Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BK | ||
Entity Registrant Name | Bank of New York Mellon CORP | ||
Entity Central Index Key | 1,390,777 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding (shares) | 1,075,800,941 | ||
Entity Public Float | $ 46,364,551,489 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Investment services fees: | |||||||
Foreign exchange and other trading revenue | $ 768 | $ 570 | $ 674 | ||||
Net securities gains | 83 | 91 | 141 | ||||
Total fee and other revenue | 12,100 | [1] | 12,728 | [2] | 11,959 | [3] | |
Net interest revenue | |||||||
Interest revenue | 3,326 | 3,234 | 3,352 | ||||
Interest expense | 300 | 354 | 343 | ||||
Net interest revenue | 3,026 | 2,880 | 3,009 | ||||
Provision for credit losses | 160 | (48) | (35) | ||||
Net interest revenue after provision for credit losses | 2,866 | 2,928 | 3,044 | ||||
Noninterest expense | |||||||
Staff | 5,837 | 5,845 | 6,019 | ||||
Professional, legal and other purchased services | 1,230 | 1,339 | 1,252 | ||||
Software | 627 | 620 | 596 | ||||
Net occupancy | 600 | 610 | 629 | ||||
Distribution and servicing | 381 | 428 | 435 | ||||
Furniture and equipment | 280 | 322 | 337 | ||||
Sub-custodian | 270 | 286 | 280 | ||||
Business development | 267 | 268 | 317 | ||||
Amortization of intangible assets | 261 | 298 | 342 | ||||
Total noninterest expense | 10,799 | 12,177 | 11,306 | ||||
Income | |||||||
Income before income taxes | 4,235 | 3,563 | 3,777 | ||||
Provision for income taxes | 1,013 | 912 | 1,592 | ||||
Net income | 3,222 | 2,651 | 2,185 | ||||
Net (income) attributable to noncontrolling interests (includes $(68), $(84) and $(80) related to consolidated investment management funds, respectively) | (64) | (84) | (81) | ||||
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 3,158 | 2,567 | 2,104 | ||||
Preferred stock dividends | (105) | (73) | (64) | ||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 3,053 | 2,494 | 2,040 | ||||
Reconciliation of net income to the net income applicable to common shareholders of The Bank of New York Mellon Corporation | |||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 3,053 | 2,494 | 2,040 | ||||
Less: Earnings allocated to participating securities | 43 | 43 | 37 | ||||
Change in the excess of redeemable value over the fair value of noncontrolling interests | 1 | ||||||
Net income applicable to the common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share | $ 3,010 | $ 2,451 | $ 2,002 | ||||
Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation | |||||||
Basic (shares) | 1,104,719 | 1,129,897 | 1,150,689 | ||||
Common stock equivalents (shares) | 17,290 | 20,037 | 16,874 | ||||
Less: Participating securities (shares) | (9,498) | (12,454) | (13,122) | ||||
Diluted (shares) | 1,112,511 | 1,137,480 | 1,154,441 | ||||
Anti-dilutive securities (shares) | [4] | 28,736 | 43,735 | 75,847 | |||
Basic: | |||||||
Basic (usd per share) | [5] | $ 2.73 | $ 2.17 | $ 1.74 | |||
Diluted: | |||||||
Diluted (usd per share) | [5] | $ 2.71 | $ 2.15 | $ 1.73 | |||
Operations | |||||||
Investment services fees: | |||||||
Asset servicing | $ 4,187 | $ 4,075 | $ 3,905 | ||||
Clearing services | 1,375 | 1,335 | 1,264 | ||||
Issuer services | 978 | 968 | 1,090 | ||||
Treasury services | 555 | 564 | 554 | ||||
Total investment services fees | 7,095 | 6,942 | 6,813 | ||||
Investment management and performance fees | 3,438 | 3,492 | 3,395 | ||||
Foreign exchange and other trading revenue | 768 | 570 | 674 | ||||
Financing-related fees | 220 | 169 | 172 | ||||
Distribution and servicing | 162 | 173 | 180 | ||||
Investment and other income | 316 | 1,212 | 481 | ||||
Total fee revenue | 11,999 | 12,558 | 11,715 | ||||
Net securities gains — including other-than-temporary impairment | 82 | 92 | 146 | ||||
Noncredit-related portion of other-than-temporary impairment (recognized in other comprehensive income) | (1) | 1 | 5 | ||||
Net securities gains | 83 | 91 | 141 | ||||
Total fee and other revenue | 12,082 | 12,649 | 11,856 | ||||
Noninterest expense | |||||||
Staff | 5,837 | 5,845 | 6,019 | ||||
Professional, legal and other purchased services | 1,230 | 1,339 | 1,252 | ||||
Software | 627 | 620 | 596 | ||||
Net occupancy | 600 | 610 | 629 | ||||
Distribution and servicing | 381 | 428 | 435 | ||||
Furniture and equipment | 280 | 322 | 337 | ||||
Sub-custodian | 270 | 286 | 280 | ||||
Business development | 267 | 268 | 317 | ||||
Other | 961 | 1,031 | 1,029 | ||||
Amortization of intangible assets | 261 | 298 | 342 | ||||
Merger and integration, litigation and restructuring charges | 85 | 1,130 | 70 | ||||
Total noninterest expense | 10,799 | 12,177 | 11,306 | ||||
Investment Management funds | |||||||
Investment services fees: | |||||||
Total fee and other revenue | 18 | 79 | 103 | ||||
Operations of consolidated investment management funds | |||||||
Investment income | 115 | 503 | 548 | ||||
Interest of investment management fund note holders | 29 | 340 | 365 | ||||
Income from consolidated investment management funds | 86 | 163 | 183 | ||||
Income | |||||||
Net (income) attributable to noncontrolling interests (includes $(68), $(84) and $(80) related to consolidated investment management funds, respectively) | $ (68) | $ (84) | $ (80) | ||||
[1] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $18 million, representing $86 million of income and noncontrolling interests of $68 million. Income before taxes is net of noncontrolling interests of $68 million. | ||||||
[2] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $79 million, representing $163 million of income and noncontrolling interests of $84 million. Income before taxes is net of noncontrolling interests of $84 million. | ||||||
[3] | Both fee and other revenue and total revenue include net income from consolidated investment management funds of $103 million, representing $183 million of income and noncontrolling interests of $80 million. Income before taxes is net of noncontrolling interests of $80 million. | ||||||
[4] | Represents stock options, restricted stock, restricted stock units and participating securities outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive. | ||||||
[5] | Basic and diluted earnings per share under the two-class method are determined on the net income applicable to common shareholders of The Bank of New York Mellon Corporation reported on the income statement less earnings allocated to participating securities, and the change in the excess of redeemable value over the fair value of noncontrolling interests, if applicable. |
Consolidated Income Statement (
Consolidated Income Statement (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net (income) attributable to noncontrolling interests | $ (64) | $ (84) | $ (81) |
Investment Management | |||
Net (income) attributable to noncontrolling interests | $ (68) | $ (84) | $ (80) |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income Statement - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,222 | $ 2,651 | $ 2,185 | |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments | [1] | (599) | (806) | 192 |
Unrealized (loss) gain on assets available-for-sale: | ||||
Unrealized (loss) gain arising during the period | (363) | 413 | (889) | |
Reclassification adjustment | [2] | (52) | (58) | (74) |
Total unrealized (loss) gain on assets available-for-sale | (415) | 355 | (963) | |
Defined benefit plans: | ||||
Prior service cost arising during the period | 0 | 2 | (1) | |
Net (loss) gain arising during the period | (65) | (479) | 429 | |
Foreign exchange adjustment | 0 | (1) | 0 | |
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | [2] | 69 | 77 | 126 |
Total defined benefit plans | 4 | (401) | 554 | |
Net unrealized gain (loss) on cash flow hedges | 8 | (15) | 9 | |
Total other comprehensive income (loss), net of tax | [3] | (1,002) | (867) | (208) |
Net (income) attributable to noncontrolling interests | (64) | (84) | (81) | |
Other comprehensive loss (income) attributable to noncontrolling interests | 36 | 125 | (41) | |
Net comprehensive income | $ 2,192 | $ 1,825 | $ 1,855 | |
[1] | Includes the impact of hedges of net investments in foreign subsidiaries. See Note 23 for additional information. | |||
[2] | The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains on the Consolidated Income Statement. The amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost is recorded as staff expense on the Consolidated Income Statement. See Note 23 of the Notes to Consolidated Financial Statements for the location of the reclassification adjustment related to cash flow hedges on the Consolidated Income Statement. | |||
[3] | Other comprehensive (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(966) million for the year ended Dec. 31, 2015, $(742) million for the year ended Dec. 31, 2014 and $(249) million for the year ended Dec. 31, 2013. |
Consolidated Comprehensive Inc5
Consolidated Comprehensive Income Statement (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders | $ (966) | $ (742) | $ (249) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | ||
Securities: | ||||
Held-to-maturity (fair value of $43,204 and $21,127) | $ 43,312 | |||
Loans (includes $422 and $21, at fair value) | [1] | 63,703 | $ 59,132 | |
Allowance for loan losses | (157) | (191) | ||
Goodwill | 17,618 | 17,869 | ||
Intangible assets | 3,842 | 4,127 | ||
Other assets (includes $1,087 and $1,916, at fair value) | 19,626 | 20,490 | ||
Total assets | 393,780 | 385,303 | ||
Deposits: | ||||
Long-term debt (includes $359 and $347, at fair value) | 21,547 | 20,264 | ||
Total liabilities | 354,805 | 346,600 | ||
Temporary equity | ||||
Redeemable noncontrolling interests | 200 | 229 | ||
Permanent equity | ||||
Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 25,826 and 15,826 shares | [2] | 2,552 | 1,562 | |
Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,312,941,113 and 1,290,222,821 shares | 13 | 13 | ||
Additional paid-in capital | 25,262 | 24,626 | ||
Retained earnings | 19,974 | 17,683 | ||
Accumulated other comprehensive loss, net of tax | (2,600) | (1,634) | ||
Less: Treasury stock of 227,598,128 and 171,995,262 common shares, at cost | (7,164) | (4,809) | ||
Total The Bank of New York Mellon Corporation shareholders’ equity | 38,037 | 37,441 | ||
Total permanent equity | 38,775 | [3] | 38,474 | |
Total liabilities, temporary equity and permanent equity | 393,780 | 385,303 | ||
Operations | ||||
Cash and due from: | ||||
Banks | 6,537 | 6,970 | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 113,203 | 96,682 | ||
Interest-bearing deposits with banks | 15,146 | 19,495 | ||
Federal funds sold and securities purchased under resale agreements | 24,373 | 20,302 | ||
Securities: | ||||
Held-to-maturity (fair value of $43,204 and $21,127) | 43,312 | 20,933 | ||
Available-for-sale | 75,867 | 98,330 | ||
Total securities | 119,179 | 119,263 | ||
Trading assets | 7,368 | 9,881 | ||
Loans (includes $422 and $21, at fair value) | 63,703 | 59,132 | ||
Allowance for loan losses | (157) | (191) | ||
Net loans | 63,546 | 58,941 | ||
Premises and equipment | 1,379 | 1,394 | ||
Accrued interest receivable | 562 | 607 | ||
Goodwill | 17,618 | 17,869 | ||
Intangible assets | 3,842 | 4,127 | ||
Other assets (includes $1,087 and $1,916, at fair value) | 19,626 | 20,490 | ||
Other assets | 1,087 | 1,916 | ||
Total assets | 392,379 | 376,021 | ||
Deposits: | ||||
Noninterest-bearing (principally U.S. offices) | 96,277 | 104,240 | ||
Interest-bearing deposits in U.S. offices | 51,704 | 53,236 | ||
Interest-bearing deposits in Non-U.S. offices | 131,629 | 108,393 | ||
Total deposits | 279,610 | 265,869 | ||
Federal funds purchased and securities sold under repurchase agreements | 15,002 | 11,469 | ||
Trading liabilities | 4,501 | 7,434 | ||
Payables to customers and broker-dealers | 21,900 | 21,181 | ||
Other borrowed funds | 523 | 786 | ||
Accrued taxes and other expenses | 5,986 | 6,903 | ||
Other liabilities (including allowance for lending-related commitments of $118 and $89, also includes $392 and $451, at fair value) | 5,490 | 5,025 | ||
Long-term debt (includes $359 and $347, at fair value) | 21,547 | 20,264 | ||
Other liabilities | 392 | 451 | ||
Total liabilities | 354,559 | 338,931 | ||
Investment Management funds | ||||
Securities: | ||||
Trading assets | 1,228 | 8,678 | ||
Other assets | 173 | 604 | ||
Subtotal assets of consolidated investment management funds, at fair value | 1,401 | 9,282 | ||
Deposits: | ||||
Trading liabilities | 229 | 7,660 | ||
Other liabilities | 17 | 9 | ||
Subtotal liabilities of consolidated investment management funds, at fair value | 246 | 7,669 | ||
Permanent equity | ||||
Nonredeemable noncontrolling interests of consolidated investment management funds | $ 738 | $ 1,033 | ||
[1] | Net of unearned income of $674 million at Dec. 31, 2015 and $866 million at Dec. 31, 2014 primarily on domestic and foreign lease financings. | |||
[2] | . | |||
[3] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,935 million at Dec. 31, 2013 and $35,879 million at Dec. 31, 2014. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Preferred stock, issued (shares) | 25,826 | 15,826 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,500,000,000 | 3,500,000,000 |
Common stock, issued (shares) | 1,312,941,113 | 1,290,222,821 |
Treasury stock, common shares (shares) | 227,598,128 | 171,995,262 |
Operations | ||
Held-to-maturity, fair value | $ 43,204 | $ 21,127 |
Loans, fair value | 422 | 21 |
Other assets | 1,087 | 1,916 |
Other liabilities, allowance for lending related commitments | 118 | 89 |
Other liabilities, fair value, | 392 | 451 |
Long-term debt, fair value | $ 359 | $ 347 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 3,222 | $ 2,651 | $ 2,185 |
Net (income) attributable to noncontrolling interests | (64) | (84) | (81) |
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 3,158 | 2,567 | 2,104 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 160 | (48) | (35) |
Pension plan contributions | (70) | (72) | (68) |
Depreciation and amortization | 1,457 | 1,292 | 1,389 |
Deferred tax (benefit) | 47 | (853) | 526 |
Net securities (gains) and venture capital (income) | (84) | (97) | (147) |
Change in trading activities | (414) | 2,636 | (3,946) |
Originations of loans held-for-sale | (1,106) | 0 | 0 |
Proceeds from the sales of loans originated for sale | 725 | 0 | 0 |
Change in accruals and other, net | 254 | (941) | (465) |
Net cash provided by (used for) operating activities | 4,127 | 4,484 | (642) |
Investing activities | |||
Change in interest-bearing deposits with banks | 4,225 | 16,010 | 10,667 |
Change in interest-bearing deposits with the Federal Reserve and other central banks | (16,521) | 7,677 | (14,249) |
Purchases of securities held-to-maturity | (16,060) | (3,498) | (6,740) |
Paydowns of securities held-to-maturity | 3,698 | 1,885 | 1,545 |
Maturities of securities held-to-maturity | 1,222 | 102 | 43 |
Purchases of securities available-for-sale | (33,785) | (69,101) | (28,622) |
Sales of securities available-for-sale | 19,016 | 31,254 | 19,455 |
Paydowns of securities available-for-sale | 8,776 | 7,253 | 9,621 |
Maturities of securities available-for-sale | 14,689 | 11,012 | 3,911 |
Net change in loans | (4,615) | (7,904) | (5,092) |
Sales of loans and other real estate | 362 | 312 | 104 |
Change in federal funds sold and securities purchased under resale agreements | (4,071) | (11,141) | (2,568) |
Change in seed capital investments | 287 | (253) | (171) |
Purchases of premises and equipment/capitalized software | (601) | (791) | (609) |
Proceeds from the sale of premises and equipment | 0 | 585 | 0 |
Acquisitions, net of cash | (9) | (28) | (19) |
Dispositions, net of cash | 17 | 64 | 84 |
Other, net | 3,583 | 4,887 | (560) |
Net cash (used for) investing activities | (19,787) | (11,675) | (13,200) |
Financing activities | |||
Change in deposits | 11,890 | 2,247 | 13,960 |
Change in federal funds purchased and securities sold under repurchase agreements | 3,533 | 1,821 | 2,221 |
Change in payables to customers and broker-dealers | 719 | 5,474 | (388) |
Change in other borrowed funds | (394) | 135 | (672) |
Change in commercial paper | 0 | (96) | (242) |
Net proceeds from the issuance of long-term debt | 4,986 | 4,686 | 3,892 |
Repayments of long-term debt | (3,659) | (4,376) | (2,035) |
Proceeds from the exercise of stock options | 326 | 370 | 263 |
Issuance of common stock | 26 | 26 | 25 |
Issuance of preferred stock | 990 | 0 | 494 |
Treasury stock acquired | (2,355) | (1,669) | (1,026) |
Common cash dividends paid | (760) | (760) | (680) |
Preferred cash dividends paid | (105) | (73) | (64) |
Other, net | (12) | 44 | (127) |
Net cash provided by financing activities | 15,185 | 7,829 | 15,621 |
Effect of exchange rate changes on cash | 42 | (128) | (46) |
Change in cash and due from banks | |||
Change in cash and due from banks | (433) | 510 | 1,733 |
Cash and due from banks at beginning of period | 6,970 | 6,460 | 4,727 |
Cash and due from banks at end of period | 6,537 | 6,970 | 6,460 |
Supplemental disclosures | |||
Interest paid | 295 | 344 | 347 |
Income taxes paid | 1,015 | 1,363 | 400 |
Income taxes refunded | $ 901 | $ 144 | $ 29 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss), net of tax | Treasury stock | Non- redeemable noncontrolling interests of consolidated investment management funds | Redeemable non- controlling interests/ temporary equity | |
Beginning Balance at Dec. 31, 2012 | $ 37,247 | [1] | $ 1,068 | $ 13 | $ 23,485 | $ 14,605 | $ (643) | $ (2,114) | $ 833 | $ 178 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares issued to shareholders of noncontrolling interests | 49 | |||||||||
Redemption of subsidiary shares from noncontrolling interests | (81) | |||||||||
Other net changes in noncontrolling interests | (140) | 21 | (161) | 73 | ||||||
Net income | 2,184 | 2,104 | 80 | 1 | ||||||
Other comprehensive (loss) | (230) | (12) | (249) | 31 | 10 | |||||
Dividends: | ||||||||||
Common stock at $0.68, $0.66 and $0.58 per share in December 31, 2015, 2014 and 2013 | (681) | (681) | ||||||||
Preferred stock | (64) | (64) | ||||||||
Repurchase of common stock | (1,026) | (1,026) | ||||||||
Common stock issued under: | ||||||||||
Employee benefit plans | 25 | 25 | ||||||||
Direct stock purchase and dividend reinvestment plan | 20 | 20 | ||||||||
Preferred stock issued | 494 | 494 | ||||||||
Stock awards and options exercised | 451 | 451 | ||||||||
Ending Balance at Dec. 31, 2013 | 38,280 | 1,562 | 13 | 24,002 | 15,952 | (892) | (3,140) | 783 | 230 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares issued to shareholders of noncontrolling interests | 63 | |||||||||
Redemption of subsidiary shares from noncontrolling interests | (31) | (31) | (103) | |||||||
Other net changes in noncontrolling interests | 287 | 10 | 277 | 53 | ||||||
Net income | 2,651 | 2,567 | 84 | 0 | ||||||
Other comprehensive (loss) | (853) | (742) | (111) | (14) | ||||||
Dividends: | ||||||||||
Common stock at $0.68, $0.66 and $0.58 per share in December 31, 2015, 2014 and 2013 | (763) | (763) | ||||||||
Preferred stock | (73) | (73) | ||||||||
Repurchase of common stock | (1,669) | (1,669) | ||||||||
Common stock issued under: | ||||||||||
Employee benefit plans | 24 | 24 | ||||||||
Direct stock purchase and dividend reinvestment plan | 21 | 21 | ||||||||
Stock awards and options exercised | 600 | 600 | ||||||||
Ending Balance at Dec. 31, 2014 | 38,474 | 1,562 | 13 | 24,626 | 17,683 | (1,634) | (4,809) | 1,033 | 229 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Cumulative effect of applying ASU 2015-02 | Cumulative-Effect Adjustment, Consolidation of Legal Entity | 602 | 602 | ||||||||
Cumulative effect of applying ASU 2015-02 | Cumulative-Effect Adjustment, Deconsolidation of Legal Entity | (866) | (866) | ||||||||
Adjusted balance at Dec. 31, 2014 | 38,210 | 1,562 | 13 | 24,626 | 17,683 | (1,634) | (4,809) | 769 | 229 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares issued to shareholders of noncontrolling interests | 48 | |||||||||
Redemption of subsidiary shares from noncontrolling interests | (92) | |||||||||
Other net changes in noncontrolling interests | (99) | (26) | (73) | 29 | ||||||
Net income | 3,226 | 3,158 | 68 | (4) | ||||||
Other comprehensive (loss) | (992) | (966) | (26) | (10) | ||||||
Dividends: | ||||||||||
Common stock at $0.68, $0.66 and $0.58 per share in December 31, 2015, 2014 and 2013 | (762) | (762) | ||||||||
Preferred stock | (105) | (105) | ||||||||
Repurchase of common stock | (2,355) | (2,355) | ||||||||
Common stock issued under: | ||||||||||
Employee benefit plans | 25 | 25 | ||||||||
Direct stock purchase and dividend reinvestment plan | 21 | 21 | ||||||||
Preferred stock issued | 990 | 990 | ||||||||
Stock awards and options exercised | 616 | 616 | ||||||||
Ending Balance at Dec. 31, 2015 | $ 38,775 | [2] | $ 2,552 | $ 13 | $ 25,262 | $ 19,974 | $ (2,600) | $ (7,164) | $ 738 | $ 200 |
[1] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,346 million at Dec. 31, 2012 and $35,935 million at Dec. 31, 2013. | |||||||||
[2] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,935 million at Dec. 31, 2013 and $35,879 million at Dec. 31, 2014. |
Consolidated Statement of Cha10
Consolidated Statement of Changes in Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends on common stock, cash paid (dollars per share) | $ 0.68 | $ 0.66 | $ 0.58 | |
The Bank of New York Mellon Corporation shareholders’ equity | $ 38,037 | $ 37,441 | ||
Common stock | ||||
The Bank of New York Mellon Corporation shareholders’ equity | $ 35,485 | $ 35,879 | $ 35,935 | $ 35,346 |
Summary of significant accounti
Summary of significant accounting and reporting policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of significant accounting and reporting policies | Summary of significant accounting and reporting policies Basis of presentation The accounting and financial reporting policies of BNY Mellon, a global financial services company, conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing industry practices. In the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented have been made. These financial statements should be read in conjunction with BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2015 . Certain immaterial reclassifications have been made to prior periods to place them on a basis comparable with current period presentation. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates based upon assumptions about future economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Amounts subject to estimates are items such as the allowance for loan losses and lending-related commitments, the fair value of financial instruments and derivatives, other-than-temporary impairment, goodwill and other intangibles and pension accounting. Among other effects, such changes in estimates could result in future impairments of investment securities, goodwill and intangible assets and establishment of allowances for loan losses and lending-related commitments as well as changes in pension and post-retirement expense. Equity method investments The consolidated financial statements include the accounts of BNY Mellon and its subsidiaries. Equity investments of less than a majority but at least 20% ownership are accounted for by the equity method and classified as other assets. Earnings on these investments are reflected in fee and other revenue as investment services fees, investment management and performance fees or investment and other income, as appropriate, in the period earned. A loss in value of an equity investment that is determined to be other-than-temporary, is recognized by reducing the carrying value of the equity investment down to its fair value. Our most significant equity method investments are: Equity method investments at Dec. 31, 2015 (dollars in millions) Percentage ownership Book value CIBC Mellon 50.0 % $ 473 Siguler Guff 20.0 % $ 262 ConvergEx 33.9 % $ 86 (a) (a) In addition to the common ownership interest noted, BNY Mellon also holds an interest in ConvergEx nonvoting Series B preferred units. The book value at Dec. 31, 2015 is reflective of our combined common and preferred interests in ConvergEx. Acquired businesses The income statement and balance sheet include results of acquired businesses accounted for under the acquisition method of accounting pursuant to ASC 805, Business Combinations and equity investments from the dates of acquisition. For acquisitions completed after Jan. 1, 2009, contingent purchase consideration was measured at its fair value and recorded on the purchase date. Any subsequent changes in the fair value of a contingent consideration liability will be recorded through the income statement. Parent financial statements The Parent financial statements in Note 19 of the Notes to Consolidated Financial Statements include the accounts of the Parent; those of a wholly-owned financing subsidiary that functions as a financing entity for BNY Mellon and its subsidiaries; and MIPA, LLC, a single-member limited liability company, created to hold and administer corporate-owned life insurance. Financial data for the Parent, the financing subsidiary and the single-member limited liability company are combined for financial reporting purposes because of the limited function of these entities and the unconditional guarantee by BNY Mellon of their obligations. Nature of operations BNY Mellon is a global leader in providing a broad range of financial products and services in domestic and international markets. Through our two principal businesses, Investment Management and Investment Services, we serve the following major classes of customers - institutions, corporations, and high net worth individuals. For institutions and corporations, we provide the following services: • investment management; • trust and custody; • foreign exchange; • fund administration; • global collateral services; • securities lending; • depositary receipts; • corporate trust; • global payment/cash management; • banking services; and • clearing services. For individuals, we provide mutual funds, separate accounts, wealth management and private banking services. BNY Mellon’s investment management businesses provide investment products in many asset classes and investment styles on a global basis. Variable interest and voting model entities When evaluating an entity for possible consolidation, the Company must determine whether or not it has a variable interest in the entity. Variable interests are investments or other interests that absorb portions of an entity’s expected losses or receive portions of the entity’s expected returns. BNY Mellon’s variable interests may include its decision maker or service provider fees, its direct and indirect investments and investments made by related parties, including related parties under common control. If it is determined that BNY Mellon does not have a variable interest in the entity, no further analysis is required and BNY Mellon does not consolidate the entity. If BNY Mellon holds a variable interest in the entity an analysis must be performed to determine if the entity is a variable interest entity (“VIE”) or a voting model entity (“VME”). We consider the underlying facts and circumstances of individual entities when assessing whether or not an entity is a VIE. An entity is determined to be a VIE if the equity investors: • do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support; or • lack one or more of the following characteristics of a controlling financial interest: • the power, through voting rights or similar rights, to direct the activities of an entity that most significantly impact the entity’s economic performance. • the obligation to absorb the expected losses of the entity. • the right to receive the expected residual returns of the entity. BNY Mellon is required to consolidate a VIE if it is determined to have a controlling financial interest in the entity and therefore is deemed to be the primary beneficiary of the VIE. BNY Mellon is determined to have a controlling financial interest in a VIE when it has both 1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and 2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to that VIE. For entities that do not meet the definition of a VIE, the entity is considered a VME. For these entities, if the Company can exert control over the financial and operating policies of an investee, which can occur if it has a 50% or more voting interest in the entity, BNY Mellon consolidates the entity. BNY Mellon’s VIEs generally include certain retail, institutional and alternative investment funds, including CLOs offered to its retail and institutional customers in which it acts as the fund’s investment manager. The funds are established to provide our clients access to investment vehicles with specific investment objectives and strategies that address the client’s investment needs. BNY Mellon earns investment management fees on these funds as well as performance fees in certain funds. We may also provide start-up capital for new funds. The VIEs are primarily financed by the client’s investments in the funds’ equity or debt. Prior to the adoption of ASU 2015-02, effective Jan. 1, 2015, the accounting guidance on the consolidation of VIEs was included in ASC 810 Consolidation, ASU 2009-17 “Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities,” and ASU 2010-10 “Amendments for Certain Investment Funds,” which deferred ASU 2009-17 for certain asset managers’ interests in entities that apply the specialized accounting guidance for investment companies or that have the attributes of investment companies and for interests in money market funds. As a result of ASU 2010-10, BNY Mellon continued to apply ASC 810 to its mutual funds, hedge funds, private equity funds, collective investment funds and real estate investment trusts. If these entities were determined to be VIEs, primary beneficiary calculations were prepared in accordance with ASC 810 to determine whether or not BNY Mellon was the primary beneficiary and required to consolidate the VIE. The primary beneficiary of a VIE was the party that absorbed a majority of the VIE’s expected losses, received a majority of its expected residual returns or both. BNY Mellon had two securitizations and several CLOs, which were assessed for consolidation in accordance with ASU 2009-17. The primary beneficiary of these VIE’s was the party that has both: (1) the power to direct the activities of the VIE that most significantly impact that entity’s economic performance, and (2) the obligation to absorb losses, or the right to receive benefits, from the VIE that could potentially be significant to the VIE. Trading account securities, available-for-sale securities, and held-to-maturity securities Securities are accounted for under ASC 320 Investments - Debt and Equity Securities. Securities are classified in the trading, available-for-sale investment or the held-to-maturity investment securities portfolios when they are purchased. Securities are classified as trading securities when our intention is to resell the securities. Securities are classified as available-for-sale securities when we intend to hold the securities for an indefinite period of time or when the securities may be used for tactical asset/liability purposes and may be sold from time to time to effectively manage interest rate exposure, prepayment risk and liquidity needs. Securities are classified as held-to-maturity securities when we intend to hold them until maturity. Trading securities are measured at fair value. Trading revenue includes both realized and unrealized gains and losses. The liability incurred on short-sale transactions, representing the obligation to deliver securities, is included in trading liabilities at fair value. Available-for-sale securities are measured at fair value. The difference between fair value and amortized cost representing unrealized gains or losses on assets classified as available-for-sale, are recorded net of tax as an addition to or deduction from OCI, unless a security is deemed to have OTTI. Gains and losses on sales of available-for-sale securities are reported in the income statement. The cost of debt and equity securities sold is determined on a specific identification and average cost method, respectively. Held-to-maturity securities are measured at amortized cost. Income on investment securities purchased is adjusted for amortization of premium and accretion of discount on a level yield basis. We routinely conduct periodic reviews to identify and evaluate each investment security to determine whether OTTI has occurred. We examine various factors when determining whether an impairment, representing the fair value of a security being below its amortized cost, is other than temporary. The following are examples of factors that BNY Mellon considers: • The length of time and the extent to which the fair value has been less than the amortized cost basis; • Whether management has an intent to sell the security; • Whether the decline in fair value is attributable to specific adverse conditions affecting a particular investment; • Whether the decline in fair value is attributable to specific conditions, such as conditions in an industry or in a geographic area; • Whether a debt security has been downgraded by a rating agency; • Whether a debt security exhibits cash flow deterioration; and • For each non-agency RMBS, we compare the remaining credit enhancement that protects the individual security from losses against the projected losses of principal and/or interest expected to come from the underlying mortgage collateral, to determine whether such credit losses might directly impact the relevant security. When we do not intend to sell the security and it is more likely than not that BNY Mellon will not be required to sell the security prior to recovery of its cost basis, the credit component of an OTTI of a debt security is recognized in earnings and the non-credit component is recognized in OCI. The determination of whether a credit loss exists is based on the best estimate of the present value of cash flows to be collected from the debt security. Generally, cash flows are discounted at the effective interest rate implicit in the debt security at the time of acquisition. For debt securities that are beneficial interests in securitized financial assets and are not high credit quality, ASC 325 provides that cash flows be discounted at the current yield used to accrete the beneficial interest. If we intend to sell the security or it is more likely than not that BNY Mellon will be required to sell the security prior to recovery of its cost basis, the non-credit component of OTTI is recognized in earnings and subsequently accreted to interest income on an effective yield basis over the life of the security. For held-to-maturity debt securities, the amount of OTTI recorded in OCI for the non-credit portion of a previous OTTI is amortized prospectively, as an increase to the carrying amount of the security, over the remaining life of the security on the basis of the timing of future estimated cash flows of the securities. The accounting policies for the determination of the fair value of financial instruments and OTTI have been identified as “critical accounting estimates” as they require us to make numerous assumptions based on available market data. See Note 4 of the Notes to Consolidated Financial Statements for these disclosures. Loans and leases Loans are reported net of any unearned income and deferred fees and costs. Certain loan origination and upfront commitment fees, as well as certain direct loan origination and commitment costs, are deferred and amortized as a yield adjustment over the lives of the related loans. Loans held for sale are carried at the lower of cost or fair value. Unearned revenue on direct financing leases is accreted over the lives of the leases in decreasing amounts to provide a constant rate of return on the net investment in the leases. Revenue on leveraged leases is recognized on a basis to achieve a constant yield on the outstanding investment in the lease, net of the related deferred tax liability, in the years in which the net investment is positive. Gains and losses on residual values of leased equipment sold are included in investment and other income. Considering the nature of these leases and the number of significant assumptions, there is risk associated with the income recognition on these leases should any of the assumptions change materially in future periods. A modified loan is considered a TDR if the debtor is experiencing financial difficulties and the creditor grants a concession to the debtor that would not otherwise be considered. A TDR may include a transfer of real estate or other assets from the debtor to the creditor, or a modification of the term of the loan. TDRs are accounted for as impaired loans (see the Nonperforming assets policy). Nonperforming assets Commercial loans are placed on nonaccrual status when principal or interest is past due 90 days or more, or when there is reasonable doubt that interest or principal will be collected. When a first lien residential mortgage loan reaches 90 days delinquent, it is subject to an impairment test and may be placed on nonaccrual status. At 180 days delinquent, the loan is subject to further impairment testing. The loan will remain on accrual status if the realizable value of the collateral exceeds the unpaid principal balance plus accrued interest. If the loan is impaired, a charge-off is taken and the loan is placed on nonaccrual status. At 270 days delinquent, all first lien mortgages are placed on nonaccrual status. Second lien mortgages are automatically placed on nonaccrual status when they reach 90 days delinquent. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is reversed against current period interest revenue. Interest receipts on nonaccrual and impaired loans are recognized as interest revenue or are applied to principal when we believe the ultimate collectability of principal is in doubt. Nonaccrual loans generally are restored to an accrual basis when principal and interest become current and remain current for a specified period. A loan is considered to be impaired when it is probable that we will be unable to collect all principal and interest amounts due according to the contractual terms of the loan agreement. An impairment allowance on loans $1 million or greater is required to be measured based upon the loan’s market price, the present value of expected future cash flows, discounted at the loan’s initial effective interest rate, or at fair value of the collateral if the loan is collateral dependent. If the loan valuation is less than the recorded value of the loan, an impairment allowance is established by a provision for credit loss. Impairment allowances are not needed when the recorded investment in an impaired loan is less than the loan valuation. Allowance for loan losses and allowance for lending-related commitments The allowance for loan losses, shown as a valuation allowance to loans, and the allowance for lending-related commitments recorded in other liabilities are referred to as BNY Mellon’s allowance for credit losses. The accounting policy for the determination of the adequacy of the allowances has been identified as a “critical accounting estimate” as it requires us to make numerous complex and subjective estimates and assumptions relating to amounts which are inherently uncertain. The allowance for loan losses is maintained to absorb losses inherent in the loan portfolio as of the balance sheet date based on our judgment. The allowance determination methodology is designed to provide procedural discipline in assessing the appropriateness of the allowance. Credit losses are charged against the allowance. Recoveries are added to the allowance. The methodology for determining the allowance for lending-related commitments considers the same factors as the allowance for loan losses, as well as an estimate of the probability of drawdown. We utilize a quantitative methodology and qualitative framework for determining the allowance for loan losses and the allowance for lending-related commitments. Within this qualitative framework, management applies judgment when assessing internal risk factors and environmental factors to compute an additional allowance for each component of the loan portfolio. The three elements of the allowance for loan losses and the allowance for lending-related commitments include the qualitative allowance framework. The three elements are: • an allowance for impaired credits of $1 million or greater; • an allowance for higher risk-rated credits and pass-rated credits; and • an allowance for residential mortgage loans. Our lending is primarily to institutional customers. As a result, our loans are generally larger than $1 million . Therefore, the first element, impaired credits, is based on individual analysis of all impaired loans of $1 million and greater. The allowance is measured by the difference between the recorded value of impaired loans and their impaired value. Impaired value is either the present value of the expected future cash flows from the borrower, the market value of the loan, or the fair value of the collateral, if the loan is collateral dependent. The second element, higher risk-rated credits and pass-rated credits, is based on our probable loss model. Individual credit analyses are performed on such loans before being assigned a credit rating. All borrowers are assigned to pools based on their credit rating. The probable loss inherent in each loan in a pool incorporates the borrower's credit rating, loss given default rating and maturity. The loss given default incorporates a recovery expectation and an estimate of the use of the facility at default (usage given default). The borrower's probability of default is derived from the associated credit rating. Borrower ratings are reviewed at least annually and are periodically mapped to third-party databases, including rating agency and default and recovery databases, to ensure ongoing consistency and validity. Higher risk-rated credits are reviewed quarterly. The third element, the allowance for residential mortgage loans, is determined by segregating five mortgage pools into delinquency periods ranging from current through foreclosure. Each of these delinquency periods is assigned a probability of default. A specific loss given default is assigned for each mortgage pool. BNY Mellon assigns all residential mortgage pools, except home equity lines of credit, a probability of default and loss given default based on default and loss data derived from internal historical data related to our residential mortgage portfolio. The resulting probable loss factor (the probability of default multiplied by the loss given default) is applied against the loan balance to determine the allowance held for each pool. For home equity lines of credit, probability of default and loss given default are based on external data from third-party databases due to the small size of the portfolio and insufficient internal data. The qualitative framework is used to determine an additional allowance for each portfolio based on the factors below: Internal risk factors: • Nonperforming loans to total non-margin loans; • Criticized assets to total loans and lending-related commitments; • Borrower concentration; and • Significant concentrations in high risk industries and countries. Environmental risk factors: • U.S. non-investment grade default rate; • Unemployment rate; and • Change in real GDP. The objective of the qualitative framework is to capture incurred losses that may not have been fully captured in the quantitative reserve, which is based primarily on historical data. Management determines the qualitative allowance each period based on judgment informed by consideration of internal and external risk factors and other considerations that may be deemed relevant during the period. Once determined in the aggregate, our qualitative allowance is then allocated to each of our loan classes based on the respective classes’ quantitative allowance balances with the allocations adjusted, when necessary, for class specific risk factors. For each risk factor, we calculate the minimum and maximum values, and percentiles in-between, to evaluate the distribution of our historical experience. The distribution of historical experience is compared to the risk factor’s current quarter observed experience to assess the current risk inherent in the portfolio and overall direction/trend of a risk factor relative to our historical experience. Based on this analysis, we assign a risk level - no impact, low, moderate, high and elevated - to each risk factor for the current quarter. Management assesses the impact of each risk factor to determine an aggregate risk level. We do not quantify the impact of any particular risk factor. Management’s assessment of the risk factors, as well as the trend in the quantitative allowance, supports management’s judgment for the overall required qualitative allowance. A smaller qualitative allowance may be required when our quantitative allowance has reflected incurred losses associated with the aggregate risk level. A greater qualitative allowance may be required if our quantitative allowance does not yet reflect the incurred losses associated with the aggregate risk level. The allocation of the allowance for credit losses is inherently judgmental, and the entire allowance for credit losses is available to absorb credit losses regardless of the nature of the loss. Premises and equipment Premises and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful life of the owned asset and, for leasehold improvements, over the lesser of the remaining term of the leased facility or the estimated economic life of the improvement. For owned and capitalized assets, estimated useful lives range from 2 to 40 years . Maintenance and repairs are charged to expense as incurred, while major improvements are capitalized and amortized to operating expense over their identified useful lives. Software BNY Mellon capitalizes costs relating to acquired software and internal-use software development projects that provide new or significantly improved functionality. We capitalize projects that are expected to result in longer-term operational benefits, such as replacement systems or new applications that result in significantly increased operational efficiencies or functionality. All other costs incurred in connection with an internal-use software project are expensed as incurred. Capitalized software is recorded in other assets. Identified intangible assets and goodwill Identified intangible assets with estimable lives are amortized in a pattern consistent with the assets’ identifiable cash flows or using a straight-line method over their remaining estimated benefit periods if the pattern of cash flows is not estimable. Intangible assets with estimable lives are reviewed for possible impairment when events or changed circumstances may affect the underlying basis of the asset. Goodwill and intangibles with indefinite lives are not amortized, but are assessed annually for impairment, or more often if events and circumstances indicate it is more likely than not they may be impaired. The accounting policy for valuing and impairment testing of identified intangible assets and goodwill has been identified as a “critical accounting estimate” as it requires us to make numerous complex and subjective estimates. See Note 6 of the Notes to Consolidated Financial Statements for additional disclosures related to goodwill and intangible assets. Investments in qualified affordable housing projects Investments in qualified affordable housing projects through a limited liability entity are accounted for utilizing the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the net investment performance is recognized in the income statement as a component of income tax expense. Additionally, the value of the commitments to fund qualified affordable housing projects is included in other assets on the balance sheet and a liability is recorded for the unfunded portion. Seed capital Seed capital investments are classified as other assets and carried at fair value. Unrealized gains and losses on seed capital investments are recorded in investment and other income. Noncontrolling interests Noncontrolling interests included in permanent equity are adjusted for the income or (loss) attributable to the noncontrolling interest holders and any distributions to those shareholders. Redeemable noncontrolling interests are reported as temporary equity. BNY Mellon recognizes changes in the redemption value of the redeemable noncontrolling interests as they occur and adjusts the carrying value to be equal to the redemption value. Fee revenue We record investment services fees, investment management fees, foreign exchange and other trading revenue, financing-related fees, distribution and servicing, and other revenue when the services are provided and earned based on contractual terms, when amounts are determined and collectability is reasonably assured. Additionally, we recognize revenue from non-refundable, upfront implementation fees under outsourcing contracts using a straight-line method, commencing in the period the ongoing services are performed through the expected term of the contractual relationship. Incremental direct set-up costs of implementation, up to the related implementation fee or minimum fee revenue amount, are deferred and amortized over the same period that the related implementation fees are recognized. If a client terminates an outsourcing contract prematurely, the unamortized deferred incremental direct set-up costs and the unamortized deferred up-front implementation fees related to that contract are recognized in the period the contract is terminated. Performance fees are recognized in the period in which the performance fees are earned and become determinable. Performance fees are generally calculated as a percentage of the applicable portfolio’s performance in excess of a benchmark index or a peer group’s performance. When a portfolio underperforms its benchmark or fails to generate positive performance, subsequent years’ performance must generally exceed this shortfall prior to fees being earned. Amounts billable, which are subject to a clawback if future performance thresholds in current or future years are not met, are not recognized since the fees are potentially uncollectible. These fees are recognized when it is determined that they will be collected. When a multi-year performance contract provides that fees earned are billed ratably over the performance period, only the portion of the fees earned that are non-refundable are recognized. Net interest revenue Revenue on interest-earning assets and expense on interest-bearing liabilities is recognized based on the effective yield of the related financial instrument. Negative interest incurred on assets or charged on liabilities is presented as contra interest income and contra expense respectively. Foreign currency translation Assets and liabilities denominated in foreign currencies are translated to U.S. dollars at the rate of exchange on the balance sheet date. Transaction gains and losses are included in the income statement. Translation gains and losses on investments in foreign entities with functional currencies that are not the U.S. dollar are recorded as foreign currency translation adjustments in OCI. Revenue and expense transactions are translated at the applicable daily rate or the weighted average monthly exchange rate when applying the daily rate is not practical. Pension The measurement date for BNY Mellon’s pension plans is Dec. 31. Plan assets are determined based on fair value generally representing observable market prices. The projected benefit obligation is determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on the yield curves of high-quality corporate bonds available in the marketplace. The net periodic pension expense or credit includes service costs, interest costs based on an assumed discount rate, an expected return on plan assets based on an actuarially derived market-related value, amortization of prior service cost and amortization of prior years’ actuarial gains and losses. Actuarial gains and losses include gains or losses related to changes in the amount of the projected benefit obligation or plan assets resulting from demographic or investment experience different than assumed, changes in the discount rate or other assumptions. To the extent an actuarial gain or loss exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets, the excess is recognized over the future service periods of active employees. As a result of an amendment adopted on Jan. 29, 2015 to freeze benefit accruals under the U.S. pension plans effective June 30, 2015, future unrecognized actuarial gains and losses for the U.S. plans that exceed a threshold amount are amortized over the average future life expectancy of plan participants with a maximu |
Accounting Changes and New Acco
Accounting Changes and New Accounting Guidance | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting changes and new accounting guidance | Accounting changes and new accounting guidance ASU - 2015-02 - Consolidation (Topic 810): Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU 2015-02 “Amendments to the Consolidation Analysis,” an amendment to ASC 810, Consolidation. This ASU eliminated the indefinite deferral of ASU 2010-10 “Amendments for Certain Investment Funds” for asset management funds with characteristics of an investment company and also eliminated the presumption that a general partner should consolidate a limited partnership. Entities that comply with or operate in accordance with the requirements that are similar to those of Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds are excluded from the scope of the ASU. This ASU also changed the consolidation analysis, particularly when a reporting entity has fee arrangements that meet certain requirements and for related party relationships. The ASU is effective Jan. 1, 2016, with early adoption permitted during an interim period in fiscal year 2015. In the second quarter of 2015, we elected to early adopt the new accounting guidance retrospectively to Jan. 1, 2015. As a result we restated the first quarter 2015 financial statements. The adoption of this ASU did not change the economic risks related to our businesses and therefore, our computation of economic capital did not change. Adoption of the ASU resulted in a net decrease in consolidated total assets on our balance sheet at Jan. 1, 2015 of $7.7 billion , a decrease of approximately 2% . As of Dec. 31, 2015, we had $1.4 billion in assets included in our consolidated financial statements related to investment management funds (VIEs and VMEs) we are required to consolidate and presented as assets of consolidated investment management funds. Approximately $1.2 billion of these assets are classified as trading assets while the remainder is classified as other assets. The net assets of any consolidated investment management fund are solely available to settle the liabilities of the entity and to settle any investors’ ownership liquidation requests, including any seed capital invested by BNY Mellon. Additionally, BNY Mellon had $189 million included in other assets in its consolidated financial statements for non-consolidated VIE assets as of Dec. 31, 2015 where we are not the primary beneficiary of the entity. These assets relate solely to seed capital or residual interests invested in the VIEs. ASU - 2015-07 - Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015, the FASB issued an ASU, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” An entity’s investments, where fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient, should not be categorized in the fair value hierarchy. The fair value will be included in aggregate to permit the reconciliation of the fair value with line items presented in the statement of financial position. The ASU is effective Jan. 1, 2016, with early adoption permitted during interim periods in fiscal year 2015. The Company adopted the ASU in the second quarter of 2015 and restated its disclosures for comparative periods in Note 20 “Fair value measurement” and Note 18 “Employee benefit plans.” ASU - 2014-11 - Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures In June 2014, the FASB issued an ASU, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures,” which amends the accounting guidance for “repo-to-maturity” transactions and repurchase agreements executed as repurchase financings. This ASU requires public entities to apply the accounting changes for the first interim or annual reporting period beginning after Dec. 15, 2014, and to comply with the enhanced disclosure requirements in the second quarter of 2015. The impact of adopting this ASU did not have a material impact on our results of operations. See Note 23 “Derivative instruments” for the related disclosure. |
Acquisitions and dispositions
Acquisitions and dispositions | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisitions and Dispositions [Abstract] | |
Acquisitions and dispositions | Acquisitions and dispositions We sometimes structure our acquisitions with both an initial payment and later contingent payments tied to post-closing revenue or income growth. There were no contingent payments in 2015 . At Dec. 31, 2015 , we are potentially obligated to pay additional consideration that could amount to $4 million over the next 3 months for our acquired companies, based on contractual agreements. The acquisitions and dispositions described below did not have a material impact on BNY Mellon’s results of operations. Acquisitions in 2015 On Jan. 2, 2015, BNY Mellon acquired Cutwater Asset Management, a U.S.-based fixed income and solutions specialist with approximately $23 billion in assets under management. Dispositions in 2015 On July 31, 2015 , BNY Mellon sold Meriten Investment Management GmbH, a German-based investment management boutique for $40 million . As a result of this sale, we recorded an after-tax loss of $12 million . In addition, goodwill of $22 million and customer relationship intangible assets of $9 million were removed from the balance sheet as a result of this sale. Acquisitions in 2014 On May 1, 2014 , BNY Mellon acquired the remaining 65% interest of HedgeMark International, LLC for $26 million . Since 2011, BNY Mellon held a 35% ownership stake in HedgeMark. Goodwill related to this acquisition totaled $47 million and is included in the Investment Services business. The customer relationship intangible asset related to this acquisition is included in our Investment Services business and totaled $1 million at acquisition. Dispositions in 2014 On April 23, 2014 , BNY Mellon sold the subsidiary that conducted corporate trust business in Mexico that was part of our Investment Services business, for $65 million . As a result of this sale, we recorded an after-tax gain of $4 million . In addition, goodwill of $8 million and customer relationship intangible assets of $1 million were removed from the balance sheet as a result of this sale. Dispositions in 2013 On May 31, 2013, BNY Mellon sold SourceNet Solutions, our accounts payable outsourcing support services provider that was part of our Investment Services business, for $11 million . As a result of this sale, we recorded a pre-tax gain of $2 million and an after-tax gain of $10 million . On Sept. 27, 2013, Newton Management Limited, together with Newton Investment Management Limited, an investment boutique of BNY Mellon, sold Newton’s private client business, for $120 million . As a result of this sale, we recorded a pre-tax gain of $27 million and an after-tax gain of $5 million . In addition, goodwill of $69 million and customer relationship intangible assets of $7 million were removed from the balance sheet as a result of this sale. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Securities [Abstract] | |
Securities | Securities The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of securities at Dec. 31, 2015 , 2014 , and 2013 . Securities at Dec. 31, 2015 Amortized cost Gross unrealized Fair value (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 12,693 $ 175 $ 36 $ 12,832 U.S. Government agencies 386 2 1 387 State and political subdivisions 3,968 91 13 4,046 Agency RMBS 23,549 239 287 23,501 Non-agency RMBS 782 31 20 793 Other RMBS 1,072 10 21 1,061 Commercial MBS 1,400 8 16 1,392 Agency commercial MBS 4,031 24 35 4,020 Asset-backed CLOs 2,363 1 13 2,351 Other asset-backed securities 2,909 1 17 2,893 Foreign covered bonds 2,125 46 3 2,168 Corporate bonds 1,740 26 14 1,752 Sovereign debt/sovereign guaranteed 13,036 211 30 13,217 Other debt securities 2,732 46 3 2,775 Equity securities 3 1 — 4 Money market funds 886 — — 886 Non-agency RMBS (a) 1,435 362 8 1,789 Total securities available-for-sale (b) $ 75,110 $ 1,274 $ 517 $ 75,867 Held-to-maturity: U.S. Treasury $ 11,326 $ 25 $ 51 $ 11,300 U.S. Government agencies 1,431 — 6 1,425 State and political subdivisions 20 — 1 19 Agency RMBS 26,036 134 205 25,965 Non-agency RMBS 118 5 2 121 Other RMBS 224 1 10 215 Commercial MBS 9 — — 9 Agency commercial MBS 503 — 9 494 Foreign covered bonds 76 — — 76 Sovereign debt/sovereign guaranteed 3,538 22 11 3,549 Other debt securities 31 — — 31 Total securities held-to-maturity $ 43,312 $ 187 $ 295 $ 43,204 Total securities $ 118,422 $ 1,461 $ 812 $ 119,071 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) Includes gross unrealized gains of $84 million and gross unrealized losses of $248 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses primarily are related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. Securities at Dec. 31, 2014 Amortized cost Gross Fair (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 19,592 $ 420 $ 15 $ 19,997 U.S. Government agencies 342 3 2 343 State and political subdivisions 5,176 95 24 5,247 Agency RMBS 32,568 357 325 32,600 Non-agency RMBS 942 37 26 953 Other RMBS 1,551 25 25 1,551 Commercial MBS 1,927 39 7 1,959 Agency commercial MBS 3,105 36 9 3,132 Asset-backed CLOs 2,128 9 7 2,130 Other asset-backed securities 3,241 5 6 3,240 Foreign covered bonds 2,788 80 — 2,868 Corporate bonds 1,747 45 7 1,785 Sovereign debt/sovereign guaranteed 17,062 224 2 17,284 Other debt securities 2,162 7 — 2,169 Equity securities 94 1 — 95 Money market funds 763 — — 763 Non-agency RMBS (a) 1,747 471 4 2,214 Total securities available-for-sale (b) $ 96,935 $ 1,854 $ 459 $ 98,330 Held-to-maturity: U.S. Treasury $ 5,047 $ 32 $ 16 $ 5,063 U.S. Government agencies 344 — 3 341 State and political subdivisions 24 1 1 24 Agency RMBS 14,006 200 44 14,162 Non-agency RMBS 153 9 2 160 Other RMBS 315 2 8 309 Commercial MBS 13 — — 13 Sovereign debt/sovereign guaranteed 1,031 24 — 1,055 Total securities held-to-maturity $ 20,933 $ 268 $ 74 $ 21,127 Total securities $ 117,868 $ 2,122 $ 533 $ 119,457 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) Includes gross unrealized gains of $60 million and gross unrealized losses of $282 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses are primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. Securities at Dec. 31, 2013 Amortized cost Gross Fair value (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 13,363 $ 94 $ 605 $ 12,852 U.S. Government agencies 937 16 5 948 State and political subdivisions 6,706 60 92 6,674 Agency RMBS 25,564 307 550 25,321 Non-agency RMBS 1,148 44 50 1,142 Other RMBS 2,299 43 57 2,285 Commercial MBS 2,324 60 27 2,357 Agency commercial MBS 1,822 1 34 1,789 Asset-backed CLOs 1,551 11 — 1,562 Other asset-backed securities 2,894 6 9 2,891 Foreign covered bonds 2,798 73 — 2,871 Corporate bonds 1,808 32 25 1,815 Other debt securities 1,793 4 — 1,797 Sovereign debt/sovereign guaranteed 11,284 87 18 11,353 Equity securities 18 1 — 19 Money market funds 938 — — 938 Non-agency RMBS (a) 2,131 567 3 2,695 Total securities available-for-sale (b) $ 79,378 $ 1,406 $ 1,475 $ 79,309 Held-to-maturity: U.S. Treasury $ 3,324 $ 28 $ 84 $ 3,268 U.S. Government agencies 419 — 13 406 State and political subdivisions 44 — — 44 Agency RMBS 14,568 20 236 14,352 Non-agency RMBS 186 10 3 193 Other RMBS 466 3 20 449 Commercial MBS 16 1 — 17 Sovereign debt/sovereign guaranteed 720 — 6 714 Total securities held-to-maturity $ 19,743 $ 62 $ 362 $ 19,443 Total securities $ 99,121 $ 1,468 $ 1,837 $ 98,752 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) Includes gross unrealized gains of $74 million and gross unrealized losses of $343 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses are primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. The following table presents the gross securities gains, losses and impairments. Net securities gains (losses) (in millions) 2015 2014 2013 Realized gross gains $ 90 $ 114 $ 186 Realized gross losses (2 ) (4 ) (10 ) Recognized gross impairments (5 ) (19 ) (35 ) Total net securities gains $ 83 $ 91 $ 141 At Dec. 31, 2015, the book value and the fair value of UK sovereign debt of $4.7 billion and $4.8 billion respectively, exceeded 10% of BNY Mellon’s shareholders’ equity. In 2015, Agency MBS, sovereign debt and U.S. Treasury securities with an aggregate amortized cost of $11.6 billion and fair value of $11.6 billion were transferred from available-for-sale securities to held-to-maturity securities. Additionally, in 2013, Agency RMBS securities with an amortized cost of $7.3 billion and fair value of $7.0 billion were transferred from available-for-sale securities to held-to-maturity securities. These actions, in addition to realizing gains on the sales of securities, is expected to mute the impact to our accumulated other comprehensive income in the event of a rise in interest rates. Temporarily impaired securities At Dec. 31, 2015 , the unrealized losses on the investment securities portfolio were primarily attributable to an increase in interest rates from date of purchase, and for certain securities that were transferred from available-for-sale to held-to-maturity, an increase in interest rates through the date they were transferred. Specifically, $248 million of the unrealized losses at Dec. 31, 2015 and $282 million at Dec. 31, 2014 reflected in the available-for-sale sections of the tables below relate to certain securities (primarily Agency RMBS) that were transferred from available-for-sale to held-to-maturity. The unrealized losses will be amortized into net interest revenue over the estimated lives of the securities. The transfer created a new cost basis for the securities. As a result, if these securities have experienced unrealized losses since the date of transfer, the corresponding fair value and unrealized losses would be reflected in the held-to-maturity sections of the following tables. We do not intend to sell these securities and it is not more likely than not that we will have to sell these securities. The following tables show the aggregate related fair value of investments with a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or more at Dec. 31, 2015 , and Dec. 31, 2014 . Temporarily impaired securities at Dec. 31, 2015 Less than 12 months 12 months or more Total (in millions) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale: U.S. Treasury $ 6,343 $ 36 $ — $ — $ 6,343 $ 36 U.S. Government agencies 148 1 10 — 158 1 State and political subdivisions 143 2 117 11 260 13 Agency RMBS 8,500 44 1,316 243 9,816 287 Non-agency RMBS 72 — 417 20 489 20 Other RMBS 2 — 298 21 300 21 Commercial MBS 567 9 224 7 791 16 Agency commercial MBS 2,551 31 172 4 2,723 35 Asset-backed CLOs 1,599 10 455 3 2,054 13 Other asset-backed securities 2,001 10 546 7 2,547 17 Corporate bonds 338 10 128 4 466 14 Sovereign debt/sovereign guaranteed 2,063 30 43 — 2,106 30 Non-agency RMBS (a) 45 1 52 7 97 8 Other debt securities 505 3 — — 505 3 Foreign covered bonds 515 3 — — 515 3 Total securities available-for-sale (b) $ 25,392 $ 190 $ 3,778 $ 327 $ 29,170 $ 517 Held-to-maturity: U.S. Treasury $ 9,121 $ 51 $ — $ — $ 9,121 $ 51 U.S. Government agencies 1,122 6 — — $ 1,122 6 State and political subdivisions 4 1 — — 4 1 Agency RMBS 16,491 171 1,917 34 18,408 205 Non-agency RMBS 40 — 29 2 69 2 Other RMBS 9 — 166 10 175 10 Agency commercial MBS 494 9 — — 494 9 Sovereign debt/sovereign guaranteed 2,161 11 — — 2,161 11 Total securities held-to-maturity $ 29,442 $ 249 $ 2,112 $ 46 $ 31,554 $ 295 Total temporarily impaired securities $ 54,834 $ 439 $ 5,890 $ 373 $ 60,724 $ 812 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) Includes gross unrealized losses for less than 12 months of $8 million and gross unrealized losses for 12 months or more of $240 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. Temporarily impaired securities at Dec. 31, 2014 Less than 12 months 12 months or more Total (in millions) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale: U.S. Treasury $ 6,049 $ 15 $ — $ — $ 6,049 $ 15 U.S. Government agencies 32 — 100 2 132 2 State and political subdivisions 410 18 393 6 803 24 Agency RMBS 3,385 13 5,016 312 8,401 325 Non-agency RMBS 143 1 382 25 525 26 Other RMBS — — 449 25 449 25 Commercial MBS 175 1 394 6 569 7 Agency commercial MBS 719 1 550 8 1,269 9 Asset-backed CLOs 1,376 7 — — 1,376 7 Other asset-backed securities 1,078 2 539 4 1,617 6 Corporate bonds 51 — 230 7 281 7 Sovereign debt/sovereign guaranteed 2,175 2 — — 2,175 2 Non-agency RMBS (a) 42 1 34 3 76 4 Total securities available-for-sale (b) $ 15,635 $ 61 $ 8,087 $ 398 $ 23,722 $ 459 Held-to-maturity: U.S. Treasury $ 1,066 $ 6 $ 1,559 $ 10 $ 2,625 $ 16 U.S. Government agencies — — 340 3 340 3 State and political subdivisions 5 1 — — 5 1 Agency RMBS 551 3 3,808 41 4,359 44 Non-agency RMBS 40 — 33 2 73 2 Other RMBS — — 219 8 219 8 Total securities held-to-maturity $ 1,662 $ 10 $ 5,959 $ 64 $ 7,621 $ 74 Total temporarily impaired securities $ 17,297 $ 71 $ 14,046 $ 462 $ 31,343 $ 533 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) Includes gross unrealized losses for 12 months or more of $282 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. The following table shows the maturity distribution by carrying amount and yield (on a tax equivalent basis) of our investment securities portfolio at Dec. 31, 2015 . Maturity distribution and yield on investment securities at U.S. Treasury U.S. Government agencies State and political subdivisions Other bonds, notes and debentures Mortgage/ asset-backed and equity securities (dollars in millions) Amount Yield (a) Amount Yield (a) Amount Yield (a) Amount Yield (a) Amount Yield (a) Total Securities available-for-sale: One year or less $ 3,766 0.48 % $ 51 2.56 % $ 655 1.99 % $ 4,811 0.90 % $ — — % $ 9,283 Over 1 through 5 years 4,445 1.53 169 1.24 2,002 2.70 12,937 1.11 — — 19,553 Over 5 through 10 years 1,217 2.09 167 2.45 1,189 3.98 1,963 1.33 — — 4,536 Over 10 years 3,404 3.11 — — 200 1.03 201 1.69 — — 3,805 Mortgage-backed securities — — — — — — — — 32,556 2.65 32,556 Asset-backed securities — — — — — — — — 5,244 1.30 5,244 Equity securities (b) — — — — — — — — 890 — 890 Total $ 12,832 1.69 % $ 387 1.94 % $ 4,046 2.88 % $ 19,912 1.09 % $ 38,690 2.41 % $ 75,867 Securities held-to-maturity: One year or less $ 1,160 0.71 % $ — — % $ — — % $ 1,442 0.24 % $ — — % $ 2,602 Over 1 through 5 years 7,605 1.10 1,431 1.06 1 7.01 1,473 0.61 — — 10,510 Over 5 through 10 years 2,561 2.06 — — 4 6.80 730 0.71 — — 3,295 Over 10 years — — — — 15 5.34 — — — — 15 Mortgage-backed securities — — — — — — — — 26,890 2.73 26,890 Total $ 11,326 1.28 % $ 1,431 1.06 % $ 20 5.75 % $ 3,645 0.48 % $ 26,890 2.73 % $ 43,312 (a) Yields are based upon the amortized cost of securities. (b) Includes money market funds. Other-than-temporary impairment We routinely conduct periodic reviews of all securities to determine whether OTTI has occurred. Such reviews may incorporate the use of economic models. Various inputs to the economic models are used to determine if an unrealized loss on securities is other-than-temporary. For example, the most significant inputs related to non-agency RMBS are: • Default rate - the number of mortgage loans expected to go into default over the life of the transaction, which is driven by the roll rate of loans in each performance bucket that will ultimately migrate to default; and • Severity - the loss expected to be realized when a loan defaults. To determine if an unrealized loss is other-than-temporary, we project total estimated defaults of the underlying assets (mortgages) and multiply that calculated amount by an estimate of realizable value upon sale of these assets in the marketplace (severity) in order to determine the projected collateral loss. In determining estimated default rate and severity assumptions, we review the performance of the underlying securities, industry studies, market forecasts, as well as our view of the economic outlook affecting collateral. We also evaluate the current credit enhancement underlying the bond to determine the impact on cash flows. If we determine that a given security will be subject to a write-down or loss, we record the expected credit loss as a charge to earnings. The table below shows the projected weighted-average default rates and loss severities for the 2007, 2006 and late 2005 non-agency RMBS and the securities previously held in the Grantor Trust that we established in connection with the restructuring of our investment securities portfolio in 2009, at Dec. 31, 2015 and Dec. 31, 2014 . Projected weighted-average default rates and loss severities Dec. 31, 2015 Dec. 31, 2014 Default rate Severity Default rate Severity Alt-A 33 % 57 % 38 % 58 % Subprime 52 % 72 % 55 % 74 % Prime 18 % 40 % 23 % 42 % The following table provides net pre-tax securities gains (losses) by type. Net securities gains (losses) 2015 2014 2013 (in millions) U.S. Treasury $ 45 $ 25 $ 60 Non-agency RMBS 7 17 (1 ) Commercial MBS 5 1 16 State and political subdivisions 4 13 13 European floating rate notes 2 1 8 Other 20 34 45 Total net securities gains $ 83 $ 91 $ 141 The following tables reflect investment securities credit losses recorded in earnings. The beginning balance represents the credit loss component for which OTTI occurred on debt securities in prior periods. The additions represent the first time a debt security was credit impaired or when subsequent credit impairments have occurred. The deductions represent credit losses on securities that have been sold, are required to be sold, or for which it is our intention to sell. Debt securities credit loss roll forward (in millions) 2015 2014 Beginning balance as of Jan. 1 $ 93 $ 119 Add: Initial OTTI credit losses — 2 Subsequent OTTI credit losses 5 10 Less: Realized losses for securities sold 7 38 Ending balance as of Dec. 31 $ 91 $ 93 Pledged assets At Dec. 31, 2015 , BNY Mellon had pledged assets of $101 billion , including $84 billion pledged as collateral for potential borrowings at the Federal Reserve Discount Window. The components of the assets pledged at Dec. 31, 2015 included $88 billion of securities, $8 billion of loans, $3 billion of trading assets and $2 billion of interest-bearing deposits with banks. If there has been no borrowing at the Federal Reserve Discount Window, the Federal Reserve generally allows banks to freely move assets in and out of their pledged assets account to sell or repledge the assets for other purposes. BNY Mellon regularly moves assets in and out of its pledged asset account at the Federal Reserve. At Dec. 31, 2014 , BNY Mellon had pledged assets of $99 billion , including $74 billion pledged as collateral for potential borrowing at the Federal Reserve Discount Window. The components of the assets pledged at Dec. 31, 2014 included $90 billion of securities, $6 billion of loans, $2 billion of trading assets and $1 billion of interest-bearing deposits with banks. At Dec. 31, 2015 and Dec. 31, 2014 , pledged assets included $7 billion and $9 billion , respectively, for which the recipients were permitted to sell or repledge the assets delivered. We also obtain securities as collateral including receipts under resale agreements, securities borrowed, derivative contracts and custody agreements on terms which permit us to sell or repledge the securities to others. At Dec. 31, 2015 and Dec. 31, 2014 , the market value of the securities received that can be sold or repledged was $52 billion and $47 billion , respectively. We routinely sell or repledge these securities through delivery to third parties. As of Dec. 31, 2015 and Dec. 31, 2014 , the market value of securities collateral sold or repledged was $17 billion and $19 billion , respectively. Restricted cash and securities Cash and securities may also be segregated under federal and other regulations or requirements. At Dec. 31, 2015 and Dec. 31, 2014 , cash segregated under federal and other regulations or requirements was $4 billion and $6 billion , respectively. Segregated cash is included in interest-bearing deposits with banks on the consolidated balance sheet. Securities segregated for these purposes were $1 billion at Dec. 31, 2015 . There were no securities segregated for these purposes at Dec. 31, 2014 . Segregated securities are included in trading assets on the consolidated balance sheet. |
Loans and asset quality
