Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Documentand Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
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 Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding (shares) | 1,077,082,632 |
Consolidated Income Statement (
Consolidated Income Statement (unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |||||
Investment services fees: | |||||||
Foreign exchange and other trading revenue | $ 175 | $ 173 | $ 229 | ||||
Net securities gains | 20 | 21 | 24 | ||||
Total fee and other revenue | 2,971 | [1] | 2,961 | [2] | 3,033 | [3] | |
Net interest revenue | |||||||
Interest revenue | 883 | 834 | 807 | ||||
Interest expense | 117 | 74 | 79 | ||||
Net interest revenue | 766 | 760 | 728 | ||||
Provision for credit losses | 10 | 163 | 2 | ||||
Net interest revenue after provision for credit losses | 756 | 597 | 726 | ||||
Noninterest expense | |||||||
Amortization of intangible assets | 57 | 66 | |||||
Income | |||||||
Income before income taxes | 1,091 | 871 | 1,090 | ||||
Provision for income taxes | 283 | 175 | 280 | ||||
Net income | 808 | 696 | 810 | ||||
Net loss (income) attributable to noncontrolling interests (includes $7, $(5) and $(31) related to consolidated investment management funds, respectively) | 9 | (3) | (31) | ||||
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 817 | 693 | 779 | ||||
Preferred stock dividends | (13) | (56) | (13) | ||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 804 | 637 | 766 | ||||
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 | 804 | 637 | 766 | ||||
Less: Earnings allocated to participating securities | 11 | 9 | 12 | ||||
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 | $ 793 | $ 628 | $ 754 | ||||
Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation | |||||||
Basic (shares) | 1,079,641 | 1,088,880 | 1,118,602 | ||||
Common stock equivalents (shares) | 14,963 | 16,944 | 18,667 | ||||
Less: Participating securities (shares) | (9,320) | (9,439) | (10,963) | ||||
Diluted (shares) | 1,085,284 | 1,096,385 | 1,126,306 | ||||
Anti-dilutive securities (shares) | [4] | 33,720 | 27,316 | 37,517 | |||
Basic: | |||||||
Basic (usd per share) | [5] | $ 0.73 | $ 0.58 | $ 0.67 | |||
Diluted: | |||||||
Diluted (usd per share) | [5] | $ 0.73 | $ 0.57 | $ 0.67 | |||
Operations | |||||||
Investment services fees: | |||||||
Asset servicing | $ 1,040 | $ 1,032 | $ 1,038 | ||||
Clearing services | 350 | 339 | 344 | ||||
Issuer services | 244 | 199 | 232 | ||||
Treasury services | 131 | 137 | 137 | ||||
Total investment services fees | 1,765 | 1,707 | 1,751 | ||||
Investment management and performance fees | 812 | 864 | 867 | ||||
Foreign exchange and other trading revenue | 175 | 173 | 229 | ||||
Financing-related fees | 39 | 41 | 41 | ||||
Distribution and servicing | 54 | 51 | 40 | ||||
Investment and other income | 105 | 93 | 60 | ||||
Total fee revenue | 2,950 | 2,929 | 2,988 | ||||
Net securities gains — including other-than-temporary impairment | 19 | 17 | 26 | ||||
Noncredit-related portion of other-than-temporary impairment (recognized in other comprehensive income) | (1) | (4) | 2 | ||||
Net securities gains | 20 | 21 | 24 | ||||
Total fee and other revenue | 2,970 | 2,950 | 3,012 | ||||
Noninterest expense | |||||||
Staff | 1,459 | 1,481 | 1,485 | ||||
Professional, legal and other purchased services | 278 | 328 | 302 | ||||
Software | 154 | 157 | 158 | ||||
Net occupancy | 142 | 148 | 151 | ||||
Distribution and servicing | 100 | 92 | 98 | ||||
Furniture and equipment | 65 | 68 | 70 | ||||
Sub-custodian | 59 | 60 | 70 | ||||
Business development | 57 | 75 | 61 | ||||
Other | 241 | 201 | 242 | ||||
Amortization of intangible assets | 57 | 64 | 66 | ||||
Merger and integration, litigation and restructuring charges (recoveries) | 17 | 18 | (3) | ||||
Total noninterest expense | 2,629 | 2,692 | 2,700 | ||||
Investment Management funds | |||||||
Investment services fees: | |||||||
Total fee and other revenue | 1 | 11 | 21 | ||||
Operations of consolidated investment management funds | |||||||
Investment (loss) income | (3) | 19 | 56 | ||||
Interest of investment management fund note holders | 3 | 3 | 4 | ||||
(Loss) income from consolidated investment management funds | (6) | 16 | 52 | ||||
Income | |||||||
Net loss (income) attributable to noncontrolling interests (includes $7, $(5) and $(31) related to consolidated investment management funds, respectively) | $ 7 | $ (5) | $ (31) | ||||
[1] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $1 million, representing $6 million of losses and a loss attributable to noncontrolling interests of $7 million. Income (loss) before taxes is net of a loss attributable to noncontrolling interests of $7 million. | ||||||
[2] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $11 million, representing $16 million of income and noncontrolling interests of $5 million. Income (loss) before taxes is net of noncontrolling interests of $5 million. | ||||||
[3] | Both fee and other revenue and total revenue include net income from consolidated investment management funds of $21 million, representing $52 million of income and noncontrolling interests of $31 million. Income before taxes is net of noncontrolling interests of $31 million. | ||||||
[4] | Represents stock options, restricted stock, restricted stock units and participating securities outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive. | ||||||
[5] | Basic and diluted earnings per share under the two-class method are determined on the net income applicable to common shareholders of The Bank of New York Mellon Corporation reported on the income statement less earnings allocated to participating securities, and the change in the excess of redeemable value over the fair value of noncontrolling interests, if applicable. |
Consolidated Income Statement 3
Consolidated Income Statement (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Net loss (income) attributable to noncontrolling interests | $ 9 | $ (3) | $ (31) |
Investment Management | |||
Net loss (income) attributable to noncontrolling interests | $ 7 | $ (5) | $ (31) |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income Statement (unaudited) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 808 | $ 696 | $ 810 | |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 37 | (164) | (601) | |
Unrealized gain (loss) on assets available-for-sale: | ||||
Unrealized gain (loss) arising during the period | 163 | (146) | 134 | |
Reclassification adjustment | (15) | (13) | (15) | |
Total unrealized gain (loss) on assets available-for-sale | 148 | (159) | 119 | |
Defined benefit plans: | ||||
Net gain (loss) arising during the period | 2 | 42 | (109) | |
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | 15 | 22 | 5 | |
Total defined benefit plans | 17 | 64 | (104) | |
Net unrealized gain (loss) on cash flow hedges | 3 | 0 | (1) | |
Total other comprehensive income (loss), net of tax | [1] | 205 | (259) | (587) |
Net loss (income) attributable to noncontrolling interests | 9 | (3) | (31) | |
Other comprehensive loss (income) attributable to noncontrolling interests | 5 | 14 | 39 | |
Net comprehensive income | $ 1,027 | $ 448 | $ 231 | |
[1] | Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $210 million for the quarter ended March 31, 2016, $(245) million for the quarter ended Dec. 31, 2015 and $(548) million for the quarter ended March 31, 2015. |
Consolidated Comprehensive Inc5
Consolidated Comprehensive Income Statement (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders | $ 210 | $ (245) | $ (548) |
Consolidated Balance Sheet (una
Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Securities: | |||
Held-to-maturity (fair value of $42,231 and $43,204) | $ 41,717 | ||
Loans (includes $422 and $422, at fair value) | [1] | 61,661 | $ 63,703 |
Allowance for loan losses | (162) | (157) | |
Goodwill | 17,604 | 17,618 | |
Intangible assets | 3,781 | 3,842 | |
Other assets (includes $1,337 and $1,087, at fair value) | 20,307 | 19,626 | |
Total assets | 372,870 | 393,780 | |
Deposits: | |||
Total liabilities | 333,585 | 354,805 | |
Temporary equity | |||
Redeemable noncontrolling interests | 169 | 200 | |
Permanent equity | |||
Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 25,826 and 25,826 shares | [2] | 2,552 | 2,552 |
Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,320,883,792 and 1,312,941,113 shares | 13 | 13 | |
Additional paid-in capital | 25,432 | 25,262 | |
Retained earnings | 20,593 | 19,974 | |
Accumulated other comprehensive loss, net of tax | (2,390) | (2,600) | |
Less: Treasury stock of 243,801,160 and 227,598,128 common shares, at cost | (7,741) | (7,164) | |
Total The Bank of New York Mellon Corporation shareholders’ equity | 38,459 | 38,037 | |
Total permanent equity | [3] | 39,116 | 38,775 |
Total liabilities, temporary equity and permanent equity | 372,870 | 393,780 | |
Operations | |||
Cash and due from: | |||
Banks | 3,928 | 6,537 | |
Interest-bearing deposits with the Federal Reserve and other central banks | 96,426 | 113,203 | |
Interest-bearing deposits with banks | 14,662 | 15,146 | |
Federal funds sold and securities purchased under resale agreements | 26,904 | 24,373 | |
Securities: | |||
Held-to-maturity (fair value of $42,231 and $43,204) | 41,717 | 43,312 | |
Available-for-sale | 76,294 | 75,867 | |
Total securities | 118,011 | 119,179 | |
Trading assets | 6,526 | 7,368 | |
Loans (includes $422 and $422, at fair value) | 61,661 | 63,703 | |
Allowance for loan losses | (162) | (157) | |
Net loans | 61,499 | 63,546 | |
Premises and equipment | 1,377 | 1,379 | |
Accrued interest receivable | 545 | 562 | |
Goodwill | 17,604 | 17,618 | |
Intangible assets | 3,781 | 3,842 | |
Other assets (includes $1,337 and $1,087, at fair value) | 20,307 | 19,626 | |
Other assets | 1,337 | 1,087 | |
Total assets | 371,570 | 392,379 | |
Deposits: | |||
Noninterest-bearing (principally U.S. offices) | 93,005 | 96,277 | |
Interest-bearing deposits in U.S. offices | 52,124 | 51,704 | |
Interest-bearing deposits in Non-U.S. offices | 112,213 | 131,629 | |
Total deposits | 257,342 | 279,610 | |
Federal funds purchased and securities sold under repurchase agreements | 14,803 | 15,002 | |
Trading liabilities | 5,247 | 4,501 | |
Payables to customers and broker-dealers | 22,008 | 21,900 | |
Other borrowed funds | 828 | 523 | |
Accrued taxes and other expenses | 5,288 | 5,986 | |
Other liabilities (including allowance for lending-related commitments of $125 and $118, also includes $950 and $392, at fair value) | 6,129 | 5,490 | |
Long-term debt (includes $372 and $359, at fair value) | 21,686 | 21,547 | |
Other liabilities | 950 | 392 | |
Total liabilities | 333,331 | 354,559 | |
Investment Management funds | |||
Securities: | |||
Trading assets | 1,186 | 1,228 | |
Other assets | 114 | 173 | |
Subtotal assets of consolidated investment management funds, at fair value | 1,300 | 1,401 | |
Deposits: | |||
Trading liabilities | 245 | 229 | |
Other liabilities | 9 | 17 | |
Subtotal liabilities of consolidated investment management funds, at fair value | 254 | 246 | |
Permanent equity | |||
Nonredeemable noncontrolling interests of consolidated investment management funds | $ 657 | $ 738 | |
[1] | Net of unearned income of $592 million at March 31, 2016 and $674 million at Dec. 31, 2015 primarily on domestic and foreign lease financings. | ||
[2] | The carrying value of the Series C, Series D and Series E preferred stock is recorded net of issuance costs. | ||
[3] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,485 million at Dec. 31, 2015 and $35,907 million at March 31, 2016. |
Consolidated Balance Sheet (un7
Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 25,826 |
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) | 1,320,883,792 | 1,312,941,113 |
Treasury stock, common shares (shares) | 243,801,160 | 227,598,128 |
Operations | ||
Held-to-maturity, fair value | $ 42,231 | $ 43,204 |
Loans, fair value | 422 | 422 |
Other assets | 1,337 | 1,087 |
Other liabilities, allowance for lending related commitments | 125 | 118 |
Other liabilities, fair value, | 950 | 392 |
Long-term debt, fair value | $ 372 | $ 359 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Operating activities | |||
Net income | $ 808 | $ 696 | $ 810 |
Net loss (income) attributable to noncontrolling interests | 9 | (3) | (31) |
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 817 | 693 | 779 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
Provision for credit losses | 10 | 163 | 2 |
Pension plan contributions | (10) | (13) | |
Depreciation and amortization | 364 | 340 | |
Deferred tax (benefit) | (10) | (107) | |
Net securities (gains) and venture capital (income) | (22) | (21) | |
Change in trading activities | 1,624 | 283 | |
Originations of loans held-for-sale | (142) | 0 | |
Proceeds from the sales of loans originated for sale | 199 | 0 | |
Change in accruals and other, net | (1,036) | (1,334) | |
Net cash provided by (used for) operating activities | 1,794 | (71) | |
Investing activities | |||
Change in interest-bearing deposits with banks | 873 | 440 | |
Change in interest-bearing deposits with the Federal Reserve and other central banks | 17,927 | 6,978 | |
Purchases of securities held-to-maturity | (1,240) | (10,575) | |
Paydowns of securities held-to-maturity | 979 | 483 | |
Maturities of securities held-to-maturity | 1,831 | 3 | |
Purchases of securities available-for-sale | (7,018) | (11,759) | |
Sales of securities available-for-sale | 1,989 | 8,679 | |
Paydowns of securities available-for-sale | 2,032 | 2,008 | |
Maturities of securities available-for-sale | 3,393 | 3,803 | |
Net change in loans | 1,942 | (3,333) | |
Sales of loans and other real estate | 168 | 98 | |
Change in federal funds sold and securities purchased under resale agreements | (2,510) | (7,965) | |
Change in seed capital investments | 50 | 13 | |
Purchases of premises and equipment/capitalized software | (148) | (162) | |
Acquisitions, net of cash | 0 | (9) | |
Other, net | (188) | 1,353 | |
Net cash provided by (used for) investing activities | 20,080 | (9,945) | |
Financing activities | |||
Change in deposits | (23,675) | 13,456 | |
Change in federal funds purchased and securities sold under repurchase agreements | (199) | (3,550) | |
Change in payables to customers and broker-dealers | 102 | 778 | |
Change in other borrowed funds | 251 | 6 | |
Net proceeds from the issuance of long-term debt | 997 | 1,993 | |
Repayments of long-term debt | (1,200) | (2,005) | |
Proceeds from the exercise of stock options | 42 | 81 | |
Issuance of common stock | 6 | 6 | |
Treasury stock acquired | (577) | (400) | |
Common cash dividends paid | (186) | (192) | |
Preferred cash dividends paid | (13) | (13) | |
Other, net | (35) | 76 | |
Net cash (used for) provided by financing activities | (24,487) | 10,236 | |
Effect of exchange rate changes on cash | 4 | (23) | |
Change in cash and due from banks | |||
Change in cash and due from banks | (2,609) | 197 | |
Cash and due from banks at beginning of period | 6,537 | 6,970 | |
Cash and due from banks at end of period | 3,928 | $ 6,537 | 7,167 |
Supplemental disclosures | |||
Interest paid | 170 | 134 | |
Income taxes paid | 83 | 538 | |
Income taxes refunded | $ 25 | $ 869 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss) income, 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, 2015 | $ 38,775 | [1] | $ 2,552 | $ 13 | $ 25,262 | $ 19,974 | $ (2,600) | $ (7,164) | $ 738 | $ 200 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares issued to shareholders of noncontrolling interests | 13 | |||||||||
Redemption of subsidiary shares from noncontrolling interests | (42) | |||||||||
Other net changes in noncontrolling interests | (81) | (6) | (75) | 6 | ||||||
Net income (loss) | 810 | 817 | (7) | (2) | ||||||
Other comprehensive income (loss) | 211 | 210 | 1 | (6) | ||||||
Dividends: | ||||||||||
Common stock at $0.17 per share | (185) | (185) | ||||||||
Preferred stock | (13) | (13) | ||||||||
Repurchase of common stock | (577) | (577) | ||||||||
Common stock issued under: | ||||||||||
Employee benefit plans | 8 | 8 | ||||||||
Direct stock purchase and dividend reinvestment plan | 5 | 5 | ||||||||
Stock awards and options exercised | 163 | 163 | ||||||||
Ending Balance at Mar. 31, 2016 | $ 39,116 | [1] | $ 2,552 | $ 13 | $ 25,432 | $ 20,593 | $ (2,390) | $ (7,741) | $ 657 | $ 169 |
[1] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,485 million at Dec. 31, 2015 and $35,907 million at March 31, 2016. |
Consolidated Statement of Cha10
Consolidated Statement of Changes in Equity (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
The Bank of New York Mellon Corporation shareholders’ equity | $ 38,459 | $ 38,037 |
Dividends on common stock, cash paid (dollars per share) | $ 0.17 | |
Common stock | ||
The Bank of New York Mellon Corporation shareholders’ equity | $ 35,907 | $ 35,485 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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. The accompanying consolidated financial statements are unaudited. 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. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2016 | |
