Business Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary on Reconciliation of Results under Group Reporting Basis to US GAAP

The following table summarizes the results for each segment on a Group Reporting Basis, as well as provides a reconciliation of total results under the Group Reporting Basis to U.S. GAAP consolidated totals:

	Group Reporting Basis Consolidated Amounts
					GBM
	WPB		CMB		GB		MSS		GBM Other		CC		Total		Group Reporting Basis Adjust- ments(1)		Group Reporting Basis Reclassi- fications(2)		U.S. GAAP Consolidated Totals
	(in millions)
Year Ended December 31, 2024
Net interest income (expense)	$	708	$	1,195	$	517	$	42	$	29	$	(647)	$	1,844	$	27	$	(104)	$	1,767
Other operating income	207		286		384		353		28		644		1,902		(11)		139		2,030
Total operating income (expense)	915		1,481		901		395		57		(3)		3,746		16		35		3,797
Expected credit losses / provision for credit losses	(2)		78		6		—		(1)		—		81		(31)		—		50
	917		1,403		895		395		58		(3)		3,665		47		35		3,747
Operating expenses:
Direct Costs	387		298		47		77		5		170		984		N/A		N/A		N/A
Indirect Costs	408		451		481		237		93		(9)		1,661		N/A		N/A		N/A
Total operating expenses	795		749		528		314		98		161		2,645		20		35		2,700
Profit (loss) before income tax	$	122	$	654	$	367	$	81	$	(40)	$	(164)	$	1,020	$	27	$	—	$	1,047
Balances at end of period:
Total assets	$	39,991	$	55,607	$	9,658	$	41,213	$	40,063	$	3,846	$	190,378	$	(19,647)	$	—	$	170,731
Total loans, net	26,873		23,351		9,429		87		840		—		60,580		(385)		2,021		62,216
Goodwill	—		358		—		—		—		—		358		100		—		458
Total deposits	26,676		44,192		41,159		1,419		648		—		114,094		(2,944)		12,200		123,350

	Group Reporting Basis Consolidated Amounts
					GBM
	WPB		CMB		GB		MSS		GBM Other		CC		Total		Group Reporting Basis Adjust- ments(1)		Group Reporting Basis Reclassi- fications(2)		U.S. GAAP Consolidated Totals
	(in millions)
Year Ended December 31, 2023
Net interest income (expense)	$	757	$	1,144	$	497	$	44	$	(14)	$	(506)	$	1,922	$	9	$	(226)	$	1,705
Other operating income (expense)	118		184		282		336		(24)		503		1,399		(25)		278		1,652
Total operating income (expense)	875		1,328		779		380		(38)		(3)		3,321		(16)		52		3,357
Expected credit losses / provision for credit losses	3		63		29		—		(1)		—		94		(49)		—		45
	872		1,265		750		380		(37)		(3)		3,227		33		52		3,312
Operating expenses:
Direct Costs	311		280		45		88		5		194		923		N/A		N/A		N/A
Indirect Costs	291		395		529		192		69		170		1,646		N/A		N/A		N/A
Total operating expenses	602		675		574		280		74		364		2,569		203		52		2,824
Profit (loss) before income tax	$	270	$	590	$	176	$	100	$	(111)	$	(367)	$	658	$	(170)	$	—	$	488
Balances at end of period:
Total assets	$	44,031	$	52,484	$	10,231	$	38,811	$	37,158	$	2,863	$	185,578	$	(17,340)	$	—	$	168,238
Total loans, net	23,894		23,076		9,796		64		130		—		56,960		(1,056)		2,492		58,396
Goodwill	—		358		—		—		—		—		358		100		—		458
Total deposits	29,611		43,667		40,166		767		2,681		—		116,892		(1,799)		6,190		121,283
Year Ended December 31, 2022
Net interest income (expense)	$	782	$	941	$	467	$	41	$	7	$	(178)	$	2,060	$	4	$	5	$	2,069
Other operating income	298		287		339		418		86		182		1,610		(56)		41		1,595
Total operating income	1,080		1,228		806		459		93		4		3,670		(52)		46		3,664
Expected credit losses / provision for credit losses	(35)		22		31		—		2		—		20		134		—		154
	1,115		1,206		775		459		91		4		3,650		(186)		46		3,510
Operating expenses:
Direct Costs	494		224		41		84		22		123		988		N/A		N/A		N/A
Indirect Costs	369		362		442		202		89		273		1,737		N/A		N/A		N/A
Total operating expenses	863		586		483		286		111		396		2,725		14		46		2,785
Profit (loss) before income tax	$	252	$	620	$	292	$	173	$	(20)	$	(392)	$	925	$	(200)	$	—	$	725
Balances at end of period:
Total assets	$	42,141	$	49,020	$	10,102	$	43,410	$	37,170	$	2,628	$	184,471	$	(19,816)	$	—	$	164,655
Total loans, net	22,647		24,565		9,498		203		278		—		57,191		(1,059)		2,664		58,796
Goodwill	—		358		—		—		—		—		358		100		—		458
Total deposits	32,542		41,268		40,865		1,131		1,627		—		117,433		(2,665)		8,455		123,223