Loans and asset quality | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans and asset quality | Loans and asset quality Loans The table below provides the details of our loan portfolio and industry concentrations of credit risk at Dec. 31, 2015 and 2014 . Loans Dec. 31, (in millions) 2015 2014 Domestic: Financial institutions $ 6,640 $ 5,603 Commercial 2,115 1,390 Wealth management loans and mortgages 13,247 11,095 Commercial real estate 3,899 2,524 Lease financings 1,007 1,282 Other residential mortgages 1,055 1,222 Overdrafts 911 1,348 Other 1,137 1,113 Margin loans 19,340 20,034 Total domestic 49,351 45,611 Foreign: Financial institutions 9,259 7,716 Commercial 227 252 Wealth management loans and mortgages 100 89 Commercial real estate 46 6 Lease financings 850 889 Other (primarily overdrafts) 3,637 4,569 Margin loans 233 — Total foreign 14,352 13,521 Total loans (a) $ 63,703 $ 59,132 (a) Net of unearned income of $674 million at Dec. 31, 2015 and $866 million at Dec. 31, 2014 primarily on domestic and foreign lease financings. Our loan portfolio consists of three portfolio segments: commercial, lease financings and mortgages. We manage our portfolio at the class level which consists of six classes of financing receivables: commercial, commercial real estate, financial institutions, lease financings, wealth management loans and mortgages and other residential mortgages. The following tables are presented for each class of financing receivable, and provide additional information about our credit risks and the adequacy of our allowance for credit losses. Allowance for credit losses Transactions in the allowance for credit losses are summarized as follows: Allowance for credit losses activity for the year ended Dec. 31, 2015 Wealth management loans and mortgages Other residential mortgages (in millions) Commercial Commercial real estate Financial institutions Lease financings All Other Foreign Total Beginning balance $ 60 $ 50 $ 31 $ 32 $ 22 $ 41 $ — $ 44 $ 280 Charge-offs — — (170 ) — — (2 ) — — (172 ) Recoveries — — 1 — — 6 — — 7 Net (charge-offs) recoveries — — (169 ) — — 4 — — (165 ) Provision 22 9 169 (17 ) (3 ) (11 ) — (9 ) 160 Ending balance $ 82 $ 59 $ 31 $ 15 $ 19 $ 34 $ — $ 35 $ 275 Allowance for: Loan losses $ 24 $ 37 $ 9 $ 15 $ 15 $ 34 $ — $ 23 $ 157 Lending-related commitments 58 22 22 — 4 — — 12 118 Individually evaluated for impairment: Loan balance $ — $ 1 $ 171 $ — $ 8 $ — $ — $ — $ 180 Allowance for loan losses — 1 — — 1 — — — 2 Collectively evaluated for impairment: Loan balance $ 2,115 $ 3,496 $ 6,469 $ 1,007 $ 13,239 $ 1,035 $ 21,388 (a) $ 14,352 $ 63,101 Allowance for loan losses 24 36 9 15 14 34 — 23 155 (a) Includes $911 million of domestic overdrafts, $19,340 million of margin loans and $1,137 million of other loans at Dec. 31, 2015 . Allowance for credit losses activity for the year ended Dec. 31, 2014 Wealth management loans and mortgages Other residential mortgages (in millions) Commercial Commercial real estate Financial institutions Lease financings All Other Foreign Total Beginning balance $ 83 $ 41 $ 49 $ 37 $ 24 $ 54 $ — $ 56 $ 344 Charge-offs (12 ) (2 ) — — (1 ) (2 ) — (3 ) (20 ) Recoveries 1 — 1 — — 2 — — 4 Net (charge-offs) recoveries (11 ) (2 ) 1 — (1 ) — — (3 ) (16 ) Provision (12 ) 11 (19 ) (5 ) (1 ) (13 ) — (9 ) (48 ) Ending balance $ 60 $ 50 $ 31 $ 32 $ 22 $ 41 $ — $ 44 $ 280 Allowance for: Loan losses $ 17 $ 32 $ 17 $ 32 $ 17 $ 41 $ — $ 35 $ 191 Lending-related commitments 43 18 14 — 5 — — 9 89 Individually evaluated for impairment: Loan balance $ — $ — $ — $ — $ 8 $ — $ — $ — $ 8 Allowance for loan losses — — — — 1 — — — 1 Collectively evaluated for impairment: Loan balance $ 1,390 $ 2,503 $ 5,603 $ 1,282 $ 11,087 $ 1,222 $ 22,495 (a) $ 13,521 $ 59,103 Allowance for loan losses 17 32 17 32 16 41 — 35 190 (a) Includes $1,348 million of domestic overdrafts, $20,034 million of margin loans and $1,113 million of other loans at Dec. 31, 2014 . Allowance for credit losses activity for the year ended Dec. 31, 2013 Wealth management loans and mortgages Other residential mortgages All Other Foreign Total (in millions) Commercial Commercial real estate Financial institutions Lease financings Beginning balance $ 104 $ 30 $ 36 $ 49 $ 30 $ 88 $ 2 $ 48 $ 387 Charge-offs (4 ) (1 ) — — (1 ) (8 ) — (3 ) (17 ) Recoveries 1 — 4 — — 4 — — 9 Net (charge-offs) (3 ) (1 ) 4 — (1 ) (4 ) — (3 ) (8 ) Provision (18 ) 12 9 (12 ) (5 ) (30 ) (2 ) 11 (35 ) Ending balance $ 83 $ 41 $ 49 $ 37 $ 24 $ 54 $ — $ 56 $ 344 Allowance for: Loan losses $ 21 $ 21 $ 10 $ 37 $ 19 $ 54 $ — $ 48 $ 210 Lending-related commitments 62 20 39 — 5 — — 8 134 Individually evaluated for impairment: Loan balance $ 15 $ 3 $ — $ — $ 12 $ — $ — $ 6 $ 36 Allowance for loan losses 2 1 — — 3 — — 1 7 Collectively evaluated for impairment: Loan balance $ 1,519 $ 1,998 $ 4,511 $ 1,322 $ 9,731 $ 1,385 $ 17,734 (a) $ 13,421 $ 51,621 Allowance for loan losses 19 20 10 37 16 54 — 47 203 (a) Includes $1,314 million of domestic overdrafts, $15,652 million of margin loans and $768 million of other loans at Dec. 31, 2013 . Nonperforming assets The table below presents the distribution of our nonperforming assets. Nonperforming assets (in millions) Dec. 31, 2015 Dec. 31, 2014 Nonperforming loans: Financial institutions $ 171 $ — Other residential mortgages 102 112 Wealth management loans and mortgages 11 12 Commercial real estate 2 1 Total nonperforming loans 286 125 Other assets owned 6 3 Total nonperforming assets (a) $ 292 $ 128 (a) Loans of consolidated investment management funds are not part of BNY Mellon’s loan portfolio. Included in the loans of consolidated investment management funds are nonperforming loans of $53 million at Dec. 31, 2014 . These loans are recorded at fair value and therefore do not impact the provision for credit losses and allowance for loan losses, and accordingly are excluded from the nonperforming assets table above. In the second quarter of 2015, BNY Mellon adopted the new accounting guidance included in ASU 2015-02, Consolidations. As a result, we deconsolidated substantially all of the loans of consolidated investment management funds retrospectively to Jan. 1, 2015. At Dec. 31, 2015 , undrawn commitments to borrowers whose loans were classified as nonaccrual or reduced rate were not material. Lost interest The table below presents the amount of lost interest income. Lost interest (in millions) 2015 2014 2013 Amount by which interest income recognized on nonperforming loans exceeded reversals Total $ — $ 1 $ 2 Foreign — — — Amount by which interest income would have increased if nonperforming loans at year-end had been performing for the entire year Total $ 6 $ 7 $ 9 Foreign — — — Impaired loans The tables below provide information about our impaired loans. We use the discounted cash flow method as the primary method for valuing impaired loans. Impaired loans 2015 2014 2013 (in millions) Average recorded investment Interest income recognized Average recorded investment Interest income recognized Average recorded investment Interest income recognized Impaired loans with an allowance: Commercial $ — $ — $ 11 $ — $ 37 $ 1 Commercial real estate 1 — 2 — 5 — Financial institutions — — — — 1 — Wealth management loans and mortgages 6 — 8 — 17 — Foreign — — 3 — 8 — Total impaired loans with an allowance 7 — 24 — 68 1 Impaired loans without an allowance : Commercial — — — — 2 — Commercial real estate — — 1 — 6 — Financial institutions — — — — 1 — Wealth management loans and mortgages 2 — 2 — 3 — Total impaired loans without an allowance (a) 2 — 3 — 12 — Total impaired loans $ 9 $ — $ 27 $ — $ 80 $ 1 (a) When the discounted cash flows, collateral value or market price equals or exceeds the carrying value of the loan, then the loan does not require an allowance under the accounting standard related to impaired loans. Impaired loans Dec. 31, 2015 Dec. 31, 2014 (in millions) Recorded investment Unpaid principal balance Related allowance (a) Recorded investment Unpaid principal balance Related allowance (a) Impaired loans with an allowance: Wealth management loans and mortgages $ 6 $ 7 $ 1 $ 6 $ 6 $ 1 Commercial real estate 1 3 1 — — — Total impaired loans with an allowance 7 10 2 6 6 1 Impaired loans without an allowance : Financial institutions 171 312 N/A — — N/A Wealth management loans and mortgages 2 2 N/A 2 2 N/A Commercial real estate — — N/A 1 3 N/A Total impaired loans without an allowance (b) 173 314 N/A 3 5 N/A Total impaired loans (c) $ 180 $ 324 $ 2 $ 9 $ 11 $ 1 (a) The allowance for impaired loans is included in the allowance for loan losses. (b) When the discounted cash flows, collateral value or market price equals or exceeds the carrying value of the loan, then the loan does not require an allowance under the accounting standard related to impaired loans. (c) Excludes an aggregate of $2 million and less than $1 million of impaired loans in amounts individually less than $1 million at Dec. 31, 2015 and Dec. 31, 2014 , respectively. The allowance for loan loss associated with these loans totaled less than $1 million at both Dec. 31, 2015 and Dec. 31, 2014 . Past due loans The table below sets forth information about our past due loans. Past due loans and still accruing interest Dec. 31, 2015 Dec. 31, 2014 Days past due Total past due Days past due Total past due (in millions) 30-59 60-89 >90 30-59 60-89 >90 Commercial real estate $ 57 $ 11 $ — $ 68 $ 79 $ — $ — $ 79 Wealth management loans and mortgages 69 2 1 72 45 — 1 46 Other residential mortgages 22 5 4 31 23 3 5 31 Total past due loans $ 148 $ 18 $ 5 $ 171 $ 147 $ 3 $ 6 $ 156 Troubled debt restructurings (“ TDRs”) A modified loan is considered a TDR if the debtor is experiencing financial difficulties and the creditor grants a concession to the debtor that would not otherwise be considered. A TDR may include a transfer of real estate or other assets from the debtor to the creditor, or a modification of the term of the loan. Not all modified loans are considered TDRs. The following table presents TDRs that occurred in 2015 and 2014. TDRs 2015 2014 Outstanding recorded investment Outstanding recorded investment (dollars in millions) Number of contracts Pre-modification Post-modification Number of contracts Pre-modification Post-modification Other residential mortgages 68 $ 13 $ 16 108 $ 17 $ 20 Wealth management loans and mortgages 4 — — 1 — — Foreign — — — 1 5 4 Total TDRs 72 $ 13 $ 16 110 $ 22 $ 24 Other residential mortgages The modifications of the other residential mortgage loans in 2015 and 2014 consisted of reducing the stated interest rates and in certain cases, a forbearance of default and extending the maturity dates. The modified loans are primarily collateral dependent for which the value is based on the fair value of the collateral. TDRs that subsequently defaulted There were two residential mortgage loans that had been restructured in a TDR during the previous 12 months and have subsequently defaulted in 2015. The total recorded investment of these loans was less than $1 million . Credit quality indicators Our credit strategy is to focus on investment grade names to support cross-selling opportunities. Each customer is assigned an internal credit rating which is mapped to an external rating agency grade equivalent, if possible, based upon a number of dimensions which are continually evaluated and may change over time. The following tables set forth information about credit quality indicators. Commercial loan portfolio Commercial loan portfolio – Credit risk profile by creditworthiness category Commercial Commercial real estate Financial institutions (in millions) Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014 Investment grade $ 2,026 $ 1,381 $ 2,678 $ 1,641 $ 13,965 $ 11,576 Non-investment grade 316 261 1,267 889 1,934 1,743 Total $ 2,342 $ 1,642 $ 3,945 $ 2,530 $ 15,899 $ 13,319 The commercial loan portfolio is divided into investment grade and non-investment grade categories based on rating criteria largely consistent with those of the public rating agencies. Each customer in the portfolio is assigned an internal credit rating. These internal credit ratings are generally consistent with the ratings categories of the public rating agencies. Customers with ratings consistent with BBB- (S&P)/Baa3 (Moody’s) or better are considered to be investment grade. Those clients with ratings lower than this threshold are considered to be non-investment grade. Wealth management loans and mortgages Wealth management loans and mortgages – Credit risk profile by internally assigned grade (in millions) Dec. 31, 2015 Dec. 31, 2014 Wealth management loans: Investment grade $ 6,529 $ 5,621 Non-investment grade 171 29 Wealth management mortgages 6,647 5,534 Total $ 13,347 $ 11,184 Wealth management non-mortgage loans are not typically rated by external rating agencies. A majority of the wealth management loans are secured by the customers’ investment management accounts or custody accounts. Eligible assets pledged for these loans are typically investment grade, fixed-income securities, equities and/or mutual funds. Internal ratings for this portion of the wealth management portfolio, therefore, would equate to investment grade external ratings. Wealth management loans are provided to select customers based on the pledge of other types of assets, including business assets, fixed assets or a modest amount of commercial real estate. For the loans collateralized by other assets, the credit quality of the obligor is carefully analyzed, but we do not consider this portfolio of loans to be investment grade. Credit quality indicators for wealth management mortgages are not correlated to external ratings. Wealth management mortgages are typically loans to high-net-worth individuals, which are secured primarily by residential property. These loans are primarily interest-only adjustable rate mortgages with a weighted-average loan-to-value ratio of 61% at origination. In the wealth management portfolio, less than 1% of the mortgages were past due at Dec. 31, 2015 . At Dec. 31, 2015 , the wealth management mortgage portfolio consisted of the following geographic concentrations: California - 23% ; New York - 21% ; Massachusetts - 13% ; Florida - 8% ; and other - 35% . Other residential mortgages The other residential mortgage portfolio primarily consists of 1-4 family residential mortgage loans and totaled $ 1,055 million at Dec. 31, 2015 and $1,222 million at Dec. 31, 2014 . These loans are not typically correlated to external ratings. Included in this portfolio at Dec. 31, 2015 are $283 million of mortgage loans purchased in 2005, 2006 and the first quarter of 2007 that are predominantly prime mortgage loans, with a small portion of Alt-A loans. As of Dec. 31, 2015 , the purchased loans in this portfolio had a weighted-average loan-to-value ratio of 76% at origination and 16% of the serviced loan balance was at least 60 days delinquent. The properties securing the prime and Alt-A mortgage loans were located (in order of concentration) in California, Florida, Virginia, the tri-state area (New York, New Jersey and Connecticut) and Maryland. Overdrafts Overdrafts primarily relate to custody and securities clearance clients and totaled $4,483 million at Dec. 31, 2015 and $5,882 million at Dec. 31, 2014 . Overdrafts occur on a daily basis in the custody and securities clearance business and are generally repaid within two business days. Other loans Other loans primarily include loans to consumers that are fully collateralized with equities, mutual funds and fixed income securities. Margin loans We had $19,573 million of secured margin loans on our balance sheet at Dec. 31, 2015 compared with $20,034 million at Dec. 31, 2014 . Margin loans are collateralized with marketable securities and borrowers are required to maintain a daily collateral margin in excess of 100% of the value of the loan. We have rarely suffered a loss on these types of loans and do not allocate any of our allowance for credit losses to margin loans. Reverse repurchase agreements Reverse repurchase agreements are transactions fully collateralized with high-quality liquid securities. These transactions carry minimal credit risk and therefore are not allocated an allowance for credit losses. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and intangible assets Impairment testing BNY Mellon’s three business segments include seven reporting units for which goodwill impairment testing is performed on an annual basis. The Investment Management segment consists of two reporting units. The Investment Services segment consists of four reporting units. One reporting unit is included in the Other segment. The goodwill impairment test is performed in two steps. The first step compares the estimated fair value of the reporting unit with the carrying amount, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. However, if the carrying amount of the reporting unit were to exceed its estimated fair value, a second step would be performed that would compare the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. An impairment loss would be recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. BNY Mellon conducted an annual goodwill impairment test on a quantitative basis on all seven reporting units in the second quarter of 2015 . The estimated fair value of the Company’s seven reporting units exceeded the carrying value and no goodwill impairment was recognized. Intangible assets not subject to amortization are tested annually for impairment or more often if events or circumstances indicate they may be impaired. Goodwill Total goodwill decreased in 2015 compared with 2014 primarily reflecting the impact of foreign exchange translation on non-U.S. dollar denominated goodwill. The tables below provide a breakdown of goodwill by business. Goodwill by business (in millions) Investment (a) Investment Other (a) Consolidated Balance at Dec. 31, 2013 $ 9,446 $ 8,550 $ 77 $ 18,073 Acquisition/dispositions — 39 — 39 Foreign currency translation (118 ) (124 ) (3 ) (245 ) Other (b) — 2 — 2 Balance at Dec. 31, 2014 $ 9,328 $ 8,467 $ 74 $ 17,869 Acquisitions/dispositions 10 — (22 ) (12 ) Foreign currency translation (128 ) (105 ) (3 ) (236 ) Other (b) (3 ) — — (3 ) Balance at Dec. 31, 2015 $ 9,207 $ 8,362 $ 49 $ 17,618 (a) Includes the reclassification of goodwill associated with Meriten from Investment Management to the Other segment. (b) Other changes in goodwill include purchase price adjustments and certain other reclassifications. Intangible assets Intangible assets decreased in 2015 compared with 2014 primarily reflecting amortization. Amortization of intangible assets was $261 million in 2015 , $298 million in 2014 and $342 million in 2013 . In 2013, we recorded an $8 million impairment charge related to the write-down of the value of a customer contract intangible in the Investment Services business to its fair value. The tables below provide a breakdown of intangible assets by business. Intangible assets – net carrying amount by business (in millions) Investment (a) Investment Other (a) Consolidated Balance at Dec. 31, 2013 $ 2,047 $ 1,538 $ 867 $ 4,452 Amortization (118 ) (175 ) (5 ) (298 ) Foreign currency translation (18 ) (8 ) (1 ) (27 ) Balance at Dec. 31, 2014 $ 1,911 $ 1,355 $ 861 $ 4,127 Acquisitions/dispositions 9 — (9 ) — Amortization (97 ) (162 ) (2 ) (261 ) Foreign currency translation (16 ) (7 ) (1 ) (24 ) Balance at Dec. 31, 2015 $ 1,807 $ 1,186 $ 849 $ 3,842 (a) Includes the reclassification of intangible assets associated with Meriten from Investment Management to the Other segment. The table below provides a breakdown of intangible assets by type. Intangible assets Dec. 31, 2015 Dec. 31, 2014 (in millions) Gross carrying amount Accumulated amortization Net carrying amount Remaining weighted- average amortization period Gross carrying amount Accumulated amortization Net carrying amount Subject to amortization: Customer relationships—Investment Management $ 1,709 $ (1,351 ) $ 358 11 years $ 1,945 $ (1,481 ) $ 464 Customer contracts—Investment Services 2,313 (1,503 ) 810 10 years 2,328 (1,354 ) 974 Other 75 (66 ) 9 3 years 81 (67 ) 14 Total subject to amortization 4,097 (2,920 ) 1,177 10 years 4,354 (2,902 ) 1,452 Not subject to amortization: (a) Trade name 1,358 N/A 1,358 N/A 1,360 N/A 1,360 Customer relationships 1,307 N/A 1,307 N/A 1,315 N/A 1,315 Total not subject to amortization 2,665 N/A 2,665 N/A 2,675 N/A 2,675 Total intangible assets $ 6,762 $ (2,920 ) $ 3,842 N/A $ 7,029 $ (2,902 ) $ 4,127 (a) Intangible assets not subject to amortization have an indefinite life. Estimated annual amortization expense for current intangibles for the next five years is as follows: For the year ended Estimated amortization expense (in millions) 2016 $ 238 2017 214 2018 180 2019 108 2020 97 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets | Other assets Other assets Dec. 31, (in millions) 2015 2014 Corporate/bank owned life insurance $ 4,704 $ 4,598 Accounts receivable 3,535 4,166 Equity in joint venture and other investments (a) 3,329 3,287 Income taxes receivable 1,554 2,142 Fails to deliver 1,494 1,351 Software 1,355 1,332 Prepaid pension assets 727 708 Fair value of hedging derivatives 716 851 Prepaid expenses 464 451 Due from customers on acceptances 258 247 Other 1,490 1,357 Total other assets $ 19,626 $ 20,490 (a) Includes Federal Reserve Bank stock of $453 million and $447 million , respectively, at cost. Certain seed capital and private equity investments valued using net asset value per share In our Investment Management business, we manage investment assets, including equities, fixed income, money market and alternative investment funds for institutions and other investors. As part of that activity we make seed capital investments in certain funds. BNY Mellon also holds private equity investments, which consist of investments in private equity funds, mezzanine financings, SBICs and direct equity investments. Seed capital and private equity investments are included in other assets. The fair value of certain of these investments has been estimated using the net asset value (“NAV”) per share of BNY Mellon’s ownership interest in the funds. The table below presents information about BNY Mellon’s investments in seed capital and private equity investments that have been valued using NAV. Seed capital and private equity investments valued using NAV Dec. 31, 2015 Dec. 31, 2014 (dollar amounts in millions) Fair value Unfunded commitments Redemption frequency Redemption notice period Fair value Unfunded commitments Redemption frequency Redemption notice period Seed capital and other funds (a) $ 83 $ 1 Daily-quarterly 1-180 days $ 307 $ — Daily-quarterly 0-180 days Private equity investments (b)(c) 34 58 N/A N/A 35 45 N/A N/A Total $ 117 $ 59 $ 342 $ 45 (a) Other funds include various leveraged loans, structured credit funds and hedge funds. Redemption notice periods vary by fund. (b) Private equity funds primarily include numerous venture capital funds that invest in various sectors of the economy. Private equity funds do not have redemption rights. Distributions from such funds will be received as the underlying investments in the funds are liquidated. (c) Includes investments and unfunded commitments related to SBICs, which are compliant with the Volcker Rule, of $34 million and $58 million , respectively, at Dec. 31, 2015 and $18 million and $45 million , respectively, at Dec. 31, 2014 . N/A - Not applicable. Qualified affordable housing project investments We invest in affordable housing projects primarily to satisfy the Company’s requirements under the Community Reinvestment Act. Our total investment in qualified affordable housing projects totaled $918 million at Dec. 31, 2015 and $853 million at Dec. 31, 2014 . Commitments to fund future investments in qualified affordable housing projects totaled $393 million at Dec. 31, 2015 and $358 million at Dec. 31, 2014 . A summary of the commitments to fund future investments is as follows: 2016 — $221 million ; 2017 — $53 million ; 2018 — $100 million ; 2019 — $2 million ; 2020 — $5 million and 2021 and thereafter— $12 million . Tax credits and other tax benefits recognized were $130 million in 2015 , $128 million in 2014 , and $118 million in 2013 . Amortization expense included in the provision for income taxes was $99 million in 2015 , $96 million in the 2014 , and $88 million in 2013 . |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | Deposits Total time deposits in denominations of $100,000 or greater was $72.2 billion at Dec. 31, 2015 , and $46.5 billion at Dec. 31, 2014 . At Dec. 31, 2015 , the scheduled maturities of all time deposits are as follows: 2016 – $73.1 billion ; 2017 – $2 million ; 2018 – $2 million ; 2019 – $- million; 2020 – $- million; and 2021 and thereafter – $1 million . |
Net Interest Revenue
Net Interest Revenue | 12 Months Ended |
Dec. 31, 2015 | |
Interest Revenue (Expense), Net [Abstract] | |
Net Interest Revenue | Net interest revenue The following table provides the components of net interest revenue presented on the consolidated income statement. Net interest revenue (in millions) 2015 2014 2013 Interest revenue Non-margin loans $ 727 $ 697 $ 674 Margin loans 207 182 160 Securities: Taxable 1,813 1,603 1,782 Exempt from federal income taxes 82 100 103 Total securities 1,895 1,703 1,885 Deposits with banks 104 238 279 Deposits with the Federal Reserve and other central banks 170 207 150 Federal funds sold and securities purchased under resale agreements 147 86 47 Trading assets 76 121 157 Total interest revenue 3,326 3,234 3,352 Interest expense Deposits in domestic offices 30 29 35 Deposits in foreign offices 7 54 70 Federal funds purchased and securities sold under repurchase agreements (6 ) (13 ) (16 ) Trading liabilities 9 25 38 Other borrowed funds 9 6 7 Commercial paper 2 2 — Customer payables 7 9 8 Long-term debt 242 242 201 Total interest expense 300 354 343 Net interest revenue $ 3,026 $ 2,880 $ 3,009 |
Noninterest Expense
Noninterest Expense | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Noninterest Expense [Abstract] | |
Noninterest Expense | Noninterest expense The following table provides a breakdown of noninterest expense presented on the consolidated income statement. Noninterest expense (in millions) 2015 2014 2013 Staff: Compensation $ 3,580 $ 3,630 $ 3,620 Incentives 1,415 1,331 1,384 Employee benefits 842 884 1,015 Total staff 5,837 5,845 6,019 Professional, legal and other purchased services 1,230 1,339 1,252 Software 627 620 596 Net occupancy 600 610 629 Distribution and servicing 381 428 435 Furniture and equipment 280 322 337 Sub-custodian 270 286 280 Business development 267 268 317 Clearing 150 129 130 Communications 103 119 131 Other 708 783 768 Amortization of intangible assets 261 298 342 Litigation 87 953 24 Merger and integration and restructuring charges (2 ) 177 46 Total noninterest expense $ 10,799 $ 12,177 $ 11,306 |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring charges Aggregate restructuring charges are included in M&I, litigation and restructuring charges on the income statement. Restructuring charges recorded in 2014 related to corporate-level initiatives and were therefore recorded in the Other segment. In the fourth quarter of 2013, restructuring charges were recorded in the businesses. Prior to the fourth quarter of 2013, restructuring charges were reported in the Other segment. Severance payments are primarily paid over the salary continuance period in accordance with the separation plan. We recorded net restructuring recoveries of $2 million in 2015, net charges of $177 million in 2014 and net charges of $45 million in 2013. Streamlining actions In 2014, we disclosed streamlining actions which included rationalizing our staff and simplifying and automating global processes primarily related to actions taken across investment services, technology, and operations. The initial restructuring charge consisted of $125 million of severance costs. We recorded total restructuring charges of $16 million in 2015 primarily related to severance. The following table presents the activity in the reserve through Dec. 31, 2015 . Streamlining actions 2014 – restructuring reserve activity (in millions) Total Original restructuring charge $ 125 Net additional charges 59 Utilization (92 ) Balance at Dec. 31, 2014 92 Net additional charges 16 Utilization (79 ) Balance at Dec. 31, 2015 $ 29 The table below presents the restructuring charge if it had been allocated by business. Streamlining actions 2014 – restructuring charge by business Total charges since inception (in millions) 2015 2014 Investment Management $ 12 $ 23 $ 35 Investment Services 2 83 85 Other segment (including Business Partners) 2 78 80 Total restructuring charge $ 16 $ 184 $ 200 Operational Excellence Initiatives In 2011, we announced our Operational Excellence Initiatives which include an expense reduction initiative impacting approximately 1,500 positions, as well as additional initiatives to transform operations, technology and corporate services that will increase productivity and reduce the growth rate of expenses. We recorded a pre-tax restructuring charge of $107 million related to the Operational Excellence Initiatives in 2011. This charge consisted of $78 million of severance costs and $29 million primarily for operating lease-related items and consulting costs. We recorded a $9 million net recovery in 2015 related to this program. The following table presents the activity in the restructuring reserve related to the Operational Excellence Initiatives through Dec. 31, 2015 . Operational Excellence Initiatives 2011 – restructuring reserve activity (in millions) Severance Other Total Original restructuring charge $ 78 $ 29 $ 107 Net additional charges (net recovery/gain) 100 (57 ) 43 Utilization (98 ) 28 (70 ) Balance at Dec. 31, 2013 80 — 80 Net additional (recovery) (7 ) — (7 ) Utilization (45 ) — (45 ) Balance at Dec. 31, 2014 28 — 28 Net additional (recovery) (9 ) — (9 ) Utilization (10 ) — (10 ) Balance at Dec. 31, 2015 $ 9 $ — $ 9 The table below presents the restructuring charge if it had been allocated by business. Operational Excellence Initiatives 2011 – restructuring charge (recovery) by business Total charges since inception (in millions) 2015 2014 2013 Investment Management $ (2 ) $ (1 ) $ 4 $ 49 Investment Services (2 ) (1 ) 25 82 Other segment (including Business Partners) (5 ) (5 ) 16 3 Total restructuring charge (recovery) $ (9 ) $ (7 ) $ 45 $ 134 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income taxes The components of the income tax provision are as follows: Provision (benefit) for income taxes Year ended Dec. 31, (in millions) 2015 2014 2013 Current taxes: Federal $ 551 $ 1,273 $ 714 Foreign 306 337 286 State and local 109 155 66 Total current tax expense 966 1,765 1,066 Deferred tax expense (benefit): Federal 114 (672 ) 536 Foreign (1 ) (98 ) (30 ) State and local (66 ) (83 ) 20 Total deferred tax expense (benefits) 47 (853 ) 526 Provision for income taxes $ 1,013 $ 912 $ 1,592 The components of income before taxes are as follows: Components of income before taxes Year ended Dec. 31, (in millions) 2015 2014 2013 Domestic $ 2,698 $ 2,456 $ 2,428 Foreign 1,537 1,107 1,349 Income before taxes $ 4,235 $ 3,563 $ 3,777 The components of our net deferred tax liability are as follows: Net deferred tax liability Dec. 31, (in millions) 2015 2014 Depreciation and amortization $ 2,631 $ 2,646 Lease financings 569 761 Securities valuation 156 230 Pension obligation 155 117 Equity investments 113 115 Employee benefits (470 ) (616 ) Reserves not deducted for tax (274 ) (536 ) Credit losses on loans (102 ) (113 ) Other assets (109 ) (99 ) Other liabilities 110 277 Net deferred tax liability $ 2,779 $ 2,782 As of Dec. 31, 2015 , we have an available German net operating loss carryforward of $90 million with an indefinite life. Also, we have a U.S. foreign tax credit carryforward of approximately $36 million that will expire in 2025. We believe it is more likely than not that we will fully realize our deferred tax assets. As of Dec. 31, 2015 , we had approximately $6.2 billion of earnings attributable to foreign subsidiaries that have been permanently reinvested abroad and for which no incremental U.S. income tax provision has been recorded. If these earnings were to be repatriated, the estimated U.S. tax liability as of Dec. 31, 2015 would be up to $1.1 billion . Management has no intention of repatriating these earnings to the U.S. in the foreseeable future. The statutory federal income tax rate is reconciled to our effective income tax rate below: Effective tax rate Year ended Dec. 31, 2015 2014 2013 Federal rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal income tax benefit 0.6 1.3 1.6 Leverage lease adjustment (1.3 ) (1.1 ) (2.1 ) Tax-exempt income (2.5 ) (3.3 ) (3.1 ) Foreign operations (6.6 ) (3.0 ) (4.4 ) Tax credits (1.4 ) (0.8 ) (2.0 ) Tax litigation — — 16.5 Carryback claim — (4.7 ) — Nondeductible litigation expense — 2.1 — Other – net 0.1 0.1 0.6 Effective tax rate 23.9 % 25.6 % 42.1 % Unrecognized tax positions (in millions) 2015 2014 2013 Beginning balance at Jan. 1, – gross $ 669 $ 866 $ 340 Prior period tax positions: Increases 13 58 570 Decreases (21 ) (257 ) (19 ) Current period tax positions 14 19 21 Settlements (26 ) (17 ) (46 ) Ending balance at Dec. 31, – gross $ 649 $ 669 $ 866 Our total tax reserves as of Dec. 31, 2015 were $649 million compared with $669 million at Dec. 31, 2014 . If these tax reserves were unnecessary, $649 million would affect the effective tax rate in future periods. We recognize accrued interest and penalties, if applicable, related to income taxes in income tax expense. Included in the balance sheet at Dec. 31, 2015 is accrued interest, where applicable, of $194 million . The additional tax expense related to interest for the year ended Dec. 31, 2015 was $2 million compared with $1 million for the year ended Dec. 31, 2014 . It is reasonably possible the total reserve for uncertain tax positions could decrease within the next 12 months by approximately $60 million as a result of adjustments related to tax years that are still subject to examination. On Nov. 10, 2009, BNY Mellon filed a petition with the U.S. Tax Court challenging the IRS’s disallowance of certain foreign tax credits claimed for the 2001 and 2002 tax years. Trial was held from April 16 to May 17, 2012. On Feb. 11, 2013, BNY Mellon received an adverse decision from the U.S. Tax Court. On Sept. 23, 2013, the U.S. Tax Court amended its prior ruling to allow BNY Mellon an interest expense deduction and to exclude certain items from taxable income. The net impact of the court rulings for all years involved and related interest decreased after-tax income in 2013 by $593 million . The U.S. Tax Court ruling was finalized on Feb. 20, 2014. On March 5, 2014, BNY Mellon appealed the decision to the Second Circuit Court of Appeals. On Sept. 25, 2014, the government filed its response to our appeal. On Sept. 9, 2015, the Second Circuit affirmed the Tax Court decision. On Nov. 2, 2015, BNY Mellon filed a petition for review with the Supreme Court of the United States, seeking reversal of the Second Circuit Court of Appeals decision. See Note 22 of the Notes to Consolidated Financial Statements for additional information. Our federal income tax returns are closed to examination through 2010. Our New York State tax returns are closed to examination through 2012. Our New York City income tax returns are closed to examination through 2010. Our UK income tax returns are closed to examination through 2012. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt Long-term debt Dec. 31, 2015 Dec. 31, 2014 (in millions) Rate Maturity Amount Rate Amount Senior debt: Fixed rate 0.70 - 5.94% 2016 - 2025 $ 17,724 0.70 - 6.92% $ 16,122 Floating rate 0.41 - 1.48% 2018 - 2038 2,378 0.06 - 0.82% 2,178 Subordinated debt (a) 5.45 - 7.50% 2016 - 2021 1,150 4.95 - 7.50% 1,655 Junior subordinated debentures (a) 6.37% 2036 295 6.37 % 309 Total $ 21,547 $ 20,264 (a) Fixed rate. Total long-term debt that matures during the next five years for BNY Mellon is as follows: 2016 – $2.45 billion , 2017 – $1.25 billion , 2018 – $3.65 billion , 2019 – $4.25 billion and 2020 – $4.01 billion . Trust-preferred securities Mellon Capital III, a Delaware statutory trust owned by BNY Mellon, issued trust preferred securities in 2006. At Dec. 31, 2015 , the sole assets of Mellon Capital III are junior subordinated debentures of BNY Mellon with maturities and interest rates that match the trust preferred securities. BNY Mellon's obligations provide a full and unconditional guarantee of payment of distributions and other amounts due on the trust preferred securities. The guarantee does not guarantee payment of distributions or other amounts due when Mellon Capital III does not have funds available to make such payments. Mellon Capital IV, a Delaware statutory trust owned by BNY Mellon, issued trust preferred securities in June 2007. The sole assets of Mellon Cap IV originally were junior subordinated debentures and a stock purchase contract for preferred stock. Through a remarketing in May 2012, the junior subordinated debentures issued by BNY Mellon and held by Mellon Capital IV were sold to third party investors and then exchanged for BNY Mellon's senior notes, which were sold in a public offering. The proceeds of the sale of the senior notes were used to fund the purchase by Mellon Capital IV of $500 million of BNY Mellon’s Series A preferred stock, which was issued on June 20, 2012. At Dec. 31, 2015 , the Series A preferred stock was the sole asset of Mellon Capital IV. See Note 15 of the Notes to Consolidated Financial Statements for additional disclosures related to preferred stock, including the Series A preferred stock. The following tables summarize the trust preferred securities issued by the Trusts as of Dec. 31, 2015 and 2014. Trust preferred securities at Dec. 31, 2015 Trust-preferred securities issued by the trust Interest rate Assets of the trust Due date Call date Call price (dollar amounts in millions) (a) MEL Capital III (b) $ 296 6.37 % $ 295 2036 2016 Par MEL Capital IV — — % 500 — — — Total $ 296 $ 795 (a) Represents junior subordinated deferrable interest debentures of BNY Mellon in the case of MEL Capital III and BNY Mellon’s Series A preferred stock in the case of MEL Capital IV. (b) Amount was translated from Sterling into U.S. dollars on a basis of U.S. $1.48 to £1, the rate of exchange on Dec. 31, 2015 . Trust preferred securities at Dec. 31, 2014 Trust-preferred securities issued Interest Assets of Due date Call date Call price (dollar amounts in millions) (a) MEL Capital III (b) $ 312 6.37 % $ 309 2036 2016 Par MEL Capital IV — — % 500 — — — Total $ 312 $ 809 (a) Represents junior subordinated deferrable interest debentures of BNY Mellon in the case of MEL Capital III and BNY Mellon’s Series A preferred stock in the case of MEL Capital IV. (b) Amount was translated from Sterling into U.S. dollars on a basis of U.S. $1.56 to £1, the rate of exchange on Dec. 31, 2014. |
Securitizations and Variable In
Securitizations and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Securitizations And Variable Interest Entities Disclosure [Abstract] | |
Securitizations and variable interest entities | Securitizations and variable interest entities BNY Mellon’s VIEs generally include retail, institutional and alternative investment funds, including collateralized loan obligation structures in which we provide asset management services. The funds are offered to our retail and institutional clients to provide them with access to investment vehicles with specific investment objectives and strategies that address the client’s investment needs. BNY Mellon earns management fees from these funds as well as performance fees in certain funds and may also provide start-up capital for its new funds. The VIEs are primarily financed by our customer’s investments in the funds’ equity or debt. These VIEs are included in the scope of ASU 2015-02 and are reviewed for consolidation based on the guidance in ASC 810. We reconsider and reassess whether or not we are the primary beneficiary of a VIE when governing documents or contractual arrangements are changed which would reallocate the obligation to absorb expected losses or receive expected residual returns between BNY Mellon and the other investors, when BNY Mellon disposes of its variable interests in the fund or when additional variable interests are issued to other investors and when we acquire additional variable interests in the VIE. The following tables present the incremental assets and liabilities included in BNY Mellon’s consolidated financial statements, after applying intercompany eliminations, as of Dec. 31, 2015 based on the assessments performed in accordance with ASC 810, as amended by ASU 2015-02, and as of Dec. 31, 2014 based on the assessments performed in accordance with ASC 810, prior to the adoption of ASU 2015-02. The net assets of any consolidated VIE are solely available to settle the liabilities of the VIE and to settle any investors’ ownership liquidation requests, including any seed capital invested in the VIE by BNY Mellon. Investments consolidated under ASC 810 as amended by ASU 2015-02 at Dec. 31, 2015 (in millions) Investment Management funds Securitizations Total consolidated investments Available-for-sale securities $ — $ 400 $ 400 Trading assets 1,228 — 1,228 Other assets 173 — 173 Total assets $ 1,401 (a) $ 400 $ 1,801 Trading liabilities $ 229 $ — $ 229 Other liabilities 17 359 376 Total liabilities $ 246 (a) $ 359 $ 605 Nonredeemable noncontrolling interests $ 738 (a) $ — $ 738 (a) Includes VMEs with assets of $190 million , liabilities of $1 million and nonredeemable noncontrolling interests of $5 million . Investments consolidated under ASC 810 and ASU 2009-17 at Dec. 31, 2014 (in millions) Investment Management funds Securitizations Total consolidated investments Available-for-sale securities $ — $ 414 $ 414 Trading assets 8,678 — 8,678 Other assets 604 — 604 Total assets $ 9,282 (a) $ 414 $ 9,696 Trading liabilities $ 7,660 $ — $ 7,660 Other liabilities 9 363 372 Total liabilities $ 7,669 (a) $ 363 $ 8,032 Nonredeemable noncontrolling interests $ 1,033 (a) $ — $ 1,033 (a) Includes VMEs with assets of $855 million , liabilities of $148 million and nonredeemable noncontrolling interests of $544 million . BNY Mellon is not contractually required to provide financial or any other support to any of our VIEs. Additionally, creditors of any consolidated VIEs do not have any recourse to the general credit of BNY Mellon. Non-consolidated VIEs As of Dec. 31, 2015 and Dec. 31, 2014 , the following assets related to the VIEs where BNY Mellon is not the primary beneficiary are included in our consolidated financial statements. Non-consolidated VIEs at Dec. 31, 2015 (in millions) Assets Liabilities Maximum loss exposure Other $ 189 $ — $ 189 Non-consolidated VIEs at Dec. 31, 2014 (in millions) Assets Liabilities Maximum loss exposure Other $ 148 $ — $ 148 The maximum loss exposure indicated in the above tables relates solely to BNY Mellon’s seed capital or residual interests invested in the VIEs. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ equity Common stock BNY Mellon has 3.5 billion authorized shares of common stock with a par value of $0.01 per share. At Dec. 31, 2015 , 1,085,342,985 shares of common stock were outstanding. Common stock repurchase program On March 26, 2014, in connection with the Federal Reserve’s non-objection to our 2014 capital plan, the board of directors authorized a stock purchase program providing for the repurchase of an aggregate of $1.74 billion of common stock beginning in the second quarter of 2014 and continuing through the first quarter of 2015. On March 11, 2015, in connection with the Federal Reserve’s non-objection to our 2015 capital plan, the board of directors authorized a new stock purchase program providing for the repurchase of an aggregate of $3.1 billion of common stock beginning in the second quarter of 2015 and continuing through the second quarter of 2016. Of the $3.1 billion authorization, common stock repurchases of $700 million was contingent on a prior issuance of $1 billion of qualifying preferred stock. The Company completed the issuance of preferred stock on April 28, 2015. Share repurchases may be executed through repurchase plans designed to comply with Rule 10b5-1 and through derivative, accelerated share repurchase and other structured transactions. In 2015 , we repurchased 55.6 million common shares at an average price of $42.35 per common share for a total of $2.4 billion . At Dec. 31, 2015 , the maximum dollar value of shares that may yet be purchased under the March 11, 2015 program, including employee benefit plan repurchases, totaled $1.1 billion . Preferred stock BNY Mellon has 100 million authorized shares of preferred stock with a par value of $0.01 . The table below summarizes BNY Mellon’s preferred stock issued and outstanding at Dec. 31, 2015 and Dec. 31, 2014 . Preferred stock summary Liquidation preference per share (in dollars) Total shares issued and outstanding Carrying value (a) (dollars in millions, unless otherwise noted) Per annum dividend rate Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014 Series A Noncumulative Perpetual Preferred Stock Greater of (i) three-month LIBOR plus 0.565% for the related distribution period; or (ii) 4.000% $ 100,000 5,001 5,001 $ 500 $ 500 Series C Noncumulative Perpetual Preferred Stock 5.2 % $ 100,000 5,825 5,825 568 568 Series D Noncumulative Perpetual Preferred Stock 4.50% commencing Dec. 20, 2013 to but excluding June 20, 2023, then a floating rate equal to the three-month LIBOR plus 2.46% $ 100,000 5,000 5,000 494 494 Series E Noncumulative Perpetual Preferred Stock 4.95% commencing Dec. 20, 2015 to and including June 20, 2020, then a floating rate equal to the three-month LIBOR plus 3.42% $ 100,000 10,000 — 990 — Total 25,826 15,826 $ 2,552 $ 1,562 (a) The carrying value of the Series C, Series D and Series E preferred stock is recorded net of issuance costs . Holders of both the Series A and Series C preferred stock are entitled to receive dividends on each dividend payment date (March 20, June 20, September 20 and December 20 of each year), if declared by BNY Mellon’s Board of Directors. Holders of the Series D preferred stock are entitled to receive dividends, if declared by our board of directors, on each June 20 and December 20, to but excluding June 20, 2023; and on each March 20, June 20, September 20 and December 20, from and including June 20, 2023. Holders of the Series E preferred stock are entitled to receive dividends, if declared by our board of directors, on each June 20 and December 20, to and including June 20, 2020; and on each March 20, June 20, September 20 and December 20, from and including September 20, 2020. BNY Mellon’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, shares of our common stock or any of our shares that rank junior to the preferred stock as to the payment of dividends and/or the distribution of any assets on any liquidation, dissolution or winding-up of BNY Mellon will be prohibited, subject to certain restrictions, in the event that we do not declare and pay in full preferred dividends for the then current dividend period of the Series A preferred stock or the last preceding dividend period of the Series C, Series D and Series E preferred stock. All of the outstanding shares of the Series A preferred stock are owned by Mellon Capital IV, which will pass through any dividend on the Series A preferred stock to the holders of its Normal Preferred Capital Securities. All of the outstanding shares of the Series C, Series D and Series E preferred stock are held by the depositary of the depositary shares, which will pass through the applicable portion of any dividend on the Series C, Series D and Series E preferred stock to the holders of record of their respective depositary shares. On Dec. 21, 2015, The Bank of New York Mellon Corporation paid the following dividends for the noncumulative perpetual preferred stock for the dividend period ending in December 2015 to holders of record as of the close of business on Dec. 5, 2015: • $1,011.11 per share on the Series A Preferred Stock (equivalent to $10.1111 per Normal Preferred Capital Security of Mellon Capital IV, each representing a 1/100th interest in a share of Series A Preferred Stock); • $1,300.00 per share on the Series C Preferred Stock (equivalent to $0.3250 per depositary share, each representing a 1/4,000th interest in a share of the Series C Preferred Stock); • $2,250.00 per share on the Series D Preferred Stock (equivalent to $22.50 per depositary share, each representing a 1/100th interest in a share of the Series D Preferred Stock); and • $3,190.00 per share on the Series E Preferred Stock (equivalent to $31.90 per depositary share, each representing a 1/100th interest in a share of the Series E Preferred Stock). The preferred stock is not subject to the operation of a sinking fund and is not convertible into, or exchangeable for, shares of our common stock or any other class or series of our other securities. Subject to the restrictions in BNY Mellon’s 2007 replacement capital covenant, subsequently amended on May 8 and Sept. 11, 2012, we may redeem the Series A preferred stock, in whole or in part, at our option. We may also, at our option, redeem the shares of the Series C preferred stock in whole or in part, on or after the dividend payment date in September 2017, the Series D preferred stock in whole or in part, on or after the dividend payment date in June 2023 and the Series E preferred stock in whole or in part, on or after the dividend payment date in June 2020. The Series C, Series D or Series E preferred stock can be redeemed in whole but not in part at any time within 90 days following a regulatory capital treatment event (as defined in each of the Series C, Series D and Series E’s Certificates of Designation). Terms of the Series A, Series C, Series D and Series E preferred stock are more fully described in each of their Certificate of Designations, each of which is filed as an Exhibit to BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2015 . Temporary equity Temporary equity was $200 million at Dec. 31, 2015 and $229 million at Dec. 31, 2014 . Temporary equity represents amounts recorded for redeemable non-controlling interests resulting from equity-classified share-based payments and other investment arrangements that are currently redeemable or are expected to become redeemable. The current redemption value of such awards is classified as temporary equity and is adjusted to its redemption value at each balance sheet date. Capital adequacy Regulators establish certain levels of capital for bank holding companies and banks, including BNY Mellon and our bank subsidiaries, in accordance with established quantitative measurements. For the Parent to maintain its status as a financial holding company, our bank subsidiaries and BNY Mellon must, among other things, qualify as “well capitalized”. As of Dec. 31, 2015 and Dec. 31, 2014 , BNY Mellon and our bank subsidiaries were considered “well capitalized” on the basis of the Tier 1 and Total capital ratios and, in the case of our bank subsidiaries, the CET1 ratio and the leverage capital ratio (Tier 1 capital to quarterly average assets as defined for regulatory purposes). Our consolidated and largest bank subsidiary, The Bank of New York Mellon, regulatory capital ratios are shown below. Consolidated and largest bank subsidiary regulatory capital ratios (a) Dec. 31, 2015 2014 Consolidated regulatory capital ratios: CET1 10.8 % 11.2 % Tier 1 capital ratio 12.3 12.2 Total (Tier 1 plus Tier 2) capital ratio 12.5 12.5 Leverage capital ratio 6.0 5.6 The Bank of New York Mellon regulatory capital ratios: CET1 11.8 % N/A Tier 1 capital ratio 12.3 12.4 % Total (Tier 1 plus Tier 2) capital ratio 12.5 12.6 Leverage capital ratio 5.9 5.2 (a) The CET1, Tier 1 and Total risk-based regulatory capital ratios are based on Basel III components of capital, as phased-in, and the Advanced Approach framework as the related RWA were higher using that framework. The leverage capital ratio is based on Basel III components of capital and quarterly average total assets, as phased-in. For BNY Mellon to qualify as “well capitalized,” its Tier 1 and Total (Tier 1 plus Tier 2) capital ratios must be at least 6% and 10% , respectively. For The Bank of New York Mellon, our largest bank subsidiary, to qualify as “well capitalized,” its CET1, Tier 1, Total and leverage capital ratios must be at least 6.5% , 8% , 10% and 5% , respectively. For The Bank of New York Mellon to qualify as “adequately capitalized,” it’s CET1, Tier 1, Total and leverage capital ratios must be at least 4.5% , 6% , 8% and 4% , respectively. If a financial holding company such as BNY Mellon fails to qualify as “well capitalized”, it may lose its status as a financial holding company, which may restrict its ability to undertake or continue certain activities or make acquisitions that are not generally permissible for bank holding companies without financial holding company status. If The Bank of New York Mellon or BNY Mellon, N.A. fails to qualify as “well capitalized”, it may be subject to higher FDIC assessments. If a bank holding company such as BNY Mellon or bank such as The Bank of New York Mellon or BNY Mellon, N.A. fails to qualify as “adequately capitalized”, regulatory sanctions and limitations are imposed. The following table presents the components of our transitional CET1, Tier 1 and Tier 2 capital, the RWA determined under both the Standardized and Advanced Approaches and the average assets used for leverage capital purposes. Components of transitional capital (a) (in millions) Dec. 31, 2015 2014 CET1: Common shareholders’ equity $ 36,067 $ 36,326 Goodwill and intangible assets (17,295 ) (17,111 ) Net pension fund assets (46 ) (17 ) Equity method investments (296 ) (314 ) Deferred tax assets (8 ) (4 ) Other (5 ) 4 Total CET1 18,417 18,884 Other Tier 1 capital: Preferred stock 2,552 1,562 Trust preferred securities 74 156 Disallowed deferred tax assets (12 ) (14 ) Net pension fund assets (70 ) (69 ) Other (25 ) (17 ) Total Tier 1 capital 20,936 20,502 Tier 2 capital: Trust preferred securities 222 156 Subordinated debt 149 298 Allowance for credit losses 275 280 Other (12 ) (11 ) Total Tier 2 capital - Standardized Approach 634 723 Excess of expected credit losses 37 13 Less: Allowance for credit losses 275 280 Total Tier 2 capital - Advanced Approach $ 396 $ 456 Total capital: Standardized Approach $ 21,570 $ 21,225 Advanced Approach $ 21,332 $ 20,958 Risk-weighted assets: Standardized Approach (b) $ 159,893 $ 125,562 Advanced Approach: Credit Risk $ 106,974 $ 120,122 Market Risk 2,148 3,046 Operational Risk 61,262 45,112 Total Advanced Approach $ 170,384 $ 168,280 Average assets for leverage capital purposes $ 351,435 $ 368,140 (a) Reflects transitional adjustments to CET1, Tier 1 capital and Tier 2 capital required in 2015 under the U.S. capital rules. (b) RWA under the Standardized Approach at Dec. 31, 2014 was determined using a Basel I-based calculation. Effective Jan. 1, 2015, we implemented the Basel III Standardized Approach which used a broader array of more risk sensitive risk-weighting categories. The following table presents the amount of capital by which BNY Mellon and our largest bank subsidiary, The Bank of New York Mellon, exceeded the capital thresholds determined under the transitional rules at Dec. 31, 2015 . Capital above thresholds at Dec. 31, 2015 (in millions) Consolidated The Bank of New York Mellon (b) CET1 $ 10,750 (a) $ 7,333 Tier 1 capital 10,713 (b) 5,837 Total capital 4,294 (b) 3,394 Leverage capital 6,879 (a) 2,464 (a) Based on minimum required standards. (b) Based on well capitalized standards. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other comprehensive income (loss) Components of other comprehensive income (loss) Year ended Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2013 (in millions) Pre-tax amount Tax (expense) benefit After-tax amount Pre-tax amount Tax (expense) benefit After-tax amount Pre-tax amount Tax (expense) benefit After-tax amount Foreign currency translation: Foreign currency translation adjustments arising during the period (a) $ (518 ) $ (81 ) $ (599 ) $ (715 ) $ (91 ) $ (806 ) $ 130 $ 62 $ 192 Total foreign currency translation (518 ) (81 ) (599 ) (715 ) (91 ) (806 ) 130 62 192 Unrealized gain (loss) on assets available-for-sale: Unrealized gain (loss) arising during period (535 ) 172 (363 ) 582 (169 ) 413 (1,466 ) 577 (889 ) Reclassification adjustment (b) (83 ) 31 (52 ) (91 ) 33 (58 ) (129 ) 55 (74 ) Net unrealized gain (loss) on assets available-for-sale (618 ) 203 (415 ) 491 (136 ) 355 (1,595 ) 632 (963 ) Defined benefit plans: Prior service cost arising during the period — — — 3 (1 ) 2 (2 ) 1 (1 ) Net gain (loss) arising during the period (105 ) 40 (65 ) (766 ) 287 (479 ) 732 (303 ) 429 Foreign exchange adjustment — — — (2 ) 1 (1 ) — — — Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) 104 (35 ) 69 127 (50 ) 77 209 (83 ) 126 Total defined benefit plans (1 ) 5 4 (638 ) 237 (401 ) 939 (385 ) 554 Unrealized gain (loss) on cash flow hedges: Unrealized hedge gain (loss) arising during period — — — 23 (13 ) 10 136 (54 ) 82 Reclassification adjustment (b) 11 (3 ) 8 (41 ) 16 (25 ) (124 ) 51 (73 ) Net unrealized gain (loss) on cash flow hedges 11 (3 ) 8 (18 ) 3 (15 ) 12 (3 ) 9 Total other comprehensive income (loss) $ (1,126 ) $ 124 $ (1,002 ) $ (880 ) $ 13 $ (867 ) $ (514 ) $ 306 $ (208 ) (a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 23 for additional information. (b) The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains on the Consolidated Income Statement. The amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost is recorded as staff expense on the Consolidated Income Statement. See Note 23 of the Notes to Consolidated Financial Statements for the location of the reclassification adjustment related to cash flow hedges on the Consolidated Income Statement. Changes in accumulated other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders ASC 820 Adjustments Unrealized gain (loss) on assets available-for-sale Unrealized gain (loss) on cash flow hedges Total accumulated other comprehensive income (loss), net of tax (in millions) Foreign currency translation Pensions Other post-retirement benefits 2012 ending balance $ (539 ) $ (1,394 ) $ (60 ) $ 1,350 $ — $ (643 ) Change in 2013 151 554 — (963 ) 9 (249 ) 2013 ending balance $ (388 ) $ (840 ) $ (60 ) $ 387 $ 9 $ (892 ) Change in 2014 (681 ) (396 ) (5 ) 355 (15 ) (742 ) 2014 ending balance $ (1,069 ) $ (1,236 ) $ (65 ) $ 742 $ (6 ) $ (1,634 ) Change in 2015 (563 ) (14 ) 18 (415 ) 8 (966 ) 2015 ending balance $ (1,632 ) $ (1,250 ) $ (47 ) $ 327 $ 2 $ (2,600 ) |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-based compensation Our Long-Term Incentive Plans provide for the issuance of stock options, restricted stock, restricted stock units (“RSUs”) and other stock-based awards to employees and directors of BNY Mellon. At Dec. 31, 2015 , under the Long-Term Incentive Plan approved in April 2014, we may issue 42,097,582 new stock-based awards. Of this amount, 27,453,939 shares (subject to potential increase as provided in the Long-Term Incentive Plan) may be issued as restricted stock or RSUs. Stock-based compensation expense related to retirement eligibility vesting totaled $97 million in 2015 , $88 million in 2014 and $65 million in 2013 . Stock options Our Long-Term Incentive Plans provide for the issuance of stock options at fair market value at the date of grant to officers and employees of BNY Mellon. Generally, each option granted is exercisable between one and ten years from the date of grant. No stock options were granted in 2015, 2014 and 2013. The compensation cost that has been charged against income was $10 million for 2015 , $28 million for 2014 (including $1 million recorded in restructuring expense) and $49 million for 2013 . The total income tax benefit recognized in the income statement was $4 million for 2015 , $11 million for 2014 and $20 million for 2013 . A summary of the status of our options as of Dec. 31, 2015 , and changes during the year, is presented below: Stock option activity Shares subject to option Weighted-average exercise price Weighted- average remaining contractual term (in years) Balance at Dec. 31, 2014 48,420,255 $ 33.06 4.2 Granted — — Exercised (10,862,315 ) 30.15 Canceled/Expired (1,822,676 ) 40.36 Balance at Dec. 31, 2015 35,735,264 $ 33.57 3.4 Vested and expected to vest at Dec. 31, 2015 35,734,694 33.57 3.4 Exercisable at Dec. 31, 2015 33,703,283 34.27 3.2 Stock options outstanding at Dec. 31, 2015 Options outstanding Options exercisable (a) Range of exercise prices Outstanding at Dec. 31, 2015 Weighted-average remaining contractual life (in years) Weighted-average exercise price Exercisable at Dec. 31, 2015 Weighted-average exercise price $ 18 to 31 19,256,469 4.9 $ 25.78 17,224,488 $ 26.22 $ 31 to 41 6,044,363 1.0 39.73 6,044,363 39.73 $ 41 to 51 10,434,432 2.0 44.38 10,434,432 44.38 $ 18 to 51 35,735,264 3.4 $ 33.57 33,703,283 $ 34.27 (a) At Dec. 31, 2014 and 2013 , 42,137,574 and 52,130,525 options were exercisable at an average price per common share of $34.38 and $34 , respectively. Aggregate intrinsic value of options (in millions) 2015 2014 2013 Outstanding at Dec. 31, $ 306 $ 409 $ 336 Exercisable at Dec. 31, $ 267 $ 307 $ 212 The total intrinsic value of options exercised was $130 million in 2015 , $118 million in 2014 and $67 million in 2013 . As of Dec. 31, 2015 , $1 million of total unrecognized compensation cost related to nonvested options is expected to be recognized over a weighted-average period of less than 3 months . Cash received from option exercises totaled $326 million in 2015 , $370 million in 2014 and $263 million in 2013 . The actual tax benefit realized for the tax deductions from options exercised totaled $21 million in 2015 , $17 million in 2014 and less than $8 million in 2013 . Restricted stock and RSUs Restricted stock and RSUs are granted under our long-term incentive plans at no cost to the recipient. These awards are subject to forfeiture until certain restrictions have lapsed, including continued employment, for a specified period. The recipient of a share of restricted stock is entitled to voting rights and generally is entitled to dividends on the common stock. An RSU entitles the recipient to receive a share of common stock after the applicable restrictions lapse. The recipient generally is entitled to receive cash payments equivalent to any dividends paid on the underlying common stock during the period the RSU is outstanding but does not receive voting rights. The fair value of restricted stock and RSUs is equal to the fair market value of our common stock on the date of grant. The expense is recognized over the vesting period, which is generally one to four years . The total compensation expense recognized for restricted stock and RSUs was $235 million in 2015 , $243 million in 2014 (including $13 million recorded in restructuring expense) and $201 million in 2013 . The total income tax benefit recognized in the income statement was $83 million for 2015 , $94 million for 2014 and $79 million for 2013 . BNY Mellon’s Executive Committee members were granted a target award of 630,100 performance units (“PSUs”) in 2015 that cliff vest in three years based on operating earnings per share with the potential of a risk modifier based on appropriate growth in risk-weighted assets. These awards are marked-to-market as the earnout percentages are determined at the discretion of the Human Resources Compensation Committee based on a payout table. BNY Mellon’s Executive Committee members were granted a target award of 719,947 PSUs in 2014 and 942,428 in 2013 that are earned annually based on an earnout percentage calculated using a metric of net income divided by risk-weighted assets under Basel III. The awards earned in each of the three performance periods vest at the end of the third performance period. Certain of the awards are granted to MRT (Material Risk Takers under the European Banking Authority) and are required to be marked to market due to discretionary claw-back language contained in their grants. The following table summarizes our nonvested PSU, restricted stock and RSU activity for 2015 . Nonvested PSU, restricted stock and RSU activity Number of shares Weighted- average fair value Nonvested PSUs, restricted stock and RSUs at Dec. 31, 2014 21,400,291 $ 27.72 Granted 6,948,487 39.58 Vested (10,880,844 ) 25.34 Forfeited (483,963 ) 33.20 Nonvested PSUs, restricted stock and RSUs at Dec. 31, 2015 16,983,971 $ 34.07 As of Dec. 31, 2015 , $190 million of total unrecognized compensation costs related to nonvested PSUs, restricted stock and RSUs is expected to be recognized over a weighted-average period of 1.6 years. The total fair value of restricted stock and RSUs that vested was $429 million in 2015 , $229 million in 2014 and $117 million in 2013 . Subsidiary Long-Term Incentive plans BNY Mellon also has several subsidiary Long-Term Incentive Plans which have issued restricted subsidiary shares to certain employees. These share awards are subject to forfeiture until certain restrictions have lapsed, including continued employment for a specified period of time. The shares are non-voting and non-dividend paying. Once the restrictions lapse, which generally occurs in zero to three years, the shares can only be sold, at the option of the employee, to BNY Mellon at a price based generally on the fair value of the subsidiary at the time of repurchase. In certain instances BNY Mellon has an election to call the shares. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Employee Benefit Plans | Employee benefit plans BNY Mellon has defined benefit and/or defined contribution retirement plans covering substantially all full-time and eligible part-time employees and other post-retirement plans providing healthcare benefits for certain retired employees. On Jan. 29, 2015, the board of directors approved an amendment to freeze benefit accruals under the U.S. qualified and nonqualified defined benefit plans effective June 30, 2015. This change resulted in no additional benefits being earned by participants in those plans based on service or pay after June 30, 2015. As a result of the amendment to the U.S. pension plans, liabilities were re-measured as of Jan. 29, 2015 at a discount rate of 3.73% . The market-related value of plan assets was $4,713 million at Jan. 29, 2015. Pension and post-retirement healthcare plans The following tables report the combined data for our domestic and foreign defined benefit pension and post-retirement healthcare plans. Pension Benefits Healthcare Benefits Domestic Foreign Domestic Foreign (dollar amounts in millions) 2015 2014 2015 2014 2015 2014 2015 2014 Weighted-average assumptions used to determine benefit obligations Discount rate 4.48 % 4.13 % 3.45 % 3.33 % 4.48 % 4.13 % 3.60 % 3.10 % Rate of compensation increase N/A 3.00 3.51 3.29 3.00 3.00 — — Change in benefit obligation (a) Benefit obligation at beginning of period $ (4,460 ) $ (3,712 ) $ (1,177 ) $ (1,021 ) $ (210 ) $ (224 ) $ (8 ) $ (7 ) Service cost (30 ) (58 ) (32 ) (33 ) (1 ) (1 ) — — Interest cost (170 ) (180 ) (38 ) (43 ) (8 ) (11 ) — — Employee contributions — — (1 ) (1 ) — — — — Amendments — — — 3 — — — — Actuarial gain (loss) 178 (687 ) (1 ) (169 ) 17 (8 ) 1 (1 ) (Acquisitions) divestitures — — 12 — — — 2 — Curtailments 94 — — — — — — — Special termination benefits — (1 ) — — — — — — Benefits paid 211 178 17 19 18 34 — — Foreign exchange adjustment N/A N/A 73 68 N/A N/A 1 — Benefit obligation at end of period (4,177 ) (4,460 ) (1,147 ) (1,177 ) (184 ) (210 ) (4 ) (8 ) Change in fair value of plan assets Fair value at beginning of period 4,942 4,721 997 930 93 86 — — Actual return on plan assets (61 ) 383 40 88 (1 ) 7 — — Employer contributions 19 16 51 56 18 34 — — Employee contributions — — 1 1 — — — — Acquisitions (divestitures) — — 1 — — — — — Benefit payments (211 ) (178 ) (17 ) (19 ) (18 ) (34 ) — — Foreign exchange adjustment N/A N/A (59 ) (59 ) N/A N/A — — Fair value at end of period 4,689 4,942 1,014 997 92 93 — — Funded status at end of period $ 512 $ 482 $ (133 ) $ (180 ) $ (92 ) $ (117 ) $ (4 ) $ (8 ) Amounts recognized in accumulated other comprehensive (income) loss consist of: Net loss (gain) $ 1,678 $ 1,668 $ 368 $ 382 $ 111 $ 146 $ (1 ) $ — Prior service cost (credit) — (31 ) 1 1 (69 ) (79 ) — — Total (before tax effects) $ 1,678 $ 1,637 $ 369 $ 383 $ 42 $ 67 $ (1 ) $ — (a) The benefit obligation for pension benefits is the projected benefit obligation and for healthcare benefits, it is the accumulated benefit obligation. Net periodic benefit cost (credit) Pension Benefits Healthcare Benefits Domestic Foreign Domestic Foreign (dollar amounts in millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 Weighted-average assumptions as of Jan. 1: Market-related value of plan assets $ 4,696 $ 4,430 $ 4,121 $ 959 $ 898 $ 790 $ 92 $ 86 $ 80 N/A N/A N/A Discount rate 4.13 % 4.99 % 4.25 % 3.33 % 4.29 % 4.49 % 4.13 % 4.99 % 4.25 % 3.10 % 4.21 % 4.50 % Expected rate of return on plan assets 7.25 7.25 7.25 5.25 6.26 6.04 7.25 7.25 7.25 N/A N/A N/A Rate of compensation increase 3.00 3.00 3.00 3.29 3.71 3.49 3.00 3.00 3.00 N/A N/A N/A Components of net periodic benefit cost (credit): Service cost $ 30 $ 58 $ 63 $ 32 $ 33 $ 36 $ 1 $ 1 $ 2 $ — $ — $ — Interest cost 170 180 170 38 43 38 8 11 9 — — — Expected return on assets (333 ) (315 ) (292 ) (51 ) (58 ) (46 ) (6 ) (6 ) (6 ) — — — Amortization of: Prior service cost (credit) (1 ) (15 ) (16 ) — 1 — (10 ) (10 ) (10 ) — — — Net actuarial (gain) loss 111 125 205 23 15 15 10 11 12 — — — Settlement (gain) loss 1 — 3 — — — — — — — — — Curtailment (gain) loss (30 ) — — — — — — — — — — — Special termination benefit charge — 1 — — — — — — — — — — Net periodic benefit cost (credit) $ (52 ) $ 34 $ 133 $ 42 $ 34 $ 43 $ 3 $ 7 $ 7 $ — $ — $ — Changes in other comprehensive (income) loss in 2015 Pension Benefits Healthcare Benefits (in millions) Domestic Foreign Domestic Foreign Net loss (gain) arising during period $ 122 $ 9 $ (25 ) $ (1 ) Recognition of prior years’ net (loss) (112 ) (23 ) (10 ) — Prior service cost (credit) arising during period — — — — Recognition of prior years’ service credit 31 — 10 — Foreign exchange adjustment N/A — N/A — Total recognized in other comprehensive (income) loss (before tax effects) $ 41 $ (14 ) $ (25 ) $ (1 ) Amounts expected to be recognized in net periodic benefit cost (income) in 2016 (before tax effects) Pension Benefits Healthcare Benefits (in millions) Domestic Foreign Domestic Foreign Loss recognition $ 69 $ 20 $ 8 $ — Prior service (credit) recognition — — (10 ) — Domestic Foreign (in millions) 2015 2014 2015 2014 Pension benefits: Prepaid benefit cost $ 724 $ 708 $ 3 $ — Accrued benefit cost (212 ) (226 ) (136 ) (180 ) Total pension benefits $ 512 $ 482 $ (133 ) $ (180 ) Healthcare benefits: Accrued benefit cost $ (92 ) $ (117 ) $ (4 ) $ (8 ) Total healthcare benefits $ (92 ) $ (117 ) $ (4 ) $ (8 ) The accumulated benefit obligation for all defined benefit plans was $5.2 billion at Dec. 31, 2015 and $5.4 billion at Dec. 31, 2014 . Plans with obligations in excess of plan assets Domestic Foreign (in millions) 2015 2014 2015 2014 Projected benefit obligation $ 233 $ 227 $ 132 $ 392 Accumulated benefit obligation 233 225 115 375 Fair value of plan assets 20 — 79 313 For information on pension assumptions see “Critical accounting estimates.” Assumed healthcare cost trend - Domestic post-retirement healthcare benefits The assumed healthcare cost trend rate used in determining benefit expense for 2016 is 6.50% decreasing to 4.75% in 2022. This projection is based on various economic models that forecast a decreasing growth rate of healthcare expenses over time. The underlying assumption is that healthcare expense growth cannot outpace gross national product (“GNP”) growth indefinitely, and over time a lower equilibrium growth rate will be achieved. Further, the growth rate assumed in 2022 bears a reasonable relationship to the discount rate. An increase in the healthcare cost trend rate of one percentage point for each year would increase the accumulated post-retirement benefit obligation by $12 million , or 6% , and the sum of the service and interest costs by $1 million , or 7% . Conversely, a decrease in this rate of one percentage point for each year would decrease the benefit obligation by $10 million , or 6% , and the sum of the service and interest costs by $1 million , or 6% . Assumed healthcare cost trend - Foreign post-retirement healthcare benefits An increase in the healthcare cost trend rate of one percentage point for each year would increase the accumulated post-retirement benefit obligation by less than $1 million and the sum of the service and interest costs by less than $1 million . Conversely, a decrease in this rate of one percentage point for each year would decrease the benefit obligation by less than $1 million and the sum of the service and interest costs by less than $1 million . The following benefit payments for BNY Mellon’s pension and healthcare plans, which reflect expected future service as appropriate, are expected to be paid: Expected benefit payments (in millions) Domestic Foreign Pension benefits: Year 2016 $ 252 $ 16 2017 267 15 2018 254 17 2019 250 17 2020 253 20 2021-2025 1,275 116 Total pension benefits $ 2,551 $ 201 Healthcare benefits: Year 2016 $ 14 $ — 2017 14 — 2018 14 — 2019 14 — 2020 14 — 2021-2025 62 1 Total healthcare benefits $ 132 $ 1 Plan contributions BNY Mellon expects to make cash contributions to fund its defined benefit pension plans in 2016 of $22 million for the domestic plans and $22 million for the foreign plans. BNY Mellon expects to make cash contributions to fund its post-retirement healthcare plans in 2016 of $14 million for the domestic plans and less than $1 million for the foreign plans. Investment strategy and asset allocation BNY Mellon is responsible for the administration of various employee pension and healthcare post-retirement benefits plans, both domestically and internationally. The domestic plans are administered by BNY Mellon’s Benefits Administration Committee, a named fiduciary. Subject to the following, at all relevant times, BNY Mellon’s Benefits Investment Committee, another named fiduciary to the domestic plans, is responsible for the investment of plan assets. The Benefits Investment Committee’s responsibilities include the investment of all domestic defined benefit plan assets, as well as the determination of investment options offered to participants in all domestic defined contribution plans. The Benefits Investment Committee conducts periodic reviews of investment performance, asset allocation and investment manager suitability. In addition, the Benefits Investment Committee has oversight of the Regional Governance Committees for the foreign defined benefit plans. Our investment objective for U.S. and foreign plans is to maximize total return while maintaining a broadly diversified portfolio for the primary purpose of satisfying obligations for future benefit payments. Equities are the main holding of the plans. Alternative investments (including private equities) and fixed income securities provide diversification and, in certain cases, lower the volatility of returns. In general, equity securities and alternative investments within any domestic plan’s portfolio can be maintained in the range of 30% to 70% of total plan assets, fixed-income securities can range from 20% to 50% of plan assets and cash equivalents can be held in amounts ranging from 0% to 5% of plan assets. Actual asset allocation within the approved ranges varies from time to time based on economic conditions (both current and forecast) and the advice of professional advisors. Our pension assets were invested as follows at Dec. 31, 2015 and 2014 : Asset allocations Domestic Foreign 2015 2014 2015 2014 Equities 63 % 63 % 57 % 56 % Fixed income 31 31 34 36 Private equities 1 2 — — Alternative investment 3 3 3 2 Real estate — — 5 5 Cash 2 1 1 1 Total pension benefits 100 % 100 % 100 % 100 % Our pension plans did not hold any shares of The Bank of New York Mellon Corporation common stock at Dec. 31, 2015 and 2014 . Assets of the U.S. post-retirement healthcare plan are invested in an insurance contract. Fair value measurement of plan assets In accordance with ASC 715, BNY Mellon has established a three-level hierarchy for fair value measurements of its pension plan assets based upon the transparency of inputs to the valuation of an asset as of the measurement date. The valuation hierarchy is consistent with guidance in ASC 820 which is detailed in Note 20 of the Notes to Consolidated Financial Statements. The following is a description of the valuation methodologies used for assets measured at fair value, as well as the general classification of such assets pursuant to the valuation hierarchy. Cash and currency This category consists primarily of foreign currency balances and is included in Level 1 of the valuation hierarchy. Foreign currency is translated monthly based on current exchange rates. Common and preferred stock, exchange traded funds and equity funds These investments include equities, exchange traded funds and equity funds and are valued at the closing price reported in the active market in which the individual securities are traded, if available. Where there are no readily available market quotations, we determine fair value primarily based on pricing sources with reasonable levels of price transparency. Collective trust funds Collective trust funds include commingled and U.S. equity funds that have no readily available market quotations. The fair value of the funds are based on the securities in the portfolio, which typically are the amount that the fund might reasonably expect to receive for the securities upon a sale. These funds are valued using observable inputs on either a daily or monthly basis. Collective trust funds are included as Level 2 of the valuation hierarchy. Fixed income investments Fixed income investments include U.S. Treasury securities, U.S. Government agencies, sovereign government obligations, U.S. corporate bonds and foreign corporate debt funds. U.S. Treasury securities are valued at the closing price reported in the active market in which the individual security is traded and included as Level 1 of the valuation hierarchy. U.S. Government agencies, sovereign government obligations, U.S. corporate bonds and foreign corporate debt funds are valued based on quoted prices for comparable securities with similar yields and credit ratings. When quoted prices are not available for identical or similar bonds, the bonds are valued using discounted cash flows that maximize observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. U.S. Government agencies, sovereign government obligations, U.S. corporate bonds and foreign corporate debt funds are primarily included as Level 2 of the valuation hierarchy with a small portion of U.S. corporate debt funds included as Level 1. Other assets measured at NAV Other assets measured at NAV include venture capital investments and partnership interests, funds of funds, property funds and other funds. There are no readily available market quotations for these funds. The fair value of the venture capital investments is based on the pension plan’s ownership percentage of the fair value of the underlying funds as provided by the fund managers. These funds are typically valued on a quarterly basis. The pension plan’s venture capital investments and partnership interests are valued at NAV as a practical expedient for fair value. The fair value of the funds of funds is based on NAVs of the funds in the portfolio, which reflects the value of the underlying securities. The fair value of the underlying securities is typically the amount that the fund might reasonably expect to receive upon selling those hard to value or illiquid securities within the portfolios. The following tables present the fair value of each major category of plan assets as of Dec. 31, 2015 and Dec. 31, 2014 , by captions and by ASC 820 valuation hierarchy. There were no transfers between Level 1 and Level 2. Plan assets measured at fair value on a recurring basis— domestic plans at Dec. 31, 2015 (in millions) Level 1 Level 2 Level 3 Total fair value Common and preferred stock: U.S. equity $ 1,473 $ — $ — $ 1,473 Non-U.S. equity 132 — — 132 Collective trust funds: Commingled — 318 — 318 U.S. equity — 1,181 — 1,181 Fixed income: U.S. Treasury securities 450 — — 450 U.S. Government agencies — 20 — 20 Sovereign government obligations — 77 — 77 U.S. corporate bonds — 726 — 726 Other — 39 — 39 Exchange traded funds 60 — — 60 Other assets measured at NAV 213 Total domestic plan assets, at fair value $ 2,115 $ 2,361 $ — $ 4,689 Plan assets measured at fair value on a recurring basis— foreign plans at Dec. 31, 2015 (in millions) Level 1 Level 2 Level 3 Total fair value Equity funds $ 375 $ 163 $ — $ 538 Sovereign/government obligation funds 52 84 — 136 Corporate debt funds — 158 19 177 Cash and currency 5 — — 5 Other assets measured at NAV 80 Total foreign plan assets, at fair value $ 432 $ 405 $ 19 $ 936 Plan assets measured at fair value on a recurring basis— domestic plans at Dec. 31, 2014 (in millions) Level 1 Level 2 Level 3 Total fair value Common and preferred stock: U.S. equity $ 1,468 $ — $ — $ 1,468 Non-U.S. equity 132 — — 132 Collective trust funds: Commingled — 342 — 342 U.S. equity — 1,344 — 1,344 Fixed income: U.S. Treasury securities 438 — — 438 U.S. Government agencies — 59 — 59 Sovereign government obligations — 91 — 91 U.S. corporate bonds — 724 — 724 Other — 32 — 32 Exchange traded funds 70 — — 70 Other assets measured at NAV 242 Total domestic plan assets, at fair value $ 2,108 $ 2,592 $ — $ 4,942 Plan assets measured at fair value on a recurring basis— foreign plans at Dec. 31, 2014 (in millions) Level 1 Level 2 Level 3 Total fair value Equity funds $ 432 $ 125 $ — $ 557 Sovereign/government obligation funds 75 130 — 205 Corporate debt funds 60 74 20 154 Cash and currency 13 — — 13 Other assets measured at NAV 68 Total foreign plan assets, at fair value $ 580 $ 329 $ 20 $ 997 Changes in Level 3 fair value measurements The table below includes a roll forward of the plan assets for the years ended Dec. 31, 2015 and 2014 (including the change in fair value), for financial instruments classified in Level 3 of the valuation hierarchy. Fair value measurements using significant unobservable inputs—foreign plans—for the year ended Dec. 31, 2015 (in millions) Corporate debt funds Fair value at Dec. 31, 2014 $ 20 Transfers into Level 3 — Total gains or (losses) included in earnings (or changes in net assets) (1 ) Fair value at Dec. 31, 2015 $ 19 Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period $ (1 ) Fair value measurements using significant unobservable inputs—foreign plans—for the year ended Dec. 31, 2014 (in millions) Corporate debt funds Fair value at Dec. 31, 2013 $ 19 Transfers into Level 3 — Total gains or (losses) included in earnings (or changes in net assets) 1 Fair value at Dec. 31, 2014 $ 20 Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period $ 1 Assets valued using net asset value per share BNY Mellon had pension and post-retirement plan assets invested in venture capital and partnership interests, funds of funds, property funds and other contracts valued using NAV. The fund of funds investments are redeemable at NAV under agreements with the fund of funds managers. Assets valued using NAV—Dec. 31, 2015 (dollar amounts in millions) Fair value Unfunded commitments Redemption frequency Redemption notice period Venture capital and partnership interests (a) $ 60 $ 8 N/A N/A Funds of funds (b) 177 — Monthly 30-45 days Property funds (c) 49 — Daily-Quarterly 0-90 days Other contracts (d) 7 — N/A N/A Total $ 293 $ 8 Assets valued using NAV—Dec. 31, 2014 (dollar amounts in millions) Fair value Unfunded commitments Redemption frequency Redemption notice period Venture capital and partnership interests (a) $ 159 $ 11 N/A N/A Funds of funds (b) 151 — Monthly 30-45 days Total $ 310 $ 11 (a) Venture capital and partnership interests do not have redemption rights. Distributions from such funds will be received as the underlying investments are liquidated. (b) Funds of funds include multi-strategy hedge funds that utilize investment strategies that invest over both long-term investment and short-term investment horizons. (c) Property funds include funds invested in regional real estate vehicles that hold direct interest in real estate properties. (d) Other contracts include assets invested in pooled accounts at insurance companies that are privately valued by the asset manager. Defined contribution plans BNY Mellon sponsors defined contribution plans in the U.S. and in certain non-U.S. locations, all of which are administered in accordance with local laws. The most significant defined contribution plan is The Bank of New York Mellon Corporation 401(k) Savings Plan sponsored by the Company in the U.S and covers substantially all U.S. employees. Under The Bank of New York Mellon Corporation 401(k) Savings Plan, the Company matched 100% of the first 4% of an employee’s eligible base pay plus 50% of the next 2% of eligible pay contributed by the participant for a maximum matching contribution of 5% for 2015, 2014 and 2013, subject to statutory limits. The U.S. qualified and nonqualified defined benefit plans were closed to new participants effective Dec. 31, 2010, at which time an annual non-elective contribution equal to 2% of eligible base pay was added to The Bank of New York Mellon Corporation 401(k) Savings Plan. For 2014 and 2013, employees who were hired on or after Jan. 1, 2010 and were not eligible to earn benefits in The Bank of New York Mellon Corporation Pension Plan received the annual non-elective contribution. On Jan. 29, 2015, the board of directors approved an amendment to freeze benefit accruals under the U.S. qualified and nonqualified defined benefit plans effective June 30, 2015. Employees, who were hired before Jan. 1, 2010 and were eligible to earn benefits in the pension plan prior to freezing the benefit accrual, received the non-elective contribution starting July 1, 2015. All Company contributions are invested according to participants’ individual elections. At Dec. 31, 2015 and Dec. 31, 2014 , The Bank of New York Mellon Corporation 401(k) Savings Plan owned 15.6 million and 16.7 million shares of our common stock, respectively. The fair value of total assets was $5.2 billion at Dec. 31, 2015 and $5.3 billion at Dec. 31, 2014 . We recorded expense of $209 million in 2015 , $198 million in 2014 and $192 million in 2013 primarily for contributions to our defined contribution plans. We also have an Employee Stock Ownership Plan (“ESOP”) covering certain domestic full-time employees hired on or before July 1, 2008. The ESOP works in conjunction with the defined benefit pension plan. Employees are entitled to the higher of their benefit under the ESOP or such defined benefit pension plan at retirement. Benefits payable under the defined benefit pension plan are offset by the equivalent value of benefits earned under the ESOP. At Dec. 31, 2015 and Dec. 31, 2014 , the ESOP owned 6.0 million and 6.4 million shares of our common stock, respectively. The fair value of total ESOP assets was $251 million at Dec. 31, 2015 and $263 million at Dec. 31, 2014 . The ESOP was amended effective June 30, 2015 to discontinue the ability of the Company to make contributions to the ESOP. There were no contributions to the ESOP in 2015 , 2014 or 2013 . The Benefits Investment Committee appointed Fiduciary Counselors, Inc. to serve as the independent fiduciary to (i) make certain fiduciary decisions related to the continued prudence of offering the common stock of BNY Mellon or its affiliates as an investment option under the plans other than with respect to plan sponsor decisions, and (ii) select and monitor any managed investments (active or passive, including mutual funds) of BNY Mellon or its affiliates to be offered to participants as investment options under the plans. |
Company Financial Information
