Line of Business Information

3 Months Ended

Mar. 31, 2020

Our operations are organized into two lines of business: Investment Servicing and Investment Management, which are defined based on products and services provided. The results of operations for these lines of business are not necessarily comparable with those of other companies, including companies in the financial services industry. For information about our two lines of business, as well as revenues, expenses and capital allocation methodologies associated with them, refer to pages 170 to 171 in Note 24 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2019 Form 10-K.

The following is a summary of our line of business results for the periods indicated. The "Other" columns represent costs incurred that are not allocated to a specific line of business, including certain severance and restructuring costs, acquisition costs and certain provisions for legal contingencies.



	Three Months Ended March 31,
	Investment Servicing						Investment Management						Other						Total
(Dollars in millions)	2020			2019			2020			2019			2020			2019			2020			2019
Servicing fees	$	1,287		$	1,251		$	—		$	—		$	—		$	—		$	1,287		$	1,251
Management fees	—			—			449			420			—			—			449			420
Foreign exchange trading services	434			246			25			34			—			—			459			280
Securities finance	89			117			3			1			—			—			92			118
Software and processing fees	137			180			(25		)	11			—			—			112			191
Total fee revenue	1,947			1,794			452			466			—			—			2,399			2,260
Net interest income	663			679			1			(6		)	—			—			664			673
Total other income	2			(1		)	—			—			—			—			2			(1		)
Total revenue	2,612			2,472			453			460			—			—			3,065			2,932
Provision for credit losses	36			4			—			—			—			—			36			4
Total expenses	1,859			1,864			385			406			11			23			2,255			2,293
Income before income tax expense	$	717		$	604		$	68		$	54		$	(11	)	$	(23	)	$	774		$	635
Pre-tax margin	27		%	24		%	15		%	12		%							25		%	22		%