Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

For additional information on our revenue from contracts with customers, including revenues associated with both our Investment Servicing and Investment Management lines of business, refer to pages 172 to 173 in Note 25 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2019 Form 10-K.

Revenue by category

In the following table, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

	Three Months Ended June 30, 2020
	Investment Servicing						Investment Management								Total
(Dollars in millions)	Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue			Total			2020
Servicing fees	$	1,272	$	—	$	1,272	$	—	$	—		$	—		$	1,272
Management fees	—		—		—		425		—			425			425
Foreign exchange trading services	95		217		312		32		—			32			344
Securities finance	63		25		88		—		4			4			92
Software and processing fees	151		78		229		—		16			16			245
Total fee revenue	1,581		320		1,901		457		20			477			2,378
Net interest income	—		571		571		—		(12		)	(12		)	559
Total revenue	$	1,581	$	891	$	2,472	$	457	$	8		$	465		$	2,937

	Six Months Ended June 30, 2020
	Investment Servicing						Investment Management								Total
(Dollars in millions)	Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue			Total			2020
Servicing fees	$	2,559	$	—	$	2,559	$	—	$	—		$	—		$	2,559
Management fees	—		—		—		874		—			874			874
Foreign exchange trading services	195		551		746		57		—			57			803
Securities finance	120		57		177		—		7			7			184
Software and processing fees	258		108		366		—		(9		)	(9		)	357
Total fee revenue	3,132		716		3,848		931		(2		)	929			4,777
Net interest income	—		1,234		1,234		—		(11		)	(11		)	1,223
Total other income	—		2		2		—		—			—			2
Total revenue	$	3,132	$	1,952	$	5,084	$	931	$	(13	)	$	918		$	6,002

	Three Months Ended June 30, 2019
	Investment Servicing						Investment Management								Total
(Dollars in millions)	Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue			Total			2020
Servicing fees	$	1,252	$	—	$	1,252	$	—	$	—		$	—		$	1,252
Management fees	—		—		—		441		—			441			441
Foreign exchange trading services	82		158		240		33		—			33			273
Securities finance	75		47		122		—		4			4			126
Software and processing fees	104		59		163		—		5			5			168
Total fee revenue	1,513		264		1,777		474		9			483			2,260
Net interest income	—		623		623		—		(10		)	(10		)	613
Total revenue	$	1,513	$	887	$	2,400	$	474	$	(1	)	$	473		$	2,873

	Six Months Ended June 30, 2019
	Investment Servicing								Investment Management								Total
(Dollars in millions)	Topic 606 revenue		All other revenue			Total			Topic 606 revenue		All other revenue			Total			2019
Servicing fees	$	2,503	$	—		$	2,503		$	—	$	—		$	—		$	2,503
Management fees	—		—			—			861		—			861			861
Foreign exchange trading services	168		318			486			67		—			67			553
Securities finance	145		94			239			—		5			5			244
Software and processing fees	220		123			343			—		16			16			359
Total fee revenue	3,036		535			3,571			928		21			949			4,520
Net interest income	—		1,302			1,302			—		(16		)	(16		)	1,286
Total other income	—		(1		)	(1		)	—		—			—			(1		)
Total revenue	$	3,036	$	1,836		$	4,872		$	928	$	5		$	933		$	5,805

Contract balances and contract costs

As of June 30, 2020 and December 31, 2019, net receivables of $2.83 billion and $2.77 billion, respectively, are included in accrued interest and fees receivable, representing amounts billed or currently billable related to revenue from contracts with customers. As performance obligations are satisfied, we have an unconditional right to payment and billing is generally performed monthly; therefore, we do not have significant contract assets or liabilities.

No adjustments are made to the promised amount of consideration for the effects of a significant financing component as the period between when we transfer a promised service to a customer and when the customer pays for that service is expected to be one year or less.