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Consolidated Statement of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Fee revenue:        
Servicing fees $ 1,301 $ 1,272 $ 3,860 $ 3,775
Management fees 455 445 1,329 1,306
Foreign exchange trading services 294 284 1,097 837
Securities finance 84 116 268 360
Software and processing fees 172 142 529 501
Total fee revenue 2,306 2,259 7,083 6,779
Net interest income:        
Interest income 520 1,001 2,062 3,035
Interest expense 42 357 361 1,105
Net interest income 478 644 1,701 1,930
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 2,784 2,903 8,786 8,708
Provision for credit losses 0 2 88 7
Expenses:        
Compensation and employee benefits 1,062 1,083 3,321 3,396
Information systems and communications 395 376 1,156 1,103
Transaction processing services 234 254 721 741
Occupancy 109 113 327 344
Acquisition and restructuring costs 15 27 38 48
Amortization of other intangible assets 59 59 175 178
Other 229 268 702 817
Total expenses 2,103 2,180 6,440 6,627
Income before income tax expense 681 721 2,258 2,074
Income tax expense 126 138 375 396
Net income 555 583 1,883 1,678
Net income available to common shareholders $ 517 $ 528 $ 1,759 $ 1,517
Earnings per common share:        
Basic (in USD per share) $ 1.47 $ 1.44 $ 4.99 $ 4.07
Diluted (in USD per share) $ 1.45 $ 1.42 $ 4.93 $ 4.03
Average common shares outstanding (in thousands):        
Basic (in shares) 352,586 366,732 352,829 372,766
Diluted (in shares) 357,168 370,595 356,971 376,361
Cash dividends declared (in USD per share) $ 0.52 $ 0.52 $ 1.56 $ 1.46