporation had approximately $2.4 trillion in assets and a headcount of approximately 204,000 employees.
As of December 31, 2018, we served clients through operations across the U.S., its territories and more than 35 countries. Our retail banking footprint covers approximately 85 percent of the U.S. population, and we serve approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 16,300 ATMs, and
leading digital banking platforms (www.bankofamerica.com) with more than 36 million active users, including over 26 million active mobile users. We offer industry-leading support to approximately three million small business owners. Our wealth management businesses, with client balances of approximately $2.6 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products. We are a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world.
Recent Developments
Capital Management
During 2018, we repurchased $20.1 billion of common stock pursuant to the Board of Directors’ (the Board) repurchase authorizations under our 2018 and 2017 Comprehensive Capital Analysis and Review (CCAR) plans, including repurchases to offset equity-based compensation awards. Also, in addition to the previously announced repurchases associated with the 2018 CCAR capital plan, on February 7, 2019, we announced a plan to repurchase an additional $2.5 billion of common stock through June 30, 2019, which was approved by the Board of Governors of the Federal Reserve System (Federal Reserve). For additional information, see Capital Management on page 43.
U.K. Exit from the EU
We conduct business in Europe, the Middle East and Africa primarily through our subsidiaries in the U.K. and Ireland. A referendum held in the U.K. in 2016 resulted in a majority vote in favor of exiting the European Union (EU). In March 2017, the U.K. notified the EU of its intent to withdraw from the EU, which is scheduled to occur on March 29, 2019. Negotiations between the U.K. and the EU regarding the terms, conditions and timing of the withdrawal are ongoing and the outcome remains uncertain. In preparation for the withdrawal, we have implemented changes to our operating model in the region, including establishing our principal EU banking and broker-dealer operations outside the U.K. The changes are expected to enable us to continue to service our clients with minimal disruption, retain operational flexibility, minimize transition risks and maximize legal entity efficiencies, independent of the outcome and timing of the withdrawal.
LIBOR and Other Benchmark Rates
The U.K. Financial Conduct Authority (FCA), which regulates the London InterBank Offered Rate (LIBOR), announced in July 2017 that it will no longer persuade or require banks to submit rates for LIBOR after 2021. This announcement along with financial benchmark reforms more generally and changes in the interbank lending markets have resulted in uncertainty about the future of LIBOR and certain other rates or indices used as interest rate “benchmarks.” These actions and uncertainties may trigger future changes in the rules or methodologies used to calculate benchmarks or lead to the discontinuation or unavailability of benchmarks.
The Corporation has established an enterprise-wide initiative to identify, assess and monitor risks associated with the potential discontinuation or unavailability of benchmarks, including LIBOR, and the transition to alternative reference rates. As part of this initiative, the Corporation is actively engaged with global regulators, industry working groups and trade associations to develop strategies for transitions from current benchmarks to alternative reference rates. We are updating our operational processes and models to support new alternative reference rate
activity. In addition, we continue to analyze and evaluate legacy contracts across all products to determine the impact of a discontinuation of LIBOR or other benchmarks and to address consequential changes to those legacy contracts. Certain actions required to mitigate risks associated with the unavailability of benchmarks and implementation of new methodologies and contractual mechanics are dependent on a consensus being reached by the industry or the markets in various jurisdictions around the world. As a result, there is uncertainty as to the solutions that will be developed to address the unavailability of LIBOR or other benchmarks, as well as the overall impact to our businesses, operations and results. Additionally, any transition from current benchmarks may alter the Corporation’s risk profiles and models, valuation tools, product design and effectiveness of hedging strategies, as well as increase the costs and risks related to potential regulatory requirements.
Financial Highlights
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Table 1 | Summary Income Statement and Selected Financial Data |
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(Dollars in millions, except per share information) | 2018 | | 2017 |
Income statement | | | |
Net interest income | $ | 47,432 |
| | $ | 44,667 |
|
Noninterest income | 43,815 |
| | 42,685 |
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Total revenue, net of interest expense | 91,247 |
|
| 87,352 |
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Provision for credit losses | 3,282 |
| | 3,396 |
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Noninterest expense | 53,381 |
| | 54,743 |
|
Income before income taxes | 34,584 |
|
| 29,213 |
|
Income tax expense | 6,437 |
| | 10,981 |
|
Net income | 28,147 |
|
| 18,232 |
|
Preferred stock dividends | 1,451 |
| | 1,614 |
|
Net income applicable to common shareholders | $ | 26,696 |
|
| $ | 16,618 |
|
| | | | |
Per common share information | | | |
Earnings | $ | 2.64 |
| | $ | 1.63 |
|
Diluted earnings | 2.61 |
| | 1.56 |
|
Dividends paid | 0.54 |
| | 0.39 |
|
Performance ratios | | | |
Return on average assets | 1.21 | % | | 0.80 | % |
Return on average common shareholders’ equity | 11.04 |
| | 6.72 |
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Return on average tangible common shareholders’ equity (1) | 15.55 |
| | 9.41 |
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Efficiency ratio | 58.50 |
| | 62.67 |
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Balance sheet at year end | | | |
Total loans and leases | $ | 946,895 |
| | $ | 936,749 |
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Total assets | 2,354,507 |
| | 2,281,234 |
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Total deposits | 1,381,476 |
| | 1,309,545 |
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Total common shareholders’ equity | 242,999 |
| | 244,823 |
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Total shareholders’ equity | 265,325 |
| | 267,146 |
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(1) | Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For more information and a corresponding reconciliation to accounting principles generally accepted in the United States of America (GAAP) financial measures, see on page 25. |
Net income was $28.1 billion, or $2.61 per diluted share in 2018 compared to $18.2 billion, or $1.56 per diluted share in 2017. The improvement in net income was driven by a decrease in income tax expense due to the impacts of the Tax Cuts and Jobs Act (the Tax Act), an increase in net interest income, higher noninterest income, lower provision for credit losses and a decline in noninterest expense. Impacts from the Tax Act include a reduction in the federal corporate income tax rate to 21 percent from 35 percent. In addition, results for 2017 included a reduction in net income of $2.9 billion due to the Tax Act, driven largely by a lower valuation of certain U.S. deferred tax assets and liabilities.
Net Interest Income
Net interest income increased $2.8 billion to $47.4 billion in 2018 compared to 2017. Net interest yield on a fully taxable-equivalent (FTE) basis increased five basis points (bps) to 2.42 percent for 2018. These increases were primarily driven by higher interest rates as well as loan and deposit growth, partially offset by tightening spreads, higher Global Markets funding costs and the impact of the sale of the non-U.S. consumer credit card business in 2017. For more information on net interest yield and the FTE basis, see Supplemental Financial Data on page 24, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 74.
Noninterest Income |
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Table 2 | Noninterest Income | | | |
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(Dollars in millions) | 2018 | | 2017 |
Card income | $ | 6,051 |
| | $ | 5,902 |
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Service charges | 7,767 |
| | 7,818 |
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Investment and brokerage services | 14,160 |
| | 13,836 |
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Investment banking income | 5,327 |
| | 6,011 |
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Trading account profits | 8,540 |
| | 7,277 |
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Other income | 1,970 |
| | 1,841 |
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Total noninterest income | $ | 43,815 |
| | $ | 42,685 |
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Noninterest income increased $1.1 billion to $43.8 billion in 2018 compared to 2017. The following highlights the significant changes.
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● | Card income increased $149 million primarily driven by an increase in credit and debit card spending, as well as increased late fees and annual fees, partially offset by higher rewards costs, lower cash advance fees, and the impact of the sale of the non-U.S. consumer credit card business in 2017. |
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• | Investment and brokerage services income increased $324 million primarily due to assets under management (AUM) flows and higher market valuations, partially offset by the impact of changing market dynamics on transactional revenue and AUM pricing. |
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● | Investment banking income decreased $684 million . |
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● | Trading account profits increased $1.3 billion primarily due to increased client activity in equity financing and derivatives, higher market interest rates and strong trading performance in equity derivatives, partially offset by weakness in credit products. |
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● | Other income increased $129 million primarily due to gains on sales of consumer real estate loans, primarily non-core, of $731 million, offset by a $729 million charge related to the redemption of certain trust preferred securities in 2018. Other income for 2017 included a downward valuation adjustment of $946 million on tax-advantaged energy investments in connection with the Tax Act and a $793 million pretax gain recognized in connection with the sale of the non-U.S. consumer credit card business. |
Provision for Credit Losses
The provision for credit losses decreased $114 million to $3.3 billion in 2018 compared to 2017, primarily reflecting a 2017 single-name non-U.S. commercial charge-off and improvement in the commercial portfolio. In the consumer portfolio, the impact of the sale of the non-U.S. consumer credit card business in 2017 was more than offset by a slower pace of improvement in the consumer real estate portfolio, and portfolio seasoning and loan growth in the U.S. credit card portfolio. For more information on the provision for credit losses, see Provision for Credit Losses on page 67.
Noninterest Expense |
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Table 3 | Noninterest Expense | | | |
| | | | |
(Dollars in millions) | 2018 | | 2017 |
Personnel | $ | 31,880 |
| | $ | 31,931 |
|
Occupancy | 4,066 |
| | 4,009 |
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Equipment | 1,705 |
| | 1,692 |
|
Marketing | 1,674 |
| | 1,746 |
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Professional fees | 1,699 |
| | 1,888 |
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Data processing | 3,222 |
| | 3,139 |
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Telecommunications | 699 |
| | 699 |
|
Other general operating | 8,436 |
| | 9,639 |
|
Total noninterest expense | $ | 53,381 |
| | $ | 54,743 |
|
Noninterest expense decreased $1.4 billion to $53.4 billion in 2018 compared to 2017. The decrease was primarily due to lower other general operating expense, primarily driven by a decline in litigation and Federal Deposit Insurance Corporation (FDIC) expense as well as a $316 million impairment charge in 2017 related to certain data centers.
Income Tax Expense
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Table 4 | Income Tax Expense | | | |
| | | | |
(Dollars in millions) | 2018 | | 2017 |
Income before income taxes | $ | 34,584 |
| | $ | 29,213 |
|
Income tax expense | 6,437 |
| | 10,981 |
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Effective tax rate | 18.6 | % | | 37.6 | % |
Tax expense for 2018 reflected the new 21 percent federal income tax rate and the other provisions of the Tax Act, as well as our recurring tax preference benefits.
Tax expense for 2017 included a charge of $1.9 billion reflecting the initial impact of the Tax Act, including a tax charge of $2.3 billion related primarily to a lower valuation of certain deferred tax assets and liabilities and a $347 million tax benefit on the pretax loss from the lower valuation of our tax-advantaged energy investments. Other than the impact of the Tax Act, the effective tax rate for 2017 was driven by our recurring tax preference benefits as well as an expense from the sale of the non-U.S. consumer credit card business, largely offset by benefits related to stock-based compensation and the restructuring of certain subsidiaries.
We expect the effective tax rate for 2019 to be approximately 19 percent, absent unusual items.
Balance Sheet Overview
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Table 5 | Selected Balance Sheet Data | | | | | |
| | | | | | |
| | December 31 | | |
(Dollars in millions) | 2018 | | 2017 | | % Change |
Assets | |
| | |
| | |
Cash and cash equivalents | $ | 177,404 |
| | $ | 157,434 |
| | 13 | % |
Federal funds sold and securities borrowed or purchased under agreements to resell | 261,131 |
| | 212,747 |
| | 23 |
|
Trading account assets | 214,348 |
| | 209,358 |
| | 2 |
|
Debt securities | 441,753 |
| | 440,130 |
| | — |
|
Loans and leases | 946,895 |
| | 936,749 |
| | 1 |
|
Allowance for loan and lease losses | (9,601 | ) | | (10,393 | ) | | (8 | ) |
All other assets | 322,577 |
| | 335,209 |
| | (4 | ) |
Total assets | $ | 2,354,507 |
| | $ | 2,281,234 |
| | 3 |
|
Liabilities | | | | | |
Deposits | $ | 1,381,476 |
| | $ | 1,309,545 |
| | 5 |
|
Federal funds purchased and securities loaned or sold under agreements to repurchase | 186,988 |
| | 176,865 |
| | 6 |
|
Trading account liabilities | 68,220 |
| | 81,187 |
| | (16 | ) |
Short-term borrowings | 20,189 |
| | 32,666 |
| | (38 | ) |
Long-term debt | 229,340 |
| | 227,402 |
| | 1 |
|
All other liabilities | 202,969 |
| | 186,423 |
| | 9 |
|
Total liabilities | 2,089,182 |
| | 2,014,088 |
| | 4 |
|
Shareholders’ equity | 265,325 |
| | 267,146 |
| | (1 | ) |
Total liabilities and shareholders’ equity | $ | 2,354,507 |
| | $ | 2,281,234 |
| | 3 |
|
Assets
At December 31, 2018, total assets were approximately $2.4 trillion, up $73.3 billion from December 31, 2017. The increase in assets was primarily due to higher securities borrowed or purchased under agreements to resell due to investment of excess cash levels in higher yielding assets and increased client activity, and higher cash and cash equivalents driven by deposit growth.
Cash and Cash Equivalents
Cash and cash equivalents increased $20.0 billion primarily driven by deposit growth, partially offset by investment of short-term excess cash into securities purchased under agreements to resell, and loan growth.
Federal Funds Sold and Securities Borrowed or Purchased Under Agreements to Resell
Federal funds transactions involve lending reserve balances on a short-term basis. Securities borrowed or purchased under agreements to resell are collateralized lending transactions utilized to accommodate customer transactions, earn interest rate spreads, and obtain securities for settlement and for collateral. Federal funds sold and securities borrowed or purchased under agreements to resell increased $48.4 billion due to investment of excess cash levels in higher yielding assets and a higher level of customer financing activity.
Trading Account Assets
Trading account assets consist primarily of long positions in equity and fixed-income securities including U.S. government and agency securities, corporate securities and non-U.S. sovereign debt. Trading account assets increased $5.0 billion primarily driven by additional inventory in fixed-income, currencies and commodities (FICC) to meet expected client demand.
Debt Securities
Debt securities primarily include U.S. Treasury and agency securities, mortgage-backed securities (MBS), principally agency MBS, non-U.S. bonds, corporate bonds and municipal debt. We use the debt securities portfolio primarily to manage interest rate
and liquidity risk and to take advantage of market conditions that create economically attractive returns on these investments. Debt securities increased $1.6 billion primarily driven by the deployment of deposit inflows. In 2018, the Corporation transferred available-for-sale (AFS) debt securities with an amortized cost of $64.5 billion to held to maturity. For more information on debt securities, see Note 4 – Securities to the Consolidated Financial Statements.
Loans and Leases
Loans and leases increased $10.1 billion primarily due to net loan growth driven by client demand for commercial loans and increases in residential mortgage. For more information on the loan portfolio, see Credit Risk Management on page 51.
Allowance for Loan and Lease Losses
The allowance for loan and lease losses decreased $792 million primarily due to the impact of improvements in credit quality from a stronger economy and continued runoff and sales in the non-core consumer real estate portfolio. For additional information, see Allowance for Credit Losses on page 67.
Liabilities
At December 31, 2018, total liabilities were approximately $2.1 trillion, up $75.1 billion from December 31, 2017, primarily due to deposit growth.
Deposits
Deposits increased $71.9 billion primarily due to an increase in retail deposits.
Federal Funds Purchased and Securities Loaned or Sold Under Agreements to Repurchase
Federal funds transactions involve borrowing reserve balances on a short-term basis. Securities loaned or sold under agreements to repurchase are collateralized borrowing transactions utilized to accommodate customer transactions, earn interest rate spreads and finance assets on the balance sheet. Federal funds purchased and securities loaned or sold under agreements to repurchase increased $10.1 billion primarily due to an increase in matched book funding within Global Markets.
Trading Account Liabilities
Trading account liabilities consist primarily of short positions in equity and fixed-income securities including U.S. Treasury and agency securities, corporate securities and non-U.S. sovereign debt. Trading account liabilities decreased $13.0 billion primarily due to lower levels of short positions in government and corporate bonds driven by expected client demand within Global Markets.
Short-term Borrowings
Short-term borrowings provide an additional funding source and primarily consist of Federal Home Loan Bank (FHLB) short-term borrowings, notes payable and various other borrowings that generally have maturities of one year or less. Short-term borrowings decreased $12.5 billion primarily due to a decrease in short-term FHLB advances. For more information on short-term borrowings, see Note 10 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash to the Consolidated Financial Statements.
Long-term Debt
Long-term debt increased $1.9 billion primarily driven by issuances outpacing maturities and redemptions. For more information on long-term debt, see Note 11 – Long-term Debt to the Consolidated Financial Statements.
Shareholders’ Equity
Shareholders’ equity decreased $1.8 billion driven by returns of capital to shareholders of $27.0 billion through common and preferred stock dividends and share repurchases and a $4.0 billion after-tax decrease in the fair value of AFS debt securities recorded in accumulated other comprehensive income (OCI), largely offset by earnings.