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 the first quarter 2016 . At March 31, 2016 , we are potentially obligated to pay additional consideration that could amount to $4 million over the next month 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 (“Meriten”), 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. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Securities [Abstract] | |
Securities | Securities The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of securities at March 31, 2016 and Dec. 31, 2015 . Securities at March 31, 2016 Amortized cost Gross unrealized Fair value (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 12,476 $ 500 $ 4 $ 12,972 U.S. Government agencies 402 8 — 410 State and political subdivisions 3,631 104 14 3,721 Agency RMBS 23,721 318 243 23,796 Non-agency RMBS 746 26 23 749 Other RMBS 993 8 21 980 Commercial MBS 1,258 17 10 1,265 Agency commercial MBS 4,225 81 11 4,295 CLOs 2,441 2 19 2,424 Other asset-backed securities 2,420 3 15 2,408 Foreign covered bonds 2,164 42 1 2,205 Corporate bonds 1,690 49 2 1,737 Sovereign debt/sovereign guaranteed 13,494 293 5 13,782 Other debt securities 2,947 55 1 3,001 Equity securities 2 — — 2 Money market funds 862 — — 862 Non-agency RMBS (a) 1,374 322 11 1,685 Total securities available-for-sale (b) $ 74,846 $ 1,828 $ 380 $ 76,294 Held-to-maturity: U.S. Treasury $ 11,327 $ 141 $ — $ 11,468 U.S. Government agencies 1,488 2 — 1,490 State and political subdivisions 20 — 1 19 Agency RMBS 25,747 338 11 26,074 Non-agency RMBS 112 4 3 113 Other RMBS 210 — 13 197 Commercial MBS 9 — — 9 Agency commercial MBS 562 10 — 572 Foreign covered bonds 80 1 — 81 Sovereign debt/sovereign guaranteed 2,132 46 — 2,178 Other debt securities 30 — — 30 Total securities held-to-maturity $ 41,717 $ 542 $ 28 $ 42,231 Total securities $ 116,563 $ 2,370 $ 408 $ 118,525 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) Includes gross unrealized gains of $78 million and gross unrealized losses of $234 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, 2015 Amortized cost Gross Fair (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 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 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) 1Q16 4Q15 1Q15 Realized gross gains $ 22 $ 24 $ 25 Realized gross losses — (1 ) — Recognized gross impairments (2 ) (2 ) (1 ) Total net securities gains $ 20 $ 21 $ 24 Temporarily impaired securities At March 31, 2016 , 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, $234 million of the unrealized losses at March 31, 2016 and $248 million at Dec. 31, 2015 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 March 31, 2016 and Dec. 31, 2015. Temporarily impaired securities at March 31, 2016 Less than 12 months 12 months or more Total (in millions) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale: U.S. Treasury $ 749 $ 4 $ — $ — $ 749 $ 4 State and political subdivisions 127 — 131 14 258 14 Agency RMBS 3,266 13 803 230 4,069 243 Non-agency RMBS 138 1 364 22 502 23 Other RMBS 30 — 294 21 324 21 Commercial MBS 270 2 253 8 523 10 Agency commercial MBS 1,381 9 124 2 1,505 11 CLOs 1,783 16 273 3 2,056 19 Other asset-backed securities 1,086 8 333 7 1,419 15 Corporate bonds 61 2 22 — 83 2 Sovereign debt/sovereign guaranteed 341 1 227 4 568 5 Non-agency RMBS (a) 78 5 46 6 124 11 Other debt securities 219 1 — — 219 1 Foreign covered bonds 308 1 — — 308 1 Total securities available-for-sale (b) $ 9,837 $ 63 $ 2,870 $ 317 $ 12,707 $ 380 Held-to-maturity: State and political subdivisions $ — $ — $ 4 $ 1 $ 4 $ 1 Agency RMBS 3,229 6 986 5 4,215 11 Non-agency RMBS 42 1 28 2 70 3 Other RMBS 18 1 155 12 173 13 Total securities held-to-maturity $ 3,289 $ 8 $ 1,173 $ 20 $ 4,462 $ 28 Total temporarily impaired securities $ 13,126 $ 71 $ 4,043 $ 337 $ 17,169 $ 408 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) There were no gross unrealized losses for less than 12 months and gross unrealized losses for 12 months or more of $234 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, 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 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. The following table shows the maturity distribution by carrying amount and yield (on a tax equivalent basis) of our investment securities portfolio at March 31, 2016 . 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 $ 2,641 0.56 % $ 50 2.56 % $ 470 2.32 % $ 4,863 1.01 % $ — — % $ 8,024 Over 1 through 5 years 5,284 1.49 187 1.09 1,970 2.73 13,603 1.02 — — 21,044 Over 5 through 10 years 1,381 1.93 173 2.46 1,055 4.06 2,036 1.31 — — 4,645 Over 10 years 3,666 3.11 — — 226 1.52 223 1.69 — — 4,115 Mortgage-backed securities — — — — — — — — 32,770 3.07 32,770 Asset-backed securities — — — — — — — — 4,832 1.55 4,832 Equity securities (b) — — — — — — — — 864 — 864 Total $ 12,972 1.80 % $ 410 1.85 % $ 3,721 2.98 % $ 20,725 1.06 % $ 38,466 2.81 % $ 76,294 Securities held-to-maturity: One year or less $ 1,601 0.98 % $ 25 0.64 % $ — — % $ 218 0.43 % $ — — % $ 1,844 Over 1 through 5 years 7,165 1.08 1,463 1.05 1 7.01 1,267 0.63 — — 9,896 Over 5 through 10 years 2,561 2.06 — — 4 6.80 757 0.70 — — 3,322 Over 10 years — — — — 15 5.33 — — — — 15 Mortgage-backed securities — — — — — — — — 26,640 2.72 26,640 Total $ 11,327 1.29 % $ 1,488 1.05 % $ 20 5.74 % $ 2,242 0.64 % $ 26,640 2.72 % $ 41,717 (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 March 31, 2016 and Dec. 31, 2015 . Projected weighted-average default rates and loss severities March 31, 2016 Dec. 31, 2015 Default rate Severity Default rate Severity Alt-A 32 % 56 % 33 % 57 % Subprime 52 % 71 % 52 % 75 % Prime 19 % 39 % 18 % 40 % The following table provides net pre-tax securities gains (losses) by type. Net securities gains (losses) (in millions) 1Q16 4Q15 1Q15 Foreign covered bonds $ 10 $ — $ — Agency RMBS 8 2 — U.S. Treasury 1 3 23 Non-agency RMBS (2 ) 10 (1 ) Other 3 6 2 Total net securities gains $ 20 $ 21 $ 24 The following table reflects 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) 1Q16 1Q15 Beginning balance as of Jan. 1 $ 91 $ 93 Add: Initial OTTI credit losses — — Subsequent OTTI credit losses 2 1 Less: Realized losses for securities sold — 2 Ending balance as of March 31 $ 93 $ 92 Pledged assets At March 31, 2016 , BNY Mellon had pledged assets of $100 billion , including $84 billion pledged as collateral for potential borrowings at the Federal Reserve Discount Window. The components of the assets pledged at March 31, 2016 included $88 billion of securities, $8 billion of loans, $2 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, 2015 , BNY Mellon had pledged assets of $101 billion , including $84 billion pledged as collateral for potential borrowing 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. At March 31, 2016 and Dec. 31, 2015 , pledged assets included $6 billion and $7 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 March 31, 2016 and Dec. 31, 2015 , the market value of the securities received that can be sold or repledged was $53 billion and $52 billion , respectively. We routinely sell or repledge these securities through delivery to third parties. As of March 31, 2016 and Dec. 31, 2015 , the market value of securities collateral sold or repledged was $18 billion and $17 billion , respectively. Restricted cash and securities Cash and securities may also be segregated under federal and other regulations or requirements. At March 31, 2016 and Dec. 31, 2015 , cash segregated under federal and other regulations or requirements was $4 billion and $4 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 March 31, 2016 and $1 billion Dec. 31, 2015 . Segregated securities were sourced from securities purchased under resale agreements at March 31, 2016 and are included in federal funds sold and securities purchased under resale agreements on the consolidated balance sheet. Segregated securities are included in trading assets on the consolidated balance sheet at Dec. 31, 2015 . |
Loans and asset quality
Loans and asset quality | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and Dec. 31, 2015 . Loans March 31, 2016 Dec. 31, 2015 (in millions) Domestic: Financial institutions $ 5,586 $ 6,640 Commercial 2,130 2,115 Wealth management loans and mortgages 13,882 13,247 Commercial real estate 4,282 3,899 Lease financings 978 1,007 Other residential mortgages 1,062 1,055 Overdrafts 917 911 Other 1,106 1,137 Margin loans 18,674 19,340 Total domestic 48,617 49,351 Foreign: Financial institutions 7,317 9,259 Commercial 201 227 Wealth management loans and mortgages 93 100 Commercial real estate 44 46 Lease financings 743 850 Other (primarily overdrafts) 4,502 3,637 Margin loans 144 233 Total foreign 13,044 14,352 Total loans (a) $ 61,661 $ 63,703 (a) Net of unearned income of $592 million at March 31, 2016 and $674 million at Dec. 31, 2015 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 cre dit losses activity for the quarter ended March 31, 2016 Wealth management loans and mortgages Other residential mortgages (in millions) Commercial Commercial real estate Financial institutions Lease financings All Other Foreign Total Beginning balance $ 82 $ 59 $ 31 $ 15 $ 19 $ 34 $ — $ 35 $ 275 Charge-offs — — — — — — — — — Recoveries — — — — — 2 — — 2 Net (charge-offs) recoveries — — — — — 2 — — 2 Provision 6 3 1 1 (1 ) (4 ) — 4 10 Ending balance $ 88 $ 62 $ 32 $ 16 $ 18 $ 32 $ — $ 39 $ 287 Allowance for: Loan losses $ 25 $ 40 $ 11 $ 16 $ 15 $ 32 $ — $ 23 $ 162 Lending-related commitments 63 22 21 — 3 — — 16 125 Individually evaluated for impairment: Loan balance $ — $ 2 $ 171 $ 5 $ 8 $ — $ — $ — $ 186 Allowance for loan losses — 1 — 2 1 — — — 4 Collectively evaluated for impairment: Loan balance $ 2,130 $ 3,927 $ 5,415 $ 973 $ 13,874 $ 993 $ 20,697 (a) $ 13,044 $ 61,053 Allowance for loan losses 25 39 11 14 14 32 — 23 158 (a) Includes $917 million of domestic overdrafts, $18,674 million of margin loans and $1,106 million of other loans at March 31, 2016 . Allowance for credit losses activity for the quarter 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 $ 76 $ 62 $ 28 $ 18 $ 23 $ 35 $ — $ 38 $ 280 Charge-offs — — (170 ) — — — — — (170 ) Recoveries — — — — — 2 — — 2 Net (charge-offs) recoveries — — (170 ) — — 2 — — (168 ) Provision 6 (3 ) 173 (3 ) (4 ) (3 ) — (3 ) 163 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 quarter ended March 31, 2015 Wealth management loans and mortgages Other residential mortgages All Other Foreign Total (in millions) Commercial Commercial real estate Financial institutions Lease financings Beginning balance $ 60 $ 50 $ 31 $ 32 $ 22 $ 41 $ — $ 44 $ 280 Charge-offs — — — — — — — — — Recoveries — — — — — 1 — — 1 Net (charge-offs) — — — — — 1 — — 1 Provision 5 3 2 (1 ) (1 ) (2 ) — (4 ) 2 Ending balance $ 65 $ 53 $ 33 $ 31 $ 21 $ 40 $ — $ 40 $ 283 Allowance for: Loan losses $ 20 $ 31 $ 19 $ 31 $ 16 $ 40 $ — $ 33 $ 190 Lending-related commitments 45 22 14 — 5 — — 7 93 Individually evaluated for impairment: Loan balance $ — $ — $ — $ — $ 8 $ — $ — $ — $ 8 Allowance for loan losses — — — — 1 — — — 1 Collectively evaluated for impairment: Loan balance $ 1,686 $ 2,881 $ 5,665 $ 1,197 $ 11,539 $ 1,181 $ 22,079 (a) $ 15,950 $ 62,178 Allowance for loan losses 20 31 19 31 15 40 — 33 189 (a) Includes $1,513 million of domestic overdrafts, $19,459 million of margin loans and $1,107 million of other loans at March 31, 2015 . Nonperforming assets The table below presents the distribution of our nonperforming assets. Nonperforming assets (in millions) March 31, 2016 Dec. 31, 2015 Nonperforming loans: Financial institutions $ 171 $ 171 Other residential mortgages 99 102 Wealth management loans and mortgages 11 11 Lease financings 5 — Commercial real estate 2 2 Total nonperforming loans 288 286 Other assets owned 4 6 Total nonperforming assets $ 292 $ 292 At March 31, 2016 , 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) 1Q16 4Q15 1Q15 Amount by which interest income recognized on nonperforming loans exceeded reversals $ — $ — $ — Amount by which interest income would have increased if nonperforming loans at year-end had been performing for the entire period $ 1 $ 2 $ 2 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 Quarter ended March 31, 2016 Dec. 31, 2015 March 31, 2015 (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 real estate $ 1 $ — $ 1 $ — $ — $ — Wealth management loans and mortgages 6 — 6 — 6 — Lease financings 2 — — — — — Total impaired loans with an allowance 9 — 7 — 6 — Impaired loans without an allowance : Commercial real estate 1 — — — — — Financial institutions 171 — 1 — — — Wealth management loans and mortgages 2 — 2 — 2 — Total impaired loans without an allowance (a) 174 — 3 — 2 — Total impaired loans $ 183 $ — $ 10 $ — $ 8 $ — (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 March 31, 2016 Dec. 31, 2015 (in millions) Recorded investment Unpaid principal balance Related allowance (a) Recorded investment Unpaid principal balance Related allowance (a) Impaired loans with an allowance: Commercial real estate $ 1 $ 4 $ 1 $ 1 $ 3 $ 1 Wealth management loans and mortgages 6 6 1 6 7 1 Lease financings 5 5 2 — — — Total impaired loans with an allowance 12 15 4 7 10 2 Impaired loans without an allowance : Commercial real estate 1 1 N/A — — N/A Financial institutions 171 312 N/A 171 312 N/A Wealth management loans and mortgages 2 2 N/A 2 2 N/A Total impaired loans without an allowance (b) 174 315 N/A 173 314 N/A Total impaired loans (c) $ 186 $ 330 $ 4 $ 180 $ 324 $ 2 (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 less than $1 million and an aggregate of $2 million of impaired loans in amounts individually less than $1 million at March 31, 2016 and Dec. 31, 2015 , respectively. The allowance for loan loss associated with these loans totaled less than $1 million at both March 31, 2016 and Dec. 31, 2015 . Past due loans The table below sets forth information about our past due loans. Past due loans and still accruing interest March 31, 2016 Dec. 31, 2015 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 $ 44 $ 7 $ — $ 51 $ 57 $ 11 $ — $ 68 Financial institutions 1 — — 1 — — — — Wealth management loans and mortgages 26 — 1 27 69 2 1 72 Other residential mortgages 15 4 4 23 22 5 4 31 Total past due loans $ 86 $ 11 $ 5 $ 102 $ 148 $ 18 $ 5 $ 171 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 the first quarter of 2016 , fourth quarter of 2015 and first quarter of 2015 . TDRs 1Q16 4Q15 1Q15 Outstanding recorded investment Outstanding recorded investment Outstanding recorded investment (dollars in millions) Number of contracts Pre-modification Post-modification Number of contracts Pre-modification Post-modification Number of contracts Pre-modification Post-modification Other residential mortgages 13 $ 3 $ 3 15 $ 3 $ 4 19 $ 4 $ 4 Wealth management loans and mortgages 2 — — 4 — — — — — Total TDRs 15 $ 3 $ 3 19 $ 3 $ 4 19 $ 4 $ 4 Other residential mortgages The modifications of the other residential mortgage loans in the first quarter of 2016 , fourth quarter of 2015 and first quarter of 2015 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 six residential mortgage loans that had been restructured in a TDR during the previous 12 months and have subsequently defaulted in the first quarter of 2016. The total recorded investment of these loans was $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) March 31, Dec. 31, 2015 March 31, Dec. 31, 2015 March 31, Dec. 31, 2015 Investment grade $ 2,014 $ 2,026 $ 3,276 $ 2,678 $ 9,527 $ 13,965 Non-investment grade 317 316 1,050 1,267 3,376 1,934 Total $ 2,331 $ 2,342 $ 4,326 $ 3,945 $ 12,903 $ 15,899 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) March 31, Dec. 31, 2015 Wealth management loans: Investment grade $ 6,813 $ 6,529 Non-investment grade 173 171 Wealth management mortgages 6,989 6,647 Total $ 13,975 $ 13,347 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 March 31, 2016 . At March 31, 2016 , 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 $ 1,062 million at March 31, 2016 and $1,055 million at Dec. 31, 2015 . These loans are not typically correlated to external ratings. Included in this portfolio at March 31, 2016 are $268 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 March 31, 2016 , the purchased loans in this portfolio had a weighted-average loan-to-value ratio of 76% at origination and 15% 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 $5,364 million at March 31, 2016 and $4,483 million at Dec. 31, 2015 . 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 $18,818 million of secured margin loans on our balance sheet at March 31, 2016 compared with $19,573 million at Dec. 31, 2015 . 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 | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and intangible assets Impairment testing The goodwill impairment test is performed at least annually at the reporting unit level. Intangible assets not subject to amortization are tested annually for impairment or more often if events or circumstances indicate they may be impaired. Goodwill The tables below provide a breakdown of goodwill by business. Goodwill by business (in millions) Investment Investment (a) Other (a) Consolidated Balance at Dec. 31, 2015 $ 9,207 $ 8,366 $ 45 $ 17,618 Foreign currency translation (32 ) 18 — (14 ) Balance at March 31, 2016 $ 9,175 $ 8,384 $ 45 $ 17,604 Goodwill by business (in millions) Investment (b) Investment (a) Other (a)(b) Consolidated Balance at Dec. 31, 2014 $ 9,328 $ 8,471 $ 70 $ 17,869 Acquisitions 10 — — 10 Foreign currency translation (106 ) (107 ) (3 ) (216 ) Balance at March 31, 2015 $ 9,232 $ 8,364 $ 67 $ 17,663 (a) Includes the reclassification of goodwill associated with credit-related activities from the Other segment to Investment Services. (b) Includes the reclassification of goodwill associated with Meriten Investment Management GmbH from Investment Management to the Other segment. Intangible assets The tables below provide a breakdown of intangible assets by business. Intangible assets – net carrying amount by business (in millions) Investment Investment Other Consolidated Balance at Dec. 31, 2015 $ 1,807 $ 1,186 $ 849 $ 3,842 Amortization (19 ) (38 ) — (57 ) Foreign currency translation (6 ) 2 — (4 ) Balance at March 31, 2016 $ 1,782 $ 1,150 $ 849 $ 3,781 Intangible assets – net carrying amount by business (in millions) Investment (a) Investment Other (a) Consolidated Balance at Dec. 31, 2014 $ 1,911 $ 1,355 $ 861 $ 4,127 Acquisitions 9 — — 9 Amortization (24 ) (41 ) (1 ) (66 ) Foreign currency translation (15 ) (7 ) (1 ) (23 ) Balance at March 31, 2015 $ 1,881 $ 1,307 $ 859 $ 4,047 (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 March 31, 2016 Dec. 31, 2015 (in millions) Gross carrying amount Accumulated amortization Net carrying amount Remaining weighted- average amortization period Gross Accumulated Net carrying amount Subject to amortization : (a) Customer relationships—Investment Management $ 1,584 $ (1,245 ) $ 339 11 years $ 1,593 $ (1,235 ) $ 358 Customer contracts—Investment Services 2,256 (1,481 ) 775 10 years 2,260 (1,450 ) 810 Other 38 (30 ) 8 3 years 40 (31 ) 9 Total subject to amortization 3,878 (2,756 ) 1,122 10 years 3,893 (2,716 ) 1,177 Not subject to amortization: (b) Trade name 1,356 N/A 1,356 N/A 1,358 N/A 1,358 Customer relationships 1,303 N/A 1,303 N/A 1,307 N/A 1,307 Total not subject to amortization 2,659 N/A 2,659 N/A 2,665 N/A 2,665 Total intangible assets $ 6,537 $ (2,756 ) $ 3,781 N/A $ 6,558 $ (2,716 ) $ 3,842 (a) Excludes fully amortized intangible assets. (b) 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 $ 234 2017 212 2018 180 2019 106 2020 95 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2016 | |