Company Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Company Financial Information | Company financial information (Parent Corporation) Our bank subsidiaries are subject to dividend limitations under the Federal Reserve Act, as well as national and state banking laws. Under these statutes, prior regulatory consent is required for dividends in any year that would exceed the bank’s net profits for such year combined with retained net profits for the prior two years. Additionally, such bank subsidiaries may not declare dividends in excess of net profits on hand, as defined, after deducting the amount by which the principal amount of all loans, on which interest is past due for a period of six months or more, exceeds the allowance for credit losses. The payment of dividends also is limited by minimum capital requirements imposed on banks. As of Dec. 31, 2015 , BNY Mellon’s bank subsidiaries exceeded these minimum requirements. Subsequent to Dec. 31, 2015 , our bank subsidiaries could declare dividends to the Parent of approximately $3.1 billion without the need for a regulatory waiver. In addition, at Dec. 31, 2015 , non-bank subsidiaries of the Parent had liquid assets of approximately $1.3 billion . The bank subsidiaries declared dividends of $182 million in 2015 , $809 million in 2014 and $1.0 billion in 2013 . The Federal Reserve and the OCC have issued additional guidelines that require bank holding companies and national banks to continually evaluate the level of cash dividends in relation to their respective operating income, capital needs, asset quality and overall financial condition. The Federal Reserve policy with respect to the payment of cash dividends by bank holding companies provides that, as a matter of prudent banking, a bank holding company should not maintain a rate of cash dividends unless its net income available to common shareholders has been sufficient to fully fund the dividends, and the prospective rate of earnings retention appears to be consistent with the holding company’s capital needs, asset quality and overall financial condition. The Federal Reserve can also prohibit a dividend if payment would constitute an unsafe or unsound banking practice. Any increase in BNY Mellon’s ongoing quarterly dividends would require approval from the Federal Reserve. The Federal Reserve’s current guidance provides that, for large bank holding companies like us, dividend payout ratios exceeding 30% of projected after-tax net income will receive particularly close scrutiny. The Federal Reserve requires U.S. bank holding companies with total consolidated assets of $50 billion or more, like BNY Mellon, to submit annual capital plans for review. The Federal Reserve will evaluate the bank holding companies’ capital adequacy, internal capital adequacy assessment processes, and their plans to make capital distributions, such as dividend payments or stock repurchases. BNY Mellon and other affected BHCs may pay dividends, repurchase stock, and make other capital distributions only in accordance with a capital plan that has been reviewed by the Federal Reserve and as to which the Federal Reserve has not objected. The Federal Reserve may object to a capital plan if the plan does not show that the covered BHC will meet, for each quarter throughout the nine-quarter planning horizon covered by the capital plan, all minimum regulatory capital ratios under applicable capital rules as in effect for that quarter on a pro forma basis under the base case and stressed scenarios (including a severely adverse scenario provided by the Federal Reserve). The capital plan rules also stipulate that a covered BHC may not make a capital distribution unless after giving effect to the distribution it will meet all minimum regulatory capital ratios. As part of this process, BNY Mellon also provides the Federal Reserve with estimates of the composition and levels of regulatory capital, risk-weighted assets and other measures under Basel III under an identified scenario. In March 2015, BNY Mellon received confirmation that the Federal Reserve did not object to our 2015 capital plan. The board of directors subsequently approved the repurchase of up to $3.1 billion worth of common stock for a five-quarter period beginning in the second quarter of 2015 and continuing through the second quarter of 2016, including employee benefit plan repurchases. Of the $3.1 billion authorization, common stock repurchases of $700 million were contingent on a prior issuance of $1 billion of qualifying preferred stock, which issuance was completed in April 2015. The Federal Reserve Act limits and requires collateral for extensions of credit by our insured subsidiary banks to BNY Mellon and certain of its non-bank affiliates. Also, there are restrictions on the amounts of investments by such banks in stock and other securities of BNY Mellon and such affiliates, and restrictions on the acceptance of their securities as collateral for loans by such banks. Extensions of credit by the banks to each of our affiliates are limited to 10% of such bank’s regulatory capital, and in the aggregate for BNY Mellon and all such affiliates to 20% , and collateral must be between 100% and 130% of the amount of the credit, depending on the type of collateral. Our insured subsidiary banks are required to maintain reserve balances with Federal Reserve Banks under the Federal Reserve Act and Regulation D. Required balances averaged $6.5 billion and $6.3 billion for the years 2015 and 2014 , respectively. In the event of impairment of the capital stock of one of the Parent’s national banks or The Bank of New York Mellon, the Parent, as the banks’ stockholder, could be required to pay such deficiency. The Parent guarantees the debt issued by Mellon Funding Corporation, a wholly-owned financing subsidiary of the Company. The Parent also guarantees committed and uncommitted lines of credit of Pershing LLC and Pershing Limited subsidiaries. The Parent guarantees described above are full and unconditional and contain the standard provisions relating to parent guarantees of subsidiary debt. Additionally, the Parent guarantees or indemnifies obligations of its consolidated subsidiaries as needed. Generally, there are no stated notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. As a result, we are unable to develop an estimate of the maximum payout under these indemnifications. However, we believe the possibility is remote that we will have to make any material payment under these guarantees and indemnifications. The Parent’s condensed financial statements are as follows: Condensed Income Statement—The Bank of New York Mellon Corporation (Parent Corporation ) Year ended Dec. 31, (in millions) 2015 2014 2013 Dividends from bank subsidiaries $ 145 $ 775 $ 1,010 Dividends from nonbank subsidiaries 207 44 210 Interest revenue from bank subsidiaries 68 67 60 Interest revenue from nonbank subsidiaries 91 98 101 Gain on securities held for sale 3 1 32 Other revenue 25 24 26 Total revenue 539 1,009 1,439 Interest (including, $69, $62, $50, to subsidiaries, respectively) 288 257 245 Other expense 64 71 94 Total expense 352 328 339 Income before income taxes and equity in undistributed net income of subsidiaries 187 681 1,100 Provision (benefit) for income taxes (98 ) (155 ) (93 ) Equity in undistributed net income: Bank subsidiaries 2,004 910 184 Nonbank subsidiaries 869 821 727 Net income 3,158 2,567 2,104 Preferred stock dividends (105 ) (73 ) (64 ) Net income applicable to common shareholders of The Bank of New York Mellon Corporation $ 3,053 $ 2,494 $ 2,040 Condensed Balance Sheet—The Bank of New York Mellon Corporation (Parent Corporation) Dec. 31, (in millions) 2015 2014 Assets: Cash and due from banks $ 9,383 $ 7,517 Securities 26 30 Loans, net of allowance 20 76 Investment in and advances to subsidiaries and associated companies: Banks 30,156 28,600 Other 27,405 26,471 Subtotal 57,561 55,071 Corporate-owned life insurance 728 712 Other assets 1,509 1,361 Total assets $ 69,227 $ 64,767 Liabilities: Deferred compensation $ 473 $ 501 Affiliate borrowings 8,243 6,120 Other liabilities 1,623 1,194 Long-term debt 20,851 19,511 Total liabilities 31,190 27,326 Shareholders’ equity 38,037 37,441 Total liabilities and shareholders’ equity $ 69,227 $ 64,767 Condensed Statement of Cash Flows—The Bank of New York Mellon Corporation (Parent Corporation) Year ended Dec. 31, (in millions) 2015 2014 2013 Operating activities: Net income $ 3,158 $ 2,567 $ 2,104 Adjustments to reconcile net income to net cash provided by/ (used in) operating activities: Amortization — — 1 Equity in undistributed net (income) of subsidiaries (2,873 ) (1,731 ) (911 ) Change in accrued interest receivable (4 ) 23 21 Change in accrued interest payable 15 18 (5 ) Change in taxes payable (a) 132 91 63 Other, net 66 2 (22 ) Net cash provided by operating activities 494 970 1,251 Investing activities: Proceeds from sales of securities 3 7 67 Change in loans 56 (57 ) (6 ) Acquisitions of, investments in, and advances to subsidiaries (358 ) (1,603 ) 722 Other, net 14 107 11 Net cash (used in) provided by investing activities (285 ) (1,546 ) 794 Financing activities: Net change in commercial paper — (96 ) (242 ) Proceeds from issuance of long-term debt 4,986 4,686 3,892 Repayments of long-term debt (3,650 ) (4,071 ) (2,023 ) Change in advances from subsidiaries 2,123 2,704 78 Issuance of common stock 352 396 288 Treasury stock acquired (2,355 ) (1,669 ) (1,026 ) Issuance of preferred stock 990 — 494 Cash dividends paid (865 ) (833 ) (744 ) Tax benefit realized on share based payment awards 76 17 15 Net cash provided by financing activities 1,657 1,134 732 Change in cash and due from banks 1,866 558 2,777 Cash and due from banks at beginning of year 7,517 6,959 4,182 Cash and due from banks at end of year $ 9,383 $ 7,517 $ 6,959 Supplemental disclosures Interest paid $ 302 $ 275 $ 241 Income taxes paid 158 946 94 Income taxes refunded 103 54 14 (a) Includes payments received from subsidiaries for taxes of $24 million in 2015 , $452 million in 2014 and $192 million in 2013 . |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair value measurement Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy for fair value measurements is utilized based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. BNY Mellon’s own creditworthiness is considered when valuing liabilities. Fair value focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The objective is to determine from weighted indicators of fair value a reasonable point within the range that is most representative of fair value under current market conditions. Determination of fair value We have established processes for determining fair values. Fair value is based upon quoted market prices in active markets, where available. For financial instruments where quotes from recent exchange transactions are not available, we determine fair value based on discounted cash flow analysis, comparison to similar instruments, and the use of financial models. Discounted cash flow analysis is dependent upon estimated future cash flows and the level of interest rates. Model-based pricing uses inputs of observable prices, where available, for interest rates, foreign exchange rates, option volatilities and other factors. Models are benchmarked and validated by an independent internal risk management function. Our valuation process takes into consideration factors such as counterparty credit quality, liquidity, concentration concerns, and observability of model parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. Most derivative contracts are valued using internally developed models which are calibrated to observable market data and employ standard market pricing theory for their valuations. An initial “risk-neutral” valuation is performed on each position assuming time-discounting based on an AA credit curve. Then, to arrive at a fair value that incorporates counter-party credit risk, a credit adjustment is made to these results by discounting each trade’s expected exposures to the counterparty using the counterparty’s credit spreads, as implied by the credit default swap market. We also adjust expected liabilities to the counterparty using BNY Mellon’s own credit spreads, as implied by the credit default swap market. Accordingly, the valuation of our derivative position is sensitive to the current changes in our own credit spreads as well as those of our counterparties. In certain cases, recent prices may not be observable for instruments that trade in inactive or less active markets. Upon evaluating the uncertainty in valuing financial instruments subject to liquidity issues, we make an adjustment to their value. The determination of the liquidity adjustment includes the availability of external quotes, the time since the latest available quote and the price volatility of the instrument. Certain parameters in some financial models are not directly observable and, therefore, are based on management’s estimates and judgments. These financial instruments are normally traded less actively. We apply valuation adjustments to mitigate the possibility of error and revision in the model based estimate value. Examples include products where parameters such as correlation and recovery rates are unobservable. The methods described above for instruments that trade in inactive or less active markets may produce a current fair value calculation that may not be indicative of net realizable value or reflective of future fair values. We believe our methods of determining fair value are appropriate and consistent with other market participants. However, the use of different methodologies or different assumptions to value certain financial instruments could result in a different estimate of fair value. Valuation hierarchy A three-level valuation hierarchy is used for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are described below. Level 1 : Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 1 assets and liabilities include certain debt and equity securities, derivative financial instruments actively traded on exchanges and U.S. Treasury securities that are actively traded in highly liquid over-the-counter markets. Level 2 : Observable inputs other than Level 1 prices, for example, quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs that are observable or can be corroborated, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 assets and liabilities include debt instruments that are traded less frequently than exchange-traded securities and derivative instruments whose model inputs are observable in the market or can be corroborated by market-observable data. Examples in this category are agency and non-agency mortgage-backed securities, corporate debt securities and over-the-counter derivative contracts. Level 3 : Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Examples in this category include certain private equity investments, derivative contracts that are highly structured or long-dated, and interests in certain securitized financial assets. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Securities Where quoted prices are available in an active market, we classify the securities within Level 1 of the valuation hierarchy. Securities include both long and short positions. Level 1 securities include highly liquid government bonds, money market funds, foreign covered bonds and exchange-traded equities. If quoted market prices are not available, we estimate fair values using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Examples of such instruments, which would generally be classified within Level 2 of the valuation hierarchy, include agency and non-agency mortgage-backed securities, state and political subdivisions, commercial mortgage-backed securities, sovereign debt, corporate bonds and foreign covered bonds. For securities where quotes from recent transactions are not available for identical securities, we determine fair value primarily based on pricing sources with reasonable levels of price transparency that employ financial models or obtain comparison to similar instruments to arrive at “consensus” prices. Specifically, the pricing sources obtain recent transactions for similar types of securities (e.g., vintage, position in the securitization structure) and ascertain variables such as discount rate and speed of prepayment for the types of transaction and apply such variables to similar types of bonds. We view these as observable transactions in the current marketplace and classify such securities as Level 2. Pricing sources discontinue pricing any specific security whenever they determine there is insufficient observable data to provide a good faith opinion on price. In addition, we have significant investments in more actively traded agency RMBS and other types of securities such as sovereign debt. The pricing sources derive the prices for these securities largely from quotes they obtain from three major inter-dealer brokers. The pricing sources receive their daily observed trade price and other information feeds from the inter-dealer brokers. For securities with bond insurance, the financial strength of the insurance provider is analyzed and that information is included in the fair value assessment for such securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, we classify those securities in Level 3 of the valuation hierarchy. Securities classified within Level 3 may include securities of state and political subdivisions and distressed debt securities. At Dec. 31, 2015 , all of our securities were valued by pricing sources with reasonable levels of price transparency. We have no instruments included in Level 3 of the valuation hierarchy. Consolidated collateralized loan obligations BNY Mellon values assets in consolidated CLOs using observable market prices observed from the secondary loan market. The returns to the note holders are solely dependent on the assets and accordingly equal the value of those assets. Based on the structure of the CLOs, the valuation of the assets is attributable to the note holders. Changes in the values of assets and liabilities are reflected in the income statement as investment and other income and interest of investment management fund note holders, respectively. Assets in consolidated CLOs are generally classified within Level 2 of the valuation hierarchy. Derivatives We classify exchange-traded derivatives valued using quoted prices in Level 1 of the valuation hierarchy. Examples include exchange-traded equity and foreign exchange options. Since few other classes of derivative contracts are listed on an exchange, most of our derivative positions are valued using internally developed models that use as their basis readily observable market parameters, and we classify them in Level 2 of the valuation hierarchy. Such derivatives include swaps and options, foreign exchange spot and forward contracts and credit default swaps. Derivatives valued using models with significant unobservable market parameters in markets that lack two-way flow are classified in Level 3 of the valuation hierarchy. Examples include long-dated swaps and options, where parameters may be unobservable for longer maturities; and certain highly structured products, where correlation risk is unobservable. As of Dec. 31, 2015 we have no Level 3 derivatives. Additional disclosures of derivative instruments are provided in Note 23 of the Notes to Consolidated Financial Statements. Loans and unfunded lending-related commitments Where quoted market prices are not available, we generally base the fair value of loans and unfunded lending-related commitments on observable market prices of similar instruments, including bonds, credit derivatives and loans with similar characteristics. If observable market prices are not available, we base the fair value on estimated cash flows adjusted for credit risk which are discounted using an interest rate appropriate for the maturity of the applicable loans or the unfunded lending-related commitments. Unrealized gains and losses, if any, on unfunded lending-related commitments carried at fair value are classified in other assets and other liabilities, respectively. Loans and unfunded lending-related commitments carried at fair value are generally classified within Level 2 of the valuation hierarchy. Seed capital In our Investment Management business, we manage investment assets, including equities, fixed income, money market and alternative investment funds for institutions and other investors. As part of that activity, we make seed capital investments in certain funds. Seed capital is included in other assets. When applicable, we value seed capital based on the published NAV of the fund. For other types of investments in funds, we consider all of the rights and obligations inherent in our ownership interest, including the reported NAV as well as other factors that affect the fair value of our interest in the fund. Certain interests in securitizations For certain interests in securitizations that are classified in securities available-for-sale, trading assets and long-term debt, we use discounted cash flow models, which generally include assumptions of projected finance charges related to the securitized assets, estimated net credit losses, prepayment assumptions and estimates of payments to third-party investors. When available, we compare our fair value estimates and assumptions to market activity and to the actual results of the securitized portfolio. Private equity investments Our Other segment includes holdings of nonpublic private equity investments through funds managed by third-party investment managers. We value private equity investments initially based upon the transaction price, which we subsequently adjust to reflect expected exit values as evidenced by financing and sale transactions with third parties or through ongoing reviews by the investment managers. Private equity investments also include publicly held equity investments, generally obtained through the initial public offering of privately held equity investments. These equity investments are often held in a partnership structure. Publicly held investments are marked-to-market at the quoted public value less adjustments for regulatory or contractual sales restrictions or adjustments to reflect the difficulty in selling a partnership interest. Discounts for restrictions are quantified by analyzing the length of the restriction period and the volatility of the equity security. Publicly held private equity investments are primarily classified in Level 2 of the valuation hierarchy. The following tables present the financial instruments carried at fair value at Dec. 31, 2015 and Dec. 31, 2014 , by caption on the consolidated balance sheet and by valuation hierarchy (as described above). We have included credit ratings information in certain of the tables because the information indicates the degree of credit risk to which we are exposed, and significant changes in ratings classifications could result in increased risk for us. There were no material transfers between Level 1 and Level 2 during 2015. Assets measured at fair value on a recurring basis at Dec. 31, 2015 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying Available-for-sale securities: U.S. Treasury $ 12,832 $ — $ — $ — $ 12,832 U.S. Government agencies — 387 — — 387 Sovereign debt/sovereign guaranteed 35 13,182 — — 13,217 State and political subdivisions (b) — 4,046 — — 4,046 Agency RMBS — 23,501 — — 23,501 Non-agency RMBS — 793 — — 793 Other RMBS — 1,061 — — 1,061 Commercial MBS — 1,392 — — 1,392 Agency commercial MBS — 4,020 — — 4,020 Asset-backed CLOs — 2,351 — — 2,351 Other asset-backed securities — 2,893 — — 2,893 Equity securities 4 — — — 4 Money market funds (b) 886 — — — 886 Corporate bonds — 1,752 — — 1,752 Other debt securities — 2,775 — — 2,775 Foreign covered bonds 1,966 202 — — 2,168 Non-agency RMBS (c) — 1,789 — — 1,789 Total available-for-sale securities 15,723 60,144 — — 75,867 Trading assets: Debt and equity instruments (b) 1,232 2,167 — — 3,399 Derivative assets not designated as hedging: Interest rate 10 10,034 — (8,071 ) 1,973 Foreign exchange — 4,905 — (2,981 ) 1,924 Equity and other contracts 15 120 — (63 ) 72 Total derivative assets not designated as hedging 25 15,059 — (11,115 ) 3,969 Total trading assets 1,257 17,226 — (11,115 ) 7,368 Loans — 422 — — 422 Other assets: Derivative assets designated as hedging: Interest rate — 497 — — 497 Foreign exchange — 219 — — 219 Total derivative assets designated as hedging — 716 — — 716 Other assets (d) 192 62 — — 254 Other assets measured at net asset value 117 Total other assets 192 778 — — 1,087 Subtotal assets of operations at fair value 17,172 78,570 — (11,115 ) 84,744 Percentage of assets prior to netting 18 % 82 % — % Assets of consolidated investment management funds: Trading assets 455 773 — — 1,228 Other assets 157 16 — — 173 Total assets of consolidated investment management funds 612 789 — — 1,401 Total assets $ 17,784 $ 79,359 $ — $ (11,115 ) $ 86,145 Percentage of assets prior to netting 18 % 82 % — % Liabilities measured at fair value on a recurring basis at Dec. 31, 2015 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying Trading liabilities: Debt and equity instruments $ 422 $ 152 $ — $ — $ 574 Derivative liabilities not designated as hedging: Interest rate 5 9,957 — (8,235 ) 1,727 Foreign exchange — 4,682 — (2,567 ) 2,115 Equity and other contracts 5 147 — (67 ) 85 Total derivative liabilities not designated as hedging 10 14,786 — (10,869 ) 3,927 Total trading liabilities 432 14,938 — (10,869 ) 4,501 Long-term debt (b) — 359 — — 359 Other liabilities - derivative liabilities designated as hedging: Interest rate — 372 — — 372 Foreign exchange — 20 — — 20 Total other liabilities - derivative liabilities designated as hedging — 392 — — 392 Subtotal liabilities of operations at fair value 432 15,689 — (10,869 ) 5,252 Percentage of liabilities prior to netting 3 % 97 % — % Liabilities of consolidated investment management funds: Trading liabilities — 229 — — 229 Other liabilities 1 16 — — 17 Total liabilities of consolidated investment management funds 1 245 — — 246 Total liabilities $ 433 $ 15,934 $ — $ (10,869 ) $ 5,498 Percentage of liabilities prior to netting 3 % 97 % — % (a) ASC 815 permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities, and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product. (b) Includes certain interests in securitizations. (c) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (d) Includes private equity investments and seed capital. Assets measured at fair value on a recurring basis at Dec. 31, 2014 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying value Available-for-sale securities: U.S. Treasury $ 19,997 $ — $ — $ — $ 19,997 U.S. Government agencies — 343 — — 343 Sovereign debt/sovereign guaranteed 40 17,244 — — 17,284 State and political subdivisions (b) — 5,236 11 — 5,247 Agency RMBS — 32,600 — — 32,600 Non-agency RMBS — 953 — — 953 Other RMBS — 1,551 — — 1,551 Commercial MBS — 1,959 — — 1,959 Agency commercial MBS — 3,132 — — 3,132 Asset-backed CLOs — 2,130 — — 2,130 Other asset-backed securities — 3,240 — — 3,240 Equity securities 95 — — — 95 Money market funds (b) 763 — — — 763 Corporate bonds — 1,785 — — 1,785 Other debt securities — 2,169 — — 2,169 Foreign covered bonds 2,250 618 — — 2,868 Non-agency RMBS (c) — 2,214 — — 2,214 Total available-for-sale securities 23,145 75,174 11 — 98,330 Trading assets: Debt and equity instruments (b) 2,204 2,217 — — 4,421 Derivative assets not designated as hedging: Interest rate 7 17,137 6 (13,942 ) 3,208 Foreign exchange — 6,280 — (4,246 ) 2,034 Equity 96 278 3 (159 ) 218 Total derivative assets not designated as hedging 103 23,695 9 (18,347 ) 5,460 Total trading assets 2,307 25,912 9 (18,347 ) 9,881 Loans — 21 — — 21 Other assets : Derivative assets designated as hedging: Interest rate — 477 — — 477 Foreign exchange — 374 — — 374 Total derivative assets designated as hedging — 851 — — 851 Other assets (d)(e) 174 514 35 — 723 Other assets measured at net asset value (e) 342 Total other assets 174 1,365 35 — 1,916 Subtotal assets of operations at fair value 25,626 102,472 55 (18,347 ) 110,148 Percentage of assets prior to netting 20 % 80 % — % Assets of consolidated investment management funds: Trading assets 100 8,578 — — 8,678 Other assets 457 147 — — 604 Total assets of consolidated investment management funds 557 8,725 — — 9,282 Total assets $ 26,183 $ 111,197 $ 55 $ (18,347 ) $ 119,430 Percentage of assets prior to netting 19 % 81 % — % Liabilities measured at fair value on a recurring basis at Dec. 31, 2014 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying value Trading liabilities: Debt and equity instruments $ 367 $ 294 $ — $ — $ 661 Derivative liabilities not designated as hedging: Interest rate 3 17,645 6 (14,467 ) 3,187 Foreign exchange — 6,367 — (3,149 ) 3,218 Equity and other contracts 47 499 3 (181 ) 368 Total derivative liabilities not designated as hedging 50 24,511 9 (17,797 ) 6,773 Total trading liabilities 417 24,805 9 (17,797 ) 7,434 Long-term debt ( b ) — 347 — — 347 Other liabilities: Derivative liabilities designated as hedging: Interest rate — 385 — — 385 Foreign exchange — 62 — — 62 Total derivative liabilities designated as hedging — 447 — — 447 Other liabilities 4 — — — 4 Total other liabilities 4 447 — — 451 Subtotal liabilities of operations at fair value 421 25,599 9 (17,797 ) 8,232 Percentage of liabilities prior to netting 2 % 98 % — % Liabilities of consolidated investment management funds: Trading liabilities — 7,660 — — 7,660 Other liabilities 1 8 — — 9 Total liabilities of consolidated investment management funds 1 7,668 — — 7,669 Total liabilities $ 422 $ 33,267 $ 9 $ (17,797 ) $ 15,901 Percentage of liabilities prior to netting 1 % 99 % — % (a) ASC 815 permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities, and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product. (b) Includes certain interests in securitizations. (c) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (d) Includes private equity investments and seed capital. (e) Other assets measured at fair value at Dec. 31, 2014 were restated to reflect the retrospective application of adopting new disclosure guidance contained in ASU 2015-07 related to investments in certain entities that use NAV as a practical expedient when measuring fair value. See Note 2 of the Notes to Consolidated Financial Statements for additional information. Details of certain items measured at fair value on a recurring basis Dec. 31, 2015 Dec. 31, 2014 Total carrying value (a) Ratings Total carrying value (a) Ratings AAA/ AA- A+/ A- BBB+/ BBB- BB+ and lower AAA/ AA- A+/ A- BBB+/ BBB- BB+ and lower (dollar amounts in millions) Non-agency RMBS, originated in: 2007 $ 66 — % — % — % 100 % $ 78 — % — % — % 100 % 2006 115 — — — 100 138 — — — 100 2005 234 19 9 13 59 284 — 21 19 60 2004 and earlier 378 4 4 26 66 453 3 5 27 65 Total non-agency RMBS $ 793 8 % 4 % 16 % 72 % $ 953 1 % 9 % 19 % 71 % Commercial MBS - Domestic, originated in: 2009-2015 $ 626 83 % 17 % — % — % $ 639 83 % 17 % — % — % 2008 16 100 — — — 19 100 — — — 2007 304 62 22 16 — 353 65 21 14 — 2006 384 76 24 — — 599 83 17 — — 2005 and earlier — — — — — 277 100 — — — Total commercial MBS - Domestic $ 1,330 76 % 20 % 4 % — % $ 1,887 82 % 15 % 3 % — % Foreign covered bonds: Canada $ 1,014 100 % — % — % — % $ 1,266 100 % — % — % — % United Kingdom 363 100 — — — 690 100 — — — Netherlands 214 100 — — — 244 100 — — — Other 577 100 — — — 668 100 — — — Total foreign covered bonds $ 2,168 100 % — % — % — % $ 2,868 100 % — % — % — % European floating rate notes - available-for-sale: United Kingdom $ 780 85 % 15 % — % — % $ 1,172 83 % 17 % — % — % Netherlands 222 100 — — — 296 100 — — — Ireland 121 — 45 55 — 144 — — — 100 Other — — — — — 25 99 1 — — Total European floating rate notes - available-for-sale $ 1,123 79 % 15 % 6 % — % $ 1,637 79 % 12 % — % 9 % Sovereign debt/sovereign guaranteed: United Kingdom $ 2,941 100 % — % — % — % $ 5,076 100 % — % — % — % France 2,008 100 — — — 3,550 100 — — — Spain 1,955 — — 100 — 1,978 — — 100 — Germany 1,683 100 — — — 1,522 100 — — — Italy 1,398 — — 100 — 1,427 — — 100 — Belgium 1,108 100 — — — 829 100 — — — Netherlands 1,055 100 — — — 1,800 100 — — — Ireland 772 — — 100 — 672 — — 100 — Other 297 68 — 32 — 430 81 — 19 — Total sovereign debt/sovereign guaranteed $ 13,217 68 % — % 32 % — % $ 17,284 76 % — % 24 % — % Non-agency RMBS (b) , originated in: 2007 $ 502 — % — % — % 100 % $ 620 — % — % — % 100 % 2006 530 — 1 — 99 653 — — 1 99 2005 580 — 2 1 97 727 — 3 1 96 2004 and earlier 177 — 3 9 88 214 — 4 7 89 Total non-agency RMBS (b) $ 1,789 — % 1 % 1 % 98 % $ 2,214 — % 1 % 1 % 98 % (a) At Dec. 31, 2015 and Dec. 31, 2014, foreign covered bonds and sovereign debt were included in Level 1 and Level 2 in the valuation hierarchy. All other assets in the table are Level 2 assets in the valuation hierarchy. (b) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. Changes in Level 3 fair value measurements Our classification of a financial instrument in Level 3 of the valuation hierarchy is based on the significance of the unobservable factors to the overall fair value measurement. However, these instruments generally include other observable components that are actively quoted or validated to third-party sources; accordingly, the gains and losses in the table below include changes in fair value due to observable parameters as well as the unobservable parameters in our valuation methodologies. We also frequently manage the risks of Level 3 financial instruments using securities and derivatives positions that are Level 1 or 2 instruments which are not included in the table; accordingly, the gains or losses below do not reflect the effect of our risk management activities related to the Level 3 instruments. The Company has a Level 3 Pricing Committee which evaluates the valuation techniques used in determining the fair value of Level 3 assets and liabilities. The tables below include a roll forward of the balance sheet amounts for the years ended Dec. 31, 2015 and 2014 (including the change in fair value), for financial instruments classified in Level 3 of the valuation hierarchy. There were no Level 3 instruments as of Dec. 31, 2015. Fair value measurements for assets using significant unobservable inputs for the year ended Dec. 31, 2015 Available-for-sale securities Trading assets (in millions) State and political Derivative (a) Other assets Total assets Fair value at Dec. 31, 2014 $ 11 $ 9 $ 35 $ 55 Transfers out of Level 3 — (3 ) — (3 ) Total gains or (losses) for the period: Included in earnings (or changes in net assets) — (b) (1 ) (c) 10 (d) 9 Purchases, sales and settlements: Purchases — — 3 3 Sales — — (48 ) (48 ) Settlements (11 ) (5 ) — (16 ) Fair value at Dec. 31, 2015 $ — $ — $ — $ — Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period $ — $ — $ — (a) Derivative assets are reported on a gross basis. (b) Realized gains (losses) are reported in securities gains (losses). Unrealized gains (losses) are reported in accumulated other comprehensive income (loss) except for the credit portion of OTTI losses which are recorded in securities gains (losses). (c) Reported in foreign exchange and other trading revenue. (d) Reported in investment and other income. Fair value measurements for liabilities using significant unobservable inputs for the year ended Dec. 31, 2015 Trading liabilities (in millions) Derivative liabilities (a) Fair value at Dec. 31, 2014 $ 9 Transfers out of Level 3 (3 ) Total (gains) or losses for the period: Included in earnings (or changes in net liabilities) (1 ) (b) Settlements (5 ) Fair value at Dec. 31, 2015 $ — Change in unrealized (gains) or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period $ — (a) Derivative liabilities are reported on a gross basis. (b) Reported in foreign exchange and other trading revenue. Fair value measurements for assets using significant unobservable inputs for the year ended Dec. 31, 2014 Available-for-sale securities Trading assets (in millions) State and political Debt and equity Derivative (a) Other assets Total assets (b) Fair value at Dec. 31, 2013 $ 11 $ 1 $ 22 $ — $ 34 Transfers out of Level 3 — — (12 ) — (12 ) Transfers into Level 3 — — — 38 38 Total gains or (losses) for the period: Included in earnings (or changes in net assets) — (c) — (d) 12 (d) (2 ) (e) 10 Purchases, sales and settlements: Purchases — — — 1 1 Sales — — — (2 ) (2 ) Settlements — (1 ) (13 ) — (14 ) Fair value at Dec. 31, 2014 $ 11 $ — $ 9 $ 35 $ 55 Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period $ — $ 13 $ (2 ) $ 11 (a) Derivative assets are reported on a gross basis. (b) Total assets measured at fair value at Dec. 31, 2014 were restated to reflect the retrospective application of adopting new disclosure guidance contained in ASU 2015-07 related to investments in certain entities that use NAV as a practical expedient when measuring fair value. See Note 2 for additional information. (c) Realized gains (losses) are reported in securities gains (losses). Unrealized gains (losses) are reported in accumulated other comprehensive income (loss) except for the credit portion of OTTI losses which are recorded in securities gains (losses). (d) Reported in foreign exchange and other trading revenue. (e) Reported in investment and other income. Fair value measurements for liabilities using significant unobservable inputs for the year ended Dec. 31, 2014 Trading liabilities (in millions) Derivative liabilities (a) Fair value at Dec. 31, 2013 $ 75 Transfers out of Level 3 (39 ) Total (gains) or losses for the period: Included in earnings (or changes in net liabilities) (14 ) (b) Purchases and settlements: Purchases 3 Settlements (16 ) Fair value at Dec. 31, 2014 $ 9 Change in unrealized (gains) or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period $ 9 (a) Derivative liabilities are reported on a gross basis. (b) Reported in foreign exchange and other trading revenue. Assets and liabilities measured at fair value on a nonrecurring basis Under certain circumstances, we make adjustments to fair value our assets, liabilities and unfunded lending-related commitments although they are not measured at fair value on an ongoing basis. An example would be the recording of an impairment of an asset. The following tables present the financial instruments carried on the consolidated balance sheet by caption and by level in the fair value hierarchy as of Dec. 31, 2015 and Dec. 31, 2014 , for which a nonrecurring change in fair value has been recorded during the years ended Dec. 31, 2015 and Dec. 31, 2014 . Assets measured at fair value on a nonrecurring basis at Dec. 31, 2015 Total carrying value (in millions) Level 1 Level 2 Level 3 Loans (a) $ — $ 97 $ 174 $ 271 Other assets (b) — 6 — 6 Total assets at fair value on a nonrecurring basis $ — $ 103 $ 174 $ 277 Assets measured at fair value on a nonrecurring basis at Dec. 31, 2014 Total carrying value (in millions) Level 1 Level 2 Level 3 Loans (a) $ — $ 112 $ 2 $ 114 Other assets (b) — 6 — 6 Total assets at fair value on a nonrecurring basis $ — $ 118 $ 2 $ 120 (a) During the years ended Dec. 31, 2015 and Dec. 31, 2014 , the fair value of these loans decreased $2 million and $6 million , respectively, based on the fair value of the underlying collateral as allowed by ASC 310, Accounting by Creditors for Impairment of a loan, with an offset to the allowance for credit losses. (b) Includes other assets received in satisfaction of debt and loans held for sale. Loans held for sale are carried on the balance sheet at the lower of cost or fair value. Estimated fair value of financial instruments The carrying amounts of our financial instruments (i.e., monetary assets and liabilities) are determined under different |
Fair Value Option
Fair Value Option | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Fair value option We elected fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments and written loan commitments. The following table presents the assets and liabilities, by type, of consolidated investment management funds recorded at fair value. Assets and liabilities of consolidated investment management funds, at fair value Dec. 31, (in millions) 2015 2014 Assets of consolidated investment management funds: Trading assets $ 1,228 $ 8,678 Other assets 173 604 Total assets of consolidated investment management funds $ 1,401 $ 9,282 Liabilities of consolidated investment management funds: Trading liabilities $ 229 $ 7,660 Other liabilities 17 9 Total liabilities of consolidated investment management funds $ 246 $ 7,669 BNY Mellon values the assets and liabilities of its consolidated asset management funds using quoted prices for identical assets or liabilities in active markets or observable inputs such as quoted prices for similar assets or liabilities. Quoted prices for either identical or similar assets or liabilities in inactive markets may also be used. Accordingly, fair value best reflects the interests BNY Mellon holds in the economic performance of the consolidated asset management funds. Changes in the value of the assets and liabilities are recorded in the income statement as investment income of consolidated investment management funds and in the interest of investment management fund note holders, respectively. We have elected the fair value option on $419 million and $21 million of loans at Dec. 31, 2015 and Dec. 31, 2014 , respectively. The fair value of these loans was $422 million at Dec. 31, 2015 and $21 million at Dec. 31, 2014 . The loans were valued using observable market inputs to discount expected loan cash flows. These loans are included in Level 2 of the valuation hierarchy. We have elected the fair value option on $240 million of long-term debt. The fair value of this long-term debt was $359 million at Dec. 31, 2015 and $347 million at Dec. 31, 2014 . The long-term debt is valued using observable market inputs and is included in Level 2 of the valuation hierarchy. The following table presents the changes in fair value of the loans and long-term debt and the location of the changes in the consolidated income statement. Impact of changes in fair value in the income statement (a) Year ended Dec. 31, (in millions) 2015 2014 2013 Loans: Investment and other income $ 3 $ — $ — Long-term debt: Foreign exchange and other trading revenue $ (12 ) $ (26 ) $ 24 (a) The changes in fair value of the loans and long-term debt are approximately offset by economic hedges included in foreign exchange and other trading revenue. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and contingent liabilities In the normal course of business, various commitments and contingent liabilities are outstanding that are not reflected in the accompanying consolidated balance sheets. Our significant trading and off-balance sheet risks are securities, foreign currency and interest rate risk management products, commercial lending commitments, letters of credit and securities lending indemnifications. We assume these risks to reduce interest rate and foreign currency risks, to provide customers with the ability to meet credit and liquidity needs and to hedge foreign currency and interest rate risks. These items involve, to varying degrees, credit, foreign currency and interest rate risk not recognized in the balance sheet. Our off-balance sheet risks are managed and monitored in manners similar to those used for on-balance sheet risks. Significant industry concentrations related to credit exposure at Dec. 31, 2015 are disclosed in the financial institutions portfolio exposure table and the commercial portfolio exposure table below. Financial institutions portfolio exposure (in billions) Dec. 31, 2015 Loans Unfunded commitments Total exposure Securities industry $ 3.1 $ 20.6 $ 23.7 Banks 9.4 2.1 11.5 Asset managers 2.0 5.6 7.6 Insurance 0.2 4.5 4.7 Government 0.1 1.9 2.0 Other 1.1 1.3 2.4 Total $ 15.9 $ 36.0 $ 51.9 Commercial portfolio exposure (in billions) Dec. 31, 2015 Loans Unfunded commitments Total exposure Manufacturing $ 0.6 $ 6.3 $ 6.9 Services and other 0.8 5.5 6.3 Energy and utilities 0.6 4.9 5.5 Media and telecom 0.3 1.5 1.8 Total $ 2.3 $ 18.2 $ 20.5 Major concentrations in securities lending are primarily to broker-dealers and are generally collateralized with cash. Securities lending transactions are discussed below. The following table presents a summary of our off-balance sheet credit risks, net of participations. Off-balance sheet credit risks Dec. 31, (in millions) 2015 2014 Lending commitments $ 54,505 $ 33,273 Standby letters of credit (a) 4,915 5,767 Commercial letters of credit 303 255 Securities lending indemnifications (b) 294,108 304,386 (a) Net of participations totaling $809 million at Dec. 31, 2015 and $894 million at Dec. 31, 2014 . (b) Excludes the indemnification for securities for which BNY Mellon acts as an agent on behalf of CIBC Mellon clients , which totaled $54 billion at Dec. 31, 2015 and $64 billion at Dec. 31, 2014 . Beginning in 2015, lending commitments include secured intraday credit provided to dealers in connection with their tri-party repo activity. The committed credit requires dealers to fully secure the outstanding intraday credit with high-quality liquid assets having a market value in excess of the amount of the outstanding credit. At Dec. 31, 2015 , the secured intraday credit provided to dealers in connection with their tri-party repo activity totaled $19.6 billion . Also included in lending commitments are facilities that provide liquidity for variable rate tax-exempt securities wrapped by monoline insurers. The credit approval for these facilities is based on an assessment of the underlying tax-exempt issuer and considers factors other than the financial strength of the monoline insurer. The total potential loss on undrawn lending commitments, standby and commercial letters of credit, and securities lending indemnifications is equal to the total notional amount if drawn upon, which does not consider the value of any collateral. Since many of the commitments are expected to expire without being drawn upon, the total amount does not necessarily represent future cash requirements. A summary of lending commitment maturities is as follows: $31.1 billion in less than one year, $23.2 billion in one to five years and $242 million over five years. Standby letters of credit (“SBLC”) principally support corporate obligations and were collateralized with cash and securities of $299 million and $421 million at Dec. 31, 2015 and Dec. 31, 2014 , respectively. At Dec. 31, 2015 , $2.8 billion of the SBLCs will expire within one year and $2.1 billion in one to five years. We must recognize, at the inception of standby letters of credit and foreign and other guarantees, a liability for the fair value of the obligation undertaken in issuing the guarantee. The fair value of the liability, which was recorded with a corresponding asset in other assets, was estimated as the present value of contractual customer fees. The estimated liability for losses related to these commitments and SBLCs, if any, is included in the allowance for lending-related commitments. The allowance for lending-related commitments was $118 million at Dec. 31, 2015 and $89 million at Dec. 31, 2014 . Payment/performance risk of SBLCs is monitored using both historical performance and internal ratings criteria. BNY Mellon’s historical experience is that SBLCs typically expire without being funded. SBLCs below investment grade are monitored closely for payment/performance risk. The table below shows SBLCs by investment grade: Standby letters of credit Dec. 31, 2015 2014 Investment grade 86 % 88 % Non-investment grade 14 % 12 % A commercial letter of credit is normally a short-term instrument used to finance a commercial contract for the shipment of goods from a seller to a buyer. Although the commercial letter of credit is contingent upon the satisfaction of specified conditions, it represents a credit exposure if the buyer defaults on the underlying transaction. As a result, the total contractual amounts do not necessarily represent future cash requirements. Commercial letters of credit totaled $303 million at Dec. 31, 2015 compared with $255 million at Dec. 31, 2014 . A securities lending transaction is a fully collateralized transaction in which the owner of a security agrees to lend the security (typically through an agent, in our case, The Bank of New York Mellon), to a borrower, usually a broker-dealer or bank, on an open, overnight or term basis, under the terms of a prearranged contract, which normally matures in less than 90 days. We typically lend securities with indemnification against borrower default. We generally require the borrower to provide collateral with a minimum value of 102% of the fair value of the securities borrowed, which is monitored on a daily basis, thus reducing credit risk. Market risk can also arise in securities lending transactions. These risks are controlled through policies limiting the level of risk that can be undertaken. Securities lending transactions are generally entered into only with highly-rated counterparties. Securities lending indemnifications were secured by collateral of $306 billion at Dec. 31, 2015 and $316 billion at Dec. 31, 2014 . CIBC Mellon, a joint venture between BNY Mellon and the Canadian Imperial Bank of Commerce (“CIBC”), engages in securities lending activities. CIBC Mellon, BNY Mellon, and CIBC jointly and severally indemnify securities lenders against specific types of borrower default. At Dec. 31, 2015 and Dec. 31, 2014 , $54 billion and $64 billion , respectively, of borrowings at CIBC Mellon for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, were secured by collateral of $56 billion and $67 billion , respectively. If, upon a default, a borrower’s collateral was not sufficient to cover its related obligations, certain losses related to the indemnification could be covered by the indemnitors. We expect many of these guarantees to expire without the need to advance any cash. The revenue associated with guarantees frequently depends on the credit rating of the obligor and the structure of the transaction, including collateral, if any. Operating leases Net rent expense for premises and equipment was $329 million in 2015 , $328 million in 2014 and $335 million in 2013 . At Dec. 31, 2015 , we were obligated under various noncancelable lease agreements, some of which provide for additional rents based upon real estate taxes, insurance and maintenance and for various renewal options. A summary of the future minimum rental commitments under noncancelable operating leases, net of related sublease revenue, is as follows: 2016 — $343 million ; 2017 — $323 million ; 2018 — $228 million ; 2019 — $213 million ; 2020 — $193 million and 2021 and thereafter— $773 million . Exposure for certain administrative errors In connection with certain offshore tax-exempt funds that we manage, we may be liable to the funds for certain administrative errors. The errors relate to the resident status of such funds, potentially exposing the Company to a tax liability related to the funds’ earnings. The Company is in discussions with tax authorities regarding the funds. With the charge recorded in 2014 for this matter, we believe we are appropriately accrued and the additional reasonably possible exposure is not significant. Indemnification arrangements We have provided standard representations for underwriting agreements, acquisition and divestiture agreements, sales of loans and commitments, and other similar types of arrangements and customary indemnification for claims and legal proceedings related to providing financial services that are not otherwise included above. Insurance has been purchased to mitigate certain of these risks. Generally, there are no stated or notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. Furthermore, often counterparties to these transactions provide us with comparable indemnifications. We are unable to develop an estimate of the maximum payout under these indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, we are unable to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. We believe, however, that the possibility that we will have to make any material payments for these indemnifications is remote. At Dec. 31, 2015 and Dec. 31, 2014 , we have not recorded any material liabilities under these arrangements. Clearing and settlement exchanges We are a noncontrolling equity investor in, and/or member of, several industry clearing or settlement exchanges through which foreign exchange, securities, derivatives or other transactions settle. Certain of these industry clearing and settlement exchanges require their members to guarantee their obligations and liabilities or to provide financial support in the event other members do not honor their obligations. We believe the likelihood that a clearing or settlement exchange (of which we are a member) would become insolvent is remote. Additionally, certain settlement exchanges have implemented loss allocation policies that enable the exchange to allocate settlement losses to the members of the exchange. It is not possible to quantify such mark-to-market loss until the loss occurs. In addition, any ancillary costs that occur as a result of any mark-to-market loss cannot be quantified. At Dec. 31, 2015 and Dec. 31, 2014 , we have not recorded any material liabilities under these arrangements. Legal proceedings In the ordinary course of business, BNY Mellon and its subsidiaries are routinely named as defendants in or made parties to pending and potential legal actions. We also are subject to governmental and regulatory examinations, information-gathering requests, investigations and proceedings (both formal and informal). Claims for significant monetary damages are often asserted in many of these legal actions, while claims for disgorgement, restitution, penalties and/or other remedial actions or sanctions may be sought in regulatory matters. It is inherently difficult to predict the eventual outcomes of such matters given their complexity and the particular facts and circumstances at issue in each of these matters. However, on the basis of our current knowledge and understanding, we do not believe that judgments, settlements or orders, if any, arising from these matters (either individually or in the aggregate, after giving effect to applicable reserves and insurance coverage) will have a material adverse effect on the consolidated financial position or liquidity of BNY Mellon, although they could have a material effect on net income in a given period. In view of the inherent unpredictability of outcomes in litigation and governmental and regulatory matters, particularly where (i) the damages sought are substantial or indeterminate, (ii) the proceedings are in the early stages, or (iii) the matters involve novel legal theories or a large number of parties, as a matter of course there is considerable uncertainty surrounding the timing or ultimate resolution of litigation and governmental and regulatory matters, including a possible eventual loss, fine, penalty or business impact, if any, associated with each such matter. In accordance with applicable accounting guidance, BNY Mellon establishes accruals for litigation and governmental and regulatory matters when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. In such cases, there may be a possible exposure to loss in excess of any amounts accrued. BNY Mellon will continue to monitor such matters for developments that could affect the amount of the accrual, and will adjust the accrual amount as appropriate. If the loss contingency in question is not both probable and reasonably estimable, BNY Mellon does not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. BNY Mellon believes that its accruals for legal proceedings are appropriate and, in the aggregate, are not material to the consolidated financial position of BNY Mellon, although future accruals could have a material effect on net income in a given period. For certain of those matters described here for which a loss contingency may, in the future, be reasonably possible (whether in excess of a related accrued liability or where there is no accrued liability), BNY Mellon is currently unable to estimate a range of reasonably possible loss. For those matters described here where BNY Mellon is able to estimate a reasonably possible loss, the aggregate range of such reasonably possible loss is up to $640 million in excess of the accrued liability (if any) related to those matters. The following describes certain judicial, regulatory and arbitration proceedings involving BNY Mellon: Sentinel Matters On Jan. 18, 2008, The Bank of New York Mellon filed a proof of claim in the Chapter 11 bankruptcy proceeding of Sentinel Management Group, Inc. (“Sentinel”) pending in federal court in the Northern District of Illinois, seeking to recover approximately $312 million loaned to Sentinel and secured by securities and cash in an account maintained by Sentinel at The Bank of New York Mellon. On March 3, 2008, the bankruptcy trustee filed an adversary complaint against The Bank of New York Mellon seeking to disallow The Bank of New York Mellon’s claim and seeking damages for The Bank of New York Mellon’s allegedly aiding and abetting Sentinel insiders in misappropriating customer assets and improperly using those assets as collateral for the loan. In a decision dated Nov. 3, 2010, the court found for The Bank of New York Mellon and against the bankruptcy trustee, holding that The Bank of New York Mellon’s loan to Sentinel is valid, fully secured and not subject to equitable subordination. The bankruptcy trustee appealed this decision, and on Aug. 9, 2012, the United States Court of Appeals for the Seventh Circuit issued a decision affirming the trial court’s judgment. On Sept. 7, 2012, the bankruptcy trustee filed a petition for rehearing and, on Nov. 30, 2012, the Court of Appeals withdrew its opinion and vacated its judgment. On Aug. 26, 2013, the Court of Appeals reversed its own prior decision and the district court’s decision, and remanded the case to the district court for further proceedings. On Dec. 10, 2014, the district court issued a decision in favor of The Bank of New York Mellon holding that the transfers from Sentinel cannot be reversed and that The Bank of New York Mellon’s lien is valid and not subject to equitable subordination. The bankruptcy trustee appealed the decision. On Jan. 8, 2016, the Court of Appeals invalidated The Bank of New York Mellon’s lien but rejected the trustee’s request for equitable subordination. The impact of this decision is that The Bank of New York Mellon will have an unsecured claim in the Sentinel bankruptcy. In November 2009, the Division of Enforcement of the U.S. Commodities Futures Trading Commission (“CFTC”) indicated that it is considering a recommendation to the CFTC that it file a civil enforcement action against The Bank of New York Mellon for possible violations of the Commodity Exchange Act and CFTC regulations in connection with its relationship to Sentinel. The Bank of New York Mellon responded in writing to the CFTC on Jan. 29, 2010 and provided an explanation as to why an enforcement action is unwarranted. Standing Instruction Matters Beginning in December 2009, government authorities conducted inquiries seeking information relating primarily to standing instruction foreign exchange transactions in connection with custody services BNY Mellon provides to custody clients. On various dates beginning in 2009, BNY Mellon was named as a defendant in lawsuits by various government and private entities alleging BNY Mellon’s pricing of standing instruction foreign exchange transactions was improper. On March 19, 2015, BNY Mellon announced that it had resolved substantially all of the pending standing instruction-related actions, resulting in a total of $714 million in settlement payments. On May 21, 2015, BNY Mellon settled a putative class action lawsuit asserting securities law violations. The settlements are now final, except for an agreement in principle with the SEC staff to pay a $30 million penalty, which is subject to Commission approval. With these settlements, BNY Mellon has effectively resolved virtually all of the standing instruction FX-related actions, with the exception of several lawsuits brought by individual customers or shareholders asserting derivative claims. Tax Litigation On Aug. 17, 2009, BNY Mellon received a Statutory Notice of Deficiency disallowing tax benefits for the 2001 and 2002 tax years in connection with a 2001 transaction that involved the payment of UK corporate income taxes that were credited against BNY Mellon’s U.S. corporate income tax liability. The Notice alleged that the transaction lacked economic substance and business purpose. On Nov. 10, 2009, BNY Mellon filed a petition with the U.S. Tax Court contesting the disallowance of the benefits. Following a trial, the Tax Court upheld the IRS’s Notice of Deficiency and disallowed BNY Mellon’s tax credits and associated transaction costs on Feb. 11, 2013. On Sept. 23, 2013, the Tax Court issued a supplemental opinion, partially reducing the tax implications to BNY Mellon of its earlier decision. The Tax Court entered a decision formally implementing its prior rulings on Feb. 20, 2014. BNY Mellon appealed the decision to the Second Circuit Court of Appeals. On Sept. 9, 2015, the Second Circuit affirmed the Tax Court decision. BNY Mellon has sought review by the United States Supreme Court. See Note 12 of the Notes to Consolidated Financial Statements for additional information. Mortgage-Securitization Trusts Proceedings The Bank of New York Mellon has been named as a defendant in a number of legal actions brought by MBS investors alleging that the trustee has expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the MBS transactions. These actions include a lawsuit brought in New York State court on June 18, 2014, and later re-filed in federal court, by a group of institutional investors who purport to sue on behalf of 260 MBS trusts. Matters Related to R. Allen Stanford In late December 2005, Pershing LLC became a clearing firm for Stanford Group Co. (“SGC”), a registered broker dealer that was part of a group of entities ultimately controlled by R. Allen Stanford. Stanford International Bank (“SIB”), also controlled by Stanford, issued certificates of deposit (“CDs”). Some investors allegedly wired funds from their SGC accounts to purchase CDs. In 2009, the SEC charged Stanford with operating a Ponzi scheme in connection with the sale of CDs, and SGC was placed into receivership. Alleged purchasers of CDs have filed 12 pending lawsuits against Pershing in Texas, including a putative class action. The purchasers allege that Pershing, as SGC’s clearing firm, assisted Stanford in a fraudulent scheme and assert contractual, statutory and common law claims. In addition, five FINRA arbitration claims brought by alleged purchasers remain pending. Brazilian Postalis Litigation BNY Mellon Servicos Financeiros DTVM S.A. (“DTVM”), a subsidiary that provides a number of asset services in Brazil, acts as administrator for certain investment funds in which the exclusive investor is a public pension fund for postal workers called Postalis-Instituto de Seguridade Social dos Correios e Telégrafos (“Postalis”). On Aug. 22, 2014, Postalis sued DTVM in Brazil for losses related to a Postalis investment fund for which DTVM serves as fund administrator. Postalis alleges that DTVM failed to properly perform alleged duties, including duties to conduct due diligence of and exert control over the fund manager, Atlântica Administração de Recursos (“Atlântica”), and Atlântica’s investments. On March 12, 2015, Postalis filed a lawsuit in Brazil against DTVM and BNY Mellon Administração de Ativos Ltda. (“Ativos”) alleging failure to properly perform alleged duties relating to another fund of which DTVM is administrator and Ativos is investment manager. On Dec. 14, 2015, Associacão Dos Profissionais Dos Correiros, a Brazilian postal workers association, filed a lawsuit in Brazil against DTVM and other defendants alleging that DTVM improperly contributed to investment losses in the Postalis portfolio. On Dec. 17, 2015, Postalis filed three additional lawsuits in Brazil against DTVM and Ativos alleging failure to properly perform alleged duties with respect to investments in several other funds. On Feb. 4, 2016, Postalis filed another lawsuit in Brazil against DTVM, Ativos and BNY Mellon Alocação de Patrimônio Ltda., an investment management subsidiary, alleging failure to properly perform duties with respect to investments in various other funds of which defendants were administrator and/or manager. Depositary Receipt Matters Between late December 2015 and February 2016, four putative class action lawsuits were filed against BNY Mellon in federal courts in the Southern and Eastern Districts of New York asserting claims relating to BNY Mellon’s foreign exchange pricing when converting dividends and other distributions from non-U.S. companies in its role as depositary bank to Depositary Receipt issuers. The primary claims are for breach of contract and violations of ERISA. The lawsuits are in their earliest stages. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative instruments We use derivatives to manage exposure to market risk including interest rate risk, equity price risk and foreign currency risk, as well as credit risk. Our trading activities are focused on acting as a market-maker for our customers and facilitating customer trades in compliance with the Volcker Rule. The notional amounts for derivative financial instruments express the dollar volume of the transactions; however, credit risk is much smaller. We perform credit reviews and enter into netting agreements and collateral arrangements to minimize the credit risk of derivative financial instruments. We enter into offsetting positions to reduce exposure to foreign currency, interest rate and equity price risk. Use of derivative financial instruments involves reliance on counterparties. Failure of a counterparty to honor its obligation under a derivative contract is a risk we assume whenever we engage in a derivative contract. Recoveries of less than $1 million were recorded in 2015 . There were $5 million of counterparty default losses, net of recoveries, recorded in 2014 . Hedging derivatives We utilize interest rate swap agreements to manage our exposure to interest rate fluctuations. For hedges of available-for-sale investment securities, deposits and long-term debt, the hedge documentation specifies the terms of the hedged items and the interest rate swaps and indicates that the derivative is hedging a fixed rate item and is a fair value hedge, that the hedge exposure is to the changes in the fair value of the hedged item due to changes in benchmark interest rates, and that the strategy is to eliminate fair value variability by converting fixed rate interest payments to LIBOR. The available-for-sale investment securities hedged consist of sovereign debt, U.S. Treasury bonds, agency commercial mortgage-backed securities and covered bonds that had original maturities of 30 years or less at initial purchase. The swaps on all of these investment securities are not callable. All of these securities are hedged with “pay fixed rate, receive variable rate” swaps of similar maturity, repricing and fixed rate coupon. At Dec. 31, 2015 , $7.8 billion face amount of securities were hedged with interest rate swaps that had notional values of $7.9 billion . The fixed rate long-term debt instruments hedged generally have original maturities of five to 30 years. We issue both callable and non-callable debt. The non-callable debt is hedged with “receive fixed rate, pay variable rate” swaps with similar maturity, repricing and fixed rate coupon. Callable debt is hedged with callable swaps where the call dates of the swaps exactly match the call dates of the debt. At Dec. 31, 2015 , $17.9 billion par value of debt was hedged with interest rate swaps that had notional values of $17.9 billion . In addition, we enter into foreign exchange hedges. We use forward foreign exchange contracts with maturities of nine months or less to hedge our British pound sterling, euro, Hong Kong dollar, Indian rupee and Singapore dollar foreign exchange exposure with respect to foreign currency forecasted revenue and expense transactions in entities that have the U.S. dollar as their functional currency. As of Dec. 31, 2015 , the hedged forecasted foreign currency transactions and designated forward foreign exchange contract hedges were $274 million (notional), with a pre-tax loss of less than $1 million recorded in accumulated other comprehensive income. This loss will be reclassified to income or expense over the next nine months. Forward foreign exchange contracts are also used to hedge the value of our net investments in foreign subsidiaries. These forward foreign exchange contracts have maturities of less than two years. The derivatives employed are designated as hedges of changes in value of our foreign investments due to exchange rates. Changes in the value of the forward foreign exchange contracts offset the changes in value of the foreign investments due to changes in foreign exchange rates. The change in fair market value of these forward foreign exchange contracts is deferred and reported within accumulated translation adjustments in shareholders’ equity, net of tax. At Dec. 31, 2015 , forward foreign exchange contracts with notional amounts totaling $6.6 billion were designated as hedges. In addition to forward foreign exchange contracts, we also designate non-derivative financial instruments as hedges of our net investments in foreign subsidiaries. Those non-derivative financial instruments designated as hedges of our net investments in foreign subsidiaries were all long-term liabilities of BNY Mellon in various currencies, and, at Dec. 31, 2015 , had a combined U.S. dollar equivalent value of $462 million . Ineffectiveness related to derivatives and hedging relationships was recorded in income as follows: Ineffectiveness Year ended Dec. 31, (in millions) 2015 2014 2013 Fair value hedges of securities $ 4.1 $ (20.6 ) $ 14.1 Fair value hedges of deposits and long-term debt (6.3 ) (14.6 ) 3.7 Cash flow hedges — 0.1 (0.1 ) Other (a) — (0.1 ) 0.1 Total $ (2.2 ) $ (35.2 ) $ 17.8 (a) Includes ineffectiveness recorded on foreign exchange hedges. The following table summarizes the notional amount and credit exposure of our total derivative portfolio at Dec. 31, 2015 and Dec. 31, 2014 . Impact of derivative instruments on the balance sheet Notional value Asset derivatives fair value Liability derivatives fair value (in millions) Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014 Derivatives designated as hedging instruments (a) : Interest rate contracts $ 25,768 $ 23,145 $ 497 $ 477 $ 372 $ 385 Foreign exchange contracts 6,839 7,344 219 374 20 62 Total derivatives designated as hedging instruments $ 716 $ 851 $ 392 $ 447 Derivatives not designated as hedging instruments (b) : Interest rate contracts $ 519,428 $ 731,628 $ 10,044 $ 17,150 $ 9,962 $ 17,654 Foreign exchange contracts 576,253 528,401 4,905 6,280 4,682 6,367 Equity contracts 1,923 10,842 127 377 151 549 Credit contracts 319 — 8 — 1 — Total derivatives not designated as hedging instruments $ 15,084 $ 23,807 $ 14,796 $ 24,570 Total derivatives fair value (c) $ 15,800 $ 24,658 $ 15,188 $ 25,017 Effect of master netting agreements (d) (11,115 ) (18,347 ) (10,869 ) (17,797 ) Fair value after effect of master netting agreements $ 4,685 $ 6,311 $ 4,319 $ 7,220 (a) The fair value of asset derivatives and liability derivatives designated as hedging instruments is recorded as other assets and other liabilities, respectively, on the balance sheet. (b) The fair value of asset derivatives and liability derivatives not designated as hedging instruments is recorded as trading assets and trading liabilities, respectively, on the balance sheet. (c) Fair values are on a gross basis, before consideration of master netting agreements, as required by ASC 815. (d) Effect of master netting agreements includes cash collateral received and paid of $792 million and $546 million , respectively, at Dec. 31, 2015 , and $1,589 million and $1,039 million , respectively, at Dec. 31, 2014 . At Dec. 31, 2015 , $273 billion (notional) of interest rate contracts will mature within one year, $142 billion between one and five years and $130 billion after five years. At Dec. 31, 2015 , $572 billion (notional) of foreign exchange contracts will mature within one year, $7 billion between one and five years and $4 billion after five years. Impact of derivative instruments on the income statement (in millions) Derivatives in fair value hedging relationships Location of gain or (loss) recognized in income on derivatives Gain or (loss) recognized in income on derivatives Year ended Dec. 31, Location of gain or(loss) recognized in income on hedged item Gain or (loss) recognized in hedged item Year ended Dec. 31, 2015 2014 2013 2015 2014 2013 Interest rate contracts Net interest revenue $ (85 ) $ (921 ) $ 486 Net interest revenue $ 83 $ 886 $ (468 ) Derivatives in cash flow hedging relationships Gain or (loss) recognized in accumulated OCI on derivatives(effective portion) Year ended Dec. 31, Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) Gain or (loss) reclassified from accumulated OCI into income (effective portion) Year ended Dec. 31, Location of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) Year ended Dec. 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 FX contracts $ (1 ) $ (2 ) $ (27 ) Net interest revenue $ (1 ) $ (2 ) $ (28 ) Net interest revenue $ — $ — $ — FX contracts — (6 ) (3 ) Other revenue — (3 ) (1 ) Other revenue — 0.1 (0.1 ) FX contracts 9 36 154 Trading revenue 9 36 154 Trading revenue — — — FX contracts (8 ) (6 ) 7 Salary expense (19 ) 10 (1 ) Salary expense — — — Total $ — $ 22 $ 131 $ (11 ) $ 41 $ 124 $ — $ 0.1 $ (0.1 ) Derivatives in net investment hedging relationships Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) Year ended Dec. 31, Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) Gain or (loss) reclassified from accumulated OCI into income (effective portion) Year ended Dec. 31, Location of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) Year ended Dec. 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 FX contracts $ 474 $ (367 ) $ (50 ) Net interest revenue $ 1 $ (1 ) $ 2 Other revenue $ — $ (0.1 ) $ 0.1 Trading activities (including trading derivatives) We manage trading risk through a system of position limits, a VaR methodology based on Monte Carlo simulations, stop loss advisory triggers and other market sensitivity measures. Risk is monitored and reported to senior management by a separate unit on a daily basis. Based on certain assumptions, the VaR methodology is designed to capture the potential overnight pre-tax dollar loss from adverse changes in fair values of all trading positions. The calculation assumes a one -day holding period for most instruments, utilizes a 99% confidence level and incorporates the non-linear characteristics of options. The VaR model is one of several statistical models used to develop economic capital results, which is allocated to lines of business for computing risk-adjusted performance. As the VaR methodology does not evaluate risk attributable to extraordinary financial, economic or other occurrences, the risk assessment process includes a number of stress scenarios based upon the risk factors in the portfolio and management’s assessment of market conditions. Additional stress scenarios based upon historical market events are also performed. Stress tests, by their design, incorporate the impact of reduced liquidity and the breakdown of observed correlations. The results of these stress tests are reviewed weekly with senior management. Revenue from foreign exchange and other trading included the following: Foreign exchange and other trading revenue Year ended Dec. 31, (in millions) 2015 2014 2013 Foreign exchange $ 743 $ 578 $ 608 Other trading revenue (loss) 25 (8 ) 66 Total foreign exchange and other trading revenue $ 768 $ 570 $ 674 Foreign exchange includes income from purchasing and selling foreign currencies and currency forwards, futures and options. Other trading revenue (loss) reflects results from futures and forward contracts, interest rate swaps, structured foreign currency swaps, options, equity derivatives and fixed income and equity securities. Counterparty credit risk and collateral We assess credit risk of our counterparties through regular examination of their financial statements, confidential communication with the management of those counterparties and regular monitoring of publicly available credit rating information. This and other information is used to develop proprietary credit rating metrics used to assess credit quality. Collateral requirements are determined after a comprehensive review of the credit quality of each counterparty. Collateral is generally held or pledged in the form of cash or highly liquid government securities. Collateral requirements are monitored and adjusted daily. Additional disclosures concerning derivative financial instruments are provided in Note 20 of the Notes to Consolidated Financial Statements. Disclosure of contingent features in over-the-counter (“OTC”) derivative instruments Certain OTC derivative contracts and/or collateral agreements of The Bank of New York Mellon, our largest banking subsidiary and the subsidiary through which BNY Mellon enters into the substantial majority of its OTC derivative contracts and/or collateral agreements, contain provisions that may require us to take certain actions if The Bank of New York Mellon’s public debt rating fell to a certain level. Early termination provisions, or “close-out” agreements, in those contracts could trigger immediate payment of outstanding contracts that are in net liability positions. Certain collateral agreements would require The Bank of New York Mellon to immediately post additional collateral to cover some or all of The Bank of New York Mellon’s liabilities to a counterparty. The following table shows the fair value of contracts falling under early termination provisions that were in net liability positions as of Dec. 31, 2015 for three key ratings triggers: If The Bank of New York Mellon’s rating was changed to (Moody’s/S&P) Potential close-out exposures (fair value) (a) A3/A- $ 117 million Baa2/BBB $ 1,076 million Ba1/BB+ $ 2,061 million (a) The amounts represent potential total close-out values if The Bank of New York Mellon’s rating were to immediately drop to the indicated levels. The aggregated fair value of contracts impacting potential trade close-out amounts and collateral obligations can fluctuate from quarter to quarter due to changes in market conditions, changes in the composition of counterparty trades, new business, or changes to the agreement definitions establishing close-out or collateral obligations. Additionally, if The Bank of New York Mellon’s debt rating had fallen below investment grade on Dec. 31, 2015 , existing collateral arrangements would have required us to have posted an additional $243 million of collateral. Offsetting assets and liabilities The following tables present derivative instruments and financial instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements. There were no derivative instruments or financial instruments subject to a netting agreement for which we are not currently netting. Offsetting of derivative assets and financial assets at Dec. 31, 2015 Gross assets recognized Gross amounts offset in the balance sheet Net assets recognized on the balance sheet Gross amounts not offset in the balance sheet (in millions) (a) Financial instruments Cash collateral received Net amount Derivatives subject to netting arrangements: Interest rate contracts $ 9,554 $ 8,071 $ 1,483 $ 432 $ — $ 1,051 Foreign exchange contracts 3,981 2,981 1,000 63 — 937 Equity and other contracts 123 63 60 — — 60 Total derivatives subject to netting arrangements 13,658 11,115 2,543 495 — 2,048 Total derivatives not subject to netting arrangements 2,142 — 2,142 — — 2,142 Total derivatives 15,800 11,115 4,685 495 — 4,190 Reverse repurchase agreements 17,088 357 (b) 16,731 16,726 — 5 Securities borrowing 7,630 — 7,630 7,373 — 257 Total $ 40,518 $ 11,472 $ 29,046 $ 24,594 $ — $ 4,452 (a) Includes the effect of netting agreements and net cash collateral received. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. (b) Offsetting of reverse repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. Offsetting of derivative assets and financial assets at Dec. 31, 2014 Gross assets recognized Gross amounts offset in the balance sheet Net assets recognized on the balance sheet Gross amounts not offset in the balance sheet (in millions) (a) Financial instruments Cash collateral received Net amount Derivatives subject to netting arrangements: Interest rate contracts $ 15,457 $ 13,942 $ 1,515 $ 408 $ — $ 1,107 Foreign exchange contracts 5,291 4,246 1,045 176 — 869 Equity contracts 303 159 144 6 — 138 Total derivatives subject to netting arrangements 21,051 18,347 2,704 590 — 2,114 Total derivatives not subject to netting arrangements 3,607 — 3,607 — — 3,607 Total derivatives 24,658 18,347 6,311 590 — 5,721 Reverse repurchase agreements 11,634 434 (b) 11,200 11,198 — 2 Securities borrowing 9,033 — 9,033 8,733 — 300 Total $ 45,325 $ 18,781 $ 26,544 $ 20,521 $ — $ 6,023 (a) Includes the effect of netting agreements and net cash collateral received. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. (b) Offsetting of reverse repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. Offsetting of derivative liabilities and financial liabilities at Dec. 31, 2015 Gross liabilities recognized Gross amounts offset in the balance sheet Net liabilities recognized on the balance sheet Gross amounts not offset in the balance sheet (in millions) (a) Financial instruments Cash collateral pledged Net amount Derivatives subject to netting arrangements: Interest rate contracts $ 10,188 $ 8,235 $ 1,953 $ 1,795 $ — $ 158 Foreign exchange contracts 3,409 2,567 842 274 — 568 Equity and other contracts 145 67 78 71 — 7 Total derivatives subject to netting arrangements 13,742 10,869 2,873 2,140 — 733 Total derivatives not subject to netting arrangements 1,446 — 1,446 — — 1,446 Total derivatives 15,188 10,869 4,319 2,140 — 2,179 Repurchase agreements 7,737 357 (b) 7,380 7,380 — — Securities lending 1,801 — 1,801 1,727 — 74 Total $ 24,726 $ 11,226 $ 13,500 $ 11,247 $ — $ 2,253 (a) Includes the effect of netting agreements and net cash collateral paid. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. (b) Offsetting of repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. Offsetting of derivative liabilities and financial liabilities at Dec. 31, 2014 Gross liabilities recognized Gross amounts offset in the balance sheet Net liabilities recognized on the balance sheet Gross amounts not offset in the balance sheet (in millions) (a) Financial instruments Cash collateral pledged Net amount Derivatives subject to netting arrangements: Interest rate contracts $ 16,884 $ 14,467 $ 2,417 $ 1,815 $ — $ 602 Foreign exchange contracts 4,241 3,149 1,092 399 — 693 Equity contracts 481 181 300 250 — 50 Total derivatives subject to netting arrangements 21,606 17,797 3,809 2,464 — 1,345 Total derivatives not subject to netting arrangements 3,411 — 3,411 — — 3,411 Total derivatives 25,017 17,797 7,220 2,464 — 4,756 Repurchase agreements 9,160 434 (b) 8,726 8,722 — 4 Securities lending 2,571 — 2,571 2,494 — 77 Total $ 36,748 $ 18,231 $ 18,517 $ 13,680 $ — $ 4,837 (a) Includes the effect of netting agreements and net cash collateral paid. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. (b) Offsetting of repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. Secured borrowings The following table presents the contract value of repurchase agreements and securities lending transactions accounted for as secured borrowings by the type of collateral provided to counterparties. Repurchase agreements and securities lending transactions accounted for as secured borrowings at Dec. 31, 2015 Remaining contractual maturity of the agreements (in millions) Overnight and continuous Up to 30 days 30 days or more Total Repurchase agreements: U.S. Treasury $ 2,226 $ — $ — $ 2,226 U.S. Government agencies 319 42 5 366 Agency RMBS 3,158 — — 3,158 Corporate bonds 372 — 665 1,037 Other debt securities 106 — 149 255 Equity securities 664 — 31 695 Total $ 6,845 $ 42 $ 850 $ 7,737 Securities lending: U.S. Government agencies $ 35 $ — $ — $ 35 Other debt securities 254 — — 254 Equity securities 1,512 — — 1,512 Total $ 1,801 $ — $ — $ 1,801 Total borrowings $ 8,646 $ 42 $ 850 $ 9,538 BNY Mellon’s repurchase agreements and securities lending transactions primarily encounter risk associated with liquidity. We are required to pledge collateral based on predetermined terms within the agreements. If we were to experience a decline in the fair value of the collateral pledged for these transactions, additional collateral could be required to be provided to the counterparty; therefore, decreasing the amount of assets available for other liquidity needs that may arise. BNY Mellon also offers tri-party collateral agency services in the tri-party repo market where we are exposed to credit risk. In order to mitigate this risk, we require dealers to fully secure intraday credit. |