Cash Flows Overview
The Corporation’s operating assets and liabilities support our global markets and lending activities. We believe that cash flows from operations, available cash balances and our ability to generate cash through short- and long-term debt are sufficient to fund our operating liquidity needs. Our investing activities primarily include the debt securities portfolio and loans and leases. Our financing activities reflect cash flows primarily related to customer deposits, securities financing agreements and long-term debt. For more information on liquidity, see Liquidity Risk on page 47.
Supplemental Financial Data
In this Form 10-K, we present certain non-GAAP financial measures. Non-GAAP financial measures exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance with GAAP. Non-GAAP financial measures are provided as additional useful information to assess our financial condition, results of operations (including period-to-period operating performance) or compliance with prospective regulatory requirements. These non-GAAP financial measures are not intended as a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP financial measures used by other companies.
We view net interest income and related ratios and analyses on an FTE basis, which when presented on a consolidated basis, are non-GAAP financial measures. To derive the FTE basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense. For purposes of this calculation, we used the federal statutory tax rate of 21 percent for 2018 (35 percent for all prior periods) and a representative state tax rate. Net interest yield, which measures the basis points we earn over the cost of funds, utilizes net interest income (and thus total revenue) on an FTE basis. We believe that presentation of these items on an FTE basis allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices.
We may present certain key performance indicators and ratios excluding certain items (e.g., debit valuation adjustment (DVA) gains (losses)) which result in non-GAAP financial measures. We believe that the presentation of measures that exclude these items is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance.
We also evaluate our business based on certain ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents an adjusted shareholders’ equity or common shareholders’ equity amount which has been reduced by goodwill and certain acquired intangible assets (excluding mortgage servicing rights (MSRs)), net of related deferred tax liabilities. These measures are used to evaluate our use of equity. In addition, profitability, relationship and investment models use both return on average tangible common shareholders’ equity and return on average tangible shareholders’ equity as key measures to support our overall growth goals. These ratios are as follows:
| |
● | Return on average tangible common shareholders’ equity measures our earnings contribution as a percentage of adjusted common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total assets less goodwill and certain acquired intangible assets (excluding MSRs), net of related deferred tax liabilities. |
| |
● | Return on average tangible shareholders’ equity measures our earnings contribution as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total assets less goodwill and certain acquired intangible assets (excluding MSRs), net of related deferred tax liabilities. |
| |
● | Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. |
We believe that the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock.
The aforementioned supplemental data and performance measures are presented in Tables 8 and 9.
Non-GAAP Reconciliations
Tables 6 and 7 provide reconciliations of certain non-GAAP financial measures to GAAP financial measures.
|
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Table 6 | Five-year Reconciliations to GAAP Financial Measures (1) |
| | | | | | | | | | |
(Dollars in millions, shares in thousands) | 2018 | | 2017 | | 2016 | | 2015 | | 2014 |
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity | |
| | |
| | |
| | |
| | |
|
Shareholders’ equity | $ | 264,748 |
| | $ | 271,289 |
| | $ | 265,843 |
| | $ | 251,384 |
| | $ | 238,317 |
|
Goodwill | (68,951 | ) | | (69,286 | ) | | (69,750 | ) | | (69,772 | ) | | (69,809 | ) |
Intangible assets (excluding MSRs) | (2,058 | ) | | (2,652 | ) | | (3,382 | ) | | (4,201 | ) | | (5,109 | ) |
Related deferred tax liabilities | 906 |
| | 1,463 |
| | 1,644 |
| | 1,852 |
| | 2,090 |
|
Tangible shareholders’ equity | $ | 194,645 |
| | $ | 200,814 |
| | $ | 194,355 |
| | $ | 179,263 |
| | $ | 165,489 |
|
Preferred stock | (22,949 | ) | | (24,188 | ) | | (24,656 | ) | | (21,808 | ) | | (15,410 | ) |
Tangible common shareholders’ equity | $ | 171,696 |
| | $ | 176,626 |
| | $ | 169,699 |
| | $ | 157,455 |
| | $ | 150,079 |
|
Reconciliation of year-end shareholders’ equity to year-end tangible shareholders’ equity and year-end tangible common shareholders’ equity | |
| | |
| | |
| | |
| | |
|
Shareholders’ equity | $ | 265,325 |
| | $ | 267,146 |
| | $ | 266,195 |
| | $ | 255,615 |
| | $ | 243,476 |
|
Goodwill | (68,951 | ) | | (68,951 | ) | | (69,744 | ) | | (69,761 | ) | | (69,777 | ) |
Intangible assets (excluding MSRs) | (1,774 | ) | | (2,312 | ) | | (2,989 | ) | | (3,768 | ) | | (4,612 | ) |
Related deferred tax liabilities | 858 |
| | 943 |
| | 1,545 |
| | 1,716 |
| | 1,960 |
|
Tangible shareholders’ equity | $ | 195,458 |
| | $ | 196,826 |
| | $ | 195,007 |
| | $ | 183,802 |
| | $ | 171,047 |
|
Preferred stock | (22,326 | ) | | (22,323 | ) | | (25,220 | ) | | (22,272 | ) | | (19,309 | ) |
Tangible common shareholders’ equity | $ | 173,132 |
| | $ | 174,503 |
| | $ | 169,787 |
| | $ | 161,530 |
| | $ | 151,738 |
|
Reconciliation of year-end assets to year-end tangible assets | |
| | |
| | |
| | |
| | |
|
Assets | $ | 2,354,507 |
| | $ | 2,281,234 |
| | $ | 2,188,067 |
| | $ | 2,144,606 |
| | $ | 2,104,539 |
|
Goodwill | (68,951 | ) | | (68,951 | ) | | (69,744 | ) | | (69,761 | ) | | (69,777 | ) |
Intangible assets (excluding MSRs) | (1,774 | ) | | (2,312 | ) | | (2,989 | ) | | (3,768 | ) | | (4,612 | ) |
Related deferred tax liabilities | 858 |
| | 943 |
| | 1,545 |
| | 1,716 |
| | 1,960 |
|
Tangible assets | $ | 2,284,640 |
| | $ | 2,210,914 |
| | $ | 2,116,879 |
| | $ | 2,072,793 |
| | $ | 2,032,110 |
|
| |
(1) | Presents reconciliations of non-GAAP financial measures to GAAP financial measures. For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see Supplemental Financial Data on page 24. |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Table 7 | Quarterly Reconciliations to GAAP Financial Measures (1) |
| | | | | | | | | | | | | | | | |
| | 2018 Quarters | | 2017 Quarters |
(Dollars in millions) | Fourth | | Third | | Second | | First | | Fourth | | Third | | Second | | First |
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Shareholders’ equity | $ | 263,698 |
| | $ | 264,653 |
| | $ | 265,181 |
| | $ | 265,480 |
| | $ | 273,162 |
| | $ | 273,238 |
| | $ | 270,977 |
| | $ | 267,700 |
|
Goodwill | (68,951 | ) | | (68,951 | ) | | (68,951 | ) | | (68,951 | ) | | (68,954 | ) | | (68,969 | ) | | (69,489 | ) | | (69,744 | ) |
Intangible assets (excluding MSRs) | (1,857 | ) | | (1,992 | ) | | (2,126 | ) | | (2,261 | ) | | (2,399 | ) | | (2,549 | ) | | (2,743 | ) | | (2,923 | ) |
Related deferred tax liabilities | 874 |
| | 896 |
| | 916 |
| | 939 |
| | 1,344 |
| | 1,465 |
| | 1,506 |
| | 1,539 |
|
Tangible shareholders’ equity | $ | 193,764 |
| | $ | 194,606 |
| | $ | 195,020 |
| | $ | 195,207 |
| | $ | 203,153 |
| | $ | 203,185 |
| | $ | 200,251 |
| | $ | 196,572 |
|
Preferred stock | (22,326 | ) | | (22,841 | ) | | (23,868 | ) | | (22,767 | ) | | (22,324 | ) | | (24,024 | ) | | (25,221 | ) | | (25,220 | ) |
Tangible common shareholders’ equity | $ | 171,438 |
| | $ | 171,765 |
| | $ | 171,152 |
| | $ | 172,440 |
| | $ | 180,829 |
| | $ | 179,161 |
| | $ | 175,030 |
| | $ | 171,352 |
|
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Shareholders’ equity | $ | 265,325 |
| | $ | 262,158 |
| | $ | 264,216 |
| | $ | 266,224 |
| | $ | 267,146 |
| | $ | 271,969 |
| | $ | 270,660 |
| | $ | 267,990 |
|
Goodwill | (68,951 | ) | | (68,951 | ) | | (68,951 | ) | | (68,951 | ) | | (68,951 | ) | | (68,968 | ) | | (68,969 | ) | | (69,744 | ) |
Intangible assets (excluding MSRs) | (1,774 | ) | | (1,908 | ) | | (2,043 | ) | | (2,177 | ) | | (2,312 | ) | | (2,459 | ) | | (2,610 | ) | | (2,827 | ) |
Related deferred tax liabilities | 858 |
| | 878 |
| | 900 |
| | 920 |
| | 943 |
| | 1,435 |
| | 1,471 |
| | 1,513 |
|
Tangible shareholders’ equity | $ | 195,458 |
| | $ | 192,177 |
| | $ | 194,122 |
| | $ | 196,016 |
| | $ | 196,826 |
| | $ | 201,977 |
| | $ | 200,552 |
| | $ | 196,932 |
|
Preferred stock | (22,326 | ) | | (22,326 | ) | | (23,181 | ) | | (24,672 | ) | | (22,323 | ) | | (22,323 | ) | | (25,220 | ) | | (25,220 | ) |
Tangible common shareholders’ equity | $ | 173,132 |
| | $ | 169,851 |
| | $ | 170,941 |
| | $ | 171,344 |
| | $ | 174,503 |
| | $ | 179,654 |
| | $ | 175,332 |
| | $ | 171,712 |
|
Reconciliation of period-end assets to period-end tangible assets | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Assets | $ | 2,354,507 |
| | $ | 2,338,833 |
| | $ | 2,291,670 |
| | $ | 2,328,478 |
| | $ | 2,281,234 |
| | $ | 2,284,174 |
| | $ | 2,254,714 |
| | $ | 2,247,794 |
|
Goodwill | (68,951 | ) | | (68,951 | ) | | (68,951 | ) | | (68,951 | ) | | (68,951 | ) | | (68,968 | ) | | (68,969 | ) | | (69,744 | ) |
Intangible assets (excluding MSRs) | (1,774 | ) | | (1,908 | ) | | (2,043 | ) | | (2,177 | ) | | (2,312 | ) | | (2,459 | ) | | (2,610 | ) | | (2,827 | ) |
Related deferred tax liabilities | 858 |
| | 878 |
| | 900 |
| | 920 |
| | 943 |
| | 1,435 |
| | 1,471 |
| | 1,513 |
|
Tangible assets | $ | 2,284,640 |
| | $ | 2,268,852 |
| | $ | 2,221,576 |
| | $ | 2,258,270 |
| | $ | 2,210,914 |
| | $ | 2,214,182 |
| | $ | 2,184,606 |
| | $ | 2,176,736 |
|
| |
(1) | Presents reconciliations of non-GAAP financial measures to GAAP financial measures. For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see Supplemental Financial Data on page 24. |
|
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Table 8 | Five-year Summary of Selected Financial Data | | | | | | | | | |
| | | | | | | | | | |
(In millions, except per share information) | 2018 | | 2017 | | 2016 | | 2015 | | 2014 |
Income statement | | | | | |
| | |
| | |
|
Net interest income | $ | 47,432 |
| | $ | 44,667 |
| | $ | 41,096 |
| | $ | 38,958 |
| | $ | 40,779 |
|
Noninterest income | 43,815 |
| | 42,685 |
| | 42,605 |
| | 44,007 |
| | 45,115 |
|
Total revenue, net of interest expense | 91,247 |
| | 87,352 |
| | 83,701 |
| | 82,965 |
| | 85,894 |
|
Provision for credit losses | 3,282 |
| | 3,396 |
| | 3,597 |
| | 3,161 |
| | 2,275 |
|
Noninterest expense | 53,381 |
| | 54,743 |
| | 55,083 |
| | 57,617 |
| | 75,656 |
|
Income before income taxes | 34,584 |
| | 29,213 |
| | 25,021 |
| | 22,187 |
| | 7,963 |
|
Income tax expense | 6,437 |
| | 10,981 |
| | 7,199 |
| | 6,277 |
| | 2,443 |
|
Net income | 28,147 |
| | 18,232 |
| | 17,822 |
| | 15,910 |
| | 5,520 |
|
Net income applicable to common shareholders | 26,696 |
| | 16,618 |
| | 16,140 |
| | 14,427 |
| | 4,476 |
|
Average common shares issued and outstanding | 10,096.5 |
| | 10,195.6 |
| | 10,284.1 |
| | 10,462.3 |
| | 10,527.8 |
|
Average diluted common shares issued and outstanding | 10,236.9 |
| | 10,778.4 |
| | 11,046.8 |
| | 11,236.2 |
| | 10,584.5 |
|
Performance ratios | |
| | |
| | |
| | |
| | |
|
Return on average assets | 1.21 | % | | 0.80 | % | | 0.81 | % | | 0.74 | % | | 0.26 | % |
Return on average common shareholders’ equity | 11.04 |
| | 6.72 |
| | 6.69 |
| | 6.28 |
| | 2.01 |
|
Return on average tangible common shareholders’ equity (1) | 15.55 |
| | 9.41 |
| | 9.51 |
| | 9.16 |
| | 2.98 |
|
Return on average shareholders’ equity | 10.63 |
| | 6.72 |
| | 6.70 |
| | 6.33 |
| | 2.32 |
|
Return on average tangible shareholders’ equity (1) | 14.46 |
| | 9.08 |
| | 9.17 |
| | 8.88 |
| | 3.34 |
|
Total ending equity to total ending assets | 11.27 |
| | 11.71 |
| | 12.17 |
| | 11.92 |
| | 11.57 |
|
Total average equity to total average assets | 11.39 |
| | 11.96 |
| | 12.14 |
| | 11.64 |
| | 11.11 |
|
Dividend payout | 20.31 |
| | 24.24 |
| | 15.94 |
| | 14.49 |
| | 28.20 |
|
Per common share data | |
| | |
| | |
| | |
| | |
|
Earnings | $ | 2.64 |
| | $ | 1.63 |
| | $ | 1.57 |
| | $ | 1.38 |
| | $ | 0.43 |
|
Diluted earnings | 2.61 |
| | 1.56 |
| | 1.49 |
| | 1.31 |
| | 0.42 |
|
Dividends paid | 0.54 |
| | 0.39 |
| | 0.25 |
| | 0.20 |
| | 0.12 |
|
Book value | 25.13 |
| | 23.80 |
| | 23.97 |
| | 22.48 |
| | 21.32 |
|
Tangible book value (1) | 17.91 |
| | 16.96 |
| | 16.89 |
| | 15.56 |
| | 14.43 |
|
Market capitalization | $ | 238,251 |
| | $ | 303,681 |
| | $ | 222,163 |
| | $ | 174,700 |
| | $ | 188,141 |
|
Average balance sheet | |
| | |
| | |
| | |
| | |
|
Total loans and leases | $ | 933,049 |
| | $ | 918,731 |
| | $ | 900,433 |
| | $ | 876,787 |
| | $ | 898,703 |
|
Total assets | 2,325,246 |
| | 2,268,633 |
| | 2,190,218 |
| | 2,160,536 |
| | 2,145,393 |
|
Total deposits | 1,314,941 |
| | 1,269,796 |
| | 1,222,561 |
| | 1,155,860 |
| | 1,124,207 |
|
Long-term debt | 230,693 |
| | 225,133 |
| | 228,617 |
| | 240,059 |
| | 253,607 |
|
Common shareholders’ equity | 241,799 |
| | 247,101 |
| | 241,187 |
| | 229,576 |
| | 222,907 |
|
Total shareholders’ equity | 264,748 |
| | 271,289 |
| | 265,843 |
| | 251,384 |
| | 238,317 |
|
Asset quality (2) | |
| | |
| | |
| | |
| | |
|
Allowance for credit losses (3) | $ | 10,398 |
| | $ | 11,170 |
| | $ | 11,999 |
| | $ | 12,880 |
| | $ | 14,947 |
|
Nonperforming loans, leases and foreclosed properties (4) | 5,244 |
| | 6,758 |
| | 8,084 |
| | 9,836 |
| | 12,629 |
|
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (4) | 1.02 | % | | 1.12 | % | | 1.26 | % | | 1.37 | % | | 1.66 | % |
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (4) | 194 |
| | 161 |
| | 149 |
| | 130 |
| | 121 |
|
Net charge-offs (5) | $ | 3,763 |
| | $ | 3,979 |
| | $ | 3,821 |
| | $ | 4,338 |
| | $ | 4,383 |
|
