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EXHIBIT (99)
BUSINESS SEGMENTS (a)
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YEAR ENDED DECEMBER 31, 2000
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RETAIL
BROKERAGE & WEALTH
INSURANCE & TRUST MUTUAL CAP
(In millions) SERVICES SERVICES FUNDS ACCOUNT OTHER TOTAL
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CAPITAL MANAGEMENT
Income statement data
Net interest income $ 174 231 10 228 - 643
Provision for loan losses - 1 - - - 1
Fee and other income 1,886 727 532 164 (94) 3,215
Noninterest expense 1,707 576 261 153 2,697
Income tax expense 135 146 108 91 (36) 444
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Operating earnings $ 218 235 173 148 (58) 716
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Performance and other data
Return on average attributed
stockholders' equity 36.71 % 48.51 73.28 78.45 - 50.29
Average loans, net $ - 4,382 - 1 - 4,383
Average deposits - 5,927 - 13,642 - 19,569
Average attributed stockholders'
equity (b) $ 594 485 188 188 (30) 1,425
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INVESTMENT CORPORATE
(In millions) BANKING BANKING INTERNATIONAL OTHER TOTAL
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CAPITAL MARKETS
Income statement data
Net interest income $ 252 1,159 140 - 1,551
Provision for loan losses 53 354 6 - -413
Fee and other income 1,283 229 226 (222) 1,516
Noninterest expense 1,013 416 176 - 1,605
Income tax expense 144 235 70 (222) 227
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Operating earnings $ 325 383 114 - 822
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Performance and other data
Return on average attributed
stockholders' equity 16.87 % 10.93 20.84 - 13.74
Average loans, net $ 6,694 32,489 5,347 - 44,530
Average deposits 6,154 5,243 5,727 - 17,124
Average attributed stockholders'
equity (b) $ 1,927 3,506 542 - 5,975
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HOME
EQUITY &
FIRST THE RETAIL
UNION MONEY CREDIT BRANCH
(In millions) MORTGAGE STORE CARDS PRODUCTS TOTAL
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CONSUMER
Income statement data
Net interest income $ 53 582 164 2,529 3,328
Provision for loan losses 4 80 49 104 237
Fee and other income 169 127 221 871 1,388
Noninterest expense 218 552 203 2,438 3,411
Income tax expense - 29 51 328 408
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Operating earnings $ - 48 82 530 660
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Performance and other data
Return on average attributed
stockholders' equity - % 3.99 22.31 27.65 18.64
Average loans, net $ 436 12,814 939 11,078 25,267
Average deposits 877 198 8 68,216 69,299
Average attributed stockholders'
equity (b) $ 63 1,189 367 1,917 3,536
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(Continued)
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BUSINESS SEGMENTS (a)
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YEAR ENDED DECEMBER 31, 2000
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SMALL REAL CASH MGT. &
BUSINESS ESTATE DEPOSIT
(In millions) BANKING LENDING BANKING SERVICES TOTAL
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COMMERCIAL
Income statement data
Net interest income $ 78 277 185 829 1,369
Provision for loan losses 8 47 20 - 75
Fee and other income - - - 564 564
Noninterest expense 49 185 63 785 1,082
Income tax expense 8 13 39 232 292
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Operating earnings $ 13 32 63 376 484
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Performance and other data
Return on average attributed
stockholders' equity 8.03 % 3.83 15.75 56.35 23.34
Average loans, net $ 2,851 14,412 9,439 26,702
Average deposits - - - 22,050 22,050
Average attributed stockholders'
equity (b) $ 161 845 400 666 2,072
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CAPITAL CAPITAL TREASURY/
(In millions) MGT. MARKETS CONSUMER COMMERCIAL NONBANK TOTAL
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CONSOLIDATED
Income statement data
Net interest income $ 643 1,551 3,328 1,369 546 7,437
Provision for loan losses 1 413 237 75 28 754
Fee and other income 3,215 1,516 1,388 564 132 6,815
Noninterest expense 2,697 1,605 3,411 1,082 418 9,213
Income tax expense 444 227 408 292 (21) 1,350
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Operating earnings 716 822 660 484 253 2,935
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Adjustments from operating
earnings to net income
Restructuring, merger-related
and other charges/gains
Provision for loan losses - - - - (982) (982)
Fee and other income - - - - (103) (103)
Noninterest expense - - - - (2,497) (2,497)
Income tax benefit - - - - 785 785
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After-tax restructuring, merger-
related and other charges/gains - - - - (2,797) (2,797)
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Income before cumulative
effect of a change in accounting
principle 716 822 660 484 (2,544) 138
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Cumulative effect of a change in
the accounting for beneficial
interests, net of tax - - - - (46) (46)
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Net income $ 716 822 660 484 (2,590) 92
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Performance and other data
Return on average attributed
stockholders' equity 50.29 % 13.74 18.64 23.34 9.99 17.23
Average loans, net $ 4,383 44,530 25,267 26,702 26,006 126,888
Average deposits 19,569 17,124 69,299 22,050 12,724 140,766
Average attributed stockholders'
equity (b) $ 1,425 5,975 3,536 2,072 2,533 15,541
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(Continued)
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BUSINESS SEGMENTS (a)
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Year Ended December 31, 1999
