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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST INCOME:        
Interest and fees on loans and leases $ 1,976 $ 2,166 $ 6,038 $ 6,345
Interest and fees on loans held for sale 18 20 45 55
Interest and fees on other loans held for sale 1 8 11 25
Investment securities 423 290 1,239 823
Interest-bearing deposits in banks 121 111 391 280
Total interest income 2,539 2,595 7,724 7,528
INTEREST EXPENSE:        
Deposits 990 898 2,942 2,171
Short-term borrowed funds 3 8 14 36
Long-term borrowed funds 177 167 547 568
Total interest expense 1,170 1,073 3,503 2,775
Net interest income 1,369 1,522 4,221 4,753
Provision (benefit) for credit losses 172 172 525 516
Net interest income after provision (benefit) for credit losses 1,197 1,350 3,696 4,237
NONINTEREST INCOME:        
Service charges and fees 109 105 311 306
Capital markets fees 94 67 346 232
Card fees 93 74 271 226
Wealth fees [1] 76 63 219 191
Mortgage banking fees 46 69 149 185
Foreign exchange and derivative products 36 48 111 140
Letter of credit and loan fees 45 43 130 126
Securities gains, net 9 5 14 19
Other income 24 18 51 58
Total noninterest income 532 492 1,602 1,483
NONINTEREST EXPENSE:        
Salaries and employee benefits 647 659 1,983 1,932
Equipment and software 194 191 576 541
Outside services 146 160 469 513
Occupancy 108 107 335 367
Other operating expense 164 176 555 542
Total noninterest expense 1,259 1,293 3,918 3,895
Income before income tax expense 470 549 1,380 1,825
Income tax expense 88 119 272 406
NET INCOME 382 430 1,108 1,419
Net income available to common stockholders $ 344 $ 400 $ 1,005 $ 1,332
Weighted-average common shares outstanding:        
Basic (in shares) 446,561,996 469,481,085 453,993,833 478,073,507
Diluted (in Shares) 449,913,467 471,183,719 456,461,330 479,733,008
Per common share information:        
Basic earnings (in dollars per share) $ 0.77 $ 0.85 $ 2.21 $ 2.79
Diluted earnings (in dollars per share) $ 0.77 $ 0.85 $ 2.20 $ 2.78
[1] See Note 1 for information regarding updates to the Consolidated Statements of Operations during the second quarter of 2024.