Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Gross Carrying Value of Intangible Assets And Accumulated Amortization

Table 12.1 presents the gross carrying value of intangible assets and accumulated amortization.

Table 12.1: Intangible Assets

	June 30, 2019					December 31, 2018
(in millions)	Gross carrying value		Accumulated amortization		Net carrying value	Gross carrying value	Accumulated amortization		Net carrying value
Amortized intangible assets (1):
MSRs (2)	$	4,260	(2,853	)	1,407	4,161	(2,718	)	1,443
Core deposit intangibles	—		—		—	12,834	(12,834	)	—
Customer relationship and other intangibles	3,937		(3,458	)	479	3,994	(3,449	)	545
Total amortized intangible assets	$	8,197	(6,311	)	1,886	20,989	(19,001	)	1,988
Unamortized intangible assets:
MSRs (carried at fair value) (2)	$	12,096				14,649
Goodwill	26,415					26,418
Trademark	14					14

(1) Balances are excluded commencing in the period following full amortization.

(2)

See Note 11 (Mortgage Banking Activities) for additional information on MSRs.

Amortization Expense for Intangible Assets

Table 12.2 provides the current year and estimated future amortization expense for amortized intangible assets. We based our projections of amortization expense shown below on existing asset balances at June 30, 2019. Future amortization expense may vary from these projections.

Table 12.2: Amortization Expense for Intangible Assets

(in millions)	Amortized MSRs		Customer relationship and other intangibles	Total
Six months ended June 30, 2019 (actual)	$	135	59	194
Estimate for the remainder of 2019	$	136	55	191
Estimate for year ended December 31,
2020	249		95	344
2021	213		81	294
2022	188		68	256
2023	159		59	218
2024	134		48	182

Allocation of Goodwill to Operating Segments

Table 12.3 shows the allocation of goodwill to our reportable operating segments.

Table 12.3: Goodwill

(in millions)	Community Banking			Wholesale Banking		Wealth and Investment Management		Consolidated Company
December 31, 2017	$	16,849		8,455		1,283		26,587
Reclassification of goodwill held for sale to other assets	(155		)	—		—		(155	)
Reduction in goodwill related to divested businesses and other	—			(3	)	—		(3	)
June 30, 2018 (1)	$	16,694		8,452		1,283		26,429
December 31, 2018	$	16,685		8,450		1,283		26,418
Reclassification of goodwill held for sale to other assets	—			—		(7	)	(7	)
Foreign currency translation	—			4		—		4
June 30, 2019 (1)	$	16,685		8,454		1,276		26,415

(1)

At June 30, 2018, others assets included goodwill classified as held-for-sale of $155 million related to the sales agreements for Reliable Financial Services, Inc. and the branch divestitures announced in June 2018. At June 30, 2019, other assets included goodwill classified as held-for-sale of $7 million related to the sale of our Institutional Retirement and Trust business, which was announced in April 2019 and closed on July 1, 2019.