Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 9 – Goodwill and Intangible Assets

Goodwill

The table below presents goodwill by business segment at September 30, 2012 and December 31, 2011. Effective January 1, 2012, the Corporation changed its basis of presentation from six to five segments. For more information on this realignment, see Note 19 – Business Segment Information. The reporting units utilized for goodwill impairment tests are the operating segments or one level below. For more information, see Note 10 – Goodwill and Intangible Assets to the Consolidated Financial Statements of the Corporation's 2011 Annual Report on Form 10-K.



Goodwill
(Dollars in millions)	September 30 2012		December 31 2011
Consumer & Business Banking	$	29,986	$	29,986
Global Banking	24,802		24,802
Global Markets	4,450		4,441
Global Wealth & Investment Management	9,928		9,928
All Other	810		810
Total goodwill	$	69,976	$	69,967

There was no goodwill in CRES at September 30, 2012, June 30, 2012 or December 31, 2011. During the three months ended September 30, 2012, the Corporation completed its annual goodwill impairment test as of June 30, 2012 for all applicable reporting units. Based on the results of step one of the annual goodwill impairment test, the Corporation determined that step two was not required for any of the reporting units as their fair value exceeded their carrying value indicating there was no impairment.

Intangible Assets

The table below presents the gross carrying amount and accumulated amortization for intangible assets at September 30, 2012 and December 31, 2011.



Intangible Assets ⁽¹⁾
	September 30, 2012				December 31, 2011
(Dollars in millions)	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Purchased credit card relationships	$	6,177	$	4,378	$	6,948	$	4,775
Core deposit intangibles	3,592		2,797		3,903		2,915
Customer relationships	4,042		1,788		4,081		1,532
Affinity relationships	1,571		1,056		1,569		966
Other intangibles	2,283		616		2,476		768
Total intangible assets	$	17,665	$	10,635	$	18,977	$	10,956


⁽¹⁾	Excludes fully amortized intangible assets.

At September 30, 2012 and December 31, 2011, none of the intangible assets were impaired. Amortization of intangibles expense was $315 million and $955 million for the three and nine months ended September 30, 2012 compared to $377 million and $1.1 billion for the same periods in 2011. The Corporation estimates aggregate amortization expense will be approximately $310 million for the fourth quarter of 2012, and $1.1 billion, $980 million, $920 million, $770 million and $670 million for 2013 through 2017, respectively.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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