Other Assets [Abstract] | |
Other Assets | Other assets Other assets March 31, Dec. 31, (in millions) 2016 2015 Corporate/bank-owned life insurance $ 4,722 $ 4,704 Accounts receivable 4,548 3,535 Equity in joint venture and other investments (a) 3,328 3,329 Fails to deliver 1,440 1,494 Income taxes receivable 1,415 1,554 Software 1,363 1,355 Fair value of hedging derivatives 949 716 Prepaid pension assets 766 727 Prepaid expenses 519 464 Due from customers on acceptances 234 258 Other 1,023 1,490 Total other assets $ 20,307 $ 19,626 (a) Includes Federal Reserve Bank stock of $454 million and $453 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, specifically in small business investment companies (“SBICs”), which are compliant with the Volcker Rule. 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 March 31, 2016 Dec. 31, 2015 (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) $ 71 $ 1 Daily-quarterly 1-180 days $ 83 $ 1 Daily-quarterly 1-180 days Private equity investments (SBICs) (b) 38 58 N/A N/A 34 58 N/A N/A Total $ 109 $ 59 $ 117 $ 59 (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 Volcker Rule-compliant investments in SBICs 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. 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 $891 million at March 31, 2016 and $918 million at Dec. 31, 2015 . Commitments to fund future investments in qualified affordable housing projects totaled $380 million at March 31, 2016 and $393 million at Dec. 31, 2015 . A summary of the commitments to fund future investments is as follows: 2016 — $208 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 $38 million in the first quarter of 2016 , $33 million in the first quarter of 2015 and $32 million in the fourth quarter of 2015 . Amortization expense included in the provision for income taxes was $28 million in the first quarter of 2016 , $24 million in the first quarter of 2015 and $25 million in the fourth quarter of 2015 . |
Net Interest Revenue
Net Interest Revenue | 3 Months Ended |
Mar. 31, 2016 | |
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 Quarter ended (in millions) March 31, 2016 Dec. 31, 2015 March 31, 2015 Interest revenue Non-margin loans $ 205 $ 187 $ 173 Margin loans 63 53 50 Securities: Taxable 444 453 439 Exempt from federal income taxes 18 19 22 Total securities 462 472 461 Deposits with banks 26 22 30 Deposits with the Federal Reserve and other central banks 61 39 45 Federal funds sold and securities purchased under resale agreements 49 42 30 Trading assets 17 19 18 Total interest revenue 883 834 807 Interest expense Deposits 15 5 15 Federal funds purchased and securities sold under repurchase agreements 9 (1 ) (3 ) Trading liabilities 2 2 2 Other borrowed funds 2 2 2 Customer payables 4 2 2 Long-term debt 85 64 61 Total interest expense 117 74 79 Net interest revenue $ 766 $ 760 $ 728 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Employee Benefit Plans | Employee benefit plans The components of net periodic benefit cost are as follows. Net periodic benefit (credit) cost Quarter ended March 31, 2016 March 31, 2015 (in millions) Domestic pension benefits Foreign pension benefits Health care benefits Domestic pension benefits Foreign pension benefits Health care benefits Service cost $ — $ 8 $ 1 $ 15 $ 8 $ 1 Interest cost 45 9 2 43 10 2 Expected return on assets (82 ) (13 ) (2 ) (83 ) (13 ) (2 ) Curtailment (gain) — — — (30 ) — — Other 18 4 (1 ) 31 6 — Net periodic benefit (credit) cost $ (19 ) $ 8 $ — $ (24 ) $ 11 $ 1 |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring charges Aggregate restructuring charges are included in M&I, litigation and restructuring charges (recoveries) on the consolidated income statement. Restructuring charges recorded in 2014 related to corporate-level initiatives and were therefore recorded in the Other segment. Severance payments are primarily paid over the salary continuance period in accordance with the separation plan. In the first quarter of 2016, we recorded net restructuring recoveries of $1 million . Streamlining actions In the second quarter of 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. In the first quarter of 2016, no additional restructuring charges were recorded. The following table presents the activity in the reserve through March 31, 2016 . Streamlining actions 2014 – restructuring reserve activity (in millions) Total Original restructuring charge $ 125 Net additional charges 75 Utilization (171 ) Balance at Dec. 31, 2015 29 Net additional charges — Utilization (15 ) Balance at March 31, 2016 $ 14 The table below presents the restructuring charge if it had been allocated by business. Streamlining actions 2014 – restructuring charge (recovery) by business Total charges since inception (in millions) 1Q16 4Q15 Investment Management $ 1 $ — $ 36 Investment Services (1 ) (4 ) 84 Other segment (including Business Partners) — (1 ) 80 Total restructuring charge (recovery) $ — $ (5 ) $ 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 $1 million net recovery in the first quarter of 2016 related to this program. The following table presents the activity in the restructuring reserve related to the Operational Excellence Initiatives through March 31, 2016 . Operational Excellence Initiatives 2011 – restructuring reserve activity (in millions) Severance Other Total Original restructuring charge $ 78 $ 29 $ 107 Net additional charges (net recovery/gain) 84 (57 ) 27 Utilization (153 ) 28 (125 ) Balance at Dec. 31, 2015 9 — 9 Net additional (recovery) (1 ) — (1 ) Utilization (1 ) — (1 ) Balance at March 31, 2016 $ 7 $ — $ 7 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) 1Q16 4Q15 Investment Management $ — $ 1 $ 49 Investment Services — — 82 Other segment (including Business Partners) (1 ) — 2 Total restructuring charge (recovery) $ (1 ) $ 1 $ 133 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income taxes BNY Mellon recorded an income tax provision of $283 million ( 25.9% effective tax rate) in the first quarter of 2016 and $280 million ( 25.7% effective tax rate) in the first quarter of 2015 . Both effective tax rates primarily reflect tax benefits from foreign operations and tax-exempt income. Our total tax reserves as of March 31, 2016 were $175 million compared with $649 million at Dec. 31, 2015. If these tax reserves were unnecessary, $175 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 March 31, 2016 is accrued interest, where applicable, of $18 million . The additional tax expense related to interest for the quarter ended March 31, 2016 was $2 million compared with a tax benefit of $2 million for the quarter ended Dec. 31, 2015. It is reasonably possible the total reserve for uncertain tax positions could decrease within the next 12 months by approximately $63 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. In 2013, BNY Mellon received an adverse decision from the U.S. Tax Court. Accordingly, we recorded a full reserve for the matter. BNY Mellon appealed the decision to the Second Circuit Court of Appeals. 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. On March 7, 2016, the Supreme Court denied our petition for review. Accordingly, our tax reserve and accrued interest were reduced by $467 million and $178 million , respectively, with no impact to earnings in the first quarter of 2016. See Note 17 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. |
Securitizations and Variable In
Securitizations and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and Dec. 31, 2015 based on the assessments performed in accordance with ASC 810, as amended by 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 at March 31, 2016 (in millions) Investment Management funds Securitizations Total consolidated investments Available-for-sale securities $ — $ 400 $ 400 Trading assets 1,186 — 1,186 Other assets 114 — 114 Total assets $ 1,300 (a) $ 400 $ 1,700 Trading liabilities $ 245 $ — $ 245 Other liabilities 9 372 381 Total liabilities $ 254 (a) $ 372 $ 626 Nonredeemable noncontrolling interests $ 657 (a) $ — $ 657 (a) Includes VMEs with assets of $255 million , liabilities of $2 million and nonredeemable noncontrolling interests of $68 million . Investments consolidated 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 . 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 March 31, 2016 and Dec. 31, 2015 , 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 March 31, 2016 (in millions) Assets Liabilities Maximum loss exposure Other $ 193 $ — $ 193 Non-consolidated VIEs at Dec. 31, 2015 (in millions) Assets Liabilities Maximum loss exposure Other $ 189 $ — $ 189 The maximum loss exposure indicated in the above tables relates solely to BNY Mellon’s seed capital or residual interests invested in the VIEs. |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
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 March 31, 2016 and Dec. 31, 2015 . 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 March 31, 2016 Dec. 31, 2015 March 31, 2016 Dec. 31, 2015 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 10,000 990 990 Total 25,826 25,826 $ 2,552 $ 2,552 (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 March 21, 2016, The Bank of New York Mellon Corporation paid the following dividends for the noncumulative perpetual preferred stock for the dividend period ending in March 2016 to holders of record as of the close of business on March 5, 2016: • $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); and • $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 Series C 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 this Form 10-Q. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other comprehensive income (loss) Components of other comprehensive income (loss) Quarter ended March 31, 2016 Dec. 31, 2015 March 31, 2015 (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) $ 45 $ (8 ) $ 37 $ (122 ) $ (42 ) $ (164 ) $ (503 ) $ (98 ) $ (601 ) Total foreign currency translation 45 (8 ) 37 (122 ) (42 ) (164 ) (503 ) (98 ) (601 ) Unrealized gain (loss) on assets available-for-sale: Unrealized gain (loss) arising during period 243 (80 ) 163 (235 ) 89 (146 ) 202 (68 ) 134 Reclassification adjustment (b) (20 ) 5 (15 ) (21 ) 8 (13 ) (24 ) 9 (15 ) Net unrealized gain (loss) on assets available-for-sale 223 (75 ) 148 (256 ) 97 (159 ) 178 (59 ) 119 Defined benefit plans: Net gain (loss) arising during the period 3 (1 ) 2 77 (35 ) 42 (185 ) 76 (109 ) Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) 22 (7 ) 15 33 (11 ) 22 7 (2 ) 5 Total defined benefit plans 25 (8 ) 17 110 (46 ) 64 (178 ) 74 (104 ) Unrealized gain (loss) on cash flow hedges: Unrealized hedge gain (loss) arising during period (81 ) 27 (54 ) — — — 2 5 7 Reclassification adjustment (b) 86 (29 ) 57 — — — (3 ) (5 ) (8 ) Net unrealized gain (loss) on cash flow hedges 5 (2 ) 3 — — — (1 ) — (1 ) Total other comprehensive income (loss) $ 298 $ (93 ) $ 205 $ (268 ) $ 9 $ (259 ) $ (504 ) $ (83 ) $ (587 ) (a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 16 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 16 of the Notes to Consolidated Financial Statements for the location of the reclassification adjustment related to cash flow hedges on the Consolidated Income Statement. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2016 | |
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. See Note 20 of the Notes to Consolidated Financial Statements in our 2015 Annual Report for information on how we determine fair value and the fair value hierarchy. The following tables present the financial instruments carried at fair value at March 31, 2016 and Dec. 31, 2015 , 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 the first quarter of 2016. Assets measured at fair value on a recurring basis at March 31, 2016 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying Available-for-sale securities: U.S. Treasury $ 12,972 $ — $ — $ — $ 12,972 U.S. Government agencies — 410 — — 410 Sovereign debt/sovereign guaranteed 136 13,646 — — 13,782 State and political subdivisions (b) — 3,721 — — 3,721 Agency RMBS — 23,796 — — 23,796 Non-agency RMBS — 749 — — 749 Other RMBS — 980 — — 980 Commercial MBS — 1,265 — — 1,265 Agency commercial MBS — 4,295 — — 4,295 CLOs — 2,424 — — 2,424 Other asset-backed securities — 2,408 — — 2,408 Equity securities 2 — — — 2 Money market funds (b) 862 — — — 862 Corporate bonds — 1,737 — — 1,737 Other debt securities — 3,001 — — 3,001 Foreign covered bonds 1,957 248 — — 2,205 Non-agency RMBS (c) — 1,685 — — 1,685 Total available-for-sale securities 15,929 60,365 — — 76,294 Trading assets: Debt and equity instruments (b) 256 1,916 — — 2,172 Derivative assets not designated as hedging: Interest rate 21 12,376 — (10,343 ) 2,054 Foreign exchange — 5,707 — (3,484 ) 2,223 Equity and other contracts 8 128 — (59 ) 77 Total derivative assets not designated as hedging 29 18,211 — (13,886 ) 4,354 Total trading assets 285 20,127 — (13,886 ) 6,526 Loans — 353 69 — 422 Other assets: Derivative assets designated as hedging: Interest rate — 756 — — 756 Foreign exchange — 193 — — 193 Total derivative assets designated as hedging — 949 — — 949 Other assets (d) 198 81 — — 279 Other assets measured at net asset value 109 Total other assets 198 1,030 — — 1,337 Subtotal assets of operations at fair value 16,412 81,875 69 (13,886 ) 84,579 Percentage of assets prior to netting 17 % 83 % — % Assets of consolidated investment management funds: Trading assets 481 705 — — 1,186 Other assets 104 10 — — 114 Total assets of consolidated investment management funds 585 715 — — 1,300 Total assets $ 16,997 $ 82,590 $ 69 $ (13,886 ) $ 85,879 Percentage of assets prior to netting 17 % 83 % — % Liabilities measured at fair value on a recurring basis at March 31, 2016 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying Trading liabilities: Debt and equity instruments $ 316 $ 163 $ — $ — $ 479 Derivative liabilities not designated as hedging: Interest rate 31 12,300 — (10,468 ) 1,863 Foreign exchange — 5,829 — (2,997 ) 2,832 Equity and other contracts — 133 — (60 ) 73 Total derivative liabilities not designated as hedging 31 18,262 — (13,525 ) 4,768 Total trading liabilities 347 18,425 — (13,525 ) 5,247 Long-term debt (b) — 372 — — 372 Other liabilities: Derivative liabilities designated as hedging: Interest rate — 818 — — 818 Foreign exchange — 129 — — 129 Total derivative liabilities designated as hedging — 947 — — 947 Other liabilities — 3 — — 3 Total other liabilities — 950 — — 950 Subtotal liabilities of operations at fair value 347 19,747 — (13,525 ) 6,569 Percentage of liabilities prior to netting 2 % 98 % — % Liabilities of consolidated investment management funds: Trading liabilities — 245 — — 245 Other liabilities 1 8 — — 9 Total liabilities of consolidated investment management funds 1 253 — — 254 Total liabilities $ 348 $ 20,000 $ — $ (13,525 ) $ 6,823 Percentage of liabilities prior to netting 2 % 98 % — % (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, 2015 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying value 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 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 value 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. Details of certain items measured at fair value on a recurring basis March 31, 2016 Dec. 31, 2015 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 $ 65 — % — % — % 100 % $ 66 — % — % — % 100 % 2006 109 — — — 100 115 — — — 100 2005 219 21 7 12 60 234 19 9 13 59 2004 and earlier 356 4 3 26 67 378 4 4 26 66 Total non-agency RMBS $ 749 8 % 4 % 16 % 72 % $ 793 8 % 4 % 16 % 72 % Commercial MBS - Domestic, originated in: 2009-2015 $ 636 84 % 16 % — % — % $ 626 83 % 17 % — % — % 2008 15 100 — — — 16 100 — — — 2007 298 65 19 16 — 304 62 22 16 — 2006 258 77 23 — — 384 76 24 — — Total commercial MBS - Domestic $ 1,207 78 % 18 % 4 % — % $ 1,330 76 % 20 % 4 % — % Foreign covered bonds: Canada $ 1,223 100 % — % — % — % $ 1,014 100 % — % — % — % United Kingdom 378 100 — — — 363 100 — — — Norway 199 100 — — — 191 100 — — — Netherlands 176 100 — — — 214 100 — — — Other 229 100 — — — 386 100 — — — Total foreign covered bonds $ 2,205 100 % — % — % — % $ 2,168 100 % — % — % — % European floating rate notes - available-for-sale: United Kingdom $ 693 84 % 16 % — % — % $ 780 85 % 15 % — % — % Netherlands 223 100 — — — 222 100 — — — Ireland 121 — 46 54 — 121 — 45 55 — Total European floating rate notes - available-for-sale $ 1,037 78 % 16 % 6 % — % $ 1,123 79 % 15 % 6 % — % Sovereign debt/sovereign guaranteed: United Kingdom $ 3,068 100 % — % — % — % $ 2,941 100 % — % — % — % France 2,177 100 — — — 2,008 100 — — — Spain 2,054 — — 100 — 1,955 — — 100 — Germany 1,823 100 — — — 1,683 100 — — — Italy 1,492 — — 100 — 1,398 — — 100 — Netherlands 1,064 100 — — — 1,055 100 — — — Belgium 1,002 100 — — — 1,108 100 — — — Ireland 808 — — 100 — 772 — — 100 — Other (b) 294 66 — — 34 297 68 — 32 — Total sovereign debt/sovereign guaranteed $ 13,782 68 % — % 31 % 1 % $ 13,217 68 % — % 32 % — % Non-agency RMBS (c) , originated in: 2007 $ 474 — % — % — % 100 % $ 502 — % — % — % 100 % 2006 499 — — — 100 530 — 1 — 99 2005 543 — 2 1 97 580 — 2 1 97 2004 and earlier 169 — 3 9 88 177 — 3 9 88 Total non-agency RMBS (c) $ 1,685 — % 1 % 1 % 98 % $ 1,789 — % 1 % 1 % 98 % (a) At March 31, 2016 and Dec. 31, 2015, 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) Includes $99 million of noninvestment grade sovereign debt at March 31, 2016 and $95 million of investment grade sovereign debt at Dec. 31, 2015 related to Brazil. (c) 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 quarters ended March 31, 2016 and 2015 (including the change in fair value), for financial instruments classified in Level 3 of the valuation hierarchy. Fair value measurements for assets using significant unobservable inputs for the quarter ended March 31, 2016 (in millions) Loans Fair value at Dec. 31, 2015 $ — Transfers into Level 3 19 Total gains or (losses) for the period: Included in earnings (or changes in net assets) 2 (a) Purchases 48 Fair value at March 31, 2016 $ 69 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 (a) Reported in investment and other income. Fair value measurements for assets using significant unobservable inputs for the quarter ended March 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 $ 70 $ 90 Total gains or (losses) for the period: Included in earnings (or changes in net assets) — (b) (1 ) (c) (2 ) (d) (3 ) Purchases, sales and settlements: Purchases — — 7 7 Sales — — (21 ) (21 ) Settlements — (2 ) — (2 ) Fair value at March 31, 2015 $ 11 $ 6 $ 54 $ 71 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 ) (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 quarter ended March 31, 2015 Trading liabilities (in millions) Derivative liabilities (a) Fair value at Dec. 31, 2014 $ 9 Total (gains) or losses for the period: Included in earnings (or changes in net liabilities) (1 ) (b) Settlements (2 ) Fair value at March 31, 2015 $ 6 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 $ 1 (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 March 31, 2016 and Dec. 31, 2015 , for which a nonrecurring change in fair value has been recorded during the quarters ended March 31, 2016 and Dec. 31, 2015 . Assets measured at fair value on a nonrecurring basis at March 31, 2016 Total carrying value (in millions) Level 1 Level 2 Level 3 Loans (a) $ — $ 94 $ 178 $ 272 Other assets (b) — 4 — 4 Total assets at fair value on a nonrecurring basis $ — $ 98 $ 178 $ 276 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 (a) During the quarters ended March 31, 2016 and Dec. 31, 2015 , the fair value of these loans decreased less than $1 million and $1 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. Level 3 unobservable inputs The following tables present the unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. Quantitative information about Level 3 fair value measurements of assets (dollars in millions) Fair value at Valuation techniques Unobservable input Range Measured on a recurring basis: Loans: Home Equity Conversion Mortgages $ 69 Discounted cash flow Discount Spreads 80-150 bps Prepayment Rates 7-100 CPR Line of Credit Draw Rates 0%-20% CPR - Conditional prepayment rate Estimated fair value of financial instruments 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 March 31, 2016 and Dec. 31, 2015 , by caption on the consolidated balance sheet and by the valuation hierarchy. See Note 20 of the Notes to Consolidated Financial Statements in our 2015 Annual Report for additional information regarding the financial instruments within the scope of this disclosure, and the methods and significant assumptions used to estimate their fair value. Summary of financial instruments March 31, 2016 (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 $ — $ 96,426 $ — $ 96,426 $ 96,426 Interest-bearing deposits with banks — 14,667 — 14,667 14,662 Federal funds sold and securities purchased under resale agreements — 26,904 — 26,904 26,904 Securities held-to-maturity 11,549 30,682 — 42,231 41,717 Loans — 59,580 — 59,580 59,356 Other financial assets 3,928 1,078 — 5,006 5,006 Total $ 15,477 $ 229,337 $ — $ 244,814 $ 244,071 Liabilities: Noninterest-bearing deposits $ — $ 93,005 $ — $ 93,005 $ 93,005 Interest-bearing deposits — 162,709 — 162,709 164,337 Federal funds purchased and securities sold under repurchase agreements — 14,803 — 14,803 14,803 Payables to customers and broker-dealers — 22,008 — 22,008 22,008 Borrowings — 950 — 950 950 Long-term debt — 21,881 — 21,881 21,314 Total $ — $ 315,356 $ — $ 315,356 $ 316,417 Summary of financial instruments Dec. 31, 2015 (in millions) Level 1 Level 2 Level 3 Total estimated Carrying 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 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) March 31, 2016 Securities available-for-sale $ 8,602 $ 8,025 $ — $ (796 ) Long-term debt 18,667 17,950 754 (22 ) Dec. 31, 2015 Securities available-for-sale $ 7,978 $ 7,918 $ 16 $ (359 ) Long-term debt 18,231 17,850 479 (14 ) |
Fair Value Option
Fair Value Option | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Dec. 31, 2015 (in millions) Assets of consolidated investment management funds: Trading assets $ 1,186 $ 1,228 Other assets 114 173 Total assets of consolidated investment management funds $ 1,300 $ 1,401 Liabilities of consolidated investment management funds: Trading liabilities $ 245 $ 229 Other liabilities 9 17 Total liabilities of consolidated investment management funds $ 254 $ 246 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 $404 million and $419 million of loans at March 31, 2016 and Dec. 31, 2015 , respectively. The fair value of these loans was $422 million at March 31, 2016 and $422 million at Dec. 31, 2015 . A portion of these loans were valued using observable market inputs to discount expected loan cash flows and are included in Level 2 of the valuation hierarchy. The remaining loans were valued using a discounted cash flow methodology that incorporates both observable and unobservable inputs, with prepayment and draw behavior forecast at the loan-level. These loans are included in Level 3 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 $372 million at March 31, 2016 and $359 million at Dec. 31, 2015 . 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) Quarter ended (in millions) March 31, 2016 Dec. 31, 2015 March 31, 2015 Loans: Investment and other income $ 18 $ 3 $ 2 Long-term debt: Foreign exchange and other trading revenue $ (13 ) $ 3 $ (8 ) (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. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2016 | |
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. There were no counterparty default losses in the first quarter of 2016 . Recoveries of less than $1 million were recorded in the first quarter of 2015 . 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 March 31, 2016 , $7.9 billion face amount of securities were hedged with interest rate swaps that had notional values of $8.0 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 March 31, 2016 , $18.0 billion par value of debt was hedged with interest rate swaps that had notional values of $18.0 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 March 31, 2016 , the hedged forecasted foreign currency transactions and designated forward foreign exchange contract hedges were $416 million (notional), with a pre-tax loss of $4 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 March 31, 2016 , forward foreign exchange contracts with notional amounts totaling $7.1 billion were designated as hedges. We use forward foreign exchange contracts with remaining maturities of two months or less as hedges against our foreign exchange exposure with respect to certain short-term borrowings in currencies other than the functional currency of the issuing entity. These hedges are designated as cash flow hedges and are effected such that their maturities and notional values match those of the corresponding transactions. As of March 31, 2016 , the hedged balance sheet items and designated foreign exchange contract hedges were $1.7 billion (notional), with a pre-tax gain of less than $1 million recorded in accumulated other comprehensive income. This gain will be reclassified to net interest revenue over the next two months . 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 March 31, 2016 , 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 Quarter ended (in millions) March 31, 2016 Dec. 31, 2015 March 31, 2015 Fair value hedges of securities $ (7.4 ) $ 1.3 $ 1.4 Fair value hedges of long-term debt (6.2 ) (1.5 ) (3.7 ) Cash flow hedges — — — Other (a) — — — Total $ (13.6 ) $ (0.2 ) $ (2.3 ) (a) Includes ineffectiveness recorded on foreign exchange hedges. The following table summarizes the notional amount and credit exposure of our total derivative portfolio at March 31, 2016 and Dec. 31, 2015 . Impact of derivative instruments on the balance sheet Notional value Asset derivatives fair value Liability derivatives fair value (in millions) March 31, 2016 Dec. 31, 2015 March 31, 2016 Dec. 31, 2015 March 31, 2016 Dec. 31, 2015 Derivatives designated as hedging instruments: (a) Interest rate contracts $ 25,975 $ 25,768 $ 756 $ 497 $ 818 $ 372 Foreign exchange contracts 9,196 6,839 193 219 129 20 Total derivatives designated as hedging instruments $ 949 $ 716 $ 947 $ 392 Derivatives not designated as hedging instruments: (b) Interest rate contracts $ 489,662 $ 519,428 $ 12,397 $ 10,044 $ 12,331 $ 9,962 Foreign exchange contracts 576,913 576,253 5,707 4,905 5,829 4,682 Equity contracts 1,660 1,923 128 127 131 151 Credit contracts 405 319 8 8 2 1 Total derivatives not designated as hedging instruments $ 18,240 $ 15,084 $ 18,293 $ 14,796 Total derivatives fair value (c) $ 19,189 $ 15,800 $ 19,240 $ 15,188 Effect of master netting agreements (d) (13,886 ) (11,115 ) (13,525 ) (10,869 ) Fair value after effect of master netting agreements $ 5,303 $ 4,685 $ 5,715 $ 4,319 (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 $896 million and $535 million , respectively, at March 31, 2016 , and $792 million and $546 million , respectively, at Dec. 31, 2015 . At March 31, 2016 , $254 billion (notional) of interest rate contracts will mature within one year, $132 billion between one and five years and $130 billion after five years. At March 31, 2016 , $578 billion (notional) of foreign exchange contracts will mature within one year, $4 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 Location of gain or(loss) recognized in income on hedged item Gain or (loss) recognized in hedged item 1Q16 4Q15 1Q15 1Q16 4Q15 1Q15 Interest rate contracts Net interest revenue $ (148 ) $ (95 ) $ (151 ) Net interest revenue $ 134 $ 95 $ 149 Derivatives in cash flow hedging relationships Gain or (loss) recognized in accumulated OCI on derivatives(effective portion) Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) Gain or (loss) reclassified from accumulated OCI into income (effective portion) 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) 1Q16 4Q15 1Q15 1Q16 4Q15 1Q15 1Q16 4Q15 1Q15 FX contracts $ 6 $ — $ (1 ) Net interest revenue $ 5 $ — $ (1 ) Net interest revenue $ — $ — $ — FX contracts — — — Other revenue — — — Other revenue — — — FX contracts (89 ) — 12 Trading revenue (89 ) — 12 Trading revenue — — — FX contracts 2 — (9 ) Salary expense (2 ) — (8 ) Salary expense — — — Total $ (81 ) $ — $ 2 $ (86 ) $ — $ 3 $ — $ — $ — Derivatives in net investment hedging relationships Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) Gain or (loss) reclassified from accumulated OCI into income (effective portion) 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) 1Q16 4Q15 1Q15 1Q16 4Q15 1Q15 1Q16 4Q15 1Q15 FX contracts $ (58 ) $ 148 $ 368 Net interest revenue $ — $ — $ — Other revenue $ — $ — $ — Trading activities (including trading derivatives) We manage trading risk through a system of position limits, a VaR methodology based on Monte Carlo simulations 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 (in millions) 1Q16 4Q15 1Q15 Foreign exchange $ 171 $ 165 $ 217 Other trading revenue 4 8 12 Total foreign exchange and other trading revenue $ 175 $ 173 $ 229 Foreign exchange includes income from purchasing and selling foreign currencies and currency forwards, futures and options. Other trading revenue 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 14 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 March 31, 2016 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- $ 144 million Baa2/BBB $ 1,036 million Ba1/BB+ $ 2,421 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 March 31, 2016 , existing collateral arrangements would have required us to have posted an additional $246 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 March 31, 2016 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 $ 12,023 $ 10,343 $ 1,680 $ 508 $ — $ 1,172 Foreign exchange contracts 4,558 3,484 1,074 179 — 895 Equity and other contracts 132 59 73 — — 73 Total derivatives subject to netting arrangements 16,713 13,886 2,827 687 — 2,140 Total derivatives not subject to netting arrangements 2,476 — 2,476 — — 2,476 Total derivatives 19,189 13,886 5,303 687 — 4,616 Reverse repurchase agreements 20,910 1,678 (b) 19,232 19,232 — — Securities borrowing 7,657 — 7,657 7,447 — 210 Total $ 47,756 $ 15,564 $ 32,192 $ 27,366 $ — $ 4,826 (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, 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 liabilities and financial liabilities at March 31, 2016 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 $ 13,001 $ 10,468 $ 2,533 $ 2,295 $ — $ 238 Foreign exchange contracts 4,437 2,997 1,440 79 — 1,361 Equity and other contracts 124 60 64 61 — 3 Total derivatives subject to netting arrangements 17,562 13,525 4,037 2,435 — 1,602 Total derivatives not subject to netting arrangements 1,678 — 1,678 — — 1,678 Total derivatives 19,240 13,525 5,715 2,435 — 3,280 Repurchase agreements 6,810 1,678 (b) 5,132 5,132 — — Securities lending 1,488 — 1,488 1,429 — 59 Total $ 27,538 $ 15,203 $ 12,335 $ 8,996 $ — $ 3,339 (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, 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. Secured borrowings The following tables present 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 March 31, 2016 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 $ 1,828 $ — $ — $ 1,828 U.S. Government agencies 324 42 — 366 Agency RMBS 2,459 — — 2,459 Corporate bonds 349 — 607 956 Other debt securities 307 — 232 539 Equity securities 651 — 11 662 Total $ 5,918 $ 42 $ 850 $ 6,810 Securities lending: U.S. Government agencies $ 25 $ — $ — $ 25 Other debt securities 314 — — 314 Equity securities 1,149 — — 1,149 Total $ 1,488 $ — $ — $ 1,488 Total borrowings $ 7,406 $ 42 $ 850 $ 8,298 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. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 are disclosed in the financial institutions portfolio exposure table and the commercial portfolio exposure table below. Financial institutions portfolio exposure (in billions) March 31, 2016 Loans Unfunded commitments Total exposure Securities industry $ 3.0 $ 20.3 $ 23.3 Banks 7.5 2.0 9.5 Asset managers 1.2 5.8 7.0 Insurance 0.1 4.4 4.5 Government 0.1 1.5 1.6 Other 1.0 1.5 2.5 Total $ 12.9 $ 35.5 $ 48.4 Commercial portfolio exposure (in billions) March 31, 2016 Loans Unfunded commitments Total exposure Manufacturing $ 0.5 $ 5.7 $ 6.2 Services and other 0.8 6.3 7.1 Energy and utilities 0.7 4.8 5.5 Media and telecom 0.3 1.5 1.8 Total $ 2.3 $ 18.3 $ 20.6 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 March 31, Dec. 31, (in millions) 2016 2015 Lending commitments $ 54,076 $ 54,505 Standby letters of credit (a) 4,767 4,915 Commercial letters of credit 226 303 Securities lending indemnifications (b) 321,358 294,108 (a) Net of participations totaling $864 million at March 31, 2016 and $809 million at Dec. 31, 2015 . (b) Excludes the indemnification for securities for which BNY Mellon acts as an agent on behalf of CIBC Mellon clients , which totaled $55 billion at March 31, 2016 and $54 billion at Dec. 31, 2015 . 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: $31.3 billion in less than one year, $22.6 billion in one to five years and $223 million over five years. Standby letters of credit (“SBLC”) principally support corporate obligations and were collateralized with cash and securities of $354 million and $299 million at March 31, 2016 and Dec. 31, 2015 , respectively. At March 31, 2016 , $3.1 billion of the SBLCs will expire within one year and $1.7 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 $125 million at March 31, 2016 and $118 million at Dec. 31, 2015 . 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 March 31, Dec. 31, 2016 2015 Investment grade 87 % 86 % Non-investment grade 13 % 14 % 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 $226 million at March 31, 2016 compared with $303 million at Dec. 31, 2015 . 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 $334 billion at March 31, 2016 and $306 billion at Dec. 31, 2015 . 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 March 31, 2016 and Dec. 31, 2015 , $55 billion and $54 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 $58 billion and $56 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. 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 March 31, 2016 and Dec. 31, 2015 , 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 March 31, 2016 and Dec. 31, 2015 , 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 $710 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 was 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 was 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 sought review by the United States Supreme Court, but that review was denied on March 7, 2016. See Note 10 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 13 lawsuits against Pershing that are pending 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 and liabilities for losses 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 and liability for losses with respect to investments in various other funds of which the 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 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 all pending in federal court in the Southern District of New York and are all in their early stages. |