Lines of Businesses
Lines of Businesses | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Lines of Businesses | Lines of business We have an internal information system that produces performance data along product and services lines for our two principal businesses and the Other segment. Business accounting principles Our business data has been determined on an internal management basis of accounting, rather than the generally accepted accounting principles used for consolidated financial reporting. These measurement principles are designed so that reported results of the businesses will track their economic performance. Business results are subject to reclassification when organizational changes are made or whenever improvements are made in the measurement principles. On July 31, 2015, BNY Mellon completed the sale of Meriten, a German-based investment management boutique. In 2015, we reclassified the results of Meriten from the Investment Management business to the Other segment. The reclassifications did not impact the consolidated results. All prior periods have been restated. The accounting policies of the businesses are the same as those described in Note 1 of the Notes to Consolidated Financial Statements. The primary types of revenue for our two principal businesses and the Other segment are presented below: Business Primary types of revenue Investment Management • Investment management and performance fees from: Mutual funds Institutional clients Private clients High-net-worth individuals and families, endowments and foundations and related entities • Distribution and servicing fees Investment Services • Asset servicing fees, including institutional trust and custody fees, broker-dealer services, global collateral services and securities lending • Issuer services fees, including Corporate Trust and Depositary Receipts • Clearing services fees, including broker-dealer services, registered investment advisor services and prime brokerage services • Treasury services fees, including global payment services and working capital solutions • Foreign exchange Other segment • Credit-related activities • Leasing operations • Corporate treasury activities • Derivatives business • Global markets and institutional banking services • Business exits The results of our businesses are presented and analyzed on an internal management reporting basis: • Revenue amounts reflect fee and other revenue generated by each business. Fee and other revenue transferred between businesses under revenue transfer agreements is included within other revenue in each business. • Revenues and expenses associated with specific client bases are included in those businesses. For example, foreign exchange activity associated with clients using custody products is allocated to Investment Services. • Net interest revenue is allocated to businesses based on the yields on the assets and liabilities generated by each business. We employ a funds transfer pricing system that matches funds with the specific assets and liabilities of each business based on their interest sensitivity and maturity characteristics. • Incentive expense related to restricted stock and certain corporate overhead charges are allocated to the businesses. • Support and other indirect expenses are allocated to businesses based on internally-developed methodologies. • Recurring FDIC expense is allocated to the businesses based on average deposits generated within each business. • Litigation expense is generally recorded in the business in which the charge occurs. • Management of the investment securities portfolio is a shared service contained in the Other segment. As a result, gains and losses associated with the valuation of the securities portfolio are included in the Other segment. • Client deposits serve as the primary funding source for our investment securities portfolio. We typically allocate all interest revenue to the businesses generating the deposits. Accordingly, accretion related to the portion of the investment securities portfolio restructured in 2009 has been included in the results of the businesses. • M&I expense is a corporate level item and is recorded in the Other segment. • Restructuring charges recorded in 2014 relate to corporate-level initiatives and were therefore recorded in the Other segment. In the fourth quarter of 2013, restructuring charges were recorded in the businesses. Prior to the fourth quarter of 2013, restructuring charges were reported in the Other segment. • Balance sheet assets and liabilities and their related income or expense are specifically assigned to each business. Businesses with a net liability position have been allocated assets. • Goodwill and intangible assets are reflected within individual businesses. Total revenue includes approximately $2.3 billion in 2015 , $2.3 billion in 2014 and $2.3 billion in 2013 of international operations domiciled in the UK which comprised 15% , 15% and 15% of total revenue, respectively. The following consolidating schedules show the contribution of our businesses to our overall profitability. For the year ended Dec. 31, 2015 (dollar amounts in millions) Investment Management Investment Services Other Consolidated Fee and other revenue $ 3,600 (a) $ 8,026 $ 474 $ 12,100 (a) Net interest revenue 319 2,495 212 3,026 Total revenue 3,919 (a) 10,521 686 15,126 (a) Provision for credit losses — — 160 160 Noninterest expense 2,869 7,383 543 10,795 (b) Income (loss) before taxes $ 1,050 (a) $ 3,138 $ (17 ) $ 4,171 (a)(b) Pre-tax operating margin (c) 27 % 30 % N/M 28 % Average assets $ 30,928 $ 283,886 $ 57,373 $ 372,187 (a) Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $18 million , representing $86 million of income and noncontrolling interests of $68 million . Income before taxes is net of noncontrolling interests of $68 million . (b) Includes a loss attributable to noncontrolling interest of $4 million related to other consolidated subsidiaries. (c) Income before taxes divided by total revenue. For the year ended Dec. 31, 2014 (dollar amounts in millions) Investment Management Investment Services Other Consolidated Fee and other revenue $ 3,672 (a) $ 7,719 $ 1,337 $ 12,728 (a) Net interest revenue 274 2,339 267 2,880 Total revenue 3,946 (a) 10,058 1,604 15,608 (a) Provision for credit losses — — (48 ) (48 ) Noninterest expense 3,049 8,116 1,012 12,177 Income before taxes $ 897 (a) $ 1,942 $ 640 $ 3,479 (a) Pre-tax operating margin (b) 23 % 19 % N/M 22 % Average assets $ 37,655 $ 266,495 $ 68,416 $ 372,566 (a) Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $79 million , representing $163 million of income and noncontrolling interests of $84 million . Income before taxes is net of noncontrolling interests of $84 million . (b) Income before taxes divided by total revenue. For the year ended Dec. 31, 2013 (dollar amounts in millions) Investment Management Investment Services Other Consolidated Fee and other revenue $ 3,608 (a) $ 7,640 $ 711 $ 11,959 (a) Net interest revenue 260 2,514 235 3,009 Total revenue 3,868 (a) 10,154 946 14,968 (a) Provision for credit losses — 1 (36 ) (35 ) Noninterest expense 2,903 7,398 1,005 11,306 Income (loss) before taxes $ 965 (a) $ 2,755 $ (23 ) $ 3,697 (a) Pre-tax operating margin (b) 25 % 27 % N/M 25 % Average assets $ 38,420 $ 247,431 $ 56,460 $ 342,311 (a) Both fee and other revenue and total revenue include net income from consolidated investment management funds of $103 million , representing $183 million of income and noncontrolling interests of $80 million . Income before taxes is net of noncontrolling interests of $80 million . (b) Income before taxes divided by total revenue. |
International Operations
International Operations | 12 Months Ended |
Dec. 31, 2015 | |
Segments, Geographical Areas [Abstract] | |
International Operations | International operations International activity includes Investment Management and Investment Services fee revenue generating businesses, foreign exchange trading activity, loans and other revenue producing assets and transactions in which the customer is domiciled outside of the United States and/or the international activity is resident at an international entity. Due to the nature of our international and domestic activities, it is not possible to precisely distinguish between internationally and domestically domiciled customers. As a result, it is necessary to make certain subjective assumptions such as: • Income from international operations is determined after internal allocations for interest revenue, taxes, expenses and provision for credit losses. • Expense charges to international operations include those directly incurred in connection with such activities, as well as an allocable share of general support and overhead charges. Total assets, total revenue, income before income taxes and net income of our international operations are shown in the table below. International operations International Total International Total Domestic (in millions) EMEA APAC Other Total 2015 Total assets at period end (a) $ 76,679 (b) $ 17,829 $ 1,176 $ 95,684 $ 298,096 $ 393,780 Total revenue 3,932 (b) 904 577 5,413 9,781 15,194 Income before income taxes 1,436 451 269 2,156 2,079 4,235 Net income 1,163 365 218 1,746 1,476 3,222 2014 Total assets at period end (a) $ 86,189 (b) $ 16,812 $ 1,516 $ 104,517 $ 280,786 $ 385,303 Total revenue 3,931 (b) 1,383 645 5,959 9,733 15,692 Income before income taxes 985 913 365 2,263 1,300 3,563 Net income 775 719 287 1,781 870 2,651 2013 Total assets at period end (a) $ 70,046 (b) $ 20,498 $ 1,808 $ 92,352 $ 282,164 $ 374,516 Total revenue 3,821 (b) 936 738 5,495 9,553 15,048 Income before income taxes 1,015 493 414 1,922 1,855 3,777 Net income 822 399 335 1,556 629 2,185 (a) Total assets include long-lived assets, which are not considered by management to be significant in relation to total assets. Long-lived assets are primarily located in the United States. (b) Includes revenue of approximately $2.3 billion , $2.3 billion and $2.3 billion and assets of approximately $33.2 billion , $46.2 billion and $36.4 billion in 2015, 2014, and 2013, respectively, of international operations domiciled in the UK, which is 15% , 15% and 15% of total revenue and 8% , 12% and 10% of total assets, respectively. |
Supplemental information to the
Supplemental information to the Consolidated Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental information to the Consolidated Statement of Cash Flows | Supplemental information to the Consolidated Statement of Cash Flows Noncash investing and financing transactions that, appropriately, are not reflected in the Consolidated Statement of Cash Flows are listed below. Noncash investing and financing transactions Year ended Dec. 31, (in millions) 2015 2014 2013 Transfers from loans to other assets for other real estate owned (“OREO”) $ 7 $ 4 $ 5 Change in assets of consolidated VIEs 7,881 1,990 209 Change in liabilities of consolidated VIEs 7,423 2,462 50 Change in noncontrolling interests of consolidated VIEs 295 250 50 Securities purchased not settled — 55 518 Securities sales not settled 11 750 88 Available-for-sale securities transferred to held-to-maturity 11,602 — 7,032 Premises and equipment/capitalized software funded by capital lease obligations 49 31 26 |
Summary of significant accoun37
Summary of significant accounting and reporting policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accounting and financial reporting policies of BNY Mellon, a global financial services company, conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing industry practices. In the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented have been made. These financial statements should be read in conjunction with BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2015 . Certain immaterial reclassifications have been made to prior periods to place them on a basis comparable with current period presentation. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates based upon assumptions about future economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Amounts subject to estimates are items such as the allowance for loan losses and lending-related commitments, the fair value of financial instruments and derivatives, other-than-temporary impairment, goodwill and other intangibles and pension accounting. Among other effects, such changes in estimates could result in future impairments of investment securities, goodwill and intangible assets and establishment of allowances for loan losses and lending-related commitments as well as changes in pension and post-retirement expense. |
Equity Method Investments | Equity method investments The consolidated financial statements include the accounts of BNY Mellon and its subsidiaries. Equity investments of less than a majority but at least 20% ownership are accounted for by the equity method and classified as other assets. Earnings on these investments are reflected in fee and other revenue as investment services fees, investment management and performance fees or investment and other income, as appropriate, in the period earned. A loss in value of an equity investment that is determined to be other-than-temporary, is recognized by reducing the carrying value of the equity investment down to its fair value. |
Acquired Businesses | Acquired businesses The income statement and balance sheet include results of acquired businesses accounted for under the acquisition method of accounting pursuant to ASC 805, Business Combinations and equity investments from the dates of acquisition. For acquisitions completed after Jan. 1, 2009, contingent purchase consideration was measured at its fair value and recorded on the purchase date. Any subsequent changes in the fair value of a contingent consideration liability will be recorded through the income statement. |
Parent Financial Statements | Parent financial statements The Parent financial statements in Note 19 of the Notes to Consolidated Financial Statements include the accounts of the Parent; those of a wholly-owned financing subsidiary that functions as a financing entity for BNY Mellon and its subsidiaries; and MIPA, LLC, a single-member limited liability company, created to hold and administer corporate-owned life insurance. Financial data for the Parent, the financing subsidiary and the single-member limited liability company are combined for financial reporting purposes because of the limited function of these entities and the unconditional guarantee by BNY Mellon of their obligations. |
Nature Of Operations | Nature of operations BNY Mellon is a global leader in providing a broad range of financial products and services in domestic and international markets. Through our two principal businesses, Investment Management and Investment Services, we serve the following major classes of customers - institutions, corporations, and high net worth individuals. For institutions and corporations, we provide the following services: • investment management; • trust and custody; • foreign exchange; • fund administration; • global collateral services; • securities lending; • depositary receipts; • corporate trust; • global payment/cash management; • banking services; and • clearing services. For individuals, we provide mutual funds, separate accounts, wealth management and private banking services. BNY Mellon’s investment management businesses provide investment products in many asset classes and investment styles on a global basis. |
Variable Interest Entities | Variable interest and voting model entities When evaluating an entity for possible consolidation, the Company must determine whether or not it has a variable interest in the entity. Variable interests are investments or other interests that absorb portions of an entity’s expected losses or receive portions of the entity’s expected returns. BNY Mellon’s variable interests may include its decision maker or service provider fees, its direct and indirect investments and investments made by related parties, including related parties under common control. If it is determined that BNY Mellon does not have a variable interest in the entity, no further analysis is required and BNY Mellon does not consolidate the entity. If BNY Mellon holds a variable interest in the entity an analysis must be performed to determine if the entity is a variable interest entity (“VIE”) or a voting model entity (“VME”). We consider the underlying facts and circumstances of individual entities when assessing whether or not an entity is a VIE. An entity is determined to be a VIE if the equity investors: • do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support; or • lack one or more of the following characteristics of a controlling financial interest: • the power, through voting rights or similar rights, to direct the activities of an entity that most significantly impact the entity’s economic performance. • the obligation to absorb the expected losses of the entity. • the right to receive the expected residual returns of the entity. BNY Mellon is required to consolidate a VIE if it is determined to have a controlling financial interest in the entity and therefore is deemed to be the primary beneficiary of the VIE. BNY Mellon is determined to have a controlling financial interest in a VIE when it has both 1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and 2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to that VIE. For entities that do not meet the definition of a VIE, the entity is considered a VME. For these entities, if the Company can exert control over the financial and operating policies of an investee, which can occur if it has a 50% or more voting interest in the entity, BNY Mellon consolidates the entity. BNY Mellon’s VIEs generally include certain retail, institutional and alternative investment funds, including CLOs offered to its retail and institutional customers in which it acts as the fund’s investment manager. The funds are established to provide our clients access to investment vehicles with specific investment objectives and strategies that address the client’s investment needs. BNY Mellon earns investment management fees on these funds as well as performance fees in certain funds. We may also provide start-up capital for new funds. The VIEs are primarily financed by the client’s investments in the funds’ equity or debt. Prior to the adoption of ASU 2015-02, effective Jan. 1, 2015, the accounting guidance on the consolidation of VIEs was included in ASC 810 Consolidation, ASU 2009-17 “Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities,” and ASU 2010-10 “Amendments for Certain Investment Funds,” which deferred ASU 2009-17 for certain asset managers’ interests in entities that apply the specialized accounting guidance for investment companies or that have the attributes of investment companies and for interests in money market funds. As a result of ASU 2010-10, BNY Mellon continued to apply ASC 810 to its mutual funds, hedge funds, private equity funds, collective investment funds and real estate investment trusts. If these entities were determined to be VIEs, primary beneficiary calculations were prepared in accordance with ASC 810 to determine whether or not BNY Mellon was the primary beneficiary and required to consolidate the VIE. The primary beneficiary of a VIE was the party that absorbed a majority of the VIE’s expected losses, received a majority of its expected residual returns or both. BNY Mellon had two securitizations and several CLOs, which were assessed for consolidation in accordance with ASU 2009-17. The primary beneficiary of these VIE’s was the party that has both: (1) the power to direct the activities of the VIE that most significantly impact that entity’s economic performance, and (2) the obligation to absorb losses, or the right to receive benefits, from the VIE that could potentially be significant to the VIE. |
Trading account securities, available-for-sale securities, and held-to-maturity securities | Trading account securities, available-for-sale securities, and held-to-maturity securities Securities are accounted for under ASC 320 Investments - Debt and Equity Securities. Securities are classified in the trading, available-for-sale investment or the held-to-maturity investment securities portfolios when they are purchased. Securities are classified as trading securities when our intention is to resell the securities. Securities are classified as available-for-sale securities when we intend to hold the securities for an indefinite period of time or when the securities may be used for tactical asset/liability purposes and may be sold from time to time to effectively manage interest rate exposure, prepayment risk and liquidity needs. Securities are classified as held-to-maturity securities when we intend to hold them until maturity. Trading securities are measured at fair value. Trading revenue includes both realized and unrealized gains and losses. The liability incurred on short-sale transactions, representing the obligation to deliver securities, is included in trading liabilities at fair value. Available-for-sale securities are measured at fair value. The difference between fair value and amortized cost representing unrealized gains or losses on assets classified as available-for-sale, are recorded net of tax as an addition to or deduction from OCI, unless a security is deemed to have OTTI. Gains and losses on sales of available-for-sale securities are reported in the income statement. The cost of debt and equity securities sold is determined on a specific identification and average cost method, respectively. Held-to-maturity securities are measured at amortized cost. Income on investment securities purchased is adjusted for amortization of premium and accretion of discount on a level yield basis. We routinely conduct periodic reviews to identify and evaluate each investment security to determine whether OTTI has occurred. We examine various factors when determining whether an impairment, representing the fair value of a security being below its amortized cost, is other than temporary. The following are examples of factors that BNY Mellon considers: • The length of time and the extent to which the fair value has been less than the amortized cost basis; • Whether management has an intent to sell the security; • Whether the decline in fair value is attributable to specific adverse conditions affecting a particular investment; • Whether the decline in fair value is attributable to specific conditions, such as conditions in an industry or in a geographic area; • Whether a debt security has been downgraded by a rating agency; • Whether a debt security exhibits cash flow deterioration; and • For each non-agency RMBS, we compare the remaining credit enhancement that protects the individual security from losses against the projected losses of principal and/or interest expected to come from the underlying mortgage collateral, to determine whether such credit losses might directly impact the relevant security. When we do not intend to sell the security and it is more likely than not that BNY Mellon will not be required to sell the security prior to recovery of its cost basis, the credit component of an OTTI of a debt security is recognized in earnings and the non-credit component is recognized in OCI. The determination of whether a credit loss exists is based on the best estimate of the present value of cash flows to be collected from the debt security. Generally, cash flows are discounted at the effective interest rate implicit in the debt security at the time of acquisition. For debt securities that are beneficial interests in securitized financial assets and are not high credit quality, ASC 325 provides that cash flows be discounted at the current yield used to accrete the beneficial interest. If we intend to sell the security or it is more likely than not that BNY Mellon will be required to sell the security prior to recovery of its cost basis, the non-credit component of OTTI is recognized in earnings and subsequently accreted to interest income on an effective yield basis over the life of the security. For held-to-maturity debt securities, the amount of OTTI recorded in OCI for the non-credit portion of a previous OTTI is amortized prospectively, as an increase to the carrying amount of the security, over the remaining life of the security on the basis of the timing of future estimated cash flows of the securities. The accounting policies for the determination of the fair value of financial instruments and OTTI have been identified as “critical accounting estimates” as they require us to make numerous assumptions based on available market data. See Note 4 of the Notes to Consolidated Financial Statements for these disclosures. |
Loans and leases | Loans and leases Loans are reported net of any unearned income and deferred fees and costs. Certain loan origination and upfront commitment fees, as well as certain direct loan origination and commitment costs, are deferred and amortized as a yield adjustment over the lives of the related loans. Loans held for sale are carried at the lower of cost or fair value. Unearned revenue on direct financing leases is accreted over the lives of the leases in decreasing amounts to provide a constant rate of return on the net investment in the leases. Revenue on leveraged leases is recognized on a basis to achieve a constant yield on the outstanding investment in the lease, net of the related deferred tax liability, in the years in which the net investment is positive. Gains and losses on residual values of leased equipment sold are included in investment and other income. Considering the nature of these leases and the number of significant assumptions, there is risk associated with the income recognition on these leases should any of the assumptions change materially in future periods. A modified loan is considered a TDR if the debtor is experiencing financial difficulties and the creditor grants a concession to the debtor that would not otherwise be considered. A TDR may include a transfer of real estate or other assets from the debtor to the creditor, or a modification of the term of the loan. TDRs are accounted for as impaired loans (see the Nonperforming assets policy). |
Nonperforming Assets | Nonperforming assets Commercial loans are placed on nonaccrual status when principal or interest is past due 90 days or more, or when there is reasonable doubt that interest or principal will be collected. When a first lien residential mortgage loan reaches 90 days delinquent, it is subject to an impairment test and may be placed on nonaccrual status. At 180 days delinquent, the loan is subject to further impairment testing. The loan will remain on accrual status if the realizable value of the collateral exceeds the unpaid principal balance plus accrued interest. If the loan is impaired, a charge-off is taken and the loan is placed on nonaccrual status. At 270 days delinquent, all first lien mortgages are placed on nonaccrual status. Second lien mortgages are automatically placed on nonaccrual status when they reach 90 days delinquent. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is reversed against current period interest revenue. Interest receipts on nonaccrual and impaired loans are recognized as interest revenue or are applied to principal when we believe the ultimate collectability of principal is in doubt. Nonaccrual loans generally are restored to an accrual basis when principal and interest become current and remain current for a specified period. A loan is considered to be impaired when it is probable that we will be unable to collect all principal and interest amounts due according to the contractual terms of the loan agreement. An impairment allowance on loans $1 million or greater is required to be measured based upon the loan’s market price, the present value of expected future cash flows, discounted at the loan’s initial effective interest rate, or at fair value of the collateral if the loan is collateral dependent. If the loan valuation is less than the recorded value of the loan, an impairment allowance is established by a provision for credit loss. Impairment allowances are not needed when the recorded investment in an impaired loan is less than the loan valuation. |
Allowance for Loan Losses and Allowance for Lending-Related Commitments | Allowance for loan losses and allowance for lending-related commitments The allowance for loan losses, shown as a valuation allowance to loans, and the allowance for lending-related commitments recorded in other liabilities are referred to as BNY Mellon’s allowance for credit losses. The accounting policy for the determination of the adequacy of the allowances has been identified as a “critical accounting estimate” as it requires us to make numerous complex and subjective estimates and assumptions relating to amounts which are inherently uncertain. The allowance for loan losses is maintained to absorb losses inherent in the loan portfolio as of the balance sheet date based on our judgment. The allowance determination methodology is designed to provide procedural discipline in assessing the appropriateness of the allowance. Credit losses are charged against the allowance. Recoveries are added to the allowance. The methodology for determining the allowance for lending-related commitments considers the same factors as the allowance for loan losses, as well as an estimate of the probability of drawdown. We utilize a quantitative methodology and qualitative framework for determining the allowance for loan losses and the allowance for lending-related commitments. Within this qualitative framework, management applies judgment when assessing internal risk factors and environmental factors to compute an additional allowance for each component of the loan portfolio. The three elements of the allowance for loan losses and the allowance for lending-related commitments include the qualitative allowance framework. The three elements are: • an allowance for impaired credits of $1 million or greater; • an allowance for higher risk-rated credits and pass-rated credits; and • an allowance for residential mortgage loans. Our lending is primarily to institutional customers. As a result, our loans are generally larger than $1 million . Therefore, the first element, impaired credits, is based on individual analysis of all impaired loans of $1 million and greater. The allowance is measured by the difference between the recorded value of impaired loans and their impaired value. Impaired value is either the present value of the expected future cash flows from the borrower, the market value of the loan, or the fair value of the collateral, if the loan is collateral dependent. The second element, higher risk-rated credits and pass-rated credits, is based on our probable loss model. Individual credit analyses are performed on such loans before being assigned a credit rating. All borrowers are assigned to pools based on their credit rating. The probable loss inherent in each loan in a pool incorporates the borrower's credit rating, loss given default rating and maturity. The loss given default incorporates a recovery expectation and an estimate of the use of the facility at default (usage given default). The borrower's probability of default is derived from the associated credit rating. Borrower ratings are reviewed at least annually and are periodically mapped to third-party databases, including rating agency and default and recovery databases, to ensure ongoing consistency and validity. Higher risk-rated credits are reviewed quarterly. The third element, the allowance for residential mortgage loans, is determined by segregating five mortgage pools into delinquency periods ranging from current through foreclosure. Each of these delinquency periods is assigned a probability of default. A specific loss given default is assigned for each mortgage pool. BNY Mellon assigns all residential mortgage pools, except home equity lines of credit, a probability of default and loss given default based on default and loss data derived from internal historical data related to our residential mortgage portfolio. The resulting probable loss factor (the probability of default multiplied by the loss given default) is applied against the loan balance to determine the allowance held for each pool. For home equity lines of credit, probability of default and loss given default are based on external data from third-party databases due to the small size of the portfolio and insufficient internal data. The qualitative framework is used to determine an additional allowance for each portfolio based on the factors below: Internal risk factors: • Nonperforming loans to total non-margin loans; • Criticized assets to total loans and lending-related commitments; • Borrower concentration; and • Significant concentrations in high risk industries and countries. Environmental risk factors: • U.S. non-investment grade default rate; • Unemployment rate; and • Change in real GDP. |
Premises and Equipment | Premises and equipment Premises and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful life of the owned asset and, for leasehold improvements, over the lesser of the remaining term of the leased facility or the estimated economic life of the improvement. For owned and capitalized assets, estimated useful lives range from 2 to 40 years . Maintenance and repairs are charged to expense as incurred, while major improvements are capitalized and amortized to operating expense over their identified useful lives. |
Software | Software BNY Mellon capitalizes costs relating to acquired software and internal-use software development projects that provide new or significantly improved functionality. We capitalize projects that are expected to result in longer-term operational benefits, such as replacement systems or new applications that result in significantly increased operational efficiencies or functionality. All other costs incurred in connection with an internal-use software project are expensed as incurred. Capitalized software is recorded in other assets. |
Identified Intangibles Assets and Goodwill | Identified intangible assets and goodwill Identified intangible assets with estimable lives are amortized in a pattern consistent with the assets’ identifiable cash flows or using a straight-line method over their remaining estimated benefit periods if the pattern of cash flows is not estimable. Intangible assets with estimable lives are reviewed for possible impairment when events or changed circumstances may affect the underlying basis of the asset. Goodwill and intangibles with indefinite lives are not amortized, but are assessed annually for impairment, or more often if events and circumstances indicate it is more likely than not they may be impaired. The accounting policy for valuing and impairment testing of identified intangible assets and goodwill has been identified as a “critical accounting estimate” as it requires us to make numerous complex and subjective estimates. See Note 6 of the Notes to Consolidated Financial Statements for additional disclosures related to goodwill and intangible assets. |
Investments in qualified affordable housing projects | Investments in qualified affordable housing projects Investments in qualified affordable housing projects through a limited liability entity are accounted for utilizing the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the net investment performance is recognized in the income statement as a component of income tax expense. Additionally, the value of the commitments to fund qualified affordable housing projects is included in other assets on the balance sheet and a liability is recorded for the unfunded portion. |
Seed capital | Seed capital Seed capital investments are classified as other assets and carried at fair value. Unrealized gains and losses on seed capital investments are recorded in investment and other income. |
Noncontrolling Interests | Noncontrolling interests Noncontrolling interests included in permanent equity are adjusted for the income or (loss) attributable to the noncontrolling interest holders and any distributions to those shareholders. Redeemable noncontrolling interests are reported as temporary equity. BNY Mellon recognizes changes in the |
Fee Revenue | Fee revenue We record investment services fees, investment management fees, foreign exchange and other trading revenue, financing-related fees, distribution and servicing, and other revenue when the services are provided and earned based on contractual terms, when amounts are determined and collectability is reasonably assured. Additionally, we recognize revenue from non-refundable, upfront implementation fees under outsourcing contracts using a straight-line method, commencing in the period the ongoing services are performed through the expected term of the contractual relationship. Incremental direct set-up costs of implementation, up to the related implementation fee or minimum fee revenue amount, are deferred and amortized over the same period that the related implementation fees are recognized. If a client terminates an outsourcing contract prematurely, the unamortized deferred incremental direct set-up costs and the unamortized deferred up-front implementation fees related to that contract are recognized in the period the contract is terminated. Performance fees are recognized in the period in which the performance fees are earned and become determinable. Performance fees are generally calculated as a percentage of the applicable portfolio’s performance in excess of a benchmark index or a peer group’s performance. When a portfolio underperforms its benchmark or fails to generate positive performance, subsequent years’ performance must generally exceed this shortfall prior to fees being earned. Amounts billable, which are subject to a clawback if future performance thresholds in current or future years are not met, are not recognized since the fees are potentially uncollectible. These fees are recognized when it is determined that they will be collected. When a multi-year performance contract provides that fees earned are billed ratably over the performance period, only the portion of the fees earned that are non-refundable are recognized. |
Net interest revenue | Net interest revenue Revenue on interest-earning assets and expense on interest-bearing liabilities is recognized based on the effective yield of the related financial instrument. Negative interest incurred on assets or charged on liabilities is presented as contra interest income and contra expense respectively. |
Foreign Currency Translation | Foreign currency translation Assets and liabilities denominated in foreign currencies are translated to U.S. dollars at the rate of exchange on the balance sheet date. Transaction gains and losses are included in the income statement. Translation gains and losses on investments in foreign entities with functional currencies that are not the U.S. dollar are recorded as foreign currency translation adjustments in OCI. Revenue and expense transactions are translated at the applicable daily rate or the weighted average monthly exchange rate when applying the daily rate is not practical. |
Pension | Pension The measurement date for BNY Mellon’s pension plans is Dec. 31. Plan assets are determined based on fair value generally representing observable market prices. The projected benefit obligation is determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on the yield curves of high-quality corporate bonds available in the marketplace. The net periodic pension expense or credit includes service costs, interest costs based on an assumed discount rate, an expected return on plan assets based on an actuarially derived market-related value, amortization of prior service cost and amortization of prior years’ actuarial gains and losses. Actuarial gains and losses include gains or losses related to changes in the amount of the projected benefit obligation or plan assets resulting from demographic or investment experience different than assumed, changes in the discount rate or other assumptions. To the extent an actuarial gain or loss exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets, the excess is recognized over the future service periods of active employees. As a result of an amendment adopted on Jan. 29, 2015 to freeze benefit accruals under the U.S. pension plans effective June 30, 2015, future unrecognized actuarial gains and losses for the U.S. plans that exceed a threshold amount are amortized over the average future life expectancy of plan participants with a maximum of 15 years . Our expected long-term rate of return on plan assets is based on anticipated returns for each applicable asset class. Anticipated returns are weighted for the expected allocation for each asset class and are based on forecasts for prospective returns in the equity and fixed income markets, which should track the long-term historical returns for these markets. We also consider the growth outlook for U.S. and global economies, as well as current and prospective interest rates. The market-related value utilized to determine the expected return on plan assets is based on the fair value of plan assets adjusted for the difference between expected returns and actual performance of plan assets. The difference between actual experience and expected returns on plan assets is included as an adjustment in the market-related value over a five -year period. BNY Mellon’s accounting policy regarding pensions has been identified as a “critical accounting estimate” as it requires management to make numerous complex and subjective assumptions relating to amounts which are inherently uncertain. See Note 18 of the Notes to Consolidated Financial Statements for additional disclosures related to pensions. |
Severance | Severance BNY Mellon provides separation benefits for U.S.-based employees through The Bank of New York Mellon Corporation Supplemental Unemployment Benefit Plan. These benefits are provided to eligible employees separated from their jobs for business reasons not related to individual performance. Basic separation benefits are generally based on the employee’s years of continuous benefited service. Severance for employees based outside of the U.S. is determined in accordance with local agreements and legal requirements. Severance expense is recorded when management commits to an action that will result in separation and the amount of the liability can be reasonably estimated. |
Income Taxes | Income taxes We record current tax liabilities or assets through charges or credits to the current tax provision for the estimated taxes payable or refundable for the current year. Deferred tax assets and liabilities are recorded for future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A deferred tax valuation allowance is established if it is more likely than not that all or a portion of the deferred tax assets will not be realized. A tax position that fails to meet a more-likely-than-not recognition threshold will result in either reduction of current or deferred tax assets, and/or recording of current or deferred tax liabilities. Interest and penalties related to income taxes are recorded as income tax expense. |
Derivative Financial Instruments | Derivative financial instruments Derivative contracts, such as futures contracts, forwards, interest rate swaps, foreign currency swaps and options and similar products used in trading activities are recorded at fair value. Gains and losses are included in foreign exchange and other trading revenue in fee and other revenue. Unrealized gains are recognized as trading assets and unrealized losses are recognized as trading liabilities, after taking into consideration master netting agreements. We enter into various derivative financial instruments for non-trading purposes primarily as part of our asset/liability management process. These derivatives are designated as either fair value or cash flow hedges of certain assets and liabilities when we enter into the derivative contracts. Gains and losses associated with fair value hedges are recorded in income as well as any change in the value of the related hedged item associated with the designated risks being hedged. Gains and losses on cash flow hedges are recorded in OCI, until reclassified into earnings in the same period the hedged item impacts earnings. Foreign currency transaction gains and losses related to a hedged net investment in a foreign operation, net of their tax effect, are recorded with cumulative foreign currency translation adjustments within OCI. We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objectives and strategy for undertaking various hedging transactions. We formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective and whether those derivatives are expected to remain highly effective in future periods. At inception, the potential causes of ineffectiveness related to each of our hedges is assessed to determine if we can expect the hedge to be highly effective over the life of the transaction and to determine the method for evaluating effectiveness on an ongoing basis. Recognizing that changes in the value of derivatives used for hedging or the value of hedged items could result in significant ineffectiveness, we have processes in place that are designed to identify and evaluate such changes when they occur. Quarterly, we perform a quantitative effectiveness assessment and record any ineffectiveness in current earnings. We discontinue hedge accounting prospectively when we determine that a derivative is no longer an effective hedge, the derivative expires, is sold, or management discontinues the derivative’s hedge designation. Subsequent gains and losses on these derivatives are included in foreign exchange and other trading revenue. For discontinued fair value hedges, the accumulated gain or loss on the hedged item is amortized on a yield basis over the remaining life of the hedged item. Accumulated gains and losses, net of tax effect, from discontinued cash flow hedges are reclassified from OCI and recognized in current earnings in foreign exchange and other trading revenue as the hedged item impacts earnings. The accounting policy for the determination of the fair value of derivative financial instruments has been identified as a “critical accounting estimate” as it requires us to make numerous assumptions based on the available market data. See Note 23 of the Notes to Consolidated Financial Statements for additional disclosures related to derivative financial instruments. |
Statement of Cash Flows | Statement of cash flows We have defined cash as cash and due from banks. Cash flows from hedging activities are classified in the same category as the items hedged. |
Stock-based Compensation | Stock-based compensation Compensation expense relating to all share-based payments is recognized in the income statement, on a straight-line basis, over the applicable vesting period. Certain of our stock compensation grants vest when the employee retires. New grants with this feature are expensed by the first date the employee is eligible to retire. |
Accounting changes and new accounting guidance | Accounting changes and new accounting guidance ASU - 2015-02 - Consolidation (Topic 810): Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU 2015-02 “Amendments to the Consolidation Analysis,” an amendment to ASC 810, Consolidation. This ASU eliminated the indefinite deferral of ASU 2010-10 “Amendments for Certain Investment Funds” for asset management funds with characteristics of an investment company and also eliminated the presumption that a general partner should consolidate a limited partnership. Entities that comply with or operate in accordance with the requirements that are similar to those of Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds are excluded from the scope of the ASU. This ASU also changed the consolidation analysis, particularly when a reporting entity has fee arrangements that meet certain requirements and for related party relationships. The ASU is effective Jan. 1, 2016, with early adoption permitted during an interim period in fiscal year 2015. In the second quarter of 2015, we elected to early adopt the new accounting guidance retrospectively to Jan. 1, 2015. As a result we restated the first quarter 2015 financial statements. The adoption of this ASU did not change the economic risks related to our businesses and therefore, our computation of economic capital did not change. Adoption of the ASU resulted in a net decrease in consolidated total assets on our balance sheet at Jan. 1, 2015 of $7.7 billion , a decrease of approximately 2% . As of Dec. 31, 2015, we had $1.4 billion in assets included in our consolidated financial statements related to investment management funds (VIEs and VMEs) we are required to consolidate and presented as assets of consolidated investment management funds. Approximately $1.2 billion of these assets are classified as trading assets while the remainder is classified as other assets. The net assets of any consolidated investment management fund are solely available to settle the liabilities of the entity and to settle any investors’ ownership liquidation requests, including any seed capital invested by BNY Mellon. Additionally, BNY Mellon had $189 million included in other assets in its consolidated financial statements for non-consolidated VIE assets as of Dec. 31, 2015 where we are not the primary beneficiary of the entity. These assets relate solely to seed capital or residual interests invested in the VIEs. ASU - 2015-07 - Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015, the FASB issued an ASU, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” An entity’s investments, where fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient, should not be categorized in the fair value hierarchy. The fair value will be included in aggregate to permit the reconciliation of the fair value with line items presented in the statement of financial position. The ASU is effective Jan. 1, 2016, with early adoption permitted during interim periods in fiscal year 2015. The Company adopted the ASU in the second quarter of 2015 and restated its disclosures for comparative periods in Note 20 “Fair value measurement” and Note 18 “Employee benefit plans.” ASU - 2014-11 - Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures In June 2014, the FASB issued an ASU, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures,” which amends the accounting guidance for “repo-to-maturity” transactions and repurchase agreements executed as repurchase financings. This ASU requires public entities to apply the accounting changes for the first interim or annual reporting period beginning after Dec. 15, 2014, and to comply with the enhanced disclosure requirements in the second quarter of 2015. The impact of adopting this ASU did not have a material impact on our results of operations. See Note 23 “Derivative instruments” for the related disclosure. |
Other-than-temporary Impairment | Other-than-temporary impairment We routinely conduct periodic reviews of all securities to determine whether OTTI has occurred. Such reviews may incorporate the use of economic models. Various inputs to the economic models are used to determine if an unrealized loss on securities is other-than-temporary. For example, the most significant inputs related to non-agency RMBS are: • Default rate - the number of mortgage loans expected to go into default over the life of the transaction, which is driven by the roll rate of loans in each performance bucket that will ultimately migrate to default; and • Severity - the loss expected to be realized when a loan defaults. To determine if an unrealized loss is other-than-temporary, we project total estimated defaults of the underlying assets (mortgages) and multiply that calculated amount by an estimate of realizable value upon sale of these assets in the marketplace (severity) in order to determine the projected collateral loss. In determining estimated default rate and severity assumptions, we review the performance of the underlying securities, industry studies, market forecasts, as well as our view of the economic outlook affecting collateral. We also evaluate the current credit enhancement underlying the bond to determine the impact on cash flows. If we determine that a given security will be subject to a write-down or loss, we record the expected credit loss as a charge to earnings. |
Fair Value Measurement | Fair value measurement Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy for fair value measurements is utilized based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. BNY Mellon’s own creditworthiness is considered when valuing liabilities. Fair value focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The objective is to determine from weighted indicators of fair value a reasonable point within the range that is most representative of fair value under current market conditions. Determination of fair value We have established processes for determining fair values. Fair value is based upon quoted market prices in active markets, where available. For financial instruments where quotes from recent exchange transactions are not available, we determine fair value based on discounted cash flow analysis, comparison to similar instruments, and the use of financial models. Discounted cash flow analysis is dependent upon estimated future cash flows and the level of interest rates. Model-based pricing uses inputs of observable prices, where available, for interest rates, foreign exchange rates, option volatilities and other factors. Models are benchmarked and validated by an independent internal risk management function. Our valuation process takes into consideration factors such as counterparty credit quality, liquidity, concentration concerns, and observability of model parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. Most derivative contracts are valued using internally developed models which are calibrated to observable market data and employ standard market pricing theory for their valuations. An initial “risk-neutral” valuation is performed on each position assuming time-discounting based on an AA credit curve. Then, to arrive at a fair value that incorporates counter-party credit risk, a credit adjustment is made to these results by discounting each trade’s expected exposures to the counterparty using the counterparty’s credit spreads, as implied by the credit default swap market. We also adjust expected liabilities to the counterparty using BNY Mellon’s own credit spreads, as implied by the credit default swap market. Accordingly, the valuation of our derivative position is sensitive to the current changes in our own credit spreads as well as those of our counterparties. In certain cases, recent prices may not be observable for instruments that trade in inactive or less active markets. Upon evaluating the uncertainty in valuing financial instruments subject to liquidity issues, we make an adjustment to their value. The determination of the liquidity adjustment includes the availability of external quotes, the time since the latest available quote and the price volatility of the instrument. Certain parameters in some financial models are not directly observable and, therefore, are based on management’s estimates and judgments. These financial instruments are normally traded less actively. We apply valuation adjustments to mitigate the possibility of error and revision in the model based estimate value. Examples include products where parameters such as correlation and recovery rates are unobservable. The methods described above for instruments that trade in inactive or less active markets may produce a current fair value calculation that may not be indicative of net realizable value or reflective of future fair values. We believe our methods of determining fair value are appropriate and consistent with other market participants. However, the use of different methodologies or different assumptions to value certain financial instruments could result in a different estimate of fair value. Valuation hierarchy A three-level valuation hierarchy is used for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are described below. Level 1 : Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 1 assets and liabilities include certain debt and equity securities, derivative financial instruments actively traded on exchanges and U.S. Treasury securities that are actively traded in highly liquid over-the-counter markets. Level 2 : Observable inputs other than Level 1 prices, for example, quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs that are observable or can be corroborated, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 assets and liabilities include debt instruments that are traded less frequently than exchange-traded securities and derivative instruments whose model inputs are observable in the market or can be corroborated by market-observable data. Examples in this category are agency and non-agency mortgage-backed securities, corporate debt securities and over-the-counter derivative contracts. Level 3 : Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Examples in this category include certain private equity investments, derivative contracts that are highly structured or long-dated, and interests in certain securitized financial assets. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Securities Where quoted prices are available in an active market, we classify the securities within Level 1 of the valuation hierarchy. Securities include both long and short positions. Level 1 securities include highly liquid government bonds, money market funds, foreign covered bonds and exchange-traded equities. If quoted market prices are not available, we estimate fair values using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Examples of such instruments, which would generally be classified within Level 2 of the valuation hierarchy, include agency and non-agency mortgage-backed securities, state and political subdivisions, commercial mortgage-backed securities, sovereign debt, corporate bonds and foreign covered bonds. For securities where quotes from recent transactions are not available for identical securities, we determine fair value primarily based on pricing sources with reasonable levels of price transparency that employ financial models or obtain comparison to similar instruments to arrive at “consensus” prices. Specifically, the pricing sources obtain recent transactions for similar types of securities (e.g., vintage, position in the securitization structure) and ascertain variables such as discount rate and speed of prepayment for the types of transaction and apply such variables to similar types of bonds. We view these as observable transactions in the current marketplace and classify such securities as Level 2. Pricing sources discontinue pricing any specific security whenever they determine there is insufficient observable data to provide a good faith opinion on price. In addition, we have significant investments in more actively traded agency RMBS and other types of securities such as sovereign debt. The pricing sources derive the prices for these securities largely from quotes they obtain from three major inter-dealer brokers. The pricing sources receive their daily observed trade price and other information feeds from the inter-dealer brokers. For securities with bond insurance, the financial strength of the insurance provider is analyzed and that information is included in the fair value assessment for such securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, we classify those securities in Level 3 of the valuation hierarchy. Securities classified within Level 3 may include securities of state and political subdivisions and distressed debt securities. At Dec. 31, 2015 , all of our securities were valued by pricing sources with reasonable levels of price transparency. We have no instruments included in Level 3 of the valuation hierarchy. Consolidated collateralized loan obligations BNY Mellon values assets in consolidated CLOs using observable market prices observed from the secondary loan market. The returns to the note holders are solely dependent on the assets and accordingly equal the value of those assets. Based on the structure of the CLOs, the valuation of the assets is attributable to the note holders. Changes in the values of assets and liabilities are reflected in the income statement as investment and other income and interest of investment management fund note holders, respectively. Assets in consolidated CLOs are generally classified within Level 2 of the valuation hierarchy. Derivatives We classify exchange-traded derivatives valued using quoted prices in Level 1 of the valuation hierarchy. Examples include exchange-traded equity and foreign exchange options. Since few other classes of derivative contracts are listed on an exchange, most of our derivative positions are valued using internally developed models that use as their basis readily observable market parameters, and we classify them in Level 2 of the valuation hierarchy. Such derivatives include swaps and options, foreign exchange spot and forward contracts and credit default swaps. Derivatives valued using models with significant unobservable market parameters in markets that lack two-way flow are classified in Level 3 of the valuation hierarchy. Examples include long-dated swaps and options, where parameters may be unobservable for longer maturities; and certain highly structured products, where correlation risk is unobservable. As of Dec. 31, 2015 we have no Level 3 derivatives. Additional disclosures of derivative instruments are provided in Note 23 of the Notes to Consolidated Financial Statements. Loans and unfunded lending-related commitments Where quoted market prices are not available, we generally base the fair value of loans and unfunded lending-related commitments on observable market prices of similar instruments, including bonds, credit derivatives and loans with similar characteristics. If observable market prices are not available, we base the fair value on estimated cash flows adjusted for credit risk which are discounted using an interest rate appropriate for the maturity of the applicable loans or the unfunded lending-related commitments. Unrealized gains and losses, if any, on unfunded lending-related commitments carried at fair value are classified in other assets and other liabilities, respectively. Loans and unfunded lending-related commitments carried at fair value are generally classified within Level 2 of the valuation hierarchy. Seed capital In our Investment Management business, we manage investment assets, including equities, fixed income, money market and alternative investment funds for institutions and other investors. As part of that activity, we make seed capital investments in certain funds. Seed capital is included in other assets. When applicable, we value seed capital based on the published NAV of the fund. For other types of investments in funds, we consider all of the rights and obligations inherent in our ownership interest, including the reported NAV as well as other factors that affect the fair value of our interest in the fund. Certain interests in securitizations For certain interests in securitizations that are classified in securities available-for-sale, trading assets and long-term debt, we use discounted cash flow models, which generally include assumptions of projected finance charges related to the securitized assets, estimated net credit losses, prepayment assumptions and estimates of payments to third-party investors. When available, we compare our fair value estimates and assumptions to market activity and to the actual results of the securitized portfolio. Private equity investments Our Other segment includes holdings of nonpublic private equity investments through funds managed by third-party investment managers. We value private equity investments initially based upon the transaction price, which we subsequently adjust to reflect expected exit values as evidenced by financing and sale transactions with third parties or through ongoing reviews by the investment managers. Private equity investments also include publicly held equity investments, generally obtained through the initial public offering of privately held equity investments. These equity investments are often held in a partnership structure. Publicly held investments are marked-to-market at the quoted public value less adjustments for regulatory or contractual sales restrictions or adjustments to reflect the difficulty in selling a partnership interest. Discounts for restrictions are quantified by analyzing the length of the restriction period and the volatility of the equity security. Publicly held private equity investments are primarily classified in Level 2 of the valuation hierarchy. The following tables present the financial instruments carried at fair value at Dec. 31, 2015 and Dec. 31, 2014 , by caption on the consolidated balance sheet and by valuation hierarchy (as described above). We have included credit ratings information in certain of the tables because the information indicates the degree of credit risk to which we are exposed, and significant changes in ratings classifications could result in increased risk for us. There were no material transfers between Level 1 and Level 2 during 2015. |
Estimated Fair Value of Financial Instruments | Estimated fair value of financial instruments The carrying amounts of our financial instruments (i.e., monetary assets and liabilities) are determined under different accounting methods - see Note 1 of the Notes to Consolidated Financial Statements. The following disclosure discusses these instruments on a uniform fair value basis. However, active markets do not exist for a significant portion of these instruments. For financial instruments where quoted prices from identical assets and liabilities in active markets do not exist, we determine fair value based on discounted cash flow analysis and comparison to similar instruments. Discounted cash flow analysis is dependent upon estimated future cash flows and the level of interest rates. Other judgments would result in different fair values. The fair value information supplements the basic financial statements and other traditional financial data presented throughout this report. A summary of the practices used for determining fair value and the respective level in the valuation hierarchy for financial assets and liabilities not recorded at fair value follows. Interest-bearing deposits with the Federal Reserve and other central banks and interest-bearing deposits with banks The estimated fair value of interest-bearing deposits with the Federal Reserve and other central banks is equal to the book value as these interest-bearing deposits are generally considered cash equivalents. These instruments are classified as Level 2 within the valuation hierarchy. The estimated fair value of interest-bearing deposits with banks is generally determined using discounted cash flows and duration of the instrument to maturity. The primary inputs used to value these transactions are interest rates based on current LIBOR market rates and time to maturity. Interest-bearing deposits with banks are classified as Level 2 within the valuation hierarchy. Federal funds sold and securities purchased under resale agreements The estimated fair value of federal funds sold and securities purchased under resale agreements is based on inputs such as interest rates and tenors. Federal funds sold and securities purchased under resale agreements are classified as Level 2 within the valuation hierarchy. Securities held-to-maturity Where quoted prices are available in an active market for identical assets and liabilities, we classify the securities as Level 1 within the valuation hierarchy. Level 1 securities include U.S. Treasury securities and foreign covered bonds. If quoted market prices are not available for identical assets, we estimate fair value using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Examples of such instruments, which would generally be classified as Level 2 within the valuation hierarchy, include certain agency and non-agency mortgage-backed securities, commercial mortgage-backed securities and state and political subdivision securities. For securities where quotes from active markets are not available for identical securities, we determine fair value primarily based on pricing sources with reasonable levels of price transparency that employ financial models or obtain comparison to similar instruments to arrive at “consensus” prices. Specifically, the pricing sources obtain active market prices for similar types of securities (e.g., vintage, position in the securitization structure) and ascertain variables such as discount rate and speed of prepayment for the types of transaction and apply such variables to similar types of bonds. We view these as observable transactions in the current marketplace and classify such securities as Level 2 within the valuation hierarchy. Loans For residential mortgage loans, fair value is estimated using discounted cash flow analysis, adjusting where appropriate for prepayment estimates, using interest rates currently being offered for loans with similar terms and maturities to borrowers. The estimated fair value of margin loans and overdrafts is equal to the book value due to the short-term nature of these assets. The estimated fair value of other types of loans, including our term loan program, is determined using discounted cash flows. Inputs include current LIBOR market rates adjusted for credit spreads. These loans are generally classified as Level 2 within the valuation hierarchy. Other financial assets Other financial assets include cash, the Federal Reserve Bank stock and accrued interest receivable. Cash is classified as Level 1 within the valuation hierarchy. The Federal Reserve Bank stock is not redeemable or transferable. The estimated fair value of the Federal Reserve Bank stock is based on the issue price and is classified as Level 2 within the valuation hierarchy. Accrued interest receivable is generally short-term. As a result, book value is considered to equal fair value. Accrued interest receivable is included as Level 2 within the valuation hierarchy. Noninterest-bearing and interest-bearing deposits Interest-bearing deposits are comprised of money market rate and demand deposits, savings deposits and time deposits. Except for time deposits, book value is considered to equal fair value for these deposits due to their short duration to maturity or payable on demand feature. The fair value of interest-bearing time deposits is determined using discounted cash flow analysis. Inputs primarily consist of current LIBOR market rates and time to maturity. For all noninterest-bearing deposits, book value is considered to equal fair value as a result of the short duration of the deposit. Interest-bearing and noninterest-bearing deposits are classified as Level 2 within the valuation hierarchy. Federal funds purchased and securities sold under repurchase agreements The estimated fair value of federal funds purchased and securities sold under repurchase agreements is based on inputs such as interest rates and tenors. Federal funds purchased and securities sold under repurchase agreements are classified as Level 2 within the valuation hierarchy. Payables to customers and broker-dealers The estimated fair value of payables to customers and broker-dealers is equal to the book value, due to the demand feature of the payables to customers and broker-dealers, and are classified as Level 2 within the valuation hierarchy. Borrowings Borrowings primarily consist of overdrafts of subcustodian account balances in our Investment Services businesses and accrued interest payable. The estimated fair value of overdrafts of subcustodian account balances in our Investment Services businesses is considered to equal book value as a result of the short duration of the overdrafts and is included as Level 2 within the valuation hierarchy. Overdrafts are typically repaid within two days . Accrued interest payable is generally short-term. As a result, book value is considered to equal fair value. Accrued interest payable is included as Level 2 within the valuation hierarchy. Long-term debt The estimated fair value of long-term debt is based on current rates for instruments of the same remaining maturity or quoted market prices for the same or similar issues. Long-term debt is classified as Level 2 within the valuation hierarchy |
Summary of significant accoun38
Summary of significant accounting and reporting policies Summary of significant accounting and reporting policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Equity Method Investments | Our most significant equity method investments are: Equity method investments at Dec. 31, 2015 (dollars in millions) Percentage ownership Book value CIBC Mellon 50.0 % $ 473 Siguler Guff 20.0 % $ 262 ConvergEx 33.9 % $ 86 (a) (a) In addition to the common ownership interest noted, BNY Mellon also holds an interest in ConvergEx nonvoting Series B preferred units. The book value at Dec. 31, 2015 is reflective of our combined common and preferred interests in ConvergEx. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Securities [Abstract] | |
Amortized Cost and Fair Values of Securities | The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of securities at Dec. 31, 2015 , 2014 , and 2013 . Securities at Dec. 31, 2015 Amortized cost Gross unrealized Fair value (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 12,693 $ 175 $ 36 $ 12,832 U.S. Government agencies 386 2 1 387 State and political subdivisions 3,968 91 13 4,046 Agency RMBS 23,549 239 287 23,501 Non-agency RMBS 782 31 20 793 Other RMBS 1,072 10 21 1,061 Commercial MBS 1,400 8 16 1,392 Agency commercial MBS 4,031 24 35 4,020 Asset-backed CLOs 2,363 1 13 2,351 Other asset-backed securities 2,909 1 17 2,893 Foreign covered bonds 2,125 46 3 2,168 Corporate bonds 1,740 26 14 1,752 Sovereign debt/sovereign guaranteed 13,036 211 30 13,217 Other debt securities 2,732 46 3 2,775 Equity securities 3 1 — 4 Money market funds 886 — — 886 Non-agency RMBS (a) 1,435 362 8 1,789 Total securities available-for-sale (b) $ 75,110 $ 1,274 $ 517 $ 75,867 Held-to-maturity: U.S. Treasury $ 11,326 $ 25 $ 51 $ 11,300 U.S. Government agencies 1,431 — 6 1,425 State and political subdivisions 20 — 1 19 Agency RMBS 26,036 134 205 25,965 Non-agency RMBS 118 5 2 121 Other RMBS 224 1 10 215 Commercial MBS 9 — — 9 Agency commercial MBS 503 — 9 494 Foreign covered bonds 76 — — 76 Sovereign debt/sovereign guaranteed 3,538 22 11 3,549 Other debt securities 31 — — 31 Total securities held-to-maturity $ 43,312 $ 187 $ 295 $ 43,204 Total securities $ 118,422 $ 1,461 $ 812 $ 119,071 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) Includes gross unrealized gains of $84 million and gross unrealized losses of $248 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses primarily are related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. Securities at Dec. 31, 2014 Amortized cost Gross Fair (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 19,592 $ 420 $ 15 $ 19,997 U.S. Government agencies 342 3 2 343 State and political subdivisions 5,176 95 24 5,247 Agency RMBS 32,568 357 325 32,600 Non-agency RMBS 942 37 26 953 Other RMBS 1,551 25 25 1,551 Commercial MBS 1,927 39 7 1,959 Agency commercial MBS 3,105 36 9 3,132 Asset-backed CLOs 2,128 9 7 2,130 Other asset-backed securities 3,241 5 6 3,240 Foreign covered bonds 2,788 80 — 2,868 Corporate bonds 1,747 45 7 1,785 Sovereign debt/sovereign guaranteed 17,062 224 2 17,284 Other debt securities 2,162 7 — 2,169 Equity securities 94 1 — 95 Money market funds 763 — — 763 Non-agency RMBS (a) 1,747 471 4 2,214 Total securities available-for-sale (b) $ 96,935 $ 1,854 $ 459 $ 98,330 Held-to-maturity: U.S. Treasury $ 5,047 $ 32 $ 16 $ 5,063 U.S. Government agencies 344 — 3 341 State and political subdivisions 24 1 1 24 Agency RMBS 14,006 200 44 14,162 Non-agency RMBS 153 9 2 160 Other RMBS 315 2 8 309 Commercial MBS 13 — — 13 Sovereign debt/sovereign guaranteed 1,031 24 — 1,055 Total securities held-to-maturity $ 20,933 $ 268 $ 74 $ 21,127 Total securities $ 117,868 $ 2,122 $ 533 $ 119,457 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) Includes gross unrealized gains of $60 million and gross unrealized losses of $282 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses are primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. Securities at Dec. 31, 2013 Amortized cost Gross Fair value (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 13,363 $ 94 $ 605 $ 12,852 U.S. Government agencies 937 16 5 948 State and political subdivisions 6,706 60 92 6,674 Agency RMBS 25,564 307 550 25,321 Non-agency RMBS 1,148 44 50 1,142 Other RMBS 2,299 43 57 2,285 Commercial MBS 2,324 60 27 2,357 Agency commercial MBS 1,822 1 34 1,789 Asset-backed CLOs 1,551 11 — 1,562 Other asset-backed securities 2,894 6 9 2,891 Foreign covered bonds 2,798 73 — 2,871 Corporate bonds 1,808 32 25 1,815 Other debt securities 1,793 4 — 1,797 Sovereign debt/sovereign guaranteed 11,284 87 18 11,353 Equity securities 18 1 — 19 Money market funds 938 — — 938 Non-agency RMBS (a) 2,131 567 3 2,695 Total securities available-for-sale (b) $ 79,378 $ 1,406 $ 1,475 $ 79,309 Held-to-maturity: U.S. Treasury $ 3,324 $ 28 $ 84 $ 3,268 U.S. Government agencies 419 — 13 406 State and political subdivisions 44 — — 44 Agency RMBS 14,568 20 236 14,352 Non-agency RMBS 186 10 3 193 Other RMBS 466 3 20 449 Commercial MBS 16 1 — 17 Sovereign debt/sovereign guaranteed 720 — 6 714 Total securities held-to-maturity $ 19,743 $ 62 $ 362 $ 19,443 Total securities $ 99,121 $ 1,468 $ 1,837 $ 98,752 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) Includes gross unrealized gains of $74 million and gross unrealized losses of $343 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses are primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. |
Schedule of Realized Gain (Loss) | The following table presents the gross securities gains, losses and impairments. Net securities gains (losses) (in millions) 2015 2014 2013 Realized gross gains $ 90 $ 114 $ 186 Realized gross losses (2 ) (4 ) (10 ) Recognized gross impairments (5 ) (19 ) (35 ) Total net securities gains $ 83 $ 91 $ 141 |
Aggregate Fair Value of Investments with Continuous Unrealized Loss Position | The following tables show the aggregate related fair value of investments with a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or more at Dec. 31, 2015 , and Dec. 31, 2014 . Temporarily impaired securities at Dec. 31, 2015 Less than 12 months 12 months or more Total (in millions) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale: U.S. Treasury $ 6,343 $ 36 $ — $ — $ 6,343 $ 36 U.S. Government agencies 148 1 10 — 158 1 State and political subdivisions 143 2 117 11 260 13 Agency RMBS 8,500 44 1,316 243 9,816 287 Non-agency RMBS 72 — 417 20 489 20 Other RMBS 2 — 298 21 300 21 Commercial MBS 567 9 224 7 791 16 Agency commercial MBS 2,551 31 172 4 2,723 35 Asset-backed CLOs 1,599 10 455 3 2,054 13 Other asset-backed securities 2,001 10 546 7 2,547 17 Corporate bonds 338 10 128 4 466 14 Sovereign debt/sovereign guaranteed 2,063 30 43 — 2,106 30 Non-agency RMBS (a) 45 1 52 7 97 8 Other debt securities 505 3 — — 505 3 Foreign covered bonds 515 3 — — 515 3 Total securities available-for-sale (b) $ 25,392 $ 190 $ 3,778 $ 327 $ 29,170 $ 517 Held-to-maturity: U.S. Treasury $ 9,121 $ 51 $ — $ — $ 9,121 $ 51 U.S. Government agencies 1,122 6 — — $ 1,122 6 State and political subdivisions 4 1 — — 4 1 Agency RMBS 16,491 171 1,917 34 18,408 205 Non-agency RMBS 40 — 29 2 69 2 Other RMBS 9 — 166 10 175 10 Agency commercial MBS 494 9 — — 494 9 Sovereign debt/sovereign guaranteed 2,161 11 — — 2,161 11 Total securities held-to-maturity $ 29,442 $ 249 $ 2,112 $ 46 $ 31,554 $ 295 Total temporarily impaired securities $ 54,834 $ 439 $ 5,890 $ 373 $ 60,724 $ 812 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) Includes gross unrealized losses for less than 12 months of $8 million and gross unrealized losses for 12 months or more of $240 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. Temporarily impaired securities at Dec. 31, 2014 Less than 12 months 12 months or more Total (in millions) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale: U.S. Treasury $ 6,049 $ 15 $ — $ — $ 6,049 $ 15 U.S. Government agencies 32 — 100 2 132 2 State and political subdivisions 410 18 393 6 803 24 Agency RMBS 3,385 13 5,016 312 8,401 325 Non-agency RMBS 143 1 382 25 525 26 Other RMBS — — 449 25 449 25 Commercial MBS 175 1 394 6 569 7 Agency commercial MBS 719 1 550 8 1,269 9 Asset-backed CLOs 1,376 7 — — 1,376 7 Other asset-backed securities 1,078 2 539 4 1,617 6 Corporate bonds 51 — 230 7 281 7 Sovereign debt/sovereign guaranteed 2,175 2 — — 2,175 2 Non-agency RMBS (a) 42 1 34 3 76 4 Total securities available-for-sale (b) $ 15,635 $ 61 $ 8,087 $ 398 $ 23,722 $ 459 Held-to-maturity: U.S. Treasury $ 1,066 $ 6 $ 1,559 $ 10 $ 2,625 $ 16 U.S. Government agencies — — 340 3 340 3 State and political subdivisions 5 1 — — 5 1 Agency RMBS 551 3 3,808 41 4,359 44 Non-agency RMBS 40 — 33 2 73 2 Other RMBS — — 219 8 219 8 Total securities held-to-maturity $ 1,662 $ 10 $ 5,959 $ 64 $ 7,621 $ 74 Total temporarily impaired securities $ 17,297 $ 71 $ 14,046 $ 462 $ 31,343 $ 533 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) Includes gross unrealized losses for 12 months or more of $282 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. |