N/A Not Applicable

(1)Represents adjustments associated with differences between U.S. GAAP and the Group Reporting Basis. These adjustments, which are more fully described above, consist of the following:

	Net Interest Income		Other Revenues		Provision for Credit Losses		Total Operating Expenses		Profit Before  Income Tax		Total Assets
	(in millions)
December 31, 2024
Deposit incentives	$	6	$	—	$	—	$	10	$	(4)	$	3
Derivatives	—		—		—		—		—		(19,599)
Expected credit losses	—		—		(28)		—		28		(156)
Goodwill	—		—		—		—		—		100
Leases	25		—		—		28		(3)		6
Loan origination	(8)		—		—		(17)		9		45
Loans held for sale	3		—		(3)		—		6		(14)
Other long-lived assets	—		—		—		(3)		3		(14)
Renewable energy tax credit investments	—		(15)		—		—		(15)		—
Other	1		4		—		2		3		(18)
Total adjustments	$	27	$	(11)	$	(31)	$	20	$	27	$	(19,647)
December 31, 2023
Deposit incentives	$	6	$	—	$	—	$	—	$	6	$	2
Derivatives	—		—		—		—		—		(17,485)
Expected credit losses	—		—		(45)		—		45		(224)
Gain on transfer of precious metals trading client relationships to an affiliate	—		(10)		—		—		(10)		—
Goodwill	—		—		—		—		—		100
Leases	5		—		—		8		(3)		8
Loan origination	(7)		—		—		(10)		3		24
Loans held for sale	4		(3)		(4)		—		5		26
Other long-lived assets	—		—		—		202		(202)		(15)
Renewable energy tax credit investments	—		(12)		—		—		(12)		—
Other	1		—		—		3		(2)		(17)
Total adjustments	$	9	$	(25)	$	(49)	$	203	$	(170)	$	(17,581)
December 31, 2022
Deposit incentives	$	7	$	—	$	—	$	2	$	5	$	3
Derivatives	—		—		—		—		—		(19,842)
Expected credit losses	—		—		153		—		(153)		(258)
Goodwill	—		—		—		—		—		100
Leases	5		—		—		9		(4)		10
Loan origination	(14)		—		—		(12)		(2)		22
Loans held for sale	5		(40)		(19)		9		(25)		35
Other long-lived assets	—		—		—		(8)		8		131
Renewable energy tax credit investments	—		(25)		—		—		(25)		—
Other	1		9		—		14		(4)		(17)
Total adjustments	$	4	$	(56)	$	134	$	14	$	(200)	$	(19,816)

(2)Represents differences in financial statement presentation between U.S. GAAP and the Group Reporting Basis.