Lines of Businesses
Lines of Businesses | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Lines of Businesses | Lines of business We have an internal information system that produces performance data along product and service 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 when improvements are made in the measurement principles. In the first quarter of 2016, BNY Mellon reclassified the results of the credit-related activities to the Investment Services segment from the Other segment. This reclassification reflects our strategy to provide credit services to our Investment Services clients and did not impact the consolidated results. Also, concurrent with this reclassification, the provision for credit losses associated with the respective credit portfolios is now reflected in each business segment. All prior periods have been restated. Beginning in the first quarter of 2016, we revised the net interest revenue for our business to reflect adjustments to our transfer pricing methodology to better reflect the value of certain deposits. Also beginning in the first quarter of 2016, we refined the expense allocation process for indirect expenses to simplify the expenses recorded in the Other segment to include only expenses not directly attributable to the Investment Management and Investment Services operations. These changes did not impact the consolidated results. The accounting policies of the businesses are the same as those described in Note 1 of the Notes to Consolidated Financial Statements in our 2015 Annual Report. 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 • Credit-related activities Other segment • 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. • The provision for credit losses associated with the respective credit portfolios is reflected in each business segment. • Incentive expense related to restricted stock is 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 relate to corporate-level initiatives and were therefore recorded 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. The following consolidating schedules show the contribution of our businesses to our overall profitability. For the quarter ended March 31, 2016 Investment Investment Services Other Consolidated (dollar amounts in millions) Fee and other revenue $ 812 (a) $ 2,030 $ 129 $ 2,971 (a) Net interest revenue 83 679 4 766 Total revenue 895 (a) 2,709 133 3,737 (a) Provision for credit losses (1 ) 14 (3 ) 10 Noninterest expense 679 1,808 140 2,627 (b) Income (loss) before taxes $ 217 (a) $ 887 $ (4 ) $ 1,100 (a)(b) Pre-tax operating margin (c) 24 % 33 % N/M 29 % Average assets $ 29,971 $ 273,289 $ 61,294 $ 364,554 (a) Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $1 million , representing $6 million of losses and a loss attributable to noncontrolling interests of $7 million . Income (loss) before taxes is net of a loss attributable to noncontrolling interests of $7 million . (b) Noninterest expense includes a loss attributable to noncontrolling interest of $2 million related to other consolidated subsidiaries. (c) Income before taxes divided by total revenue. N/M - Not meaningful. For the quarter ended Dec. 31, 2015 Investment Management Investment Services Other Consolidated (dollar amounts in millions) Fee and other revenue $ 915 (a) $ 1,957 $ 89 $ 2,961 (a) Net interest revenue 84 664 12 760 Total revenue 999 (a) 2,621 101 3,721 (a) Provision for credit losses (4 ) 8 159 163 Noninterest expense 713 1,831 146 2,690 (b) Income (loss) before taxes $ 290 (a) $ 782 $ (204 ) $ 868 (a)(b) Pre-tax operating margin (c) 29 % 30 % N/M 23 % Average assets $ 30,982 $ 281,766 $ 55,842 $ 368,590 (a) Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $11 million , representing $16 million of income and noncontrolling interests of $5 million . Income (loss) before taxes is net of noncontrolling interests of $5 million . (b) Noninterest expense includes a loss attributable to noncontrolling interest of $2 million related to other consolidated subsidiaries. (c) Income before taxes divided by total revenue. N/M - Not meaningful. For the quarter ended March 31, 2015 Investment Management Investment Services Other Consolidated (dollar amounts in millions) Fee and other revenue $ 919 (a) $ 2,029 $ 85 $ 3,033 (a) Net interest revenue 75 629 24 728 Total revenue 994 (a) 2,658 109 3,761 (a) Provision for credit losses (1 ) 7 (4 ) 2 Noninterest expense 732 1,863 105 2,700 Income before taxes $ 263 (a) $ 788 $ 8 $ 1,059 (a) Pre-tax operating margin (b) 26 % 30 % N/M 28 % Average assets $ 31,361 $ 287,321 $ 49,729 $ 368,411 (a) Both fee and other revenue and total revenue include net income from consolidated investment management funds of $21 million , representing $52 million of income and noncontrolling interests of $31 million . Income before taxes is net of noncontrolling interests of $31 million . (b) Income before taxes divided by total revenue. N/M - Not meaningful. |
Supplemental information to the
Supplemental information to the Consolidated Statement of Cash Flows | 3 Months Ended |
Mar. 31, 2016 | |
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 Three months ended March 31, (in millions) 2016 2015 Transfers from loans to other assets for other real estate owned (“OREO”) $ 1 $ 2 Change in assets of consolidated VIEs 101 7,601 Change in liabilities of consolidated VIEs 8 7,300 Change in noncontrolling interests of consolidated VIEs 81 197 Securities purchased not settled 86 1,177 Securities sales not settled 356 — Available-for-sale securities transferred to held-to-maturity — 11,602 Premises and equipment/capitalized software funded by capital lease obligations 2 34 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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. The accompanying consolidated financial statements are unaudited. 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. |
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. See Note 20 of the Notes to Consolidated Financial Statements in our 2015 Annual Report for information on how we determine fair value and the fair value hierarchy. The following tables present the financial instruments carried at fair value at March 31, 2016 and Dec. 31, 2015 , 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 the first quarter of 2016. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and Dec. 31, 2015 . Securities at March 31, 2016 Amortized cost Gross unrealized Fair value (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 12,476 $ 500 $ 4 $ 12,972 U.S. Government agencies 402 8 — 410 State and political subdivisions 3,631 104 14 3,721 Agency RMBS 23,721 318 243 23,796 Non-agency RMBS 746 26 23 749 Other RMBS 993 8 21 980 Commercial MBS 1,258 17 10 1,265 Agency commercial MBS 4,225 81 11 4,295 CLOs 2,441 2 19 2,424 Other asset-backed securities 2,420 3 15 2,408 Foreign covered bonds 2,164 42 1 2,205 Corporate bonds 1,690 49 2 1,737 Sovereign debt/sovereign guaranteed 13,494 293 5 13,782 Other debt securities 2,947 55 1 3,001 Equity securities 2 — — 2 Money market funds 862 — — 862 Non-agency RMBS (a) 1,374 322 11 1,685 Total securities available-for-sale (b) $ 74,846 $ 1,828 $ 380 $ 76,294 Held-to-maturity: U.S. Treasury $ 11,327 $ 141 $ — $ 11,468 U.S. Government agencies 1,488 2 — 1,490 State and political subdivisions 20 — 1 19 Agency RMBS 25,747 338 11 26,074 Non-agency RMBS 112 4 3 113 Other RMBS 210 — 13 197 Commercial MBS 9 — — 9 Agency commercial MBS 562 10 — 572 Foreign covered bonds 80 1 — 81 Sovereign debt/sovereign guaranteed 2,132 46 — 2,178 Other debt securities 30 — — 30 Total securities held-to-maturity $ 41,717 $ 542 $ 28 $ 42,231 Total securities $ 116,563 $ 2,370 $ 408 $ 118,525 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) Includes gross unrealized gains of $78 million and gross unrealized losses of $234 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, 2015 Amortized cost Gross Fair (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 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 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) 1Q16 4Q15 1Q15 Realized gross gains $ 22 $ 24 $ 25 Realized gross losses — (1 ) — Recognized gross impairments (2 ) (2 ) (1 ) Total net securities gains $ 20 $ 21 $ 24 |
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 March 31, 2016 and Dec. 31, 2015. Temporarily impaired securities at March 31, 2016 Less than 12 months 12 months or more Total (in millions) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale: U.S. Treasury $ 749 $ 4 $ — $ — $ 749 $ 4 State and political subdivisions 127 — 131 14 258 14 Agency RMBS 3,266 13 803 230 4,069 243 Non-agency RMBS 138 1 364 22 502 23 Other RMBS 30 — 294 21 324 21 Commercial MBS 270 2 253 8 523 10 Agency commercial MBS 1,381 9 124 2 1,505 11 CLOs 1,783 16 273 3 2,056 19 Other asset-backed securities 1,086 8 333 7 1,419 15 Corporate bonds 61 2 22 — 83 2 Sovereign debt/sovereign guaranteed 341 1 227 4 568 5 Non-agency RMBS (a) 78 5 46 6 124 11 Other debt securities 219 1 — — 219 1 Foreign covered bonds 308 1 — — 308 1 Total securities available-for-sale (b) $ 9,837 $ 63 $ 2,870 $ 317 $ 12,707 $ 380 Held-to-maturity: State and political subdivisions $ — $ — $ 4 $ 1 $ 4 $ 1 Agency RMBS 3,229 6 986 5 4,215 11 Non-agency RMBS 42 1 28 2 70 3 Other RMBS 18 1 155 12 173 13 Total securities held-to-maturity $ 3,289 $ 8 $ 1,173 $ 20 $ 4,462 $ 28 Total temporarily impaired securities $ 13,126 $ 71 $ 4,043 $ 337 $ 17,169 $ 408 (a) Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. (b) There were no gross unrealized losses for less than 12 months and gross unrealized losses for 12 months or more of $234 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, 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 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. |
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 March 31, 2016 . 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 $ 2,641 0.56 % $ 50 2.56 % $ 470 2.32 % $ 4,863 1.01 % $ — — % $ 8,024 Over 1 through 5 years 5,284 1.49 187 1.09 1,970 2.73 13,603 1.02 — — 21,044 Over 5 through 10 years 1,381 1.93 173 2.46 1,055 4.06 2,036 1.31 — — 4,645 Over 10 years 3,666 3.11 — — 226 1.52 223 1.69 — — 4,115 Mortgage-backed securities — — — — — — — — 32,770 3.07 32,770 Asset-backed securities — — — — — — — — 4,832 1.55 4,832 Equity securities (b) — — — — — — — — 864 — 864 Total $ 12,972 1.80 % $ 410 1.85 % $ 3,721 2.98 % $ 20,725 1.06 % $ 38,466 2.81 % $ 76,294 Securities held-to-maturity: One year or less $ 1,601 0.98 % $ 25 0.64 % $ — — % $ 218 0.43 % $ — — % $ 1,844 Over 1 through 5 years 7,165 1.08 1,463 1.05 1 7.01 1,267 0.63 — — 9,896 Over 5 through 10 years 2,561 2.06 — — 4 6.80 757 0.70 — — 3,322 Over 10 years — — — — 15 5.33 — — — — 15 Mortgage-backed securities — — — — — — — — 26,640 2.72 26,640 Total $ 11,327 1.29 % $ 1,488 1.05 % $ 20 5.74 % $ 2,242 0.64 % $ 26,640 2.72 % $ 41,717 (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 March 31, 2016 and Dec. 31, 2015 . Projected weighted-average default rates and loss severities March 31, 2016 Dec. 31, 2015 Default rate Severity Default rate Severity Alt-A 32 % 56 % 33 % 57 % Subprime 52 % 71 % 52 % 75 % Prime 19 % 39 % 18 % 40 % |
Pre-Tax Securities Gains (Losses) by Type | The following table provides net pre-tax securities gains (losses) by type. Net securities gains (losses) (in millions) 1Q16 4Q15 1Q15 Foreign covered bonds $ 10 $ — $ — Agency RMBS 8 2 — U.S. Treasury 1 3 23 Non-agency RMBS (2 ) 10 (1 ) Other 3 6 2 Total net securities gains $ 20 $ 21 $ 24 |
Debt Securities Credit Losses Roll Forward Recorded in Earnings | The following table reflects 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) 1Q16 1Q15 Beginning balance as of Jan. 1 $ 91 $ 93 Add: Initial OTTI credit losses — — Subsequent OTTI credit losses 2 1 Less: Realized losses for securities sold — 2 Ending balance as of March 31 $ 93 $ 92 |
Loans and asset quality (Tables
Loans and asset quality (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loan Portfolio | The table below provides the details of our loan portfolio and industry concentrations of credit risk at March 31, 2016 and Dec. 31, 2015 . Loans March 31, 2016 Dec. 31, 2015 (in millions) Domestic: Financial institutions $ 5,586 $ 6,640 Commercial 2,130 2,115 Wealth management loans and mortgages 13,882 13,247 Commercial real estate 4,282 3,899 Lease financings 978 1,007 Other residential mortgages 1,062 1,055 Overdrafts 917 911 Other 1,106 1,137 Margin loans 18,674 19,340 Total domestic 48,617 49,351 Foreign: Financial institutions 7,317 9,259 Commercial 201 227 Wealth management loans and mortgages 93 100 Commercial real estate 44 46 Lease financings 743 850 Other (primarily overdrafts) 4,502 3,637 Margin loans 144 233 Total foreign 13,044 14,352 Total loans (a) $ 61,661 $ 63,703 (a) Net of unearned income of $592 million at March 31, 2016 and $674 million at Dec. 31, 2015 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 cre dit losses activity for the quarter ended March 31, 2016 Wealth management loans and mortgages Other residential mortgages (in millions) Commercial Commercial real estate Financial institutions Lease financings All Other Foreign Total Beginning balance $ 82 $ 59 $ 31 $ 15 $ 19 $ 34 $ — $ 35 $ 275 Charge-offs — — — — — — — — — Recoveries — — — — — 2 — — 2 Net (charge-offs) recoveries — — — — — 2 — — 2 Provision 6 3 1 1 (1 ) (4 ) — 4 10 Ending balance $ 88 $ 62 $ 32 $ 16 $ 18 $ 32 $ — $ 39 $ 287 Allowance for: Loan losses $ 25 $ 40 $ 11 $ 16 $ 15 $ 32 $ — $ 23 $ 162 Lending-related commitments 63 22 21 — 3 — — 16 125 Individually evaluated for impairment: Loan balance $ — $ 2 $ 171 $ 5 $ 8 $ — $ — $ — $ 186 Allowance for loan losses — 1 — 2 1 — — — 4 Collectively evaluated for impairment: Loan balance $ 2,130 $ 3,927 $ 5,415 $ 973 $ 13,874 $ 993 $ 20,697 (a) $ 13,044 $ 61,053 Allowance for loan losses 25 39 11 14 14 32 — 23 158 (a) Includes $917 million of domestic overdrafts, $18,674 million of margin loans and $1,106 million of other loans at March 31, 2016 . Allowance for credit losses activity for the quarter 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 $ 76 $ 62 $ 28 $ 18 $ 23 $ 35 $ — $ 38 $ 280 Charge-offs — — (170 ) — — — — — (170 ) Recoveries — — — — — 2 — — 2 Net (charge-offs) recoveries — — (170 ) — — 2 — — (168 ) Provision 6 (3 ) 173 (3 ) (4 ) (3 ) — (3 ) 163 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 quarter ended March 31, 2015 Wealth management loans and mortgages Other residential mortgages All Other Foreign Total (in millions) Commercial Commercial real estate Financial institutions Lease financings Beginning balance $ 60 $ 50 $ 31 $ 32 $ 22 $ 41 $ — $ 44 $ 280 Charge-offs — — — — — — — — — Recoveries — — — — — 1 — — 1 Net (charge-offs) — — — — — 1 — — 1 Provision 5 3 2 (1 ) (1 ) (2 ) — (4 ) 2 Ending balance $ 65 $ 53 $ 33 $ 31 $ 21 $ 40 $ — $ 40 $ 283 Allowance for: Loan losses $ 20 $ 31 $ 19 $ 31 $ 16 $ 40 $ — $ 33 $ 190 Lending-related commitments 45 22 14 — 5 — — 7 93 Individually evaluated for impairment: Loan balance $ — $ — $ — $ — $ 8 $ — $ — $ — $ 8 Allowance for loan losses — — — — 1 — — — 1 Collectively evaluated for impairment: Loan balance $ 1,686 $ 2,881 $ 5,665 $ 1,197 $ 11,539 $ 1,181 $ 22,079 (a) $ 15,950 $ 62,178 Allowance for loan losses 20 31 19 31 15 40 — 33 189 (a) Includes $1,513 million of domestic overdrafts, $19,459 million of margin loans and $1,107 million of other loans at March 31, 2015 . |