Net charge-offs as a percentage of average loans and leases outstanding (4, 5) | 0.41 | % | | 0.44 | % | | 0.43 | % | | 0.50 | % | | 0.49 | % |
Capital ratios at year end (6) | |
| | |
| | |
| | |
| | |
|
Common equity tier 1 capital | 11.6 | % | | 11.5 | % | | 10.8 | % | | 9.8 | % | | 9.6 | % |
Tier 1 capital | 13.2 |
| | 13.0 |
| | 12.4 |
| | 11.2 |
| | 11.0 |
|
Total capital | 15.1 |
| | 14.8 |
| | 14.2 |
| | 12.8 |
| | 12.7 |
|
Tier 1 leverage | 8.4 |
| | 8.6 |
| | 8.8 |
| | 8.4 |
| | 7.8 |
|
Supplementary leverage ratio | 6.8 |
| | n/a |
| | n/a |
| | n/a |
| | n/a |
|
Tangible equity (1) | 8.6 |
| | 8.9 |
| | 9.2 |
| | 8.9 |
| | 8.4 |
|
Tangible common equity (1) | 7.6 |
| | 7.9 |
| | 8.0 |
| | 7.8 |
| | 7.5 |
|
| |
(1) | Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios and corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 24. |
| |
(2) | Asset quality metrics include $75 million of non-U.S. consumer credit card net charge-offs in 2017 and $243 million of non-U.S. consumer credit card allowance for loan and lease losses, $9.2 billion of non-U.S. consumer credit card loans and $175 million of non-U.S. consumer credit card net charge-offs in 2016. The Corporation sold its non-U.S. consumer credit card business in 2017. |
| |
(3) | Includes the allowance for loan and leases losses and the reserve for unfunded lending commitments. |
| |
(4) | Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 58 and corresponding Table 31 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 63 and corresponding Table 38. |
| |
(5) | Net charge-offs exclude $273 million, $207 million, $340 million, $808 million and $810 million of write-offs in the purchased credit-impaired (PCI) loan portfolio for 2018, 2017, 2016, 2015 and 2014, respectively. |
| |
(6) | Basel 3 transition provisions for regulatory capital adjustments and deductions were fully phased-in as of January 1, 2018. Prior periods are presented on a fully phased-in basis. For additional information, including which approach is used to assess capital adequacy, see Capital Management on page 43. |
n/a = not applicable
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Table 9 | Selected Quarterly Financial Data | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | 2018 Quarters | | 2017 Quarters |
(In millions, except per share information) | Fourth | | Third | | Second | | First | | Fourth | | Third | | Second | | First |
Income statement | | | | | |
| | | | |
| | | | | | |
|
Net interest income | $ | 12,304 |
| | $ | 11,870 |
| | $ | 11,650 |
| | $ | 11,608 |
| | $ | 11,462 |
| | $ | 11,161 |
| | $ | 10,986 |
| | $ | 11,058 |
|
Noninterest income (1) | 10,432 |
| | 10,907 |
| | 10,959 |
| | 11,517 |
| | 8,974 |
| | 10,678 |
| | 11,843 |
| | 11,190 |
|
Total revenue, net of interest expense | 22,736 |
| | 22,777 |
| | 22,609 |
| | 23,125 |
| | 20,436 |
| | 21,839 |
| | 22,829 |
| | 22,248 |
|
Provision for credit losses | 905 |
| | 716 |
| | 827 |
| | 834 |
| | 1,001 |
| | 834 |
| | 726 |
| | 835 |
|
Noninterest expense | 13,133 |
| | 13,067 |
| | 13,284 |
| | 13,897 |
| | 13,274 |
| | 13,394 |
| | 13,982 |
| | 14,093 |
|
Income before income taxes | 8,698 |
| | 8,994 |
| | 8,498 |
| | 8,394 |
| | 6,161 |
| | 7,611 |
| | 8,121 |
| | 7,320 |
|
Income tax expense (1) | 1,420 |
| | 1,827 |
| | 1,714 |
| | 1,476 |
| | 3,796 |
| | 2,187 |
| | 3,015 |
| | 1,983 |
|
Net income (1) | 7,278 |
| | 7,167 |
| | 6,784 |
| | 6,918 |
| | 2,365 |
| | 5,424 |
| | 5,106 |
| | 5,337 |
|
Net income applicable to common shareholders | 7,039 |
| | 6,701 |
| | 6,466 |
| | 6,490 |
| | 2,079 |
| | 4,959 |
| | 4,745 |
| | 4,835 |
|
Average common shares issued and outstanding | 9,855.8 |
| | 10,031.6 |
| | 10,181.7 |
| | 10,322.4 |
| | 10,470.7 |
| | 10,197.9 |
| | 10,013.5 |
| | 10,099.6 |
|
Average diluted common shares issued and outstanding | 9,996.0 |
| | 10,170.8 |
| | 10,309.4 |
| | 10,472.7 |
| | 10,621.8 |
| | 10,746.7 |
| | 10,834.8 |
| | 10,919.7 |
|
Performance ratios | |
| | |
| | |
| | |
| | |
| | | | | | |
|
Return on average assets | 1.24 | % | | 1.23 | % | | 1.17 | % | | 1.21 | % | | 0.41 | % | | 0.95 | % | | 0.90 | % | | 0.97 | % |
Four-quarter trailing return on average assets (2) | 1.21 |
| | 1.00 |
| | 0.93 |
| | 0.86 |
| | 0.80 |
| | 0.91 |
| | 0.89 |
| | 0.88 |
|
Return on average common shareholders’ equity | 11.57 |
| | 10.99 |
| | 10.75 |
| | 10.85 |
| | 3.29 |
| | 7.89 |
| | 7.75 |
| | 8.09 |
|
Return on average tangible common shareholders’ equity (3) | 16.29 |
| | 15.48 |
| | 15.15 |
| | 15.26 |
| | 4.56 |
| | 10.98 |
| | 10.87 |
| | 11.44 |
|
Return on average shareholders’ equity | 10.95 |
| | 10.74 |
| | 10.26 |
| | 10.57 |
| | 3.43 |
| | 7.88 |
| | 7.56 |
| | 8.09 |
|
Return on average tangible shareholders’ equity (3) | 14.90 |
| | 14.61 |
| | 13.95 |
| | 14.37 |
| | 4.62 |
| | 10.59 |
| | 10.23 |
| | 11.01 |
|
Total ending equity to total ending assets | 11.27 |
| | 11.21 |
| | 11.53 |
| | 11.43 |
| | 11.71 |
| | 11.91 |
| | 12.00 |
| | 11.92 |
|
Total average equity to total average assets | 11.30 |
| | 11.42 |
| | 11.42 |
| | 11.41 |
| | 11.87 |
| | 12.03 |
| | 11.94 |
| | 12.00 |
|
Dividend payout | 20.90 |
| | 22.35 |
| | 18.83 |
| | 19.06 |
| | 60.35 |
| | 25.59 |
| | 15.78 |
| | 15.64 |
|
Per common share data | |
| | |
| | |
| | |
| | |
| | | | | | |
|
Earnings | $ | 0.71 |
| | $ | 0.67 |
| | $ | 0.64 |
| | $ | 0.63 |
| | $ | 0.20 |
| | $ | 0.49 |
| | $ | 0.47 |
| | $ | 0.48 |
|
Diluted earnings | 0.70 |
| | 0.66 |
| | 0.63 |
| | 0.62 |
| | 0.20 |
| | 0.46 |
| | 0.44 |
| | 0.45 |
|
Dividends paid | 0.15 |
| | 0.15 |
| | 0.12 |
| | 0.12 |
| | 0.12 |
| | 0.12 |
| | 0.075 |
| | 0.075 |
|
Book value | 25.13 |
| | 24.33 |
| | 24.07 |
| | 23.74 |
| | 23.80 |
| | 23.87 |
| | 24.85 |
| | 24.34 |
|
Tangible book value (3) | 17.91 |
| | 17.23 |
| | 17.07 |
| | 16.84 |
| | 16.96 |
| | 17.18 |
| | 17.75 |
| | 17.22 |
|
Market capitalization | $ | 238,251 |
| | $ | 290,424 |
| | $ | 282,259 |
| | $ | 305,176 |
| | $ | 303,681 |
| | $ | 264,992 |
| | $ | 239,643 |
| | $ | 235,291 |
|
Average balance sheet | |
| | |
| | |
| | |
| | |
| | | | | | |
|
Total loans and leases | $ | 934,721 |
| | $ | 930,736 |
| | $ | 934,818 |
| | $ | 931,915 |
| | $ | 927,790 |
| | $ | 918,129 |
| | $ | 914,717 |
| | $ | 914,144 |
|
Total assets | 2,334,586 |
| | 2,317,829 |
| | 2,322,678 |
| | 2,325,878 |
| | 2,301,687 |
| | 2,271,104 |
| | 2,269,293 |
| | 2,231,649 |
|
Total deposits | 1,344,951 |
| | 1,316,345 |
| | 1,300,659 |
| | 1,297,268 |
| | 1,293,572 |
| | 1,271,711 |
| | 1,256,838 |
| | 1,256,632 |
|
Long-term debt | 230,616 |
| | 233,475 |
| | 229,037 |
| | 229,603 |
| | 227,644 |
| | 227,309 |
| | 224,019 |
| | 221,468 |
|
Common shareholders’ equity | 241,372 |
| | 241,812 |
| | 241,313 |
| | 242,713 |
| | 250,838 |
| | 249,214 |
| | 245,756 |
| | 242,480 |
|
Total shareholders’ equity | 263,698 |
| | 264,653 |
| | 265,181 |
| | 265,480 |
| | 273,162 |
| | 273,238 |
| | 270,977 |
| | 267,700 |
|
Asset quality (4) | |
| | |
| | |
| | |
| | |
| | | | | | |
|
Allowance for credit losses (5) | $ | 10,398 |
| | $ | 10,526 |
| | $ | 10,837 |
| | $ | 11,042 |
| | $ | 11,170 |
| | $ | 11,455 |
| | $ | 11,632 |
| | $ | 11,869 |
|
Nonperforming loans, leases and foreclosed properties (6) | 5,244 |
| | 5,449 |
| | 6,181 |
| | 6,694 |
| | 6,758 |
| | 6,869 |
| | 7,127 |
| | 7,637 |
|
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (6) | 1.02 | % | | 1.05 | % | | 1.08 | % | | 1.11 | % | | 1.12 | % | | 1.16 | % | | 1.20 | % | | 1.25 | % |
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (6) | 194 |
| | 189 |
| | 170 |
| | 161 |
| | 161 |
| | 163 |
| | 160 |
| | 156 |
|
Net charge-offs (7) | $ | 924 |
| | $ | 932 |
| | $ | 996 |
| | $ | 911 |
| | $ | 1,237 |
| | $ | 900 |
| | $ | 908 |
| | $ | 934 |
|
Annualized net charge-offs as a percentage of average loans and leases outstanding (6, 7) | 0.39 | % | | 0.40 | % | | 0.43 | % | | 0.40 | % | | 0.53 | % | | 0.39 | % | | 0.40 | % | | 0.42 | % |
Capital ratios at period end (8) | |
| | |
| | |
| | |
| | |
| | | | | | |
|
Common equity tier 1 capital | 11.6 | % | | 11.4 | % | | 11.4 | % | | 11.3 | % | | 11.5 | % | | 11.9 | % | | 11.5 | % | | 11.0 | % |
Tier 1 capital | 13.2 |
| | 12.9 |
| | 13.0 |
| | 13.0 |
| | 13.0 |
| | 13.4 |
| | 13.2 |
| | 12.6 |
|
Total capital | 15.1 |
| | 14.7 |
| | 14.8 |
| | 14.8 |
| | 14.8 |
| | 15.1 |
| | 15.0 |
| | 14.3 |
|
Tier 1 leverage | 8.4 |
| | 8.3 |
| | 8.4 |
| | 8.4 |
| | 8.6 |
| | 8.9 |
| | 8.8 |
| | 8.8 |
|
Supplementary leverage ratio | 6.8 |
| | 6.7 |
| | 6.7 |
| | 6.8 |
| | n/a |
| | n/a |
| | n/a |
| | n/a |
|
Tangible equity (3) | 8.6 |
| | 8.5 |
| | 8.7 |
| | 8.7 |
| | 8.9 |
| | 9.1 |
| | 9.2 |
| | 9.1 |
|
Tangible common equity (3) | 7.6 |
| | 7.5 |
| | 7.7 |
| | 7.6 |
| | 7.9 |
| | 8.1 |
| | 8.0 |
| | 7.9 |
|
| |
(1) | Net income for the fourth quarter of 2017 included a charge of $2.9 billion related to the Tax Act effects which consisted of $946 million in noninterest income and $1.9 billion in income tax expense. |
| |
(2) | Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters. |
| |
(3) | Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios and corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 24. |
| |
(4) | Asset quality metrics include $31 million of non-U.S. consumer credit card net charge-offs for the second quarter of 2017 and $242 million of non-U.S. consumer credit card allowance for loan and lease losses, $9.5 billion of non-U.S. consumer credit card loans and $44 million of non-U.S. consumer credit card net charge-offs for the first quarter of 2017. The Corporation sold its non-U.S. consumer credit card business in the second quarter of 2017. |
| |
(5) | Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments. |
| |
(6) | Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 58 and corresponding Table 31 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 63 and corresponding Table 38. |
| |
(7) | Net charge-offs exclude $107 million, $95 million, $36 million and $35 million of write-offs in the PCI loan portfolio in the fourth, third, second and first quarters of 2018, and $46 million, $73 million, $55 million and $33 million in the fourth, third, second and first quarters of 2017, respectively. |
| |
(8) | Basel 3 transition provisions for regulatory capital adjustments and deductions were fully phased-in as of January 1, 2018. Prior periods are presented on a fully phased-in basis. For additional information, including which approach is used to assess capital adequacy, see Capital Management on page 43. |
n/a = not applicable
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Table 10 | Average Balances and Interest Rates - FTE Basis | | | | | | |
| | | | | | | | | | | | | | | | | | |
| Average Balance | | Interest Income/ Expense | | Yield/ Rate | | Average Balance | | Interest Income/ Expense | | Yield/ Rate | | Average Balance | | Interest Income/ Expense | | Yield/ Rate |
(Dollars in millions)
| 2018 | | 2017 | | 2016 |
Earning assets | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | $ | 139,848 |
| | $ | 1,926 |
| | 1.38 | % | | $ | 127,431 |
| | $ | 1,122 |
| | 0.88 | % | | $ | 133,374 |
| | $ | 605 |
| | 0.45 | % |
Time deposits placed and other short-term investments | 9,446 |
| | 216 |
| | 2.29 |
| | 12,112 |
| | 241 |
| | 1.99 |
| | 9,026 |
| | 140 |
| | 1.55 |
|
Federal funds sold and securities borrowed or purchased under agreements to resell (1) | 251,328 |
| | 3,176 |
| | 1.26 |
| | 222,818 |
| | 1,806 |
| | 0.81 |
| | 216,161 |
| | 967 |
| | 0.45 |
|
Trading account assets | 132,724 |
| | 4,901 |
| | 3.69 |
| | 129,007 |
| | 4,618 |
| | 3.58 |
| | 129,766 |
| | 4,563 |
| | 3.52 |
|
Debt securities | 437,312 |
| | 11,837 |
| | 2.66 |
| | 435,005 |
| | 10,626 |
| | 2.44 |
| | 418,289 |
| | 9,263 |
| | 2.23 |
|
Loans and leases (2): | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Residential mortgage | 207,523 |
| | 7,294 |
| | 3.51 |
| | 197,766 |
| | 6,831 |
| | 3.45 |
| | 188,250 |
| | 6,488 |
| | 3.45 |
|
Home equity | 53,886 |
| | 2,573 |
| | 4.77 |
| | 62,260 |
| | 2,608 |
| | 4.19 |
| | 71,760 |
| | 2,713 |
| | 3.78 |
|
U.S. credit card | 94,612 |
| | 9,579 |
| | 10.12 |
| | 91,068 |
| | 8,791 |
| | 9.65 |
| | 87,905 |
| | 8,170 |
| | 9.29 |
|
Non-U.S. credit card (3) | — |
| | — |
| | — |
| | 3,929 |
| | 358 |
| | 9.12 |
| | 9,527 |
| | 926 |
| | 9.72 |
|
Direct/Indirect and other consumer (4) | 93,036 |
| | 3,104 |
| | 3.34 |
| | 96,002 |
| | 2,734 |
| | 2.85 |
| | 94,148 |
| | 2,371 |
| | 2.52 |
|
Total consumer | 449,057 |
| | 22,550 |
| | 5.02 |
| | 451,025 |
| | 21,322 |
| | 4.73 |
| | 451,590 |
| | 20,668 |
| | 4.58 |
|
U.S. commercial | 304,387 |
| | 11,937 |
| | 3.92 |
| | 292,452 |
| | 9,765 |
| | 3.34 |
| | 276,887 |
| | 8,101 |
| | 2.93 |
|
Non-U.S. commercial | 97,664 |
| | 3,220 |
| | 3.30 |
| | 95,005 |
| | 2,566 |
| | 2.70 |
| | 93,263 |
| | 2,337 |
| | 2.51 |
|
Commercial real estate (5) | 60,384 |
| | 2,618 |
| | 4.34 |
| | 58,502 |
| | 2,116 |
| | 3.62 |
| | 57,547 |
| | 1,773 |
| | 3.08 |
|
Commercial lease financing | 21,557 |
| | 698 |
| | 3.24 |
| | 21,747 |
| | 706 |
| | 3.25 |
| | 21,146 |
| | 627 |
| | 2.97 |
|
Total commercial | 483,992 |
| | 18,473 |
| | 3.82 |
| | 467,706 |
| | 15,153 |
| | 3.24 |
| | 448,843 |
| | 12,838 |
| | 2.86 |
|
Total loans and leases (3) | 933,049 |
| | 41,023 |
| | 4.40 |
| | 918,731 |
| | 36,475 |
| | 3.97 |
| | 900,433 |
| | 33,506 |
| | 3.72 |
|
Other earning assets (1) | 76,524 |
| | 4,300 |
| | 5.62 |
| | 76,957 |
| | 3,224 |
| | 4.19 |
| | 59,775 |
| | 2,496 |
| | 4.18 |
|
Total earning assets (1,6) | 1,980,231 |
| | 67,379 |
| | 3.40 |
| | 1,922,061 |
| | 58,112 |
| | 3.02 |
| | 1,866,824 |
| | 51,540 |
| | 2.76 |
|
Cash and due from banks | 25,830 |
| | | | |
| | 27,995 |
| | | | |
| | 27,893 |
| | | | |
|
Other assets, less allowance for loan and lease losses | 319,185 |
| | |
| | |
| | 318,577 |
| | |
| | |
| | 295,501 |
| | |
| | |
|
Total assets | $ | 2,325,246 |
| | |
| | |
| | $ | 2,268,633 |
| | |
| | |
| | $ | 2,190,218 |
| | |
| | |
|
Interest-bearing liabilities | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
U.S. interest-bearing deposits: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Savings | $ | 54,226 |
