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Interim Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest income:    
Loans $ 570 $ 430
Investment securities:    
Taxable 511 225
Non-taxable 35 21
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities 6 3
Total interest income 1,122 679
Interest expense:    
Deposits 22 10
Borrowings 18 9
Total interest expense 40 19
Net interest income 1,082 660
Provision for credit losses 11 19
Net interest income after provision for credit losses 1,071 641
Noninterest income:    
Gains on investment securities, net 85 167
Gains on equity warrant assets, net 63 222
Client investment fees 35 20
Wealth management and trust fees 22 0
Foreign exchange fees 73 57
Credit card fees 37 28
Deposit service charges 30 25
Lending related fees 19 16
Letters of credit and standby letters of credit fees 14 13
Investment banking revenue 93 142
Commissions 25 24
Other 21 30
Total noninterest income 517 744
Noninterest expense:    
Compensation and benefits 584 445
Professional services 106 81
Premises and equipment 58 33
Net occupancy 23 18
Business development and travel 14 4
FDIC and state assessments 16 10
Merger-related charges 16 0
Other 56 45
Total noninterest expense 873 636
Income before income tax expense 715 749
Income tax expense 182 187
Net income before noncontrolling interests 533 562
Net income attributable to noncontrolling interests (18) (25)
Preferred stock dividends (43) (5)
Net income available to common stockholders $ 472 $ 532
Earnings per common share—basic (dollars per share) $ 8.03 $ 10.20
Earnings per common share—diluted (dollars per share) $ 7.92 $ 10.03