Nonperforming Assets | The table below presents the distribution of our nonperforming assets. Nonperforming assets (in millions) March 31, 2016 Dec. 31, 2015 Nonperforming loans: Financial institutions $ 171 $ 171 Other residential mortgages 99 102 Wealth management loans and mortgages 11 11 Lease financings 5 — Commercial real estate 2 2 Total nonperforming loans 288 286 Other assets owned 4 6 Total nonperforming assets $ 292 $ 292 |
Lost Interest | The table below presents the amount of lost interest income. Lost interest (in millions) 1Q16 4Q15 1Q15 Amount by which interest income recognized on nonperforming loans exceeded reversals $ — $ — $ — Amount by which interest income would have increased if nonperforming loans at year-end had been performing for the entire period $ 1 $ 2 $ 2 |
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 Quarter ended March 31, 2016 Dec. 31, 2015 March 31, 2015 (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 real estate $ 1 $ — $ 1 $ — $ — $ — Wealth management loans and mortgages 6 — 6 — 6 — Lease financings 2 — — — — — Total impaired loans with an allowance 9 — 7 — 6 — Impaired loans without an allowance : Commercial real estate 1 — — — — — Financial institutions 171 — 1 — — — Wealth management loans and mortgages 2 — 2 — 2 — Total impaired loans without an allowance (a) 174 — 3 — 2 — Total impaired loans $ 183 $ — $ 10 $ — $ 8 $ — (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 March 31, 2016 Dec. 31, 2015 (in millions) Recorded investment Unpaid principal balance Related allowance (a) Recorded investment Unpaid principal balance Related allowance (a) Impaired loans with an allowance: Commercial real estate $ 1 $ 4 $ 1 $ 1 $ 3 $ 1 Wealth management loans and mortgages 6 6 1 6 7 1 Lease financings 5 5 2 — — — Total impaired loans with an allowance 12 15 4 7 10 2 Impaired loans without an allowance : Commercial real estate 1 1 N/A — — N/A Financial institutions 171 312 N/A 171 312 N/A Wealth management loans and mortgages 2 2 N/A 2 2 N/A Total impaired loans without an allowance (b) 174 315 N/A 173 314 N/A Total impaired loans (c) $ 186 $ 330 $ 4 $ 180 $ 324 $ 2 (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 less than $1 million and an aggregate of $2 million of impaired loans in amounts individually less than $1 million at March 31, 2016 and Dec. 31, 2015 , respectively. The allowance for loan loss associated with these loans totaled less than $1 million at both March 31, 2016 and Dec. 31, 2015 . |
Information about Past Due Loans | The table below sets forth information about our past due loans. Past due loans and still accruing interest March 31, 2016 Dec. 31, 2015 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 $ 44 $ 7 $ — $ 51 $ 57 $ 11 $ — $ 68 Financial institutions 1 — — 1 — — — — Wealth management loans and mortgages 26 — 1 27 69 2 1 72 Other residential mortgages 15 4 4 23 22 5 4 31 Total past due loans $ 86 $ 11 $ 5 $ 102 $ 148 $ 18 $ 5 $ 171 |
Troubled Debt Restructurings | The following table presents TDRs that occurred in the first quarter of 2016 , fourth quarter of 2015 and first quarter of 2015 . TDRs 1Q16 4Q15 1Q15 Outstanding recorded investment Outstanding recorded investment Outstanding recorded investment (dollars in millions) Number of contracts Pre-modification Post-modification Number of contracts Pre-modification Post-modification Number of contracts Pre-modification Post-modification Other residential mortgages 13 $ 3 $ 3 15 $ 3 $ 4 19 $ 4 $ 4 Wealth management loans and mortgages 2 — — 4 — — — — — Total TDRs 15 $ 3 $ 3 19 $ 3 $ 4 19 $ 4 $ 4 |
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) March 31, Dec. 31, 2015 March 31, Dec. 31, 2015 March 31, Dec. 31, 2015 Investment grade $ 2,014 $ 2,026 $ 3,276 $ 2,678 $ 9,527 $ 13,965 Non-investment grade 317 316 1,050 1,267 3,376 1,934 Total $ 2,331 $ 2,342 $ 4,326 $ 3,945 $ 12,903 $ 15,899 |
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) March 31, Dec. 31, 2015 Wealth management loans: Investment grade $ 6,813 $ 6,529 Non-investment grade 173 171 Wealth management mortgages 6,989 6,647 Total $ 13,975 $ 13,347 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Investment (a) Other (a) Consolidated Balance at Dec. 31, 2015 $ 9,207 $ 8,366 $ 45 $ 17,618 Foreign currency translation (32 ) 18 — (14 ) Balance at March 31, 2016 $ 9,175 $ 8,384 $ 45 $ 17,604 Goodwill by business (in millions) Investment (b) Investment (a) Other (a)(b) Consolidated Balance at Dec. 31, 2014 $ 9,328 $ 8,471 $ 70 $ 17,869 Acquisitions 10 — — 10 Foreign currency translation (106 ) (107 ) (3 ) (216 ) Balance at March 31, 2015 $ 9,232 $ 8,364 $ 67 $ 17,663 (a) Includes the reclassification of goodwill associated with credit-related activities from the Other segment to Investment Services. (b) Includes the reclassification of goodwill associated with Meriten Investment Management GmbH from Investment Management to the Other segment. |
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 Investment Other Consolidated Balance at Dec. 31, 2015 $ 1,807 $ 1,186 $ 849 $ 3,842 Amortization (19 ) (38 ) — (57 ) Foreign currency translation (6 ) 2 — (4 ) Balance at March 31, 2016 $ 1,782 $ 1,150 $ 849 $ 3,781 Intangible assets – net carrying amount by business (in millions) Investment (a) Investment Other (a) Consolidated Balance at Dec. 31, 2014 $ 1,911 $ 1,355 $ 861 $ 4,127 Acquisitions 9 — — 9 Amortization (24 ) (41 ) (1 ) (66 ) Foreign currency translation (15 ) (7 ) (1 ) (23 ) Balance at March 31, 2015 $ 1,881 $ 1,307 $ 859 $ 4,047 (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 March 31, 2016 Dec. 31, 2015 (in millions) Gross carrying amount Accumulated amortization Net carrying amount Remaining weighted- average amortization period Gross Accumulated Net carrying amount Subject to amortization : (a) Customer relationships—Investment Management $ 1,584 $ (1,245 ) $ 339 11 years $ 1,593 $ (1,235 ) $ 358 Customer contracts—Investment Services 2,256 (1,481 ) 775 10 years 2,260 (1,450 ) 810 Other 38 (30 ) 8 3 years 40 (31 ) 9 Total subject to amortization 3,878 (2,756 ) 1,122 10 years 3,893 (2,716 ) 1,177 Not subject to amortization: (b) Trade name 1,356 N/A 1,356 N/A 1,358 N/A 1,358 Customer relationships 1,303 N/A 1,303 N/A 1,307 N/A 1,307 Total not subject to amortization 2,659 N/A 2,659 N/A 2,665 N/A 2,665 Total intangible assets $ 6,537 $ (2,756 ) $ 3,781 N/A $ 6,558 $ (2,716 ) $ 3,842 (a) Excludes fully amortized intangible assets. (b) 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 $ 234 2017 212 2018 180 2019 106 2020 95 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Assets [Abstract] | |
Other Assets | Other assets March 31, Dec. 31, (in millions) 2016 2015 Corporate/bank-owned life insurance $ 4,722 $ 4,704 Accounts receivable 4,548 3,535 Equity in joint venture and other investments (a) 3,328 3,329 Fails to deliver 1,440 1,494 Income taxes receivable 1,415 1,554 Software 1,363 1,355 Fair value of hedging derivatives 949 716 Prepaid pension assets 766 727 Prepaid expenses 519 464 Due from customers on acceptances 234 258 Other 1,023 1,490 Total other assets $ 20,307 $ 19,626 (a) Includes Federal Reserve Bank stock of $454 million and $453 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 March 31, 2016 Dec. 31, 2015 (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) $ 71 $ 1 Daily-quarterly 1-180 days $ 83 $ 1 Daily-quarterly 1-180 days Private equity investments (SBICs) (b) 38 58 N/A N/A 34 58 N/A N/A Total $ 109 $ 59 $ 117 $ 59 (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 Volcker Rule-compliant investments in SBICs 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. N/A - Not applicable. |
Net Interest Revenue (Tables)
Net Interest Revenue (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Quarter ended (in millions) March 31, 2016 Dec. 31, 2015 March 31, 2015 Interest revenue Non-margin loans $ 205 $ 187 $ 173 Margin loans 63 53 50 Securities: Taxable 444 453 439 Exempt from federal income taxes 18 19 22 Total securities 462 472 461 Deposits with banks 26 22 30 Deposits with the Federal Reserve and other central banks 61 39 45 Federal funds sold and securities purchased under resale agreements 49 42 30 Trading assets 17 19 18 Total interest revenue 883 834 807 Interest expense Deposits 15 5 15 Federal funds purchased and securities sold under repurchase agreements 9 (1 ) (3 ) Trading liabilities 2 2 2 Other borrowed funds 2 2 2 Customer payables 4 2 2 Long-term debt 85 64 61 Total interest expense 117 74 79 Net interest revenue $ 766 $ 760 $ 728 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Net Periodic Benefit Cost (Credit) | The components of net periodic benefit cost are as follows. Net periodic benefit (credit) cost Quarter ended March 31, 2016 March 31, 2015 (in millions) Domestic pension benefits Foreign pension benefits Health care benefits Domestic pension benefits Foreign pension benefits Health care benefits Service cost $ — $ 8 $ 1 $ 15 $ 8 $ 1 Interest cost 45 9 2 43 10 2 Expected return on assets (82 ) (13 ) (2 ) (83 ) (13 ) (2 ) Curtailment (gain) — — — (30 ) — — Other 18 4 (1 ) 31 6 — Net periodic benefit (credit) cost $ (19 ) $ 8 $ — $ (24 ) $ 11 $ 1 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Streamlining Actions | |
Restructuring Cost and Reserve [Line Items] | |
Activity in Restructuring Reserve | The following table presents the activity in the reserve through March 31, 2016 . Streamlining actions 2014 – restructuring reserve activity (in millions) Total Original restructuring charge $ 125 Net additional charges 75 Utilization (171 ) Balance at Dec. 31, 2015 29 Net additional charges — Utilization (15 ) Balance at March 31, 2016 $ 14 |
Restructuring Charges by Business Segment | The table below presents the restructuring charge if it had been allocated by business. Streamlining actions 2014 – restructuring charge (recovery) by business Total charges since inception (in millions) 1Q16 4Q15 Investment Management $ 1 $ — $ 36 Investment Services (1 ) (4 ) 84 Other segment (including Business Partners) — (1 ) 80 Total restructuring charge (recovery) $ — $ (5 ) $ 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 March 31, 2016 . Operational Excellence Initiatives 2011 – restructuring reserve activity (in millions) Severance Other Total Original restructuring charge $ 78 $ 29 $ 107 Net additional charges (net recovery/gain) 84 (57 ) 27 Utilization (153 ) 28 (125 ) Balance at Dec. 31, 2015 9 — 9 Net additional (recovery) (1 ) — (1 ) Utilization (1 ) — (1 ) Balance at March 31, 2016 $ 7 $ — $ 7 |
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) 1Q16 4Q15 Investment Management $ — $ 1 $ 49 Investment Services — — 82 Other segment (including Business Partners) (1 ) — 2 Total restructuring charge (recovery) $ (1 ) $ 1 $ 133 |
Securitizations and Variable 38
Securitizations and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and Dec. 31, 2015 based on the assessments performed in accordance with ASC 810, as amended by 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 at March 31, 2016 (in millions) Investment Management funds Securitizations Total consolidated investments Available-for-sale securities $ — $ 400 $ 400 Trading assets 1,186 — 1,186 Other assets 114 — 114 Total assets $ 1,300 (a) $ 400 $ 1,700 Trading liabilities $ 245 $ — $ 245 Other liabilities 9 372 381 Total liabilities $ 254 (a) $ 372 $ 626 Nonredeemable noncontrolling interests $ 657 (a) $ — $ 657 (a) Includes VMEs with assets of $255 million , liabilities of $2 million and nonredeemable noncontrolling interests of $68 million . Investments consolidated 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 . |
Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | As of March 31, 2016 and Dec. 31, 2015 , 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 March 31, 2016 (in millions) Assets Liabilities Maximum loss exposure Other $ 193 $ — $ 193 Non-consolidated VIEs at Dec. 31, 2015 (in millions) Assets Liabilities Maximum loss exposure Other $ 189 $ — $ 189 |
Preferred Stock (Tables)
Preferred Stock (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and Dec. 31, 2015 . 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 March 31, 2016 Dec. 31, 2015 March 31, 2016 Dec. 31, 2015 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 10,000 990 990 Total 25,826 25,826 $ 2,552 $ 2,552 (a) The carrying value of the Series C, Series D and Series E preferred stock is recorded net of issuance costs. |
Other Comprehensive Income (L40
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Components of Other Comprehensive Income | Components of other comprehensive income (loss) Quarter ended March 31, 2016 Dec. 31, 2015 March 31, 2015 (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) $ 45 $ (8 ) $ 37 $ (122 ) $ (42 ) $ (164 ) $ (503 ) $ (98 ) $ (601 ) Total foreign currency translation 45 (8 ) 37 (122 ) (42 ) (164 ) (503 ) (98 ) (601 ) Unrealized gain (loss) on assets available-for-sale: Unrealized gain (loss) arising during period 243 (80 ) 163 (235 ) 89 (146 ) 202 (68 ) 134 Reclassification adjustment (b) (20 ) 5 (15 ) (21 ) 8 (13 ) (24 ) 9 (15 ) Net unrealized gain (loss) on assets available-for-sale 223 (75 ) 148 (256 ) 97 (159 ) 178 (59 ) 119 Defined benefit plans: Net gain (loss) arising during the period 3 (1 ) 2 77 (35 ) 42 (185 ) 76 (109 ) Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) 22 (7 ) 15 33 (11 ) 22 7 (2 ) 5 Total defined benefit plans 25 (8 ) 17 110 (46 ) 64 (178 ) 74 (104 ) Unrealized gain (loss) on cash flow hedges: Unrealized hedge gain (loss) arising during period (81 ) 27 (54 ) — — — 2 5 7 Reclassification adjustment (b) 86 (29 ) 57 — — — (3 ) (5 ) (8 ) Net unrealized gain (loss) on cash flow hedges 5 (2 ) 3 — — — (1 ) — (1 ) Total other comprehensive income (loss) $ 298 $ (93 ) $ 205 $ (268 ) $ 9 $ (259 ) $ (504 ) $ (83 ) $ (587 ) (a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 16 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 16 of the Notes to Consolidated Financial Statements for the location of the reclassification adjustment related to cash flow hedges on the Consolidated Income Statement. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and Dec. 31, 2015 , 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 the first quarter of 2016. Assets measured at fair value on a recurring basis at March 31, 2016 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying Available-for-sale securities: U.S. Treasury $ 12,972 $ — $ — $ — $ 12,972 U.S. Government agencies — 410 — — 410 Sovereign debt/sovereign guaranteed 136 13,646 — — 13,782 State and political subdivisions (b) — 3,721 — — 3,721 Agency RMBS — 23,796 — — 23,796 Non-agency RMBS — 749 — — 749 Other RMBS — 980 — — 980 Commercial MBS — 1,265 — — 1,265 Agency commercial MBS — 4,295 — — 4,295 CLOs — 2,424 — — 2,424 Other asset-backed securities — 2,408 — — 2,408 Equity securities 2 — — — 2 Money market funds (b) 862 — — — 862 Corporate bonds — 1,737 — — 1,737 Other debt securities — 3,001 — — 3,001 Foreign covered bonds 1,957 248 — — 2,205 Non-agency RMBS (c) — 1,685 — — 1,685 Total available-for-sale securities 15,929 60,365 — — 76,294 Trading assets: Debt and equity instruments (b) 256 1,916 — — 2,172 Derivative assets not designated as hedging: Interest rate 21 12,376 — (10,343 ) 2,054 Foreign exchange — 5,707 — (3,484 ) 2,223 Equity and other contracts 8 128 — (59 ) 77 Total derivative assets not designated as hedging 29 18,211 — (13,886 ) 4,354 Total trading assets 285 20,127 — (13,886 ) 6,526 Loans — 353 69 — 422 Other assets: Derivative assets designated as hedging: Interest rate — 756 — — 756 Foreign exchange — 193 — — 193 Total derivative assets designated as hedging — 949 — — 949 Other assets (d) 198 81 — — 279 Other assets measured at net asset value 109 Total other assets 198 1,030 — — 1,337 Subtotal assets of operations at fair value 16,412 81,875 69 (13,886 ) 84,579 Percentage of assets prior to netting 17 % 83 % — % Assets of consolidated investment management funds: Trading assets 481 705 — — 1,186 Other assets 104 10 — — 114 Total assets of consolidated investment management funds 585 715 — — 1,300 Total assets $ 16,997 $ 82,590 $ 69 $ (13,886 ) $ 85,879 Percentage of assets prior to netting 17 % 83 % — % Liabilities measured at fair value on a recurring basis at March 31, 2016 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying Trading liabilities: Debt and equity instruments $ 316 $ 163 $ — $ — $ 479 Derivative liabilities not designated as hedging: Interest rate 31 12,300 — (10,468 ) 1,863 Foreign exchange — 5,829 — (2,997 ) 2,832 Equity and other contracts — 133 — (60 ) 73 Total derivative liabilities not designated as hedging 31 18,262 — (13,525 ) 4,768 Total trading liabilities 347 18,425 — (13,525 ) 5,247 Long-term debt (b) — 372 — — 372 Other liabilities: Derivative liabilities designated as hedging: Interest rate — 818 — — 818 Foreign exchange — 129 — — 129 Total derivative liabilities designated as hedging — 947 — — 947 Other liabilities — 3 — — 3 Total other liabilities — 950 — — 950 Subtotal liabilities of operations at fair value 347 19,747 — (13,525 ) 6,569 Percentage of liabilities prior to netting 2 % 98 % — % Liabilities of consolidated investment management funds: Trading liabilities — 245 — — 245 Other liabilities 1 8 — — 9 Total liabilities of consolidated investment management funds 1 253 — — 254 Total liabilities $ 348 $ 20,000 $ — $ (13,525 ) $ 6,823 Percentage of liabilities prior to netting 2 % 98 % — % (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, 2015 (dollar amounts in millions) Level 1 Level 2 Level 3 Netting (a) Total carrying value 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 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 value 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. |
