Divestiture and Discontinued Operations [Tables]

6 Months Ended

Jun. 30, 2011

Divestiture and Discontinued Operations (Tables) [Abstract]

Components of Income (Loss) from Discontinued Operations, Net of Taxes, of Education Lending Business

		Three months ended June 30,						Six months ended June 30,
in millions		2011			2010			2011			2010
Net interest income	$	35		$	39		$	71		$	79
Provision for loan and lease losses		30			14			62			38
Net interest income (expense) after provision for loan and lease losses		5			25			9			41
Noninterest income		(11	)		(55	)		(21	)		(56	)
Noninterest expense		9			13			20			25
Income (loss) before income taxes		(15	)		(43	)		(32	)		(40	)
Income taxes		(6	)		(16	)		(12	)		(15	)
Income (loss) from discontinued operations, net of taxes (a)	$	(9	)	$	(27	)	$	(20	)	$	(25	)

(a) Includes after-tax charges of $12 million and $15 million for the three-month periods ended June 30, 2011 and 2010, respectively, and $25 million and $30 million for the six-month periods ended June 30, 2011 and 2010, respectively, determined by applying a matched funds transfer pricing methodology to the liabilities assumed necessary to support the discontinued operations.

Components of Assets and Liabilities of Education Lending Business

		June 30,		December 31,		June 30,
in millions		2011		2010		2010
Loans at fair value	$	3,100	$	3,125	$	3,223
Loans, net of unearned income of $1, $1 and $1		3,161		3,326		3,371
Less: Allowance for loan and lease losses		109		114		128
Net loans		6,152		6,337		6,466
Loans held for sale		—		15		92
Accrued income and other assets		144		169		223
Total assets	$	6,296	$	6,521	$	6,781
Accrued expense and other liabilities	$	30	$	31	$	46
Securities at fair value		2,919		2,966		3,092
Total liabilities	$	2,949	$	2,997	$	3,138

Assumptions used to measure fair value of assets and liabilities

June 30, 2011
Weighted-average life (years)	1.4 - 6.0
PREPAYMENT SPEED ASSUMPTIONS (ANNUAL RATE)	4.00 % - 26.00	%
EXPECTED CREDIT LOSSES	2.00 % - 80.00	%
LOAN DISCOUNT RATES (ANNUAL RATE)	2.04 % - 6.79	%
SECURITY DISCOUNT RATES (ANNUAL RATE)	1.68 % - 6.70	%
EXPECTED DEFAULTS (STATIC RATE)	3.75 % - 40.00	%

Consolidated trusts' assets and liabilities at fair value and contractual values

June 30, 2011	Contractual		Fair
in millions	Amount		Value
ASSETS
Loans	$	3,175	$	3,100
Other assets		34		34
LIABILITIES
Securities	$	3,282	$	2,919
Other liabilities		30		30

Assets and liabilities at fair value on a recurring basis

June 30, 2011
in millions	Level 1		Level 2		Level 3			Total
ASSETS MEASURED ON A RECURRING BASIS
Loans		—		—	$	3,100	$	3,100
Other assets		—		—		34		34
Total assets on a recurring basis at fair value		—		—	$	3,134	$	3,134
LIABILITIES MEASURED ON A RECURRING BASIS
Securities		—		—	$	2,919	$	2,919
Other liabilities		—		—		30		30
Total liabilities on a recurring basis at fair value		—		—	$	2,949	$	2,949

Change in the fair values of the Level 3 consolidated education loan securitization trusts

		Trust
		Student			Other			Trust			Other
in millions		Loans			Assets			Securities			Liabilities
Balance at January 1, 2011	$	3,125		$	45		$	2,966		$	31
Gains (losses) recognized in earnings (a)		159			—			181			—
Purchases		—			—			—			—
Sales		—			—			—			—
Issuances		—			—			—			—
Settlements		(184	)		(11	)		(228	)		(1	)
Balance at June 30, 2011	$	3,100		$	34		$	2,919		$	30

(a) Gains (losses) on the Trust Student Loans and Trust Securities were driven primarily by fair value adjustments.

Components of Income (Loss) from Discontinued Operations, Net of Taxes, of Austin Capital Management

	Three months ended June 30,					Six months ended June 30,
in millions	2011		2010			2011		2010
Noninterest income	—	$	1		$	1	$	4
Other noninterest expense	—		2			1		4
Income (loss) before income taxes	—		(1	)		—		—
Income taxes	—		(1	)		—		—
Income (loss) from discontinued operations, net of taxes	—		—			—		—

Components of Assets and Liabilities of Austin Capital Management

		June 30,		December 31,		June 30,
in millions		2011		2010		2010
Cash and due from banks	$	32	$	33	$	32
Other intangible assets		—		—		1
Total assets	$	32	$	33	$	33
Accrued expense and other liabilities	$	1	$	1	$	1
Total liabilities	$	1	$	1	$	1

Combined Results of Discontinued Operations

		Three months ended June 30,						Six months ended June 30,
in millions		2011			2010			2011			2010
Net interest income	$	35		$	39		$	71		$	79
Provision for loan and lease losses		30			14			62			38
Net interest income (expense) after provision for loan and lease losses		5			25			9			41
Noninterest income		(11	)		(54	)		(20	)		(52	)
Noninterest expense		9			15			21			29
Income (loss) before income taxes		(15	)		(44	)		(32	)		(40	)
Income taxes		(6	)		(17	)		(12	)		(15	)
Income (loss) from discontinued operations, net of taxes (a)	$	(9	)	$	(27	)	$	(20	)	$	(25	)

(a) Includes after-tax charges of $12 million and $15 million for the three-month periods ended June 30, 2011 and 2010, respectively, and $25 million and $30 million for the six-month periods ended June 30, 2011 and 2010, respectively, determined by applying a matched funds transfer pricing methodology to the liabilities assumed necessary to support the discontinued operations.

Combined Assets and Liabilities of Discontinued Operations

		June 30,		December 31,		June 30,
in millions		2011		2010		2010
Cash and due from banks	$	32	$	33	$	32
Loans at fair value		3,100		3,125		3,223
Loans, net of unearned income of $1, $1 and $1		3,161		3,326		3,371
Less: Allowance for loan and lease losses		109		114		128
Net loans		6,152		6,337		6,466
Loans held for sale		—		15		92
Other intangible assets		—		—		1
Accrued income and other assets		144		169		223
Total assets	$	6,328	$	6,554	$	6,814
Accrued expense and other liabilities	$	31	$	32	$	47
Securities at fair value		2,919		2,966		3,092
Total liabilities	$	2,950	$	2,998	$	3,139