| | $ | 6 |
| | 0.01 | % | | $ | 53,783 |
| | $ | 5 |
| | 0.01 | % | | $ | 49,495 |
| | $ | 5 |
| | 0.01 | % |
NOW and money market deposit accounts | 676,382 |
| | 2,636 |
| | 0.39 |
| | 628,647 |
| | 873 |
| | 0.14 |
| | 589,737 |
| | 294 |
| | 0.05 |
|
Consumer CDs and IRAs | 39,823 |
| | 157 |
| | 0.39 |
| | 44,794 |
| | 121 |
| | 0.27 |
| | 48,594 |
| | 133 |
| | 0.27 |
|
Negotiable CDs, public funds and other deposits | 50,593 |
| | 991 |
| | 1.96 |
| | 36,782 |
| | 354 |
| | 0.96 |
| | 32,889 |
| | 160 |
| | 0.49 |
|
Total U.S. interest-bearing deposits | 821,024 |
| | 3,790 |
| | 0.46 |
| | 764,006 |
| | 1,353 |
| | 0.18 |
| | 720,715 |
| | 592 |
| | 0.08 |
|
Non-U.S. interest-bearing deposits: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Banks located in non-U.S. countries | 2,312 |
| | 39 |
| | 1.69 |
| | 2,442 |
| | 21 |
| | 0.85 |
| | 3,891 |
| | 32 |
| | 0.82 |
|
Governments and official institutions | 810 |
| | — |
| | 0.01 |
| | 1,006 |
| | 10 |
| | 0.95 |
| | 1,437 |
| | 9 |
| | 0.64 |
|
Time, savings and other | 65,097 |
| | 666 |
| | 1.02 |
| | 62,386 |
| | 547 |
| | 0.88 |
| | 59,183 |
| | 382 |
| | 0.65 |
|
Total non-U.S. interest-bearing deposits | 68,219 |
| | 705 |
| | 1.03 |
| | 65,834 |
| | 578 |
| | 0.88 |
| | 64,511 |
| | 423 |
| | 0.66 |
|
Total interest-bearing deposits | 889,243 |
| | 4,495 |
| | 0.51 |
| | 829,840 |
| | 1,931 |
| | 0.23 |
| | 785,226 |
| | 1,015 |
| | 0.13 |
|
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities (1) | 269,748 |
| | 5,839 |
| | 2.17 |
| | 274,975 |
| | 3,146 |
| | 1.14 |
| | 252,585 |
| | 1,933 |
| | 0.77 |
|
Trading account liabilities | 50,928 |
| | 1,358 |
| | 2.67 |
| | 45,518 |
| | 1,204 |
| | 2.64 |
| | 37,897 |
| | 1,018 |
| | 2.69 |
|
Long-term debt | 230,693 |
| | 7,645 |
| | 3.31 |
| | 225,133 |
| | 6,239 |
| | 2.77 |
| | 228,617 |
| | 5,578 |
| | 2.44 |
|
Total interest-bearing liabilities (1,6) | 1,440,612 |
| | 19,337 |
| | 1.34 |
| | 1,375,466 |
| | 12,520 |
| | 0.91 |
| | 1,304,325 |
| | 9,544 |
| | 0.73 |
|
Noninterest-bearing sources: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Noninterest-bearing deposits | 425,698 |
| | |
| | |
| | 439,956 |
| | |
| | |
| | 437,335 |
| | |
| | |
|
Other liabilities (1) | 194,188 |
| | |
| | |
| | 181,922 |
| | |
| | |
| | 182,715 |
| | |
| | |
|
Shareholders’ equity | 264,748 |
| | |
| | |
| | 271,289 |
| | |
| | |
| | 265,843 |
| | |
| | |
|
Total liabilities and shareholders’ equity | $ | 2,325,246 |
| | |
| | |
| | $ | 2,268,633 |
| | |
| | |
| | $ | 2,190,218 |
| | |
| | |
|
Net interest spread | |
| | |
| | 2.06 | % | | |
| | |
| | 2.11 | % | | |
| | |
| | 2.03 | % |
Impact of noninterest-bearing sources | |
| | |
| | 0.36 |
| | |
| | |
| | 0.26 |
| | |
| | |
| | 0.22 |
|
Net interest income/yield on earning assets (7) | |
| | $ | 48,042 |
| | 2.42 | % | | |
| | $ | 45,592 |
| | 2.37 | % | | |
| | $ | 41,996 |
| | 2.25 | % |
| |
(1) | Certain prior-period amounts have been reclassified to conform to current period presentation. |
| |
(2) | Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis. |
| |
(3) | Includes assets of the Corporation’s non-U.S. consumer credit card business, which was sold during the second quarter of 2017. |
| |
(4) | Includes non-U.S. consumer loans of $2.8 billion, $2.9 billion and $3.4 billion in 2018, 2017 and 2016, respectively. |
| |
(5) | Includes U.S. commercial real estate loans of $56.4 billion, $55.0 billion and $54.2 billion, and non-U.S. commercial real estate loans of $4.0 billion, $3.5 billion and $3.4 billion in 2018, 2017 and 2016, respectively. |
| |
(6) | Interest income includes the impact of interest rate risk management contracts, which decreased interest income on the underlying assets by $171 million, $44 million and $176 million in 2018, 2017 and 2016, respectively. Interest expense includes the impact of interest rate risk management contracts, which decreased interest expense on the underlying liabilities by $130 million, $1.4 billion and $2.1 billion in 2018, 2017 and 2016, respectively. For more information, see Interest Rate Risk Management for the Banking Book on page 74. |
| |
(7) | Net interest income includes FTE adjustments of $610 million, $925 million and $900 million in 2018, 2017 and 2016, respectively. |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
Table 11 | Analysis of Changes in Net Interest Income - FTE Basis | | | | | | | | |
| | | | | | | | | | | | |
| | Due to Change in (1) | | Net Change | | Due to Change in (1) | | Net Change |
| Volume | | Rate | | | Volume | | Rate | |
(Dollars in millions) | From 2017 to 2018 | | From 2016 to 2017 |
Increase (decrease) in interest income | |
| | |
| | |
| | |
| | |
| | |
|
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | $ | 109 |
| | $ | 695 |
| | $ | 804 |
| | $ | (32 | ) | | $ | 549 |
| | $ | 517 |
|
Time deposits placed and other short-term investments | (53 | ) | | 28 |
| | (25 | ) | | 48 |
| | 53 |
| | 101 |
|
Federal funds sold and securities borrowed or purchased under agreements to resell | 230 |
| | 1,140 |
| | 1,370 |
| | 36 |
| | 803 |
| | 839 |
|
Trading account assets | 134 |
| | 149 |
| | 283 |
| | (22 | ) | | 77 |
| | 55 |
|
Debt securities | 44 |
| | 1,167 |
| | 1,211 |
| | 438 |
| | 925 |
| | 1,363 |
|
Loans and leases: | | | | | | | |
| | |
| | |
Residential mortgage | 329 |
| | 134 |
| | 463 |
| | 335 |
| | 8 |
| | 343 |
|
Home equity | (350 | ) | | 315 |
| | (35 | ) | | (360 | ) | | 255 |
| | (105 | ) |
U.S. credit card | 339 |
| | 449 |
| | 788 |
| | 290 |
| | 331 |
| | 621 |
|
Non-U.S. credit card (2) | (358 | ) | | — |
| | (358 | ) | | (544 | ) | | (24 | ) | | (568 | ) |
Direct/Indirect and other consumer | (82 | ) | | 452 |
| | 370 |
| | 48 |
| | 315 |
| | 363 |
|
Total consumer | |
| | |
| | 1,228 |
| | |
| | |
| | 654 |
|
U.S. commercial | 402 |
| | 1,770 |
| | 2,172 |
| | 468 |
| | 1,196 |
| | 1,664 |
|
Non-U.S. commercial | 71 |
| | 583 |
| | 654 |
| | 48 |
| | 181 |
| | 229 |
|
Commercial real estate | 70 |
| | 432 |
| | 502 |
| | 29 |
| | 314 |
| | 343 |
|
Commercial lease financing | (5 | ) | | (3 | ) | | (8 | ) | | 19 |
| | 60 |
| | 79 |
|
Total commercial | |
| | |
| | 3,320 |
| | |
| | |
| | 2,315 |
|
Total loans and leases | |
| | |
| | 4,548 |
| | |
| | |
| | 2,969 |
|
Other earning assets | (18 | ) | | 1,094 |
| | 1,076 |
| | 721 |
| | 7 |
| | 728 |
|
Total interest income | |
| | |
| | $ | 9,267 |
| | |
| | |
| | $ | 6,572 |
|
Increase (decrease) in interest expense | |
| | |
| | |
| | |
| | |
| | |
|
U.S. interest-bearing deposits: | |
| | |
| | |
| | |
| | |
| | |
|
Savings | $ | — |
| | $ | 1 |
| | $ | 1 |
| | $ | — |
| | $ | — |
| | $ | — |
|
NOW and money market deposit accounts | 74 |
| | 1,689 |
| | 1,763 |
| | 20 |
| | 559 |
| | 579 |
|
Consumer CDs and IRAs | (13 | ) | | 49 |
| | 36 |
| | (12 | ) | | — |
| | (12 | ) |
Negotiable CDs, public funds and other deposits | 132 |
| | 505 |
| | 637 |
| | 20 |
| | 174 |
| | 194 |
|
Total U.S. interest-bearing deposits | |
| | |
| | 2,437 |
| | |
| | |
| | 761 |
|
Non-U.S. interest-bearing deposits: | |
| | |
| | |
| | |
| | |
| | |
|
Banks located in non-U.S. countries | (1 | ) | | 19 |
| | 18 |
| | (12 | ) | | 1 |
| | (11 | ) |
Governments and official institutions | (2 | ) | | (8 | ) | | (10 | ) | | (3 | ) | | 4 |
| | 1 |
|
Time, savings and other | 26 |
| | 93 |
| | 119 |
| | 24 |
| | 141 |
| | 165 |
|
Total non-U.S. interest-bearing deposits | |
| | |
| | 127 |
| | |
| | |
| | 155 |
|
Total interest-bearing deposits | |
| | |
| | 2,564 |
| | |
| | |
| | 916 |
|
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities | (71 | ) | | 2,764 |
| | 2,693 |
| | 184 |
| | 1,029 |
| | 1,213 |
|
Trading account liabilities | 140 |
| | 14 |
| | 154 |
| | 206 |
| | (20 | ) | | 186 |
|
Long-term debt | 151 |
| | 1,255 |
| | 1,406 |
| | (85 | ) | | 746 |
| | 661 |
|
Total interest expense | |
| | |
| | 6,817 |
| | |
| | |
| | 2,976 |
|
Net increase in net interest income (3) | |
| | |
| | $ | 2,450 |
| | |
| | |
| | $ | 3,596 |
|
| |
(1) | The changes for each category of interest income and expense are divided between the portion of change attributable to the variance in volume and the portion of change attributable to the variance in rate for that category. The unallocated change in rate or volume variance is allocated between the rate and volume variances. |
| |
(2) | The Corporation sold its non-U.S. credit card business in the second quarter of 2017. |
| |
(3) | Includes changes in FTE basis adjustments of a $315 million decrease from 2017 to 2018 and a $25 million increase from 2016 to 2017. |
Business Segment Operations
Segment Description and Basis of Presentation
We report our results of operations through the following four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. We manage our segments and report their results on an FTE basis. For more information on our presentation of financial information on an FTE basis, see Supplemental Financial Data on page 24. The primary activities, products and businesses of the business segments and All Other are shown below.

We periodically review capital allocated to our businesses and allocate capital annually during the strategic and capital planning processes. We utilize a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. Our internal risk-based capital models use a risk-adjusted methodology incorporating each segment’s credit, market, interest rate, business and operational risk components. For more information on the nature of these risks, see Managing Risk on page 40. The capital allocated to the business segments
is referred to as allocated capital. Allocated equity in the reporting
units is comprised of allocated capital plus capital for the portion of goodwill and intangibles specifically assigned to the reporting unit. For more information, including the definition of reporting unit, see Note 8 – Goodwill and Intangible Assets to the Consolidated Financial Statements.
For more information on the basis of presentation for business segments and reconciliations to consolidated total revenue, net income and year-end total assets, see Note 23 – Business Segment Information to the Consolidated Financial Statements.
Consumer Banking
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | Deposits | | Consumer Lending | | Total Consumer Banking | | |
(Dollars in millions) | 2018 | 2017 | | 2018 | 2017 | | 2018 | 2017 | | % Change |
Net interest income | $ | 16,024 |
| $ | 13,353 |
| | $ | 11,099 |
| $ | 10,954 |
| | $ | 27,123 |
| $ | 24,307 |
| | 12 | % |
Noninterest income: | | | | | | | | | | |
Card income | 8 |
| 8 |
| | 5,281 |
| 5,062 |
| | 5,289 |
| 5,070 |
| | 4 |
|
Service charges | 4,298 |
| 4,265 |
| | 2 |
| 1 |
| | 4,300 |
| 4,266 |
| | 1 |
|
All other income | 430 |
| 391 |
| | 381 |
| 487 |
| | 811 |
| 878 |
| | (8 | ) |
Total noninterest income | 4,736 |
| 4,664 |
| | 5,664 |
| 5,550 |
| | 10,400 |
| 10,214 |
| | 2 |
|
Total revenue, net of interest expense | 20,760 |
| 18,017 |
| | 16,763 |
| 16,504 |
| | 37,523 |
| 34,521 |
| | 9 |
|
| | | | | | | | | | |
Provision for credit losses | 195 |
| 201 |
| | 3,469 |
| 3,324 |
| | 3,664 |
| 3,525 |
| | 4 |
|
Noninterest expense | 10,522 |
| 10,388 |
| | 7,191 |
| 7,407 |
| | 17,713 |
| 17,795 |
| | — |
|
Income before income taxes | 10,043 |
| 7,428 |
| | 6,103 |
| 5,773 |
| | 16,146 |
| 13,201 |
| | 22 |
|
Income tax expense | 2,561 |
| 2,813 |
| | 1,556 |
| 2,186 |
| | 4,117 |
| 4,999 |
| | (18 | ) |
Net income | $ | 7,482 |
| $ | 4,615 |
| | $ | 4,547 |
| $ | 3,587 |
| | $ | 12,029 |
| $ | 8,202 |
| | 47 |
|
| | | | | | | | | | |
Effective tax rate (1) | | | | | | | 25.5 | % | 37.9 | % | | |
| | | | | | | | | | |
Net interest yield | 2.35 | % | 2.05 | % | | 3.97 | % | 4.18 | % | | 3.78 |
| 3.54 |
| | |
Return on average allocated capital | 62 |
| 38 |
| | 18 |
| 14 |
| | 33 |
| 22 |
| | |
Efficiency ratio | 50.68 |
| 57.66 |
| | 42.90 |
| 44.88 |
| | 47.20 |
| 51.55 |
| | |
| | | | | | | | | | | |
Balance Sheet | | | | | | | | | | | |
| | | | | | | | | | | |
Average | | | | | | | | | | | |
Total loans and leases | $ | 5,233 |
| $ | 5,084 |
| | $ | 278,574 |
| $ | 260,974 |
| | $ | 283,807 |
| $ | 266,058 |
| | 7 | % |
Total earning assets (2) | 682,600 |
| 651,963 |
| | 279,217 |
| 261,802 |
| | 717,197 |
| 686,612 |
| | 4 |
|
Total assets (2) | 710,925 |
| 679,306 |
| | 290,068 |
| 273,253 |
| | 756,373 |
| 725,406 |
| | 4 |
|
Total deposits | 678,640 |
| 646,930 |
| | 5,533 |
| 6,390 |
| | 684,173 |
| 653,320 |
| | 5 |
|
Allocated capital | 12,000 |
| 12,000 |
| | 25,000 |
| 25,000 |
| | 37,000 |
| 37,000 |
| | — |
|
| | | | | | | | | | | |
Year end | | | | | | | | | | | |
Total loans and leases | $ | 5,470 |
| $ | 5,143 |
| | $ | 288,865 |
| $ | 275,330 |
| | $ | 294,335 |
| $ | 280,473 |
| | 5 | % |
Total earning assets (2) | 694,676 |
| 675,485 |
| | 289,249 |
| 275,742 |
| | 728,817 |
| 709,832 |
| | 3 |
|
Total assets (2) | 724,015 |
| 703,330 |
| | 299,970 |
| 287,390 |
| | 768,877 |
| 749,325 |
| | 3 |
|
Total deposits | 691,666 |
| 670,802 |
| | 4,480 |
| 5,728 |
| | 696,146 |
| 676,530 |
| | 3 |
|
| |
(1) | Estimated at the segment level only. |
| |
(2) | In segments and businesses where the total of liabilities and equity exceeds assets, we allocate assets from All Other to match the segments’ and businesses’ liabilities and allocated shareholders’ equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking. |
Consumer Banking, which is comprised of Deposits and Consumer Lending, offers a diversified range of credit, banking and investment products and services to consumers and small businesses. Deposits and Consumer Lending include the net impact of migrating customers and their related deposit, brokerage asset and loan balances between Deposits, Consumer Lending and GWIM, as well as other client-managed businesses. Our customers and clients have access to a coast to coast network including financial centers in 34 states and the District of Columbia. Our network includes approximately 4,300 financial centers, approximately 16,300 ATMs, nationwide call centers, and leading digital banking platforms with more than 36 million active users, including over 26 million active mobile users.
