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Consolidated Statement of Income - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Fee revenue:        
Servicing fees $ 1,259,000,000 $ 1,297,000,000 $ 2,476,000,000 $ 2,665,000,000
Management fees 461,000,000 490,000,000 918,000,000 1,010,000,000
Foreign exchange trading services 303,000,000 331,000,000 645,000,000 690,000,000
Securities finance 117,000,000 107,000,000 226,000,000 203,000,000
Software and processing fees 221,000,000 188,000,000 386,000,000 389,000,000
Other fee revenue 58,000,000 (43,000,000) 103,000,000 (14,000,000)
Total fee revenue 2,419,000,000 2,370,000,000 4,754,000,000 4,943,000,000
Net interest income:        
Interest income 2,232,000,000 704,000,000 4,259,000,000 1,225,000,000
Interest expense 1,541,000,000 120,000,000 2,802,000,000 132,000,000
Net interest income 691,000,000 584,000,000 1,457,000,000 1,093,000,000
Other income:        
Gains (losses) from sales of available-for-sale securities, net 0 (1,000,000) 0 (2,000,000)
Total other income (loss) 0 (1,000,000) 0 (2,000,000)
Total revenue 3,110,000,000 2,953,000,000 6,211,000,000 6,034,000,000
Provision for credit losses (18,000,000) 10,000,000 26,000,000 10,000,000
Expenses:        
Compensation and employee benefits 1,123,000,000 1,046,000,000 2,415,000,000 2,278,000,000
Information systems and communications 405,000,000 392,000,000 819,000,000 815,000,000
Transaction processing services 235,000,000 240,000,000 474,000,000 504,000,000
Occupancy 103,000,000 96,000,000 197,000,000 191,000,000
Acquisition and restructuring costs 0 12,000,000 0 21,000,000
Amortization of other intangible assets 60,000,000 60,000,000 120,000,000 121,000,000
Other 286,000,000 262,000,000 556,000,000 505,000,000
Total expenses 2,212,000,000 2,108,000,000 4,581,000,000 4,435,000,000
Income before income tax expense 916,000,000 835,000,000 1,604,000,000 1,589,000,000
Income tax expense 153,000,000 88,000,000 292,000,000 238,000,000
Net income 763,000,000 747,000,000 1,312,000,000 1,351,000,000
Net income available to common shareholders, basic 726,000,000 712,000,000 1,251,000,000 1,295,000,000
Net income available to common shareholders, diluted $ 726,000,000 $ 712,000,000 $ 1,251,000,000 $ 1,295,000,000
Earnings per common share:        
Basic (in USD per share) $ 2.20 $ 1.94 $ 3.73 $ 3.53
Diluted (in USD per share) $ 2.17 $ 1.91 $ 3.68 $ 3.48
Average common shares outstanding (in thousands):        
Basic (in shares) 329,383 367,375 335,212 366,961
Diluted (in shares) 333,540 372,123 339,473 372,080
Cash dividends declared (in USD per share) $ 0.63 $ 0.57 $ 1.26 $ 1.14