Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

For additional information on the nature of services and our revenue from contracts with customers, including revenues associated with both our Investment Servicing and Investment Management lines of business, refer to pages 181 to 183 in Note 25 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K.

Revenue by category

In the following tables, 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, 2022
	Investment Servicing						Investment Management						Other						Total
(Dollars in millions)	Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue		Total		2022
Servicing fees	$	1,297	$	—	$	1,297	$	—	$	—	$	—	$	—	$	—	$	—	$	1,297
Management fees	—		—		—		490		—		490		—		—		—		490
Foreign exchange trading services	90		223		313		18		—		18		—		—		—		331
Securities finance	61		41		102		—		5		5		—		—		—		107
Software and processing fees	138		50		188		—				—		—		—		—		188
Other fee revenue	—		(12)		(12)		—		(31)		(31)		—		—		—		(43)
Total fee revenue	1,586		302		1,888		508		(26)		482		—		—		—		2,370
Net interest income	—		588		588		—		(4)		(4)		—		—		—		584
Total other income	—		(1)		(1)		—		—		—		—		—		—		(1)
Total revenue	$	1,586	$	889	$	2,475	$	508	$	(30)	$	478	$	—	$	—	$	—	$	2,953
	Six Months Ended June 30, 2022
	Investment Servicing						Investment Management						Other						Total
(Dollars in millions)	Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue		Total		2022
Servicing fees	$	2,665	$	—	$	2,665	$	—	$	—	$	—	$	—	$	—	$	—	$	2,665
Management fees	—		—		—		1,010		—		1,010		—		—		—		1,010
Foreign exchange trading services	191		464		655		35		—		35		—		—		—		690
Securities finance	115		80		195		—		8		8		—		—		—		203
Software and processing fees	289		100		389		—		—		—		—		—		—		389
Other fee revenue	—		34		34		—		(48)		(48)		—		—		—		(14)
Total fee revenue	3,260		678		3,938		1,045		(40)		1,005		—		—		—		4,943
Net interest income	—		1,097		1,097		—		(4)		(4)		—		—		—		1,093
Total other income	—		(2)		(2)		—		—		—		—		—		—		(2)
Total revenue	$	3,260	$	1,773	$	5,033	$	1,045	$	(44)	$	1,001	$	—	$	—	$	—	$	6,034
	Three Months Ended June 30, 2021
	Investment Servicing						Investment Management						Other						Total
(Dollars in millions)	Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue		Total		2021
Servicing fees	$	1,394	$	—	$	1,394	$	—	$	—	$	—	$	—	$	—	$	—	$	1,394
Management fees	—		—		—		504		—		504		—		—		—		504
Foreign exchange trading services	83		187		270		16		—		16		—		—		—		286
Securities finance	61		45		106		—		3		3		—		—		—		109
Software and processing fees	161		50		211		—		—		—		—		—		—		211
Other fee revenue	—		3		3		—		7		7		—		—		—		10
Total fee revenue	1,699		285		1,984		520		10		530		—		—		—		2,514
Net interest income	—		468		468		—		(1)		(1)		—		—		—		467
Total other income	—		—		—		—		—		—		—		53		53		53
Total revenue	$	1,699	$	753	$	2,452	$	520	$	9	$	529	$	—	$	53	$	53	$	3,034
	Six Months Ended June 30, 2021
	Investment Servicing						Investment Management						Other						Total
(Dollars in millions)	Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue		Total		Topic 606 revenue		All other revenue		Total		2021
Servicing fees	$	2,763	$	—	$	2,763	$	—	$	—	$	—	$	—	$	—	$	—	$	2,763
Management fees	—		—		—		997		—		997		—		—		—		997
Foreign exchange trading services	178		425		603		29		—		29		—		—		—		632
Securities finance	121		80		201		—		7		7		—		—		—		208
Software and processing fees	271		100		371		—		—		—		—		—		—		371
Other fee revenue	—		17		17		—		9		9		—		—		—		26
Total fee revenue	3,333		622		3,955		1,026		16		1,042		—		—		—		4,997
Net interest income	—		941		941		—		(7)		(7)		—		—		—		934
Total other income	—		—		—		—		—		—		—		53		53		53
Total revenue	$	3,333	$	1,563	$	4,896	$	1,026	$	9	$	1,035	$	—	$	53	$	53	$	5,984

Contract balances and contract costs

As of June 30, 2022 and December 31, 2021, net receivables of $2.89 billion and $2.76 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 or quarterly; 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.