Maturity Distribution by Carrying Amount and Yield (on Tax Equivalent Basis) of Investment Securities Portfolio | The following table shows the maturity distribution by carrying amount and yield (on a tax equivalent basis) of our investment securities portfolio at Dec. 31, 2015 . Maturity distribution and yield on investment securities at U.S. Treasury U.S. Government agencies State and political subdivisions Other bonds, notes and debentures Mortgage/ asset-backed and equity securities (dollars in millions) Amount Yield (a) Amount Yield (a) Amount Yield (a) Amount Yield (a) Amount Yield (a) Total Securities available-for-sale: One year or less $ 3,766 0.48 % $ 51 2.56 % $ 655 1.99 % $ 4,811 0.90 % $ — — % $ 9,283 Over 1 through 5 years 4,445 1.53 169 1.24 2,002 2.70 12,937 1.11 — — 19,553 Over 5 through 10 years 1,217 2.09 167 2.45 1,189 3.98 1,963 1.33 — — 4,536 Over 10 years 3,404 3.11 — — 200 1.03 201 1.69 — — 3,805 Mortgage-backed securities — — — — — — — — 32,556 2.65 32,556 Asset-backed securities — — — — — — — — 5,244 1.30 5,244 Equity securities (b) — — — — — — — — 890 — 890 Total $ 12,832 1.69 % $ 387 1.94 % $ 4,046 2.88 % $ 19,912 1.09 % $ 38,690 2.41 % $ 75,867 Securities held-to-maturity: One year or less $ 1,160 0.71 % $ — — % $ — — % $ 1,442 0.24 % $ — — % $ 2,602 Over 1 through 5 years 7,605 1.10 1,431 1.06 1 7.01 1,473 0.61 — — 10,510 Over 5 through 10 years 2,561 2.06 — — 4 6.80 730 0.71 — — 3,295 Over 10 years — — — — 15 5.34 — — — — 15 Mortgage-backed securities — — — — — — — — 26,890 2.73 26,890 Total $ 11,326 1.28 % $ 1,431 1.06 % $ 20 5.75 % $ 3,645 0.48 % $ 26,890 2.73 % $ 43,312 (a) Yields are based upon the amortized cost of securities. (b) Includes money market funds. |
Projected Weighted-Average Default Rates and Loss Severities | The table below shows the projected weighted-average default rates and loss severities for the 2007, 2006 and late 2005 non-agency RMBS and the securities previously held in the Grantor Trust that we established in connection with the restructuring of our investment securities portfolio in 2009, at Dec. 31, 2015 and Dec. 31, 2014 . Projected weighted-average default rates and loss severities Dec. 31, 2015 Dec. 31, 2014 Default rate Severity Default rate Severity Alt-A 33 % 57 % 38 % 58 % Subprime 52 % 72 % 55 % 74 % Prime 18 % 40 % 23 % 42 % |
Pre-Tax Securities Gains (Losses) by Type | The following table provides net pre-tax securities gains (losses) by type. Net securities gains (losses) 2015 2014 2013 (in millions) U.S. Treasury $ 45 $ 25 $ 60 Non-agency RMBS 7 17 (1 ) Commercial MBS 5 1 16 State and political subdivisions 4 13 13 European floating rate notes 2 1 8 Other 20 34 45 Total net securities gains $ 83 $ 91 $ 141 |
Debt Securities Credit Losses Roll Forward Recorded in Earnings | The following tables reflect investment securities credit losses recorded in earnings. The beginning balance represents the credit loss component for which OTTI occurred on debt securities in prior periods. The additions represent the first time a debt security was credit impaired or when subsequent credit impairments have occurred. The deductions represent credit losses on securities that have been sold, are required to be sold, or for which it is our intention to sell. Debt securities credit loss roll forward (in millions) 2015 2014 Beginning balance as of Jan. 1 $ 93 $ 119 Add: Initial OTTI credit losses — 2 Subsequent OTTI credit losses 5 10 Less: Realized losses for securities sold 7 38 Ending balance as of Dec. 31 $ 91 $ 93 |
Loans and asset quality (Tables
Loans and asset quality (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loan Portfolio | The table below provides the details of our loan portfolio and industry concentrations of credit risk at Dec. 31, 2015 and 2014 . Loans Dec. 31, (in millions) 2015 2014 Domestic: Financial institutions $ 6,640 $ 5,603 Commercial 2,115 1,390 Wealth management loans and mortgages 13,247 11,095 Commercial real estate 3,899 2,524 Lease financings 1,007 1,282 Other residential mortgages 1,055 1,222 Overdrafts 911 1,348 Other 1,137 1,113 Margin loans 19,340 20,034 Total domestic 49,351 45,611 Foreign: Financial institutions 9,259 7,716 Commercial 227 252 Wealth management loans and mortgages 100 89 Commercial real estate 46 6 Lease financings 850 889 Other (primarily overdrafts) 3,637 4,569 Margin loans 233 — Total foreign 14,352 13,521 Total loans (a) $ 63,703 $ 59,132 (a) Net of unearned income of $674 million at Dec. 31, 2015 and $866 million at Dec. 31, 2014 primarily on domestic and foreign lease financings. |
Allowance for Credit Losses Activity | Transactions in the allowance for credit losses are summarized as follows: Allowance for credit losses activity for the year ended Dec. 31, 2015 Wealth management loans and mortgages Other residential mortgages (in millions) Commercial Commercial real estate Financial institutions Lease financings All Other Foreign Total Beginning balance $ 60 $ 50 $ 31 $ 32 $ 22 $ 41 $ — $ 44 $ 280 Charge-offs — — (170 ) — — (2 ) — — (172 ) Recoveries — — 1 — — 6 — — 7 Net (charge-offs) recoveries — — (169 ) — — 4 — — (165 ) Provision 22 9 169 (17 ) (3 ) (11 ) — (9 ) 160 Ending balance $ 82 $ 59 $ 31 $ 15 $ 19 $ 34 $ — $ 35 $ 275 Allowance for: Loan losses $ 24 $ 37 $ 9 $ 15 $ 15 $ 34 $ — $ 23 $ 157 Lending-related commitments 58 22 22 — 4 — — 12 118 Individually evaluated for impairment: Loan balance $ — $ 1 $ 171 $ — $ 8 $ — $ — $ — $ 180 Allowance for loan losses — 1 — — 1 — — — 2 Collectively evaluated for impairment: Loan balance $ 2,115 $ 3,496 $ 6,469 $ 1,007 $ 13,239 $ 1,035 $ 21,388 (a) $ 14,352 $ 63,101 Allowance for loan losses 24 36 9 15 14 34 — 23 155 (a) Includes $911 million of domestic overdrafts, $19,340 million of margin loans and $1,137 million of other loans at Dec. 31, 2015 . Allowance for credit losses activity for the year ended Dec. 31, 2014 Wealth management loans and mortgages Other residential mortgages (in millions) Commercial Commercial real estate Financial institutions Lease financings All Other Foreign Total Beginning balance $ 83 $ 41 $ 49 $ 37 $ 24 $ 54 $ — $ 56 $ 344 Charge-offs (12 ) (2 ) — — (1 ) (2 ) — (3 ) (20 ) Recoveries 1 — 1 — — 2 — — 4 Net (charge-offs) recoveries (11 ) (2 ) 1 — (1 ) — — (3 ) (16 ) Provision (12 ) 11 (19 ) (5 ) (1 ) (13 ) — (9 ) (48 ) Ending balance $ 60 $ 50 $ 31 $ 32 $ 22 $ 41 $ — $ 44 $ 280 Allowance for: Loan losses $ 17 $ 32 $ 17 $ 32 $ 17 $ 41 $ — $ 35 $ 191 Lending-related commitments 43 18 14 — 5 — — 9 89 Individually evaluated for impairment: Loan balance $ — $ — $ — $ — $ 8 $ — $ — $ — $ 8 Allowance for loan losses — — — — 1 — — — 1 Collectively evaluated for impairment: Loan balance $ 1,390 $ 2,503 $ 5,603 $ 1,282 $ 11,087 $ 1,222 $ 22,495 (a) $ 13,521 $ 59,103 Allowance for loan losses 17 32 17 32 16 41 — 35 190 (a) Includes $1,348 million of domestic overdrafts, $20,034 million of margin loans and $1,113 million of other loans at Dec. 31, 2014 . Allowance for credit losses activity for the year ended Dec. 31, 2013 Wealth management loans and mortgages Other residential mortgages All Other Foreign Total (in millions) Commercial Commercial real estate Financial institutions Lease financings Beginning balance $ 104 $ 30 $ 36 $ 49 $ 30 $ 88 $ 2 $ 48 $ 387 Charge-offs (4 ) (1 ) — — (1 ) (8 ) — (3 ) (17 ) Recoveries 1 — 4 — — 4 — — 9 Net (charge-offs) (3 ) (1 ) 4 — (1 ) (4 ) — (3 ) (8 ) Provision (18 ) 12 9 (12 ) (5 ) (30 ) (2 ) 11 (35 ) Ending balance $ 83 $ 41 $ 49 $ 37 $ 24 $ 54 $ — $ 56 $ 344 Allowance for: Loan losses $ 21 $ 21 $ 10 $ 37 $ 19 $ 54 $ — $ 48 $ 210 Lending-related commitments 62 20 39 — 5 — — 8 134 Individually evaluated for impairment: Loan balance $ 15 $ 3 $ — $ — $ 12 $ — $ — $ 6 $ 36 Allowance for loan losses 2 1 — — 3 — — 1 7 Collectively evaluated for impairment: Loan balance $ 1,519 $ 1,998 $ 4,511 $ 1,322 $ 9,731 $ 1,385 $ 17,734 (a) $ 13,421 $ 51,621 Allowance for loan losses 19 20 10 37 16 54 — 47 203 (a) Includes $1,314 million of domestic overdrafts, $15,652 million of margin loans and $768 million of other loans at Dec. 31, 2013 . |
Nonperforming Assets | The table below presents the distribution of our nonperforming assets. Nonperforming assets (in millions) Dec. 31, 2015 Dec. 31, 2014 Nonperforming loans: Financial institutions $ 171 $ — Other residential mortgages 102 112 Wealth management loans and mortgages 11 12 Commercial real estate 2 1 Total nonperforming loans 286 125 Other assets owned 6 3 Total nonperforming assets (a) $ 292 $ 128 (a) Loans of consolidated investment management funds are not part of BNY Mellon’s loan portfolio. Included in the loans of consolidated investment management funds are nonperforming loans of $53 million at Dec. 31, 2014 . These loans are recorded at fair value and therefore do not impact the provision for credit losses and allowance for loan losses, and accordingly are excluded from the nonperforming assets table above. In the second quarter of 2015, BNY Mellon adopted the new accounting guidance included in ASU 2015-02, Consolidations. As a result, we deconsolidated substantially all of the loans of consolidated investment management funds retrospectively to Jan. 1, 2015. |
Lost Interest | The table below presents the amount of lost interest income. Lost interest (in millions) 2015 2014 2013 Amount by which interest income recognized on nonperforming loans exceeded reversals Total $ — $ 1 $ 2 Foreign — — — Amount by which interest income would have increased if nonperforming loans at year-end had been performing for the entire year Total $ 6 $ 7 $ 9 Foreign — — — |
Information about Impaired Loans | The tables below provide information about our impaired loans. We use the discounted cash flow method as the primary method for valuing impaired loans. Impaired loans 2015 2014 2013 (in millions) Average recorded investment Interest income recognized Average recorded investment Interest income recognized Average recorded investment Interest income recognized Impaired loans with an allowance: Commercial $ — $ — $ 11 $ — $ 37 $ 1 Commercial real estate 1 — 2 — 5 — Financial institutions — — — — 1 — Wealth management loans and mortgages 6 — 8 — 17 — Foreign — — 3 — 8 — Total impaired loans with an allowance 7 — 24 — 68 1 Impaired loans without an allowance : Commercial — — — — 2 — Commercial real estate — — 1 — 6 — Financial institutions — — — — 1 — Wealth management loans and mortgages 2 — 2 — 3 — Total impaired loans without an allowance (a) 2 — 3 — 12 — Total impaired loans $ 9 $ — $ 27 $ — $ 80 $ 1 (a) When the discounted cash flows, collateral value or market price equals or exceeds the carrying value of the loan, then the loan does not require an allowance under the accounting standard related to impaired loans. Impaired loans Dec. 31, 2015 Dec. 31, 2014 (in millions) Recorded investment Unpaid principal balance Related allowance (a) Recorded investment Unpaid principal balance Related allowance (a) Impaired loans with an allowance: Wealth management loans and mortgages $ 6 $ 7 $ 1 $ 6 $ 6 $ 1 Commercial real estate 1 3 1 — — — Total impaired loans with an allowance 7 10 2 6 6 1 Impaired loans without an allowance : Financial institutions 171 312 N/A — — N/A Wealth management loans and mortgages 2 2 N/A 2 2 N/A Commercial real estate — — N/A 1 3 N/A Total impaired loans without an allowance (b) 173 314 N/A 3 5 N/A Total impaired loans (c) $ 180 $ 324 $ 2 $ 9 $ 11 $ 1 (a) The allowance for impaired loans is included in the allowance for loan losses. (b) When the discounted cash flows, collateral value or market price equals or exceeds the carrying value of the loan, then the loan does not require an allowance under the accounting standard related to impaired loans. (c) Excludes an aggregate of $2 million and less than $1 million of impaired loans in amounts individually less than $1 million at Dec. 31, 2015 and Dec. 31, 2014 , respectively. The allowance for loan loss associated with these loans totaled less than $1 million at both Dec. 31, 2015 and Dec. 31, 2014 . |
Information about Past Due Loans | The table below sets forth information about our past due loans. Past due loans and still accruing interest Dec. 31, 2015 Dec. 31, 2014 Days past due Total past due Days past due Total past due (in millions) 30-59 60-89 >90 30-59 60-89 >90 Commercial real estate $ 57 $ 11 $ — $ 68 $ 79 $ — $ — $ 79 Wealth management loans and mortgages 69 2 1 72 45 — 1 46 Other residential mortgages 22 5 4 31 23 3 5 31 Total past due loans $ 148 $ 18 $ 5 $ 171 $ 147 $ 3 $ 6 $ 156 |
Troubled Debt Restructurings | The following table presents TDRs that occurred in 2015 and 2014. TDRs 2015 2014 Outstanding recorded investment Outstanding recorded investment (dollars in millions) Number of contracts Pre-modification Post-modification Number of contracts Pre-modification Post-modification Other residential mortgages 68 $ 13 $ 16 108 $ 17 $ 20 Wealth management loans and mortgages 4 — — 1 — — Foreign — — — 1 5 4 Total TDRs 72 $ 13 $ 16 110 $ 22 $ 24 |
Credit Quality Indicators - Commercial Portfolio - Credit Risk Profile by Creditworthiness Category | The following tables set forth information about credit quality indicators. Commercial loan portfolio Commercial loan portfolio – Credit risk profile by creditworthiness category Commercial Commercial real estate Financial institutions (in millions) Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014 Investment grade $ 2,026 $ 1,381 $ 2,678 $ 1,641 $ 13,965 $ 11,576 Non-investment grade 316 261 1,267 889 1,934 1,743 Total $ 2,342 $ 1,642 $ 3,945 $ 2,530 $ 15,899 $ 13,319 |
Credit Quality Indicators - Wealth Management Loans and Mortgages - Credit Risk Profile by Internally Assigned Grade | Wealth management loans and mortgages Wealth management loans and mortgages – Credit risk profile by internally assigned grade (in millions) Dec. 31, 2015 Dec. 31, 2014 Wealth management loans: Investment grade $ 6,529 $ 5,621 Non-investment grade 171 29 Wealth management mortgages 6,647 5,534 Total $ 13,347 $ 11,184 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by Business Segment | The tables below provide a breakdown of goodwill by business. Goodwill by business (in millions) Investment (a) Investment Other (a) Consolidated Balance at Dec. 31, 2013 $ 9,446 $ 8,550 $ 77 $ 18,073 Acquisition/dispositions — 39 — 39 Foreign currency translation (118 ) (124 ) (3 ) (245 ) Other (b) — 2 — 2 Balance at Dec. 31, 2014 $ 9,328 $ 8,467 $ 74 $ 17,869 Acquisitions/dispositions 10 — (22 ) (12 ) Foreign currency translation (128 ) (105 ) (3 ) (236 ) Other (b) (3 ) — — (3 ) Balance at Dec. 31, 2015 $ 9,207 $ 8,362 $ 49 $ 17,618 (a) Includes the reclassification of goodwill associated with Meriten from Investment Management to the Other segment. (b) Other changes in goodwill include purchase price adjustments and certain other reclassifications. |
Intangible Assets by Business Segment | The tables below provide a breakdown of intangible assets by business. Intangible assets – net carrying amount by business (in millions) Investment (a) Investment Other (a) Consolidated Balance at Dec. 31, 2013 $ 2,047 $ 1,538 $ 867 $ 4,452 Amortization (118 ) (175 ) (5 ) (298 ) Foreign currency translation (18 ) (8 ) (1 ) (27 ) Balance at Dec. 31, 2014 $ 1,911 $ 1,355 $ 861 $ 4,127 Acquisitions/dispositions 9 — (9 ) — Amortization (97 ) (162 ) (2 ) (261 ) Foreign currency translation (16 ) (7 ) (1 ) (24 ) Balance at Dec. 31, 2015 $ 1,807 $ 1,186 $ 849 $ 3,842 (a) Includes the reclassification of intangible assets associated with Meriten from Investment Management to the Other segment. |
Intangible Assets by Type | The table below provides a breakdown of intangible assets by type. Intangible assets Dec. 31, 2015 Dec. 31, 2014 (in millions) Gross carrying amount Accumulated amortization Net carrying amount Remaining weighted- average amortization period Gross carrying amount Accumulated amortization Net carrying amount Subject to amortization: Customer relationships—Investment Management $ 1,709 $ (1,351 ) $ 358 11 years $ 1,945 $ (1,481 ) $ 464 Customer contracts—Investment Services 2,313 (1,503 ) 810 10 years 2,328 (1,354 ) 974 Other 75 (66 ) 9 3 years 81 (67 ) 14 Total subject to amortization 4,097 (2,920 ) 1,177 10 years 4,354 (2,902 ) 1,452 Not subject to amortization: (a) Trade name 1,358 N/A 1,358 N/A 1,360 N/A 1,360 Customer relationships 1,307 N/A 1,307 N/A 1,315 N/A 1,315 Total not subject to amortization 2,665 N/A 2,665 N/A 2,675 N/A 2,675 Total intangible assets $ 6,762 $ (2,920 ) $ 3,842 N/A $ 7,029 $ (2,902 ) $ 4,127 (a) Intangible assets not subject to amortization have an indefinite life. |
Estimated Annual Amortization Expense | Estimated annual amortization expense for current intangibles for the next five years is as follows: For the year ended Estimated amortization expense (in millions) 2016 $ 238 2017 214 2018 180 2019 108 2020 97 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets | Other assets Dec. 31, (in millions) 2015 2014 Corporate/bank owned life insurance $ 4,704 $ 4,598 Accounts receivable 3,535 4,166 Equity in joint venture and other investments (a) 3,329 3,287 Income taxes receivable 1,554 2,142 Fails to deliver 1,494 1,351 Software 1,355 1,332 Prepaid pension assets 727 708 Fair value of hedging derivatives 716 851 Prepaid expenses 464 451 Due from customers on acceptances 258 247 Other 1,490 1,357 Total other assets $ 19,626 $ 20,490 (a) Includes Federal Reserve Bank stock of $453 million and $447 million , respectively, at cost. |
Seed Capital and Private Equity Investments Valued Using Net Asset Value | The table below presents information about BNY Mellon’s investments in seed capital and private equity investments that have been valued using NAV. Seed capital and private equity investments valued using NAV Dec. 31, 2015 Dec. 31, 2014 (dollar amounts in millions) Fair value Unfunded commitments Redemption frequency Redemption notice period Fair value Unfunded commitments Redemption frequency Redemption notice period Seed capital and other funds (a) $ 83 $ 1 Daily-quarterly 1-180 days $ 307 $ — Daily-quarterly 0-180 days Private equity investments (b)(c) 34 58 N/A N/A 35 45 N/A N/A Total $ 117 $ 59 $ 342 $ 45 (a) Other funds include various leveraged loans, structured credit funds and hedge funds. Redemption notice periods vary by fund. (b) Private equity funds primarily include numerous venture capital funds that invest in various sectors of the economy. Private equity funds do not have redemption rights. Distributions from such funds will be received as the underlying investments in the funds are liquidated. (c) Includes investments and unfunded commitments related to SBICs, which are compliant with the Volcker Rule, of $34 million and $58 million , respectively, at Dec. 31, 2015 and $18 million and $45 million , respectively, at Dec. 31, 2014 . N/A - Not applicable. |
Net Interest Revenue (Tables)
Net Interest Revenue (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Interest Revenue (Expense), Net [Abstract] | |
Net Interest Revenue | The following table provides the components of net interest revenue presented on the consolidated income statement. Net interest revenue (in millions) 2015 2014 2013 Interest revenue Non-margin loans $ 727 $ 697 $ 674 Margin loans 207 182 160 Securities: Taxable 1,813 1,603 1,782 Exempt from federal income taxes 82 100 103 Total securities 1,895 1,703 1,885 Deposits with banks 104 238 279 Deposits with the Federal Reserve and other central banks 170 207 150 Federal funds sold and securities purchased under resale agreements 147 86 47 Trading assets 76 121 157 Total interest revenue 3,326 3,234 3,352 Interest expense Deposits in domestic offices 30 29 35 Deposits in foreign offices 7 54 70 Federal funds purchased and securities sold under repurchase agreements (6 ) (13 ) (16 ) Trading liabilities 9 25 38 Other borrowed funds 9 6 7 Commercial paper 2 2 — Customer payables 7 9 8 Long-term debt 242 242 201 Total interest expense 300 354 343 Net interest revenue $ 3,026 $ 2,880 $ 3,009 |
Noninterest Expense (Tables)
Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Noninterest Expense [Abstract] | |
Noninterest Expense | The following table provides a breakdown of noninterest expense presented on the consolidated income statement. Noninterest expense (in millions) 2015 2014 2013 Staff: Compensation $ 3,580 $ 3,630 $ 3,620 Incentives 1,415 1,331 1,384 Employee benefits 842 884 1,015 Total staff 5,837 5,845 6,019 Professional, legal and other purchased services 1,230 1,339 1,252 Software 627 620 596 Net occupancy 600 610 629 Distribution and servicing 381 428 435 Furniture and equipment 280 322 337 Sub-custodian 270 286 280 Business development 267 268 317 Clearing 150 129 130 Communications 103 119 131 Other 708 783 768 Amortization of intangible assets 261 298 342 Litigation 87 953 24 Merger and integration and restructuring charges (2 ) 177 46 Total noninterest expense $ 10,799 $ 12,177 $ 11,306 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Streamlining Actions | |
Restructuring Cost and Reserve [Line Items] | |
Activity in Restructuring Reserve | The following table presents the activity in the reserve through Dec. 31, 2015 . Streamlining actions 2014 – restructuring reserve activity (in millions) Total Original restructuring charge $ 125 Net additional charges 59 Utilization (92 ) Balance at Dec. 31, 2014 92 Net additional charges 16 Utilization (79 ) Balance at Dec. 31, 2015 $ 29 |
Restructuring Charges by Business Segment | The table below presents the restructuring charge if it had been allocated by business. Streamlining actions 2014 – restructuring charge by business Total charges since inception (in millions) 2015 2014 Investment Management $ 12 $ 23 $ 35 Investment Services 2 83 85 Other segment (including Business Partners) 2 78 80 Total restructuring charge $ 16 $ 184 $ 200 |
Operational Efficiency Initiatives 2011 | |
Restructuring Cost and Reserve [Line Items] | |
Activity in Restructuring Reserve | The following table presents the activity in the restructuring reserve related to the Operational Excellence Initiatives through Dec. 31, 2015 . Operational Excellence Initiatives 2011 – restructuring reserve activity (in millions) Severance Other Total Original restructuring charge $ 78 $ 29 $ 107 Net additional charges (net recovery/gain) 100 (57 ) 43 Utilization (98 ) 28 (70 ) Balance at Dec. 31, 2013 80 — 80 Net additional (recovery) (7 ) — (7 ) Utilization (45 ) — (45 ) Balance at Dec. 31, 2014 28 — 28 Net additional (recovery) (9 ) — (9 ) Utilization (10 ) — (10 ) Balance at Dec. 31, 2015 $ 9 $ — $ 9 |
Restructuring Charges by Business Segment | The table below presents the restructuring charge if it had been allocated by business. Operational Excellence Initiatives 2011 – restructuring charge (recovery) by business Total charges since inception (in millions) 2015 2014 2013 Investment Management $ (2 ) $ (1 ) $ 4 $ 49 Investment Services (2 ) (1 ) 25 82 Other segment (including Business Partners) (5 ) (5 ) 16 3 Total restructuring charge (recovery) $ (9 ) $ (7 ) $ 45 $ 134 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision (Benefit) for Income Taxes from Continuing Operations | The components of the income tax provision are as follows: Provision (benefit) for income taxes Year ended Dec. 31, (in millions) 2015 2014 2013 Current taxes: Federal $ 551 $ 1,273 $ 714 Foreign 306 337 286 State and local 109 155 66 Total current tax expense 966 1,765 1,066 Deferred tax expense (benefit): Federal 114 (672 ) 536 Foreign (1 ) (98 ) (30 ) State and local (66 ) (83 ) 20 Total deferred tax expense (benefits) 47 (853 ) 526 Provision for income taxes $ 1,013 $ 912 $ 1,592 |
Components of Income (Loss) before Taxes | The components of income before taxes are as follows: Components of income before taxes Year ended Dec. 31, (in millions) 2015 2014 2013 Domestic $ 2,698 $ 2,456 $ 2,428 Foreign 1,537 1,107 1,349 Income before taxes $ 4,235 $ 3,563 $ 3,777 |
Components of Net Deferred Tax Liability Included in Accrued Taxes and Other Expenses | The components of our net deferred tax liability are as follows: Net deferred tax liability Dec. 31, (in millions) 2015 2014 Depreciation and amortization $ 2,631 $ 2,646 Lease financings 569 761 Securities valuation 156 230 Pension obligation 155 117 Equity investments 113 115 Employee benefits (470 ) (616 ) Reserves not deducted for tax (274 ) (536 ) Credit losses on loans (102 ) (113 ) Other assets (109 ) (99 ) Other liabilities 110 277 Net deferred tax liability $ 2,779 $ 2,782 |
Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate | The statutory federal income tax rate is reconciled to our effective income tax rate below: Effective tax rate Year ended Dec. 31, 2015 2014 2013 Federal rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal income tax benefit 0.6 1.3 1.6 Leverage lease adjustment (1.3 ) (1.1 ) (2.1 ) Tax-exempt income (2.5 ) (3.3 ) (3.1 ) Foreign operations (6.6 ) (3.0 ) (4.4 ) Tax credits (1.4 ) (0.8 ) (2.0 ) Tax litigation — — 16.5 Carryback claim — (4.7 ) — Nondeductible litigation expense — 2.1 — Other – net 0.1 0.1 0.6 Effective tax rate 23.9 % 25.6 % 42.1 % |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | Unrecognized tax positions (in millions) 2015 2014 2013 Beginning balance at Jan. 1, – gross $ 669 $ 866 $ 340 Prior period tax positions: Increases 13 58 570 Decreases (21 ) (257 ) (19 ) Current period tax positions 14 19 21 Settlements (26 ) (17 ) (46 ) Ending balance at Dec. 31, – gross $ 649 $ 669 $ 866 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt Long-term debt Dec. 31, 2015 Dec. 31, 2014 (in millions) Rate Maturity Amount Rate Amount Senior debt: Fixed rate 0.70 - 5.94% 2016 - 2025 $ 17,724 0.70 - 6.92% $ 16,122 Floating rate 0.41 - 1.48% 2018 - 2038 2,378 0.06 - 0.82% 2,178 Subordinated debt (a) 5.45 - 7.50% 2016 - 2021 1,150 4.95 - 7.50% 1,655 Junior subordinated debentures (a) 6.37% 2036 295 6.37 % 309 Total $ 21,547 $ 20,264 (a) Fixed rate. |
Trust Preferred Securities Issued by the Trusts | The following tables summarize the trust preferred securities issued by the Trusts as of Dec. 31, 2015 and 2014. Trust preferred securities at Dec. 31, 2015 Trust-preferred securities issued by the trust Interest rate Assets of the trust Due date Call date Call price (dollar amounts in millions) (a) MEL Capital III (b) $ 296 6.37 % $ 295 2036 2016 Par MEL Capital IV — — % 500 — — — Total $ 296 $ 795 (a) Represents junior subordinated deferrable interest debentures of BNY Mellon in the case of MEL Capital III and BNY Mellon’s Series A preferred stock in the case of MEL Capital IV. (b) Amount was translated from Sterling into U.S. dollars on a basis of U.S. $1.48 to £1, the rate of exchange on Dec. 31, 2015 . Trust preferred securities at Dec. 31, 2014 Trust-preferred securities issued Interest Assets of Due date Call date Call price (dollar amounts in millions) (a) MEL Capital III (b) $ 312 6.37 % $ 309 2036 2016 Par MEL Capital IV — — % 500 — — — Total $ 312 $ 809 (a) Represents junior subordinated deferrable interest debentures of BNY Mellon in the case of MEL Capital III and BNY Mellon’s Series A preferred stock in the case of MEL Capital IV. (b) Amount was translated from Sterling into U.S. dollars on a basis of U.S. $1.56 to £1, the rate of exchange on Dec. 31, 2014. |
Securitizations and Variable 48
Securitizations and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |
Incremental Assets and Liabilities of Variable Interest Entities Included in Consolidated Financial Statements | The following tables present the incremental assets and liabilities included in BNY Mellon’s consolidated financial statements, after applying intercompany eliminations, as of Dec. 31, 2015 based on the assessments performed in accordance with ASC 810, as amended by ASU 2015-02, and as of Dec. 31, 2014 based on the assessments performed in accordance with ASC 810, prior to the adoption of ASU 2015-02. The net assets of any consolidated VIE are solely available to settle the liabilities of the VIE and to settle any investors’ ownership liquidation requests, including any seed capital invested in the VIE by BNY Mellon. Investments consolidated under ASC 810 as amended by ASU 2015-02 at Dec. 31, 2015 (in millions) Investment Management funds Securitizations Total consolidated investments Available-for-sale securities $ — $ 400 $ 400 Trading assets 1,228 — 1,228 Other assets 173 — 173 Total assets $ 1,401 (a) $ 400 $ 1,801 Trading liabilities $ 229 $ — $ 229 Other liabilities 17 359 376 Total liabilities $ 246 (a) $ 359 $ 605 Nonredeemable noncontrolling interests $ 738 (a) $ — $ 738 (a) Includes VMEs with assets of $190 million , liabilities of $1 million and nonredeemable noncontrolling interests of $5 million . Investments consolidated under ASC 810 and ASU 2009-17 at Dec. 31, 2014 (in millions) Investment Management funds Securitizations Total consolidated investments Available-for-sale securities $ — $ 414 $ 414 Trading assets 8,678 — 8,678 Other assets 604 — 604 Total assets $ 9,282 (a) $ 414 $ 9,696 Trading liabilities $ 7,660 $ — $ 7,660 Other liabilities 9 363 372 Total liabilities $ 7,669 (a) $ 363 $ 8,032 Nonredeemable noncontrolling interests $ 1,033 (a) $ — $ 1,033 (a) Includes VMEs with assets of $855 million , liabilities of $148 million and nonredeemable noncontrolling interests of $544 million . |
Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | As of Dec. 31, 2015 and Dec. 31, 2014 , the following assets related to the VIEs where BNY Mellon is not the primary beneficiary are included in our consolidated financial statements. Non-consolidated VIEs at Dec. 31, 2015 (in millions) Assets Liabilities Maximum loss exposure Other $ 189 $ — $ 189 Non-consolidated VIEs at Dec. 31, 2014 (in millions) Assets Liabilities Maximum loss exposure Other $ 148 $ — $ 148 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock Summary | BNY Mellon has 100 million authorized shares of preferred stock with a par value of $0.01 . The table below summarizes BNY Mellon’s preferred stock issued and outstanding at Dec. 31, 2015 and Dec. 31, 2014 . Preferred stock summary Liquidation preference per share (in dollars) Total shares issued and outstanding Carrying value (a) (dollars in millions, unless otherwise noted) Per annum dividend rate Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014 Series A Noncumulative Perpetual Preferred Stock Greater of (i) three-month LIBOR plus 0.565% for the related distribution period; or (ii) 4.000% $ 100,000 5,001 5,001 $ 500 $ 500 Series C Noncumulative Perpetual Preferred Stock 5.2 % $ 100,000 5,825 5,825 568 568 Series D Noncumulative Perpetual Preferred Stock 4.50% commencing Dec. 20, 2013 to but excluding June 20, 2023, then a floating rate equal to the three-month LIBOR plus 2.46% $ 100,000 5,000 5,000 494 494 Series E Noncumulative Perpetual Preferred Stock 4.95% commencing Dec. 20, 2015 to and including June 20, 2020, then a floating rate equal to the three-month LIBOR plus 3.42% $ 100,000 10,000 — 990 — Total 25,826 15,826 $ 2,552 $ 1,562 (a) The carrying value of the Series C, Series D and Series E preferred stock is recorded net of issuance costs . |
Schedule Of Regulatory Capital Ratios | Our consolidated and largest bank subsidiary, The Bank of New York Mellon, regulatory capital ratios are shown below. Consolidated and largest bank subsidiary regulatory capital ratios (a) Dec. 31, 2015 2014 Consolidated regulatory capital ratios: CET1 10.8 % 11.2 % Tier 1 capital ratio 12.3 12.2 Total (Tier 1 plus Tier 2) capital ratio 12.5 12.5 Leverage capital ratio 6.0 5.6 The Bank of New York Mellon regulatory capital ratios: CET1 11.8 % N/A Tier 1 capital ratio 12.3 12.4 % Total (Tier 1 plus Tier 2) capital ratio 12.5 12.6 Leverage capital ratio 5.9 5.2 (a) The CET1, Tier 1 and Total risk-based regulatory capital ratios are based on Basel III components of capital, as phased-in, and the Advanced Approach framework as the related RWA were higher using that framework. The leverage capital ratio is based on Basel III components of capital and quarterly average total assets, as phased-in. For BNY Mellon to qualify as “well capitalized,” its Tier 1 and Total (Tier 1 plus Tier 2) capital ratios must be at least 6% and 10% , respectively. For The Bank of New York Mellon, our largest bank subsidiary, to qualify as “well capitalized,” its CET1, Tier 1, Total and leverage capital ratios must be at least 6.5% , 8% , 10% and 5% , respectively. For The Bank of New York Mellon to qualify as “adequately capitalized,” it’s CET1, Tier 1, Total and leverage capital ratios must be at least 4.5% , 6% , 8% and 4% , respectively. |
Components of transitional Basel III capital] | The following table presents the components of our transitional CET1, Tier 1 and Tier 2 capital, the RWA determined under both the Standardized and Advanced Approaches and the average assets used for leverage capital purposes. Components of transitional capital (a) (in millions) Dec. 31, 2015 2014 CET1: Common shareholders’ equity $ 36,067 $ 36,326 Goodwill and intangible assets (17,295 ) (17,111 ) Net pension fund assets (46 ) (17 ) Equity method investments (296 ) (314 ) Deferred tax assets (8 ) (4 ) Other (5 ) 4 Total CET1 18,417 18,884 Other Tier 1 capital: Preferred stock 2,552 1,562 Trust preferred securities 74 156 Disallowed deferred tax assets (12 ) (14 ) Net pension fund assets (70 ) (69 ) Other (25 ) (17 ) Total Tier 1 capital 20,936 20,502 Tier 2 capital: Trust preferred securities 222 156 Subordinated debt 149 298 Allowance for credit losses 275 280 Other (12 ) (11 ) Total Tier 2 capital - Standardized Approach 634 723 Excess of expected credit losses 37 13 Less: Allowance for credit losses 275 280 Total Tier 2 capital - Advanced Approach $ 396 $ 456 Total capital: Standardized Approach $ 21,570 $ 21,225 Advanced Approach $ 21,332 $ 20,958 Risk-weighted assets: Standardized Approach (b) $ 159,893 $ 125,562 Advanced Approach: Credit Risk $ 106,974 $ 120,122 Market Risk 2,148 3,046 Operational Risk 61,262 45,112 Total Advanced Approach $ 170,384 $ 168,280 Average assets for leverage capital purposes $ 351,435 $ 368,140 (a) Reflects transitional adjustments to CET1, Tier 1 capital and Tier 2 capital required in 2015 under the U.S. capital rules. (b) RWA under the Standardized Approach at Dec. 31, 2014 was determined using a Basel I-based calculation. Effective Jan. 1, 2015, we implemented the Basel III Standardized Approach which used a broader array of more risk sensitive risk-weighting categories. |
Schedule Of Capital Above Thresholds Table | The following table presents the amount of capital by which BNY Mellon and our largest bank subsidiary, The Bank of New York Mellon, exceeded the capital thresholds determined under the transitional rules at Dec. 31, 2015 . Capital above thresholds at Dec. 31, 2015 (in millions) Consolidated The Bank of New York Mellon (b) CET1 $ 10,750 (a) $ 7,333 Tier 1 capital 10,713 (b) 5,837 Total capital 4,294 (b) 3,394 Leverage capital 6,879 (a) 2,464 (a) Based on minimum required standards. (b) Based on well capitalized standards. |
Other Comprehensive Income (L50
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Components of Other Comprehensive Income | Components of other comprehensive income (loss) Year ended Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2013 (in millions) Pre-tax amount Tax (expense) benefit After-tax amount Pre-tax amount Tax (expense) benefit After-tax amount Pre-tax amount Tax (expense) benefit After-tax amount Foreign currency translation: Foreign currency translation adjustments arising during the period (a) $ (518 ) $ (81 ) $ (599 ) $ (715 ) $ (91 ) $ (806 ) $ 130 $ 62 $ 192 Total foreign currency translation (518 ) (81 ) (599 ) (715 ) (91 ) (806 ) 130 62 192 Unrealized gain (loss) on assets available-for-sale: Unrealized gain (loss) arising during period (535 ) 172 (363 ) 582 (169 ) 413 (1,466 ) 577 (889 ) Reclassification adjustment (b) (83 ) 31 (52 ) (91 ) 33 (58 ) (129 ) 55 (74 ) Net unrealized gain (loss) on assets available-for-sale (618 ) 203 (415 ) 491 (136 ) 355 (1,595 ) 632 (963 ) Defined benefit plans: Prior service cost arising during the period — — — 3 (1 ) 2 (2 ) 1 (1 ) Net gain (loss) arising during the period (105 ) 40 (65 ) (766 ) 287 (479 ) 732 (303 ) 429 Foreign exchange adjustment — — — (2 ) 1 (1 ) — — — Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) 104 (35 ) 69 127 (50 ) 77 209 (83 ) 126 Total defined benefit plans (1 ) 5 4 (638 ) 237 (401 ) 939 (385 ) 554 Unrealized gain (loss) on cash flow hedges: Unrealized hedge gain (loss) arising during period — — — 23 (13 ) 10 136 (54 ) 82 Reclassification adjustment (b) 11 (3 ) 8 (41 ) 16 (25 ) (124 ) 51 (73 ) Net unrealized gain (loss) on cash flow hedges 11 (3 ) 8 (18 ) 3 (15 ) 12 (3 ) 9 Total other comprehensive income (loss) $ (1,126 ) $ 124 $ (1,002 ) $ (880 ) $ 13 $ (867 ) $ (514 ) $ 306 $ (208 ) (a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 23 for additional information. (b) The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains on the Consolidated Income Statement. The amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost is recorded as staff expense on the Consolidated Income Statement. See Note 23 of the Notes to Consolidated Financial Statements for the location of the reclassification adjustment related to cash flow hedges on the Consolidated Income Statement. |
Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders ASC 820 Adjustments Unrealized gain (loss) on assets available-for-sale Unrealized gain (loss) on cash flow hedges Total accumulated other comprehensive income (loss), net of tax (in millions) Foreign currency translation Pensions Other post-retirement benefits 2012 ending balance $ (539 ) $ (1,394 ) $ (60 ) $ 1,350 $ — $ (643 ) Change in 2013 151 554 — (963 ) 9 (249 ) 2013 ending balance $ (388 ) $ (840 ) $ (60 ) $ 387 $ 9 $ (892 ) Change in 2014 (681 ) (396 ) (5 ) 355 (15 ) (742 ) 2014 ending balance $ (1,069 ) $ (1,236 ) $ (65 ) $ 742 $ (6 ) $ (1,634 ) Change in 2015 (563 ) (14 ) 18 (415 ) 8 (966 ) 2015 ending balance $ (1,632 ) $ (1,250 ) $ (47 ) $ 327 $ 2 $ (2,600 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | A summary of the status of our options as of Dec. 31, 2015 , and changes during the year, is presented below: Stock option activity Shares subject to option Weighted-average exercise price Weighted- average remaining contractual term (in years) Balance at Dec. 31, 2014 48,420,255 $ 33.06 4.2 Granted — — Exercised (10,862,315 ) 30.15 Canceled/Expired (1,822,676 ) 40.36 Balance at Dec. 31, 2015 35,735,264 $ 33.57 3.4 Vested and expected to vest at Dec. 31, 2015 35,734,694 33.57 3.4 Exercisable at Dec. 31, 2015 33,703,283 34.27 3.2 |
Stock Options Outstanding | Stock options outstanding at Dec. 31, 2015 Options outstanding Options exercisable (a) Range of exercise prices Outstanding at Dec. 31, 2015 Weighted-average remaining contractual life (in years) Weighted-average exercise price Exercisable at Dec. 31, 2015 Weighted-average exercise price $ 18 to 31 19,256,469 4.9 $ 25.78 17,224,488 $ 26.22 $ 31 to 41 6,044,363 1.0 39.73 6,044,363 39.73 $ 41 to 51 10,434,432 2.0 44.38 10,434,432 44.38 $ 18 to 51 35,735,264 3.4 $ 33.57 33,703,283 $ 34.27 (a) At Dec. 31, 2014 and 2013 , 42,137,574 and 52,130,525 options were exercisable at an average price per common share of $34.38 and $34 , respectively. |
Aggregate Intrinsic Value of Options | Aggregate intrinsic value of options (in millions) 2015 2014 2013 Outstanding at Dec. 31, $ 306 $ 409 $ 336 Exercisable at Dec. 31, $ 267 $ 307 $ 212 |
Nonvested Restricted Stock and Restricted Stock Units Activity | The following table summarizes our nonvested PSU, restricted stock and RSU activity for 2015 . Nonvested PSU, restricted stock and RSU activity Number of shares Weighted- average fair value Nonvested PSUs, restricted stock and RSUs at Dec. 31, 2014 21,400,291 $ 27.72 Granted 6,948,487 39.58 Vested (10,880,844 ) 25.34 Forfeited (483,963 ) 33.20 Nonvested PSUs, restricted stock and RSUs at Dec. 31, 2015 16,983,971 $ 34.07 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Combined Data for Domestic and Foreign Defined Benefit Pension and Post Retirement Healthcare Plans | The following tables report the combined data for our domestic and foreign defined benefit pension and post-retirement healthcare plans. Pension Benefits Healthcare Benefits Domestic Foreign Domestic Foreign (dollar amounts in millions) 2015 2014 2015 2014 2015 2014 2015 2014 Weighted-average assumptions used to determine benefit obligations Discount rate 4.48 % 4.13 % 3.45 % 3.33 % 4.48 % 4.13 % 3.60 % 3.10 % Rate of compensation increase N/A 3.00 3.51 3.29 3.00 3.00 — — Change in benefit obligation (a) Benefit obligation at beginning of period $ (4,460 ) $ (3,712 ) $ (1,177 ) $ (1,021 ) $ (210 ) $ (224 ) $ (8 ) $ (7 ) Service cost (30 ) (58 ) (32 ) (33 ) (1 ) (1 ) — — Interest cost (170 ) (180 ) (38 ) (43 ) (8 ) (11 ) — — Employee contributions — — (1 ) (1 ) — — — — Amendments — — — 3 — — — — Actuarial gain (loss) 178 (687 ) (1 ) (169 ) 17 (8 ) 1 (1 ) (Acquisitions) divestitures — — 12 — — — 2 — Curtailments 94 — — — — — — — Special termination benefits — (1 ) — — — — — — Benefits paid 211 178 17 19 18 34 — — Foreign exchange adjustment N/A N/A 73 68 N/A N/A 1 — Benefit obligation at end of period (4,177 ) (4,460 ) (1,147 ) (1,177 ) (184 ) (210 ) (4 ) (8 ) Change in fair value of plan assets Fair value at beginning of period 4,942 4,721 997 930 93 86 — — Actual return on plan assets (61 ) 383 40 88 (1 ) 7 — — Employer contributions 19 16 51 56 18 34 — — Employee contributions — — 1 1 — — — — Acquisitions (divestitures) — — 1 — — — — — Benefit payments (211 ) (178 ) (17 ) (19 ) (18 ) (34 ) — — Foreign exchange adjustment N/A N/A (59 ) (59 ) N/A N/A — — Fair value at end of period 4,689 4,942 1,014 997 92 93 — — Funded status at end of period $ 512 $ 482 $ (133 ) $ (180 ) $ (92 ) $ (117 ) $ (4 ) $ (8 ) Amounts recognized in accumulated other comprehensive (income) loss consist of: Net loss (gain) $ 1,678 $ 1,668 $ 368 $ 382 $ 111 $ 146 $ (1 ) $ — Prior service cost (credit) — (31 ) 1 1 (69 ) (79 ) — — Total (before tax effects) $ 1,678 $ 1,637 $ 369 $ 383 $ 42 $ 67 $ (1 ) $ — (a) The benefit obligation for pension benefits is the projected benefit obligation and for healthcare benefits, it is the accumulated benefit obligation. |
Net Periodic Benefit Cost (Credit) | Net periodic benefit cost (credit) Pension Benefits Healthcare Benefits Domestic Foreign Domestic Foreign (dollar amounts in millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 Weighted-average assumptions as of Jan. 1: Market-related value of plan assets $ 4,696 $ 4,430 $ 4,121 $ 959 $ 898 $ 790 $ 92 $ 86 $ 80 N/A N/A N/A Discount rate 4.13 % 4.99 % 4.25 % 3.33 % 4.29 % 4.49 % 4.13 % 4.99 % 4.25 % 3.10 % 4.21 % 4.50 % Expected rate of return on plan assets 7.25 7.25 7.25 5.25 6.26 6.04 7.25 7.25 7.25 N/A N/A N/A Rate of compensation increase 3.00 3.00 3.00 3.29 3.71 3.49 3.00 3.00 3.00 N/A N/A N/A Components of net periodic benefit cost (credit): Service cost $ 30 $ 58 $ 63 $ 32 $ 33 $ 36 $ 1 $ 1 $ 2 $ — $ — $ — Interest cost 170 180 170 38 43 38 8 11 9 — — — Expected return on assets (333 ) (315 ) (292 ) (51 ) (58 ) (46 ) (6 ) (6 ) (6 ) — — — Amortization of: Prior service cost (credit) (1 ) (15 ) (16 ) — 1 — (10 ) (10 ) (10 ) — — — Net actuarial (gain) loss 111 125 205 23 15 15 10 11 12 — — — Settlement (gain) loss 1 — 3 — — — — — — — — — Curtailment (gain) loss (30 ) — — — — — — — — — — — Special termination benefit charge — 1 — — — — — — — — — — Net periodic benefit cost (credit) $ (52 ) $ 34 $ 133 $ 42 $ 34 $ 43 $ 3 $ 7 $ 7 $ — $ — $ — |
Changes in Other Comprehensive (Income) Loss | Changes in other comprehensive (income) loss in 2015 Pension Benefits Healthcare Benefits (in millions) Domestic Foreign Domestic Foreign Net loss (gain) arising during period $ 122 $ 9 $ (25 ) $ (1 ) Recognition of prior years’ net (loss) (112 ) (23 ) (10 ) — Prior service cost (credit) arising during period — — — — Recognition of prior years’ service credit 31 — 10 — Foreign exchange adjustment N/A — N/A — Total recognized in other comprehensive (income) loss (before tax effects) $ 41 $ (14 ) $ (25 ) $ (1 ) |
Amounts Expected to be Recognized in Net Periodic Benefit Cost Income | Amounts expected to be recognized in net periodic benefit cost (income) in 2016 (before tax effects) Pension Benefits Healthcare Benefits (in millions) Domestic Foreign Domestic Foreign Loss recognition $ 69 $ 20 $ 8 $ — Prior service (credit) recognition — — (10 ) — |
Defined Benefit Plan Funded Status of Plan | Domestic Foreign (in millions) 2015 2014 2015 2014 Pension benefits: Prepaid benefit cost $ 724 $ 708 $ 3 $ — Accrued benefit cost (212 ) (226 ) (136 ) (180 ) Total pension benefits $ 512 $ 482 $ (133 ) $ (180 ) Healthcare benefits: Accrued benefit cost $ (92 ) $ (117 ) $ (4 ) $ (8 ) Total healthcare benefits $ (92 ) $ (117 ) $ (4 ) $ (8 ) |
Plan with Obligations in Excess of Plan Assets | Plans with obligations in excess of plan assets Domestic Foreign (in millions) 2015 2014 2015 2014 Projected benefit obligation $ 233 $ 227 $ 132 $ 392 Accumulated benefit obligation 233 225 115 375 Fair value of plan assets 20 — 79 313 |
Benefit Payments for BNY Mellons Pension and Healthcare Plans Expected to be Paid | Expected benefit payments (in millions) Domestic Foreign Pension benefits: Year 2016 $ 252 $ 16 2017 267 15 2018 254 17 2019 250 17 2020 253 20 2021-2025 1,275 116 Total pension benefits $ 2,551 $ 201 Healthcare benefits: Year 2016 $ 14 $ — 2017 14 — 2018 14 — 2019 14 — 2020 14 — 2021-2025 62 1 Total healthcare benefits $ 132 $ 1 |
Pension Investment Asset Allocation | Our pension assets were invested as follows at Dec. 31, 2015 and 2014 : Asset allocations Domestic Foreign 2015 2014 2015 2014 Equities 63 % 63 % 57 % 56 % Fixed income 31 31 34 36 Private equities 1 2 — — Alternative investment 3 3 3 2 Real estate — — 5 5 Cash 2 1 1 1 Total pension benefits 100 % 100 % 100 % 100 % |
Pension Plan Investment Assets Measures at Fair Value on Recurring Basis | The following tables present the fair value of each major category of plan assets as of Dec. 31, 2015 and Dec. 31, 2014 , by captions and by ASC 820 valuation hierarchy. There were no transfers between Level 1 and Level 2. Plan assets measured at fair value on a recurring basis— domestic plans at Dec. 31, 2015 (in millions) Level 1 Level 2 Level 3 Total fair value Common and preferred stock: U.S. equity $ 1,473 $ — $ — $ 1,473 Non-U.S. equity 132 — — 132 Collective trust funds: Commingled — 318 — 318 U.S. equity — 1,181 — 1,181 Fixed income: U.S. Treasury securities 450 — — 450 U.S. Government agencies — 20 — 20 Sovereign government obligations — 77 — 77 U.S. corporate bonds — 726 — 726 Other — 39 — 39 Exchange traded funds 60 — — 60 Other assets measured at NAV 213 Total domestic plan assets, at fair value $ 2,115 $ 2,361 $ — $ 4,689 Plan assets measured at fair value on a recurring basis— foreign plans at Dec. 31, 2015 (in millions) Level 1 Level 2 Level 3 Total fair value Equity funds $ 375 $ 163 $ — $ 538 Sovereign/government obligation funds 52 84 — 136 Corporate debt funds — 158 19 177 Cash and currency 5 — — 5 Other assets measured at NAV 80 Total foreign plan assets, at fair value $ 432 $ 405 $ 19 $ 936 Plan assets measured at fair value on a recurring basis— domestic plans at Dec. 31, 2014 (in millions) Level 1 Level 2 Level 3 Total fair value Common and preferred stock: U.S. equity $ 1,468 $ — $ — $ 1,468 Non-U.S. equity 132 — — 132 Collective trust funds: Commingled — 342 — 342 U.S. equity — 1,344 — 1,344 Fixed income: U.S. Treasury securities 438 — — 438 U.S. Government agencies — 59 — 59 Sovereign government obligations — 91 — 91 U.S. corporate bonds — 724 — 724 Other — 32 — 32 Exchange traded funds 70 — — 70 Other assets measured at NAV 242 Total domestic plan assets, at fair value $ 2,108 $ 2,592 $ — $ 4,942 Plan assets measured at fair value on a recurring basis— foreign plans at Dec. 31, 2014 (in millions) Level 1 Level 2 Level 3 Total fair value Equity funds $ 432 $ 125 $ — $ 557 Sovereign/government obligation funds 75 130 — 205 Corporate debt funds 60 74 20 154 Cash and currency 13 — — 13 Other assets measured at NAV 68 Total foreign plan assets, at fair value $ 580 $ 329 $ 20 $ 997 |
Rollforward of Plan Investment Assets Including Change in Fair Value Classified in Level 3 of Valuation Hierarchy | The table below includes a roll forward of the plan assets for the years ended Dec. 31, 2015 and 2014 (including the change in fair value), for financial instruments classified in Level 3 of the valuation hierarchy. Fair value measurements using significant unobservable inputs—foreign plans—for the year ended Dec. 31, 2015 (in millions) Corporate debt funds Fair value at Dec. 31, 2014 $ 20 Transfers into Level 3 — Total gains or (losses) included in earnings (or changes in net assets) (1 ) Fair value at Dec. 31, 2015 $ 19 Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period $ (1 ) Fair value measurements using significant unobservable inputs—foreign plans—for the year ended Dec. 31, 2014 (in millions) Corporate debt funds Fair value at Dec. 31, 2013 $ 19 Transfers into Level 3 — Total gains or (losses) included in earnings (or changes in net assets) 1 Fair value at Dec. 31, 2014 $ 20 Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period $ 1 |
Pension Plan Assets Valued Using Net Asset Value | Assets valued using NAV—Dec. 31, 2015 (dollar amounts in millions) Fair value Unfunded commitments Redemption frequency Redemption notice period Venture capital and partnership interests (a) $ 60 $ 8 N/A N/A Funds of funds (b) 177 — Monthly 30-45 days Property funds (c) 49 — Daily-Quarterly 0-90 days Other contracts (d) 7 — N/A N/A Total $ 293 $ 8 Assets valued using NAV—Dec. 31, 2014 (dollar amounts in millions) Fair value Unfunded commitments Redemption frequency Redemption notice period Venture capital and partnership interests (a) $ 159 $ 11 N/A N/A Funds of funds (b) 151 — Monthly 30-45 days Total $ 310 $ 11 (a) Venture capital and partnership interests do not have redemption rights. Distributions from such funds will be received as the underlying investments are liquidated. (b) Funds of funds include multi-strategy hedge funds that utilize investment strategies that invest over both long-term investment and short-term investment horizons. (c) Property funds include funds invested in regional real estate vehicles that hold direct interest in real estate properties. (d) Other contracts include assets invested in pooled accounts at insurance companies that are privately valued by the asset manager. |
Company Financial Information (
Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Income Statement Parent Corporation | Year ended Dec. 31, (in millions) 2015 2014 2013 Dividends from bank subsidiaries $ 145 $ 775 $ 1,010 Dividends from nonbank subsidiaries 207 44 210 Interest revenue from bank subsidiaries 68 67 60 Interest revenue from nonbank subsidiaries 91 98 101 Gain on securities held for sale 3 1 32 Other revenue 25 24 26 Total revenue 539 1,009 1,439 Interest (including, $69, $62, $50, to subsidiaries, respectively) 288 257 245 Other expense 64 71 94 Total expense 352 328 339 Income before income taxes and equity in undistributed net income of subsidiaries 187 681 1,100 Provision (benefit) for income taxes (98 ) (155 ) (93 ) Equity in undistributed net income: Bank subsidiaries 2,004 910 184 Nonbank subsidiaries 869 821 727 Net income 3,158 2,567 2,104 Preferred stock dividends (105 ) (73 ) (64 ) Net income applicable to common shareholders of The Bank of New York Mellon Corporation $ 3,053 $ 2,494 $ 2,040 |
Condensed Balance Sheet Parent Corporation | Dec. 31, (in millions) 2015 2014 Assets: Cash and due from banks $ 9,383 $ 7,517 Securities 26 30 Loans, net of allowance 20 76 Investment in and advances to subsidiaries and associated companies: Banks 30,156 28,600 Other 27,405 26,471 Subtotal 57,561 55,071 Corporate-owned life insurance 728 712 Other assets 1,509 1,361 Total assets $ 69,227 $ 64,767 Liabilities: Deferred compensation $ 473 $ 501 Affiliate borrowings 8,243 6,120 Other liabilities 1,623 1,194 Long-term debt 20,851 19,511 Total liabilities 31,190 27,326 Shareholders’ equity 38,037 37,441 Total liabilities and shareholders’ equity $ 69,227 $ 64,767 |
Condensed Statement of Cash Flows Parent Corporation | Year ended Dec. 31, (in millions) 2015 2014 2013 Operating activities: Net income $ 3,158 $ 2,567 $ 2,104 Adjustments to reconcile net income to net cash provided by/ (used in) operating activities: Amortization — — 1 Equity in undistributed net (income) of subsidiaries (2,873 ) (1,731 ) (911 ) Change in accrued interest receivable (4 ) 23 21 Change in accrued interest payable 15 18 (5 ) Change in taxes payable (a) 132 91 63 Other, net 66 2 (22 ) Net cash provided by operating activities 494 970 1,251 Investing activities: Proceeds from sales of securities 3 7 67 Change in loans 56 (57 ) (6 ) Acquisitions of, investments in, and advances to subsidiaries (358 ) (1,603 ) 722 Other, net 14 107 11 Net cash (used in) provided by investing activities (285 ) (1,546 ) 794 Financing activities: Net change in commercial paper — (96 ) (242 ) Proceeds from issuance of long-term debt 4,986 4,686 3,892 Repayments of long-term debt (3,650 ) (4,071 ) (2,023 ) Change in advances from subsidiaries 2,123 2,704 78 Issuance of common stock 352 396 288 Treasury stock acquired (2,355 ) (1,669 ) (1,026 ) Issuance of preferred stock 990 — 494 Cash dividends paid (865 ) (833 ) (744 ) Tax benefit realized on share based payment awards 76 17 15 Net cash provided by financing activities 1,657 1,134 732 Change in cash and due from banks 1,866 558 2,777 Cash and due from banks at beginning of year 7,517 6,959 4,182 Cash and due from banks at end of year $ 9,383 $ 7,517 $ 6,959 Supplemental disclosures Interest paid $ 302 $ 275 $ 241 Income taxes paid 158 946 94 Income taxes refunded 103 54 14 (a) Includes payments received from subsidiaries for taxes of $24 million in 2015 , $452 million in 2014 and $192 million in 2013 . |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the financial instruments carried at fair value at Dec. 31, 2015 and Dec. 31, 2014 , by caption on the consolidated balance sheet and by valuation hierarchy (as described above). We have included credit ratings information in certain of the tables because the information indicates the degree of credit risk to which we are exposed, and significant changes in ratings classifications could result in increased risk for us. There were no material transfers between Level 1 and Level 2 during 2015. Assets measured at fair value on a recurring basis at Dec. 31, 2015 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying Available-for-sale securities: U.S. Treasury $ 12,832 $ — $ — $ — $ 12,832 U.S. Government agencies — 387 — — 387 Sovereign debt/sovereign guaranteed 35 13,182 — — 13,217 State and political subdivisions (b) — 4,046 — — 4,046 Agency RMBS — 23,501 — — 23,501 Non-agency RMBS — 793 — — 793 Other RMBS — 1,061 — — 1,061 Commercial MBS — 1,392 — — 1,392 Agency commercial MBS — 4,020 — — 4,020 Asset-backed CLOs — 2,351 — — 2,351 Other asset-backed securities — 2,893 — — 2,893 Equity securities 4 — — — 4 Money market funds (b) 886 — — — 886 Corporate bonds — 1,752 — — 1,752 Other debt securities — 2,775 — — 2,775 Foreign covered bonds 1,966 202 — — 2,168 Non-agency RMBS (c) — 1,789 — — 1,789 Total available-for-sale securities 15,723 60,144 — — 75,867 Trading assets: Debt and equity instruments (b) 1,232 2,167 — — 3,399 Derivative assets not designated as hedging: Interest rate 10 10,034 — (8,071 ) 1,973 Foreign exchange — 4,905 — (2,981 ) 1,924 Equity and other contracts 15 120 — (63 ) 72 Total derivative assets not designated as hedging 25 15,059 — (11,115 ) 3,969 Total trading assets 1,257 17,226 — (11,115 ) 7,368 Loans — 422 — — 422 Other assets: Derivative assets designated as hedging: Interest rate — 497 — — 497 Foreign exchange — 219 — — 219 Total derivative assets designated as hedging — 716 — — 716 Other assets (d) 192 62 — — 254 Other assets measured at net asset value 117 Total other assets 192 778 — — 1,087 Subtotal assets of operations at fair value 17,172 78,570 — (11,115 ) 84,744 Percentage of assets prior to netting 18 % 82 % — % Assets of consolidated investment management funds: Trading assets 455 773 — — 1,228 Other assets 157 16 — — 173 Total assets of consolidated investment management funds 612 789 — — 1,401 Total assets $ 17,784 $ 79,359 $ — $ (11,115 ) $ 86,145 Percentage of assets prior to netting 18 % 82 % — % Liabilities measured at fair value on a recurring basis at Dec. 31, 2015 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying Trading liabilities: Debt and equity instruments $ 422 $ 152 $ — $ — $ 574 Derivative liabilities not designated as hedging: Interest rate 5 9,957 — (8,235 ) 1,727 Foreign exchange — 4,682 — (2,567 ) 2,115 Equity and other contracts 5 147 — (67 ) 85 Total derivative liabilities not designated as hedging 10 14,786 — (10,869 ) 3,927 Total trading liabilities 432 14,938 — (10,869 ) 4,501 Long-term debt (b) — 359 — — 359 Other liabilities - derivative liabilities designated as hedging: Interest rate — 372 — — 372 Foreign exchange — 20 — — 20 Total other liabilities - derivative liabilities designated as hedging — 392 — — 392 Subtotal liabilities of operations at fair value 432 15,689 — (10,869 ) 5,252 Percentage of liabilities prior to netting 3 % 97 % — % Liabilities of consolidated investment management funds: Trading liabilities — 229 — — 229 Other liabilities 1 16 — — 17 Total liabilities of consolidated investment management funds 1 245 — — 246 Total liabilities $ 433 $ 15,934 $ — $ (10,869 ) $ 5,498 Percentage of liabilities prior to netting 3 % 97 % — % (a) ASC 815 permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities, and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product. (b) Includes certain interests in securitizations. (c) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (d) Includes private equity investments and seed capital. Assets measured at fair value on a recurring basis at Dec. 31, 2014 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying value Available-for-sale securities: U.S. Treasury $ 19,997 $ — $ — $ — $ 19,997 U.S. Government agencies — 343 — — 343 Sovereign debt/sovereign guaranteed 40 17,244 — — 17,284 State and political subdivisions (b) — 5,236 11 — 5,247 Agency RMBS — 32,600 — — 32,600 Non-agency RMBS — 953 — — 953 Other RMBS — 1,551 — — 1,551 Commercial MBS — 1,959 — — 1,959 Agency commercial MBS — 3,132 — — 3,132 Asset-backed CLOs — 2,130 — — 2,130 Other asset-backed securities — 3,240 — — 3,240 Equity securities 95 — — — 95 Money market funds (b) 763 — — — 763 Corporate bonds — 1,785 — — 1,785 Other debt securities — 2,169 — — 2,169 Foreign covered bonds 2,250 618 — — 2,868 Non-agency RMBS (c) — 2,214 — — 2,214 Total available-for-sale securities 23,145 75,174 11 — 98,330 Trading assets: Debt and equity instruments (b) 2,204 2,217 — — 4,421 Derivative assets not designated as hedging: Interest rate 7 17,137 6 (13,942 ) 3,208 Foreign exchange — 6,280 — (4,246 ) 2,034 Equity 96 278 3 (159 ) 218 Total derivative assets not designated as hedging 103 23,695 9 (18,347 ) 5,460 Total trading assets 2,307 25,912 9 (18,347 ) 9,881 Loans — 21 — — 21 Other assets : Derivative assets designated as hedging: Interest rate — 477 — — 477 Foreign exchange — 374 — — 374 Total derivative assets designated as hedging — 851 — — 851 Other assets (d)(e) 174 514 35 — 723 Other assets measured at net asset value (e) 342 Total other assets 174 1,365 35 — 1,916 Subtotal assets of operations at fair value 25,626 102,472 55 (18,347 ) 110,148 Percentage of assets prior to netting 20 % 80 % — % Assets of consolidated investment management funds: Trading assets 100 8,578 — — 8,678 Other assets 457 147 — — 604 Total assets of consolidated investment management funds 557 8,725 — — 9,282 Total assets $ 26,183 $ 111,197 $ 55 $ (18,347 ) $ 119,430 Percentage of assets prior to netting 19 % 81 % — % Liabilities measured at fair value on a recurring basis at Dec. 31, 2014 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying value Trading liabilities: Debt and equity instruments $ 367 $ 294 $ — $ — $ 661 Derivative liabilities not designated as hedging: Interest rate 3 17,645 6 (14,467 ) 3,187 Foreign exchange — 6,367 — (3,149 ) 3,218 Equity and other contracts 47 499 3 (181 ) 368 Total derivative liabilities not designated as hedging 50 24,511 9 (17,797 ) 6,773 Total trading liabilities 417 24,805 9 (17,797 ) 7,434 Long-term debt ( b ) — 347 — — 347 Other liabilities: Derivative liabilities designated as hedging: Interest rate — 385 — — 385 Foreign exchange — 62 — — 62 Total derivative liabilities designated as hedging — 447 — — 447 Other liabilities 4 — — — 4 Total other liabilities 4 447 — — 451 Subtotal liabilities of operations at fair value 421 25,599 9 (17,797 ) 8,232 Percentage of liabilities prior to netting 2 % 98 % — % Liabilities of consolidated investment management funds: Trading liabilities — 7,660 — — 7,660 Other liabilities 1 8 — — 9 Total liabilities of consolidated investment management funds 1 7,668 — — 7,669 Total liabilities $ 422 $ 33,267 $ 9 $ (17,797 ) $ 15,901 Percentage of liabilities prior to netting 1 % 99 % — % (a) ASC 815 permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities, and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product. (b) Includes certain interests in securitizations. (c) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (d) Includes private equity investments and seed capital. (e) Other assets measured at fair value at Dec. 31, 2014 were restated to reflect the retrospective application of adopting new disclosure guidance contained in ASU 2015-07 related to investments in certain entities that use NAV as a practical expedient when measuring fair value. See Note 2 of the Notes to Consolidated Financial Statements for additional information. |
Details Of Certain Items Measured At Fair Value On Recurring Basis Table | Details of certain items measured at fair value on a recurring basis Dec. 31, 2015 Dec. 31, 2014 Total carrying value (a) Ratings Total carrying value (a) Ratings AAA/ AA- A+/ A- BBB+/ BBB- BB+ and lower AAA/ AA- A+/ A- BBB+/ BBB- BB+ and lower (dollar amounts in millions) Non-agency RMBS, originated in: 2007 $ 66 — % — % — % 100 % $ 78 — % — % — % 100 % 2006 115 — — — 100 138 — — — 100 2005 234 19 9 13 59 284 — 21 19 60 2004 and earlier 378 4 4 26 66 453 3 5 27 65 Total non-agency RMBS $ 793 8 % 4 % 16 % 72 % $ 953 1 % 9 % 19 % 71 % Commercial MBS - Domestic, originated in: 2009-2015 $ 626 83 % 17 % — % — % $ 639 83 % 17 % — % — % 2008 16 100 — — — 19 100 — — — 2007 304 62 22 16 — 353 65 21 14 — 2006 384 76 24 — — 599 83 17 — — 2005 and earlier — — — — — 277 100 — — — Total commercial MBS - Domestic $ 1,330 76 % 20 % 4 % — % $ 1,887 82 % 15 % 3 % — % Foreign covered bonds: Canada $ 1,014 100 % — % — % — % $ 1,266 100 % — % — % — % United Kingdom 363 100 — — — 690 100 — — — Netherlands 214 100 — — — 244 100 — — — Other 577 100 — — — 668 100 — — — Total foreign covered bonds $ 2,168 100 % — % — % — % $ 2,868 100 % — % — % — % European floating rate notes - available-for-sale: United Kingdom $ 780 85 % 15 % — % — % $ 1,172 83 % 17 % — % — % Netherlands 222 100 — — — 296 100 — — — Ireland 121 — 45 55 — 144 — — — 100 Other — — — — — 25 99 1 — — Total European floating rate notes - available-for-sale $ 1,123 79 % 15 % 6 % — % $ 1,637 79 % 12 % — % 9 % Sovereign debt/sovereign guaranteed: United Kingdom $ 2,941 100 % — % — % — % $ 5,076 100 % — % — % — % France 2,008 100 — — — 3,550 100 — — — Spain 1,955 — — 100 — 1,978 — — 100 — Germany 1,683 100 — — — 1,522 100 — — — Italy 1,398 — — 100 — 1,427 — — 100 — Belgium 1,108 100 — — — 829 100 — — — Netherlands 1,055 100 — — — 1,800 100 — — — Ireland 772 — — 100 — 672 — — 100 — Other 297 68 — 32 — 430 81 — 19 — Total sovereign debt/sovereign guaranteed $ 13,217 68 % — % 32 % — % $ 17,284 76 % — % 24 % — % Non-agency RMBS (b) , originated in: 2007 $ 502 — % — % — % 100 % $ 620 — % — % — % 100 % 2006 530 — 1 — 99 653 — — 1 99 2005 580 — 2 1 97 727 — 3 1 96 2004 and earlier 177 — 3 9 88 214 — 4 7 89 Total non-agency RMBS (b) $ 1,789 — % 1 % 1 % 98 % $ 2,214 — % 1 % 1 % 98 % (a) At Dec. 31, 2015 and Dec. 31, 2014, foreign covered bonds and sovereign debt were included in Level 1 and Level 2 in the valuation hierarchy. All other assets in the table are Level 2 assets in the valuation hierarchy. (b) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation | The tables below include a roll forward of the balance sheet amounts for the years ended Dec. 31, 2015 and 2014 (including the change in fair value), for financial instruments classified in Level 3 of the valuation hierarchy. There were no Level 3 instruments as of Dec. 31, 2015. Fair value measurements for assets using significant unobservable inputs for the year ended Dec. 31, 2015 Available-for-sale securities Trading assets (in millions) State and political Derivative (a) Other assets Total assets Fair value at Dec. 31, 2014 $ 11 $ 9 $ 35 $ 55 Transfers out of Level 3 — (3 ) — (3 ) Total gains or (losses) for the period: Included in earnings (or changes in net assets) — (b) (1 ) (c) 10 (d) 9 Purchases, sales and settlements: Purchases — — 3 3 Sales — — (48 ) (48 ) Settlements (11 ) (5 ) — (16 ) Fair value at Dec. 31, 2015 $ — $ — $ — $ — Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period $ — $ — $ — (a) Derivative assets are reported on a gross basis. (b) Realized gains (losses) are reported in securities gains (losses). Unrealized gains (losses) are reported in accumulated other comprehensive income (loss) except for the credit portion of OTTI losses which are recorded in securities gains (losses). (c) Reported in foreign exchange and other trading revenue. (d) Reported in investment and other income. Fair value measurements for liabilities using significant unobservable inputs for the year ended Dec. 31, 2015 Trading liabilities (in millions) Derivative liabilities (a) Fair value at Dec. 31, 2014 $ 9 Transfers out of Level 3 (3 ) Total (gains) or losses for the period: Included in earnings (or changes in net liabilities) (1 ) (b) Settlements (5 ) Fair value at Dec. 31, 2015 $ — Change in unrealized (gains) or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period $ — (a) Derivative liabilities are reported on a gross basis. (b) Reported in foreign exchange and other trading revenue. Fair value measurements for assets using significant unobservable inputs for the year ended Dec. 31, 2014 Available-for-sale securities Trading assets (in millions) State and political Debt and equity Derivative (a) Other assets Total assets (b) Fair value at Dec. 31, 2013 $ 11 $ 1 $ 22 $ — $ 34 Transfers out of Level 3 — — (12 ) — (12 ) Transfers into Level 3 — — — 38 38 Total gains or (losses) for the period: Included in earnings (or changes in net assets) — (c) — (d) 12 (d) (2 ) (e) 10 Purchases, sales and settlements: Purchases — — — 1 1 Sales — — — (2 ) (2 ) Settlements — (1 ) (13 ) — (14 ) Fair value at Dec. 31, 2014 $ 11 $ — $ 9 $ 35 $ 55 Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period $ — $ 13 $ (2 ) $ 11 (a) Derivative assets are reported on a gross basis. (b) Total assets measured at fair value at Dec. 31, 2014 were restated to reflect the retrospective application of adopting new disclosure guidance contained in ASU 2015-07 related to investments in certain entities that use NAV as a practical expedient when measuring fair value. See Note 2 for additional information. (c) Realized gains (losses) are reported in securities gains (losses). Unrealized gains (losses) are reported in accumulated other comprehensive income (loss) except for the credit portion of OTTI losses which are recorded in securities gains (losses). (d) Reported in foreign exchange and other trading revenue. (e) Reported in investment and other income. Fair value measurements for liabilities using significant unobservable inputs for the year ended Dec. 31, 2014 Trading liabilities (in millions) Derivative liabilities (a) Fair value at Dec. 31, 2013 $ 75 Transfers out of Level 3 (39 ) Total (gains) or losses for the period: Included in earnings (or changes in net liabilities) (14 ) (b) Purchases and settlements: Purchases 3 Settlements (16 ) Fair value at Dec. 31, 2014 $ 9 Change in unrealized (gains) or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period $ 9 (a) Derivative liabilities are reported on a gross basis. (b) Reported in foreign exchange and other trading revenue. |
Assets Measured at Fair Value on Nonrecurring Basis | The following tables present the financial instruments carried on the consolidated balance sheet by caption and by level in the fair value hierarchy as of Dec. 31, 2015 and Dec. 31, 2014 , for which a nonrecurring change in fair value has been recorded during the years ended Dec. 31, 2015 and Dec. 31, 2014 . Assets measured at fair value on a nonrecurring basis at Dec. 31, 2015 Total carrying value (in millions) Level 1 Level 2 Level 3 Loans (a) $ — $ 97 $ 174 $ 271 Other assets (b) — 6 — 6 Total assets at fair value on a nonrecurring basis $ — $ 103 $ 174 $ 277 Assets measured at fair value on a nonrecurring basis at Dec. 31, 2014 Total carrying value (in millions) Level 1 Level 2 Level 3 Loans (a) $ — $ 112 $ 2 $ 114 Other assets (b) — 6 — 6 Total assets at fair value on a nonrecurring basis $ — $ 118 $ 2 $ 120 (a) During the years ended Dec. 31, 2015 and Dec. 31, 2014 , the fair value of these loans decreased $2 million and $6 million , respectively, based on the fair value of the underlying collateral as allowed by ASC 310, Accounting by Creditors for Impairment of a loan, with an offset to the allowance for credit losses. (b) Includes other assets received in satisfaction of debt and loans held for sale. Loans held for sale are carried on the balance sheet at the lower of cost or fair value. |
Fair Value, by Balance Sheet Grouping | The following tables present the estimated fair value and the carrying amount of financial instruments not carried at fair value on the consolidated balance sheet at Dec. 31, 2015 and Dec. 31, 2014 , by caption on the consolidated balance sheet and by the valuation hierarchy. Summary of financial instruments Dec. 31, 2015 (in millions) Level 1 Level 2 Level 3 Total estimated fair value Carrying amount Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 113,203 $ — $ 113,203 $ 113,203 Interest-bearing deposits with banks — 15,150 — 15,150 15,146 Federal funds sold and securities purchased under resale agreements — 24,373 — 24,373 24,373 Securities held-to-maturity 11,376 31,828 — 43,204 43,312 Loans — 61,421 — 61,421 61,267 Other financial assets 6,537 1,096 — 7,633 7,633 Total $ 17,913 $ 247,071 $ — $ 264,984 $ 264,934 Liabilities: Noninterest-bearing deposits $ — $ 96,277 $ — $ 96,277 $ 96,277 Interest-bearing deposits — 182,410 — 182,410 183,333 Federal funds purchased and securities sold under repurchase agreements — 15,002 — 15,002 15,002 Payables to customers and broker-dealers — 21,900 — 21,900 21,900 Borrowings — 698 — 698 698 Long-term debt — 21,494 — 21,494 21,188 Total $ — $ 337,781 $ — $ 337,781 $ 338,398 Summary of financial instruments Dec. 31, 2014 (in millions) Level 1 Level 2 Level 3 Total estimated Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 96,682 $ — $ 96,682 $ 96,682 Interest-bearing deposits with banks — 19,505 — 19,505 19,495 Federal funds sold and securities purchased under resale agreements — 20,302 — 20,302 20,302 Securities held-to-maturity 5,063 16,064 — 21,127 20,933 Loans — 56,840 — 56,840 56,749 Other financial assets 6,970 1,121 — 8,091 8,091 Total $ 12,033 $ 210,514 $ — $ 222,547 $ 222,252 Liabilities: Noninterest-bearing deposits $ — $ 104,240 $ — $ 104,240 $ 104,240 Interest-bearing deposits — 160,688 — 160,688 161,629 Federal funds purchased and securities sold under repurchase agreements — 11,469 — 11,469 11,469 Payables to customers and broker-dealers — 21,181 — 21,181 21,181 Borrowings — 956 — 956 956 Long-term debt — 20,401 — 20,401 19,917 Total $ — $ 318,935 $ — $ 318,935 $ 319,392 |
Summary Of Hedged Financial Instruments Disclosure | The table below summarizes the carrying amount of the hedged financial instruments, the notional amount of the hedge and the unrealized gain (loss) (estimated fair value) of the derivatives. Hedged financial instruments Carrying amount Notional amount of hedge Unrealized (in millions) Gain (Loss) Dec. 31, 2015 Securities available-for-sale $ 7,978 $ 7,918 $ 16 $ (359 ) Long-term debt 18,231 17,850 479 (14 ) Dec. 31, 2014 Securities available-for-sale $ 7,294 $ 7,045 $ 4 $ (370 ) Long-term debt 16,469 16,100 470 (14 ) |
Fair Value Option (Tables)
Fair Value Option (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities, by Type, of Consolidated Investment Management Funds Recorded at Fair Value | The following table presents the assets and liabilities, by type, of consolidated investment management funds recorded at fair value. Assets and liabilities of consolidated investment management funds, at fair value Dec. 31, (in millions) 2015 2014 Assets of consolidated investment management funds: Trading assets $ 1,228 $ 8,678 Other assets 173 604 Total assets of consolidated investment management funds $ 1,401 $ 9,282 Liabilities of consolidated investment management funds: Trading liabilities $ 229 $ 7,660 Other liabilities 17 9 Total liabilities of consolidated investment management funds $ 246 $ 7,669 |
Changes in Fair Value of the Loans and Long-Term Debt and the Location of the Changes | The following table presents the changes in fair value of the loans and long-term debt and the location of the changes in the consolidated income statement. Impact of changes in fair value in the income statement (a) Year ended Dec. 31, (in millions) 2015 2014 2013 Loans: Investment and other income $ 3 $ — $ — Long-term debt: Foreign exchange and other trading revenue $ (12 ) $ (26 ) $ 24 (a) The changes in fair value of the loans and long-term debt are approximately offset by economic hedges included in foreign exchange and other trading revenue. |
Commitments and Contingent Li56
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Significant Industry Concentrations Related to Credit Exposure | Significant industry concentrations related to credit exposure at Dec. 31, 2015 are disclosed in the financial institutions portfolio exposure table and the commercial portfolio exposure table below. Financial institutions portfolio exposure (in billions) Dec. 31, 2015 Loans Unfunded commitments Total exposure Securities industry $ 3.1 $ 20.6 $ 23.7 Banks 9.4 2.1 11.5 Asset managers 2.0 5.6 7.6 Insurance 0.2 4.5 4.7 Government 0.1 1.9 2.0 Other 1.1 1.3 2.4 Total $ 15.9 $ 36.0 $ 51.9 Commercial portfolio exposure (in billions) Dec. 31, 2015 Loans Unfunded commitments Total exposure Manufacturing $ 0.6 $ 6.3 $ 6.9 Services and other 0.8 5.5 6.3 Energy and utilities 0.6 4.9 5.5 Media and telecom 0.3 1.5 1.8 Total $ 2.3 $ 18.2 $ 20.5 |
Summary of Off-Balance Sheet Credit Risks, Net of Participations | The following table presents a summary of our off-balance sheet credit risks, net of participations. Off-balance sheet credit risks Dec. 31, (in millions) 2015 2014 Lending commitments $ 54,505 $ 33,273 Standby letters of credit (a) 4,915 5,767 Commercial letters of credit 303 255 Securities lending indemnifications (b) 294,108 304,386 (a) Net of participations totaling $809 million at Dec. 31, 2015 and $894 million at Dec. 31, 2014 . (b) Excludes the indemnification for securities for which BNY Mellon acts as an agent on behalf of CIBC Mellon clients , which totaled $54 billion at Dec. 31, 2015 and $64 billion at Dec. 31, 2014 . |
Standby Letters of Credits by Investment Grade | The table below shows SBLCs by investment grade: Standby letters of credit Dec. 31, 2015 2014 Investment grade 86 % 88 % Non-investment grade 14 % 12 % |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Ineffectiveness Related to Derivatives and Hedging Relationships Recorded in Income | Ineffectiveness related to derivatives and hedging relationships was recorded in income as follows: Ineffectiveness Year ended Dec. 31, (in millions) 2015 2014 2013 Fair value hedges of securities $ 4.1 $ (20.6 ) $ 14.1 Fair value hedges of deposits and long-term debt (6.3 ) (14.6 ) 3.7 Cash flow hedges — 0.1 (0.1 ) Other (a) — (0.1 ) 0.1 Total $ (2.2 ) $ (35.2 ) $ 17.8 (a) Includes ineffectiveness recorded on foreign exchange hedges. |
Impact of Derivative Instruments on Balance Sheet | The following table summarizes the notional amount and credit exposure of our total derivative portfolio at Dec. 31, 2015 and Dec. 31, 2014 . Impact of derivative instruments on the balance sheet Notional value Asset derivatives fair value Liability derivatives fair value (in millions) Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014 Derivatives designated as hedging instruments (a) : Interest rate contracts $ 25,768 $ 23,145 $ 497 $ 477 $ 372 $ 385 Foreign exchange contracts 6,839 7,344 219 374 20 62 Total derivatives designated as hedging instruments $ 716 $ 851 $ 392 $ 447 Derivatives not designated as hedging instruments (b) : Interest rate contracts $ 519,428 $ 731,628 $ 10,044 $ 17,150 $ 9,962 $ 17,654 Foreign exchange contracts 576,253 528,401 4,905 6,280 4,682 6,367 Equity contracts 1,923 10,842 127 377 151 549 Credit contracts 319 — 8 — 1 — Total derivatives not designated as hedging instruments $ 15,084 $ 23,807 $ 14,796 $ 24,570 Total derivatives fair value (c) $ 15,800 $ 24,658 $ 15,188 $ 25,017 Effect of master netting agreements (d) (11,115 ) (18,347 ) (10,869 ) (17,797 ) Fair value after effect of master netting agreements $ 4,685 $ 6,311 $ 4,319 $ 7,220 (a) The fair value of asset derivatives and liability derivatives designated as hedging instruments is recorded as other assets and other liabilities, respectively, on the balance sheet. (b) The fair value of asset derivatives and liability derivatives not designated as hedging instruments is recorded as trading assets and trading liabilities, respectively, on the balance sheet. (c) Fair values are on a gross basis, before consideration of master netting agreements, as required by ASC 815. (d) Effect of master netting agreements includes cash collateral received and paid of $792 million and $546 million , respectively, at Dec. 31, 2015 , and $1,589 million and $1,039 million , respectively, at Dec. 31, 2014 . |
Impact of Derivative Instruments on Income Statement | Impact of derivative instruments on the income statement (in millions) Derivatives in fair value hedging relationships Location of gain or (loss) recognized in income on derivatives Gain or (loss) recognized in income on derivatives Year ended Dec. 31, Location of gain or(loss) recognized in income on hedged item Gain or (loss) recognized in hedged item Year ended Dec. 31, 2015 2014 2013 2015 2014 2013 Interest rate contracts Net interest revenue $ (85 ) $ (921 ) $ 486 Net interest revenue $ 83 $ 886 $ (468 ) Derivatives in cash flow hedging relationships Gain or (loss) recognized in accumulated OCI on derivatives(effective portion) Year ended Dec. 31, Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) Gain or (loss) reclassified from accumulated OCI into income (effective portion) Year ended Dec. 31, Location of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) Year ended Dec. 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 FX contracts $ (1 ) $ (2 ) $ (27 ) Net interest revenue $ (1 ) $ (2 ) $ (28 ) Net interest revenue $ — $ — $ — FX contracts — (6 ) (3 ) Other revenue — (3 ) (1 ) Other revenue — 0.1 (0.1 ) FX contracts 9 36 154 Trading revenue 9 36 154 Trading revenue — — — FX contracts (8 ) (6 ) 7 Salary expense (19 ) 10 (1 ) Salary expense — — — Total $ — $ 22 $ 131 $ (11 ) $ 41 $ 124 $ — $ 0.1 $ (0.1 ) Derivatives in net investment hedging relationships Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) Year ended Dec. 31, Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) Gain or (loss) reclassified from accumulated OCI into income (effective portion) Year ended Dec. 31, Location of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) Year ended Dec. 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 FX contracts $ 474 $ (367 ) $ (50 ) Net interest revenue $ 1 $ (1 ) $ 2 Other revenue $ — $ (0.1 ) $ 0.1 |
Revenue from Foreign Exchange and Other Trading | Revenue from foreign exchange and other trading included the following: Foreign exchange and other trading revenue Year ended Dec. 31, (in millions) 2015 2014 2013 Foreign exchange $ 743 $ 578 $ 608 Other trading revenue (loss) 25 (8 ) 66 Total foreign exchange and other trading revenue $ 768 $ 570 $ 674 |
Fair Value of Derivative Contracts Falling under Early Termination Provisions that were in Net Liability Position | The following table shows the fair value of contracts falling under early termination provisions that were in net liability positions as of Dec. 31, 2015 for three key ratings triggers: If The Bank of New York Mellon’s rating was changed to (Moody’s/S&P) Potential close-out exposures (fair value) (a) A3/A- $ 117 million Baa2/BBB $ 1,076 million Ba1/BB+ $ 2,061 million (a) The amounts represent potential total close-out values if The Bank of New York Mellon’s rating were to immediately drop to the indicated levels. |
Offsetting Assets | The following tables present derivative instruments and financial instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements. There were no derivative instruments or financial instruments subject to a netting agreement for which we are not currently netting. Offsetting of derivative assets and financial assets at Dec. 31, 2015 Gross assets recognized Gross amounts offset in the balance sheet Net assets recognized on the balance sheet Gross amounts not offset in the balance sheet (in millions) (a) Financial instruments Cash collateral received Net amount Derivatives subject to netting arrangements: Interest rate contracts $ 9,554 $ 8,071 $ 1,483 $ 432 $ — $ 1,051 Foreign exchange contracts 3,981 2,981 1,000 63 — 937 Equity and other contracts 123 63 60 — — 60 Total derivatives subject to netting arrangements 13,658 11,115 2,543 495 — 2,048 Total derivatives not subject to netting arrangements 2,142 — 2,142 — — 2,142 Total derivatives 15,800 11,115 4,685 495 — 4,190 Reverse repurchase agreements 17,088 357 (b) 16,731 16,726 — 5 Securities borrowing 7,630 — 7,630 7,373 — 257 Total $ 40,518 $ 11,472 $ 29,046 $ 24,594 $ — $ 4,452 (a) Includes the effect of netting agreements and net cash collateral received. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. (b) Offsetting of reverse repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. Offsetting of derivative assets and financial assets at Dec. 31, 2014 Gross assets recognized Gross amounts offset in the balance sheet Net assets recognized on the balance sheet Gross amounts not offset in the balance sheet (in millions) (a) Financial instruments Cash collateral received Net amount Derivatives subject to netting arrangements: Interest rate contracts $ 15,457 $ 13,942 $ 1,515 $ 408 $ — $ 1,107 Foreign exchange contracts 5,291 4,246 1,045 176 — 869 Equity contracts 303 159 144 6 — 138 Total derivatives subject to netting arrangements 21,051 18,347 2,704 590 — 2,114 Total derivatives not subject to netting arrangements 3,607 — 3,607 — — 3,607 Total derivatives 24,658 18,347 6,311 590 — 5,721 Reverse repurchase agreements 11,634 434 (b) 11,200 11,198 — 2 Securities borrowing 9,033 — 9,033 8,733 — 300 Total $ 45,325 $ 18,781 $ 26,544 $ 20,521 $ — $ 6,023 (a) Includes the effect of netting agreements and net cash collateral received. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. (b) Offsetting of reverse repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. |