Details Of Certain Items Measured At Fair Value On Recurring Basis Table | Details of certain items measured at fair value on a recurring basis March 31, 2016 Dec. 31, 2015 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 $ 65 — % — % — % 100 % $ 66 — % — % — % 100 % 2006 109 — — — 100 115 — — — 100 2005 219 21 7 12 60 234 19 9 13 59 2004 and earlier 356 4 3 26 67 378 4 4 26 66 Total non-agency RMBS $ 749 8 % 4 % 16 % 72 % $ 793 8 % 4 % 16 % 72 % Commercial MBS - Domestic, originated in: 2009-2015 $ 636 84 % 16 % — % — % $ 626 83 % 17 % — % — % 2008 15 100 — — — 16 100 — — — 2007 298 65 19 16 — 304 62 22 16 — 2006 258 77 23 — — 384 76 24 — — Total commercial MBS - Domestic $ 1,207 78 % 18 % 4 % — % $ 1,330 76 % 20 % 4 % — % Foreign covered bonds: Canada $ 1,223 100 % — % — % — % $ 1,014 100 % — % — % — % United Kingdom 378 100 — — — 363 100 — — — Norway 199 100 — — — 191 100 — — — Netherlands 176 100 — — — 214 100 — — — Other 229 100 — — — 386 100 — — — Total foreign covered bonds $ 2,205 100 % — % — % — % $ 2,168 100 % — % — % — % European floating rate notes - available-for-sale: United Kingdom $ 693 84 % 16 % — % — % $ 780 85 % 15 % — % — % Netherlands 223 100 — — — 222 100 — — — Ireland 121 — 46 54 — 121 — 45 55 — Total European floating rate notes - available-for-sale $ 1,037 78 % 16 % 6 % — % $ 1,123 79 % 15 % 6 % — % Sovereign debt/sovereign guaranteed: United Kingdom $ 3,068 100 % — % — % — % $ 2,941 100 % — % — % — % France 2,177 100 — — — 2,008 100 — — — Spain 2,054 — — 100 — 1,955 — — 100 — Germany 1,823 100 — — — 1,683 100 — — — Italy 1,492 — — 100 — 1,398 — — 100 — Netherlands 1,064 100 — — — 1,055 100 — — — Belgium 1,002 100 — — — 1,108 100 — — — Ireland 808 — — 100 — 772 — — 100 — Other (b) 294 66 — — 34 297 68 — 32 — Total sovereign debt/sovereign guaranteed $ 13,782 68 % — % 31 % 1 % $ 13,217 68 % — % 32 % — % Non-agency RMBS (c) , originated in: 2007 $ 474 — % — % — % 100 % $ 502 — % — % — % 100 % 2006 499 — — — 100 530 — 1 — 99 2005 543 — 2 1 97 580 — 2 1 97 2004 and earlier 169 — 3 9 88 177 — 3 9 88 Total non-agency RMBS (c) $ 1,685 — % 1 % 1 % 98 % $ 1,789 — % 1 % 1 % 98 % (a) At March 31, 2016 and Dec. 31, 2015, 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) |
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 quarters ended March 31, 2016 and 2015 (including the change in fair value), for financial instruments classified in Level 3 of the valuation hierarchy. Fair value measurements for assets using significant unobservable inputs for the quarter ended March 31, 2016 (in millions) Loans Fair value at Dec. 31, 2015 $ — Transfers into Level 3 19 Total gains or (losses) for the period: Included in earnings (or changes in net assets) 2 (a) Purchases 48 Fair value at March 31, 2016 $ 69 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 (a) Reported in investment and other income. Fair value measurements for assets using significant unobservable inputs for the quarter ended March 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 $ 70 $ 90 Total gains or (losses) for the period: Included in earnings (or changes in net assets) — (b) (1 ) (c) (2 ) (d) (3 ) Purchases, sales and settlements: Purchases — — 7 7 Sales — — (21 ) (21 ) Settlements — (2 ) — (2 ) Fair value at March 31, 2015 $ 11 $ 6 $ 54 $ 71 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 ) (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 quarter ended March 31, 2015 Trading liabilities (in millions) Derivative liabilities (a) Fair value at Dec. 31, 2014 $ 9 Total (gains) or losses for the period: Included in earnings (or changes in net liabilities) (1 ) (b) Settlements (2 ) Fair value at March 31, 2015 $ 6 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 $ 1 (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 March 31, 2016 and Dec. 31, 2015 , for which a nonrecurring change in fair value has been recorded during the quarters ended March 31, 2016 and Dec. 31, 2015 . Assets measured at fair value on a nonrecurring basis at March 31, 2016 Total carrying value (in millions) Level 1 Level 2 Level 3 Loans (a) $ — $ 94 $ 178 $ 272 Other assets (b) — 4 — 4 Total assets at fair value on a nonrecurring basis $ — $ 98 $ 178 $ 276 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 (a) During the quarters ended March 31, 2016 and Dec. 31, 2015 , the fair value of these loans decreased less than $1 million and $1 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. |
Fair Value Inputs, Assets, Quantitative Information | The following tables present the unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. Quantitative information about Level 3 fair value measurements of assets (dollars in millions) Fair value at Valuation techniques Unobservable input Range Measured on a recurring basis: Loans: Home Equity Conversion Mortgages $ 69 Discounted cash flow Discount Spreads 80-150 bps Prepayment Rates 7-100 CPR Line of Credit Draw Rates 0%-20% CPR - Conditional prepayment rate |
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 March 31, 2016 and Dec. 31, 2015 , by caption on the consolidated balance sheet and by the valuation hierarchy. See Note 20 of the Notes to Consolidated Financial Statements in our 2015 Annual Report for additional information regarding the financial instruments within the scope of this disclosure, and the methods and significant assumptions used to estimate their fair value. Summary of financial instruments March 31, 2016 (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 $ — $ 96,426 $ — $ 96,426 $ 96,426 Interest-bearing deposits with banks — 14,667 — 14,667 14,662 Federal funds sold and securities purchased under resale agreements — 26,904 — 26,904 26,904 Securities held-to-maturity 11,549 30,682 — 42,231 41,717 Loans — 59,580 — 59,580 59,356 Other financial assets 3,928 1,078 — 5,006 5,006 Total $ 15,477 $ 229,337 $ — $ 244,814 $ 244,071 Liabilities: Noninterest-bearing deposits $ — $ 93,005 $ — $ 93,005 $ 93,005 Interest-bearing deposits — 162,709 — 162,709 164,337 Federal funds purchased and securities sold under repurchase agreements — 14,803 — 14,803 14,803 Payables to customers and broker-dealers — 22,008 — 22,008 22,008 Borrowings — 950 — 950 950 Long-term debt — 21,881 — 21,881 21,314 Total $ — $ 315,356 $ — $ 315,356 $ 316,417 Summary of financial instruments Dec. 31, 2015 (in millions) Level 1 Level 2 Level 3 Total estimated Carrying 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 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) March 31, 2016 Securities available-for-sale $ 8,602 $ 8,025 $ — $ (796 ) Long-term debt 18,667 17,950 754 (22 ) Dec. 31, 2015 Securities available-for-sale $ 7,978 $ 7,918 $ 16 $ (359 ) Long-term debt 18,231 17,850 479 (14 ) |
Fair Value Option (Tables)
Fair Value Option (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Dec. 31, 2015 (in millions) Assets of consolidated investment management funds: Trading assets $ 1,186 $ 1,228 Other assets 114 173 Total assets of consolidated investment management funds $ 1,300 $ 1,401 Liabilities of consolidated investment management funds: Trading liabilities $ 245 $ 229 Other liabilities 9 17 Total liabilities of consolidated investment management funds $ 254 $ 246 |
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) Quarter ended (in millions) March 31, 2016 Dec. 31, 2015 March 31, 2015 Loans: Investment and other income $ 18 $ 3 $ 2 Long-term debt: Foreign exchange and other trading revenue $ (13 ) $ 3 $ (8 ) (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. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Quarter ended (in millions) March 31, 2016 Dec. 31, 2015 March 31, 2015 Fair value hedges of securities $ (7.4 ) $ 1.3 $ 1.4 Fair value hedges of long-term debt (6.2 ) (1.5 ) (3.7 ) Cash flow hedges — — — Other (a) — — — Total $ (13.6 ) $ (0.2 ) $ (2.3 ) (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 March 31, 2016 and Dec. 31, 2015 . Impact of derivative instruments on the balance sheet Notional value Asset derivatives fair value Liability derivatives fair value (in millions) March 31, 2016 Dec. 31, 2015 March 31, 2016 Dec. 31, 2015 March 31, 2016 Dec. 31, 2015 Derivatives designated as hedging instruments: (a) Interest rate contracts $ 25,975 $ 25,768 $ 756 $ 497 $ 818 $ 372 Foreign exchange contracts 9,196 6,839 193 219 129 20 Total derivatives designated as hedging instruments $ 949 $ 716 $ 947 $ 392 Derivatives not designated as hedging instruments: (b) Interest rate contracts $ 489,662 $ 519,428 $ 12,397 $ 10,044 $ 12,331 $ 9,962 Foreign exchange contracts 576,913 576,253 5,707 4,905 5,829 4,682 Equity contracts 1,660 1,923 128 127 131 151 Credit contracts 405 319 8 8 2 1 Total derivatives not designated as hedging instruments $ 18,240 $ 15,084 $ 18,293 $ 14,796 Total derivatives fair value (c) $ 19,189 $ 15,800 $ 19,240 $ 15,188 Effect of master netting agreements (d) (13,886 ) (11,115 ) (13,525 ) (10,869 ) Fair value after effect of master netting agreements $ 5,303 $ 4,685 $ 5,715 $ 4,319 (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 $896 million and $535 million , respectively, at March 31, 2016 , and $792 million and $546 million , respectively, at Dec. 31, 2015 . |
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 Location of gain or(loss) recognized in income on hedged item Gain or (loss) recognized in hedged item 1Q16 4Q15 1Q15 1Q16 4Q15 1Q15 Interest rate contracts Net interest revenue $ (148 ) $ (95 ) $ (151 ) Net interest revenue $ 134 $ 95 $ 149 Derivatives in cash flow hedging relationships Gain or (loss) recognized in accumulated OCI on derivatives(effective portion) Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) Gain or (loss) reclassified from accumulated OCI into income (effective portion) 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) 1Q16 4Q15 1Q15 1Q16 4Q15 1Q15 1Q16 4Q15 1Q15 FX contracts $ 6 $ — $ (1 ) Net interest revenue $ 5 $ — $ (1 ) Net interest revenue $ — $ — $ — FX contracts — — — Other revenue — — — Other revenue — — — FX contracts (89 ) — 12 Trading revenue (89 ) — 12 Trading revenue — — — FX contracts 2 — (9 ) Salary expense (2 ) — (8 ) Salary expense — — — Total $ (81 ) $ — $ 2 $ (86 ) $ — $ 3 $ — $ — $ — Derivatives in net investment hedging relationships Gain or (loss) recognized in accumulated OCI on derivatives (effective portion) Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) Gain or (loss) reclassified from accumulated OCI into income (effective portion) 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) 1Q16 4Q15 1Q15 1Q16 4Q15 1Q15 1Q16 4Q15 1Q15 FX contracts $ (58 ) $ 148 $ 368 Net interest revenue $ — $ — $ — Other revenue $ — $ — $ — |
Revenue from Foreign Exchange and Other Trading | Revenue from foreign exchange and other trading included the following: Foreign exchange and other trading revenue (in millions) 1Q16 4Q15 1Q15 Foreign exchange $ 171 $ 165 $ 217 Other trading revenue 4 8 12 Total foreign exchange and other trading revenue $ 175 $ 173 $ 229 |
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 March 31, 2016 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- $ 144 million Baa2/BBB $ 1,036 million Ba1/BB+ $ 2,421 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 March 31, 2016 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 $ 12,023 $ 10,343 $ 1,680 $ 508 $ — $ 1,172 Foreign exchange contracts 4,558 3,484 1,074 179 — 895 Equity and other contracts 132 59 73 — — 73 Total derivatives subject to netting arrangements 16,713 13,886 2,827 687 — 2,140 Total derivatives not subject to netting arrangements 2,476 — 2,476 — — 2,476 Total derivatives 19,189 13,886 5,303 687 — 4,616 Reverse repurchase agreements 20,910 1,678 (b) 19,232 19,232 — — Securities borrowing 7,657 — 7,657 7,447 — 210 Total $ 47,756 $ 15,564 $ 32,192 $ 27,366 $ — $ 4,826 (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, 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 Liabilities | Offsetting of derivative liabilities and financial liabilities at March 31, 2016 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 $ 13,001 $ 10,468 $ 2,533 $ 2,295 $ — $ 238 Foreign exchange contracts 4,437 2,997 1,440 79 — 1,361 Equity and other contracts 124 60 64 61 — 3 Total derivatives subject to netting arrangements 17,562 13,525 4,037 2,435 — 1,602 Total derivatives not subject to netting arrangements 1,678 — 1,678 — — 1,678 Total derivatives 19,240 13,525 5,715 2,435 — 3,280 Repurchase agreements 6,810 1,678 (b) 5,132 5,132 — — Securities lending 1,488 — 1,488 1,429 — 59 Total $ 27,538 $ 15,203 $ 12,335 $ 8,996 $ — $ 3,339 (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, 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. |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | The following tables present 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 March 31, 2016 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 $ 1,828 $ — $ — $ 1,828 U.S. Government agencies 324 42 — 366 Agency RMBS 2,459 — — 2,459 Corporate bonds 349 — 607 956 Other debt securities 307 — 232 539 Equity securities 651 — 11 662 Total $ 5,918 $ 42 $ 850 $ 6,810 Securities lending: U.S. Government agencies $ 25 $ — $ — $ 25 Other debt securities 314 — — 314 Equity securities 1,149 — — 1,149 Total $ 1,488 $ — $ — $ 1,488 Total borrowings $ 7,406 $ 42 $ 850 $ 8,298 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 |
Commitments and Contingent Li44
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Significant Industry Concentrations Related to Credit Exposure | Significant industry concentrations related to credit exposure at March 31, 2016 are disclosed in the financial institutions portfolio exposure table and the commercial portfolio exposure table below. Financial institutions portfolio exposure (in billions) March 31, 2016 Loans Unfunded commitments Total exposure Securities industry $ 3.0 $ 20.3 $ 23.3 Banks 7.5 2.0 9.5 Asset managers 1.2 5.8 7.0 Insurance 0.1 4.4 4.5 Government 0.1 1.5 1.6 Other 1.0 1.5 2.5 Total $ 12.9 $ 35.5 $ 48.4 Commercial portfolio exposure (in billions) March 31, 2016 Loans Unfunded commitments Total exposure Manufacturing $ 0.5 $ 5.7 $ 6.2 Services and other 0.8 6.3 7.1 Energy and utilities 0.7 4.8 5.5 Media and telecom 0.3 1.5 1.8 Total $ 2.3 $ 18.3 $ 20.6 |
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 March 31, Dec. 31, (in millions) 2016 2015 Lending commitments $ 54,076 $ 54,505 Standby letters of credit (a) 4,767 4,915 Commercial letters of credit 226 303 Securities lending indemnifications (b) 321,358 294,108 (a) Net of participations totaling $864 million at March 31, 2016 and $809 million at Dec. 31, 2015 . (b) Excludes the indemnification for securities for which BNY Mellon acts as an agent on behalf of CIBC Mellon clients , which totaled $55 billion at March 31, 2016 and $54 billion at Dec. 31, 2015 . |
Standby Letters of Credits by Investment Grade | The table below shows SBLCs by investment grade: Standby letters of credit March 31, Dec. 31, 2016 2015 Investment grade 87 % 86 % Non-investment grade 13 % 14 % |
Lines of Businesses (Tables)
Lines of Businesses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 quarter ended March 31, 2016 Investment Investment Services Other Consolidated (dollar amounts in millions) Fee and other revenue $ 812 (a) $ 2,030 $ 129 $ 2,971 (a) Net interest revenue 83 679 4 766 Total revenue 895 (a) 2,709 133 3,737 (a) Provision for credit losses (1 ) 14 (3 ) 10 Noninterest expense 679 1,808 140 2,627 (b) Income (loss) before taxes $ 217 (a) $ 887 $ (4 ) $ 1,100 (a)(b) Pre-tax operating margin (c) 24 % 33 % N/M 29 % Average assets $ 29,971 $ 273,289 $ 61,294 $ 364,554 (a) Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $1 million , representing $6 million of losses and a loss attributable to noncontrolling interests of $7 million . Income (loss) before taxes is net of a loss attributable to noncontrolling interests of $7 million . (b) Noninterest expense includes a loss attributable to noncontrolling interest of $2 million related to other consolidated subsidiaries. (c) Income before taxes divided by total revenue. N/M - Not meaningful. For the quarter ended Dec. 31, 2015 Investment Management Investment Services Other Consolidated (dollar amounts in millions) Fee and other revenue $ 915 (a) $ 1,957 $ 89 $ 2,961 (a) Net interest revenue 84 664 12 760 Total revenue 999 (a) 2,621 101 3,721 (a) Provision for credit losses (4 ) 8 159 163 Noninterest expense 713 1,831 146 2,690 (b) Income (loss) before taxes $ 290 (a) $ 782 $ (204 ) $ 868 (a)(b) Pre-tax operating margin (c) 29 % 30 % N/M 23 % Average assets $ 30,982 $ 281,766 $ 55,842 $ 368,590 (a) Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $11 million , representing $16 million of income and noncontrolling interests of $5 million . Income (loss) before taxes is net of noncontrolling interests of $5 million . (b) Noninterest expense includes a loss attributable to noncontrolling interest of $2 million related to other consolidated subsidiaries. (c) Income before taxes divided by total revenue. N/M - Not meaningful. For the quarter ended March 31, 2015 Investment Management Investment Services Other Consolidated (dollar amounts in millions) Fee and other revenue $ 919 (a) $ 2,029 $ 85 $ 3,033 (a) Net interest revenue 75 629 24 728 Total revenue 994 (a) 2,658 109 3,761 (a) Provision for credit losses (1 ) 7 (4 ) 2 Noninterest expense 732 1,863 105 2,700 Income before taxes $ 263 (a) $ 788 $ 8 $ 1,059 (a) Pre-tax operating margin (b) 26 % 30 % N/M 28 % Average assets $ 31,361 $ 287,321 $ 49,729 $ 368,411 (a) Both fee and other revenue and total revenue include net income from consolidated investment management funds of $21 million , representing $52 million of income and noncontrolling interests of $31 million . Income before taxes is net of noncontrolling interests of $31 million . (b) Income before taxes divided by total revenue. N/M - Not meaningful. |