Consumer Banking Results
Net income for Consumer Banking increased $3.8 billion to $12.0 billion in 2018 compared to 2017 primarily driven by higher pretax income and lower income tax expense from the reduction in the federal income tax rate. The increase in pretax income was driven by higher revenue and lower noninterest expense, partially offset by higher provision for credit losses. Net interest income increased $2.8 billion to $27.1 billion primarily due to the beneficial impact of an increase in investable assets as a result of an increase in deposits, as well as higher interest rates, pricing discipline and loan growth. Noninterest income increased $186 million to $10.4 billion driven by higher card income, partially offset by lower mortgage banking income, which is included in all other income.
The provision for credit losses increased $139 million to $3.7 billion driven by portfolio seasoning and loan growth in the U.S. credit card portfolio. Noninterest expense decreased $82 million to $17.7 billion driven by operating efficiencies and lower litigation and FDIC expense. These decreases were partially offset by investments in digital capabilities and business growth, including primary sales professionals, combined with investments in new financial centers and renovations.
The return on average allocated capital was 33 percent, up from 22 percent, driven by higher net income. For more information on capital allocated to the business segments, see Business Segment Operations on page 30.
Deposits
Deposits includes the results of consumer deposit activities which consist of a comprehensive range of products provided to consumers and small businesses. Our deposit products include traditional savings accounts, money market savings accounts, CDs and IRAs, and noninterest- and interest-bearing checking accounts, as well as investment accounts and products. Net interest income is allocated to the deposit products using our funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. Deposits generates fees such as account service fees, non-sufficient funds fees, overdraft charges and ATM fees, as well as investment and brokerage fees from Merrill Edge accounts. Merrill Edge is an integrated investing and banking service targeted at customers with less than $250,000 in investable assets. Merrill
Edge provides investment advice and guidance, client brokerage asset services, a self-directed online investing platform and key banking capabilities including access to the Corporation’s network of financial centers and ATMs.
Net income for Deposits increased $2.9 billion to $7.5 billion in 2018 driven by higher revenue and lower income tax expense, partially offset by higher noninterest expense. Net interest income increased $2.7 billion to $16.0 billion primarily due to the beneficial impact of an increase in investable assets as a result of higher deposits, and pricing discipline. Noninterest income increased $72 million to $4.7 billion primarily driven by higher service charges.
The provision for credit losses decreased $6 million to $195 million in 2018. Noninterest expense increased $134 million to $10.5 billion primarily driven by investments in digital capabilities and business growth, including primary sales professionals, combined with investments in new financial centers and renovations. These increases were partially offset by lower litigation and FDIC expense.
Average deposits increased $31.7 billion to $678.6 billion in 2018 driven by strong organic growth. Growth in checking, money market savings and traditional savings of $36.3 billion was partially offset by a decline in time deposits of $4.6 billion.
|
| | | | | | | |
| | | |
Key Statistics – Deposits | | | |
| | | |
| 2018 | | 2017 |
Total deposit spreads (excludes noninterest costs) (1) | 2.14 | % | | 1.84 | % |
| | | |
Year end | | | |
Client brokerage assets (in millions) | $ | 185,881 |
| | $ | 177,045 |
|
Active digital banking users (units in thousands) (2) | 36,264 |
| | 34,855 |
|
Active mobile banking users (units in thousands) | 26,433 |
| | 24,238 |
|
Financial centers | 4,341 |
| | 4,477 |
|
ATMs | 16,255 |
| | 16,039 |
|
| |
(1) | Includes deposits held in Consumer Lending. |
| |
(2) | Digital users represents mobile and/or online users across consumer businesses. |
Client brokerage assets increased $8.8 billion in 2018 driven by strong client flows, partially offset by market performance. Active mobile banking users increased 2.2 million reflecting continuing changes in our customers’ banking preferences. The number of financial centers declined by a net 136 reflecting changes in customer preferences to self-service options as we continue to optimize our consumer banking network and improve our cost to serve.
Consumer Lending
Consumer Lending offers products to consumers and small businesses across the U.S. The products offered include credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans such as automotive, recreational vehicle and consumer personal loans. In addition to earning net interest spread revenue on its lending activities, Consumer Lending generates interchange revenue from credit and debit card transactions, late fees, cash advance fees, annual credit card fees, mortgage banking fee income and other miscellaneous fees. Consumer Lending products are available to our customers through our retail network, direct telephone, and online and mobile channels. Consumer Lending results also include the impact of
servicing residential mortgages and home equity loans in the core portfolio, including loans held on the balance sheet of Consumer Lending and loans serviced for others.
Net income for Consumer Lending increased $960 million to $4.5 billion in 2018 driven by lower income tax expense, higher revenue and lower noninterest expense, partially offset by higher provision for credit losses. Net interest income increased $145 million to $11.1 billion primarily driven by higher interest rates and the impact of an increase in loan balances. Noninterest income increased $114 million to $5.7 billion driven by higher card income, partially offset by lower mortgage banking income.
The provision for credit losses increased $145 million to $3.5 billion driven by portfolio seasoning and loan growth in the U.S. credit card portfolio. Noninterest expense decreased $216 million to $7.2 billion primarily driven by operating efficiencies.
Average loans increased $17.6 billion to $278.6 billion in 2018 driven by increases in residential mortgages and U.S. credit card loans, partially offset by lower home equity balances.
|
| | | | | | | |
| | | |
Key Statistics – Consumer Lending |
| |
(Dollars in millions) | 2018 | | 2017 |
Total U.S. credit card (1) | | | |
Gross interest yield | 10.12 | % | | 9.65 | % |
Risk-adjusted margin | 8.34 |
| | 8.67 |
|
New accounts (in thousands) | 4,544 |
| | 4,939 |
|
Purchase volumes | $ | 264,706 |
| | $ | 244,753 |
|
Debit card purchase volumes | $ | 318,562 |
| | $ | 298,641 |
|
| |
(1) | In addition to the U.S. credit card portfolio in Consumer Banking, the remaining U.S. credit card portfolio is in GWIM. |
During 2018, the total U.S. credit card risk-adjusted margin decreased 33 bps compared to 2017, primarily driven by increased net charge-offs and higher credit card rewards costs. Total U.S. credit card purchase volumes increased $20.0 billion to $264.7 billion, and debit card purchase volumes increased $19.9 billion to $318.6 billion, reflecting higher levels of consumer spending.
|
| | | | | | | |
| | | |
Key Statistics – Loan Production (1) |
| | | |
(Dollars in millions) | 2018 | | 2017 |
Total (2): | | | |
First mortgage | $ | 41,195 |
| | $ | 50,581 |
|
Home equity | 14,869 |
| | 16,924 |
|
Consumer Banking: | | | |
First mortgage | $ | 27,280 |
| | $ | 34,065 |
|
Home equity | 13,251 |
| | 15,199 |
|
| |
(1) | The loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit. |
| |
(2) | In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM. |
First mortgage loan originations in Consumer Banking and for the total Corporation decreased $6.8 billion and $9.4 billion in 2018 primarily driven by a higher interest rate environment driving lower first-lien mortgage refinances.
Home equity production in Consumer Banking and for the total Corporation decreased $1.9 billion and $2.1 billion in 2018 primarily driven by lower demand.
Global Wealth & Investment Management |
| | | | | | | | | | | |
| | | | | | |
(Dollars in millions) | 2018 | | 2017 | | % Change |
Net interest income | $ | 6,294 |
| | $ | 6,173 |
| | 2 | % |
Noninterest income: | | | | | |
Investment and brokerage services | 11,959 |
| | 11,394 |
| | 5 |
|
All other income | 1,085 |
| | 1,023 |
| | 6 |
|
Total noninterest income | 13,044 |
| | 12,417 |
| | 5 |
|
Total revenue, net of interest expense | 19,338 |
| | 18,590 |
| | 4 |
|
| | | | | |
Provision for credit losses | 86 |
| | 56 |
| | 54 |
|
Noninterest expense | 13,777 |
| | 13,556 |
| | 2 |
|
Income before income taxes | 5,475 |
| | 4,978 |
| | 10 |
|
Income tax expense | 1,396 |
| | 1,885 |
| | (26 | ) |
Net income | $ | 4,079 |
| | $ | 3,093 |
| | 32 |
|
| | | | | |
Effective tax rate | 25.5 | % | | 37.9 | % | | |
| | | | | |
Net interest yield | 2.42 |
| | 2.32 |
| | |
Return on average allocated capital | 28 |
| | 22 |
| | |
Efficiency ratio | 71.24 |
| | 72.92 |
| | |
| | | | | |
Balance Sheet | | | | | | |
| | | | | |
Average | | | | | |
Total loans and leases | $ | 161,342 |
| | $ | 152,682 |
| | 6 | % |
Total earning assets | 259,807 |
| | 265,670 |
| | (2 | ) |
Total assets | 277,219 |
| | 281,517 |
| | (2 | ) |
Total deposits | 241,256 |
| | 245,559 |
| | (2 | ) |
Allocated capital | 14,500 |
| | 14,000 |
| | 4 |
|
| | | | | |
Year end | | | | | |
Total loans and leases | $ | 164,854 |
| | $ | 159,378 |
| | 3 | % |
Total earning assets | 287,197 |
| | 267,026 |
| | 8 |
|
Total assets | 305,906 |
| | 284,321 |
| | 8 |
|
Total deposits | 268,700 |
| | 246,994 |
| | 9 |
|
GWIM consists of two primary businesses: Merrill Lynch Global Wealth Management (MLGWM) and U.S. Trust, Bank of America Private Wealth Management (U.S. Trust).
MLGWM’s advisory business provides a high-touch client experience through a network of financial advisors focused on clients with over $250,000 in total investable assets. MLGWM provides tailored solutions to meet clients’ needs through a full set of investment management, brokerage, banking and retirement products.
U.S. Trust, together with MLGWM’s Private Banking & Investments Group, provides comprehensive wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients’ wealth structuring, investment management, trust and banking needs, including specialty asset management services.
Net income for GWIM increased $986 million to $4.1 billion in 2018 compared to 2017 due to higher revenue and lower income tax expense from the reduction in the federal income tax rate, partially offset by an increase in noninterest expense and provision for credit losses. The operating margin was 28 percent compared to 27 percent a year ago.
Net interest income increased $121 million to $6.3 billion due to higher deposit spreads and average loan balances, partially offset by lower loan spreads and average deposit balances.
Noninterest income, which primarily includes investment and brokerage services income, increased $627 million to $13.0 billion. The increase was driven by the impact of AUM flows and higher market valuations, partially offset by the impact of changing market dynamics on transactional revenue and AUM pricing.
Noninterest expense increased $221 million to $13.8 billion primarily due to higher revenue-related incentive expense and investments for business growth, partially offset by continued expense discipline.
The return on average allocated capital was 28 percent, up from 22 percent, as higher net income was partially offset by an increased capital allocation. For more information on capital allocated to the business segments, see Business Segment Operations on page 30.
Revenue from MLGWM of $15.9 billion and revenue from U.S. Trust of $3.4 billion both increased four percent due to higher asset management fees driven by higher net flows and market valuations, and an increase in net interest income. The increase in MLGWM revenue was partially offset by lower AUM pricing and transactional revenue.
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Key Indicators and Metrics | | | | |
| | | | |
(Dollars in millions, except as noted) | | 2018 | | 2017 |
Revenue by Business | | | | |
Merrill Lynch Global Wealth Management | | $ | 15,895 |
| | $ | 15,288 |
|
U.S. Trust | | 3,432 |
| | 3,295 |
|
Other | | 11 |
| | 7 |
|
Total revenue, net of interest expense | | $ | 19,338 |
|
| $ | 18,590 |
|
| | | | |
Client Balances by Business, at year end | | | | |
Merrill Lynch Global Wealth Management | | $ | 2,193,562 |
| | $ | 2,305,664 |
|
U.S. Trust | | 427,294 |
| | 446,199 |
|
Total client balances | | $ | 2,620,856 |
| | $ | 2,751,863 |
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| | | | |
Client Balances by Type, at year end | | | | |
Assets under management | | $ | 1,021,221 |
| | $ | 1,080,747 |
|
Brokerage and other assets | | 1,162,997 |
| | 1,261,990 |
|
Deposits | | 268,700 |
| | 246,994 |
|
Loans and leases (1) | | 167,938 |
| | 162,132 |
|
Total client balances | | $ | 2,620,856 |
| | $ | 2,751,863 |
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| | | | |
Assets Under Management Rollforward | | | | |
Assets under management, beginning of year | | $ | 1,080,747 |
| | $ | 886,148 |
|
Net client flows | | 36,406 |
| | 95,707 |
|
Market valuation/other | | (95,932 | ) | | 98,892 |
|
Total assets under management, end of year | | $ | 1,021,221 |
|
| $ | 1,080,747 |
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| | | | |
Associates, at year end (2) | | | | |
Number of financial advisors | | 17,518 |
| | 17,355 |
|
Total wealth advisors, including financial advisors | | 19,459 |
| | 19,238 |
|
Total primary sales professionals, including financial advisors and wealth advisors | | 20,556 |
| | 20,318 |
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Merrill Lynch Global Wealth Management Metric | | | | |
Financial advisor productivity (3) (in thousands) | | $ | 1,034 |
| | $ | 1,005 |
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| | | | |
U.S. Trust Metric, at year end | | | | |
Primary sales professionals | | 1,747 |
| | 1,714 |
|
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(1) | Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet. |
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(2) | Includes financial advisors in the Consumer Banking segment of 2,722 and 2,402 at December 31, 2018 and 2017. |
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(3) | Financial advisor productivity is defined as MLGWM total revenue, excluding the allocation of certain asset and liability management (ALM) activities, divided by the total average number of financial advisors (excluding financial advisors in the Consumer Banking segment). |
Client Balances
Client balances managed under advisory and/or discretion of GWIM are AUM and are typically held in diversified portfolios. Fees earned on AUM are calculated as a percentage of clients’ AUM balances. The asset management fees charged to clients per year depend on various factors, but are commonly driven by the breadth
of the client’s relationship. The net client AUM flows represent the net change in clients’ AUM balances over a specified period
of time, excluding market appreciation/depreciation and other adjustments.
Client balances decreased $131.0 billion, or five percent, in 2018 to $2.6 trillion, primarily due to lower market valuations on AUM and brokerage balances, as measured at December 31, 2018, partially offset by positive flows.
