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Consolidated Statement of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Fee revenue:        
Servicing fees $ 1,297 $ 1,394 $ 2,665 $ 2,763
Management fees 490 504 1,010 997
Foreign exchange trading services 331 286 690 632
Securities finance 107 109 203 208
Software and processing fees 188 211 389 371
Other fee revenue (43) 10 (14) 26
Total fee revenue 2,370 2,514 4,943 4,997
Net interest income:        
Interest income 704 467 1,225 938
Interest expense 120 0 132 4
Net interest income 584 467 1,093 934
Other income:        
Gains (losses) related to investment securities, net (1) 0 (2) 0
Other income 0 53 0 53
Total other income (loss) (1) 53 (2) 53
Total revenue 2,953 3,034 6,034 5,984
Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) 10 (15) 10 (24)
Expenses:        
Compensation and employee benefits 1,046 1,077 2,278 2,319
Information systems and communications 392 398 815 819
Transaction processing services 240 263 504 533
Occupancy 96 100 191 209
Acquisition and restructuring costs 12 11 21 21
Amortization of other intangible assets 60 63 121 121
Other 262 199 505 421
Total expenses 2,108 2,111 4,435 4,443
Income before income tax expense 835 938 1,589 1,565
Income tax expense 88 175 238 283
Net income 747 763 1,351 1,282
Net income available to common shareholders, basic 712 728 1,295 1,217
Net income available to common shareholders, diluted $ 712 $ 728 $ 1,295 $ 1,217
Earnings per common share:        
Basic (in USD per share) $ 1.94 $ 2.11 $ 3.53 $ 3.49
Diluted (in USD per share) $ 1.91 $ 2.07 $ 3.48 $ 3.44
Average common shares outstanding (in thousands):        
Basic (in shares) 367,375 345,889 366,961 348,303
Diluted (in shares) 372,123 351,582 372,080 353,434
Cash dividends declared (in USD per share) $ 0.57 $ 0.52 $ 1.14 $ 1.04