Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Table 10.1 presents the gross carrying value of intangible assets and accumulated amortization.

Table 10.1: Intangible Assets

	September 30, 2022				December 31, 2021
(in millions)	Gross carrying value		Accumulated amortization	Net carrying value	Gross carrying value	Accumulated amortization	Net carrying value
Amortized intangible assets (1):
MSRs (2)	$	4,909	(3,710)	1,199	4,794	(3,525)	1,269
Customer relationship and other intangibles	754		(587)	167	842	(631)	211
Total amortized intangible assets	$	5,663	(4,297)	1,366	5,636	(4,156)	1,480
Unamortized intangible assets:
MSRs (carried at fair value)	$	9,828			6,920
Goodwill	25,172				25,180

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

(2)Includes a $4 million valuation allowance recorded for amortized MSRs at December 31, 2021. See Note 9 (Mortgage Banking Activities) for additional information on MSRs.

Amortization Expense for Intangible Assets

Table 10.2 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 September 30, 2022. Future amortization expense may vary from these projections.

Table 10.2: Amortization Expense for Intangible Assets

(in millions)	Amortized MSRs		Customer relationship and other intangibles	Total
Nine months ended September 30, 2022 (actual)	$	185	44	229
Estimate for the remainder of 2022	$	63	15	78
Estimate for year ended December 31,
2023	228		51	279
2024	194		41	235
2025	170		33	203
2026	137		27	164
2027	108		—	108

Goodwill

Table 10.3 shows the allocation of goodwill to our reportable operating segments.

Table 10.3: Goodwill

(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate	Consolidated Company
December 31, 2021	$	16,418	2,938	5,375	344	105	25,180
Foreign currency translation	—		(8)	—	—	—	(8)
September 30, 2022	$	16,418	2,930	5,375	344	105	25,172