Global Banking
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| | | | | | |
(Dollars in millions) | 2018 | | 2017 | | % Change |
Net interest income | $ | 10,881 |
| | $ | 10,504 |
| | 4 | % |
Noninterest income: | | | | | |
Service charges | 3,027 |
| | 3,125 |
| | (3 | ) |
Investment banking fees | 2,891 |
| | 3,471 |
| | (17 | ) |
All other income | 2,845 |
| | 2,899 |
| | (2 | ) |
Total noninterest income | 8,763 |
| | 9,495 |
| | (8 | ) |
Total revenue, net of interest expense | 19,644 |
| | 19,999 |
| | (2 | ) |
| | | | | |
Provision for credit losses | 8 |
| | 212 |
| | (96 | ) |
Noninterest expense | 8,591 |
| | 8,596 |
| | — |
|
Income before income taxes | 11,045 |
| | 11,191 |
| | (1 | ) |
Income tax expense | 2,872 |
| | 4,238 |
| | (32 | ) |
Net income | $ | 8,173 |
| | $ | 6,953 |
| | 18 |
|
| | | | | |
Effective tax rate | 26.0 | % | | 37.9 | % | | |
| | | | | |
Net interest yield | 2.98 |
| | 2.93 |
| | |
Return on average allocated capital | 20 |
| | 17 |
| | |
Efficiency ratio | 43.73 |
| | 42.98 |
| | |
| | | | | |
Balance Sheet | | | | | | |
| | | |
Average | | | | | |
Total loans and leases | $ | 354,236 |
| | $ | 346,089 |
| | 2 | % |
Total earning assets | 364,748 |
| | 358,302 |
| | 2 |
|
Total assets | 424,353 |
| | 416,038 |
| | 2 |
|
Total deposits | 336,337 |
| | 312,859 |
| | 8 |
|
Allocated capital | 41,000 |
| | 40,000 |
| | 3 |
|
| | | | | |
Year end | | | | | |
Total loans and leases | $ | 365,717 |
| | $ | 350,668 |
| | 4 | % |
Total earning assets | 377,812 |
| | 365,560 |
| | 3 |
|
Total assets | 441,477 |
| | 424,533 |
| | 4 |
|
Total deposits | 360,248 |
| | 329,273 |
| | 9 |
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Global Banking, which includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through our network of offices and client relationship teams. Our lending products and services include commercial loans, leases, commitment facilities, trade finance, commercial real estate lending and asset-based lending. Our treasury solutions business includes treasury management, foreign exchange and short-term investing options. We also provide investment banking products to our clients such as debt and equity underwriting and distribution, and merger-related and other advisory services. Underwriting debt and equity issuances, fixed-income and equity research, and certain market-based activities are executed through our global broker-dealer affiliates, which are our primary dealers in several countries. Within Global Banking, Global Commercial Banking clients generally include middle-market companies, commercial real estate firms and not-for-profit companies. Global Corporate Banking clients generally include large global corporations, financial institutions and leasing clients. Business Banking clients include mid-sized U.S.-based businesses requiring customized and integrated financial advice and solutions.
Net income for Global Banking increased $1.2 billion to $8.2 billion in 2018 compared to 2017 primarily driven by lower income tax expense from the reduction in the federal income tax rate and lower provision for credit losses, partially offset by lower revenue. Noninterest expense was relatively unchanged.
Revenue decreased $355 million to $19.6 billion driven by lower noninterest income, partially offset by higher net interest income. Net interest income increased $377 million to $10.9 billion primarily due to the impact of higher interest rates, as well as loan and deposit growth. Noninterest income decreased $732 million to $8.8 billion primarily due to lower investment banking fees. The provision for credit losses improved $204 million to $8 million primarily driven by Global Banking’s portion of a 2017 single-name non-U.S. commercial charge-off and continued improvement in the commercial portfolio.
The return on average allocated capital was 20 percent, up from 17 percent, as higher net income was partially offset by an increased capital allocation. For more information on capital allocated to the business segments, see Business Segment Operations on page 30.
Global Corporate, Global Commercial and Business Banking
Global Corporate, Global Commercial and Business Banking each include Business Lending and Global Transaction Services activities. Business Lending includes various lending-related products and services, and related hedging activities, including commercial loans, leases, commitment facilities, trade finance, real estate lending and asset-based lending. Global Transaction Services includes deposits, treasury management, credit card, foreign exchange and short-term investment products.
The table below and following discussion present a summary of the results, which exclude certain investment banking activities in Global Banking.
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Global Corporate, Global Commercial and Business Banking | | | | | | | | | | |
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| | Global Corporate Banking | | Global Commercial Banking | | Business Banking | | Total |
| 2018 | | 2017 | | 2018 | | 2017 | | 2018 | | 2017 | | 2018 | | 2017 |
(Dollars in millions) | | | | | | | | | | | | | | | |
Revenue | | | | | | | | | | | | | | | |
Business Lending | $ | 4,122 |
| | $ | 4,387 |
| | $ | 4,039 |
| | $ | 4,280 |
| | $ | 393 |
| | $ | 404 |
| | $ | 8,554 |
| | $ | 9,071 |
|
Global Transaction Services | 3,656 |
| | 3,322 |
| | 3,288 |
| | 3,017 |
| | 973 |
| | 849 |
| | 7,917 |
| | 7,188 |
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Total revenue, net of interest expense | $ | 7,778 |
| | $ | 7,709 |
| | $ | 7,327 |
| | $ | 7,297 |
| | $ | 1,366 |
| | $ | 1,253 |
| | $ | 16,471 |
| | $ | 16,259 |
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Balance Sheet | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Average | | | | | | | | | | | | | | | |
Total loans and leases | $ | 163,516 |
| | $ | 158,292 |
| | $ | 174,279 |
| | $ | 170,101 |
| | $ | 16,432 |
| | $ | 17,682 |
| | $ | 354,227 |
| | $ | 346,075 |
|
Total deposits | 163,559 |
| | 148,704 |
| | 135,337 |
| | 127,720 |
| | 37,462 |
| | 36,435 |
| | 336,358 |
| | 312,859 |
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Year end | | | | | | | | | | | | | | | |
Total loans and leases | $ | 174,378 |
| | $ | 163,184 |
| | $ | 175,937 |
| | $ | 169,997 |
| | $ | 15,402 |
| | $ | 17,500 |
| | $ | 365,717 |
| | $ | 350,681 |
|
Total deposits | 173,183 |
| | 155,614 |
| | 149,118 |
| | 137,538 |
| | 37,973 |
| | 36,120 |
| | 360,274 |
| | 329,272 |
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Business Lending revenue decreased $517 million in 2018 compared to 2017. The decrease was primarily driven by the impact of tax reform on certain tax-advantaged investments and lower leasing-related revenues.
Global Transaction Services revenue increased $729 million to $7.9 billion in 2018 compared to 2017 driven by higher short-term rates and increased deposits.
Average loans and leases increased two percent in 2018 compared to 2017 driven by growth in the commercial and industrial, and commercial real estate portfolios. Average deposits increased eight percent due to growth in domestic and international interest-bearing balances.
Global Investment Banking
Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the following table presents total Corporation investment banking Global Banking Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the following table presents total Corporation investment banking fees and the portion attributable to Global Banking.and Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the following table presents total Corporation investment banking fees and the portion attributable to Global Banking.Global Markets Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the following table presents total Corporation investment banking fees and the portion attributable to Global Banking. under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the following table presents total Corporation investment banking fees and the portion attributable to Global Banking.
fees and the portion attributable to Global Banking.
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Investment Banking Fees | | | | | | |
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| | Global Banking | | Total Corporation |
(Dollars in millions) | | 2018 | | 2017 | | 2018 | | 2017 |
Products | | | | | | | | |
Advisory | | $ | 1,152 |
| | $ | 1,557 |
| | $ | 1,258 |
| | $ | 1,691 |
|
Debt issuance | | 1,327 |
| | 1,506 |
| | 3,084 |
| | 3,635 |
|
Equity issuance | | 412 |
| | 408 |
| | 1,183 |
| | 940 |
|
Gross investment banking fees | | 2,891 |
| | 3,471 |
| | 5,525 |
| | 6,266 |
|
Self-led deals | | (68 | ) | | (113 | ) | | (198 | ) | | (255 | ) |
Total investment banking fees | | $ | 2,823 |
| | $ | 3,358 |
| | $ | 5,327 |
| | $ | 6,011 |
|
Total Corporation investment banking fees, excluding self-led deals, of $5.3 billion, which are primarily included within Global Banking and Global Markets, decreased 11 percent in 2018 compared to 2017 primarily due to declines in advisory fees and debt underwriting, the latter of which was driven by lower fee pools.
Global Markets |
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| | | | | | |
(Dollars in millions) | 2018 | | 2017 | | % Change |
Net interest income | $ | 3,171 |
| | $ | 3,744 |
| | (15 | )% |
Noninterest income: | | | | |
|
|
Investment and brokerage services | 1,780 |
| | 2,049 |
| | (13 | ) |
Investment banking fees | 2,296 |
| | 2,476 |
| | (7 | ) |
Trading account profits | 7,932 |
| | 6,710 |
| | 18 |
|
All other income | 884 |
| | 972 |
| | (9 | ) |
Total noninterest income | 12,892 |
| | 12,207 |
| | 6 |
|
Total revenue, net of interest expense | 16,063 |
| | 15,951 |
| | 1 |
|
| | | | |
|
|
Provision for credit losses | — |
| | 164 |
| | (100 | ) |
Noninterest expense | 10,686 |
| | 10,731 |
| | — |
|
Income before income taxes | 5,377 |
| | 5,056 |
| | 6 |
|
Income tax expense | 1,398 |
| | 1,763 |
| | (21 | ) |
Net income | $ | 3,979 |
| | $ | 3,293 |
| | 21 |
|
| | | | | |
Effective tax rate | 26.0 | % | | 34.9 | % | | |
| | | | | |
Return on average allocated capital | 11 |
| | 9 |
| | |
Efficiency ratio | 66.53 |
| | 67.27 |
| | |
| | | | | |
Balance Sheet | | | | | | |
| | | |
Average | | | | | |
Trading-related assets: | | | | | |
Trading account securities | $ | 215,112 |
| | $ | 216,996 |
| | (1 | )% |
Reverse repurchases | 125,084 |
| | 101,795 |
| | 23 |
|
Securities borrowed | 78,889 |
| | 82,210 |
| | (4 | ) |
Derivative assets | 46,047 |
| | 40,811 |
| | 13 |
|
Total trading-related assets | 465,132 |
| | 441,812 |
| | 5 |
|
Total loans and leases | 72,651 |
| | 71,413 |
| | 2 |
|
Total earning assets | 473,383 |
| | 449,441 |
| | 5 |
|
Total assets | 666,003 |
| | 638,673 |
| | 4 |
|
Total deposits | 31,209 |
| | 32,864 |
| | (5 | ) |
Allocated capital | 35,000 |
| | 35,000 |
| | — |
|
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Year end | | | | | |
Total trading-related assets | $ | 447,998 |
| | $ | 419,375 |
| | 7 | % |
Total loans and leases | 73,928 |
| | 76,778 |
| | (4 | ) |
Total earning assets | 457,224 |
| | 449,314 |
| | 2 |
|
Total assets | 641,922 |
| | 629,013 |
| | 2 |
|
Total deposits | 37,841 |
| | 34,029 |
| | 11 |
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Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to our institutional investor clients in support of their investing and trading activities. We also work with our commercial and corporate clients to provide risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income and mortgage-related products. As a result of our market-making activities in these products, we may be required to manage risk in a broad range of financial products including government securities, equity and equity-linked securities, high-grade and high-yield corporate debt securities, syndicated loans, MBS, commodities and asset-backed securities. The economics of certain investment banking and underwriting activities are shared primarily between Global Markets and Global Banking under an internal revenue-sharing arrangement. Global Banking originates certain deal product coverage includes securities and derivative products in both the primary and secondary markets. Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to our institutional investor clients in support of their investing and trading activities. We also work with our commercial and corporate clients to provide risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income and mortgage-related products. As a result of our market-making activities in these products, we may be required to manage risk in a broad range of financial products including government securities, equity and equity-linked securities, high-grade and high-yield corporate debt securities, syndicated loans, MBS, commodities and asset-backed securities. The economics of certain investment banking and underwriting activities are shared primarily between Global Markets and Global Ban
-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. For information on investment banking fees on a consolidated basis, see page 36.king under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. For information on investment banking fees on a consolidated basis, see page 36.
Net income for Global Markets increased $686 million to $4.0 billion in 2018 compared to 2017. Net DVA losses were $162 million compared to losses of $428 million in 2017. Excluding net DVA, net income increased $544 million to $4.1 billion. These increases were primarily driven by lower income tax expense from the reduction in the federal income tax rate, a decrease in the provision for credit losses and modestly higher revenue.
Sales and trading revenue, excluding net DVA, increased $19 million due to higher Equities revenue, largely offset by lower FICC revenue. The provision for credit losses decreased $164 million driven by Global Markets’ portion of a single-name non-U.S. commercial charge-off in 2017. Noninterest expense decreased $45 million to $10.7 billion primarily due to lower operating costs.
Average total assets increased $27.3 billion to $666.0 billion in 2018 primarily driven by increased levels of inventory in FICC to facilitate client demand and growth in Equities derivative client financing activities. Total year-end assets increased $12.9 billion to $641.9 billion at December 31, 2018 due to increased levels of inventory in FICC.
The return on average allocated capital was 11 percent, up from 9 percent, reflecting higher net income. For more information on capital allocated to the business segments, see Business Segment Operations on page 30.
Sales and Trading Revenue
Sales and trading revenue includes unrealized and realized gains and losses on trading and other assets, net interest income, and fees primarily from commissions on equity securities. Sales and trading revenue is segregated into fixed-income (government debt obligations, investment and non-investment grade corporate debt obligations, commercial MBS, residential mortgage-backed securities, collateralized loan obligations, interest rate and credit derivative contracts), currencies (interest rate and foreign exchange contracts), commodities (primarily futures, forwards, swaps and options) and equities (equity-linked derivatives and cash equity activity). The following table and related discussion present sales and trading revenue, substantially all of which is in Global Markets, with the remainder in Global Banking. In addition, the following table and related discussion present sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 24.
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| | | |
Sales and Trading Revenue (1, 2) |
| | | |
(Dollars in millions) | 2018 | | 2017 |
Sales and trading revenue | | | |
Fixed-income, currencies and commodities | $ | 8,186 |
| | $ | 8,657 |
|
Equities | 4,876 |
| | 4,120 |
|
Total sales and trading revenue | $ | 13,062 |
| | $ | 12,777 |
|
| | | |
Sales and trading revenue, excluding net DVA (3) | | | |
Fixed-income, currencies and commodities | $ | 8,328 |
| | $ | 9,051 |
|
Equities | 4,896 |
| | 4,154 |
|
Total sales and trading revenue, excluding net DVA | $ | 13,224 |
| | $ | 13,205 |
|
| |
(1) | Includes FTE adjustments of $249 million and $236 million for 2018 and 2017. For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements. |
| |
(2) | Includes Global Banking sales and trading revenue of $430 million and $236 million for 2018 and 2017. |
| |
(3) | FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA losses were $142 million and $394 million for 2018 and 2017. Equities net DVA losses were $20 million and $34 million for 2018 and 2017. |
The following explanations for year-over-year changes in sales and trading, FICC and Equities revenue exclude net DVA, but would be the same whether net DVA was included or excluded. FICC revenue decreased $723 million in 2018 primarily due to lower activity and a less favorable market in credit-related products. The decline in FICC revenue was also impacted by higher funding costs, which were driven by increases in market interest rates. Equities revenue increased $742 million in 2018 driven by strength in client financing and derivatives.
All Other
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| | | | | | | | | | | |
| | | | | | |
(Dollars in millions) | 2018 | | 2017 | | % Change |
Net interest income | $ | 573 |
| | $ | 864 |
| | (34 | )% |
Noninterest income (loss) | (1,284 | ) | | (1,648 | ) | | (22 | ) |
Total revenue, net of interest expense | (711 | ) | | (784 | ) | | (9 | ) |
| | | | | |
Provision for credit losses | (476 | ) | | (561 | ) | | (15 | ) |
Noninterest expense | 2,614 |
| | 4,065 |
| | (36 | ) |
Loss before income taxes | (2,849 | ) | | (4,288 | ) | | (34 | ) |
Income tax benefit | (2,736 | ) | | (979 | ) | | n/m |
|
Net loss | $ | (113 | ) | | $ | (3,309 | ) | | (97 | ) |
| | | | | | |
Balance Sheet | | | | | | |
| | | | |
Average | | | | | | |
Total loans and leases | $ | 61,013 |
| | $ | 82,489 |
| | (26 | )% |
Total assets (1) | 201,298 |
| | 206,999 |
| | (3 | ) |
Total deposits | 21,966 |
| | 25,194 |
| | (13 | ) |
| | | | | | |
Year end | | | | | | |
Total loans and leases | $ | 48,061 |
| | $ | 69,452 |
| | (31 | )% |
Total assets (1) | 196,325 |
| | 194,042 |
| | 1 |
|
Total deposits | 18,541 |
| | 22,719 |
| | (18 | ) |
| |
(1) | In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, we allocate assets from All Other to those segments to match liabilities (i.e., deposits) and allocated shareholders’ equity. Average allocated assets were $517.0 billion and $515.6 billion for 2018 and 2017, and year-end allocated assets were $540.8 billion and $520.4 billion at December 31, 2018 and 2017. |
n/m = not meaningful
All Other consists of ALM activities, equity investments, non-core mortgage loans and servicing activities, the net impact of periodic revisions to the MSR valuation model for core and non-core MSRs and the related economic hedge results, liquidating businesses and residual expense allocations. ALM activities encompass certain residential mortgages, debt securities, interest rate and foreign currency risk management activities, the impact of certain
allocation methodologies and hedge ineffectiveness. The results of certain ALM activities are allocated to our business segments. For more information on our ALM activities, see Note 23 – Business Segment Information to the Consolidated Financial Statements. Equity investments include our merchant services joint venture as well as a portfolio of equity, real estate and other alternative investments. For more information on our merchant services joint
venture, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements.
