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Consolidated Statement of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Fee revenue:        
Servicing fees $ 1,272 $ 1,252 $ 2,559 $ 2,503
Management fees 425 441 874 861
Foreign exchange trading services 344 273 803 553
Securities finance 92 126 184 244
Software and processing fees 245 168 357 359
Total fee revenue 2,378 2,260 4,777 4,520
Net interest income:        
Interest income 674 1,007 1,542 2,034
Interest expense 115 394 319 748
Net interest income 559 613 1,223 1,286
Other income:        
Gains from sales of available-for-sale securities, net 0 0 2 0
Other income (loss) 0 0 0 (1)
Total other income 0 0 2 (1)
Total revenue 2,937 2,873 6,002 5,805
Provision for credit losses 52 1 88 5
Expenses:        
Compensation and employee benefits 1,051 1,084 2,259 2,313
Information systems and communications 376 365 761 727
Transaction processing services 233 245 487 487
Occupancy 109 115 218 231
Acquisition and restructuring costs 12 12 23 21
Amortization of other intangible assets 58 59 116 119
Other 243 274 473 549
Total expenses 2,082 2,154 4,337 4,447
Income before income tax expense 803 718 1,577 1,353
Income tax expense 109 131 249 258
Net income 694 587 1,328 1,095
Net income available to common shareholders $ 662 $ 537 $ 1,242 $ 989
Earnings per common share:        
Basic (in USD per share) $ 1.88 $ 1.44 $ 3.52 $ 2.63
Diluted (in USD per share) $ 1.86 $ 1.42 $ 3.48 $ 2.61
Average common shares outstanding (in thousands):        
Basic (in shares) 352,157 373,773 352,952 375,832
Diluted (in shares) 356,413 377,577 357,028 379,465
Cash dividends declared (in USD per share) $ 0.52 $ 0.47 $ 1.04 $ 0.94