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Consolidated Statement of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Fee revenue:        
Servicing fees $ 1,219 $ 1,391 $ 3,884 $ 4,154
Management fees 472 526 1,482 1,523
Foreign exchange trading services 319 279 1,009 911
Securities finance 110 106 313 314
Software and processing fees 184 180 573 551
Other fee revenue (5) 22 (19) 48
Total fee revenue 2,299 2,504 7,242 7,501
Net interest income:        
Interest income 1,101 487 2,326 1,425
Interest expense 441 0 573 4
Net interest income 660 487 1,753 1,421
Other income:        
Gains (losses) related to investment securities, net 0 (1) (2) (1)
Other income 0 0 0 53
Total other income (loss) 0 (1) (2) 52
Total revenue 2,959 2,990 8,993 8,974
Provision for credit losses 0 (2) 10 (26)
Expenses:        
Compensation and employee benefits 1,042 1,054 3,320 3,373
Information systems and communications 399 406 1,214 1,225
Transaction processing services 227 253 731 786
Occupancy 97 102 288 311
Acquisition and restructuring costs 13 18 34 39
Amortization of other intangible assets 58 62 179 183
Other 274 221 779 642
Total expenses 2,110 2,116 6,545 6,559
Income before income tax expense 849 876 2,438 2,441
Income tax expense 159 162 397 445
Net income 690 714 2,041 1,996
Net income available to common shareholders, basic 669 693 1,964 1,910
Net income available to common shareholders, diluted $ 669 $ 693 $ 1,964 $ 1,910
Earnings per common share:        
Basic (in USD per share) $ 1.82 $ 1.99 $ 5.35 $ 5.49
Diluted (in USD per share) $ 1.80 $ 1.96 $ 5.28 $ 5.40
Average common shares outstanding (in thousands):        
Basic (in shares) 367,789 347,718 367,240 348,106
Diluted (in shares) 372,418 353,494 372,194 353,376
Cash dividends declared (in USD per share) $ 0.63 $ 0.57 $ 1.77 $ 1.61