The Corporation classifies consumer real estate loans as core or non-core based on loan and customer characteristics. For more information on the core and non-core portfolios, see Consumer Portfolio Credit Risk Management on page 51. Residential mortgage loans that are held for ALM purposes, including interest rate or liquidity risk management, are classified as core and are presented on the balance sheet of All Other. During 2018, residential mortgage loans held for ALM activities decreased $3.6 billion to $24.9 billion at December 31, 2018 primarily as a result of payoffs and paydowns. Non-core residential mortgage and home equity loans, which are principally runoff portfolios, are also held in All Other. During 2018, total non-core loans decreased $17.8 billion to $23.5 billion at December 31, 2018 due primarily to loan sales of $10.8 billion, as well as payoffs and paydowns.
The net loss for All Other improved $3.2 billion to a loss of $113 million, driven by a charge of $2.9 billion in 2017 due to enactment of the Tax Act. The pretax loss for 2018 compared to 2017 decreased $1.4 billion primarily due to lower noninterest expense.
Revenue increased $73 million to a loss of $711 million primarily due to gains of $731 million from the sale of consumer real estate loans, primarily non-core, offset by a $729 million charge related to the redemption of certain trust preferred securities in 2018. Results for 2017 included a downward valuation adjustment of $946 million on tax-advantaged energy investments in connection with the Tax Act and a pretax gain of $793 million recognized in connection with the sale of the non-U.S. consumer credit card business in 2017.
Noninterest expense decreased $1.5 billion to $2.6 billion primarily due to lower non-core mortgage costs and reduced operational costs from the sale of the non-U.S. consumer credit card business. Also, the prior-year period included a $316 million impairment charge related to certain data centers.
The income tax benefit was $2.7 billion in 2018 compared to a benefit of $1.0 billion in 2017. The increase in the tax benefit was primarily driven by a charge of $1.9 billion in 2017 related to impacts of the Tax Act for the lower valuation of certain deferred tax assets and liabilities. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking.
Off-Balance Sheet Arrangements and Contractual Obligations
We have contractual obligations to make future payments on debt and lease agreements. Additionally, in the normal course of business, we enter into contractual arrangements whereby we commit to future purchases of products or services from unaffiliated parties. Purchase obligations are defined as obligations that are legally binding agreements whereby we agree to purchase products or services with a specific minimum quantity at a fixed, minimum or variable price over a specified period of time. Included in purchase obligations are vendor contracts, the most significant of which include communication services, processing services and software contracts. Debt, lease and other obligations are more fully discussed in Note 11 – Long-term Debt and Note 12 – Commitments and Contingencies to the Consolidated Financial Statements.
Other long-term liabilities include our contractual funding obligations related to the Non-U.S. Pension Plans and Nonqualified and Other Pension Plans (together, the Plans). Obligations to the Plans are based on the current and projected obligations of the Plans, performance of the Plans’ assets, and any participant contributions, if applicable. During 2018 and 2017, we contributed $156 million and $514 million to the Plans, and we expect to make $127 million of contributions during 2019. The Plans are more fully discussed in Note 17 – Employee Benefit Plans to the Consolidated Financial Statements.
We enter into commitments to extend credit such as loan commitments, standby letters of credit (SBLCs) and commercial letters of credit to meet the financing needs of our customers. For a summary of the total unfunded, or off-balance sheet, credit extension commitment amounts by expiration date, see Credit Extension Commitments in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements.
We also utilize variable interest entities (VIEs) in the ordinary course of business to support our financing and investing needs as well as those of our customers. For more information on our involvement with unconsolidated VIEs, see Note 7 – Securitizations and Other Variable Interest Entities to the Consolidated Financial Statements.
Table 12 includes certain contractual obligations at December 31, 2018 and 2017.
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Table 12 | Contractual Obligations | | | | | | | |
| | | | | | | | | | | | |
| | December 31, 2018 | | December 31 2017 |
(Dollars in millions) | Due in One Year or Less | | Due After One Year Through Three Years | | Due After Three Years Through Five Years | | Due After Five Years | | Total | | Total |
Long-term debt | $ | 37,975 |
| | $ | 43,685 |
| | $ | 41,603 |
| | $ | 106,077 |
| | $ | 229,340 |
| | $ | 227,402 |
|
Operating lease obligations | 2,370 |
| | 4,197 |
| | 3,043 |
| | 6,160 |
| | 15,770 |
| | 14,520 |
|
Purchase obligations | 1,288 |
| | 1,162 |
| | 507 |
| | 1,091 |
| | 4,048 |
| | 4,219 |
|
Time deposits | 53,482 |
| | 5,477 |
| | 1,473 |
| | 607 |
| | 61,039 |
| | 67,844 |
|
Other long-term liabilities | 1,611 |
| | 1,049 |
| | 729 |
| | 544 |
| | 3,933 |
| | 4,972 |
|
Estimated interest expense on long-term debt and time deposits (1) | 6,795 |
| | 10,778 |
| | 8,407 |
| | 30,872 |
| | 56,852 |
| | 49,123 |
|
Total contractual obligations | $ | 103,521 |
| | $ | 66,348 |
| | $ | 55,762 |
| | $ | 145,351 |
| | $ | 370,982 |
| | $ | 368,080 |
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(1) | Represents forecasted net interest expense on long-term debt and time deposits based on interest rates at December 31, 2018 and 2017. Forecasts are based on the contractual maturity dates of each liability, and are net of derivative hedges, where applicable. |
Representations and Warranties Obligations
For more information on representations and warranties obligations in connection with the sale of mortgage loans, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements. For more information related to the sensitivity of the assumptions used to estimate our reserve for representations and warranties, see Complex Accounting Estimates – Representations and Warranties Liability on page 79.
Managing Risk
Overview
Risk is inherent in all our business activities. Sound risk management enables us to serve our customers and deliver for our shareholders. If not managed well, risks can result in financial loss, regulatory sanctions and penalties, and damage to our reputation, each of which may adversely impact our ability to execute our business strategies. We take a comprehensive approach to risk management with a defined Risk Framework and an articulated Risk Appetite Statement which are approved annually by the Enterprise Risk Committee (ERC) and the Board.
The seven key types of risk faced by the Corporation are strategic, credit, market, liquidity, compliance, operational and reputational.
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● | Strategic risk is the risk resulting from incorrect assumptions about external or internal factors, inappropriate business plans, ineffective business strategy execution, or failure to respond in a timely manner to changes in the regulatory, macroeconomic or competitive environments in the geographic locations in which we operate. |
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● | Credit risk is the risk of loss arising from the inability or failure of a borrower or counterparty to meet its obligations. |
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● | Market risk is the risk that changes in market conditions may adversely impact the value of assets or liabilities, or otherwise negatively impact earnings. |
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● | Liquidity risk is the inability to meet expected or unexpected cash flow and collateral needs while continuing to support our businesses and customers under a range of economic conditions. |
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● | Compliance risk is the risk of legal or regulatory sanctions, material financial loss or damage to the reputation of the Corporation arising from the failure of the Corporation to comply with the requirements of applicable laws, rules and regulations and our internal policies and procedures. |
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● | Operational risk is the risk of loss resulting from inadequate or failed processes, people and systems, or from external events. |
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● | Reputational risk is the risk that negative perceptions of the Corporation’s conduct or business practices may adversely impact its profitability or operations. |
The following sections address in more detail the specific procedures, measures and analyses of the major categories of risk. This discussion of managing risk focuses on the current Risk Framework that, as part of its annual review process, was approved by the ERC and the Board.
As set forth in our Risk Framework, a culture of managing risk well is fundamental to fulfilling our purpose and our values and delivering responsible growth. It requires us to focus on risk in all activities and encourages the necessary mindset and behavior to enable effective risk management, and promotes sound risk-taking
within our risk appetite. Sustaining a culture of managing risk well throughout the organization is critical to our success and is a clear expectation of our executive management team and the Board.
Our Risk Framework serves as the foundation for the consistent and effective management of risks facing the Corporation. The Risk Framework sets forth clear roles, responsibilities and accountability for the management of risk and provides a blueprint for how the Board, through delegation of authority to committees and executive officers, establishes risk appetite and associated limits for our activities.
Executive management assesses, with Board oversight, the risk-adjusted returns of each business. Management reviews and approves the strategic and financial operating plans, as well as the capital plan and Risk Appetite Statement, and recommends them annually to the Board for approval. Our strategic plan takes into consideration return objectives and financial resources, which must align with risk capacity and risk appetite. Management sets financial objectives for each business by allocating capital and setting a target for return on capital for each business. Capital allocations and operating limits are regularly evaluated as part of our overall governance processes as the businesses and the economic environment in which we operate continue to evolve. For more information regarding capital allocations, see Business Segment Operations on page 30.
The Corporation’s risk appetite indicates the amount of capital, earnings or liquidity we are willing to put at risk to achieve our strategic objectives and business plans, consistent with applicable regulatory requirements. Our risk appetite provides a common and comparable set of measures for senior management and the Board to clearly indicate our aggregate level of risk and to monitor whether the Corporation’s risk profile remains in alignment with our strategic and capital plans. Our risk appetite is formally articulated in the Risk Appetite Statement, which includes both qualitative components and quantitative limits.
Our overall capacity to take risk is limited; therefore, we prioritize the risks we take in order to maintain a strong and flexible financial
position so we can withstand challenging economic conditions and take advantage of organic growth opportunities. Therefore, we set objectives and targets for capital and liquidity that are intended to permit us to continue to operate in a safe and sound manner, including during periods of stress.
Our lines of business operate with risk limits (which may include credit, market and/or operational limits, as applicable) that align with the Corporation’s risk appetite. Executive management is responsible for tracking and reporting performance measurements as well as any exceptions to guidelines or limits. The Board, and its committees when appropriate, oversees financial performance, execution of the strategic and financial operating plans, adherence to risk appetite limits and the adequacy of internal controls.
For a more detailed discussion of our risk management activities, see the discussion below and pages 43 through 77.
Risk Management Governance
The Risk Framework describes delegations of authority whereby the Board and its committees may delegate authority to management-level committees or executive officers. Such delegations may authorize certain decision-making and approval functions, which may be evidenced in, for example, committee charters, job descriptions, meeting minutes and resolutions.
The chart below illustrates the inter-relationship among the Board, Board committees and management committees that have the majority of risk oversight responsibilities for the Corporation.
(1) This presentation does not include committees for other legal entities.
(2) Reports to the CEO and CFO with oversight by the Audit Committee.
Board of Directors and Board Committees
The Board is composed of 16 directors, all but one of whom are independent. The Board authorizes management to maintain an effective Risk Framework, and oversees compliance with safe and sound banking practices. In addition, the Board or its committees conduct inquiries of, and receive reports from management on risk-related matters to assess scope or resource limitations that could impede the ability of Independent Risk Management (IRM) and/or Corporate Audit to execute its responsibilities. The Board committees discussed below have the principal responsibility for enterprise-wide oversight of our risk management activities. Through these activities, the Board and applicable committees are provided with information on our risk profile and oversee executive management addressing key risks we face. Other Board committees, as described below, provide additional oversight of specific risks.
Each of the committees shown on the above chart regularly reports to the Board on risk-related matters within the committee’s responsibilities, which is intended to collectively provide the Board with integrated insight about our management of enterprise-wide risks.
Audit Committee
The Audit Committee oversees the qualifications, performance and independence of the Independent Registered Public Accounting Firm, the performance of our corporate audit function, the integrity of our consolidated financial statements, our compliance with legal and regulatory requirements, and makes inquiries of management or the Corporate General Auditor (CGA) to determine whether there are scope or resource limitations that impede the ability of Corporate Audit to execute its responsibilities. The Audit Committee is also responsible for overseeing compliance risk pursuant to the New York Stock Exchange listing standards.
Enterprise Risk Committee
The ERC has primary responsibility for oversight of the Risk Framework and key risks we face and of the Corporation’s overall risk appetite. It approves the Risk Framework and the Risk Appetite Statement and further recommends these documents to the Board for approval. The ERC oversees senior management’s
responsibilities for the identification, measurement, monitoring and control of key risks we face. The ERC may consult with other Board committees on risk-related matters.
Other Board Committees
Our Corporate Governance Committee oversees our Board’s governance processes, identifies and reviews the qualifications of potential Board members, recommends nominees for election to our Board, recommends committee appointments for Board approval and reviews our Environmental, Social and Governance and stockholder engagement activities.
Our Compensation and Benefits Committee oversees establishing, maintaining and administering our compensation programs and employee benefit plans, including approving and recommending our Chief Executive Officer’s (CEO) compensation to our Board for further approval by all independent directors, and reviewing and approving all of our executive officers’ compensation, as well as compensation for non-management directors.
Management Committees
Management committees may receive their authority from the Board, a Board committee, another management committee or from one or more executive officers. Our primary management-level risk committee is the Management Risk Committee (MRC). Subject to Board oversight, the MRC is responsible for management oversight of key risks facing the Corporation. This includes providing management oversight of our compliance and operational risk programs, balance sheet and capital management, funding activities and other liquidity activities, stress testing, trading activities, recovery and resolution planning, model risk, subsidiary governance and activities between member banks and their nonbank affiliates pursuant to Federal Reserve rules and regulations, among other things.
Lines of Defense
We have clear ownership and accountability across three lines of defense: Front Line Units (FLUs), IRM and Corporate Audit. We also have control functions outside of FLUs and IRM (e.g., Legal and Global Human Resources). The three lines of defense are
integrated into our management-level governance structure. Each of these functional roles is described in more detail below.
Executive Officers
Executive officers lead various functions representing the functional roles. Authority for functional roles may be delegated to executive officers from the Board, Board committees or management-level committees. Executive officers, in turn, may further delegate responsibilities, as appropriate, to management-level committees, management routines or individuals. Executive officers review our activities for consistency with our Risk Framework, Risk Appetite Statement and applicable strategic, capital and financial operating plans, as well as applicable policies, standards, procedures and processes. Executive officers and other employees make decisions individually on a day-to-day basis, consistent with the authority they have been delegated. Executive officers and other employees may also serve on committees and participate in committee decisions.
Front Line Units
FLUs, which include the lines of business as well as the Global Technology and Operations Group, are responsible for appropriately assessing and effectively managing all of the risks associated with their activities.
Three organizational units that include FLU activities and control function activities, but are not part of IRM are the Chief Financial Officer (CFO) Group, Global Marketing and Corporate Affairs (GM&CA) and the Chief Administrative Officer (CAO) Group.
Independent Risk Management
IRM is part of our control functions and includes Global Risk Management and Global Compliance and Operational Risk. We have other control functions that are not part of IRM (other control functions may also provide oversight to FLU activities), including Legal, Global Human Resources and certain activities within the CAO Group, CFO Group and GM&CA. IRM, led by the Chief Risk Officer (CRO), is responsible for independently assessing and overseeing risks within FLUs and other control functions. IRM establishes written enterprise policies and procedures that include concentration risk limits, where appropriate. Such policies and procedures outline how aggregate risks are identified, measured, monitored and controlled.
The CRO has the stature, authority and independence to develop and implement a meaningful risk management framework. The CRO has unrestricted access to the Board and reports directly to both the ERC and to the CEO. Global Risk Management is organized into horizontal risk teams, front line unit risk teams and control function risk teams that work collaboratively in executing their respective duties.
Corporate Audit
Corporate Audit and the CGA maintain their independence from the FLUs, IRM and other control functions by reporting directly to the Audit Committee or the Board. The CGA administratively reports to the CEO. Corporate Audit provides independent assessment and validation through testing of key processes and controls across the Corporation. Corporate Audit includes Credit Review which periodically tests and examines credit portfolios and processes.
Risk Management Processes
The Risk Framework requires that strong risk management practices are integrated in key strategic, capital and financial planning processes and in day-to-day business processes across
the Corporation, with a goal of ensuring risks are appropriately considered, evaluated and responded to in a timely manner.
We employ our risk management process, referred to as Identify, Measure, Monitor and Control, as part of our daily activities.
Identify – To be effectively managed, risks must be clearly defined and proactively identified. Proper risk identification focuses on recognizing and understanding key risks inherent in our business activities or key risks that may arise from external factors. Each employee is expected to identify and escalate risks promptly. Risk identification is an ongoing process, incorporating input from FLUs and control functions, designed to be forward looking and capture relevant risk factors across all of our lines of business.
