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At December 31, 2003 and 2002, allocated goodwill was $7.7 billion in Consumer and Commercial Banking, $1.5 billion in Asset Management and $134 million in Equity Investments. At December 31, 2003 and 2002, goodwill was $2.1 billion and $2.0 billion, respectively, in Global Corporate and Investment Banking.
In accordance with SFAS 142, no goodwill amortization was recorded in 2003 or 2002. Goodwill amortization expense in 2001 was $662 million. Net income in 2001 was $6.8 billion or $4.26 per common share ($4.18 per diluted common share). Net income adjusted to exclude goodwill amortization expense would have been $7.4 billion or $4.64 per common share ($4.56 per diluted common share) in 2001. The impact of goodwill amortization on net income in 2001 was $616 million or $0.38 per common share(basic and diluted).
The gross carrying value and accumulated amortization related to core deposit intangibles and other intangibles at December 31, 2003 and 2002 are presented below:
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December 31, 2003 |
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December 31, 2002 |
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Gross
Carrying
Value |
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Accumulated
Amoritzation |
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Gross
Carrying
Value |
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Accumulated
Amoritzation |
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| Core deposit intangibles |
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$ |
1,495 |
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$ |
886 |
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$ |
1,495 |
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$ |
726 |
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| Other intangibles |
|
787 |
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|
488 |
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|
757 |
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431 |
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| Total |
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$ |
2,282 |
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$ |
1,374 |
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$ |
2,252 |
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$ |
1,157 |
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Amortization expense on core deposit intangibles and other intangibles was $217 million, $218 million and $216 million in 2003, 2002 and 2001, respectively. The Corporation estimates that aggregate amortization expense will be $216 million for 2004, $214 million for 2005, $206 million for 2006, $125 million for 2007 and $61 million for 2008.
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