Revenue from Contracts with Customers

9 Months Ended

Sep. 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 September 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	$	1,219	$	—	$	1,219	$	—	$	—	$	—	$	—	$	—	$	—	$	1,219
Management fees	—		—		—		472		—		472		—		—		—		472
Foreign exchange trading services	88		205		293		26		—		26		—		—		—		319
Securities finance	60		45		105		—		5		5		—		—		—		110
Software and processing fees	138		46		184		—		—		—		—		—		—		184
Other fee revenue	—		12		12		—		(17)		(17)		—		—		—		(5)
Total fee revenue	1,505		308		1,813		498		(12)		486		—		—		—		2,299
Net interest income	—		663		663		—		(3)		(3)		—		—		—		660
Total other income	—		—		—		—		—		—		—		—		—		—
Total revenue	$	1,505	$	971	$	2,476	$	498	$	(15)	$	483	$	—	$	—	$	—	$	2,959
	Nine Months Ended September 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	$	3,884	$	—	$	3,884	$	—	$	—	$	—	$	—	$	—	$	—	$	3,884
Management fees	—		—		—		1,482		—		1,482		—		—		—		1,482
Foreign exchange trading services	279		669		948		61		—		61		—		—		—		1,009
Securities finance	175		125		300		—		13		13		—		—		—		313
Software and processing fees	427		146		573		—		—		—		—		—		—		573
Other fee revenue	—		46		46		—		(65)		(65)		—		—		—		(19)
Total fee revenue	4,765		986		5,751		1,543		(52)		1,491		—		—		—		7,242
Net interest income	—		1,760		1,760		—		(7)		(7)		—		—		—		1,753
Total other income	—		(2)		(2)		—		—		—		—		—		—		(2)
Total revenue	$	4,765	$	2,744	$	7,509	$	1,543	$	(59)	$	1,484	$	—	$	—	$	—	$	8,993
	Three Months Ended September 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	$	1,391	$	—	$	1,391	$	—	$	—	$	—	$	—	$	—	$	—	$	1,391
Management fees	—		—		—		526		—		526		—		—		—		526
Foreign exchange trading services	82		184		266		13		—		13		—		—		—		279
Securities finance	60		43		103		—		3		3		—		—		—		106
Software and processing fees	130		50		180		—		—		—		—		—		—		180
Other fee revenue	—		28		28		—		(6)		(6)		—		—		—		22
Total fee revenue	1,663		305		1,968		539		(3)		536		—		—		—		2,504
Net interest income	—		491		491		—		(4)		(4)		—		—		—		487
Total other income	—		(1)		(1)		—		—		—		—		—		—		(1)
Total revenue	$	1,663	$	795	$	2,458	$	539	$	(7)	$	532	$	—	$	—	$	—	$	2,990
	Nine Months Ended September 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	$	4,154	$	—	$	4,154	$	—	$	—	$	—	$	—	$	—	$	—	$	4,154
Management fees	—		—		—		1,523		—		1,523		—		—		—		1,523
Foreign exchange trading services	260		609		869		42		—		42		—		—		—		911
Securities finance	181		123		304		—		10		10		—		—		—		314
Software and processing fees	401		150		551		—		—		—		—		—		—		551
Other fee revenue	—		45		45		—		3		3		—		—		—		48
Total fee revenue	4,996		927		5,923		1,565		13		1,578		—		—		—		7,501
Net interest income	—		1,432		1,432		—		(11)		(11)		—		—		—		1,421
Total other income	—		(1)		(1)		—		—		—		—		53		53		52
Total revenue	$	4,996	$	2,358	$	7,354	$	1,565	$	2	$	1,567	$	—	$	53	$	53	$	8,974

Contract balances and contract costs

As of September 30, 2022 and December 31, 2021, net receivables of $2.78 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.