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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME:        
Interest and fees on loans and leases $ 2,011 $ 2,132 $ 4,062 $ 4,179
Interest and fees on loans held for sale 13 20 27 35
Interest and fees on other loans held for sale 4 12 10 17
Investment securities 417 267 816 533
Interest-bearing deposits in banks 130 100 270 169
Total interest income 2,575 2,531 5,185 4,933
INTEREST EXPENSE:        
Deposits 965 723 1,952 1,273
Short-term borrowed funds 4 22 11 28
Long-term borrowed funds 196 198 370 401
Total interest expense 1,165 943 2,333 1,702
Net interest income 1,410 1,588 2,852 3,231
Provision (benefit) for credit losses 182 176 353 344
Net interest income after provision (benefit) for credit losses 1,228 1,412 2,499 2,887
NONINTEREST INCOME:        
Service charges and fees 106 101 202 201
Capital markets fees 134 82 252 165
Card fees 92 80 178 152
Wealth fees [1] 75 65 143 128
Mortgage banking fees 54 59 103 116
Foreign exchange and derivative products 39 44 75 92
Letter of credit and loan fees 43 43 85 83
Securities gains, net 0 9 5 14
Other income 10 23 27 40
Total noninterest income 553 506 1,070 991
NONINTEREST EXPENSE:        
Salaries and employee benefits 645 615 1,336 1,273
Equipment and software 190 181 382 350
Outside services 165 177 323 353
Occupancy 113 136 227 260
Other operating expense 188 197 391 366
Total noninterest expense 1,301 1,306 2,659 2,602
Income before income tax expense 480 612 910 1,276
Income tax expense 88 134 184 287
NET INCOME 392 478 726 989
Net income available to common stockholders $ 357 $ 444 $ 661 $ 932
Weighted-average common shares outstanding:        
Basic (in Shares) 454,142,489 479,470,543 457,750,585 482,440,926
Diluted (in Shares) 456,561,022 480,975,281 460,009,546 484,252,103
Per common share information:        
Basic earnings (in dollars per share) $ 0.79 $ 0.93 $ 1.44 $ 1.93
Diluted earnings (in dollars per Share) $ 0.78 $ 0.92 $ 1.44 $ 1.92
[1] See Note 1 for information regarding updates to the Consolidated Statements of Operations during the second quarter of 2024.