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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest income:        
Loans, including loans held for sale $ 5,753 $ 5,820 $ 11,607 $ 12,362
Investment securities 370 482 761 1,012
Other 16 16 32 53
Total interest income 6,139 6,318 12,400 13,427
Interest expense:        
Deposits 237 611 506 1,342
Securitized debt obligations 28 56 60 155
Senior and subordinated notes 122 180 251 419
Other borrowings 9 11 18 26
Total interest expense 396 858 835 1,942
Net interest income 5,743 5,460 11,565 11,485
Provision (benefit) for credit losses (1,160) 4,246 (1,983) 9,669
Net interest income after provision for credit losses 6,903 1,214 13,548 1,816
Non-interest income:        
Interchange fees, net 1,016 672 1,833 1,424
Service charges and other customer-related fees 384 258 736 585
Net securities gains 0 0 4 0
Other 231 166 349 311
Total non-interest income 1,631 1,096 2,922 2,320
Non-interest expense:        
Salaries and associate benefits 1,781 1,704 3,628 3,331
Occupancy and equipment 523 523 995 1,040
Marketing 620 273 1,121 764
Professional services 341 304 633 591
Communications and data processing 315 308 617 610
Amortization of intangibles 5 16 11 38
Other 381 642 701 1,125
Total non-interest expense 3,966 3,770 7,706 7,499
Income (loss) from continuing operations before income taxes 4,568 (1,460) 8,764 (3,363)
Income tax provision (benefit) 1,031 (543) 1,900 (1,106)
Income (loss) from continuing operations, net of tax 3,537 (917) 6,864 (2,257)
Loss from discontinued operations, net of tax (1) (1) (3) (1)
Net income (loss) 3,536 (918) 6,861 (2,258)
Dividends and undistributed earnings allocated to participating securities (30) (1) (58) (4)
Preferred stock dividends (60) (90) (121) (145)
Issuance cost for redeemed preferred stock 0 0 0 (22)
Net income (loss) available to common stockholders $ 3,446 $ (1,009) $ 6,682 $ (2,429)
Basic earnings per common share:        
Net income (loss) from continuing operations $ 7.65 $ (2.21) $ 14.70 $ (5.31)
Net income (loss) per basic common share 7.65 (2.21) 14.70 (5.31)
Diluted earnings per common share:        
Net income (loss) from continuing operations 7.62 (2.21) 14.65 (5.31)
Net income (loss) per diluted common share $ 7.62 $ (2.21) $ 14.65 $ (5.31)