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Consolidated Statement of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Fee revenue:        
Servicing fees $ 1,399 $ 1,272 $ 2,770 $ 2,559
Management fees 504 444 997 908
Foreign exchange trading services 286 325 632 769
Securities finance 109 92 208 184
Software and processing fees 216 245 390 357
Total fee revenue 2,514 2,378 4,997 4,777
Net interest income:        
Interest income 467 674 938 1,542
Interest expense 0 115 4 319
Net interest income 467 559 934 1,223
Other income:        
Gains (losses) from sales of available-for-sale securities, net 0 0 0 2
Other income 53 0 53 0
Total other income 53 0 53 2
Total revenue 3,034 2,937 5,984 6,002
Provision for credit losses (15) 52 (24) 88
Expenses:        
Compensation and employee benefits 1,077 1,051 2,319 2,259
Information systems and communications 398 376 819 761
Transaction processing services 263 233 533 487
Occupancy 100 109 209 218
Acquisition and restructuring costs 11 12 21 23
Amortization of other intangible assets 63 58 121 116
Other 199 243 421 473
Total expenses 2,111 2,082 4,443 4,337
Income before income tax expense 938 803 1,565 1,577
Income tax expense 175 109 283 249
Net income 763 694 1,282 1,328
Net income available to common shareholders 728 662 1,217 1,242
Net income available to common shareholders $ 728 $ 662 $ 1,217 $ 1,242
Earnings per common share:        
Basic (in USD per share) $ 2.11 $ 1.88 $ 3.49 $ 3.52
Diluted (in USD per share) $ 2.07 $ 1.86 $ 3.44 $ 3.48
Average common shares outstanding (in thousands):        
Basic (in shares) 345,889 352,157 348,303 352,952
Diluted (in shares) 351,582 356,413 353,434 357,028
Cash dividends declared (in USD per share) $ 0.52 $ 0.52 $ 1.04 $ 1.04