Offsetting Liabilities | Offsetting of derivative liabilities and financial liabilities at Dec. 31, 2015 Gross liabilities recognized Gross amounts offset in the balance sheet Net liabilities recognized on the balance sheet Gross amounts not offset in the balance sheet (in millions) (a) Financial instruments Cash collateral pledged Net amount Derivatives subject to netting arrangements: Interest rate contracts $ 10,188 $ 8,235 $ 1,953 $ 1,795 $ — $ 158 Foreign exchange contracts 3,409 2,567 842 274 — 568 Equity and other contracts 145 67 78 71 — 7 Total derivatives subject to netting arrangements 13,742 10,869 2,873 2,140 — 733 Total derivatives not subject to netting arrangements 1,446 — 1,446 — — 1,446 Total derivatives 15,188 10,869 4,319 2,140 — 2,179 Repurchase agreements 7,737 357 (b) 7,380 7,380 — — Securities lending 1,801 — 1,801 1,727 — 74 Total $ 24,726 $ 11,226 $ 13,500 $ 11,247 $ — $ 2,253 (a) Includes the effect of netting agreements and net cash collateral paid. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. (b) Offsetting of repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. Offsetting of derivative liabilities and financial liabilities at Dec. 31, 2014 Gross liabilities recognized Gross amounts offset in the balance sheet Net liabilities recognized on the balance sheet Gross amounts not offset in the balance sheet (in millions) (a) Financial instruments Cash collateral pledged Net amount Derivatives subject to netting arrangements: Interest rate contracts $ 16,884 $ 14,467 $ 2,417 $ 1,815 $ — $ 602 Foreign exchange contracts 4,241 3,149 1,092 399 — 693 Equity contracts 481 181 300 250 — 50 Total derivatives subject to netting arrangements 21,606 17,797 3,809 2,464 — 1,345 Total derivatives not subject to netting arrangements 3,411 — 3,411 — — 3,411 Total derivatives 25,017 17,797 7,220 2,464 — 4,756 Repurchase agreements 9,160 434 (b) 8,726 8,722 — 4 Securities lending 2,571 — 2,571 2,494 — 77 Total $ 36,748 $ 18,231 $ 18,517 $ 13,680 $ — $ 4,837 (a) Includes the effect of netting agreements and net cash collateral paid. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. (b) Offsetting of repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | The following table presents the contract value of repurchase agreements and securities lending transactions accounted for as secured borrowings by the type of collateral provided to counterparties. Repurchase agreements and securities lending transactions accounted for as secured borrowings at Dec. 31, 2015 Remaining contractual maturity of the agreements (in millions) Overnight and continuous Up to 30 days 30 days or more Total Repurchase agreements: U.S. Treasury $ 2,226 $ — $ — $ 2,226 U.S. Government agencies 319 42 5 366 Agency RMBS 3,158 — — 3,158 Corporate bonds 372 — 665 1,037 Other debt securities 106 — 149 255 Equity securities 664 — 31 695 Total $ 6,845 $ 42 $ 850 $ 7,737 Securities lending: U.S. Government agencies $ 35 $ — $ — $ 35 Other debt securities 254 — — 254 Equity securities 1,512 — — 1,512 Total $ 1,801 $ — $ — $ 1,801 Total borrowings $ 8,646 $ 42 $ 850 $ 9,538 |
Lines of Businesses (Tables)
Lines of Businesses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Contribution of Segments to Overall Profitability | The following consolidating schedules show the contribution of our businesses to our overall profitability. For the year ended Dec. 31, 2015 (dollar amounts in millions) Investment Management Investment Services Other Consolidated Fee and other revenue $ 3,600 (a) $ 8,026 $ 474 $ 12,100 (a) Net interest revenue 319 2,495 212 3,026 Total revenue 3,919 (a) 10,521 686 15,126 (a) Provision for credit losses — — 160 160 Noninterest expense 2,869 7,383 543 10,795 (b) Income (loss) before taxes $ 1,050 (a) $ 3,138 $ (17 ) $ 4,171 (a)(b) Pre-tax operating margin (c) 27 % 30 % N/M 28 % Average assets $ 30,928 $ 283,886 $ 57,373 $ 372,187 (a) Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $18 million , representing $86 million of income and noncontrolling interests of $68 million . Income before taxes is net of noncontrolling interests of $68 million . (b) Includes a loss attributable to noncontrolling interest of $4 million related to other consolidated subsidiaries. (c) Income before taxes divided by total revenue. For the year ended Dec. 31, 2014 (dollar amounts in millions) Investment Management Investment Services Other Consolidated Fee and other revenue $ 3,672 (a) $ 7,719 $ 1,337 $ 12,728 (a) Net interest revenue 274 2,339 267 2,880 Total revenue 3,946 (a) 10,058 1,604 15,608 (a) Provision for credit losses — — (48 ) (48 ) Noninterest expense 3,049 8,116 1,012 12,177 Income before taxes $ 897 (a) $ 1,942 $ 640 $ 3,479 (a) Pre-tax operating margin (b) 23 % 19 % N/M 22 % Average assets $ 37,655 $ 266,495 $ 68,416 $ 372,566 (a) Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $79 million , representing $163 million of income and noncontrolling interests of $84 million . Income before taxes is net of noncontrolling interests of $84 million . (b) Income before taxes divided by total revenue. For the year ended Dec. 31, 2013 (dollar amounts in millions) Investment Management Investment Services Other Consolidated Fee and other revenue $ 3,608 (a) $ 7,640 $ 711 $ 11,959 (a) Net interest revenue 260 2,514 235 3,009 Total revenue 3,868 (a) 10,154 946 14,968 (a) Provision for credit losses — 1 (36 ) (35 ) Noninterest expense 2,903 7,398 1,005 11,306 Income (loss) before taxes $ 965 (a) $ 2,755 $ (23 ) $ 3,697 (a) Pre-tax operating margin (b) 25 % 27 % N/M 25 % Average assets $ 38,420 $ 247,431 $ 56,460 $ 342,311 (a) Both fee and other revenue and total revenue include net income from consolidated investment management funds of $103 million , representing $183 million of income and noncontrolling interests of $80 million . Income before taxes is net of noncontrolling interests of $80 million . (b) Income before taxes divided by total revenue. |
International Operations (Table
International Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segments, Geographical Areas [Abstract] | |
Foreign Revenue, Income before Income Taxes, Net Income and Assets from Foreign Operations | Total assets, total revenue, income before income taxes and net income of our international operations are shown in the table below. International operations International Total International Total Domestic (in millions) EMEA APAC Other Total 2015 Total assets at period end (a) $ 76,679 (b) $ 17,829 $ 1,176 $ 95,684 $ 298,096 $ 393,780 Total revenue 3,932 (b) 904 577 5,413 9,781 15,194 Income before income taxes 1,436 451 269 2,156 2,079 4,235 Net income 1,163 365 218 1,746 1,476 3,222 2014 Total assets at period end (a) $ 86,189 (b) $ 16,812 $ 1,516 $ 104,517 $ 280,786 $ 385,303 Total revenue 3,931 (b) 1,383 645 5,959 9,733 15,692 Income before income taxes 985 913 365 2,263 1,300 3,563 Net income 775 719 287 1,781 870 2,651 2013 Total assets at period end (a) $ 70,046 (b) $ 20,498 $ 1,808 $ 92,352 $ 282,164 $ 374,516 Total revenue 3,821 (b) 936 738 5,495 9,553 15,048 Income before income taxes 1,015 493 414 1,922 1,855 3,777 Net income 822 399 335 1,556 629 2,185 (a) Total assets include long-lived assets, which are not considered by management to be significant in relation to total assets. Long-lived assets are primarily located in the United States. (b) Includes revenue of approximately $2.3 billion , $2.3 billion and $2.3 billion and assets of approximately $33.2 billion , $46.2 billion and $36.4 billion in 2015, 2014, and 2013, respectively, of international operations domiciled in the UK, which is 15% , 15% and 15% of total revenue and 8% , 12% and 10% of total assets, respectively. |
Supplemental information to t60
Supplemental information to the Consolidated Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Noncash Investing and Financing Transactions that are Not Reflected in Consolidated Statement of Cash Flows | Noncash investing and financing transactions that, appropriately, are not reflected in the Consolidated Statement of Cash Flows are listed below. Noncash investing and financing transactions Year ended Dec. 31, (in millions) 2015 2014 2013 Transfers from loans to other assets for other real estate owned (“OREO”) $ 7 $ 4 $ 5 Change in assets of consolidated VIEs 7,881 1,990 209 Change in liabilities of consolidated VIEs 7,423 2,462 50 Change in noncontrolling interests of consolidated VIEs 295 250 50 Securities purchased not settled — 55 518 Securities sales not settled 11 750 88 Available-for-sale securities transferred to held-to-maturity 11,602 — 7,032 Premises and equipment/capitalized software funded by capital lease obligations 49 31 26 |
Summary of significant accoun61
Summary of significant accounting and reporting policies (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)MortgagePoolsecuritizationSegment | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of principal businesses (segment) | Segment | 2 |
Number of securitizations | securitization | 2 |
Minimum loan amount required to measure impairment allowance | $ 1 |
Minimum amount of majority of loans primarily to institutional customers | $ 1 |
Number of residential mortgage pools used for credit loss estimation | MortgagePool | 5 |
Maximum percentage of excess actuarial gain or loss before excess is recognized (percentage) | 10.00% |
Period of time to amortize unrecognized gains or losses for pension plans with inactive participants (years) | 15 years |
Period of time that difference of expected return on plan assets vs. actual performance of plan assets included as adjustment in market related value (years) | 5 years |
Minimum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Variable interest entity ownership percentage | 50.00% |
Premises and equipment, useful life (in years) | 2 years |
Maximum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Premises and equipment, useful life (in years) | 40 years |
Commercial Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Threshold period past due for nonaccrual status | 90 days |
First Lien Residential Mortgage | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Threshold period past due for nonaccrual status | 270 days |
Threshold period past due subject to impairment test | 90 days |
Threshold period past due subject to further impairment testing | 180 days |
Second Lien Residential Mortgage | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Threshold period past due for nonaccrual status | 90 days |
Summary of significant accoun62
Summary of significant accounting and reporting policies - Equity Method Investments (Details) $ in Millions | Dec. 31, 2015USD ($) | |
CIBC Mellon | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage ownership | 50.00% | |
Book value | $ 473 | |
Siguler Guff | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage ownership | 20.00% | |
Book value | $ 262 | |
ConvergEx | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage ownership | 33.90% | |
Book value | $ 86 | [1] |
Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage ownership | 20.00% | |
[1] | In addition to the common ownership interest noted, BNY Mellon also holds an interest in ConvergEx nonvoting Series B preferred units. The book value at Dec. 31, 2015 is reflective of our combined common and preferred interests in ConvergEx. |
Accounting Changes and New Ac63
Accounting Changes and New Accounting Guidance (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Jan. 01, 2015 | Dec. 31, 2014 | ||
Balance Sheet Related Disclosures [Abstract] | |||||
Assets | $ 393,780 | $ 385,303 | |||
Percentage change in total assets for ASU 2015-02 | (2.00%) | ||||
Adjustments | |||||
Balance Sheet Related Disclosures [Abstract] | |||||
Assets | $ (7,700) | ||||
Variable Interest Entity, Primary Beneficiary | |||||
Balance Sheet Related Disclosures [Abstract] | |||||
Fair value of assets | 1,801 | 9,696 | |||
Trading assets | 1,228 | 8,678 | |||
Investment Management funds | Variable Interest Entity, Primary Beneficiary | |||||
Balance Sheet Related Disclosures [Abstract] | |||||
Fair value of assets | 1,401 | [1] | 9,282 | [2] | |
Trading assets | 1,228 | 8,678 | |||
Other Assets and Liabilities, Net | |||||
Balance Sheet Related Disclosures [Abstract] | |||||
Assets | $ 189 | $ 148 | |||
[1] | Includes VMEs with assets of $190 million, liabilities of $1 million and nonredeemable noncontrolling interests of $5 million. | ||||
[2] | Includes VMEs with assets of $855 million, liabilities of $148 million and nonredeemable noncontrolling interests of $544 million. |
Acquisitions and dispositions-
Acquisitions and dispositions- Additional Information (Detail) - USD ($) | Jul. 31, 2015 | Jan. 02, 2015 | May. 01, 2014 | Apr. 23, 2014 | Sep. 27, 2013 | May. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Acquisitions | |||||||||
Contingent payments | $ 0 | ||||||||
Potential obligation to pay additional consideration, upper limit | $ 4,000,000 | ||||||||
Contingent consideration arrangement time period of measurement | 3 months | ||||||||
Goodwill | $ 17,618,000,000 | $ 17,869,000,000 | $ 18,073,000,000 | ||||||
Dispositions | |||||||||
Dispositions, net of cash | $ 17,000,000 | $ 64,000,000 | $ 84,000,000 | ||||||
Meriten Investment Management GmbH | |||||||||
Dispositions | |||||||||
Dispositions, net of cash | $ 40,000,000 | ||||||||
After-tax gain (loss) on sale | (12,000,000) | ||||||||
Goodwill written off related to sale of business unit | 22,000,000 | ||||||||
Indefinite-lived intangible assets, written off related to sale of business unit | $ 9,000,000 | ||||||||
Mexico Corporate Trust | |||||||||
Dispositions | |||||||||
Dispositions, net of cash | $ 65,000,000 | ||||||||
After-tax gain (loss) on sale | 4,000,000 | ||||||||
Goodwill written off related to sale of business unit | 8,000,000 | ||||||||
Indefinite-lived intangible assets, written off related to sale of business unit | $ 1,000,000 | ||||||||
SourceNet | |||||||||
Dispositions | |||||||||
Dispositions, net of cash | $ 11,000,000 | ||||||||
Pretax gain on sale | 2,000,000 | ||||||||
After-tax gain (loss) on sale | $ 10,000,000 | ||||||||
Newton Private Clients | |||||||||
Dispositions | |||||||||
Dispositions, net of cash | $ 120,000,000 | ||||||||
Pretax gain on sale | 27,000,000 | ||||||||
After-tax gain (loss) on sale | 5,000,000 | ||||||||
Goodwill written off related to sale of business unit | 69,000,000 | ||||||||
Indefinite-lived intangible assets, written off related to sale of business unit | $ 7,000,000 | ||||||||
Cutwater Asset Management | |||||||||
Acquisitions | |||||||||
Business acquisition, assets under management acquired | $ 23,000,000,000 | ||||||||
HedgeMark International, LLC | |||||||||
Acquisitions | |||||||||
Ownership percentage acquired (percent) | 65.00% | ||||||||
Payments to acquire business | $ 26,000,000 | ||||||||
Ownership percentage prior to acquisition (percent) | 35.00% | ||||||||
Goodwill | $ 47,000,000 | ||||||||
Intangible assets | $ 1,000,000 |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | $ 118,422 | $ 117,868 | $ 99,121 | |||
Gross unrealized Gains | 1,461 | 2,122 | 1,468 | |||
Gross unrealized Losses | 812 | 533 | 1,837 | |||
Fair value | 119,071 | 119,457 | 98,752 | |||
AOCI, transfers from AFS to HTM Securities, gross unrealized gains | 84 | 60 | 74 | |||
AOCI, transfers from AFS to HTM Securities, gross unrealized losses | 248 | 282 | 343 | |||
Agency RMBS | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale securities, amortized cost | 7,300 | |||||
Available-for-sale securities, fair value | 7,000 | |||||
UK Sovereign Debt | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale securities, amortized cost | 4,700 | |||||
Available-for-sale securities, fair value | 4,800 | |||||
Agency MBS, Sovereign Debt and U.S Treasury Securities | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale securities, amortized cost | 11,600 | |||||
Available-for-sale securities, fair value | 11,600 | |||||
Available-for-sale | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 75,110 | [1] | 96,935 | [2] | 79,378 | [3] |
Gross unrealized Gains | 1,274 | [1] | 1,854 | [2] | 1,406 | [3] |
Gross unrealized Losses | 517 | [1],[4] | 459 | [2],[5] | 1,475 | [3] |
Fair value | 75,867 | [1] | 98,330 | [2] | 79,309 | [3] |
Available-for-sale | U.S. Treasury | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 12,693 | 19,592 | 13,363 | |||
Gross unrealized Gains | 175 | 420 | 94 | |||
Gross unrealized Losses | 36 | 15 | 605 | |||
Fair value | 12,832 | 19,997 | 12,852 | |||
Available-for-sale | U.S. Government agencies | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 386 | 342 | 937 | |||
Gross unrealized Gains | 2 | 3 | 16 | |||
Gross unrealized Losses | 1 | 2 | 5 | |||
Fair value | 387 | 343 | 948 | |||
Available-for-sale | State and political subdivisions | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 3,968 | 5,176 | 6,706 | |||
Gross unrealized Gains | 91 | 95 | 60 | |||
Gross unrealized Losses | 13 | 24 | 92 | |||
Fair value | 4,046 | 5,247 | 6,674 | |||
Available-for-sale | Agency RMBS | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 23,549 | 32,568 | 25,564 | |||
Gross unrealized Gains | 239 | 357 | 307 | |||
Gross unrealized Losses | 287 | 325 | 550 | |||
Fair value | 23,501 | 32,600 | 25,321 | |||
Available-for-sale | Non-agency RMBS | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 782 | 942 | 1,148 | |||
Gross unrealized Gains | 31 | 37 | 44 | |||
Gross unrealized Losses | 20 | 26 | 50 | |||
Fair value | 793 | 953 | 1,142 | |||
Available-for-sale | Other RMBS | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 1,072 | 1,551 | 2,299 | |||
Gross unrealized Gains | 10 | 25 | 43 | |||
Gross unrealized Losses | 21 | 25 | 57 | |||
Fair value | 1,061 | 1,551 | 2,285 | |||
Available-for-sale | Commercial MBS | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 1,400 | 1,927 | 2,324 | |||
Gross unrealized Gains | 8 | 39 | 60 | |||
Gross unrealized Losses | 16 | 7 | 27 | |||
Fair value | 1,392 | 1,959 | 2,357 | |||
Available-for-sale | Agency commercial MBS | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 4,031 | 3,105 | 1,822 | |||
Gross unrealized Gains | 24 | 36 | 1 | |||
Gross unrealized Losses | 35 | 9 | 34 | |||
Fair value | 4,020 | 3,132 | 1,789 | |||
Available-for-sale | Asset-backed CLOs | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 2,363 | 2,128 | 1,551 | |||
Gross unrealized Gains | 1 | 9 | 11 | |||
Gross unrealized Losses | 13 | 7 | 0 | |||
Fair value | 2,351 | 2,130 | 1,562 | |||
Available-for-sale | Other asset-backed securities | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 2,909 | 3,241 | 2,894 | |||
Gross unrealized Gains | 1 | 5 | 6 | |||
Gross unrealized Losses | 17 | 6 | 9 | |||
Fair value | 2,893 | 3,240 | 2,891 | |||
Available-for-sale | Foreign covered bonds | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 2,125 | 2,788 | 2,798 | |||
Gross unrealized Gains | 46 | 80 | 73 | |||
Gross unrealized Losses | 3 | 0 | 0 | |||
Fair value | 2,168 | 2,868 | 2,871 | |||
Available-for-sale | Corporate bonds | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 1,740 | 1,747 | 1,808 | |||
Gross unrealized Gains | 26 | 45 | 32 | |||
Gross unrealized Losses | 14 | 7 | 25 | |||
Fair value | 1,752 | 1,785 | 1,815 | |||
Available-for-sale | Sovereign debt/sovereign guaranteed | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 13,036 | 17,062 | 11,284 | |||
Gross unrealized Gains | 211 | 224 | 87 | |||
Gross unrealized Losses | 30 | 2 | 18 | |||
Fair value | 13,217 | 17,284 | 11,353 | |||
Available-for-sale | Other debt securities | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 2,732 | 2,162 | 1,793 | |||
Gross unrealized Gains | 46 | 7 | 4 | |||
Gross unrealized Losses | 3 | 0 | 0 | |||
Fair value | 2,775 | 2,169 | 1,797 | |||
Available-for-sale | Equity securities | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 3 | 94 | 18 | |||
Gross unrealized Gains | 1 | 1 | 1 | |||
Gross unrealized Losses | 0 | 0 | 0 | |||
Fair value | 4 | 95 | 19 | |||
Available-for-sale | Money market funds | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 886 | 763 | 938 | |||
Gross unrealized Gains | 0 | 0 | 0 | |||
Gross unrealized Losses | 0 | 0 | 0 | |||
Fair value | 886 | 763 | 938 | |||
Available-for-sale | Non-agency RMBS | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 1,435 | [6] | 1,747 | [7] | 2,131 | [8] |
Gross unrealized Gains | 362 | [6] | 471 | [7] | 567 | [8] |
Gross unrealized Losses | 8 | [6],[9] | 4 | [7],[10] | 3 | [8] |
Fair value | 1,789 | [6] | 2,214 | [7] | 2,695 | [8] |
Held-to-maturity | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 43,312 | 20,933 | 19,743 | |||
Gross unrealized Gains | 187 | 268 | 62 | |||
Gross unrealized Losses | 295 | 74 | 362 | |||
Fair value | 43,204 | 21,127 | 19,443 | |||
Held-to-maturity | U.S. Treasury | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 11,326 | 5,047 | 3,324 | |||
Gross unrealized Gains | 25 | 32 | 28 | |||
Gross unrealized Losses | 51 | 16 | 84 | |||
Fair value | 11,300 | 5,063 | 3,268 | |||
Held-to-maturity | U.S. Government agencies | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 1,431 | 344 | 419 | |||
Gross unrealized Gains | 0 | 0 | 0 | |||
Gross unrealized Losses | 6 | 3 | 13 | |||
Fair value | 1,425 | 341 | 406 | |||
Held-to-maturity | State and political subdivisions | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 20 | 24 | 44 | |||
Gross unrealized Gains | 0 | 1 | 0 | |||
Gross unrealized Losses | 1 | 1 | 0 | |||
Fair value | 19 | 24 | 44 | |||
Held-to-maturity | Agency RMBS | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 26,036 | 14,006 | 14,568 | |||
Gross unrealized Gains | 134 | 200 | 20 | |||
Gross unrealized Losses | 205 | 44 | 236 | |||
Fair value | 25,965 | 14,162 | 14,352 | |||
Held-to-maturity | Non-agency RMBS | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 118 | 153 | 186 | |||
Gross unrealized Gains | 5 | 9 | 10 | |||
Gross unrealized Losses | 2 | 2 | 3 | |||
Fair value | 121 | 160 | 193 | |||
Held-to-maturity | Other RMBS | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 224 | 315 | 466 | |||
Gross unrealized Gains | 1 | 2 | 3 | |||
Gross unrealized Losses | 10 | 8 | 20 | |||
Fair value | 215 | 309 | 449 | |||
Held-to-maturity | Commercial MBS | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 9 | 13 | 16 | |||
Gross unrealized Gains | 0 | 0 | 1 | |||
Gross unrealized Losses | 0 | 0 | 0 | |||
Fair value | 9 | 13 | 17 | |||
Held-to-maturity | Agency commercial MBS | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 503 | |||||
Gross unrealized Gains | 0 | |||||
Gross unrealized Losses | 9 | |||||
Fair value | 494 | |||||
Held-to-maturity | Foreign covered bonds | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 76 | |||||
Gross unrealized Gains | 0 | |||||
Gross unrealized Losses | 0 | |||||
Fair value | 76 | |||||
Held-to-maturity | Sovereign debt/sovereign guaranteed | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 3,538 | 1,031 | 720 | |||
Gross unrealized Gains | 22 | 24 | 0 | |||
Gross unrealized Losses | 11 | 0 | 6 | |||
Fair value | 3,549 | $ 1,055 | $ 714 | |||
Held-to-maturity | Other debt securities | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Amortized cost | 31 | |||||
Gross unrealized Gains | 0 | |||||
Gross unrealized Losses | 0 | |||||
Fair value | $ 31 | |||||
[1] | Includes gross unrealized gains of $84 million and gross unrealized losses of $248 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses primarily are related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||||
[2] | Includes gross unrealized gains of $60 million and gross unrealized losses of $282 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses are primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||||
[3] | Includes gross unrealized gains of $74 million and gross unrealized losses of $343 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses are primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||||
[4] | Includes gross unrealized losses for less than 12 months of $8 million and gross unrealized losses for 12 months or more of $240 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||||
[5] | Includes gross unrealized losses for 12 months or more of $282 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||||
[6] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | |||||
[7] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | |||||
[8] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | |||||
[9] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | |||||
[10] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
Securities - Net Securities Gai
Securities - Net Securities Gains (Losses) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Securities [Abstract] | |||
Realized gross gains | $ 90 | $ 114 | $ 186 |
Realized gross losses | (2) | (4) | (10) |
Recognized gross impairments | (5) | (19) | (35) |
Net securities gains | $ 83 | $ 91 | $ 141 |
Securities - Aggregate Fair Val
Securities - Aggregate Fair Value of Investments with Continuous Unrealized Loss Position (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | $ 54,834 | $ 17,297 | ||||
Less than 12 months Unrealized losses | 439 | 71 | ||||
12 months or more Fair value | 5,890 | 14,046 | ||||
12 months or more Unrealized losses | 373 | 462 | ||||
Total Fair value | 60,724 | 31,343 | ||||
Total Unrealized losses | 812 | 533 | $ 1,837 | |||
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, less than 12 months | 8 | |||||
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, greater than 12 months | 240 | |||||
AOCI, transfers from AFS to HTM Securities, gross unrealized losses | 248 | 282 | 343 | |||
Securities available-for-sale | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 25,392 | [1] | 15,635 | [2] | ||
Less than 12 months Unrealized losses | 190 | [1] | 61 | [2] | ||
12 months or more Fair value | 3,778 | [1] | 8,087 | [2] | ||
12 months or more Unrealized losses | 327 | [1] | 398 | [2] | ||
Total Fair value | 29,170 | [1] | 23,722 | [2] | ||
Total Unrealized losses | 517 | [1],[3] | 459 | [2],[4] | 1,475 | [5] |
Securities available-for-sale | U.S. Treasury | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 6,343 | 6,049 | ||||
Less than 12 months Unrealized losses | 36 | 15 | ||||
12 months or more Fair value | 0 | 0 | ||||
12 months or more Unrealized losses | 0 | 0 | ||||
Total Fair value | 6,343 | 6,049 | ||||
Total Unrealized losses | 36 | 15 | 605 | |||
Securities available-for-sale | U.S. Government agencies | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 148 | 32 | ||||
Less than 12 months Unrealized losses | 1 | 0 | ||||
12 months or more Fair value | 10 | 100 | ||||
12 months or more Unrealized losses | 0 | 2 | ||||
Total Fair value | 158 | 132 | ||||
Total Unrealized losses | 1 | 2 | 5 | |||
Securities available-for-sale | State and political subdivisions | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 143 | 410 | ||||
Less than 12 months Unrealized losses | 2 | 18 | ||||
12 months or more Fair value | 117 | 393 | ||||
12 months or more Unrealized losses | 11 | 6 | ||||
Total Fair value | 260 | 803 | ||||
Total Unrealized losses | 13 | 24 | 92 | |||
Securities available-for-sale | Agency RMBS | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 8,500 | 3,385 | ||||
Less than 12 months Unrealized losses | 44 | 13 | ||||
12 months or more Fair value | 1,316 | 5,016 | ||||
12 months or more Unrealized losses | 243 | 312 | ||||
Total Fair value | 9,816 | 8,401 | ||||
Total Unrealized losses | 287 | 325 | 550 | |||
Securities available-for-sale | Non-agency RMBS | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 72 | 143 | ||||
Less than 12 months Unrealized losses | 0 | 1 | ||||
12 months or more Fair value | 417 | 382 | ||||
12 months or more Unrealized losses | 20 | 25 | ||||
Total Fair value | 489 | 525 | ||||
Total Unrealized losses | 20 | 26 | 50 | |||
Securities available-for-sale | Other RMBS | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 2 | 0 | ||||
Less than 12 months Unrealized losses | 0 | 0 | ||||
12 months or more Fair value | 298 | 449 | ||||
12 months or more Unrealized losses | 21 | 25 | ||||
Total Fair value | 300 | 449 | ||||
Total Unrealized losses | 21 | 25 | 57 | |||
Securities available-for-sale | Commercial MBS | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 567 | 175 | ||||
Less than 12 months Unrealized losses | 9 | 1 | ||||
12 months or more Fair value | 224 | 394 | ||||
12 months or more Unrealized losses | 7 | 6 | ||||
Total Fair value | 791 | 569 | ||||
Total Unrealized losses | 16 | 7 | 27 | |||
Securities available-for-sale | Agency commercial MBS | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 2,551 | 719 | ||||
Less than 12 months Unrealized losses | 31 | 1 | ||||
12 months or more Fair value | 172 | 550 | ||||
12 months or more Unrealized losses | 4 | 8 | ||||
Total Fair value | 2,723 | 1,269 | ||||
Total Unrealized losses | 35 | 9 | 34 | |||
Securities available-for-sale | Asset-backed CLOs | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 1,599 | 1,376 | ||||
Less than 12 months Unrealized losses | 10 | 7 | ||||
12 months or more Fair value | 455 | 0 | ||||
12 months or more Unrealized losses | 3 | 0 | ||||
Total Fair value | 2,054 | 1,376 | ||||
Total Unrealized losses | 13 | 7 | 0 | |||
Securities available-for-sale | Other asset-backed securities | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 2,001 | 1,078 | ||||
Less than 12 months Unrealized losses | 10 | 2 | ||||
12 months or more Fair value | 546 | 539 | ||||
12 months or more Unrealized losses | 7 | 4 | ||||
Total Fair value | 2,547 | 1,617 | ||||
Total Unrealized losses | 17 | 6 | 9 | |||
Securities available-for-sale | Corporate bonds | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 338 | 51 | ||||
Less than 12 months Unrealized losses | 10 | 0 | ||||
12 months or more Fair value | 128 | 230 | ||||
12 months or more Unrealized losses | 4 | 7 | ||||
Total Fair value | 466 | 281 | ||||
Total Unrealized losses | 14 | 7 | 25 | |||
Securities available-for-sale | Sovereign debt/sovereign guaranteed | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 2,063 | 2,175 | ||||
Less than 12 months Unrealized losses | 30 | 2 | ||||
12 months or more Fair value | 43 | 0 | ||||
12 months or more Unrealized losses | 0 | 0 | ||||
Total Fair value | 2,106 | 2,175 | ||||
Total Unrealized losses | 30 | 2 | 18 | |||
Securities available-for-sale | Non-agency RMBS | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 45 | [6] | 42 | [7] | ||
Less than 12 months Unrealized losses | 1 | [6] | 1 | [7] | ||
12 months or more Fair value | 52 | [6] | 34 | [7] | ||
12 months or more Unrealized losses | 7 | [6] | 3 | [7] | ||
Total Fair value | 97 | [6] | 76 | [7] | ||
Total Unrealized losses | 8 | [6],[8] | 4 | [7],[9] | 3 | [10] |
Securities available-for-sale | Other debt securities | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 505 | |||||
Less than 12 months Unrealized losses | 3 | |||||
12 months or more Fair value | 0 | |||||
12 months or more Unrealized losses | 0 | |||||
Total Fair value | 505 | |||||
Total Unrealized losses | 3 | 0 | 0 | |||
Securities available-for-sale | Foreign covered bonds | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 515 | |||||
Less than 12 months Unrealized losses | 3 | |||||
12 months or more Fair value | 0 | |||||
12 months or more Unrealized losses | 0 | |||||
Total Fair value | 515 | |||||
Total Unrealized losses | 3 | 0 | 0 | |||
Held-to-maturity | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 29,442 | 1,662 | ||||
Less than 12 months Unrealized losses | 249 | 10 | ||||
12 months or more Fair value | 2,112 | 5,959 | ||||
12 months or more Unrealized losses | 46 | 64 | ||||
Total Fair value | 31,554 | 7,621 | ||||
Total Unrealized losses | 295 | 74 | 362 | |||
Held-to-maturity | U.S. Treasury | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 9,121 | 1,066 | ||||
Less than 12 months Unrealized losses | 51 | 6 | ||||
12 months or more Fair value | 0 | 1,559 | ||||
12 months or more Unrealized losses | 0 | 10 | ||||
Total Fair value | 9,121 | 2,625 | ||||
Total Unrealized losses | 51 | 16 | 84 | |||
Held-to-maturity | U.S. Government agencies | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 1,122 | 0 | ||||
Less than 12 months Unrealized losses | 6 | 0 | ||||
12 months or more Fair value | 0 | 340 | ||||
12 months or more Unrealized losses | 0 | 3 | ||||
Total Fair value | 1,122 | 340 | ||||
Total Unrealized losses | 6 | 3 | 13 | |||
Held-to-maturity | State and political subdivisions | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 4 | 5 | ||||
Less than 12 months Unrealized losses | 1 | 1 | ||||
12 months or more Fair value | 0 | 0 | ||||
12 months or more Unrealized losses | 0 | 0 | ||||
Total Fair value | 4 | 5 | ||||
Total Unrealized losses | 1 | 1 | 0 | |||
Held-to-maturity | Agency RMBS | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 16,491 | 551 | ||||
Less than 12 months Unrealized losses | 171 | 3 | ||||
12 months or more Fair value | 1,917 | 3,808 | ||||
12 months or more Unrealized losses | 34 | 41 | ||||
Total Fair value | 18,408 | 4,359 | ||||
Total Unrealized losses | 205 | 44 | 236 | |||
Held-to-maturity | Non-agency RMBS | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 40 | 40 | ||||
Less than 12 months Unrealized losses | 0 | 0 | ||||
12 months or more Fair value | 29 | 33 | ||||
12 months or more Unrealized losses | 2 | 2 | ||||
Total Fair value | 69 | 73 | ||||
Total Unrealized losses | 2 | 2 | 3 | |||
Held-to-maturity | Other RMBS | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 9 | 0 | ||||
Less than 12 months Unrealized losses | 0 | 0 | ||||
12 months or more Fair value | 166 | 219 | ||||
12 months or more Unrealized losses | 10 | 8 | ||||
Total Fair value | 175 | 219 | ||||
Total Unrealized losses | 10 | 8 | 20 | |||
Held-to-maturity | Commercial MBS | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Total Unrealized losses | 0 | 0 | 0 | |||
Held-to-maturity | Agency commercial MBS | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 494 | |||||
Less than 12 months Unrealized losses | 9 | |||||
12 months or more Fair value | 0 | |||||
12 months or more Unrealized losses | 0 | |||||
Total Fair value | 494 | |||||
Total Unrealized losses | 9 | |||||
Held-to-maturity | Sovereign debt/sovereign guaranteed | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Less than 12 months Fair value | 2,161 | |||||
Less than 12 months Unrealized losses | 11 | |||||
12 months or more Fair value | 0 | |||||
12 months or more Unrealized losses | 0 | |||||
Total Fair value | 2,161 | |||||
Total Unrealized losses | 11 | $ 0 | $ 6 | |||
Held-to-maturity | Other debt securities | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Total Unrealized losses | 0 | |||||
Held-to-maturity | Foreign covered bonds | ||||||
Investments, Unrealized Loss Position [Line Items] | ||||||
Total Unrealized losses | $ 0 | |||||
[1] | Includes gross unrealized losses for less than 12 months of $8 million and gross unrealized losses for 12 months or more of $240 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||||
[2] | Includes gross unrealized losses for 12 months or more of $282 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||||
[3] | Includes gross unrealized gains of $84 million and gross unrealized losses of $248 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses primarily are related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||||
[4] | Includes gross unrealized gains of $60 million and gross unrealized losses of $282 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses are primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||||
[5] | Includes gross unrealized gains of $74 million and gross unrealized losses of $343 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains and losses are primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||||
[6] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | |||||
[7] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | |||||
[8] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | |||||
[9] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | |||||
[10] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
Securities - Maturity Distribut
Securities - Maturity Distribution by Carrying Amount and Yield (on Tax Equivalent Basis) of Investment Securities Portfolio (Detail) $ in Millions | Dec. 31, 2015USD ($) | |
Securities available-for-sale: | ||
One year or less | $ 9,283 | |
Over 1 through 5 years | 19,553 | |
Over 5 through 10 years | 4,536 | |
Over 10 years | 3,805 | |
Total | 75,867 | |
Securities held-to-maturity: | ||
One year or less | 2,602 | |
Over 1 through 5 years | 10,510 | |
Over 5 through 10 years | 3,295 | |
Over 10 years | 15 | |
Total | 43,312 | |
Mortgage-backed securities | ||
Securities available-for-sale: | ||
Without single maturity date | 32,556 | |
Securities held-to-maturity: | ||
Mortgage-backed securities | 26,890 | |
Asset-backed securities | ||
Securities available-for-sale: | ||
Without single maturity date | 5,244 | |
Equity securities | ||
Securities available-for-sale: | ||
Without single maturity date | 890 | [1] |
U.S. Treasury | ||
Securities available-for-sale: | ||
One year or less | 3,766 | |
Over 1 through 5 years | 4,445 | |
Over 5 through 10 years | 1,217 | |
Over 10 years | 3,404 | |
Total | $ 12,832 | |
Securities available-for-sale (percent): | ||
One year or less (percent) | 0.48% | [2] |
Over 1 through 5 years (percent) | 1.53% | [2] |
Over 5 through 10 years (percent) | 2.09% | [2] |
Over 10 years (percent) | 3.11% | [2] |
Total (percent) | 1.69% | [2] |
Securities held-to-maturity: | ||
One year or less | $ 1,160 | |
Over 1 through 5 years | 7,605 | |
Over 5 through 10 years | 2,561 | |
Over 10 years | 0 | |
Total | $ 11,326 | |
Securities held-to-maturity (percent): | ||
One year or less (percent) | 0.71% | [2] |
Over 1 through 5 years (percent) | 1.10% | [2] |
Over 5 through 10 years (percent) | 2.06% | [2] |
Over 10 years (percent) | 0.00% | [2] |
Total (percent) | 1.28% | [2] |
U.S. Government agencies | ||
Securities available-for-sale: | ||
One year or less | $ 51 | |
Over 1 through 5 years | 169 | |
Over 5 through 10 years | 167 | |
Over 10 years | 0 | |
Total | $ 387 | |
Securities available-for-sale (percent): | ||
One year or less (percent) | 2.56% | [2] |
Over 1 through 5 years (percent) | 1.24% | [2] |
Over 5 through 10 years (percent) | 2.45% | [2] |
Over 10 years (percent) | 0.00% | [2] |
Total (percent) | 1.94% | [2] |
Securities held-to-maturity: | ||
One year or less | $ 0 | |
Over 1 through 5 years | 1,431 | |
Over 5 through 10 years | 0 | |
Over 10 years | 0 | |
Total | $ 1,431 | |
Securities held-to-maturity (percent): | ||
One year or less (percent) | 0.00% | [2] |
Over 1 through 5 years (percent) | 1.06% | [2] |
Over 5 through 10 years (percent) | 0.00% | [2] |
Over 10 years (percent) | 0.00% | [2] |
Total (percent) | 1.06% | [2] |
State and political subdivisions | ||
Securities available-for-sale: | ||
One year or less | $ 655 | |
Over 1 through 5 years | 2,002 | |
Over 5 through 10 years | 1,189 | |
Over 10 years | 200 | |
Total | $ 4,046 | |
Securities available-for-sale (percent): | ||
One year or less (percent) | 1.99% | [2] |
Over 1 through 5 years (percent) | 2.70% | [2] |
Over 5 through 10 years (percent) | 3.98% | [2] |
Over 10 years (percent) | 1.03% | [2] |
Total (percent) | 2.88% | [2] |
Securities held-to-maturity: | ||
One year or less | $ 0 | |
Over 1 through 5 years | 1 | |
Over 5 through 10 years | 4 | |
Over 10 years | 15 | |
Total | $ 20 | |
Securities held-to-maturity (percent): | ||
One year or less (percent) | 0.00% | [2] |
Over 1 through 5 years (percent) | 7.01% | [2] |
Over 5 through 10 years (percent) | 6.80% | [2] |
Over 10 years (percent) | 5.34% | [2] |
Total (percent) | 5.75% | [2] |
Other bonds, notes and debentures | ||
Securities available-for-sale: | ||
One year or less | $ 4,811 | |
Over 1 through 5 years | 12,937 | |
Over 5 through 10 years | 1,963 | |
Over 10 years | 201 | |
Total | $ 19,912 | |
Securities available-for-sale (percent): | ||
One year or less (percent) | 0.90% | [2] |
Over 1 through 5 years (percent) | 1.11% | [2] |
Over 5 through 10 years (percent) | 1.33% | [2] |
Over 10 years (percent) | 1.69% | [2] |
Total (percent) | 1.09% | [2] |
Securities held-to-maturity: | ||
One year or less | $ 1,442 | |
Over 1 through 5 years | 1,473 | |
Over 5 through 10 years | 730 | |
Over 10 years | 0 | |
Total | $ 3,645 | |
Securities held-to-maturity (percent): | ||
One year or less (percent) | 0.24% | [2] |
Over 1 through 5 years (percent) | 0.61% | [2] |
Over 5 through 10 years (percent) | 0.71% | [2] |
Over 10 years (percent) | 0.00% | [2] |
Total (percent) | 0.48% | [2] |
Mortgage/ asset-backed and equity securities | ||
Securities available-for-sale: | ||
Total | $ 38,690 | |
Securities available-for-sale (percent): | ||
Total (percent) | 2.41% | [2] |
Securities held-to-maturity: | ||
Total | $ 26,890 | |
Securities held-to-maturity (percent): | ||
Total (percent) | 2.73% | [2] |
Mortgage/ asset-backed and equity securities | Mortgage-backed securities | ||
Securities available-for-sale: | ||
Without single maturity date | $ 32,556 | |
Securities available-for-sale (percent): | ||
Without single maturity date (percent) | 2.65% | [2] |
Securities held-to-maturity: | ||
Mortgage-backed securities | $ 26,890 | |
Securities held-to-maturity (percent): | ||
Without single maturity date (percent) | 2.73% | [2] |
Mortgage/ asset-backed and equity securities | Asset-backed securities | ||
Securities available-for-sale: | ||
Without single maturity date | $ 5,244 | |
Securities available-for-sale (percent): | ||
Without single maturity date (percent) | 1.30% | [2] |
Mortgage/ asset-backed and equity securities | Equity securities | ||
Securities available-for-sale: | ||
Without single maturity date | $ 890 | [1] |
Securities available-for-sale (percent): | ||
Without single maturity date (percent) | 0.00% | [1],[2] |
[1] | Includes money market funds. | |
[2] | Yields are based upon the amortized cost of securities. |
Securities - Projected Weighted
Securities - Projected Weighted-Average Default Rates and Loss Severities (Detail) - Recent Vintage | Dec. 31, 2015 | Dec. 31, 2014 |
Alt-A | ||
Gain (Loss) on Investments [Line Items] | ||
Default rate (percent) | 33.00% | 38.00% |
Severity (percent) | 57.00% | 58.00% |
Subprime | ||
Gain (Loss) on Investments [Line Items] | ||
Default rate (percent) | 52.00% | 55.00% |
Severity (percent) | 72.00% | 74.00% |
Prime | ||
Gain (Loss) on Investments [Line Items] | ||
Default rate (percent) | 18.00% | 23.00% |
Severity (percent) | 40.00% | 42.00% |
Securities - Pre-Tax Net Securi
Securities - Pre-Tax Net Securities Gains (Losses) by Type (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | $ 83 | $ 91 | $ 141 |
U.S. Treasury | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | 45 | 25 | 60 |
Non-agency RMBS | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | 7 | 17 | (1) |
Commercial MBS | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | 5 | 1 | 16 |
State and political subdivisions | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | 4 | 13 | 13 |
European floating rate notes | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | 2 | 1 | 8 |
Other securities | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | $ 20 | $ 34 | $ 45 |
Securities - Debt Securities Cr
Securities - Debt Securities Credit Losses Roll Forward Recorded in Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other than Temporary Impairment [Roll Forward] | ||
Beginning balance | $ 93 | $ 119 |
Add: Initial OTTI credit losses | 0 | 2 |
Subsequent OTTI credit losses | 5 | 10 |
Less: Realized losses for securities sold | 7 | 38 |
Ending balance | $ 91 | $ 93 |
Securities - Pledged assets (De
Securities - Pledged assets (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Transfers and Servicing [Abstract] | ||
Pledged assets | $ 101,000,000,000 | $ 99,000,000,000 |
Pledged collateral for potential borrowings at the Federal Reserve Discount Window | 84,000,000,000 | 74,000,000,000 |
Pledged securities | 88,000,000,000 | 90,000,000,000 |
Pledged loans | 8,000,000,000 | 6,000,000,000 |
Pledged interest-bearing deposits | 2,000,000,000 | 1,000,000,000 |
Pledged trading assets | 3,000,000,000 | 2,000,000,000 |
Pledged assets permitted to be sold or repledged | 7,000,000,000 | 9,000,000,000 |
Market value of securities that can be sold or repledged | 52,000,000,000 | 47,000,000,000 |
Fair value of securities received as collateral that have been resold or repledged | 17,000,000,000 | 19,000,000,000 |
Cash segregated under other regulations | 4,000,000,000 | 6,000,000,000 |
Securities segregated under other regulations | $ 1,000,000,000 | $ 0 |
Loans and asset quality - Detai
Loans and asset quality - Details of Loan Distribution and Industry Concentrations of Credit Risk (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | [1] | $ 63,703 | $ 59,132 | |
Unearned income on lease financings | 674 | 866 | ||
Financial institutions | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 15,899 | 13,319 | ||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,342 | 1,642 | ||
Wealth management loans and mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 13,347 | 11,184 | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 3,945 | 2,530 | ||
Other residential mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,055 | 1,222 | ||
Overdrafts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 4,483 | 5,882 | ||
Margin loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 19,573 | 20,034 | ||
Total Domestic | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 49,351 | 45,611 | ||
Total Domestic | Financial institutions | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 6,640 | 5,603 | ||
Total Domestic | Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,115 | 1,390 | ||
Total Domestic | Wealth management loans and mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 13,247 | 11,095 | ||
Total Domestic | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 3,899 | 2,524 | ||
Total Domestic | Lease financings | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,007 | 1,282 | ||
Total Domestic | Other residential mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,055 | 1,222 | ||
Total Domestic | Overdrafts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 911 | 1,348 | $ 1,314 | |
Total Domestic | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,137 | 1,113 | 768 | |
Total Domestic | Margin loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 19,340 | 20,034 | $ 15,652 | |
Foreign | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 14,352 | 13,521 | ||
Foreign | Financial institutions | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 9,259 | 7,716 | ||
Foreign | Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 227 | 252 | ||
Foreign | Wealth management loans and mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 100 | 89 | ||
Foreign | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 46 | 6 | ||
Foreign | Lease financings | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 850 | 889 | ||
Foreign | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 3,637 | 4,569 | ||
Foreign | Margin loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 233 | $ 0 | ||
[1] | Net of unearned income of $674 million at Dec. 31, 2015 and $866 million at Dec. 31, 2014 primarily on domestic and foreign lease financings. |
Loans and asset quality - Allow
Loans and asset quality - Allowance for Credit Losses Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | $ 280 | $ 344 | $ 387 | ||||
Charge-offs | (172) | (20) | (17) | ||||
Recoveries | 7 | 4 | 9 | ||||
Net (charge-offs) recoveries | (165) | (16) | (8) | ||||
Provision | 160 | (48) | (35) | ||||
Ending balance | 275 | 280 | 344 | ||||
Loan losses | 157 | 191 | 210 | ||||
Lending-related commitments | 118 | 89 | 134 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 180 | 8 | 36 | ||||
Allowance for loan losses | 2 | 1 | 7 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 63,101 | 59,103 | 51,621 | ||||
Allowance for loan losses | 155 | 190 | 203 | ||||
Loans | [1] | 63,703 | 59,132 | ||||
Commercial | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 60 | 83 | 104 | ||||
Charge-offs | 0 | (12) | (4) | ||||
Recoveries | 0 | 1 | 1 | ||||
Net (charge-offs) recoveries | 0 | (11) | (3) | ||||
Provision | 22 | (12) | (18) | ||||
Ending balance | 82 | 60 | 83 | ||||
Loan losses | 24 | 17 | 21 | ||||
Lending-related commitments | 58 | 43 | 62 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 0 | 0 | 15 | ||||
Allowance for loan losses | 0 | 0 | 2 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 2,115 | 1,390 | 1,519 | ||||
Allowance for loan losses | 24 | 17 | 19 | ||||
Loans | 2,342 | 1,642 | |||||
Commercial real estate | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 50 | 41 | 30 | ||||
Charge-offs | 0 | (2) | (1) | ||||
Recoveries | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | (2) | (1) | ||||
Provision | 9 | 11 | 12 | ||||
Ending balance | 59 | 50 | 41 | ||||
Loan losses | 37 | 32 | 21 | ||||
Lending-related commitments | 22 | 18 | 20 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 1 | 0 | 3 | ||||
Allowance for loan losses | 1 | 0 | 1 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 3,496 | 2,503 | 1,998 | ||||
Allowance for loan losses | 36 | 32 | 20 | ||||
Loans | 3,945 | 2,530 | |||||
Financial institutions | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 31 | 49 | 36 | ||||
Charge-offs | (170) | 0 | 0 | ||||
Recoveries | 1 | 1 | 4 | ||||
Net (charge-offs) recoveries | (169) | 1 | 4 | ||||
Provision | 169 | (19) | 9 | ||||
Ending balance | 31 | 31 | 49 | ||||
Loan losses | 9 | 17 | 10 | ||||
Lending-related commitments | 22 | 14 | 39 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 171 | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 6,469 | 5,603 | 4,511 | ||||
Allowance for loan losses | 9 | 17 | 10 | ||||
Loans | 15,899 | 13,319 | |||||
Lease financings | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 32 | 37 | 49 | ||||
Charge-offs | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | 0 | 0 | ||||
Provision | (17) | (5) | (12) | ||||
Ending balance | 15 | 32 | 37 | ||||
Loan losses | 15 | 32 | 37 | ||||
Lending-related commitments | 0 | 0 | 0 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 0 | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 1,007 | 1,282 | 1,322 | ||||
Allowance for loan losses | 15 | 32 | 37 | ||||
Wealth management loans and mortgages | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 22 | 24 | 30 | ||||
Charge-offs | 0 | (1) | (1) | ||||
Recoveries | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | (1) | (1) | ||||
Provision | (3) | (1) | (5) | ||||
Ending balance | 19 | 22 | 24 | ||||
Loan losses | 15 | 17 | 19 | ||||
Lending-related commitments | 4 | 5 | 5 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 8 | 8 | 12 | ||||
Allowance for loan losses | 1 | 1 | 3 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 13,239 | 11,087 | 9,731 | ||||
Allowance for loan losses | 14 | 16 | 16 | ||||
Loans | 13,347 | 11,184 | |||||
Other residential mortgages | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 41 | 54 | 88 | ||||
Charge-offs | (2) | (2) | (8) | ||||
Recoveries | 6 | 2 | 4 | ||||
Net (charge-offs) recoveries | 4 | 0 | (4) | ||||
Provision | (11) | (13) | (30) | ||||
Ending balance | 34 | 41 | 54 | ||||
Loan losses | 34 | 41 | 54 | ||||
Lending-related commitments | 0 | 0 | 0 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 0 | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 1,035 | 1,222 | 1,385 | ||||
Allowance for loan losses | 34 | 41 | 54 | ||||
Loans | 1,055 | 1,222 | |||||
All Other | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 0 | 0 | 2 | ||||
Charge-offs | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | 0 | 0 | ||||
Provision | 0 | 0 | (2) | ||||
Ending balance | 0 | 0 | 0 | ||||
Loan losses | 0 | 0 | 0 | ||||
Lending-related commitments | 0 | 0 | 0 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 0 | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 21,388 | [2] | 22,495 | [3] | 17,734 | [3] | |
Allowance for loan losses | 0 | 0 | 0 | ||||
Foreign | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 44 | 56 | 48 | ||||
Charge-offs | 0 | (3) | (3) | ||||
Recoveries | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | (3) | (3) | ||||
Provision | (9) | (9) | 11 | ||||
Ending balance | 35 | 44 | 56 | ||||
Loan losses | 23 | 35 | 48 | ||||
Lending-related commitments | 12 | 9 | 8 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 0 | 0 | 6 | ||||
Allowance for loan losses | 0 | 0 | 1 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 14,352 | 13,521 | 13,421 | ||||
Allowance for loan losses | 23 | 35 | 47 | ||||
Overdrafts | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 4,483 | 5,882 | |||||
Margin loans | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 19,573 | 20,034 | |||||
Total Domestic | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 49,351 | 45,611 | |||||
Total Domestic | Commercial | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 2,115 | 1,390 | |||||
Total Domestic | Commercial real estate | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 3,899 | 2,524 | |||||
Total Domestic | Financial institutions | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 6,640 | 5,603 | |||||
Total Domestic | Lease financings | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 1,007 | 1,282 | |||||
Total Domestic | Wealth management loans and mortgages | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 13,247 | 11,095 | |||||
Total Domestic | Other residential mortgages | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 1,055 | 1,222 | |||||
Total Domestic | Overdrafts | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 911 | 1,348 | 1,314 | ||||
Total Domestic | Margin loans | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 19,340 | 20,034 | 15,652 | ||||
Total Domestic | Other | |||||||
Collectively evaluated for impairment: | |||||||
Loans | $ 1,137 | $ 1,113 | $ 768 | ||||
[1] | Net of unearned income of $674 million at Dec. 31, 2015 and $866 million at Dec. 31, 2014 primarily on domestic and foreign lease financings. | ||||||
[2] | Includes $911 million of domestic overdrafts, $19,340 million of margin loans and $1,137 million of other loans at Dec. 31, 2015. | ||||||
[3] | Includes $1,314 million of domestic overdrafts, $15,652 million of margin loans and $768 million of other loans at Dec. 31, 2013. |
Loans and asset quality - Nonpe
Loans and asset quality - Nonperforming Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Nonperforming loans | $ 286 | $ 125 | |
Other assets owned | 6 | 3 | |
Total nonperforming assets | [1] | 292 | 128 |
Loans fair value | 53 | ||
Total Domestic | Financial institutions | |||
Financing Receivable, Impaired [Line Items] | |||
Nonperforming loans | 171 | 0 | |
Total Domestic | Other residential mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Nonperforming loans | 102 | 112 | |
Total Domestic | Wealth management loans and mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Nonperforming loans | 11 | 12 | |
Total Domestic | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Nonperforming loans | $ 2 | $ 1 | |
[1] | Loans of consolidated investment management funds are not part of BNY Mellon’s loan portfolio. Included in the loans of consolidated investment management funds are nonperforming loans of $53 million at Dec. 31, 2014. These loans are recorded at fair value and therefore do not impact the provision for credit losses and allowance for loan losses, and accordingly are excluded from the nonperforming assets table above. In the second quarter of 2015, BNY Mellon adopted the new accounting guidance included in ASU 2015-02, Consolidations. As a result, we deconsolidated substantially all of the loans of consolidated investment management funds retrospectively to Jan. 1, 2015. |
Loans and asset quality - Lost
Loans and asset quality - Lost Interest (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount by which interest income recognized on nonperforming loans exceeded reversals | $ 0 | $ 1 | $ 2 |
Amount by which interest income would have increased if nonperforming loans at year-end had been performing for the entire year | 6 | 7 | 9 |
Foreign | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount by which interest income recognized on nonperforming loans exceeded reversals | 0 | 0 | 0 |
Amount by which interest income would have increased if nonperforming loans at year-end had been performing for the entire year | $ 0 | $ 0 | $ 0 |
Loans and asset quality - Infor
Loans and asset quality - Information about Impaired Loans (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, average recorded investment | $ 7 | $ 24 | $ 68 | |
Impaired loans without an allowance, average recorded investment | 2 | 3 | 12 | |
Total impaired loans, average recorded investment | 9 | 27 | 80 | |
Impaired loans with an allowance, interest income recognized | 0 | 0 | 1 | |
Impaired loans without an allowance, interest income recognized | 0 | 0 | 0 | |
Total impaired loans, interest income recognized | 0 | 0 | 1 | |
Impaired loans with an allowance, recorded investment | 7 | 6 | ||
Impaired loans without an allowance, recorded investment | [1] | 173 | 3 | |
Total impaired loans, recorded investment | [2] | 180 | 9 | |
Impaired loans with an allowance, unpaid Principal balance | 10 | 6 | ||
Impaired loans without an allowance, unpaid Principal balance | [1] | 314 | 5 | |
Total impaired loans, unpaid Principal balance | [2] | 324 | 11 | |
Impaired loans with an allowance, related allowance | [2],[3] | 2 | 1 | |
Loans Individually Less Than 1 Million | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, recorded investment | 2 | 3 | ||
Total impaired loans, recorded investment | 1 | |||
Wealth management loans and mortgages | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, average recorded investment | 6 | 8 | 17 | |
Impaired loans without an allowance, average recorded investment | 2 | 2 | 3 | |
Impaired loans with an allowance, interest income recognized | 0 | 0 | 0 | |
Impaired loans without an allowance, interest income recognized | 0 | 0 | 0 | |
Impaired loans with an allowance, recorded investment | 6 | 6 | ||
Impaired loans without an allowance, recorded investment | 2 | 2 | ||
Impaired loans with an allowance, unpaid Principal balance | 7 | 6 | ||
Impaired loans without an allowance, unpaid Principal balance | 2 | 2 | ||
Impaired loans with an allowance, related allowance | [3] | 1 | 1 | |
Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, average recorded investment | 0 | 11 | 37 | |
Impaired loans without an allowance, average recorded investment | 0 | 0 | 2 | |
Impaired loans with an allowance, interest income recognized | 0 | 0 | 1 | |
Impaired loans without an allowance, interest income recognized | 0 | 0 | 0 | |
Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, average recorded investment | 1 | 2 | 5 | |
Impaired loans without an allowance, average recorded investment | 0 | 1 | 6 | |
Impaired loans with an allowance, interest income recognized | 0 | 0 | 0 | |
Impaired loans without an allowance, interest income recognized | 0 | 0 | 0 | |
Impaired loans with an allowance, recorded investment | 1 | 0 | ||
Impaired loans without an allowance, recorded investment | 0 | 1 | ||
Impaired loans with an allowance, unpaid Principal balance | 3 | 0 | ||
Impaired loans without an allowance, unpaid Principal balance | 0 | 3 | ||
Impaired loans with an allowance, related allowance | [3] | 1 | 0 | |
Financial institutions | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, average recorded investment | 0 | 0 | 1 | |
Impaired loans without an allowance, average recorded investment | 0 | 0 | 1 | |
Impaired loans with an allowance, interest income recognized | 0 | 0 | 0 | |
Impaired loans without an allowance, interest income recognized | 0 | 0 | 0 | |
Impaired loans without an allowance, recorded investment | 171 | 0 | ||
Impaired loans without an allowance, unpaid Principal balance | 312 | 0 | ||
Foreign | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, average recorded investment | 0 | 3 | 8 | |
Impaired loans with an allowance, interest income recognized | 0 | 0 | $ 0 | |
Maximum | Loans Individually Less Than 1 Million | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, recorded investment | 1 | 1 | ||
Impaired loans with an allowance, related allowance | $ 1 | $ 1 | ||
[1] | When the discounted cash flows, collateral value or market price equals or exceeds the carrying value of the loan, then the loan does not require an allowance under the accounting standard related to impaired loans. | |||
[2] | Excludes an aggregate of $2 million and less than $1 million of impaired loans in amounts individually less than $1 million at Dec. 31, 2015 and Dec. 31, 2014, respectively. The allowance for loan loss associated with these loans totaled less than $1 million at both Dec. 31, 2015 and Dec. 31, 2014. | |||
[3] | The allowance for impaired loans is included in the allowance for loan losses. |
Loans and asset quality - Inf78
Loans and asset quality - Information about Past Due Loans (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 171 | $ 156 |
Total Domestic | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 68 | 79 |
Total Domestic | Wealth management loans and mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 72 | 46 |
Total Domestic | Other residential mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 31 | 31 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 148 | 147 |
30 to 59 Days Past Due | Total Domestic | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 57 | 79 |
30 to 59 Days Past Due | Total Domestic | Wealth management loans and mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 69 | 45 |
30 to 59 Days Past Due | Total Domestic | Other residential mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 22 | 23 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 18 | 3 |
60 to 89 Days Past Due | Total Domestic | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 11 | 0 |
60 to 89 Days Past Due | Total Domestic | Wealth management loans and mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2 | 0 |
60 to 89 Days Past Due | Total Domestic | Other residential mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 5 | 3 |
Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 5 | 6 |
Equal to Greater than 90 Days Past Due | Total Domestic | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Equal to Greater than 90 Days Past Due | Total Domestic | Wealth management loans and mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1 | 1 |
Equal to Greater than 90 Days Past Due | Total Domestic | Other residential mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 4 | $ 5 |
Loans and asset quality- Troubl
Loans and asset quality- Troubled Debt Restructurings (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts (contracts) | Contract | 72 | 110 |
Outstanding recorded investment Pre-modification | $ 13 | $ 22 |
Outstanding recorded investment Post- modification | $ 16 | $ 24 |
Total Domestic | Other residential mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts (contracts) | Contract | 68 | 108 |
Outstanding recorded investment Pre-modification | $ 13 | $ 17 |
Outstanding recorded investment Post- modification | $ 16 | $ 20 |
Total Domestic | Wealth management loans and mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts (contracts) | Contract | 4 | 1 |
Outstanding recorded investment Pre-modification | $ 0 | $ 0 |
Outstanding recorded investment Post- modification | $ 0 | $ 0 |
Foreign | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts (contracts) | Contract | 0 | 1 |
Outstanding recorded investment Pre-modification | $ 0 | $ 5 |
Outstanding recorded investment Post- modification | $ 0 | $ 4 |
Loans and asset quality - Credi
Loans and asset quality - Credit Quality Indicators - Wealth Management Loans and Mortgages - Credit Risk Profile by Internally Assigned Grade (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [1] | $ 63,703 | $ 59,132 |
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,342 | 1,642 | |
Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,945 | 2,530 | |
Financial institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 15,899 | 13,319 | |
Wealth management mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6,647 | 5,534 | |
Wealth management loans and mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 13,347 | 11,184 | |
Investment grade | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,026 | 1,381 | |
Investment grade | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,678 | 1,641 | |
Investment grade | Financial institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 13,965 | 11,576 | |
Investment grade | Wealth management loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6,529 | 5,621 | |
Non-investment grade | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 316 | 261 | |
Non-investment grade | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,267 | 889 | |
Non-investment grade | Financial institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,934 | 1,743 | |
Non-investment grade | Wealth management loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 171 | $ 29 | |
[1] | Net of unearned income of $674 million at Dec. 31, 2015 and $866 million at Dec. 31, 2014 primarily on domestic and foreign lease financings. |
Loans and asset quality - Addit
Loans and asset quality - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)Segmentclass_of_receivableContract | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of portfolio segments | Segment | 3 | ||||
Number of classes of financing receivables | class_of_receivable | 6 | ||||
Loans | [1] | $ 63,703 | $ 63,703 | $ 59,132 | |
Other residential mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Subsequently defaulted number of contracts (contracts) | Contract | 2 | ||||
Financing receivable, modifications, subsequent default, recorded investment (less than) | $ 1 | ||||
Loans | $ 1,055 | $ 1,055 | 1,222 | ||
Wealth management mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loan to value ratio at origination (percent) | 61.00% | 61.00% | |||
Percentage of past due mortgages (less than) (percent) | 1.00% | 1.00% | |||
Loans | $ 6,647 | $ 6,647 | 5,534 | ||
Wealth management mortgages | California State | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Geographic concentrations (percent) | 23.00% | ||||
Wealth management mortgages | New York State | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Geographic concentrations (percent) | 21.00% | ||||
Wealth management mortgages | Massachusetts | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Geographic concentrations (percent) | 13.00% | ||||
Wealth management mortgages | Florida | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Geographic concentrations (percent) | 8.00% | ||||
Wealth management mortgages | Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Geographic concentrations (percent) | 35.00% | ||||
Overdrafts | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 4,483 | $ 4,483 | 5,882 | ||
Number of business days in which overdrafts are generally repaid | 2 days | ||||
Margin loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 19,573 | $ 19,573 | 20,034 | ||
Total Domestic | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 49,351 | 49,351 | 45,611 | ||
Total Domestic | Other residential mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 1,055 | 1,055 | 1,222 | ||
Purchased mortgages | $ 283 | $ 283 | |||
Purchased residential mortgages, loan to value ratio (percent) | 76.00% | 76.00% | |||
Percentage of purchased residential mortgages that were at least 60 days delinquent (percent) | 16.00% | 16.00% | |||
Total Domestic | Overdrafts | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 911 | $ 911 | 1,348 | $ 1,314 | |
Total Domestic | Margin loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 19,340 | $ 19,340 | $ 20,034 | $ 15,652 | |
Total Domestic | Margin loans | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Required daily collateral margin (in excess of) (percent) | 100.00% | 100.00% | |||
[1] | Net of unearned income of $674 million at Dec. 31, 2015 and $866 million at Dec. 31, 2014 primarily on domestic and foreign lease financings. |
Goodwill and Intangible Asset82
Goodwill and Intangible Assets - Goodwill by Business Segment (Detail) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($)reporting_unit | Dec. 31, 2015USD ($)Segmentreporting_unit | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Goodwill [Line Items] | |||||
Number of operating segments | Segment | 3 | ||||
Number of reporting units | reporting_unit | 7 | 7 | |||
Goodwill impairment loss | $ 0 | ||||
Amortization of intangible assets | $ 261,000,000 | $ 298,000,000 | $ 342,000,000 | ||
Goodwill [Roll Forward] | |||||
Beginning Balance | 17,869,000,000 | 18,073,000,000 | |||
Acquisition/dispositions | (12,000,000) | 39,000,000 | |||
Foreign currency translation | (236,000,000) | (245,000,000) | |||
Other | [1] | (3,000,000) | 2,000,000 | ||
Ending Balance | $ 17,618,000,000 | 17,869,000,000 | 18,073,000,000 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 8,000,000 | ||||
Investment Management | |||||
Goodwill [Line Items] | |||||
Number of reporting units | Segment | 2 | ||||
Amortization of intangible assets | [2] | $ 97,000,000 | 118,000,000 | ||
Goodwill [Roll Forward] | |||||
Beginning Balance | [3] | 9,328,000,000 | 9,446,000,000 | ||
Acquisition/dispositions | [3] | 10,000,000 | 0 | ||
Foreign currency translation | [3] | (128,000,000) | (118,000,000) | ||
Other | [1],[3] | (3,000,000) | 0 | ||
Ending Balance | [3] | $ 9,207,000,000 | 9,328,000,000 | 9,446,000,000 | |
Investment Services | |||||
Goodwill [Line Items] | |||||
Number of reporting units | Segment | 4 | ||||
Amortization of intangible assets | $ 162,000,000 | 175,000,000 | |||
Goodwill [Roll Forward] | |||||
Beginning Balance | 8,467,000,000 | 8,550,000,000 | |||
Acquisition/dispositions | 0 | 39,000,000 | |||
Foreign currency translation | (105,000,000) | (124,000,000) | |||
Other | [1] | 0 | 2,000,000 | ||
Ending Balance | $ 8,362,000,000 | 8,467,000,000 | 8,550,000,000 | ||
Other | |||||
Goodwill [Line Items] | |||||
Number of reporting units | Segment | 1 | ||||
Amortization of intangible assets | [2] | $ 2,000,000 | 5,000,000 | ||
Goodwill [Roll Forward] | |||||
Beginning Balance | [3] | 74,000,000 | 77,000,000 | ||
Acquisition/dispositions | [3] | (22,000,000) | 0 | ||
Foreign currency translation | [3] | (3,000,000) | (3,000,000) | ||
Other | [1],[3] | 0 | 0 | ||
Ending Balance | [3] | $ 49,000,000 | $ 74,000,000 | $ 77,000,000 | |
[1] | Other changes in goodwill include purchase price adjustments and certain other reclassifications. | ||||
[2] | Includes the reclassification of intangible assets associated with Meriten from Investment Management to the Other segment. | ||||
[3] | Includes the reclassification of goodwill associated with Meriten from Investment Management to the Other segment. |
Goodwill and Intangible Asset83
Goodwill and Intangible Assets - Intangible Assets by Business Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Intangible Assets [Roll Forward] | ||||
Beginning Balance | $ 4,127 | $ 4,452 | ||
Acquisitions/dispositions | 0 | |||
Amortization | (261) | (298) | $ (342) | |
Foreign currency translation | (24) | (27) | ||
Ending Balance | 3,842 | 4,127 | 4,452 | |
Investment Management | ||||
Intangible Assets [Roll Forward] | ||||
Beginning Balance | [1] | 1,911 | 2,047 | |
Acquisitions/dispositions | [1] | 9 | ||
Amortization | [1] | (97) | (118) | |
Foreign currency translation | [1] | (16) | (18) | |
Ending Balance | [1] | 1,807 | 1,911 | 2,047 |
Investment Services | ||||
Intangible Assets [Roll Forward] | ||||
Beginning Balance | 1,355 | 1,538 | ||
Acquisitions/dispositions | 0 | |||
Amortization | (162) | (175) | ||
Foreign currency translation | (7) | (8) | ||
Ending Balance | 1,186 | 1,355 | 1,538 | |
Other | ||||
Intangible Assets [Roll Forward] | ||||
Beginning Balance | [1] | 861 | 867 | |
Acquisitions/dispositions | [1] | (9) | ||
Amortization | [1] | (2) | (5) | |
Foreign currency translation | [1] | (1) | (1) | |
Ending Balance | [1] | $ 849 | $ 861 | $ 867 |
[1] | Includes the reclassification of intangible assets associated with Meriten from Investment Management to the Other segment. |
Goodwill and Intangible Asset84
Goodwill and Intangible Assets - Intangible Assets by Type (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | $ 6,762 | $ 7,029 | ||
Accumulated amortization | (2,920) | (2,902) | ||
Net carrying amount | 3,842 | 4,127 | $ 4,452 | |
Finite-lived Intangible Assets | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | 4,097 | 4,354 | ||
Accumulated amortization | (2,920) | (2,902) | ||
Net carrying amount | $ 1,177 | 1,452 | ||
Finite-lived Intangible Assets | Weighted Average | ||||
Intangible Assets by Major Class [Line Items] | ||||
Remaining weighted- average amortization period | 10 years | |||
Finite-lived Intangible Assets | Customer relationships | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | $ 1,709 | 1,945 | ||
Accumulated amortization | (1,351) | (1,481) | ||
Net carrying amount | $ 358 | 464 | ||
Finite-lived Intangible Assets | Customer relationships | Weighted Average | ||||
Intangible Assets by Major Class [Line Items] | ||||
Remaining weighted- average amortization period | 11 years | |||
Finite-lived Intangible Assets | Customer contracts—Investment Services | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | $ 2,313 | 2,328 | ||
Accumulated amortization | (1,503) | (1,354) | ||
Net carrying amount | $ 810 | 974 | ||
Finite-lived Intangible Assets | Customer contracts—Investment Services | Weighted Average | ||||
Intangible Assets by Major Class [Line Items] | ||||
Remaining weighted- average amortization period | 10 years | |||
Finite-lived Intangible Assets | Other | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | $ 75 | 81 | ||
Accumulated amortization | (66) | (67) | ||
Net carrying amount | $ 9 | 14 | ||
Finite-lived Intangible Assets | Other | Weighted Average | ||||
Intangible Assets by Major Class [Line Items] | ||||
Remaining weighted- average amortization period | 3 years | |||
Indefinite-lived Intangible Assets | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | [1] | $ 2,665 | 2,675 | |
Net carrying amount | [1] | 2,665 | 2,675 | |
Indefinite-lived Intangible Assets | Customer relationships | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | [1] | 1,307 | 1,315 | |
Net carrying amount | [1] | 1,307 | 1,315 | |
Indefinite-lived Intangible Assets | Trade name | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | [1] | 1,358 | 1,360 | |
Net carrying amount | [1] | $ 1,358 | $ 1,360 | |
[1] | Intangible assets not subject to amortization have an indefinite life. |
Goodwill and Intangible Asset85
Goodwill and Intangible Assets - Estimated Annual Amortization Expense (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | $ 238 |
2,017 | 214 |
2,018 | 180 |
2,019 | 108 |
2,020 | $ 97 |
Other Assets (Detail)
Other Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Assets [Abstract] | |||
Corporate/bank owned life insurance | $ 4,704 | $ 4,598 | |
Accounts receivable | 3,535 | 4,166 | |
Equity in joint ventures and other investments | [1] | 3,329 | 3,287 |
Income taxes receivable | 1,554 | 2,142 | |
Fails to deliver | 1,494 | 1,351 | |
Software | 1,355 | 1,332 | |
Prepaid pension assets | 727 | 708 | |
Fair value of hedging derivatives | 716 | 851 | |
Prepaid expenses | 464 | 451 | |
Due from customers on acceptances | 258 | 247 | |
Other | 1,490 | 1,357 | |
Total other assets | 19,626 | 20,490 | |
Federal Reserve Bank stock | $ 453 | $ 447 | |
[1] | Includes Federal Reserve Bank stock of $453 million and $447 million, respectively, at cost |
Other Assets - Seed Capital and
Other Assets - Seed Capital and Private Equity Investments Valued Using Net Asset Value (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Fair value | $ 117 | $ 342 | |
Unfunded commitments | 59 | 45 | |
Seed capital and other funds | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Fair value | [1] | 83 | 307 |
Unfunded commitments | [1] | $ 1 | $ 0 |
Redemption frequency | [1] | Daily-quarterly | Daily-quarterly |
Private equity investments | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Fair value | [2],[3] | $ 34 | $ 35 |
Unfunded commitments | [2],[3] | 58 | 45 |
Small Business Investment Company | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Fair value | 34 | 18 | |
Unfunded commitments | $ 58 | $ 45 | |
Minimum | Seed capital and other funds | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Redemption notice period | [1] | 1 day | 0 days |
Maximum | Seed capital and other funds | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Redemption notice period | [1] | 180 days | 180 days |
[1] | Other funds include various leveraged loans, structured credit funds and hedge funds. Redemption notice periods vary by fund. | ||
[2] | Includes investments and unfunded commitments related to SBICs, which are compliant with the Volcker Rule, of $34 million and $58 million, respectively, at Dec. 31, 2015 and $18 million and $45 million, respectively, at Dec. 31, 2014. | ||
[3] | Private equity funds primarily include numerous venture capital funds that invest in various sectors of the economy. Private equity funds do not have redemption rights. Distributions from such funds will be received as the underlying investments in the funds are liquidated. |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Assets [Abstract] | |||
Amortization method qualified affordable housing projects investments | $ 918 | $ 853 | |
Qualified affordable housing project investments, commitment | 393 | 358 | |
Qualified affordable housing project commitment - 2016 | 221 | ||
Qualified affordable housing project commitment - 2017 | 53 | ||
Qualified affordable housing project commitment - 2018 | 100 | ||
Qualified affordable housing project commitment - 2019 | 2 | ||
Qualified affordable housing project commitment - 2020 | 5 | ||
Qualified affordable housing project commitment - 2021 and thereafter | 12 | ||
Affordable housing tax credits and other tax benefits, amount | 130 | 128 | $ 118 |
Qualified affordable housing project investments, amortization | $ 99 | $ 96 | $ 88 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Cash, FDIC Insured Amount | $ 0.1 | |
Aggregate amount of time deposits in denominations of $100,000 | 72,200 | $ 46,500 |
Time deposits mature in 2016 | 73,100 | |
Time deposits mature in 2017 | 2 | |
Time deposits mature in 2018 | 2 | |
Time deposits mature in 2019 | 0 | |
Time deposits mature in 2020 | 0 | |
Time deposits mature in 2021 and thereafter | $ 1 |
Net Interest Revenue (Detail)
Net Interest Revenue (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest revenue | |||
Non-margin loans | $ 727 | $ 697 | $ 674 |
Margin loans | 207 | 182 | 160 |
Securities: | |||
Taxable | 1,813 | 1,603 | 1,782 |
Exempt from federal income taxes | 82 | 100 | 103 |
Total securities | 1,895 | 1,703 | 1,885 |
Deposits with banks | 104 | 238 | 279 |
Deposits with the Federal Reserve and other central banks | 170 | 207 | 150 |
Federal funds sold and securities purchased under resale agreements | 147 | 86 | 47 |
Trading assets | 76 | 121 | 157 |
Total interest revenue | 3,326 | 3,234 | 3,352 |
Interest expense | |||
Deposits in domestic offices | 30 | 29 | 35 |
Deposits in foreign offices | 7 | 54 | 70 |
Federal funds purchased and securities sold under repurchase agreements | (6) | (13) | (16) |
Trading liabilities | 9 | 25 | 38 |
Other borrowed funds | 9 | 6 | 7 |
Commercial paper | 2 | 2 | 0 |
Customer payables | 7 | 9 | 8 |
Long-term debt | 242 | 242 | 201 |
Total interest expense | 300 | 354 | 343 |
Net interest revenue | $ 3,026 | $ 2,880 | $ 3,009 |
Noninterest Expense (Detail)
Noninterest Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Noninterest Expense [Abstract] | |||
Compensation | $ 3,580 | $ 3,630 | $ 3,620 |
Incentives | 1,415 | 1,331 | 1,384 |
Employee benefits | 842 | 884 | 1,015 |
Total staff | 5,837 | 5,845 | 6,019 |
Professional, legal and other purchased services | 1,230 | 1,339 | 1,252 |
Software | 627 | 620 | 596 |
Net occupancy | 600 | 610 | 629 |
Distribution and servicing | 381 | 428 | 435 |
Furniture and equipment | 280 | 322 | 337 |
Sub-custodian | 270 | 286 | 280 |
Business development | 267 | 268 | 317 |
Clearing | 150 | 129 | 130 |
Communications | 103 | 119 | 131 |
Other | 708 | 783 | 768 |
Amortization of intangible assets | 261 | 298 | 342 |
Litigation | 87 | 953 | 24 |
Merger and integration and restructuring charges | (2) | 177 | 46 |
Total noninterest expense | $ 10,799 | $ 12,177 | $ 11,306 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Millions | 12 Months Ended | 36 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011USD ($)position | Dec. 31, 2013USD ($) | Dec. 31, 2010USD ($) | |
Streamlining Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Net additional (recovery) | $ 16 | $ 184 | ||||
Restructuring reserve | 29 | 92 | $ 125 | $ 125 | ||
Operational Efficiency Initiatives 2011 | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Net additional (recovery) | (9) | (7) | 45 | 43 | ||
Restructuring reserve | 9 | 28 | 80 | $ 107 | 80 | $ 107 |
Estimated reduction in workforce due to restructuring (positions) | position | 1,500 | |||||
Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Net additional (recovery) | (2) | 177 | 45 | |||
Severance | Operational Efficiency Initiatives 2011 | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Net additional (recovery) | (9) | (7) | 100 | |||
Restructuring reserve | 9 | 28 | 80 | $ 78 | 80 | 78 |
Other | Operational Efficiency Initiatives 2011 | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Net additional (recovery) | 0 | 0 | (57) | |||
Restructuring reserve | $ 0 | $ 0 | $ 0 | $ 29 | $ 0 | $ 29 |
Restructuring Charges - Activit
Restructuring Charges - Activity in Restructuring Reserve (Detail) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Severance | ||||
Restructuring Reserve [Roll Forward] | ||||
Net additional (recovery) | $ (2) | $ 177 | $ 45 | |
Streamlining Actions | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 92 | 125 | ||
Net additional charges | 16 | 59 | ||
Net additional (recovery) | 16 | 184 | ||
Utilization | (79) | (92) | ||
Ending balance | 29 | 92 | 125 | $ 125 |
Operational Efficiency Initiatives 2011 | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 28 | 80 | 107 | |
Net additional (recovery) | (9) | (7) | 45 | 43 |
Utilization | (10) | (45) | (70) | |
Ending balance | 9 | 28 | 80 | 80 |
Operational Efficiency Initiatives 2011 | Severance | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 28 | 80 | 78 | |
Net additional (recovery) | (9) | (7) | 100 | |
Utilization | (10) | (45) | (98) | |
Ending balance | 9 | 28 | 80 | 80 |
Operational Efficiency Initiatives 2011 | Other | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 0 | 0 | 29 | |
Net additional (recovery) | 0 | 0 | (57) | |
Utilization | 0 | 0 | 28 | |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Restructuring Charges - by Busi
Restructuring Charges - by Business Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Streamlining Actions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Net additional (recovery) | $ 16 | $ 184 | ||
Total charges since inception | 200 | |||
