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Consolidated Statement of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Fee revenue:        
Servicing fees $ 1,395 $ 1,301 $ 4,165 $ 3,860
Management fees 526 479 1,523 1,387
Foreign exchange trading services 279 270 911 1,039
Securities finance 106 84 314 268
Software and processing fees 198 172 588 529
Total fee revenue 2,504 2,306 7,501 7,083
Net interest income:        
Interest income 487 520 1,425 2,062
Interest expense 0 42 4 361
Net interest income 487 478 1,421 1,701
Other income:        
Gains (losses) from sales of available-for-sale securities, net (1) 0 (1) 2
Other income 0 0 53 0
Total other income (loss) (1) 0 52 2
Total revenue 2,990 2,784 8,974 8,786
Provision for credit losses (2) 0 (26) 88
Expenses:        
Compensation and employee benefits 1,054 1,062 3,373 3,321
Information systems and communications 406 395 1,225 1,156
Transaction processing services 253 234 786 721
Occupancy 102 109 311 327
Acquisition and restructuring costs 18 15 39 38
Amortization of other intangible assets 62 59 183 175
Other 221 229 642 702
Total expenses 2,116 2,103 6,559 6,440
Income before income tax expense 876 681 2,441 2,258
Income tax expense 162 126 445 375
Net income 714 555 1,996 1,883
Net income available to common shareholders 693 517 1,910 1,759
Net income available to common shareholders $ 693 $ 517 $ 1,910 $ 1,759
Earnings per common share:        
Basic (in USD per share) $ 1.99 $ 1.47 $ 5.49 $ 4.99
Diluted (in USD per share) $ 1.96 $ 1.45 $ 5.40 $ 4.93
Average common shares outstanding (in thousands):        
Basic (in shares) 347,718 352,586 348,106 352,829
Diluted (in shares) 353,494 357,168 353,376 356,971
Cash dividends declared (in USD per share) $ 0.57 $ 0.52 $ 1.61 $ 1.56