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Retail
Brokerage & Wealth
Insurance & Trust Mutual CAP
(In millions) Services Services Funds Account Other Total
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CAPITAL MANAGEMENT
Income statement data
Net interest income $ 96 221 - 205 - 522
Provision for loan losses - - - - - -
Fee and other income 1,137 695 460 119 (94) 2,317
Noninterest expense 1,006 521 230 129 1,886
Income tax expense 87 151 88 75 (36) 365
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Operating earnings $ 140 244 142 120 (58) 588
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Performance and other data
Return on average attributed
stockholders' equity 35.34 % 56.85 64.59 72.81 - 52.50
Average loans, net $ - 3,793 - - - 3,793
Average deposits - 5,779 - 14,202 - 19,981
Average attributed stockholders'
equity (b) $ 397 430 160 166 (30) 1,123
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Investment Corporate
(In millions) Banking Banking International Other Total
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CAPITAL MARKETS
Income statement data
Net interest income $ 248 1,154 151 - 1,553
Provision for loan losses 63 189 - - 252
Fee and other income 1,468 184 205 (148) 1,709
Noninterest expense 885 402 185 1,472
Income tax expense 261 281 65 (148) 459
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Operating earnings $ 507 466 106 - 1,079
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Performance and other data
Return on average attributed
stockholders' equity 33.90 % 13.58 16.45 - 19.36
Average loans, net $ 7,009 31,410 4,797 - 43,216
Average deposits 4,799 5,425 5,302 - 15,526
Average attributed stockholders'
equity (b) $ 1,493 3,432 645 - 5,570
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Home
Equity &
First The Retail
Union Money Credit Branch
(In millions) Mortgage Store Cards Products Total
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CONSUMER
Income statement data
Net interest income $ 76 534 220 2,455 3,285
Provision for loan losses 1 69 156 82 308
Fee and other income 309 203 348 841 1,701
Noninterest expense 254 660 236 2,342 3,492
Income tax expense 50 3 67 333 453
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Operating earnings $ 80 5 109 539 733
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Performance and other data
Return on average attributed
stockholders' equity 88.48 % 0.33 22.97 29.14 19.46
Average loans, net $ 468 11,954 2,238 13,412 28,072
Average deposits 1,195 153 11 69,307 70,666
Average attributed stockholders'
equity (b) $ 91 1,352 473 1,847 3,763
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(Continued)
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BUSINESS SEGMENTS (a)
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Year Ended December 31, 1999
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Small Real Cash Mgt. &
Business Estate Deposit
(In millions) Banking Lending Banking Services Total
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COMMERCIAL
Income statement data
Net interest income $ 83 237 175 889 1,384
Provision for loan losses 4 40 24 - 68
Fee and other income - - - 554 554
Noninterest expense 42 209 67 743 1,061
Income tax expense 14 (27) 32 268 287
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Operating earnings $ 23 15 52 432 522
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Performance and other data
Return on average attributed
stockholders' equity 14.06 % 1.57 13.00 64.87 24.48
Average loans, net $ 2,732 14,693 8,572 - 25,997
Average deposits - - - 22,665 22,665
Average attributed stockholders'
equity (b) $ 161 901 399 666 2,127
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Capital Capital Treasury/
(In millions) Mgt. Markets Consumer Commercial Nonbank Total
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CONSOLIDATED
Income statement data
Net interest income $ 522 1,553 3,285 1,384 708 7,452
Provision for loan losses - 252 308 68 64 692
Fee and other income 2,317 1,709 1,701 554 652 6,933
Noninterest expense 1,886 1,472 3,492 1,061 547 8,458
Income tax expense 365 459 453 287 185 1,749
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Operating earnings 588 1,079 733 522 564 3,486
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Adjustments from operating
earnings to net income
Restructuring and
merger-related charges
Noninterest expense - - - - (404) (404)
Income tax benefit - - - - 141 141
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After-tax restructuring and
merger-related charges - - - - (263) (263)
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Net income $ 588 1,079 733 522 301 3,223
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Performance and other data
Return on average attributed
stockholders' equity 52.50 % 19.36 19.46 24.48 16.84 21.60
Average loans, net $ 3,793 43,216 28,072 25,997 28,713 129,791
Average deposits 19,981 15,526 70,666 22,665 6,274 135,112
Average attributed stockholders'
equity (b) $ 1,123 5,570 3,763 2,127 3,349 15,932
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(Continued)
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BUSINESS SEGMENTS (a)
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Year Ended December 31, 1998
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Retail
Brokerage & Wealth
Insurance & Trust Mutual CAP
(In millions) Services Services Funds Account Other Total
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CAPITAL MANAGEMENT
Income statement data
Net interest income $ 39 213 2 155 - 409
Provision for loan losses - 5 - - - 5
Fee and other income 778 621 412 76 (85) 1,802
Noninterest expense 703 500 214 107 - 1,524
Income tax expense 43 126 77 48 (32) 262
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Operating earnings $ 71 203 123 76 (53) 420