Streamlining Actions | Investment Management | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Net additional (recovery) | 12 | 23 | ||
Total charges since inception | 35 | |||
Streamlining Actions | Investment Services | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Net additional (recovery) | 2 | 83 | ||
Total charges since inception | 85 | |||
Streamlining Actions | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Net additional (recovery) | 2 | 78 | ||
Total charges since inception | 80 | |||
Operational Efficiency Initiatives 2011 | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Net additional (recovery) | (9) | (7) | $ 45 | $ 43 |
Total charges since inception | 134 | |||
Operational Efficiency Initiatives 2011 | Investment Management | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Net additional (recovery) | (2) | (1) | 4 | |
Total charges since inception | 49 | |||
Operational Efficiency Initiatives 2011 | Investment Services | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Net additional (recovery) | (2) | (1) | 25 | |
Total charges since inception | 82 | |||
Operational Efficiency Initiatives 2011 | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Net additional (recovery) | (5) | $ (5) | $ 16 | |
Total charges since inception | $ 3 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 36 | |||
Earnings attributable to foreign subsidiaries that have been permanently reinvested abroad | 6,200 | |||
Earnings attributable to foreign subsidiaries that have been permanently reinvested abroad, estimated U.S. tax liability if these earnings were to be repatriated | 1,100 | |||
Tax reserves | 649 | $ 669 | $ 866 | $ 340 |
Impact on tax expense if tax reserves were unnecessary | 649 | |||
Accrued interest, related to income taxes in the balance sheet | 194 | |||
Additional tax expense related to interest | 2 | $ 1 | ||
Reasonably possible decrease in uncertain tax positions within the next 12 months, if a re-evaluation is required | 60 | |||
Tax Litigation | $ 593 | |||
Germany | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 90 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current taxes: | |||
Federal | $ 551 | $ 1,273 | $ 714 |
Foreign | 306 | 337 | 286 |
State and local | 109 | 155 | 66 |
Total current tax expense | 966 | 1,765 | 1,066 |
Deferred tax expense (benefit): | |||
Federal | 114 | (672) | 536 |
Foreign | (1) | (98) | (30) |
State and local | (66) | (83) | 20 |
Total deferred tax expense (benefits) | 47 | (853) | 526 |
Provision for income taxes | $ 1,013 | $ 912 | $ 1,592 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) before Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 2,698 | $ 2,456 | $ 2,428 |
Foreign | 1,537 | 1,107 | 1,349 |
Income before taxes | $ 4,235 | $ 3,563 | $ 3,777 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liability (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Depreciation and amortization | $ 2,631 | $ 2,646 |
Lease financings | 569 | 761 |
Securities valuation | 156 | 230 |
Pension obligation | 155 | 117 |
Equity investments | 113 | 115 |
Employee benefits | (470) | (616) |
Reserves not deducted for tax | (274) | (536) |
Credit losses on loans | (102) | (113) |
Other assets | (109) | (99) |
Other liabilities | 110 | 277 |
Net deferred tax liability | $ 2,779 | $ 2,782 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal income tax benefit | 0.60% | 1.30% | 1.60% |
Leverage lease adjustment | (1.30%) | (1.10%) | (2.10%) |
Tax-exempt income | (2.50%) | (3.30%) | (3.10%) |
Foreign operations | (6.60%) | (3.00%) | (4.40%) |
Tax credits | (1.40%) | (0.80%) | (2.00%) |
Tax litigation | (0.00%) | (0.00%) | 16.50% |
Carryback claim | (0.00%) | (4.70%) | (0.00%) |
Nondeductible litigation expense | 0.00% | 2.10% | 0.00% |
Other – net | 0.10% | 0.10% | 0.60% |
Effective tax rate | 23.90% | 25.60% | 42.10% |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Positions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized Tax Benefits [Roll Forward] | |||
Beginning balance | $ 669 | $ 866 | $ 340 |
Prior period tax positions: | |||
Increases | 13 | 58 | 570 |
Decreases | (21) | (257) | (19) |
Current period tax positions | 14 | 19 | 21 |
Settlements | (26) | (17) | (46) |
Ending balance | $ 649 | $ 669 | $ 866 |
Long-term Debt (Detail)
Long-term Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | |||
Long-term debt | $ 21,547 | $ 20,264 | |
Fixed Rate Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate minimum (percent) | 0.70% | 0.70% | |
Interest rate maximum (percent) | 5.939% | 6.92% | |
Maturity - Minimum Date | 2,016 | ||
Maturity - Maximum Date | 2,025 | ||
Long-term debt | $ 17,724 | $ 16,122 | |
Floating Rate Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate minimum (percent) | 0.41% | 0.06% | |
Interest rate maximum (percent) | 1.48% | 0.82% | |
Maturity - Minimum Date | 2,018 | ||
Maturity - Maximum Date | 2,038 | ||
Long-term debt | $ 2,378 | $ 2,178 | |
Qualifying subordinated debt | |||
Debt Instrument [Line Items] | |||
Interest rate minimum (percent) | [1] | 5.45% | 4.95% |
Interest rate maximum (percent) | [1] | 7.50% | 7.50% |
Maturity - Minimum Date | [1] | 2,016 | |
Maturity - Maximum Date | [1] | 2,021 | |
Long-term debt | [1] | $ 1,150 | $ 1,655 |
Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Interest rate minimum (percent) | [1] | 6.37% | 6.37% |
Interest rate maximum (percent) | [1] | 6.37% | 6.37% |
Maturity - Minimum Date | [1] | 2,036 | |
Long-term debt | [1] | $ 295 | $ 309 |
[1] | Fixed rate. |
Long-Term Debt - Summary of Tru
Long-Term Debt - Summary of Trust Preferred Securities Issued by Trusts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | |||
Trust-preferred securities issued by the trust | $ 296 | $ 312 | |
Assets of the trust | $ 795 | $ 809 | [1] |
Translated from Sterling into U.S. dollars on a basis of U.S. to Pound Sterling, rate of exchange | 1.48 | 1.56 | |
Mellon Capital I I I | |||
Debt Instrument [Line Items] | |||
Trust-preferred securities issued by the trust | $ 296 | $ 312 | [2] |
Interest rate (percent) | 6.37% | 6.37% | [2] |
Assets of the trust | $ 295 | $ 309 | [1],[2] |
Due date | 2,036 | 2,036 | |
Call date | 2,016 | 2,016 | |
MEL Capital IV | |||
Debt Instrument [Line Items] | |||
Trust-preferred securities issued by the trust | $ 0 | $ 0 | |
Interest rate (percent) | 0.00% | 0.00% | |
Assets of the trust | $ 500 | $ 500 | [1] |
[1] | Represents junior subordinated deferrable interest debentures of BNY Mellon in the case of MEL Capital III and BNY Mellon’s Series A preferred stock in the case of MEL Capital IV. | ||
[2] | Amount was translated from Sterling into U.S. dollars on a basis of U.S. $1.48 to £1, the rate of exchange on Dec. 31, 2015. |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Notes and debentures that mature in 2016 | $ 2,450 | ||
Notes and debentures that mature in 2017 | 1,250 | ||
Notes and debentures that mature in 2018 | 3,650 | ||
Notes and debentures that mature in 2019 | 4,250 | ||
Notes and debentures that mature in 2020 | 4,010 | ||
Carrying value | [1] | 2,552 | $ 1,562 |
Series A Preferred Stock | |||
Debt Instrument [Line Items] | |||
Carrying value | $ 500 | $ 500 | |
[1] | . |
Securitizations and Variable104
Securitizations and Variable Interest Entities - Incremental Assets and Liabilities of Variable Interest Entities Included in Consolidated Financial Statements (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | ||
Variable Interest Entity [Line Items] | ||||
VIE classification of carrying amount, assets | $ 190 | $ 855 | ||
VIE classification of carrying amount, liabilities | 1 | 148 | ||
Noncontrolling interest in VIE | 5 | 544 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Available-for-sale | 400 | 414 | ||
Trading assets | 1,228 | 8,678 | ||
Other assets | 173 | 604 | ||
Subtotal assets of consolidated investment management funds, at fair value | 1,801 | 9,696 | ||
Trading liabilities | 229 | 7,660 | ||
Other liabilities | 376 | 372 | ||
Subtotal liabilities of consolidated investment management funds, at fair value | 605 | 8,032 | ||
Nonredeemable noncontrolling interests of consolidated investment management funds | 738 | 1,033 | ||
Variable Interest Entity, Primary Beneficiary | Investment Management funds | ||||
Variable Interest Entity [Line Items] | ||||
Available-for-sale | 0 | 0 | ||
Trading assets | 1,228 | 8,678 | ||
Other assets | 173 | 604 | ||
Subtotal assets of consolidated investment management funds, at fair value | 1,401 | [1] | 9,282 | [2] |
Trading liabilities | 229 | 7,660 | ||
Other liabilities | 17 | 9 | ||
Subtotal liabilities of consolidated investment management funds, at fair value | 246 | [1] | 7,669 | [2] |
Nonredeemable noncontrolling interests of consolidated investment management funds | 738 | [1] | 1,033 | [2] |
Variable Interest Entity, Primary Beneficiary | Securitizations | ||||
Variable Interest Entity [Line Items] | ||||
Available-for-sale | 400 | 414 | ||
Trading assets | 0 | 0 | ||
Other assets | 0 | 0 | ||
Subtotal assets of consolidated investment management funds, at fair value | 400 | 414 | ||
Trading liabilities | 0 | 0 | ||
Other liabilities | 359 | 363 | ||
Subtotal liabilities of consolidated investment management funds, at fair value | 359 | 363 | ||
Nonredeemable noncontrolling interests of consolidated investment management funds | $ 0 | $ 0 | ||
[1] | Includes VMEs with assets of $190 million, liabilities of $1 million and nonredeemable noncontrolling interests of $5 million. | |||
[2] | Includes VMEs with assets of $855 million, liabilities of $148 million and nonredeemable noncontrolling interests of $544 million. |
Securitizations and Variable105
Securitizations and Variable Interest Entities - Non-consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets and Liabilities, Net | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 189 | $ 148 |
Liabilities | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | $ 189 | $ 148 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | Dec. 21, 2015 | Dec. 31, 2015 | Mar. 11, 2015 | Dec. 31, 2014 | Mar. 26, 2014 |
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 3,500,000,000 | 3,500,000,000 | |||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock, shares outstanding | 1,085,342,985 | ||||
Stock repurchase program, authorized amount | $ 3,102,000,000 | $ 1,740,000,000 | |||
Stock repurchase program, authorized amount contingent on prior issuance of preferred stock | 700,000,000 | ||||
Preferred stock, amount | $ 1,000,000,000 | ||||
Treasury stock acquired (shares) | 55,602,866 | ||||
Treasury stock acquired, average cost per share (dollars per share) | $ 42.3480792159 | ||||
Stock repurchased during period, value | $ 2,400,000,000 | ||||
Stock repurchase program, remaining authorized repurchase amount | $ 1,100,000,000 | ||||
Preferred stock, shares authorized (shares) | 100,000,000 | 100,000,000 | |||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | |||
Redeemable noncontrolling interests | $ 200,000,000 | $ 229,000,000 | |||
Series A Noncumulative Perpetual Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend paid per share (usd per share) | $ 1,011.11 | ||||
Preferred stock, dividend rate per normal preferred capital security (usd per share) | $ 10.1111 | ||||
Depository share, portion of preferred stock share (percent) | 1.00% | ||||
Series C Noncumulative Perpetual Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend paid per share (usd per share) | $ 1,300 | ||||
Preferred stock, dividend rate per depository share (usd per share) | $ 0.3250 | ||||
Depository share, portion of preferred stock share (percent) | 0.025% | ||||
Preferred stock redemption period following regulatory capital treatment event | 90 days | ||||
Series D Noncumulative Perpetual Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend paid per share (usd per share) | $ 2,250 | ||||
Preferred stock, dividend rate per depository share (usd per share) | $ 22.50 | ||||
Depository share, portion of preferred stock share (percent) | 1.00% | ||||
Preferred stock redemption period following regulatory capital treatment event | 90 days | ||||
Series E Noncumulative Perpetual Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend paid per share (usd per share) | $ 3,190 | ||||
Preferred stock, dividend rate per depository share (usd per share) | $ 31.90 | ||||
Depository share, portion of preferred stock share (percent) | 1.00% | ||||
Preferred stock redemption period following regulatory capital treatment event | 90 days |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock Summary (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Class of Stock [Line Items] | |||
Total shares issued and outstanding (shares) | 25,826 | 15,826 | |
Carrying value | [1] | $ 2,552 | $ 1,562 |
Series A Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Per annum dividend rate | Greater of (i) three-month LIBOR plus 0.565% for the related distribution period; or (ii) 4.000% | ||
Per annum dividend rate (percent) | 4.00% | ||
Liquidation preference per share (usd per share) | $ 100,000 | ||
Total shares issued and outstanding (shares) | 5,001 | 5,001 | |
Carrying value | $ 500 | $ 500 | |
Series C Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Per annum dividend rate (percent) | 5.20% | ||
Liquidation preference per share (usd per share) | $ 100,000 | ||
Total shares issued and outstanding (shares) | 5,825 | 5,825 | |
Carrying value | [1] | $ 568 | $ 568 |
Series D Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Per annum dividend rate | 4.50% commencing Dec. 20, 2013 to but excluding June 20, 2023, then a floating rate equal to the three-month LIBOR plus 2.46% | ||
Per annum dividend rate (percent) | 4.50% | ||
Liquidation preference per share (usd per share) | $ 100,000 | ||
Total shares issued and outstanding (shares) | 5,000 | 5,000 | |
Carrying value | [1] | $ 494 | $ 494 |
Series E Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Per annum dividend rate | 4.95% commencing Dec. 20, 2015 to and including June 20, 2020, then a floating rate equal to the three-month LIBOR plus 3.42% | ||
Per annum dividend rate (percent) | 4.95% | ||
Liquidation preference per share (usd per share) | $ 100,000 | ||
Total shares issued and outstanding (shares) | 10,000 | 0 | |
Carrying value | [1] | $ 990 | $ 0 |
LIBOR | Series A Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, basis spread on variable rate (percent) | 0.565% | ||
LIBOR | Series D Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, basis spread on variable rate (percent) | 2.46% | ||
LIBOR | Series E Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, basis spread on variable rate (percent) | 3.42% | ||
[1] | . |
Shareholders' Equity - Capital
Shareholders' Equity - Capital adequacy (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk based capital to risk weighted assets (percent) | [1] | 10.80% | 11.20% |
Tier 1 risk based capital to risk weighted assets (percent) | [1] | 12.30% | 12.20% |
Capital to risk weighted assets (percent) | [1] | 12.50% | 12.50% |
Tier 1 leverage capital to average assets (percent) | [1] | 6.00% | 5.60% |
Excess CET1 risk based capital to be adequately capitalized | [2] | $ 10,750 | |
Excess Tier 1 risk based capital to be well capitalized | [3] | 10,713 | |
Excess total risk based capital to be well capitalized | [3] | 4,294 | |
Excess Tier 1 leverage capital to be adequately capitalized | [2] | $ 6,879 | |
Basel III | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 risk based capital required to be well capitalized to risk weighted assets (percent) | 6.00% | ||
Capital required to be well capitalized to risk weighted assets (percent) | 10.00% | ||
Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total CET1 | [4] | $ 18,417 | $ 18,884 |
Total Tier 1 capital | [4] | 20,936 | 20,502 |
Average assets for leverage capital purposes | [4] | 351,435 | 368,140 |
Common shareholders’ equity | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total CET1 | [4] | 36,067 | 36,326 |
Goodwill and intangible assets | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total CET1 | [4] | (17,295) | (17,111) |
Net pension fund assets | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total CET1 | [4] | (46) | (17) |
Total Tier 1 capital | [4] | (70) | (69) |
Equity method investments | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total CET1 | [4] | (296) | (314) |
Deferred tax assets | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total CET1 | [4] | (8) | (4) |
Other | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total CET1 | [4] | (5) | 4 |
Preferred stock | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Tier 1 capital | [4] | 2,552 | 1,562 |
Trust preferred securities | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Tier 1 capital | [4] | 74 | 156 |
Total Tier 2 capital | [4] | 222 | 156 |
Disallowed deferred tax assets | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Tier 1 capital | [4] | (12) | (14) |
Other | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Tier 1 capital | [4] | (25) | (17) |
Subordinated debt | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Tier 2 capital | [4] | 149 | 298 |
Allowance for credit losses | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Tier 2 capital | [4] | 275 | 280 |
Other | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Tier 2 capital | [4] | (12) | (11) |
Basel III Transitional Standardized Approach | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Tier 2 capital | [4] | 634 | 723 |
Total capital | [4] | 21,570 | 21,225 |
Basel III Transitional Standardized Approach | Basel III Transitional Standardized Approach | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Risk-weighted assets | [4],[5] | 159,893 | 125,562 |
Basel III Transitional Advanced Approach | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Tier 2 capital | [4] | 396 | 456 |
Total capital | [4] | 21,332 | 20,958 |
Risk-weighted assets | [4] | 170,384 | 168,280 |
Basel III Transitional Advanced Approach | Allowance for credit losses | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Tier 2 capital | [4] | 275 | 280 |
Basel III Transitional Advanced Approach | Excess of expected credit losses | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Tier 2 capital | [4] | 37 | 13 |
Credit Risk | Basel III Transitional Advanced Approach | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Risk-weighted assets | [4] | 106,974 | 120,122 |
Market Risk | Basel III Transitional Advanced Approach | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Risk-weighted assets | [4] | 2,148 | 3,046 |
Operational Risk | Basel III Transitional Advanced Approach | Basel III Transitional | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Risk-weighted assets | [4] | $ 61,262 | $ 45,112 |
The Bank of New York Mellon | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk based capital to risk weighted assets (percent) | [1] | 11.80% | |
Tier 1 risk based capital to risk weighted assets (percent) | [1] | 12.30% | 12.40% |
Capital to risk weighted assets (percent) | [1] | 12.50% | 12.60% |
Tier 1 leverage capital to average assets (percent) | [1] | 5.90% | 5.20% |
Excess CET1 risk based capital to be adequately capitalized | [3] | $ 7,333 | |
Excess Tier 1 risk based capital to be well capitalized | [3] | 5,837 | |
Excess total risk based capital to be well capitalized | [3] | 3,394 | |
Excess Tier 1 leverage capital to be adequately capitalized | [3] | $ 2,464 | |
The Bank of New York Mellon | Basel III | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 risk based capital required to be well capitalized to risk weighted assets (percent) | 8.00% | ||
Capital required to be well capitalized to risk weighted assets (percent) | 10.00% | ||
Common Equity Tier One Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | ||
Tier one leverage capital required to be well capitalized to average assets (percent) | 5.00% | ||
CET1 required for capital adequacy to RWA (percent) | 4.50% | ||
Tier 1 risk based capital required for capital adequacy to risk weighted assets (percent) | 6.00% | ||
Capital required for capital adequacy to risk weighted assets | 8.00% | ||
Tier 1 leverage capital required for capital adequacy to average assets (percent) | 4.00% | ||
[1] | he CET1, Tier 1 and Total risk-based regulatory capital ratios are based on Basel III components of capital, as phased-in, and the Advanced Approach framework as the related RWA were higher using that framework. The leverage capital ratio is based on Basel III components of capital and quarterly average total assets, as phased-in. For BNY Mellon to qualify as “well capitalized,” its Tier 1 and Total (Tier 1 plus Tier 2) capital ratios must be at least 6% and 10%, respectively. For The Bank of New York Mellon, our largest bank subsidiary, to qualify as “well capitalized,” its CET1, Tier 1, Total and leverage capital ratios must be at least 6.5%, 8%, 10% and 5%, respectively. For The Bank of New York Mellon to qualify as “adequately capitalized,” it’s CET1, Tier 1, Total and leverage capital ratios must be at least 4.5%, 6%, 8% and 4%, respectively. | ||
[2] | Based on minimum required standards. | ||
[3] | Based on well capitalized standards. | ||
[4] | Reflects transitional adjustments to CET1, Tier 1 capital and Tier 2 capital required in 2015 under the U.S. capital rules. | ||
[5] | RWA under the Standardized Approach at Dec. 31, 2014 was determined using a Basel I-based calculation. Effective Jan. 1, 2015, we implemented the Basel III Standardized Approach which used a broader array of more risk sensitive risk-weighting categories. |
Other Comprehensive Income (109
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Foreign currency translation adjustments: | ||||
Foreign currency translation adjustments arising during the period | [1] | $ (518) | $ (715) | $ 130 |
Unrealized gain (loss) on assets available-for-sale: | ||||
Unrealized gain (loss) arising during period | (535) | 582 | (1,466) | |
Reclassification adjustment | [2] | (83) | (91) | (129) |
Net unrealized gain (loss) on assets available-for-sale | (618) | 491 | (1,595) | |
Defined benefit plans: | ||||
Prior service cost arising during the period | 0 | 3 | (2) | |
Net gain (loss) arising during the period | (105) | (766) | 732 | |
Foreign exchange adjustment | 0 | (2) | 0 | |
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | [2] | 104 | 127 | 209 |
Total defined benefit plans | (1) | (638) | 939 | |
Unrealized gain (loss) on cash flow hedges: | ||||
Unrealized hedge gain (loss) arising during period | 0 | 23 | 136 | |
Reclassification adjustment | [2] | 11 | (41) | (124) |
Net unrealized gain (loss) on cash flow hedges | 11 | (18) | 12 | |
Total other comprehensive income (loss) | (1,126) | (880) | (514) | |
Foreign currency translation: | ||||
Foreign currency translation adjustments arising during the period | [1] | (81) | (91) | 62 |
Unrealized gain (loss) on assets available-for-sale: | ||||
Unrealized gain (loss) arising during period | 172 | (169) | 577 | |
Reclassification adjustment | [2] | 31 | 33 | 55 |
Net unrealized gain (loss) on assets available-for-sale | 203 | (136) | 632 | |
Defined benefit plans: | ||||
Prior service cost arising during the period | 0 | (1) | 1 | |
Net gain (loss) arising during the period | 40 | 287 | (303) | |
Foreign exchange adjustment | 0 | 1 | 0 | |
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | [2] | (35) | (50) | (83) |
Total defined benefit plans | 5 | 237 | (385) | |
Unrealized gain (loss) on cash flow hedges: | ||||
Unrealized hedge gain (loss) arising during period | 0 | (13) | (54) | |
Reclassification adjustment | [2] | (3) | 16 | 51 |
Net unrealized gain (loss) on cash flow hedges | (3) | 3 | (3) | |
Total other comprehensive income (loss) | 124 | 13 | 306 | |
Foreign currency translation: | ||||
Foreign currency translation adjustments arising during the period | [1] | (599) | (806) | 192 |
Unrealized (loss) gain on assets available-for-sale: | ||||
Unrealized gain (loss) arising during period | (363) | 413 | (889) | |
Reclassification adjustment | [2] | (52) | (58) | (74) |
Total unrealized (loss) gain on assets available-for-sale | (415) | 355 | (963) | |
Defined benefit plans: | ||||
Prior service cost arising during the period | 0 | 2 | (1) | |
Net gain (loss) arising during the period | (65) | (479) | 429 | |
Foreign exchange adjustment | 0 | 1 | 0 | |
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | [2] | 69 | 77 | 126 |
Total defined benefit plans | 4 | (401) | 554 | |
Unrealized gain (loss) on cash flow hedges: | ||||
Unrealized hedge gain (loss) arising during period | 0 | 10 | 82 | |
Reclassification adjustment | [2] | 8 | (25) | (73) |
Net unrealized gain (loss) on cash flow hedges | 8 | (15) | 9 | |
Total other comprehensive income (loss), net of tax | [3] | $ (1,002) | $ (867) | $ (208) |
[1] | Includes the impact of hedges of net investments in foreign subsidiaries. See Note 23 for additional information. | |||
[2] | The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains on the Consolidated Income Statement. The amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost is recorded as staff expense on the Consolidated Income Statement. See Note 23 of the Notes to Consolidated Financial Statements for the location of the reclassification adjustment related to cash flow hedges on the Consolidated Income Statement. | |||
[3] | Other comprehensive (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(966) million for the year ended Dec. 31, 2015, $(742) million for the year ended Dec. 31, 2014 and $(249) million for the year ended Dec. 31, 2013. |
Other Comprehensive Income (110
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ (1,634) | |||
Other comprehensive income (loss), net of tax | [1] | (1,002) | $ (867) | $ (208) |
Ending balance | (2,600) | (1,634) | ||
Foreign currency translation | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,069) | (388) | (539) | |
Other comprehensive income (loss), net of tax | (563) | (681) | 151 | |
Ending balance | (1,632) | (1,069) | (388) | |
Unrealized gain (loss) on assets available-for-sale | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 742 | 387 | 1,350 | |
Other comprehensive income (loss), net of tax | (415) | 355 | (963) | |
Ending balance | 327 | 742 | 387 | |
Unrealized gain (loss) on cash flow hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (6) | 9 | 0 | |
Other comprehensive income (loss), net of tax | 8 | (15) | 9 | |
Ending balance | 2 | (6) | 9 | |
Total accumulated other comprehensive income (loss), net of tax | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,634) | (892) | (643) | |
Other comprehensive income (loss), net of tax | (966) | (742) | (249) | |
Ending balance | (2,600) | (1,634) | (892) | |
Pensions | Accumulated Defined Benefits Adjustment | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,236) | (840) | (1,394) | |
Other comprehensive income (loss), net of tax | (14) | (396) | 554 | |
Ending balance | (1,250) | (1,236) | (840) | |
Other post-retirement benefits | Accumulated Defined Benefits Adjustment | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (65) | (60) | (60) | |
Other comprehensive income (loss), net of tax | 18 | (5) | 0 | |
Ending balance | $ (47) | $ (65) | $ (60) | |
[1] | Other comprehensive (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(966) million for the year ended Dec. 31, 2015, $(742) million for the year ended Dec. 31, 2014 and $(249) million for the year ended Dec. 31, 2013. |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option expense related to retirement eligibility vesting | $ 97 | $ 88 | $ 65 |
Stock option exercisable period - minimum (years) | 1 year | ||
Stock option exercisable period - maximum (years) | 10 years | ||
Granted (shares) | 0 | ||
Total intrinsic value of options exercised | $ 130 | 118 | 67 |
Cash received from option exercises | 326 | 370 | 263 |
Actual tax benefit realized for the tax deductions from options exercised | $ 21 | 17 | 8 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, authorized shares (shares) | 42,097,582 | ||
Stock based compensation cost | $ 10 | 28 | 49 |
Stock based compensation cost, tax benefit recognized | 4 | 11 | 20 |
Unrecognized compensation cost related to nonvested awards | $ 1 | ||
Unrecognized compensation cost expected to be recognized for nonvested award over a weighted-average period, years | 3 months | ||
Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, authorized shares (shares) | 27,453,939 | ||
Stock based compensation cost | $ 235 | 243 | 201 |
Stock based compensation cost, tax benefit recognized | 83 | 94 | 79 |
Unrecognized compensation cost related to nonvested awards | $ 190 | ||
Unrecognized compensation cost expected to be recognized for nonvested award over a weighted-average period, years | 1 year 7 months 6 days | ||
Shares granted (shares) | 6,948,487 | ||
Total fair value of stock based compensation that vested during the period | $ 429 | $ 229 | $ 117 |
Share-based compensation payment award, equity instruments other than options, nonvested, number | 16,983,971 | 21,400,291 | |
Restricted Stock and Restricted Stock Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, vesting period | 1 year | ||
Restricted Stock and Restricted Stock Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, vesting period | 4 years | ||
Performance Units | Executive Committee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, vesting period | 3 years | ||
Shares granted (shares) | 630,100 | 719,947 | 942,428 |
Subsidiary Long-Term Incentive Plans | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, required service period | 0 years | ||
Subsidiary Long-Term Incentive Plans | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, required service period | 3 years | ||
Restructuring Charges | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation cost | $ 1 | ||
Restructuring Charges | Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation cost | $ 13 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Shares subject to option | ||
Beginning Balance (shares) | 48,420,255 | |
Granted (shares) | 0 | |
Exercised (shares) | (10,862,315) | |
Canceled/Expired (shares) | (1,822,676) | |
Ending Balance (shares) | 35,735,264 | 48,420,255 |
Vested and expected to vest (shares) | 35,734,694 | |
Exercisable (shares) | 33,703,283 | |
Weighted-average exercise price | ||
Beginning Balance (usd per share) | $ 33.06 | |
Granted (usd per share) | 0 | |
Exercised (usd per share) | 30.15 | |
Canceled/Expired (usd per share) | 40.36 | |
Ending Balance (usd per share) | 33.57 | $ 33.06 |
Vested and expected to vest (usd per share) | 33.57 | |
Exercisable (usd per share) | $ 34.27 | |
Weighted-average remaining contractual term (in years) | ||
Weighted- average remaining contractual term (in years) | 3 years 4 months 24 days | 4 years 2 months 12 days |
Vested and expected to vest | 3 years 4 months 24 days | |
Exercisable | 3 years 2 months 12 days |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options Outstanding (Detail) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Range of Exercise Prices, Lower Range (usd per share) | $ 18 | ||||
Range of Exercise Prices, Upper Range (usd per share) | $ 51 | ||||
Options outstanding (shares) | 35,735,264 | ||||
Options outstanding, Weighted-average remaining contractual life (in years) | 3 years 4 months 24 days | ||||
Options outstanding, Weighted-average exercise price (usd per share) | $ 33.57 | ||||
Options exercisable (shares) | 33,703,283 | [1] | 42,137,574 | 52,130,525 | |
Options exercisable, Weighted-average exercise price (usd per share) | $ 34.27 | [1] | $ 34.38 | $ 34 | |
Range 1 | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Range of Exercise Prices, Lower Range (usd per share) | 18 | ||||
Range of Exercise Prices, Upper Range (usd per share) | $ 31 | ||||
Options outstanding (shares) | 19,256,469 | ||||
Options outstanding, Weighted-average remaining contractual life (in years) | 4 years 10 months 24 days | ||||
Options outstanding, Weighted-average exercise price (usd per share) | $ 25.78 | ||||
Options exercisable (shares) | [1] | 17,224,488 | |||
Options exercisable, Weighted-average exercise price (usd per share) | [1] | $ 26.22 | |||
Range 2 | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Range of Exercise Prices, Lower Range (usd per share) | 31 | ||||
Range of Exercise Prices, Upper Range (usd per share) | $ 41 | ||||
Options outstanding (shares) | 6,044,363 | ||||
Options outstanding, Weighted-average remaining contractual life (in years) | 1 year | ||||
Options outstanding, Weighted-average exercise price (usd per share) | $ 39.73 | ||||
Options exercisable (shares) | [1] | 6,044,363 | |||
Options exercisable, Weighted-average exercise price (usd per share) | [1] | $ 39.73 | |||
Range 3 | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Range of Exercise Prices, Lower Range (usd per share) | 41 | ||||
Range of Exercise Prices, Upper Range (usd per share) | $ 51 | ||||
Options outstanding (shares) | 10,434,432 | ||||
Options outstanding, Weighted-average remaining contractual life (in years) | 2 years | ||||
Options outstanding, Weighted-average exercise price (usd per share) | $ 44.38 | ||||
Options exercisable (shares) | [1] | 10,434,432 | |||
Options exercisable, Weighted-average exercise price (usd per share) | [1] | $ 44.38 | |||
[1] | At Dec. 31, 2014 and 2013, 42,137,574 and 52,130,525 options were exercisable at an average price per common share of $34.38 and $34, respectively. |
Stock-Based Compensation - Aggr
Stock-Based Compensation - Aggregate Intrinsic Value of Options (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding | $ 306 | $ 409 | $ 336 |
Exercisable | $ 267 | $ 307 | $ 212 |
Stock-Based Compensation - Nonv
Stock-Based Compensation - Nonvested Restricted Stock and Restricted Stock Units Activity (Detail) - Restricted Stock and Restricted Stock Units | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of Shares | |
Nonvested restricted stock and RSUs, beginning balance (shares) | shares | 21,400,291 |
Granted (shares) | shares | 6,948,487 |
Vested (shares) | shares | (10,880,844) |
Forfeited (shares) | shares | (483,963) |
Nonvested restricted stock and RSUs, ending balance (shares) | shares | 16,983,971 |
Weighted-average fair value | |
Nonvested restricted stock and RSUs, beginning balance (usd per share) | $ / shares | $ 27.72 |
Granted (usd per share) | $ / shares | 39.58 |
Vested (usd per share) | $ / shares | 25.34 |
Forfeited (usd per share) | $ / shares | 33.20 |
Nonvested restricted stock and RSUs, ending balance (usd per share) | $ / shares | $ 34.07 |
Employee Benefit Plans - Combin
Employee Benefit Plans - Combined Data for Domestic and Foreign Defined Benefit Pension and Post Retirement Healthcare Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 29, 2015 | ||||
Domestic Pension Benefits | |||||||
Weighted-average assumptions used to determine benefit obligations | |||||||
Discount rate | 4.48% | 4.13% | 3.73% | ||||
Rate of compensation increase | 3.00% | ||||||
Change in benefit obligation | |||||||
Benefit obligation at beginning of period | [1] | $ (4,460) | $ (3,712) | ||||
Service cost | (30) | [1] | (58) | [1] | $ (63) | ||
Interest cost | (170) | [1] | (180) | [1] | (170) | ||
Employee contributions | [1] | 0 | 0 | ||||
Amendments | [1] | 0 | 0 | ||||
Actuarial gain (loss) | [1] | 178 | (687) | ||||
(Acquisitions) divestitures | [1] | 0 | 0 | ||||
Curtailments | [1] | 94 | 0 | ||||
Special termination benefits | [1] | 0 | (1) | ||||
Benefits paid | [1] | (211) | (178) | ||||
Benefit obligation at end of period | [1] | (4,177) | (4,460) | (3,712) | |||
Change in fair value of plan assets | |||||||
Fair value at beginning of period | 4,942 | 4,721 | |||||
Actual return on plan assets | (61) | 383 | |||||
Employer contributions | 19 | 16 | |||||
Employee contributions | [1] | 0 | 0 | ||||
Acquisitions (divestitures) | 0 | 0 | |||||
Benefit payments | [1] | (211) | (178) | ||||
Fair value at end of period | 4,689 | 4,942 | 4,721 | ||||
Funded status at end of period | 512 | 482 | |||||
Amounts recognized in accumulated other comprehensive (income) loss consist of: | |||||||
Net loss (gain) | 1,678 | 1,668 | |||||
Prior service cost (credit) | 0 | (31) | |||||
Total (before tax effects) | $ 1,678 | $ 1,637 | |||||
Foreign Pension Benefits | |||||||
Weighted-average assumptions used to determine benefit obligations | |||||||
Discount rate | 3.45% | 3.33% | |||||
Rate of compensation increase | 3.51% | 3.29% | |||||
Change in benefit obligation | |||||||
Benefit obligation at beginning of period | [1] | $ (1,177) | $ (1,021) | ||||
Service cost | (32) | [1] | (33) | [1] | (36) | ||
Interest cost | (38) | [1] | (43) | [1] | (38) | ||
Employee contributions | [1] | (1) | (1) | ||||
Amendments | [1] | 0 | 3 | ||||
Actuarial gain (loss) | [1] | (1) | (169) | ||||
(Acquisitions) divestitures | [1] | 12 | 0 | ||||
Curtailments | [1] | 0 | 0 | ||||
Special termination benefits | [1] | 0 | 0 | ||||
Benefits paid | [1] | (17) | (19) | ||||
Foreign exchange adjustment | [1] | 73 | 68 | ||||
Benefit obligation at end of period | [1] | (1,147) | (1,177) | (1,021) | |||
Change in fair value of plan assets | |||||||
Fair value at beginning of period | 997 | 930 | |||||
Actual return on plan assets | 40 | 88 | |||||
Employer contributions | 51 | 56 | |||||
Employee contributions | [1] | 1 | 1 | ||||
Acquisitions (divestitures) | 1 | 0 | |||||
Benefit payments | [1] | (17) | (19) | ||||
Foreign exchange adjustment | (59) | (59) | |||||
Fair value at end of period | 1,014 | 997 | 930 | ||||
Funded status at end of period | (133) | (180) | |||||
Amounts recognized in accumulated other comprehensive (income) loss consist of: | |||||||
Net loss (gain) | 368 | 382 | |||||
Prior service cost (credit) | 1 | 1 | |||||
Total (before tax effects) | $ 369 | $ 383 | |||||
Domestic Healthcare Benefits | |||||||
Weighted-average assumptions used to determine benefit obligations | |||||||
Discount rate | 4.48% | 4.13% | |||||
Rate of compensation increase | 3.00% | 3.00% | |||||
Change in benefit obligation | |||||||
Benefit obligation at beginning of period | [1] | $ (210) | $ (224) | ||||
Service cost | (1) | [1] | (1) | [1] | (2) | ||
Interest cost | (8) | [1] | (11) | [1] | (9) | ||
Employee contributions | [1] | 0 | 0 | ||||
Amendments | [1] | 0 | 0 | ||||
Actuarial gain (loss) | [1] | 17 | (8) | ||||
(Acquisitions) divestitures | [1] | 0 | 0 | ||||
Curtailments | [1] | 0 | 0 | ||||
Special termination benefits | [1] | 0 | 0 | ||||
Benefits paid | [1] | (18) | (34) | ||||
Benefit obligation at end of period | [1] | (184) | (210) | (224) | |||
Change in fair value of plan assets | |||||||
Fair value at beginning of period | 93 | 86 | |||||
Actual return on plan assets | (1) | 7 | |||||
Employer contributions | 18 | 34 | |||||
Employee contributions | [1] | 0 | 0 | ||||
Acquisitions (divestitures) | 0 | 0 | |||||
Benefit payments | [1] | (18) | (34) | ||||
Fair value at end of period | 92 | 93 | 86 | ||||
Funded status at end of period | (92) | (117) | |||||
Amounts recognized in accumulated other comprehensive (income) loss consist of: | |||||||
Net loss (gain) | 111 | 146 | |||||
Prior service cost (credit) | (69) | (79) | |||||
Total (before tax effects) | $ 42 | $ 67 | |||||
Foreign Healthcare Benefits | |||||||
Weighted-average assumptions used to determine benefit obligations | |||||||
Discount rate | 3.60% | 3.10% | |||||
Rate of compensation increase | 0.00% | 0.00% | |||||
Change in benefit obligation | |||||||
Benefit obligation at beginning of period | [1] | $ (8) | $ (7) | ||||
Service cost | 0 | [1] | 0 | [1] | 0 | ||
Interest cost | 0 | [1] | 0 | [1] | 0 | ||
Employee contributions | [1] | 0 | 0 | ||||
Amendments | [1] | 0 | 0 | ||||
Actuarial gain (loss) | [1] | 1 | (1) | ||||
(Acquisitions) divestitures | [1] | 2 | 0 | ||||
Curtailments | [1] | 0 | 0 | ||||
Special termination benefits | [1] | 0 | 0 | ||||
Benefits paid | [1] | 0 | 0 | ||||
Foreign exchange adjustment | [1] | 1 | 0 | ||||
Benefit obligation at end of period | [1] | (4) | (8) | (7) | |||
Change in fair value of plan assets | |||||||
Fair value at beginning of period | 0 | 0 | |||||
Actual return on plan assets | 0 | 0 | |||||
Employer contributions | 0 | 0 | |||||
Employee contributions | [1] | 0 | 0 | ||||
Acquisitions (divestitures) | 0 | 0 | |||||
Benefit payments | [1] | 0 | 0 | ||||
Foreign exchange adjustment | 0 | 0 | |||||
Fair value at end of period | 0 | 0 | $ 0 | ||||
Funded status at end of period | (4) | (8) | |||||
Amounts recognized in accumulated other comprehensive (income) loss consist of: | |||||||
Net loss (gain) | (1) | 0 | |||||
Prior service cost (credit) | 0 | 0 | |||||
Total (before tax effects) | $ (1) | $ 0 | |||||
[1] | The benefit obligation for pension benefits is the projected benefit obligation and for healthcare benefits, it is the accumulated benefit obligation. |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Domestic Pension Benefits | |||||
Weighted-average assumptions as of Jan. 1: | |||||
Market-related value of plan assets | $ 4,696 | $ 4,430 | $ 4,121 | ||
Discount rate (percent) | 4.13% | 4.99% | 4.25% | ||
Expected rate of return on plan assets (percent) | 7.25% | 7.25% | 7.25% | ||
Rate of compensation increase (percent) | 3.00% | 3.00% | 3.00% | ||
Components of net periodic benefit cost (credit): | |||||
Service cost | $ 30 | [1] | $ 58 | [1] | $ 63 |
Interest cost | 170 | [1] | 180 | [1] | 170 |
Expected return on assets | (333) | (315) | (292) | ||
Amortization of: | |||||
Prior service cost (credit) | (1) | (15) | (16) | ||
Net actuarial (gain) loss | 111 | 125 | 205 | ||
Settlement (gain) loss | 1 | 0 | 3 | ||
Curtailment (gain) loss | (30) | 0 | 0 | ||
Special termination benefit charge | 0 | 1 | 0 | ||
Net periodic benefit cost (credit) | (52) | 34 | 133 | ||
Foreign Pension Benefits | |||||
Weighted-average assumptions as of Jan. 1: | |||||
Market-related value of plan assets | $ 959 | $ 898 | $ 790 | ||
Discount rate (percent) | 3.33% | 4.29% | 4.49% | ||
Expected rate of return on plan assets (percent) | 5.25% | 6.26% | 6.04% | ||
Rate of compensation increase (percent) | 3.29% | 3.71% | 3.49% | ||
Components of net periodic benefit cost (credit): | |||||
Service cost | $ 32 | [1] | $ 33 | [1] | $ 36 |
Interest cost | 38 | [1] | 43 | [1] | 38 |
Expected return on assets | (51) | (58) | (46) | ||
Amortization of: | |||||
Prior service cost (credit) | 0 | 1 | 0 | ||
Net actuarial (gain) loss | 23 | 15 | 15 | ||
Settlement (gain) loss | 0 | 0 | 0 | ||
Curtailment (gain) loss | 0 | 0 | 0 | ||
Special termination benefit charge | 0 | 0 | 0 | ||
Net periodic benefit cost (credit) | 42 | 34 | 43 | ||
Domestic Healthcare Benefits | |||||
Weighted-average assumptions as of Jan. 1: | |||||
Market-related value of plan assets | $ 92 | $ 86 | $ 80 | ||
Discount rate (percent) | 4.13% | 4.99% | 4.25% | ||
Expected rate of return on plan assets (percent) | 7.25% | 7.25% | 7.25% | ||
Rate of compensation increase (percent) | 3.00% | 3.00% | 3.00% | ||
Components of net periodic benefit cost (credit): | |||||
Service cost | $ 1 | [1] | $ 1 | [1] | $ 2 |
Interest cost | 8 | [1] | 11 | [1] | 9 |
Expected return on assets | (6) | (6) | (6) | ||
Amortization of: | |||||
Prior service cost (credit) | (10) | (10) | (10) | ||
Net actuarial (gain) loss | 10 | 11 | 12 | ||
Settlement (gain) loss | 0 | 0 | 0 | ||
Curtailment (gain) loss | 0 | 0 | 0 | ||
Special termination benefit charge | 0 | 0 | 0 | ||
Net periodic benefit cost (credit) | $ 3 | $ 7 | $ 7 | ||
Foreign Healthcare Benefits | |||||
Weighted-average assumptions as of Jan. 1: | |||||
Discount rate (percent) | 3.10% | 4.21% | 4.50% | ||
Components of net periodic benefit cost (credit): | |||||
Service cost | $ 0 | [1] | $ 0 | [1] | $ 0 |
Interest cost | 0 | [1] | 0 | [1] | 0 |
Expected return on assets | 0 | 0 | 0 | ||
Amortization of: | |||||
Prior service cost (credit) | 0 | 0 | 0 | ||
Net actuarial (gain) loss | 0 | 0 | 0 | ||
Settlement (gain) loss | 0 | 0 | 0 | ||
Curtailment (gain) loss | 0 | 0 | 0 | ||
Special termination benefit charge | 0 | 0 | 0 | ||
Net periodic benefit cost (credit) | $ 0 | $ 0 | $ 0 | ||
[1] | The benefit obligation for pension benefits is the projected benefit obligation and for healthcare benefits, it is the accumulated benefit obligation. |
Employee Benefit Plans - Change
Employee Benefit Plans - Changes in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net loss (gain) arising during period | $ 105 | $ 766 | $ (732) | |
Prior service cost (credit) arising during period | 0 | (3) | 2 | |
Recognition of prior years’ service credit | [1] | (104) | (127) | (209) |
Total recognized in other comprehensive (income) loss (before tax effects) | 1 | $ 638 | $ (939) | |
Domestic Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net loss (gain) arising during period | 122 | |||
Recognition of prior years’ net (loss) | (112) | |||
Prior service cost (credit) arising during period | 0 | |||
Recognition of prior years’ service credit | 31 | |||
Total recognized in other comprehensive (income) loss (before tax effects) | 41 | |||
Foreign Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net loss (gain) arising during period | 9 | |||
Recognition of prior years’ net (loss) | (23) | |||
Prior service cost (credit) arising during period | 0 | |||
Recognition of prior years’ service credit | 0 | |||
Foreign exchange adjustment | 0 | |||
Total recognized in other comprehensive (income) loss (before tax effects) | (14) | |||
Domestic Healthcare Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net loss (gain) arising during period | (25) | |||
Recognition of prior years’ net (loss) | (10) | |||
Prior service cost (credit) arising during period | 0 | |||
Recognition of prior years’ service credit | 10 | |||
Total recognized in other comprehensive (income) loss (before tax effects) | (25) | |||
Foreign Healthcare Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net loss (gain) arising during period | (1) | |||
Recognition of prior years’ net (loss) | 0 | |||
Prior service cost (credit) arising during period | 0 | |||
Recognition of prior years’ service credit | 0 | |||
Foreign exchange adjustment | 0 | |||
Total recognized in other comprehensive (income) loss (before tax effects) | $ (1) | |||
[1] | The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains on the Consolidated Income Statement. The amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost is recorded as staff expense on the Consolidated Income Statement. See Note 23 of the Notes to Consolidated Financial Statements for the location of the reclassification adjustment related to cash flow hedges on the Consolidated Income Statement. |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Expected to be Recognized in Net Periodic Benefit Income (Cost) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Domestic Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Loss recognition | $ 69 |
Prior service (credit) recognition | 0 |
Foreign Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Loss recognition | 20 |
Prior service (credit) recognition | 0 |
Domestic Healthcare Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Loss recognition | 8 |
Prior service (credit) recognition | (10) |
Foreign Healthcare Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Loss recognition | 0 |
Prior service (credit) recognition | $ 0 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plan Funded Status of Plan (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Domestic Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost | $ 724 | $ 708 |
Accrued benefit cost | (212) | (226) |
Total benefits | 512 | 482 |
Foreign Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost | 3 | 0 |
Accrued benefit cost | (136) | (180) |
Total benefits | (133) | (180) |
Domestic Healthcare Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit cost | (92) | (117) |
Total benefits | (92) | (117) |
Foreign Healthcare Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit cost | (4) | (8) |
Total benefits | $ (4) | $ (8) |
Employee Benefit Plans - Plans
Employee Benefit Plans - Plans with Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 233 | $ 227 |
Accumulated benefit obligation | 233 | 225 |
Fair value of plan assets | 20 | 0 |
Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 132 | 392 |
Accumulated benefit obligation | 115 | 375 |
Fair value of plan assets | $ 79 | $ 313 |
Employee Benefit Plans - Benefi
Employee Benefit Plans - Benefit Payments for BNY Mellons Pension and Healthcare Plans Expected to be Paid (Details) $ in Millions | Dec. 31, 2015USD ($) |
Domestic Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 252 |
2,017 | 267 |
2,018 | 254 |
2,019 | 250 |
2,020 | 253 |
2021-2025 | 1,275 |
Total pension benefits | 2,551 |
Foreign Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 16 |
2,017 | 15 |
2,018 | 17 |
2,019 | 17 |
2,020 | 20 |
2021-2025 | 116 |
Total pension benefits | 201 |
Domestic Healthcare Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 14 |
2,017 | 14 |
2,018 | 14 |
2,019 | 14 |
2,020 | 14 |
2021-2025 | 62 |
Total pension benefits | 132 |
Foreign Healthcare Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2021-2025 | 1 |
Total pension benefits | $ 1 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Investment Asset Allocation (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Domestic Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 100.00% | 100.00% |
Domestic Pension Benefits | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 63.00% | 63.00% |
Domestic Pension Benefits | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 31.00% | 31.00% |
Domestic Pension Benefits | Private equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 1.00% | 2.00% |
Domestic Pension Benefits | Alternative investment | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 3.00% | 3.00% |
Domestic Pension Benefits | Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 0.00% | 0.00% |
Domestic Pension Benefits | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 2.00% | 1.00% |
Foreign Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 100.00% | 100.00% |
Foreign Pension Benefits | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 57.00% | 56.00% |
Foreign Pension Benefits | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 34.00% | 36.00% |
Foreign Pension Benefits | Private equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 0.00% | 0.00% |
Foreign Pension Benefits | Alternative investment | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 3.00% | 2.00% |
Foreign Pension Benefits | Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 5.00% | 5.00% |
Foreign Pension Benefits | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefits, asset allocations (percent) | 1.00% | 1.00% |
Employee Benefit Plans - Pen124
Employee Benefit Plans - Pension Plan Investment Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Jan. 29, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Domestic Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | $ 4,689 | $ 4,713 | $ 4,942 | $ 4,721 |
Foreign Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 1,014 | 997 | 930 | |
Fair Value, Measurements, Recurring | Domestic Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 4,689 | 4,942 | ||
Fair Value, Measurements, Recurring | Domestic Pension Benefits | Common and Preferred Stock, U.S. Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 1,473 | 1,468 | ||
Fair Value, Measurements, Recurring | Domestic Pension Benefits | Common and Preferred Stock, Non-U.S. Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 132 | 132 | ||
Fair Value, Measurements, Recurring | Domestic Pension Benefits | Collective Trust Funds, Commingled | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 318 | 342 | ||
Fair Value, Measurements, Recurring | Domestic Pension Benefits | Collective Trust Funds, U.S. Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 1,181 | 1,344 | ||
Fair Value, Measurements, Recurring | Domestic Pension Benefits | U.S. Treasury securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 450 | 438 | ||
Fair Value, Measurements, Recurring | Domestic Pension Benefits | U.S. Government agencies | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 20 | 59 | ||
Fair Value, Measurements, Recurring | Domestic Pension Benefits | U.S. corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 726 | 724 | ||
Fair Value, Measurements, Recurring | Domestic Pension Benefits | Other debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 39 | 32 | ||
Fair Value, Measurements, Recurring | Domestic Pension Benefits | Exchange traded funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 60 | 70 | ||
Fair Value, Measurements, Recurring | Domestic Pension Benefits | Sovereign Government Obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 77 | 91 | ||
Fair Value, Measurements, Recurring | Domestic Pension Benefits | Other Assets Measured at Net Asset Value | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 213 | 242 | ||
Fair Value, Measurements, Recurring | Foreign Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 936 | 997 | ||
Fair Value, Measurements, Recurring | Foreign Pension Benefits | Equity Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 538 | 557 | ||
Fair Value, Measurements, Recurring | Foreign Pension Benefits | Sovereign Government Obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 136 | 205 | ||
Fair Value, Measurements, Recurring | Foreign Pension Benefits | Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 177 | |||
Fair Value, Measurements, Recurring | Foreign Pension Benefits | Corporate Debt Obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 154 | |||
Fair Value, Measurements, Recurring | Foreign Pension Benefits | Cash and Currency | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 5 | 13 | ||
Fair Value, Measurements, Recurring | Foreign Pension Benefits | Other Assets Measured at Net Asset Value | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 80 | 68 | ||
Fair Value, Measurements, Recurring | Level 1 | Domestic Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 2,115 | 2,108 | ||
Fair Value, Measurements, Recurring | Level 1 | Domestic Pension Benefits | Common and Preferred Stock, U.S. Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 1,473 | 1,468 | ||
Fair Value, Measurements, Recurring | Level 1 | Domestic Pension Benefits | Common and Preferred Stock, Non-U.S. Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 132 | 132 | ||
Fair Value, Measurements, Recurring | Level 1 | Domestic Pension Benefits | U.S. Treasury securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 450 | 438 | ||
Fair Value, Measurements, Recurring | Level 1 | Domestic Pension Benefits | Exchange traded funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 60 | 70 | ||
Fair Value, Measurements, Recurring | Level 1 | Foreign Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 432 | 580 | ||
Fair Value, Measurements, Recurring | Level 1 | Foreign Pension Benefits | Equity Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 375 | 432 | ||
Fair Value, Measurements, Recurring | Level 1 | Foreign Pension Benefits | Sovereign Government Obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 52 | 75 | ||
Fair Value, Measurements, Recurring | Level 1 | Foreign Pension Benefits | Corporate Debt Obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 60 | |||
Fair Value, Measurements, Recurring | Level 1 | Foreign Pension Benefits | Cash and Currency | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 5 | 13 | ||
Fair Value, Measurements, Recurring | Level 2 | Domestic Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 2,361 | 2,592 | ||
Fair Value, Measurements, Recurring | Level 2 | Domestic Pension Benefits | Collective Trust Funds, Commingled | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 318 | 342 | ||
Fair Value, Measurements, Recurring | Level 2 | Domestic Pension Benefits | Collective Trust Funds, U.S. Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 1,181 | 1,344 | ||
Fair Value, Measurements, Recurring | Level 2 | Domestic Pension Benefits | U.S. Government agencies | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 20 | 59 | ||
Fair Value, Measurements, Recurring | Level 2 | Domestic Pension Benefits | U.S. corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 726 | 724 | ||
Fair Value, Measurements, Recurring | Level 2 | Domestic Pension Benefits | Other debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 39 | 32 | ||
Fair Value, Measurements, Recurring | Level 2 | Domestic Pension Benefits | Sovereign Government Obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 77 | 91 | ||
Fair Value, Measurements, Recurring | Level 2 | Foreign Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 405 | 329 | ||
Fair Value, Measurements, Recurring | Level 2 | Foreign Pension Benefits | Equity Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 163 | 125 | ||
Fair Value, Measurements, Recurring | Level 2 | Foreign Pension Benefits | Sovereign Government Obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 84 | 130 | ||
Fair Value, Measurements, Recurring | Level 2 | Foreign Pension Benefits | Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 158 | |||
Fair Value, Measurements, Recurring | Level 2 | Foreign Pension Benefits | Corporate Debt Obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 74 | |||
Fair Value, Measurements, Recurring | Level 3 | Domestic Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Foreign Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 19 | 20 | ||
Fair Value, Measurements, Recurring | Level 3 | Foreign Pension Benefits | Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | 19 | |||
Fair Value, Measurements, Recurring | Level 3 | Foreign Pension Benefits | Corporate Debt Obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets, at fair value | $ 19 | $ 20 | $ 19 |
Employee Benefit Plans - Rollfo
Employee Benefit Plans - Rollforward of Plan Investment Assets Including Change in Fair Value Classified in Level 3 of Valuation Hierarchy (Detail) - Foreign Pension Benefits - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in fair value of plan assets | ||
Fair value at beginning of period | $ 997 | $ 930 |
Total gains or (losses) included in earnings (or changes in net assets) | 40 | 88 |
Fair value at end of period | 1,014 | 997 |
Fair Value, Measurements, Recurring | ||
Change in fair value of plan assets | ||
Fair value at beginning of period | 997 | |
Fair value at end of period | 936 | 997 |
Fair Value, Measurements, Recurring | Corporate Debt Obligations | ||
Change in fair value of plan assets | ||
Fair value at beginning of period | 154 | |
Fair value at end of period | 154 | |
Fair Value, Measurements, Recurring | Level 3 | ||
Change in fair value of plan assets | ||
Fair value at beginning of period | 20 | |
Fair value at end of period | 19 | 20 |
Fair Value, Measurements, Recurring | Level 3 | Corporate Debt Obligations | ||
Change in fair value of plan assets | ||
Fair value at beginning of period | 20 | 19 |
Transfers into Level 3 | 0 | 0 |
Total gains or (losses) included in earnings (or changes in net assets) | (1) | 1 |
Fair value at end of period | 19 | 20 |
Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $ (1) | $ 1 |
Employee Benefit Plans - Pen126
Employee Benefit Plans - Pension Plan Assets Valued Using Net Asset Value (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | $ 117 | $ 342 | |
Unfunded commitments | 59 | 45 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | 293 | 310 | |
Unfunded commitments | 8 | 11 | |
Pension | Venture Capital and Partnership Interests | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | [1] | 60 | 159 |
Unfunded commitments | [1] | 8 | 11 |
Pension | Funds of funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | [2] | 177 | 151 |
Unfunded commitments | [2] | $ 0 | $ 0 |
Redemption frequency | [2] | Monthly | Monthly |
Pension | Property Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | [3] | $ 49 | |
Unfunded commitments | [3] | $ 0 | |
Redemption frequency | [3] | Daily-Quarterly | |
Pension | Contract Holder Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value | [4] | $ 7 | |
Minimum | Pension | Funds of funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Redemption notice period | [2] | 30 days | 30 days |
Minimum | Pension | Property Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Redemption notice period | [3] | 0 days | |
Maximum | Pension | Funds of funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Redemption notice period | [2] | 45 days | 45 days |
Maximum | Pension | Property Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Redemption notice period | [3] | 90 days | |
[1] | Venture capital and partnership interests do not have redemption rights. Distributions from such funds will be received as the underlying investments are liquidated. | ||
[2] | Funds of funds include multi-strategy hedge funds that utilize investment strategies that invest over both long-term investment and short-term investment horizons. | ||
[3] | Property funds include funds invested in regional real estate vehicles that hold direct interest in real estate properties. | ||
[4] | Other contracts include assets invested in pooled accounts at insurance companies that are privately valued by the asset manager. |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 29, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation for all defined benefit plans | $ 5,200 | $ 5,400 | ||
Shares of stock owned by Employee Stock Ownership Plan | 6,000,000 | 6,400,000 | ||
Fair value of shares total ESOP assets | $ 251 | $ 263 | ||
Recognized cost of defined contribution plans, excluding the ESOP | $ 209 | $ 198 | $ 192 | |
Domestic Healthcare Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate (percent) | 4.48% | 4.13% | ||
Plan assets, at fair value | $ 92 | $ 93 | 86 | |
Assumed healthcare cost trend rate used in determining benefit expense for 2015 (percent) | 6.50% | |||
Assumed healthcare cost trend rate used in determining benefit expense for 2022 (percent) | 4.75% | |||
Change in the post-retirement benefit obligation as a result of an increase of one percentage point in the assumed medical trend rate (less than one million) | $ 12 | |||
Change in the post-retirement benefit obligation as a result of an increase of one percentage point in the assumed medical trend rate, percentage increase (percent) | 6.00% | |||
Change in the post-retirement service cost plus interest cost as a result of an increase of one percentage point in the assumed medical trend rate (less than one million) | $ 1 | |||
Change in the post-retirement service cost plus interest cost as a result of an increase of one percentage point in the assumed medical trend rate, percentage increase (percent) | 7.00% | |||
Change in the post-retirement benefit obligation as a result of a decrease of one percentage point in the assumed medical trend rate (less than one million) | $ 10 | |||
Change in the post-retirement benefit obligation as a result of a decrease of one percentage point in the assumed medical trend rate, percentage decrease (percent) | 6.00% | |||
Change in the post-retirement service cost plus interest cost as a result of a decrease of one percentage point in the assumed medical trend rate (less than one million) | $ 1 | |||
Change in the post-retirement service cost plus interest cost as a result of a decrease of one percentage point in the assumed medical trend rate, percentage decrease (percent) | 6.00% | |||
Cash contributions expected to be made to fund defined benefit plans in the next fiscal year | $ 14 | |||
Foreign Healthcare Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate (percent) | 3.60% | 3.10% | ||
Plan assets, at fair value | $ 0 | $ 0 | 0 | |
Change in the post-retirement benefit obligation as a result of an increase of one percentage point in the assumed medical trend rate (less than one million) | 1 | |||
Change in the post-retirement service cost plus interest cost as a result of an increase of one percentage point in the assumed medical trend rate (less than one million) | 1 | |||
Change in the post-retirement benefit obligation as a result of a decrease of one percentage point in the assumed medical trend rate (less than one million) | 1 | |||
Change in the post-retirement service cost plus interest cost as a result of a decrease of one percentage point in the assumed medical trend rate (less than one million) | 1 | |||
Cash contributions expected to be made to fund defined benefit plans in the next fiscal year | $ 1 | |||
Domestic Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate (percent) | 4.48% | 4.13% | 3.73% | |
Plan assets, at fair value | $ 4,689 | $ 4,942 | 4,721 | $ 4,713 |
Cash contributions expected to be made to fund defined benefit plans in the next fiscal year | $ 22 | |||
Domestic Pension Benefits | Equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan asset, cash equivalents, lower limit (percent) | 30.00% | |||
Percentage of plan asset, cash equivalents, upper limit (percent) | 70.00% | |||
Domestic Pension Benefits | Fixed income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan asset, cash equivalents, lower limit (percent) | 20.00% | |||
Percentage of plan asset, cash equivalents, upper limit (percent) | 50.00% | |||
Domestic Pension Benefits | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan asset, cash equivalents, lower limit (percent) | 0.00% | |||
Percentage of plan asset, cash equivalents, upper limit (percent) | 5.00% | |||
Foreign Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate (percent) | 3.45% | 3.33% | ||
Plan assets, at fair value | $ 1,014 | $ 997 | $ 930 | |
Cash contributions expected to be made to fund defined benefit plans in the next fiscal year | $ 22 | |||
The Bank of New York Mellon Corporation 401(k) Savings Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
401(k) Employer matching contribution, percent match, first 4% | 100.00% | |||
401(k) Employer matching contribution, percent match, remaining 2% | 50.00% | |||
401(k) Employer matching contribution (percent) | 5.00% | 5.00% | 5.00% | |
401(k), Employer non-elective contribution based on earnings (percent) | 2.00% | |||
401(k), shares of common stock owned | 15,600,000 | 16,700,000 | ||
401(k), fair value of total assets | $ 5,200 | $ 5,300 |
Company Financial Information C
Company Financial Information Condensed Income Statement Parent Corporation (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Condensed Income Statements, Captions [Line Items] | ||||||
Total revenue | $ 15,126 | [1] | $ 15,608 | [2] | $ 14,968 | [3] |
Interest (including, $69, $62, $50, to subsidiaries, respectively) | 300 | 354 | 343 | |||
Provision (benefit) for income taxes | 1,013 | 912 | 1,592 | |||
Net income | 3,158 | 2,567 | 2,104 | |||
Preferred stock dividends | (105) | (73) | (64) | |||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 3,053 | 2,494 | 2,040 | |||
Parent Company | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Gain on securities held for sale | 3 | 1 | 32 | |||
Other revenue | 25 | 24 | 26 | |||
Total revenue | 539 | 1,009 | 1,439 | |||
Interest (including, $69, $62, $50, to subsidiaries, respectively) | 288 | 257 | 245 | |||
Other expense | 64 | 71 | 94 | |||
Total expense | 352 | 328 | 339 | |||
Income before income taxes and equity in undistributed net income of subsidiaries | 187 | 681 | 1,100 | |||
Provision (benefit) for income taxes | (98) | (155) | (93) | |||
Equity in undistributed net income | 2,873 | 1,731 | 911 | |||
Net income | 3,158 | 2,567 | 2,104 | |||
Preferred stock dividends | (105) | (73) | (64) | |||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 3,053 | 2,494 | 2,040 | |||
Interest expense, related party | 69 | 62 | 50 | |||
Parent Company | Bank Subsidiaries | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Investment Income, Dividend | 145 | 775 | 1,010 | |||
Investment Income, Interest | 68 | 67 | 60 | |||
Equity in undistributed net income | 2,004 | 910 | 184 | |||
Parent Company | Nonbank Subsidiaries | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Investment Income, Dividend | 207 | 44 | 210 | |||
Investment Income, Interest | 91 | 98 | 101 | |||
Equity in undistributed net income | $ 869 | $ 821 | $ 727 | |||
[1] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $18 million, representing $86 million of income and noncontrolling interests of $68 million. Income before taxes is net of noncontrolling interests of $68 million. | |||||
[2] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $79 million, representing $163 million of income and noncontrolling interests of $84 million. Income before taxes is net of noncontrolling interests of $84 million. | |||||
[3] | Both fee and other revenue and total revenue include net income from consolidated investment management funds of $103 million, representing $183 million of income and noncontrolling interests of $80 million. Income before taxes is net of noncontrolling interests of $80 million. |
Company Financial Informatio129
Company Financial Information Condensed Balance Sheet Parent Corporation (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Corporate-owned life insurance | $ 4,704 | $ 4,598 |
Other assets | 19,626 | 20,490 |
Total assets | 393,780 | 385,303 |
Long-term debt | 21,547 | 20,264 |
Total liabilities | 354,805 | 346,600 |
Shareholders’ equity | 38,037 | 37,441 |
Total liabilities, temporary equity and permanent equity | 393,780 | 385,303 |
Parent Company | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Cash and due from banks | 9,383 | 7,517 |
Securities | 26 | 30 |
Loans, net of allowance | 20 | 76 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 57,561 | 55,071 |
Corporate-owned life insurance | 728 | 712 |
Other assets | 1,509 | 1,361 |
Total assets | 69,227 | 64,767 |
Deferred compensation | 473 | 501 |
Affiliate borrowings | 8,243 | 6,120 |
Other liabilities | 1,623 | 1,194 |
Long-term debt | 20,851 | 19,511 |
Total liabilities | 31,190 | 27,326 |
Shareholders’ equity | 38,037 | 37,441 |
Total liabilities, temporary equity and permanent equity | 69,227 | 64,767 |
Bank Subsidiaries | Parent Company | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 30,156 | 28,600 |
Nonbank Subsidiaries | Parent Company | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 27,405 | $ 26,471 |
Company Financial Informatio130
Company Financial Information Condensed Statement of Cash Flows Parent Corporation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net income | $ 3,222 | $ 2,651 | $ 2,185 | |
Net cash provided by (used for) operating activities | 4,127 | 4,484 | (642) | |
Change in loans | (4,615) | (7,904) | (5,092) | |
Other, net | 3,583 | 4,887 | (560) | |
Net cash (used for) investing activities | (19,787) | (11,675) | (13,200) | |
Change in commercial paper | 0 | (96) | (242) | |
Net proceeds from the issuance of long-term debt | 4,986 | 4,686 | 3,892 | |
Repayments of long-term debt | (3,659) | (4,376) | (2,035) | |
Issuance of common stock | 26 | 26 | 25 | |
Treasury stock acquired | (2,355) | (1,669) | (1,026) | |
Issuance of preferred stock | 990 | 0 | 494 | |
Net cash provided by financing activities | 15,185 | 7,829 | 15,621 | |
Change in cash and due from banks | (433) | 510 | 1,733 | |
Cash and due from banks at beginning of period | 6,970 | 6,460 | 4,727 | |
Cash and due from banks at end of period | 6,537 | 6,970 | 6,460 | |
Interest paid | 295 | 344 | 347 | |
Income taxes paid | 1,015 | 1,363 | 400 | |
Income taxes refunded | 901 | 144 | 29 | |
Parent Company | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net income | [1] | 3,158 | 2,567 | 2,104 |
Amortization | 0 | 0 | 1 | |
Equity in undistributed net (income) of subsidiaries | (2,873) | (1,731) | (911) | |
Change in accrued interest receivable | (4) | 23 | 21 | |
Change in accrued interest payable | 15 | 18 | (5) | |
Change in taxes payable | [2] | 132 | 91 | 63 |
Other, net | 66 | 2 | (22) | |
Net cash provided by (used for) operating activities | 494 | 970 | 1,251 | |
Proceeds from sales of securities | 3 | 7 | 67 | |
Change in loans | 56 | (57) | (6) | |
Acquisitions of, investments in, and advances to subsidiaries | (358) | (1,603) | 722 | |
Other, net | 14 | 107 | 11 | |
Net cash (used for) investing activities | (285) | (1,546) | 794 | |
Change in commercial paper | 0 | (96) | (242) | |
Net proceeds from the issuance of long-term debt | 4,986 | 4,686 | 3,892 | |
Repayments of long-term debt | (3,650) | (4,071) | (2,023) | |
Change in advances from subsidiaries | 2,123 | 2,704 | 78 | |
Issuance of common stock | 352 | 396 | 288 | |
Treasury stock acquired | (2,355) | (1,669) | (1,026) | |
Issuance of preferred stock | 990 | 0 | 494 | |
Cash dividends paid | (865) | (833) | (744) | |
Tax benefit realized on share based payment awards | 76 | 17 | 15 | |
Net cash provided by financing activities | 1,657 | 1,134 | 732 | |
Change in cash and due from banks | 1,866 | 558 | 2,777 | |
Cash and due from banks at beginning of period | 7,517 | 6,959 | 4,182 | |
Cash and due from banks at end of period | 9,383 | 7,517 | 6,959 | |
Interest paid | 302 | 275 | 241 | |
Income taxes paid | 158 | 946 | 94 | |
Income taxes refunded | 103 | 54 | 14 | |
Income Taxes Received From Paid To Subsidiaries | $ 24 | $ 452 | $ 192 | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjhmZTExOTFlYjMzMjQxMTY4NjY1MTY0YzA4ZDlmZjg3fFRleHRTZWxlY3Rpb246ODMzQ0UwNkExM0IwQjdCMjA3RDk4MzlDQzA4RDYzREUM} | |||
[2] | Includes payments received from subsidiaries for taxes of $24 million in 2015, $452 million in 2014 and $192 million in 2013. |
Company Financial Information -
Company Financial Information - Additional Information (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2016 | Apr. 28, 2015 | Mar. 31, 2015 | Mar. 11, 2015 | Mar. 26, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 3,102,000,000 | $ 1,740,000,000 | ||||||
Stock repurchase program, authorized amount contingent on prior issuance of preferred stock | 700,000,000 | |||||||
Preferred stock, amount | $ 1,000,000,000 | |||||||
Dividend payout ratio that when exceeded begins to receive close scrutiny from fed | 30.00% | |||||||
Bank Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Liquid asset held, amount | $ 1,300,000,000 | |||||||
Common stock, dividends declared | 182,000,000 | $ 809,000,000 | $ 1,000,000,000 | |||||
Average reserve balances with federal reserve banks | $ 6,500,000,000 | $ 6,300,000,000 | ||||||
Credit Extensions To Affiliates | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Maximum percentage of regulatory capital allowable for bank credit extensions | 10.00% | |||||||
Credit Extensions In Aggregate To Bank Of New York And All Affiliates | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Maximum percentage of regulatory capital allowable for bank credit extensions | 20.00% | |||||||
Minimum | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Collateral percentage requirement for bank loans to affiliates | 100.00% | |||||||
Maximum | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Collateral percentage requirement for bank loans to affiliates | 130.00% | |||||||
Subsequent Event | Bank Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Dividend payments without regulatory approval | $ 3,100,000,000 | |||||||
2015 Capital Plan [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 3,100,000,000 | |||||||
Stock repurchase program, authorized amount contingent on prior issuance of preferred stock | $ 700,000,000 | |||||||
Preferred stock, amount | $ 1,000,000,000 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | $ 4,190 | $ 5,721 | |||
Loans | 53 | ||||
Derivative liabilities | 2,179 | 4,756 | |||
Fair Value, Measurements, Recurring | Sovereign debt/sovereign guaranteed | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | [1] | 13,217 | 17,284 | ||
Fair Value, Measurements, Recurring | Non-agency RMBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | [1] | 793 | 953 | ||
Fair Value, Measurements, Recurring | Foreign covered bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | [1] | 2,168 | 2,868 | ||
Fair Value, Measurements, Recurring | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Subtotal assets of consolidated investment management funds, at fair value | $ 17,784 | $ 26,183 | |||
Percentage of assets prior to netting (percent) | 18.00% | 19.00% | |||
Fair value of liabilities | $ 433 | $ 422 | |||
Percentage of liabilities prior to netting (percent) | 3.00% | 1.00% | |||
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | $ 15,723 | $ 23,145 | |||
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | U.S. Treasury | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 12,832 | 19,997 | |||
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | Sovereign debt/sovereign guaranteed | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 35 | 40 | |||
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 4 | 95 | |||
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | Money market funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 886 | [2] | 763 | [3] | |
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | Foreign covered bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 1,966 | 2,250 | |||
Fair Value, Measurements, Recurring | Level 1 | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Debt and equity instruments | 1,232 | [2] | 2,204 | [3] | |
Trading assets | 1,257 | 2,307 | |||
Fair Value, Measurements, Recurring | Level 1 | Other Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | $ 192 | [4] | 174 | [5],[6] | |
Percentage of assets prior to netting (percent) | 18.00% | ||||
Fair Value, Measurements, Recurring | Level 1 | Operations | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Subtotal assets of consolidated investment management funds, at fair value | $ 17,172 | $ 25,626 | |||
Percentage of assets prior to netting (percent) | 20.00% | ||||
Fair Value, Measurements, Recurring | Level 1 | Investment Management funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Trading assets | 455 | $ 100 | |||
Other assets | 157 | 457 | |||
Subtotal assets of consolidated investment management funds, at fair value | 612 | 557 | |||
Trading liabilities | 0 | ||||
Other liabilities | 1 | 1 | |||
Fair value of liabilities | 1 | 1 | |||
Fair Value, Measurements, Recurring | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Loans | 422 | 21 | |||
Other assets | 62 | [4] | 514 | [5],[6] | |
Subtotal assets of consolidated investment management funds, at fair value | $ 79,359 | $ 111,197 | |||
Percentage of assets prior to netting (percent) | 82.00% | 81.00% | |||
Fair value of liabilities | $ 15,934 | $ 33,267 | |||
Percentage of liabilities prior to netting (percent) | 97.00% | 99.00% | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | $ 60,144 | $ 75,174 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | U.S. Government agencies | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 387 | 343 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Sovereign debt/sovereign guaranteed | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 13,182 | 17,244 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | State and political subdivisions | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 4,046 | [2] | 5,236 | [3] | |
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Agency RMBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 23,501 | 32,600 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Non-agency RMBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 793 | 953 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Other RMBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 1,061 | 1,551 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Commercial MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 1,392 | 1,959 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Agency commercial MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 4,020 | 3,132 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Asset-backed CLOs | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 2,351 | 2,130 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Other asset-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 2,893 | 3,240 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Corporate bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 1,752 | 1,785 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Other debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 2,775 | 2,169 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Foreign covered bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 202 | 618 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | Non-agency RMBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 1,789 | [7] | 2,214 | [8] | |
Fair Value, Measurements, Recurring | Level 2 | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Debt and equity instruments | 2,167 | [2] | 2,217 | [3] | |
Trading assets | 17,226 | 25,912 | |||
Fair Value, Measurements, Recurring | Level 2 | Other Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | $ 778 | 1,365 | |||
Percentage of assets prior to netting (percent) | 82.00% | ||||
Fair Value, Measurements, Recurring | Level 2 | Operations | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Subtotal assets of consolidated investment management funds, at fair value | $ 78,570 | $ 102,472 | |||
Percentage of assets prior to netting (percent) | 80.00% | ||||
Fair Value, Measurements, Recurring | Level 2 | Investment Management funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Trading assets | 773 | $ 8,578 | |||
Other assets | 16 | 147 | |||
Subtotal assets of consolidated investment management funds, at fair value | 789 | 8,725 | |||
Trading liabilities | 229 | 7,660 | |||
Other liabilities | 16 | 8 | |||
Fair value of liabilities | 245 | 7,668 | |||
Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Subtotal assets of consolidated investment management funds, at fair value | 0 | 55 | |||
Fair value of liabilities | $ 0 | 9 | |||
Percentage of liabilities prior to netting (percent) | 0.00% | ||||
Fair Value, Measurements, Recurring | Level 3 | Securities available-for-sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | $ 0 | 11 | |||
Fair Value, Measurements, Recurring | Level 3 | Securities available-for-sale | State and political subdivisions | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 0 | [2] | 11 | [3] | |
Fair Value, Measurements, Recurring | Level 3 | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Debt and equity instruments | [3] | 0 | |||
Trading assets | 0 | 9 | |||
Fair Value, Measurements, Recurring | Level 3 | Other Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | 0 | [4] | 35 | [5],[6] | |