Measure – Once a risk is identified, it must be prioritized and accurately measured through a systematic risk quantification process including quantitative and qualitative components. Risk is measured at various levels including, but not limited to, risk type, FLU, legal entity and on an aggregate basis. This risk quantification process helps to capture changes in our risk profile due to changes in strategic direction, concentrations, portfolio quality and the overall economic environment. Senior management considers how risk exposures might evolve under a variety of stress scenarios.
Monitor – We monitor risk levels regularly to track adherence to risk appetite, policies, standards, procedures and processes. We also regularly update risk assessments and review risk exposures. Through our monitoring, we can determine our level of risk relative to limits and can take action in a timely manner. We also can determine when risk limits are breached and have processes to appropriately report and escalate exceptions. This includes requests for approval to managers and alerts to executive management, management-level committees or the Board (directly or through an appropriate committee).
Control – We establish and communicate risk limits and controls through policies, standards, procedures and processes that define the responsibilities and authority for risk-taking. The limits and controls can be adjusted by the Board or management when conditions or risk tolerances warrant. These limits may be absolute (e.g., loan amount, trading volume) or relative (e.g., percentage of loan book in higher-risk categories). Our lines of business are held accountable to perform within the established limits.
The formal processes used to manage risk represent a part of our overall risk management process. We instill a strong and comprehensive culture of managing risk well through communications, training, policies, procedures and organizational roles and responsibilities. Establishing a culture reflective of our purpose to help make our customers’ financial lives better and delivering our responsible growth strategy are also critical to effective risk management. We understand that improper actions, behaviors or practices that are illegal, unethical or contrary to our core values could result in harm to the Corporation, our shareholders or our customers, damage the integrity of the financial markets, or negatively impact our reputation, and have established protocols and structures so that such conduct risk is governed and reported across the Corporation. Specifically, our Code of Conduct provides a framework for all of our employees to conduct themselves with the highest integrity. Additionally, we continue to strengthen the link between the employee performance management process and individual compensation to encourage employees to work toward enterprise-wide risk goals.
Corporation-wide Stress Testing
Integral to our Capital Planning, Financial Planning and Strategic Planning processes, we conduct capital scenario management and stress forecasting on a periodic basis to better understand balance sheet, earnings and capital sensitivities to certain economic and business scenarios, including economic and market conditions that are more severe than anticipated. These stress forecasts provide an understanding of the potential impacts from our risk profile on the balance sheet, earnings and capital, and serve as a key component of our capital and risk management practices. The intent of stress testing is to develop a comprehensive understanding of potential impacts of on- and off-balance sheet risks at the Corporation and how they impact financial resiliency, which provides confidence to management, regulators and our investors.
Contingency Planning
We have developed and maintain contingency plans that are designed to prepare us in advance to respond in the event of potential adverse economic, financial or market stress. These contingency plans include our Capital Contingency Plan and Financial Contingency and Recovery Plan, which provide monitoring, escalation, actions and routines designed to enable us to increase capital, access funding sources and reduce risk through consideration of potential options that include asset sales, business sales, capital or debt issuances, or other de-risking strategies. We also maintain a Resolution Plan to limit adverse systemic impacts that could be associated with a potential resolution of Bank of America.
Strategic Risk Management
Strategic risk is embedded in every business and is one of the major risk categories along with credit, market, liquidity, compliance, operational and reputational risks. This risk results from incorrect assumptions about external or internal factors, inappropriate business plans, ineffective business strategy execution, or failure to respond in a timely manner to changes in the regulatory, macroeconomic or competitive environments, in the geographic locations in which we operate, such as competitor actions, changing customer preferences, product obsolescence and technology developments. Our strategic plan is consistent with our risk appetite, capital plan and liquidity requirements, and specifically addresses strategic risks.
On an annual basis, the Board reviews and approves the strategic plan, capital plan, financial operating plan and Risk Appetite Statement. With oversight by the Board, executive management directs the lines of business to execute our strategic plan consistent with our core operating principles and risk appetite. The executive management team monitors business performance throughout the year and provides the Board with regular progress reports on whether strategic objectives and timelines are being met, including reports on strategic risks and if additional or alternative actions need to be considered or implemented. The regular executive reviews focus on assessing forecasted earnings and returns on capital, the current risk profile, current capital and liquidity requirements, staffing levels and changes required to support the strategic plan, stress testing results, and other qualitative factors such as market growth rates and peer analysis.
Significant strategic actions, such as capital actions, material acquisitions or divestitures, and resolution plans are reviewed and approved by the Board. At the business level, processes are in place to discuss the strategic risk implications of new, expanded or modified businesses, products or services and other strategic initiatives, and to provide formal review and approval where
required. With oversight by the Board and the ERC, executive management performs similar analyses throughout the year, and evaluates changes to the financial forecast or the risk, capital or liquidity positions as deemed appropriate to balance and optimize achieving the targeted risk appetite, shareholder returns and maintaining the targeted financial strength. Proprietary models are used to measure the capital requirements for credit, country, market, operational and strategic risks. The allocated capital assigned to each business is based on its unique risk profile. With oversight by the Board, executive management assesses the risk-adjusted returns of each business in approving strategic and financial operating plans. The businesses use allocated capital to define business strategies, and price products and transactions.
Capital Management
The Corporation manages its capital position so that its capital is more than adequate to support its business activities and aligns with risk, risk appetite and strategic planning. Additionally, we seek to maintain safety and soundness at all times, even under adverse scenarios, take advantage of organic growth opportunities, meet obligations to creditors and counterparties, maintain ready access to financial markets, continue to serve as a credit intermediary, remain a source of strength for our subsidiaries, and satisfy current and future regulatory capital requirements. Capital management is integrated into our risk and governance processes, as capital is a key consideration in the development of our strategic plan, risk appetite and risk limits.
We conduct an Internal Capital Adequacy Assessment Process (ICAAP) on a periodic basis. The ICAAP is a forward-looking assessment of our projected capital needs and resources, incorporating earnings, balance sheet and risk forecasts under baseline and adverse economic and market conditions. We utilize periodic stress tests to assess the potential impacts to our balance sheet, earnings, regulatory capital and liquidity under a variety of stress scenarios. We perform qualitative risk assessments to identify and assess material risks not fully captured in our forecasts or stress tests. We assess the potential capital impacts of proposed changes to regulatory capital requirements. Management assesses ICAAP results and provides documented quarterly assessments of the adequacy of our capital guidelines and capital position to the Board or its committees.
We periodically review capital allocated to our businesses and allocate capital annually during the strategic and capital planning processes. For additional information, see Business Segment Operations on page 30.
CCAR and Capital Planning
The Federal Reserve requires BHCs to submit a capital plan and requests for capital actions on an annual basis, consistent with the rules governing the CCAR capital plan.
On June 28, 2018, following the Federal Reserve’s non-objection to our 2018 CCAR capital plan, the Board authorized the repurchase of approximately $20.6 billion in common stock from July 1, 2018 through June 30, 2019, which includes approximately $600 million in repurchases to offset shares awarded under equity-based compensation plans during the same period. In addition to the previously announced repurchases associated with the 2018 CCAR capital plan, on February 7, 2019, we announced a plan to repurchase an additional $2.5 billion of common stock through June 30, 2019, which was approved by the Federal Reserve.
During 2018, pursuant to the Board’s authorizations, including those related to our 2017 CCAR capital plan that expired June 30, 2018, we repurchased $20.1 billion of common stock, which includes common stock repurchases to offset equity-based
compensation awards. At December 31, 2018, our remaining stock repurchase authorization was $10.3 billion.
Our stock repurchases are subject to various factors, including the Corporation’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price and general market conditions, and may be suspended at any time. The repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. As a “well-capitalized” BHC, we may notify the Federal Reserve of our intention to make additional capital distributions not to exceed 0.25 percent of Tier 1 capital, and which were not contemplated in our capital plan, subject to the Federal Reserve’s non-objection.
Regulatory Capital
As a financial services holding company, we are subject to regulatory capital rules, including Basel 3, issued by U.S. banking regulators. Basel 3 established minimum capital ratios and buffer requirements and outlined two methods of calculating risk-weighted assets, the Standardized approach and the Advanced approaches. The Standardized approach relies primarily on supervisory risk weights based on exposure type, and the Advanced approaches determine risk weights based on internal models.
The Corporation and its primary affiliated banking entity, BANA, are Advanced approaches institutions under Basel 3 and are required to report regulatory risk-based capital ratios and risk-weighted assets under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy including under the Prompt Corrective Action (PCA) framework. As of December 31, 2018, Common equity tier 1 (CET1) and Tier 1 capital ratios for the Corporation were lower under the Standardized approach whereas the Advanced approaches yielded a lower Total capital ratio.
Minimum Capital Requirements
Minimum capital requirements and related buffers were fully phased in as of January 1, 2019. The PCA framework established categories of capitalization, including well capitalized, based on the Basel 3 regulatory ratio requirements. U.S. banking regulators are required to take certain mandatory actions depending on the category of capitalization, with no mandatory actions required for well-capitalized banking organizations.
In order to avoid restrictions on capital distributions and discretionary bonus payments, the Corporation must meet risk-based capital ratio requirements that include a capital conservation buffer greater than 2.5 percent, plus any applicable countercyclical capital buffer and a global systemically important bank (G-SIB) surcharge. The buffers and surcharge must be comprised solely of CET1 capital and were phased in over a three-year period that ended January 1, 2019.
The Corporation is also required to maintain a minimum supplementary leverage ratio (SLR) of 3.0 percent plus a leverage buffer of 2.0 percent in order to avoid certain restrictions on capital distributions and discretionary bonus payments. Our insured depository institution subsidiaries are required to maintain a minimum 6.0 percent SLR to be considered well capitalized under the PCA framework. The numerator of the SLR is quarter-end Basel 3 Tier 1 capital. The denominator is total leverage exposure based on the daily average of the sum of on-balance sheet exposures less permitted Tier 1 deductions, as well as the simple average of certain off-balance sheet exposures, as of the end of each month in a quarter.
Capital Composition and Ratios
Table 13 presents Bank of America Corporation’s capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at December 31, 2018 and 2017. As of the periods presented, the Corporation met the definition of well capitalized under current regulatory requirements.
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Table 13 | Bank of America Corporation Regulatory Capital under Basel 3 (1) | | | | |
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| Standardized Approach | | Advanced Approaches | | Current Regulatory Minimum (2) | | 2019 Regulatory Minimum (3) |
(Dollars in millions, except as noted) | December 31, 2018 |
Risk-based capital metrics: | | | | | | | |
Common equity tier 1 capital | $ | 167,272 |
| | $ | 167,272 |
| | | | |
Tier 1 capital | 189,038 |
| | 189,038 |
| | | | |
Total capital (4) | 221,304 |
| | 212,878 |
| | | | |
Risk-weighted assets (in billions) | 1,437 |
| | 1,409 |
| | | | |
Common equity tier 1 capital ratio | 11.6 | % | | 11.9 | % | | 8.25 | % | | 9.5 | % |
Tier 1 capital ratio | 13.2 |
| | 13.4 |
| | 9.75 |
| | 11.0 |
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Total capital ratio | 15.4 |
| | 15.1 |
| | 11.75 |
| | 13.0 |
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| | | | | | | | |
Leverage-based metrics: | | | | | | | |
Adjusted quarterly average assets (in billions) (5) | $ | 2,258 |
| | $ | 2,258 |
| | | | |
Tier 1 leverage ratio | 8.4 | % | | 8.4 | % | | 4.0 |
| | 4.0 |
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| | | | | | | |
SLR leverage exposure (in billions) | | | $ | 2,791 |
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SLR | | | 6.8 | % | | 5.0 |
| | 5.0 |
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| December 31, 2017 |
Risk-based capital metrics: |
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Common equity tier 1 capital | $ | 168,461 |
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| $ | 168,461 |
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Tier 1 capital | 190,189 |
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| 190,189 |
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Total capital (4) | 224,209 |
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| 215,311 |
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Risk-weighted assets (in billions) | 1,443 |
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| 1,459 |
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Common equity tier 1 capital ratio | 11.7 | % |
| 11.5 | % |
| 7.25 | % |
| 9.5 | % |
Tier 1 capital ratio | 13.2 |
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| 13.0 |
|
| 8.75 |
|
| 11.0 |
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Total capital ratio | 15.5 |
|
| 14.8 |
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| 10.75 |
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| 13.0 |
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Leverage-based metrics: |
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Adjusted quarterly average assets (in billions) (5) | $ | 2,223 |
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| $ | 2,223 |
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Tier 1 leverage ratio | 8.6 | % |
| 8.6 | % |
| 4.0 |
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| 4.0 |
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(1) | Basel 3 transition provisions for regulatory capital adjustments and deductions were fully phased in as of January 1, 2018. Prior periods are presented on a fully phased-in basis. |
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(2) | The December 31, 2018 and 2017 amounts include a transition capital conservation buffer of 1.875 percent and 1.25 percent and a transition G-SIB surcharge of 1.875 percent and 1.5 percent. The countercyclical capital buffer for both periods is zero. |
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(3) | The 2019 regulatory minimums include a capital conservation buffer of 2.5 percent and G-SIB surcharge of 2.5 percent. The countercyclical capital buffer is zero. We became subject to these regulatory minimums on January 1, 2019. The SLR minimum includes a leverage buffer of 2.0 percent and was applicable beginning on January 1, 2018. |
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(4) | Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses. |
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(5) | Reflects adjusted average total assets for the three months ended December 31, 2018 and 2017. |
CET1 capital was $167.3 billion at December 31, 2018, a decrease of $1.2 billion from December 31, 2017, driven by common stock repurchases, dividends and market value declines on AFS debt securities included in accumulated OCI, partially offset by earnings. During 2018, Total capital under the Advanced approaches decreased $2.4 billion driven by the same factors as CET1 capital and a decrease in subordinated debt included in Tier
2 capital. Standardized risk-weighted assets, which yielded the lower CET1 capital ratio for December 31, 2018, decreased $5.5 billion during 2018 to $1,437 billion primarily due to sales of non-core mortgage loans and a decrease in market risk, partially offset by an increase in commercial loans.
Table 14 shows the capital composition at December 31, 2018 and 2017.
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Table 14 | Capital Composition under Basel 3 (1) |
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| | December 31 |
(Dollars in millions) | 2018 |
| 2017 |
Total common shareholders’ equity | $ | 242,999 |
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| $ | 244,823 |
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Goodwill, net of related deferred tax liabilities | (68,572 | ) |
| (68,576 | ) |
Deferred tax assets arising from net operating loss and tax credit carryforwards | (5,981 | ) |
| (6,555 | ) |
Intangibles, other than mortgage servicing rights and goodwill, net of related deferred tax liabilities | (1,294 | ) |
| (1,743 | ) |
Other | 120 |
|
| 512 |
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Common equity tier 1 capital | 167,272 |
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| 168,461 |
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Qualifying preferred stock, net of issuance cost | 22,326 |
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| 22,323 |
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Other | (560 | ) |
| (595 | ) |
Tier 1 capital | 189,038 |
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| 190,189 |
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Tier 2 capital instruments | 21,887 |
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| 22,938 |
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Eligible credit reserves included in Tier 2 capital | 1,972 |
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| 2,272 |
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Other | (19 | ) |
| (88 | ) |
Total capital under the Advanced approaches | $ | 212,878 |
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| $ | 215,311 |
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(1) | Basel 3 transition provisions for regulatory capital adjustments and deductions were fully phased in as of January 1, 2018. Prior periods are presented on a fully phased-in basis. |
Table 15 shows the components of risk-weighted assets as measured under Basel 3 at December 31, 2018 and 2017.
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Table 15 | Risk-weighted Assets under Basel 3 (1) | | | | | | | |
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| Standardized Approach | | Advanced Approaches | | Standardized Approach | | Advanced Approaches |
| December 31 |
(Dollars in billions)
| 2018 | | 2017 |
Credit risk | $ | 1,384 |
| | $ | 827 |
| | $ | 1,384 |
| | $ | 867 |
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Market risk | 53 |
| | 52 |
| | 59 |
| | 58 |
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Operational risk | n/a |
| | 500 |
| | n/a |
| | 500 |
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Risks related to credit valuation adjustments | n/a |
| | 30 |
| | n/a |
| | 34 |
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Total risk-weighted assets | $ | 1,437 |
| | $ | 1,409 |
| | $ | 1,443 |
| | $ | 1,459 |
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(1) | Basel 3 transition provisions for regulatory capital adjustments and deductions were fully phased in as of January 1, 2018. Prior periods are presented on a fully phased-in basis. |
n/a = not applicable
Bank of America, N.A. Regulatory Capital
Table 16 presents regulatory capital information for BANA in accordance with Basel 3 Standardized and Advanced approaches as measured at December 31, 2018 and 2017. BANA met the definition of well capitalized under the PCA framework for both periods.
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Table 16 | Bank of America, N.A. Regulatory Capital under Basel 3 | | |
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