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Performance and other data
Return on average attributed
stockholders' equity 26.23 % 50.94 60.80 71.31 - 47.30
Average loans, net $ - 3,683 - - - 3,683
Average deposits - 5,047 - 11,676 - 16,723
Average attributed stockholders'
equity (b) $ 267 399 145 108 (27) 892
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Investment Corporate
(In millions) Banking Banking International Other Total
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CAPITAL MARKETS
Income statement data
Net interest income $ 211 1,059 164 - 1,434
Provision for loan losses - 144 12 - 156
Fee and other income 775 243 214 (82) 1,150
Noninterest expense 694 440 180 - 1,314
Income tax expense 80 270 71 (82) 339
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Operating earnings $ 212 448 115 - 775
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Performance and other data
Return on average attributed
stockholders' equity 17.46 % 13.97 21.38 - 15.62
Average loans, net $ 5,620 30,127 4,842 - 40,589
Average deposits 4,363 5,250 4,702 - 14,315
Average attributed stockholders'
equity (b) $ 1,213 3,207 537 - 4,957
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Home
Equity &
First The Retail
Union Money Credit Branch
(In millions) Mortgage Store Cards Products Total
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CONSUMER
Income statement data
Net interest income $ 90 308 327 2,595 3,320
Provision for loan losses 2 11 210 103 326
Fee and other income 350 228 394 922 1,894
Noninterest expense 309 413 262 2,259 3,243
Income tax expense 49 43 95 442 629
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Operating earnings $ 80 69 154 713 1,016
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Performance and other data
Return on average attributed
stockholders' equity 64.76 % 8.77 32.91 35.46 29.98
Average loans, net $ 509 6,786 3,448 16,307 27,050
Average deposits 1,329 82 12 76,209 77,632
Average attributed stockholders'
equity (b) $ 123 786 466 2,011 3,386
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(Continued)
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BUSINESS SEGMENTS (a)
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Year Ended December 31, 1998
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Small Real Cash Mgt. &
Business Estate Deposit
(In millions) Banking Lending Banking Services Total
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COMMERCIAL
Income statement data
Net interest income $ 85 294 202 819 1,400
Provision for loan losses 4 41 19 - 64
Fee and other income - - - 535 535
Noninterest expense 39 201 61 747 1,048
Income tax expense 16 5 47 232 300
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Operating earnings $ 26 47 75 375 523
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Performance and other data
Return on average attributed
stockholders' equity 16.88 % 5.88 15.70 59.55 25.23
Average loans, net $ 2,591 14,924 9,017 - 26,532
Average deposits - - - 23,067 23,067
Average attributed stockholders'
equity (b) $ 152 812 481 629 2,074
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Capital Capital Treasury/
(In millions) Mgt. Markets Consumer Commercial Nonbank Total
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CONSOLIDATED
Income statement data
Net interest income $ 409 1,434 3,320 1,400 714 7,277
Provision for loan losses 5 156 326 64 140 691
Fee and other income 1,802 1,150 1,894 535 1,054 6,435
Noninterest expense 1,524 1,314 3,243 1,048 715 7,844
Income tax expense 262 339 629 300 (49) 1,481
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Operating earnings 420 775 1,016 523 962 3,696
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Adjustments from operating
earnings to net income
Restructuring and
merger-related charges
Noninterest expense - - - - (1,212) (1,212)
Income tax benefit - - - - 407 407
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After-tax restructuring and
merger-related charges - - - - (805) (805)
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Net income $ 420 775 1,016 523 157 2,891
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Performance and other data
Return on average attributed
stockholders' equity 47.30 % 15.62 29.98 25.23 21.05 22.70
Average loans, net $ 3,683 40,589 27,050 26,532 34,206 132,060
Average deposits 16,723 14,315 77,632 23,067 4,593 136,330
Average attributed stockholders'
equity (b) $ 892 4,957 3,386 2,074 4,569 15,878
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(a) Business Segment information reflects the April 1998 pooling of interests
merger with CoreStates. The information also reflects the 1998 divestiture of
$3.4 billion of deposits, $2.2 billion of which related to the CoreStates
merger. Information related to the purchase accounting acquisitions of The Money
Store and EVEREN on June 30, 1998, and October 1, 1999, respectively, is
included from the date the acquisitions occurred. See the "Business Segments"
discussion in Management's Analysis of Operations for further information about
the methodology and assumptions used in presenting this information.
(b) Average attributed stockholders' equity excludes restructuring,
merger-related and other charges and the cumulative effect of a change in
accounting principle for the Capital Management, Capital Markets, Consumer and
Commercial segments. Average attributed stockholders' equity includes
restructuring, merger-related and other charges and the cumulative effect of a
change in accounting principle for the Treasury/Nonbank segment and consolidated
amounts. The return on average attributed stockholders' equity for the Capital
Management Mutual Funds unit is net of the amount included in Other.
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