Fair Value, Measurements, Recurring | Level 3 | Operations | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Subtotal assets of consolidated investment management funds, at fair value | 0 | 55 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 1 | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 25 | 103 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 1 | Trading Assets | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 10 | 7 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 1 | Trading Assets | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 15 | 96 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 2 | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 15,059 | 23,695 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 2 | Trading Assets | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 10,034 | 17,137 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 2 | Trading Assets | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 4,905 | 6,280 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 2 | Trading Assets | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 120 | 278 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 3 | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 0 | 9 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 3 | Trading Assets | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 0 | 6 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 3 | Trading Assets | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 0 | ||||
Nondesignated | Fair Value, Measurements, Recurring | Level 3 | Trading Assets | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 0 | 3 | |||
Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 2 | Other Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 716 | 851 | |||
Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 2 | Other Assets | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 497 | 477 | |||
Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 2 | Other Assets | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 219 | 374 | |||
Parent Company | Fair Value, Measurements, Recurring | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Total other liabilities - derivative liabilities designated as hedging | 0 | 4 | |||
Other liabilities | 4 | ||||
Fair value of liabilities | $ 432 | $ 421 | |||
Percentage of liabilities prior to netting (percent) | 3.00% | 2.00% | |||
Parent Company | Fair Value, Measurements, Recurring | Level 1 | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Debt and equity instruments | $ 422 | $ 367 | |||
Derivative liabilities | 50 | ||||
Trading liabilities | 432 | 417 | |||
Parent Company | Fair Value, Measurements, Recurring | Level 1 | Trading Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 3 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 1 | Trading Liabilities | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 47 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Total other liabilities - derivative liabilities designated as hedging | 392 | 447 | |||
Long-term debt | 359 | [2] | 347 | [3] | |
Fair value of liabilities | $ 15,689 | $ 25,599 | |||
Percentage of liabilities prior to netting (percent) | 97.00% | 98.00% | |||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Debt and equity instruments | $ 152 | $ 294 | |||
Derivative liabilities | 24,511 | ||||
Trading liabilities | 14,938 | 24,805 | |||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | Trading Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 17,645 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | Trading Liabilities | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 6,367 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | Trading Liabilities | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 499 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | Other Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 447 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | Other Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 385 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | Other Liabilities | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 62 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value of liabilities | $ 0 | 9 | |||
Percentage of liabilities prior to netting (percent) | 0.00% | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 3 | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 9 | ||||
Trading liabilities | $ 0 | 9 | |||
Parent Company | Fair Value, Measurements, Recurring | Level 3 | Trading Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 6 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 3 | Trading Liabilities | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 3 | ||||
Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Level 1 | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 10 | ||||
Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Level 1 | Trading Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 5 | ||||
Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Level 1 | Trading Liabilities | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 5 | ||||
Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Level 2 | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 14,786 | ||||
Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Level 2 | Trading Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 9,957 | ||||
Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Level 2 | Trading Liabilities | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 4,682 | ||||
Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Level 2 | Trading Liabilities | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 147 | ||||
Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Level 3 | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 0 | ||||
Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Level 3 | Trading Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 0 | ||||
Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Level 3 | Trading Liabilities | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 0 | ||||
Parent Company | Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 2 | Other Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 372 | ||||
Parent Company | Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 2 | Other Liabilities | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 20 | ||||
Carrying Amount | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Loans | 61,267 | 56,749 | |||
Other assets | 7,633 | 8,091 | |||
Subtotal assets of consolidated investment management funds, at fair value | 264,934 | 222,252 | |||
Long-term debt | 21,188 | 19,917 | |||
Carrying Amount | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Loans | 422 | 21 | |||
Other assets | 254 | [4] | 723 | [5],[6] | |
Subtotal assets of consolidated investment management funds, at fair value | 86,145 | 119,430 | |||
Fair value of liabilities | 5,498 | 15,901 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 75,867 | 98,330 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | U.S. Treasury | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 12,832 | 19,997 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | U.S. Government agencies | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 387 | 343 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Sovereign debt/sovereign guaranteed | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 13,217 | 17,284 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | State and political subdivisions | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 4,046 | [2] | 5,247 | [3] | |
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Agency RMBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 23,501 | 32,600 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Non-agency RMBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 793 | 953 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Other RMBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 1,061 | 1,551 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Commercial MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 1,392 | 1,959 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Agency commercial MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 4,020 | 3,132 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Asset-backed CLOs | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 2,351 | 2,130 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Other asset-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 2,893 | 3,240 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 4 | 95 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Money market funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 886 | [2] | 763 | [3] | |
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Corporate bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 1,752 | 1,785 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Other debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 2,775 | 2,169 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Foreign covered bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 2,168 | 2,868 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | Non-agency RMBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 1,789 | [7] | 2,214 | [8] | |
Carrying Amount | Fair Value, Measurements, Recurring | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Debt and equity instruments | 3,399 | [2] | 4,421 | [3] | |
Trading assets | 7,368 | 9,881 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Other Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | 1,087 | 1,916 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Other Assets Measured at Net Asset Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | 117 | 342 | [6] | ||
Carrying Amount | Fair Value, Measurements, Recurring | Operations | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Subtotal assets of consolidated investment management funds, at fair value | 84,744 | 110,148 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Investment Management funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Trading assets | 1,228 | 8,678 | |||
Other assets | 173 | 604 | |||
Subtotal assets of consolidated investment management funds, at fair value | 1,401 | 9,282 | |||
Trading liabilities | 229 | 7,660 | |||
Other liabilities | 17 | 9 | |||
Fair value of liabilities | 246 | 7,669 | |||
Carrying Amount | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 3,969 | 5,460 | |||
Carrying Amount | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 1,973 | 3,208 | |||
Carrying Amount | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 1,924 | 2,034 | |||
Carrying Amount | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 72 | 218 | |||
Carrying Amount | Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Other Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 716 | 851 | |||
Carrying Amount | Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Other Assets | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 497 | 477 | |||
Carrying Amount | Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Other Assets | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 219 | 374 | |||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Total other liabilities - derivative liabilities designated as hedging | 392 | 451 | |||
Long-term debt | 359 | [2] | 347 | [3] | |
Other liabilities | 4 | ||||
Fair value of liabilities | 5,252 | 8,232 | |||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Debt and equity instruments | 574 | 661 | |||
Derivative liabilities | 6,773 | ||||
Trading liabilities | 4,501 | 7,434 | |||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | Trading Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 3,187 | ||||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | Trading Liabilities | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 3,218 | ||||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | Trading Liabilities | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 368 | ||||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | Other Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 447 | ||||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | Other Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 385 | ||||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | Other Liabilities | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 62 | ||||
Carrying Amount | Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 3,927 | ||||
Carrying Amount | Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Trading Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 1,727 | ||||
Carrying Amount | Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Trading Liabilities | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 2,115 | ||||
Carrying Amount | Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Trading Liabilities | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 85 | ||||
Carrying Amount | Parent Company | Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Other Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 372 | ||||
Carrying Amount | Parent Company | Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Other Liabilities | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 20 | ||||
Netting | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Subtotal assets of consolidated investment management funds, at fair value | (11,115) | [9] | (18,347) | [10] | |
Fair value of liabilities | (10,869) | [9] | (17,797) | [10] | |
Netting | Fair Value, Measurements, Recurring | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Trading assets | (11,115) | [9] | (18,347) | [10] | |
Netting | Fair Value, Measurements, Recurring | Operations | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Subtotal assets of consolidated investment management funds, at fair value | (11,115) | [9] | (18,347) | [10] | |
Netting | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | (11,115) | [9] | (18,347) | [10] | |
Netting | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | (8,071) | [9] | (13,942) | [10] | |
Netting | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | (2,981) | [9] | (4,246) | [10] | |
Netting | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | (63) | [9] | (159) | [10] | |
Netting | Parent Company | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value of liabilities | (10,869) | [9] | (17,797) | [10] | |
Netting | Parent Company | Fair Value, Measurements, Recurring | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | [10] | (17,797) | |||
Trading liabilities | (10,869) | [9] | (17,797) | [10] | |
Netting | Parent Company | Fair Value, Measurements, Recurring | Trading Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | [10] | (14,467) | |||
Netting | Parent Company | Fair Value, Measurements, Recurring | Trading Liabilities | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | [10] | (3,149) | |||
Netting | Parent Company | Fair Value, Measurements, Recurring | Trading Liabilities | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | [10] | $ (181) | |||
Netting | Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | [9] | (10,869) | |||
Netting | Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Trading Liabilities | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | [9] | (8,235) | |||
Netting | Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Trading Liabilities | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | [9] | (2,567) | |||
Netting | Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Trading Liabilities | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | [9] | $ (67) | |||
[1] | At Dec. 31, 2015 and Dec. 31, 2014, foreign covered bonds and sovereign debt were included in Level 1 and Level 2 in the valuation hierarchy. All other assets in the table are Level 2 assets in the valuation hierarchy. | ||||
[2] | Includes certain interests in securitizations. | ||||
[3] | Includes certain interests in securitizations. | ||||
[4] | Includes private equity investments and seed capital. | ||||
[5] | Includes private equity investments and seed capital. | ||||
[6] | Other assets measured at fair value at Dec. 31, 2014 were restated to reflect the retrospective application of adopting new disclosure guidance contained in ASU 2015-07 related to investments in certain entities that use NAV as a practical expedient when measuring fair value. See Note 2 of the Notes to Consolidated Financial Statements for additional information. | ||||
[7] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | ||||
[8] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | ||||
[9] | ASC 815 permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities, and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product. | ||||
[10] | ASC 815 permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities, and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product. |
Fair Value Measurement- Details
Fair Value Measurement- Details of Certain Items Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | $ 793 | $ 953 |
Non-agency RMBS | 2007 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 66 | 78 |
Non-agency RMBS | 2006 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 115 | 138 |
Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 234 | 284 |
Non-agency RMBS | 2004 and earlier | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 378 | 453 |
Commercial MBS | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,330 | 1,887 |
Commercial MBS | 2009-2015 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 626 | 639 |
Commercial MBS | 2008 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 16 | 19 |
Commercial MBS | 2007 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 304 | 353 |
Commercial MBS | 2006 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 384 | 599 |
Commercial MBS | 2005 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 0 | 277 |
Foreign covered bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 2,168 | 2,868 |
Foreign covered bonds | Canada | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,014 | 1,266 |
Foreign covered bonds | United Kingdom | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 363 | 690 |
Foreign covered bonds | Netherlands | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 214 | 244 |
Foreign covered bonds | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 577 | 668 |
Sovereign debt/sovereign guaranteed | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 13,217 | 17,284 |
Sovereign debt/sovereign guaranteed | United Kingdom | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 2,941 | 5,076 |
Sovereign debt/sovereign guaranteed | France | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 2,008 | 3,550 |
Sovereign debt/sovereign guaranteed | Netherlands | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,055 | 1,800 |
Sovereign debt/sovereign guaranteed | BELGIUM | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,108 | 829 |
Sovereign debt/sovereign guaranteed | Ireland | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 772 | 672 |
Sovereign debt/sovereign guaranteed | Spain | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,955 | 1,978 |
Sovereign debt/sovereign guaranteed | Germany | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,683 | 1,522 |
Sovereign debt/sovereign guaranteed | Italy | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,398 | 1,427 |
Sovereign debt/sovereign guaranteed | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 297 | 430 |
Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1],[2] | 1,789 | 2,214 |
Non-agency RMBS | 2007 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1],[2] | 502 | 620 |
Non-agency RMBS | 2006 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1],[2] | 530 | 653 |
Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1],[2] | 580 | 727 |
Non-agency RMBS | 2004 and earlier | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1],[2] | 177 | 214 |
Securities available-for-sale | European floating rate notes | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,123 | 1,637 |
Securities available-for-sale | European floating rate notes | United Kingdom | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 780 | 1,172 |
Securities available-for-sale | European floating rate notes | Netherlands | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 222 | 296 |
Securities available-for-sale | European floating rate notes | Ireland | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 121 | 144 |
Securities available-for-sale | European floating rate notes | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | $ 0 | $ 25 |
Ratings, AAA/AA- | Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 8.00% | 1.00% | |
Ratings, AAA/AA- | Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 19.00% | ||
Ratings, AAA/AA- | Non-agency RMBS | 2004 and earlier | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 4.00% | 3.00% | |
Ratings, AAA/AA- | Commercial MBS | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 76.00% | 82.00% | |
Ratings, AAA/AA- | Commercial MBS | 2009-2015 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 83.00% | 83.00% | |
Ratings, AAA/AA- | Commercial MBS | 2008 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, AAA/AA- | Commercial MBS | 2007 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 62.00% | 65.00% | |
Ratings, AAA/AA- | Commercial MBS | 2006 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 76.00% | 83.00% | |
Ratings, AAA/AA- | Commercial MBS | 2005 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | 100.00% | |
Ratings, AAA/AA- | Foreign covered bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, AAA/AA- | Foreign covered bonds | Canada | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, AAA/AA- | Foreign covered bonds | United Kingdom | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, AAA/AA- | Foreign covered bonds | Netherlands | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, AAA/AA- | Foreign covered bonds | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, AAA/AA- | Sovereign debt/sovereign guaranteed | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 68.00% | 76.00% | |
Ratings, AAA/AA- | Sovereign debt/sovereign guaranteed | United Kingdom | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, AAA/AA- | Sovereign debt/sovereign guaranteed | France | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, AAA/AA- | Sovereign debt/sovereign guaranteed | Netherlands | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, AAA/AA- | Sovereign debt/sovereign guaranteed | BELGIUM | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, AAA/AA- | Sovereign debt/sovereign guaranteed | Germany | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, AAA/AA- | Sovereign debt/sovereign guaranteed | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 68.00% | 81.00% | |
Ratings, AAA/AA- | Securities available-for-sale | European floating rate notes | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 79.00% | 79.00% | |
Ratings, AAA/AA- | Securities available-for-sale | European floating rate notes | United Kingdom | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 85.00% | 83.00% | |
Ratings, AAA/AA- | Securities available-for-sale | European floating rate notes | Netherlands | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, AAA/AA- | Securities available-for-sale | European floating rate notes | Ireland | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | ||
Ratings, AAA/AA- | Securities available-for-sale | European floating rate notes | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | 99.00% | |
Ratings, A+/A- | Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 4.00% | 9.00% | |
Ratings, A+/A- | Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 9.00% | 21.00% | |
Ratings, A+/A- | Non-agency RMBS | 2004 and earlier | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 4.00% | 5.00% | |
Ratings, A+/A- | Commercial MBS | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 20.00% | 15.00% | |
Ratings, A+/A- | Commercial MBS | 2009-2015 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 17.00% | 17.00% | |
Ratings, A+/A- | Commercial MBS | 2008 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | ||
Ratings, A+/A- | Commercial MBS | 2007 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 22.00% | 21.00% | |
Ratings, A+/A- | Commercial MBS | 2006 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 24.00% | 17.00% | |
Ratings, A+/A- | Sovereign debt/sovereign guaranteed | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | ||
Ratings, A+/A- | Sovereign debt/sovereign guaranteed | Ireland | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | ||
Ratings, A+/A- | Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 1.00% | 1.00% |
Ratings, A+/A- | Non-agency RMBS | 2006 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 1.00% | |
Ratings, A+/A- | Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 2.00% | 3.00% |
Ratings, A+/A- | Non-agency RMBS | 2004 and earlier | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 3.00% | 4.00% |
Ratings, A+/A- | Securities available-for-sale | European floating rate notes | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 15.00% | 12.00% | |
Ratings, A+/A- | Securities available-for-sale | European floating rate notes | United Kingdom | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 15.00% | 17.00% | |
Ratings, A+/A- | Securities available-for-sale | European floating rate notes | Ireland | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 45.00% | ||
Ratings, A+/A- | Securities available-for-sale | European floating rate notes | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | 1.00% | |
Ratings, BBB+/BBB- | Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 16.00% | 19.00% | |
Ratings, BBB+/BBB- | Non-agency RMBS | 2007 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | ||
Ratings, BBB+/BBB- | Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 13.00% | 19.00% | |
Ratings, BBB+/BBB- | Non-agency RMBS | 2004 and earlier | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 26.00% | 27.00% | |
Ratings, BBB+/BBB- | Commercial MBS | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 4.00% | 3.00% | |
Ratings, BBB+/BBB- | Commercial MBS | 2007 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 16.00% | 14.00% | |
Ratings, BBB+/BBB- | Sovereign debt/sovereign guaranteed | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 32.00% | 24.00% | |
Ratings, BBB+/BBB- | Sovereign debt/sovereign guaranteed | Ireland | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, BBB+/BBB- | Sovereign debt/sovereign guaranteed | Spain | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, BBB+/BBB- | Sovereign debt/sovereign guaranteed | Italy | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, BBB+/BBB- | Sovereign debt/sovereign guaranteed | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 32.00% | 19.00% | |
Ratings, BBB+/BBB- | Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 1.00% | 1.00% |
Ratings, BBB+/BBB- | Non-agency RMBS | 2006 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 0.00% | 1.00% |
Ratings, BBB+/BBB- | Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 1.00% | 1.00% |
Ratings, BBB+/BBB- | Non-agency RMBS | 2004 and earlier | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 9.00% | 7.00% |
Ratings, BBB+/BBB- | Securities available-for-sale | European floating rate notes | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 6.00% | ||
Ratings, BBB+/BBB- | Securities available-for-sale | European floating rate notes | Ireland | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 55.00% | ||
Ratings, BB+ and lower | Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 72.00% | 71.00% | |
Ratings, BB+ and lower | Non-agency RMBS | 2007 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, BB+ and lower | Non-agency RMBS | 2006 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 100.00% | 100.00% | |
Ratings, BB+ and lower | Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 59.00% | 60.00% | |
Ratings, BB+ and lower | Non-agency RMBS | 2004 and earlier | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 66.00% | 65.00% | |
Ratings, BB+ and lower | Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 98.00% | 98.00% |
Ratings, BB+ and lower | Non-agency RMBS | 2007 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 100.00% | 100.00% |
Ratings, BB+ and lower | Non-agency RMBS | 2006 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 99.00% | 99.00% |
Ratings, BB+ and lower | Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 97.00% | 96.00% |
Ratings, BB+ and lower | Non-agency RMBS | 2004 and earlier | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 88.00% | 89.00% |
Ratings, BB+ and lower | Securities available-for-sale | European floating rate notes | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | 9.00% | |
Ratings, BB+ and lower | Securities available-for-sale | European floating rate notes | Ireland | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | 100.00% | |
Ratings, BB+ and lower | Securities available-for-sale | European floating rate notes | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | ||
[1] | At Dec. 31, 2015 and Dec. 31, 2014, foreign covered bonds and sovereign debt were included in Level 1 and Level 2 in the valuation hierarchy. All other assets in the table are Level 2 assets in the valuation hierarchy. | ||
[2] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
Fair Value Measurement - Signif
Fair Value Measurement - Significant Unobservable Inputs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | ||||
Other Assets | |||||
Fair value measurements for assets using significant unobservable inputs | |||||
Beginning balance | $ 35 | ||||
Transfers out of Level 3 | 0 | ||||
Transfers into Level 3 | $ 38 | ||||
Included in earnings (or changes in net assets) | 10 | [1] | (2) | [2] | |
Purchases | 3 | 1 | |||
Sales | (48) | (2) | |||
Ending balance | 0 | 35 | |||
Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | (2) | ||||
Total Assets | |||||
Fair value measurements for assets using significant unobservable inputs | |||||
Beginning balance | [3] | 55 | 34 | ||
Transfers out of Level 3 | (3) | (12) | [3] | ||
Transfers into Level 3 | [3] | 38 | |||
Included in earnings (or changes in net assets) | 9 | 10 | [3] | ||
Purchases | 3 | 1 | [3] | ||
Sales | (48) | (2) | [3] | ||
Settlements | (16) | (14) | [3] | ||
Ending balance | 0 | 55 | [3] | ||
Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | 0 | 11 | [3] | ||
Securities available-for-sale | State and political subdivisions | |||||
Fair value measurements for assets using significant unobservable inputs | |||||
Beginning balance | 11 | 11 | |||
Included in earnings (or changes in net assets) | [4] | 0 | |||
Settlements | (11) | ||||
Ending balance | 0 | 11 | |||
Trading Assets | Debt and equity instruments | |||||
Fair value measurements for assets using significant unobservable inputs | |||||
Beginning balance | 0 | 1 | |||
Included in earnings (or changes in net assets) | 0 | ||||
Settlements | (1) | ||||
Ending balance | 0 | ||||
Trading Assets | Derivative assets | |||||
Fair value measurements for assets using significant unobservable inputs | |||||
Beginning balance | [6] | 9 | [5] | 22 | |
Transfers out of Level 3 | (3) | [5] | (12) | [6] | |
Included in earnings (or changes in net assets) | (1) | [5],[7] | 12 | [6],[8] | |
Settlements | [5] | (5) | (13) | ||
Ending balance | [5] | 0 | 9 | [6] | |
Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | 0 | [5] | 13 | [6] | |
Trading Liabilities | Derivative liabilities | |||||
Fair value measurements for liabilities using significant unobservable inputs | |||||
Beginning balance | [9] | 9 | [10] | 75 | |
Transfers out of Level 3 | (3) | [10] | (39) | [9] | |
Included in earnings (or changes in net liabilities) | (1) | [10],[11] | (14) | [9],[12] | |
Settlements | (5) | [10] | (16) | [9] | |
Purchases | [9] | 3 | |||
Ending balance | [10] | 0 | 9 | [9] | |
Change in unrealized (gains) or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period | $ 0 | [10] | $ 9 | [9] | |
[1] | Reported in investment and other income. | ||||
[2] | Reported in investment and other income. | ||||
[3] | Total assets measured at fair value at Dec. 31, 2014 were restated to reflect the retrospective application of adopting new disclosure guidance contained in ASU 2015-07 related to investments in certain entities that use NAV as a practical expedient when measuring fair value. See Note 2 for additional information. | ||||
[4] | Realized gains (losses) are reported in securities gains (losses). Unrealized gains (losses) are reported in accumulated other comprehensive income (loss) except for the credit portion of OTTI losses which are recorded in securities gains (losses). | ||||
[5] | Derivative assets are reported on a gross basis | ||||
[6] | Derivative assets are reported on a gross basis. | ||||
[7] | Reported in foreign exchange and other trading revenue. | ||||
[8] | Reported in foreign exchange and other trading revenue. | ||||
[9] | Derivative liabilities are reported on a gross basis. | ||||
[10] | Derivative liabilities are reported on a gross basis. | ||||
[11] | Reported in foreign exchange and other trading revenue | ||||
[12] | Reported in foreign exchange and other trading revenue. |
Fair Value Measurement - Ass135
Fair Value Measurement - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | $ 53 | ||
Change in fair value of loans of underlying collateral | $ (2) | (6) | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [1] | 271 | 114 |
Other assets | [2] | 6 | 6 |
Subtotal assets of consolidated investment management funds, at fair value | 277 | 120 | |
Level 2 | Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [1] | 97 | 112 |
Other assets | [2] | 6 | 6 |
Subtotal assets of consolidated investment management funds, at fair value | 103 | 118 | |
Level 3 | Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [1] | 174 | 2 |
Subtotal assets of consolidated investment management funds, at fair value | $ 174 | $ 2 | |
[1] | During the years ended Dec. 31, 2015 and Dec. 31, 2014, the fair value of these loans decreased $2 million and $6 million, respectively, based on the fair value of the underlying collateral as allowed by ASC 310, Accounting by Creditors for Impairment of a loan, with an offset to the allowance for credit losses. | ||
[2] | Includes other assets received in satisfaction of debt and loans held for sale. Loans held for sale are carried on the balance sheet at the lower of cost or fair value. |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Bank Overdrafts, Repayment Period | 2 days | |
Assets: | ||
Loans | $ 53 | |
Estimated Fair Value | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | $ 113,203 | 96,682 |
Interest-bearing deposits with banks | 15,150 | 19,505 |
Federal funds sold and securities purchased under resale agreements | 24,373 | 20,302 |
Securities held-to-maturity | 43,204 | 21,127 |
Loans | 61,421 | 56,840 |
Other financial assets | 7,633 | 8,091 |
Subtotal assets of consolidated investment management funds, at fair value | 264,984 | 222,547 |
Liabilities: | ||
Noninterest-bearing deposits | 96,277 | 104,240 |
Interest-bearing deposits | 182,410 | 160,688 |
Federal funds purchased and securities sold under repurchase agreements | 15,002 | 11,469 |
Payables to customers and broker-dealers | 21,900 | 21,181 |
Borrowings | 698 | 956 |
Long-term debt | 21,494 | 20,401 |
Total liabilities | 337,781 | 318,935 |
Estimated Fair Value | Level 1 | ||
Assets: | ||
Securities held-to-maturity | 11,376 | 5,063 |
Other financial assets | 6,537 | 6,970 |
Subtotal assets of consolidated investment management funds, at fair value | 17,913 | 12,033 |
Estimated Fair Value | Level 2 | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 113,203 | 96,682 |
Interest-bearing deposits with banks | 15,150 | 19,505 |
Federal funds sold and securities purchased under resale agreements | 24,373 | 20,302 |
Securities held-to-maturity | 31,828 | 16,064 |
Loans | 61,421 | 56,840 |
Other financial assets | 1,096 | 1,121 |
Subtotal assets of consolidated investment management funds, at fair value | 247,071 | 210,514 |
Liabilities: | ||
Noninterest-bearing deposits | 96,277 | 104,240 |
Interest-bearing deposits | 182,410 | 160,688 |
Federal funds purchased and securities sold under repurchase agreements | 15,002 | 11,469 |
Payables to customers and broker-dealers | 21,900 | 21,181 |
Borrowings | 698 | 956 |
Long-term debt | 21,494 | 20,401 |
Total liabilities | 337,781 | 318,935 |
Carrying Amount | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 113,203 | 96,682 |
Interest-bearing deposits with banks | 15,146 | 19,495 |
Federal funds sold and securities purchased under resale agreements | 24,373 | 20,302 |
Securities held-to-maturity | 43,312 | 20,933 |
Loans | 61,267 | 56,749 |
Other financial assets | 7,633 | 8,091 |
Subtotal assets of consolidated investment management funds, at fair value | 264,934 | 222,252 |
Liabilities: | ||
Noninterest-bearing deposits | 96,277 | 104,240 |
Interest-bearing deposits | 183,333 | 161,629 |
Federal funds purchased and securities sold under repurchase agreements | 15,002 | 11,469 |
Payables to customers and broker-dealers | 21,900 | 21,181 |
Borrowings | 698 | 956 |
Long-term debt | 21,188 | 19,917 |
Total liabilities | $ 338,398 | $ 319,392 |
Fair Value Measurement- Summary
Fair Value Measurement- Summary of Carrying Amount of Hedged Financial Instruments, Related Notional Amount of Hedge and Estimated Fair Value of Derivatives (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Securities available-for-sale | ||
Derivative [Line Items] | ||
Carrying amount | $ 7,978 | $ 7,294 |
Notional amount of hedge | 7,918 | 7,045 |
Unrealized Gain | 16 | 4 |
Unrealized (Loss) | (359) | (370) |
Long-term debt | ||
Derivative [Line Items] | ||
Carrying amount | 18,231 | 16,469 |
Notional amount of hedge | 17,850 | 16,100 |
Unrealized Gain | 479 | 470 |
Unrealized (Loss) | $ (14) | $ (14) |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2015broker | |
Fair Value Disclosures [Abstract] | |
Securities, number of major inter-dealer brokers | 3 |
Bank Overdrafts, Repayment Period | 2 days |
Fair Value Option - Assets and
Fair Value Option - Assets and Liabilities, by Type, of Consolidated Investment Management Funds Recorded at Fair Value (Detail) - Investment Management funds - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets of consolidated investment management funds: | ||
Trading assets | $ 1,228 | $ 8,678 |
Other assets | 173 | 604 |
Subtotal assets of consolidated investment management funds, at fair value | 1,401 | 9,282 |
Liabilities of consolidated investment management funds: | ||
Trading liabilities | 229 | 7,660 |
Other liabilities | 17 | 9 |
Subtotal liabilities of consolidated investment management funds, at fair value | $ 246 | $ 7,669 |
Fair Value Option - Changes in
Fair Value Option - Changes in Fair Value of the Loans and Long-Term Debt and the Location of the Changes (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Investment and other income | Loans Receivable | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Changes in the fair value | [1] | $ 3 | $ 0 | $ 0 |
Foreign exchange and other trading revenue | Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Changes in the fair value | [1] | $ (12) | $ (26) | $ 24 |
[1] | (a)The changes in fair value of the loans and long-term debt are approximately offset by economic hedges included in foreign exchange and other trading revenue. |
Fair Value Option - Additional
Fair Value Option - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term debt, carrying amount | $ 240 | |
Operations | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans, fair value | 422 | $ 21 |
Long-term debt, fair value | 359 | 347 |
Level 2 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans receivable, carrying amount | 419 | 21 |
Loans, fair value | $ 422 | $ 21 |
Commitments and Contingent L142
Commitments and Contingent Liabilities - Significant Industry Concentrations Related to Credit Exposure (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | [1] | $ 63,703 | $ 59,132 |
Financial institutions | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 15,899 | 13,319 | |
Unfunded commitments | 36,000 | ||
Total exposure | 51,900 | ||
Financial institutions | Securities industry | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 3,100 | ||
Unfunded commitments | 20,600 | ||
Total exposure | 23,700 | ||
Financial institutions | Banks | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 9,400 | ||
Unfunded commitments | 2,100 | ||
Total exposure | 11,500 | ||
Financial institutions | Asset managers | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 2,000 | ||
Unfunded commitments | 5,600 | ||
Total exposure | 7,600 | ||
Financial institutions | Insurance | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 200 | ||
Unfunded commitments | 4,500 | ||
Total exposure | 4,700 | ||
Financial institutions | Government | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 100 | ||
Unfunded commitments | 1,900 | ||
Total exposure | 2,000 | ||
Financial institutions | Other | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 1,100 | ||
Unfunded commitments | 1,300 | ||
Total exposure | 2,400 | ||
Commercial | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 2,342 | $ 1,642 | |
Unfunded commitments | 18,200 | ||
Total exposure | 20,500 | ||
Commercial | Manufacturing | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 600 | ||
Unfunded commitments | 6,300 | ||
Total exposure | 6,900 | ||
Commercial | Services and other | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 800 | ||
Unfunded commitments | 5,500 | ||
Total exposure | 6,300 | ||
Commercial | Energy and utilities | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 600 | ||
Unfunded commitments | 4,900 | ||
Total exposure | 5,500 | ||
Commercial | Media and telecom | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 300 | ||
Unfunded commitments | 1,500 | ||
Total exposure | $ 1,800 | ||
[1] | Net of unearned income of $674 million at Dec. 31, 2015 and $866 million at Dec. 31, 2014 primarily on domestic and foreign lease financings. |
Commitments and Contingent L143
Commitments and Contingent Liabilities - Summary of Off-Balance Sheet Credit Risks, Net of Participations (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Securities lending indemnifications joint venture | $ 54,000 | $ 64,000 | |
Lending commitments | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off balance sheet credit risk | 54,505 | 33,273 | |
Standby letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off balance sheet credit risk | [1] | 4,915 | 5,767 |
Off-balance sheet credit risks participations | 809 | 894 | |
Commercial letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off balance sheet credit risk | 303 | 255 | |
Securities lending indemnifications | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off balance sheet credit risk | [2] | $ 294,108 | $ 304,386 |
[1] | Net of participations totaling $809 million at Dec. 31, 2015 and $894 million at Dec. 31, 2014. | ||
[2] | Excludes the indemnification for securities for which BNY Mellon acts as an agent on behalf of CIBC Mellon clients, which totaled $54 billion at Dec. 31, 2015 and $64 billion at Dec. 31, 2014. |
Commitments and Contingent L144
Commitments and Contingent Liabilities - Standby Letters of Credits by Investment Grade (Detail) - Standby letters of credit | Dec. 31, 2015 | Dec. 31, 2014 |
Investment grade | ||
Concentration Risk [Line Items] | ||
Concentration risk (percent) | 86.00% | 88.00% |
Non-investment grade | ||
Concentration Risk [Line Items] | ||
Concentration risk (percent) | 14.00% | 12.00% |
Commitments and Contingent L145
Commitments and Contingent Liabilities - Additional Information (Detail) | May. 21, 2015USD ($) | Mar. 19, 2015USD ($) | Jan. 31, 2016LegalMatter | Dec. 31, 2015USD ($)LegalMatter | Dec. 31, 2015USD ($)LegalMatter | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 17, 2015LegalMatter | Jun. 18, 2014trust | Jan. 18, 2008USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |||||||||||
Lending commitment maturing in less than one year | $ 31,100,000,000 | $ 31,100,000,000 | |||||||||
Lending commitment maturing in one to five years | 23,200,000,000 | 23,200,000,000 | |||||||||
Lending commitment maturing over five years | $ 242,000,000 | $ 242,000,000 | |||||||||
Maximum maturities of prearranged contract for a securities lending transaction (in days) | 90 days | ||||||||||
Cash collateralization percentage generally required for a securities lending transaction with indemnification against broker default (percent) | 102.00% | 102.00% | |||||||||
Securities lending indemnifications, secured amount of collateral | $ 306,000,000,000 | $ 306,000,000,000 | $ 316,000,000,000 | ||||||||
Securities lending indemnifications joint venture | 54,000,000,000 | 54,000,000,000 | 64,000,000,000 | ||||||||
Securities Lending Indemnifications Collateral Joint Venture | 56,000,000,000 | 56,000,000,000 | 67,000,000,000 | ||||||||
Operating lease, rent expense net | 329,000,000 | 328,000,000 | $ 335,000,000 | ||||||||
Operating Leases, 2016 | 343,000,000 | 343,000,000 | |||||||||
Operating Leases, 2017 | 323,000,000 | 323,000,000 | |||||||||
Operating Leases, 2018 | 228,000,000 | 228,000,000 | |||||||||
Operating Leases, 2019 | 213,000,000 | 213,000,000 | |||||||||
Operating Leases, 2020 | 193,000,000 | 193,000,000 | |||||||||
Operating Leases, 2021 and thereafter | 773,000,000 | 773,000,000 | |||||||||
Loss contingency, aggregate range of reasonable loss (up to) | $ 640,000,000 | $ 640,000,000 | |||||||||
Bank filed a proof of claim on Jan. 18, 2008 in the Chapter 11 bankruptcy of Sentinel Management Group, Inc. (Sentinel), seeking to recover approximate amount loaned to Sentinel | $ 312,000,000 | ||||||||||
FX-related settlements | $ 714,000,000 | ||||||||||
FX Settlement SEC penalty | $ 30,000,000 | ||||||||||
Loss contingency, number of MBS trusts | trust | 260 | ||||||||||
Number of lawsuits pending related to Stanford Matter (legal matters) | LegalMatter | 12 | 12 | |||||||||
Arbitration claims related to Stanford matter pending | LegalMatter | 5 | 5 | |||||||||
Brazil Matter -Number of Lawsuits filed | LegalMatter | 3 | ||||||||||
Security Intraday Credit for Tri-Party Repo Activity | |||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||
Off balance sheet credit risk | $ 19,600,000,000 | $ 19,600,000,000 | |||||||||
Standby letters of credit | |||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||
Off balance sheet credit risk | [1] | 4,915,000,000 | 4,915,000,000 | 5,767,000,000 | |||||||
SBLCs collateralized with cash and securities | 299,000,000 | 299,000,000 | 421,000,000 | ||||||||
SBLCs expiring within one year | 2,800,000,000 | 2,800,000,000 | |||||||||
SBLCs expiring within one to five years | 2,100,000,000 | 2,100,000,000 | |||||||||
Commercial letters of credit | |||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||
Off balance sheet credit risk | 303,000,000 | 303,000,000 | 255,000,000 | ||||||||
Operations | |||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||
Allowance for lending related commitments | $ 118,000,000 | $ 118,000,000 | $ 89,000,000 | ||||||||
Subsequent Event | |||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||
DR Matters -Number of Class Action Lawsuits filed | LegalMatter | 4 | ||||||||||
[1] | Net of participations totaling $809 million at Dec. 31, 2015 and $894 million at Dec. 31, 2014. |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Derivative, loss (recovery) on derivative | $ (1) | $ 5 |
Non-derivative financial instruments designated as hedges of net investments in foreign subsidiaries were all long-term liabilities of BNY Mellon in various currencies | $ 462 | |
Value-at-risk methodology assumed holding period for instruments (in days) | 1 day | |
Value-at-risk methodology confidence level percentage (percent) | 99.00% | |
Additional collateral the Company would have to post for existing collateral arrangements, if the company's debt rating had fallen below investment grade | $ 243 | |
Securities available-for-sale | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Hedged financial instruments | 7,800 | |
Hedged financial instruments, notional amount of derivative | 7,918 | 7,045 |
Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Hedged financial instruments | 17,900 | |
Hedged financial instruments, notional amount of derivative | $ 17,850 | $ 16,100 |
Interest Rate Swap | Securities available-for-sale | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Original maturities, maximum (in years) of hedged instruments | 30 years | |
Hedged financial instruments, notional amount of derivative | $ 7,900 | |
Interest Rate Swap | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Original maturities, minimum (in years) of hedged instruments | 5 years | |
Original maturities, maximum (in years) of hedged instruments | 30 years | |
Hedged financial instruments, notional amount of derivative | $ 17,900 | |
Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Notional amount of derivatives that will mature within one year | 572,000 | |
Notional amount of derivatives that will mature between one and five years | 7,000 | |
Notional amount of derivatives that will mature after 5 years | 4,000 | |
Interest rate contracts | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Notional amount of derivatives that will mature within one year | 273,000 | |
Notional amount of derivatives that will mature between one and five years | 142,000 | |
Notional amount of derivatives that will mature after 5 years | $ 130,000 | |
Cash flow hedges | Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Original maturities, maximum (in years) of hedged instruments | 9 months | |
Hedged financial instruments, notional amount of derivative | $ 274 | |
Pretax loss recorded in accumulated other comprehensive income | $ 1 | |
Hedging derivatives, maturities, maximum (less than) (in months or in years) | 9 months | |
Net Investment Hedging | Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Hedged financial instruments, notional amount of derivative | $ 6,600 | |
Hedging derivatives, maturities, maximum (less than) (in months or in years) | 2 years |
Derivative Instruments - Ineffe
Derivative Instruments - Ineffectiveness Related to Derivatives and Hedging Relationships Recorded in Income (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | $ (2.2) | $ (35.2) | $ 17.8 | |
Fair value hedges of securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | 4.1 | (20.6) | 14.1 | |
Fair value hedges of deposits and long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | (6.3) | (14.6) | 3.7 | |
Cash flow hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | 0 | 0.1 | (0.1) | |
Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | [1] | $ 0 | $ (0.1) | $ 0.1 |
[1] | Includes ineffectiveness recorded on foreign exchange hedges. |
Derivative Instruments - Impact
Derivative Instruments - Impact of Derivative Instruments on Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |||
Derivatives, Fair Value [Line Items] | |||||
Asset derivatives fair value | [1] | $ 15,800 | $ 24,658 | ||
Asset derivatives fair value, effect of master netting agreements | [2] | (11,115) | [3] | (18,347) | [4] |
Derivative assets after impact of netting arrangements, net assets recognized on the balance sheet | 4,685 | 6,311 | |||
Liability derivatives fair value | [1] | 15,188 | 25,017 | ||
Liability derivatives fair value, effect of master netting agreements | [2] | (10,869) | [5] | (17,797) | [6] |
Derivative liability after impact of netting arrangements, net liabilities recognized on the balance sheet | 4,319 | 7,220 | |||
Master netting agreements, cash collateral received | 792 | 1,589 | |||
Master netting agreements, cash collateral paid | 546 | 1,039 | |||
Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset derivatives fair value | [7] | 716 | 851 | ||
Liability derivatives fair value | [7] | 392 | 447 | ||
Designated as Hedging Instrument | Interest rate contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value | [7] | 25,768 | 23,145 | ||
Asset derivatives fair value | [7] | 497 | 477 | ||
Liability derivatives fair value | [7] | 372 | 385 | ||
Designated as Hedging Instrument | Foreign exchange contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value | [7] | 6,839 | 7,344 | ||
Asset derivatives fair value | [7] | 219 | 374 | ||
Liability derivatives fair value | [7] | 20 | 62 | ||
Nondesignated | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset derivatives fair value | [8] | 15,084 | 23,807 | ||
Liability derivatives fair value | [8] | 14,796 | 24,570 | ||
Nondesignated | Interest rate contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value | [8] | 519,428 | 731,628 | ||
Asset derivatives fair value | [8] | 10,044 | 17,150 | ||
Liability derivatives fair value | [8] | 9,962 | 17,654 | ||
Nondesignated | Foreign exchange contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value | [8] | 576,253 | 528,401 | ||
Asset derivatives fair value | [8] | 4,905 | 6,280 | ||
Liability derivatives fair value | [8] | 4,682 | 6,367 | ||
Nondesignated | Equity contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value | [8] | 1,923 | 10,842 | ||
Asset derivatives fair value | [8] | 127 | 377 | ||
Liability derivatives fair value | [8] | 151 | 549 | ||
Nondesignated | Credit contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value | [8] | 319 | 0 | ||
Asset derivatives fair value | [8] | 8 | 0 | ||
Liability derivatives fair value | [8] | $ 1 | $ 0 | ||
[1] | Fair values are on a gross basis, before consideration of master netting agreements, as required by ASC 815. | ||||
[2] | Effect of master netting agreements includes cash collateral received and paid of $792 million and $546 million, respectively, at Dec. 31, 2015, and $1,589 million and $1,039 million, respectively, at Dec. 31, 2014. | ||||
[3] | Includes the effect of netting agreements and net cash collateral received. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. | ||||
[4] | Includes the effect of netting agreements and net cash collateral received. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. | ||||
[5] | Includes the effect of netting agreements and net cash collateral paid. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. | ||||
[6] | Includes the effect of netting agreements and net cash collateral paid. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. | ||||
[7] | The fair value of asset derivatives and liability derivatives designated as hedging instruments is recorded as other assets and other liabilities, respectively, on the balance sheet. | ||||
[8] | The fair value of asset derivatives and liability derivatives not designated as hedging instruments is recorded as trading assets and trading liabilities, respectively, on the balance sheet. |
Derivative Instruments - Imp149
Derivative Instruments - Impact of Derivative Instruments on Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Hedging | Interest rate contracts | Net interest revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in income on derivatives Year ended Dec. 31, | $ (85) | $ (921) | $ 486 |
Gain or (loss) recognized in hedged item Year ended Dec. 31, | 83 | 886 | (468) |
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in accumulated OCI on derivatives(effective portion) Year ended Dec. 31, | 0 | 22 | 131 |
Gain or (loss) reclassified from accumulated OCI into income (effective portion) Year ended Dec. 31, | (11) | 41 | 124 |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) Year ended Dec. 31, | 0 | 0.1 | (0.1) |
Cash flow hedges | Foreign exchange contracts | Net interest revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) reclassified from accumulated OCI into income (effective portion) Year ended Dec. 31, | (1) | (2) | (28) |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) Year ended Dec. 31, | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Other revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) reclassified from accumulated OCI into income (effective portion) Year ended Dec. 31, | 0 | (3) | (1) |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) Year ended Dec. 31, | 0 | 0.1 | (0.1) |
Cash flow hedges | Foreign exchange contracts | Trading revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) reclassified from accumulated OCI into income (effective portion) Year ended Dec. 31, | 9 | 36 | 154 |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) Year ended Dec. 31, | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Salary expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) reclassified from accumulated OCI into income (effective portion) Year ended Dec. 31, | (19) | 10 | (1) |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) Year ended Dec. 31, | 0 | 0 | 0 |
Net Investment Hedging | Foreign exchange contracts | Net interest revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) reclassified from accumulated OCI into income (effective portion) Year ended Dec. 31, | 1 | (1) | 2 |
Net Investment Hedging | Foreign exchange contracts | Other revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) Year ended Dec. 31, | 0 | (0.1) | 0.1 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Cash flow hedges | Foreign exchange contracts | Net interest revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in accumulated OCI on derivatives(effective portion) Year ended Dec. 31, | (1) | (2) | (27) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Cash flow hedges | Foreign exchange contracts | Other revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in accumulated OCI on derivatives(effective portion) Year ended Dec. 31, | 0 | (6) | (3) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Cash flow hedges | Foreign exchange contracts | Trading revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in accumulated OCI on derivatives(effective portion) Year ended Dec. 31, | 9 | 36 | 154 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Cash flow hedges | Foreign exchange contracts | Salary expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in accumulated OCI on derivatives(effective portion) Year ended Dec. 31, | (8) | (6) | 7 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Net Investment Hedging | Foreign exchange contracts | Net interest revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in accumulated OCI on derivatives(effective portion) Year ended Dec. 31, | $ 474 | $ (367) | $ (50) |
Derivative Instruments - Revenu
Derivative Instruments - Revenue from Foreign Exchange and Other Trading (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Foreign exchange | $ 743 | $ 578 | $ 608 |
Other trading revenue (loss) | 25 | (8) | 66 |
Total foreign exchange and other trading revenue | $ 768 | $ 570 | $ 674 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Contracts Falling under Early Termination Provisions in Net Liability Position (Detail) $ in Millions | Dec. 31, 2015USD ($) | [1] |
A- | ||
Credit Derivatives [Line Items] | ||
Potential close-out exposures (fair value) | $ 117 | |
BBB | ||
Credit Derivatives [Line Items] | ||
Potential close-out exposures (fair value) | 1,076 | |
BB plus | ||
Credit Derivatives [Line Items] | ||
Potential close-out exposures (fair value) | 2,061 | |
A3 | ||
Credit Derivatives [Line Items] | ||
Potential close-out exposures (fair value) | 117 | |
Baa2 | ||
Credit Derivatives [Line Items] | ||
Potential close-out exposures (fair value) | 1,076 | |
Ba1 | ||
Credit Derivatives [Line Items] | ||
Potential close-out exposures (fair value) | $ 2,061 | |
[1] | The amounts represent potential total close-out values if The Bank of New York Mellon’s rating were to immediately drop to the indicated levels. |
Derivative Instruments - Offset
Derivative Instruments - Offsetting (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |||
Derivative Asset [Abstract] | |||||
Asset derivatives fair value | [1] | $ 15,800 | $ 24,658 | ||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | [2] | 11,115 | [3] | 18,347 | [4] |
Derivative assets after impact of netting arrangements, net assets recognized on the balance sheet | 4,685 | 6,311 | |||
Derivative assets subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 495 | 590 | |||
Derivative assets subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral received | 0 | 0 | |||
Derivative assets after impact of netting arrangements and collateral agreements, net amount | 4,190 | 5,721 | |||
Total derivatives not subject to netting arrangements | 2,142 | 3,607 | |||
Reverse repurchase agreements, gross assets recognized | 17,088 | 11,634 | |||
Reverse repurchase agreements subject to netting arrangements, gross amounts offset in the balance sheet | 357 | [3],[5] | 434 | [4],[6] | |
Reverse repurchase agreements after impact of netting arrangements, net assets recognized on the balance sheet | 16,731 | 11,200 | |||
Reverse repurchase agreements subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 16,726 | 11,198 | |||
Reverse repurchase agreements subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral received | 0 | 0 | |||
Reverse repurchase agreements, net amount | 5 | 2 | |||
Securities borrowing, gross assets recognized | 7,630 | 9,033 | |||
Securities borrowing after impact of netting arrangements, net assets recognized on the balance sheet | 7,630 | 9,033 | |||
Securities borrowing subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 7,373 | 8,733 | |||
Securities borrowing after impact of netting arrangements and collateral agreements, net amount | 257 | 300 | |||
Fair value of financial and derivative assets, gross assets recognized | 40,518 | 45,325 | |||
Fair value of financial and derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 11,472 | [3] | 18,781 | [4] | |
Fair value of financial and derivative assets after impact of netting arrangements, net assets recognized on the balance sheet | 29,046 | 26,544 | |||
Fair value of financial and derivative assets subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 24,594 | 20,521 | |||
Fair value of financial and derivative assets subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral received | 0 | 0 | |||
Fair value of financial and derivative assets after impact of netting arrangements and collateral agreements, net amount | 4,452 | 6,023 | |||
Derivative Liability [Abstract] | |||||
Liability derivatives fair value | [1] | 15,188 | 25,017 | ||
Derivative liabilities subject to netting arrangements, gross amounts offset in the balance sheet | [2] | 10,869 | [7] | 17,797 | [8] |
Derivative liability after impact of netting arrangements, net liabilities recognized on the balance sheet | 4,319 | 7,220 | |||
Derivative liabilities subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 2,140 | 2,464 | |||
Derivative liabilities subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral pledged | 0 | 0 | |||
Derivative liabilities after impact of netting arrangements and collateral agreements, net amount | 2,179 | 4,756 | |||
Total derivatives not subject to netting arrangements | 1,446 | 3,411 | |||
Repurchase agreements, gross liabilities recognized | 7,737 | 9,160 | |||
Repurchase agreements subject to netting arrangements, gross amounts offset in the balance sheet | 357 | [7],[9] | 434 | [8],[10] | |
Repurchase agreements after impact of netting arrangements, net liabilities recognized on the balance sheet | 7,380 | 8,726 | |||
Repurchase agreements subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 7,380 | 8,722 | |||
Repurchase agreements subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral pledged | 0 | 0 | |||
Repurchase agreements, net amount | 0 | 4 | |||
Securities lending, gross liabilities recognized | 1,801 | 2,571 | |||
Securities lending after impact of netting arrangements, net liabilities recognized on the balance sheet | 1,801 | 2,571 | |||
Securities lending subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 1,727 | 2,494 | |||
Securities lending after impact of netting arrangements and collateral agreements, net amount | 74 | 77 | |||
Fair value of financial and derivative liabilities, gross liabilities recognized | 24,726 | 36,748 | |||
Fair value of financial and derivative liabilities subject to netting arrangements, gross amounts offset in the balance sheet | 11,226 | [7] | 18,231 | [8] | |
Fair value of financial and derivative liabilities after impact netting arrangements, net liabilities recognized on the balance sheet | 13,500 | 18,517 | |||
Fair value of financial and derivative liabilities subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 11,247 | 13,680 | |||
Fair value of financial and derivative liabilities subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral pledged | 0 | 0 | |||
Fair value of financial and derivative liabilities after impact of netting arrangements and collateral agreements, net amount | 2,253 | 4,837 | |||
Derivatives subject to netting arrangements: | |||||
Derivative Asset [Abstract] | |||||
Asset derivatives fair value | 13,658 | 21,051 | |||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 11,115 | [3] | 18,347 | [4] | |
Derivative assets after impact of netting arrangements, net assets recognized on the balance sheet | 2,543 | 2,704 | |||
Derivative assets subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 495 | 590 | |||
Derivative assets subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral received | 0 | 0 | |||
Derivative assets after impact of netting arrangements and collateral agreements, net amount | 2,048 | 2,114 | |||
Derivative Liability [Abstract] | |||||
Liability derivatives fair value | 13,742 | 21,606 | |||
Derivative liabilities subject to netting arrangements, gross amounts offset in the balance sheet | 10,869 | [7] | 17,797 | [8] | |
Derivative liability after impact of netting arrangements, net liabilities recognized on the balance sheet | 2,873 | 3,809 | |||
Derivative liabilities subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 2,140 | 2,464 | |||
Derivative liabilities subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral pledged | 0 | 0 | |||
Derivative liabilities after impact of netting arrangements and collateral agreements, net amount | 733 | 1,345 | |||
Interest rate contracts | Derivatives subject to netting arrangements: | |||||
Derivative Asset [Abstract] | |||||
Asset derivatives fair value | 9,554 | 15,457 | |||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 8,071 | [3] | 13,942 | [4] | |
Derivative assets after impact of netting arrangements, net assets recognized on the balance sheet | 1,483 | 1,515 | |||
Derivative assets subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 432 | 408 | |||
Derivative assets subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral received | 0 | 0 | |||
Derivative assets after impact of netting arrangements and collateral agreements, net amount | 1,051 | 1,107 | |||
Derivative Liability [Abstract] | |||||
Liability derivatives fair value | 10,188 | 16,884 | |||
Derivative liabilities subject to netting arrangements, gross amounts offset in the balance sheet | 8,235 | [7] | 14,467 | [8] | |
Derivative liability after impact of netting arrangements, net liabilities recognized on the balance sheet | 1,953 | 2,417 | |||
Derivative liabilities subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 1,795 | 1,815 | |||
Derivative liabilities subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral pledged | 0 | 0 | |||
Derivative liabilities after impact of netting arrangements and collateral agreements, net amount | 158 | 602 | |||
Foreign exchange contracts | Derivatives subject to netting arrangements: | |||||
Derivative Asset [Abstract] | |||||
Asset derivatives fair value | 3,981 | 5,291 | |||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 2,981 | [3] | 4,246 | [4] | |
Derivative assets after impact of netting arrangements, net assets recognized on the balance sheet | 1,000 | 1,045 | |||
Derivative assets subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 63 | 176 | |||
Derivative assets subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral received | 0 | 0 | |||
Derivative assets after impact of netting arrangements and collateral agreements, net amount | 937 | 869 | |||
Derivative Liability [Abstract] | |||||
Liability derivatives fair value | 3,409 | 4,241 | |||
Derivative liabilities subject to netting arrangements, gross amounts offset in the balance sheet | 2,567 | [7] | 3,149 | [8] | |
Derivative liability after impact of netting arrangements, net liabilities recognized on the balance sheet | 842 | 1,092 | |||
Derivative liabilities subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 274 | 399 | |||
Derivative liabilities subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral pledged | 0 | 0 | |||
Derivative liabilities after impact of netting arrangements and collateral agreements, net amount | 568 | 693 | |||
Equity contracts | Derivatives subject to netting arrangements: | |||||
Derivative Asset [Abstract] | |||||
Asset derivatives fair value | 123 | 303 | |||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 63 | [3] | 159 | [4] | |
Derivative assets after impact of netting arrangements, net assets recognized on the balance sheet | 60 | 144 | |||
Derivative assets subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 0 | 6 | |||
Derivative assets subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral received | 0 | 0 | |||
Derivative assets after impact of netting arrangements and collateral agreements, net amount | 60 | 138 | |||
Derivative Liability [Abstract] | |||||
Liability derivatives fair value | 145 | 481 | |||
Derivative liabilities subject to netting arrangements, gross amounts offset in the balance sheet | 67 | [7] | 181 | [8] | |
Derivative liability after impact of netting arrangements, net liabilities recognized on the balance sheet | 78 | 300 | |||
Derivative liabilities subject to collateral agreements, gross amounts not offset in the balance sheet, financial instruments | 71 | 250 | |||
Derivative liabilities subject to collateral agreements, gross amounts not offset in the balance sheet, cash collateral pledged | 0 | 0 | |||
Derivative liabilities after impact of netting arrangements and collateral agreements, net amount | $ 7 | $ 50 | |||
[1] | Fair values are on a gross basis, before consideration of master netting agreements, as required by ASC 815. | ||||
[2] | Effect of master netting agreements includes cash collateral received and paid of $792 million and $546 million, respectively, at Dec. 31, 2015, and $1,589 million and $1,039 million, respectively, at Dec. 31, 2014. | ||||
[3] | Includes the effect of netting agreements and net cash collateral received. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. | ||||
[4] | Includes the effect of netting agreements and net cash collateral received. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. | ||||
[5] | Offsetting of reverse repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. | ||||
[6] | Offsetting of reverse repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. | ||||
[7] | Includes the effect of netting agreements and net cash collateral paid. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. | ||||
[8] | Includes the effect of netting agreements and net cash collateral paid. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. | ||||
[9] | Offsetting of repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. | ||||
[10] | Offsetting of repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. |
Derivative Instruments - Secure
Derivative Instruments - Secured borrowings (Details) $ in Millions | Dec. 31, 2015USD ($) |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | $ 7,737 |
Securities lending | 1,801 |
Total borrowings | 9,538 |
Overnight and continuous | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 6,845 |
Securities lending | 1,801 |
Total borrowings | 8,646 |
Up to 30 days | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 42 |
Securities lending | 0 |
Total borrowings | 42 |
30 days or more | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 850 |
Securities lending | 0 |
Total borrowings | 850 |
U.S. Treasury | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 2,226 |
U.S. Treasury | Overnight and continuous | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 2,226 |
U.S. Treasury | Up to 30 days | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 0 |
U.S. Treasury | 30 days or more | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 0 |
U.S. Government agencies | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 366 |
Securities lending | 35 |
U.S. Government agencies | Overnight and continuous | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 319 |
Securities lending | 35 |
U.S. Government agencies | Up to 30 days | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 42 |
Securities lending | 0 |
U.S. Government agencies | 30 days or more | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 5 |
Securities lending | 0 |
Agency RMBS | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 3,158 |
Agency RMBS | Overnight and continuous | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 3,158 |
Agency RMBS | Up to 30 days | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 0 |
Agency RMBS | 30 days or more | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 0 |
Corporate bonds | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 1,037 |
Corporate bonds | Overnight and continuous | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 372 |
Corporate bonds | Up to 30 days | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 0 |
Corporate bonds | 30 days or more | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 665 |
Other debt securities | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 255 |
Securities lending | 254 |
Other debt securities | Overnight and continuous | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 106 |
Securities lending | 254 |
Other debt securities | Up to 30 days | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 0 |
Securities lending | 0 |
Other debt securities | 30 days or more | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 149 |
Securities lending | 0 |
Equity securities | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 695 |
Securities lending | 1,512 |
Equity securities | Overnight and continuous | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 664 |
Securities lending | 1,512 |
Equity securities | Up to 30 days | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 0 |
Securities lending | 0 |
Equity securities | 30 days or more | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Repurchase agreements | 31 |
Securities lending | $ 0 |
Lines of Businesses - Additiona
Lines of Businesses - Additional Information (Detail) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||||
Segment Reporting Information [Line Items] | ||||||
Number of principal businesses (segment) | Segment | 2 | |||||
Total revenue | $ 15,126 | [1] | $ 15,608 | [2] | $ 14,968 | [3] |
United Kingdom | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | $ 2,300 | $ 2,300 | $ 2,300 | |||
Percentage of revenue (percent) | 15.00% | 15.00% | 15.00% | |||
[1] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $18 million, representing $86 million of income and noncontrolling interests of $68 million. Income before taxes is net of noncontrolling interests of $68 million. | |||||
[2] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $79 million, representing $163 million of income and noncontrolling interests of $84 million. Income before taxes is net of noncontrolling interests of $84 million. | |||||
[3] | Both fee and other revenue and total revenue include net income from consolidated investment management funds of $103 million, representing $183 million of income and noncontrolling interests of $80 million. Income before taxes is net of noncontrolling interests of $80 million. |
Lines of Businesses- Contributi
Lines of Businesses- Contribution of Segments to Overall Profitability (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||
Fee and other revenue | $ 12,100 | [1] | $ 12,728 | [2] | $ 11,959 | [3] |
Net interest revenue | 3,026 | 2,880 | 3,009 | |||
Total revenue | 15,126 | [1] | 15,608 | [2] | 14,968 | [3] |
Provision for credit losses | 160 | (48) | (35) | |||
Noninterest expense | 10,795 | [4] | 12,177 | 11,306 | ||
Income (loss) before taxes | $ 4,171 | [1],[4] | $ 3,479 | [2] | $ 3,697 | [3] |
Pre-tax operating margin (percent) | 28.00% | [5] | 22.00% | [6] | 25.00% | [7] |
Average assets | $ 372,187 | $ 372,566 | $ 342,311 | |||
Net income (loss) attributable to noncontrolling interests | 64 | 84 | 81 | |||
Investment Management funds | ||||||
Segment Reporting Information [Line Items] | ||||||
Fee and other revenue | 18 | 79 | 103 | |||
Investment income (loss), net | 86 | 163 | 183 | |||
Net income (loss) attributable to noncontrolling interests | 68 | 84 | 80 | |||
Investment Management | ||||||
Segment Reporting Information [Line Items] | ||||||
Fee and other revenue | 3,600 | [1] | 3,672 | [2] | 3,608 | [3] |
Net interest revenue | 319 | 274 | 260 | |||
Total revenue | 3,919 | [1] | 3,946 | [2] | 3,868 | [3] |
Provision for credit losses | 0 | 0 | 0 | |||
Noninterest expense | 2,869 | 3,049 | 2,903 | |||
Income (loss) before taxes | $ 1,050 | [1] | $ 897 | [2] | $ 965 | [3] |
Pre-tax operating margin (percent) | 27.00% | [5] | 23.00% | [6] | 25.00% | [7] |
Average assets | $ 30,928 | $ 37,655 | $ 38,420 | |||
Net income (loss) attributable to noncontrolling interests | 68 | 84 | 80 | |||
Investment Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Fee and other revenue | 8,026 | 7,719 | 7,640 | |||
Net interest revenue | 2,495 | 2,339 | 2,514 | |||
Total revenue | 10,521 | 10,058 | 10,154 | |||
Provision for credit losses | 0 | 0 | 1 | |||
Noninterest expense | 7,383 | 8,116 | 7,398 | |||
Income (loss) before taxes | $ 3,138 | $ 1,942 | $ 2,755 | |||
Pre-tax operating margin (percent) | 30.00% | [5] | 19.00% | [6] | 27.00% | [7] |
Average assets | $ 283,886 | $ 266,495 | $ 247,431 | |||
Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Fee and other revenue | 474 | 1,337 | 711 | |||
Net interest revenue | 212 | 267 | 235 | |||
Total revenue | 686 | 1,604 | 946 | |||
Provision for credit losses | 160 | (48) | (36) | |||
Noninterest expense | 543 | 1,012 | 1,005 | |||
Income (loss) before taxes | (17) | 640 | (23) | |||
Average assets | 57,373 | $ 68,416 | $ 56,460 | |||
Segment Reconciling Items | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income (loss) attributable to noncontrolling interests | $ 4 | |||||
[1] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $18 million, representing $86 million of income and noncontrolling interests of $68 million. Income before taxes is net of noncontrolling interests of $68 million. | |||||
[2] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $79 million, representing $163 million of income and noncontrolling interests of $84 million. Income before taxes is net of noncontrolling interests of $84 million. | |||||
[3] | Both fee and other revenue and total revenue include net income from consolidated investment management funds of $103 million, representing $183 million of income and noncontrolling interests of $80 million. Income before taxes is net of noncontrolling interests of $80 million. | |||||
[4] | Includes a loss attributable to noncontrolling interest of $4 million related to other consolidated subsidiaries. | |||||
[5] | Income before taxes divided by total revenue. | |||||
[6] | Income before taxes divided by total revenue. | |||||
[7] | Income before taxes divided by total revenue. |
International Operations - Fore
International Operations - Foreign Revenue, Income before Income Taxes, Net Income and Assets from Foreign Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||
Total assets | [1] | $ 393,780 | $ 385,303 | $ 374,516 |
Total revenue | 15,194 | 15,692 | 15,048 | |
Income before income taxes | 4,235 | 3,563 | 3,777 | |
Net income | 3,222 | 2,651 | 2,185 | |
EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | [1],[2] | 76,679 | 86,189 | 70,046 |
Total revenue | [2] | 3,932 | 3,931 | 3,821 |
Income before income taxes | 1,436 | 985 | 1,015 | |
Net income | 1,163 | 775 | 822 | |
APAC | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | [1] | 17,829 | 16,812 | 20,498 |
Total revenue | 904 | 1,383 | 936 | |
Income before income taxes | 451 | 913 | 493 | |
Net income | 365 | 719 | 399 | |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | [1] | 1,176 | 1,516 | 1,808 |
Total revenue | 577 | 645 | 738 | |
Income before income taxes | 269 | 365 | 414 | |
Net income | 218 | 287 | 335 | |
Total International | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | [1] | 95,684 | 104,517 | 92,352 |
Total revenue | 5,413 | 5,959 | 5,495 | |
Income before income taxes | 2,156 | 2,263 | 1,922 | |
Net income | 1,746 | 1,781 | 1,556 | |
Total Domestic | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | [1] | 298,096 | 280,786 | 282,164 |
Total revenue | 9,781 | 9,733 | 9,553 | |
Income before income taxes | 2,079 | 1,300 | 1,855 | |
Net income | $ 1,476 | $ 870 | $ 629 | |
[1] | Total assets include long-lived assets, which are not considered by management to be significant in relation to total assets. Long-lived assets are primarily located in the United States. | |||
[2] | Includes revenue of approximately $2.3 billion, $2.3 billion and $2.3 billion and assets of approximately $33.2 billion, $46.2 billion and $36.4 billion in 2015, 2014, and 2013, respectively, of international operations domiciled in the UK, which is 15%, 15% and 15% of total revenue and 8%, 12% and 10% of total assets, respectively. |
International Operations (Detai
International Operations (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | $ 15,126 | [1] | $ 15,608 | [2] | $ 14,968 | [3] |
Assets | 393,780 | 385,303 | ||||
United Kingdom | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 2,300 | 2,300 | 2,300 | |||
Assets | $ 33,200 | $ 46,200 | $ 36,400 | |||
Percentage of revenue (percent) | 15.00% | 15.00% | 15.00% | |||
Percentage of asset (percent) | 8.00% | 12.00% | 10.00% | |||
[1] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $18 million, representing $86 million of income and noncontrolling interests of $68 million. Income before taxes is net of noncontrolling interests of $68 million. | |||||
[2] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $79 million, representing $163 million of income and noncontrolling interests of $84 million. Income before taxes is net of noncontrolling interests of $84 million. | |||||
[3] | Both fee and other revenue and total revenue include net income from consolidated investment management funds of $103 million, representing $183 million of income and noncontrolling interests of $80 million. Income before taxes is net of noncontrolling interests of $80 million. |
Supplemental information to 158
Supplemental information to the Consolidated Statement of Cash Flows- Noncash Investing and Financing Transactions that are Not Reflected in Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Transfers from loans to other assets for other real estate owned (“OREO”) | $ 7 | $ 4 | $ 5 |
Change in assets of consolidated VIEs | 7,881 | 1,990 | 209 |
Change in liabilities of consolidated VIEs | 7,423 | 2,462 | 50 |
Change in noncontrolling interests of consolidated VIEs | 295 | 250 | 50 |
Securities purchased not settled | 0 | 55 | 518 |
Securities sales not settled | 11 | 750 | 88 |
Available-for-sale securities transferred to held-to-maturity | 11,602 | 0 | 7,032 |
Premises and equipment/capitalized software funded by capital lease obligations | $ 49 | $ 31 | $ 26 |