Business Developments

12 Months Ended

Dec. 31, 2018

Mergers, Acquisitions, Restructuring and Dispositions Disclosures [Abstract]

NOTE 2—BUSINESS DEVELOPMENTS

Business Developments

We periodically initiate restructuring activities to support business strategies and enhance our overall operational efficiency. These restructuring activities have primarily consisted of exiting certain business locations and activities as well as the realignment of resources supporting various businesses, including the decisions within Consumer Banking business to cease new originations of home loan lending products in the fourth quarter of 2017, to sell our online retail brokerage business in the first quarter of 2018 and to sell all of our consumer home loan portfolio in 2018. The charges incurred as a result of these restructuring activities have primarily consisted of severance and related benefits pursuant to our ongoing benefit programs, which are included in salaries and associate benefits within non-interest expense in our consolidated statements of income, as well as impairment of certain assets related to business locations and activities being exited, which are generally included in occupancy and equipment within non-interest expense. During 2018 and 2017, we recognized restructuring charges of $34 million and $184 million, respectively, which are reflected in the Other category of our business segment results.

In 2018, we sold all of our consumer home loan portfolio and recognized a net gain of approximately $499 million in the Other category, including a benefit for credit losses of $46 million. The impact of the sale of our consumer home loan portfolio in our consolidated statements of cash flows is included in net changes in loans held for investment. We also sold our online retail brokerage business in 2018 and transferred approximately $1.4 billion of customer deposits and an equal cash amount to the third-party purchaser. The impact of the sale of our online retail brokerage business is included in net cash from other investing activities in our consolidated statements of cash flows.