Supplemental information to t46
Supplemental information to the Consolidated Statement of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Three months ended March 31, (in millions) 2016 2015 Transfers from loans to other assets for other real estate owned (“OREO”) $ 1 $ 2 Change in assets of consolidated VIEs 101 7,601 Change in liabilities of consolidated VIEs 8 7,300 Change in noncontrolling interests of consolidated VIEs 81 197 Securities purchased not settled 86 1,177 Securities sales not settled 356 — Available-for-sale securities transferred to held-to-maturity — 11,602 Premises and equipment/capitalized software funded by capital lease obligations 2 34 |
Acquisitions and Dispositions-
Acquisitions and Dispositions- Additional Information (Detail) - USD ($) | Jul. 31, 2015 | Jan. 02, 2015 | Mar. 31, 2016 |
Acquisitions | |||
Contingent payments | $ 0 | ||
Potential obligation to pay additional consideration, upper limit | $ 4,000,000 | ||
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 | ||
Cutwater Asset Management | |||
Acquisitions | |||
Business acquisition, assets under management acquired | $ 23,000,000,000 |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | ||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | $ 116,563 | $ 118,422 | ||
Gross unrealized Gains | 2,370 | 1,461 | ||
Gross unrealized Losses | 408 | 812 | ||
Fair value | 118,525 | 119,071 | ||
AOCI, transfers from AFS to HTM Securities, gross unrealized gains | 78 | 84 | ||
AOCI, transfers from AFS to HTM Securities, gross unrealized losses | 234 | 248 | ||
Available-for-sale | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 74,846 | [1] | 75,110 | [2] |
Gross unrealized Gains | 1,828 | [1] | 1,274 | [2] |
Gross unrealized Losses | 380 | [1],[3] | 517 | [2],[4] |
Fair value | 76,294 | [1] | 75,867 | [2] |
Available-for-sale | U.S. Treasury | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 12,476 | 12,693 | ||
Gross unrealized Gains | 500 | 175 | ||
Gross unrealized Losses | 4 | 36 | ||
Fair value | 12,972 | 12,832 | ||
Available-for-sale | U.S. Government agencies | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 402 | 386 | ||
Gross unrealized Gains | 8 | 2 | ||
Gross unrealized Losses | 0 | 1 | ||
Fair value | 410 | 387 | ||
Available-for-sale | State and political subdivisions | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 3,631 | 3,968 | ||
Gross unrealized Gains | 104 | 91 | ||
Gross unrealized Losses | 14 | 13 | ||
Fair value | 3,721 | 4,046 | ||
Available-for-sale | Agency RMBS | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 23,721 | 23,549 | ||
Gross unrealized Gains | 318 | 239 | ||
Gross unrealized Losses | 243 | 287 | ||
Fair value | 23,796 | 23,501 | ||
Available-for-sale | Non-agency RMBS | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 746 | 782 | ||
Gross unrealized Gains | 26 | 31 | ||
Gross unrealized Losses | 23 | 20 | ||
Fair value | 749 | 793 | ||
Available-for-sale | Other RMBS | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 993 | 1,072 | ||
Gross unrealized Gains | 8 | 10 | ||
Gross unrealized Losses | 21 | 21 | ||
Fair value | 980 | 1,061 | ||
Available-for-sale | Commercial MBS | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 1,258 | 1,400 | ||
Gross unrealized Gains | 17 | 8 | ||
Gross unrealized Losses | 10 | 16 | ||
Fair value | 1,265 | 1,392 | ||
Available-for-sale | Agency commercial MBS | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 4,225 | 4,031 | ||
Gross unrealized Gains | 81 | 24 | ||
Gross unrealized Losses | 11 | 35 | ||
Fair value | 4,295 | 4,020 | ||
Available-for-sale | CLOs | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 2,441 | 2,363 | ||
Gross unrealized Gains | 2 | 1 | ||
Gross unrealized Losses | 19 | 13 | ||
Fair value | 2,424 | 2,351 | ||
Available-for-sale | Other asset-backed securities | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 2,420 | 2,909 | ||
Gross unrealized Gains | 3 | 1 | ||
Gross unrealized Losses | 15 | 17 | ||
Fair value | 2,408 | 2,893 | ||
Available-for-sale | Foreign covered bonds | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 2,164 | 2,125 | ||
Gross unrealized Gains | 42 | 46 | ||
Gross unrealized Losses | 1 | 3 | ||
Fair value | 2,205 | 2,168 | ||
Available-for-sale | Corporate bonds | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 1,690 | 1,740 | ||
Gross unrealized Gains | 49 | 26 | ||
Gross unrealized Losses | 2 | 14 | ||
Fair value | 1,737 | 1,752 | ||
Available-for-sale | Sovereign debt/sovereign guaranteed | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 13,494 | 13,036 | ||
Gross unrealized Gains | 293 | 211 | ||
Gross unrealized Losses | 5 | 30 | ||
Fair value | 13,782 | 13,217 | ||
Available-for-sale | Other debt securities | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 2,947 | 2,732 | ||
Gross unrealized Gains | 55 | 46 | ||
Gross unrealized Losses | 1 | 3 | ||
Fair value | 3,001 | 2,775 | ||
Available-for-sale | Equity securities | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 2 | 3 | ||
Gross unrealized Gains | 0 | 1 | ||
Gross unrealized Losses | 0 | 0 | ||
Fair value | 2 | 4 | ||
Available-for-sale | Money market funds | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 862 | 886 | ||
Gross unrealized Gains | 0 | 0 | ||
Gross unrealized Losses | 0 | 0 | ||
Fair value | 862 | 886 | ||
Available-for-sale | Non-agency RMBS | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 1,374 | [5] | 1,435 | [6] |
Gross unrealized Gains | 322 | [5] | 362 | [6] |
Gross unrealized Losses | 11 | [5],[7] | 8 | [6],[8] |
Fair value | 1,685 | [5] | 1,789 | [6] |
Held-to-maturity | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 41,717 | 43,312 | ||
Gross unrealized Gains | 542 | 187 | ||
Gross unrealized Losses | 28 | 295 | ||
Fair value | 42,231 | 43,204 | ||
Held-to-maturity | U.S. Treasury | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 11,327 | 11,326 | ||
Gross unrealized Gains | 141 | 25 | ||
Gross unrealized Losses | 0 | 51 | ||
Fair value | 11,468 | 11,300 | ||
Held-to-maturity | U.S. Government agencies | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 1,488 | 1,431 | ||
Gross unrealized Gains | 2 | 0 | ||
Gross unrealized Losses | 0 | 6 | ||
Fair value | 1,490 | 1,425 | ||
Held-to-maturity | State and political subdivisions | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 20 | 20 | ||
Gross unrealized Gains | 0 | 0 | ||
Gross unrealized Losses | 1 | 1 | ||
Fair value | 19 | 19 | ||
Held-to-maturity | Agency RMBS | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 25,747 | 26,036 | ||
Gross unrealized Gains | 338 | 134 | ||
Gross unrealized Losses | 11 | 205 | ||
Fair value | 26,074 | 25,965 | ||
Held-to-maturity | Non-agency RMBS | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 112 | 118 | ||
Gross unrealized Gains | 4 | 5 | ||
Gross unrealized Losses | 3 | 2 | ||
Fair value | 113 | 121 | ||
Held-to-maturity | Other RMBS | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 210 | 224 | ||
Gross unrealized Gains | 0 | 1 | ||
Gross unrealized Losses | 13 | 10 | ||
Fair value | 197 | 215 | ||
Held-to-maturity | Commercial MBS | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 9 | 9 | ||
Gross unrealized Gains | 0 | 0 | ||
Gross unrealized Losses | 0 | 0 | ||
Fair value | 9 | 9 | ||
Held-to-maturity | Agency commercial MBS | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 562 | 503 | ||
Gross unrealized Gains | 10 | 0 | ||
Gross unrealized Losses | 0 | 9 | ||
Fair value | 572 | 494 | ||
Held-to-maturity | Foreign covered bonds | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 80 | 76 | ||
Gross unrealized Gains | 1 | 0 | ||
Gross unrealized Losses | 0 | 0 | ||
Fair value | 81 | 76 | ||
Held-to-maturity | Sovereign debt/sovereign guaranteed | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 2,132 | 3,538 | ||
Gross unrealized Gains | 46 | 22 | ||
Gross unrealized Losses | 0 | 11 | ||
Fair value | 2,178 | 3,549 | ||
Held-to-maturity | Other debt securities | ||||
Gain (Loss) on Investments [Line Items] | ||||
Amortized cost | 30 | 31 | ||
Gross unrealized Gains | 0 | 0 | ||
Gross unrealized Losses | 0 | 0 | ||
Fair value | $ 30 | $ 31 | ||
[1] | Includes gross unrealized gains of $78 million and gross unrealized losses of $234 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 $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 are primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||
[3] | There were no gross unrealized losses for less than 12 months and gross unrealized losses for 12 months or more of $234 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. | |||
[4] | Includes gross unrealized losses for less than 12 months of $8 million and gross unrealized losses for 12 months or more of $240 million recorded in accumulated other comprehensive income related to investment securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||
[5] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | |||
[6] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | |||
[7] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | |||
[8] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
Securities - Net Securities Gai
Securities - Net Securities Gains (Losses) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Securities [Abstract] | |||
Realized gross gains | $ 22 | $ 24 | $ 25 |
Realized gross losses | 0 | (1) | 0 |
Recognized gross impairments | (2) | (2) | (1) |
Net securities gains | $ 20 | $ 21 | $ 24 |
Securities - Aggregate Fair Val
Securities - Aggregate Fair Value of Investments with Continuous Unrealized Loss Position (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | ||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | $ 13,126,000,000 | $ 54,834,000,000 | ||
Less than 12 months Unrealized losses | 71,000,000 | 439,000,000 | ||
12 months or more Fair value | 4,043,000,000 | 5,890,000,000 | ||
12 months or more Unrealized losses | 337,000,000 | 373,000,000 | ||
Total Fair value | 17,169,000,000 | 60,724,000,000 | ||
Total Unrealized losses | 408,000,000 | 812,000,000 | ||
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, less than 12 months | 0 | 8,000,000 | ||
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, greater than 12 months | 234,000,000 | 240,000,000 | ||
Securities available-for-sale | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 9,837,000,000 | [1] | 25,392,000,000 | [2] |
Less than 12 months Unrealized losses | 63,000,000 | [1] | 190,000,000 | [2] |
12 months or more Fair value | 2,870,000,000 | [1] | 3,778,000,000 | [2] |
12 months or more Unrealized losses | 317,000,000 | [1] | 327,000,000 | [2] |
Total Fair value | 12,707,000,000 | [1] | 29,170,000,000 | [2] |
Total Unrealized losses | 380,000,000 | [1],[3] | 517,000,000 | [2],[4] |
Securities available-for-sale | U.S. Treasury | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 749,000,000 | 6,343,000,000 | ||
Less than 12 months Unrealized losses | 4,000,000 | 36,000,000 | ||
12 months or more Fair value | 0 | 0 | ||
12 months or more Unrealized losses | 0 | 0 | ||
Total Fair value | 749,000,000 | 6,343,000,000 | ||
Total Unrealized losses | 4,000,000 | 36,000,000 | ||
Securities available-for-sale | U.S. Government agencies | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 148,000,000 | |||
Less than 12 months Unrealized losses | 1,000,000 | |||
12 months or more Fair value | 10,000,000 | |||
12 months or more Unrealized losses | 0 | |||
Total Fair value | 158,000,000 | |||
Total Unrealized losses | 0 | 1,000,000 | ||
Securities available-for-sale | State and political subdivisions | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 127,000,000 | 143,000,000 | ||
Less than 12 months Unrealized losses | 0 | 2,000,000 | ||
12 months or more Fair value | 131,000,000 | 117,000,000 | ||
12 months or more Unrealized losses | 14,000,000 | 11,000,000 | ||
Total Fair value | 258,000,000 | 260,000,000 | ||
Total Unrealized losses | 14,000,000 | 13,000,000 | ||
Securities available-for-sale | Agency RMBS | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 3,266,000,000 | 8,500,000,000 | ||
Less than 12 months Unrealized losses | 13,000,000 | 44,000,000 | ||
12 months or more Fair value | 803,000,000 | 1,316,000,000 | ||
12 months or more Unrealized losses | 230,000,000 | 243,000,000 | ||
Total Fair value | 4,069,000,000 | 9,816,000,000 | ||
Total Unrealized losses | 243,000,000 | 287,000,000 | ||
Securities available-for-sale | Non-agency RMBS | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 138,000,000 | 72,000,000 | ||
Less than 12 months Unrealized losses | 1,000,000 | 0 | ||
12 months or more Fair value | 364,000,000 | 417,000,000 | ||
12 months or more Unrealized losses | 22,000,000 | 20,000,000 | ||
Total Fair value | 502,000,000 | 489,000,000 | ||
Total Unrealized losses | 23,000,000 | 20,000,000 | ||
Securities available-for-sale | Other RMBS | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 30,000,000 | 2,000,000 | ||
Less than 12 months Unrealized losses | 0 | 0 | ||
12 months or more Fair value | 294,000,000 | 298,000,000 | ||
12 months or more Unrealized losses | 21,000,000 | 21,000,000 | ||
Total Fair value | 324,000,000 | 300,000,000 | ||
Total Unrealized losses | 21,000,000 | 21,000,000 | ||
Securities available-for-sale | Commercial MBS | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 270,000,000 | 567,000,000 | ||
Less than 12 months Unrealized losses | 2,000,000 | 9,000,000 | ||
12 months or more Fair value | 253,000,000 | 224,000,000 | ||
12 months or more Unrealized losses | 8,000,000 | 7,000,000 | ||
Total Fair value | 523,000,000 | 791,000,000 | ||
Total Unrealized losses | 10,000,000 | 16,000,000 | ||
Securities available-for-sale | Agency commercial MBS | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 1,381,000,000 | 2,551,000,000 | ||
Less than 12 months Unrealized losses | 9,000,000 | 31,000,000 | ||
12 months or more Fair value | 124,000,000 | 172,000,000 | ||
12 months or more Unrealized losses | 2,000,000 | 4,000,000 | ||
Total Fair value | 1,505,000,000 | 2,723,000,000 | ||
Total Unrealized losses | 11,000,000 | 35,000,000 | ||
Securities available-for-sale | CLOs | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 1,783,000,000 | 1,599,000,000 | ||
Less than 12 months Unrealized losses | 16,000,000 | 10,000,000 | ||
12 months or more Fair value | 273,000,000 | 455,000,000 | ||
12 months or more Unrealized losses | 3,000,000 | 3,000,000 | ||
Total Fair value | 2,056,000,000 | 2,054,000,000 | ||
Total Unrealized losses | 19,000,000 | 13,000,000 | ||
Securities available-for-sale | Other asset-backed securities | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 1,086,000,000 | 2,001,000,000 | ||
Less than 12 months Unrealized losses | 8,000,000 | 10,000,000 | ||
12 months or more Fair value | 333,000,000 | 546,000,000 | ||
12 months or more Unrealized losses | 7,000,000 | 7,000,000 | ||
Total Fair value | 1,419,000,000 | 2,547,000,000 | ||
Total Unrealized losses | 15,000,000 | 17,000,000 | ||
Securities available-for-sale | Corporate bonds | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 61,000,000 | 338,000,000 | ||
Less than 12 months Unrealized losses | 2,000,000 | 10,000,000 | ||
12 months or more Fair value | 22,000,000 | 128,000,000 | ||
12 months or more Unrealized losses | 0 | 4,000,000 | ||
Total Fair value | 83,000,000 | 466,000,000 | ||
Total Unrealized losses | 2,000,000 | 14,000,000 | ||
Securities available-for-sale | Sovereign debt/sovereign guaranteed | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 341,000,000 | 2,063,000,000 | ||
Less than 12 months Unrealized losses | 1,000,000 | 30,000,000 | ||
12 months or more Fair value | 227,000,000 | 43,000,000 | ||
12 months or more Unrealized losses | 4,000,000 | 0 | ||
Total Fair value | 568,000,000 | 2,106,000,000 | ||
Total Unrealized losses | 5,000,000 | 30,000,000 | ||
Securities available-for-sale | Non-agency RMBS | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 78,000,000 | [5] | 45,000,000 | [6] |
Less than 12 months Unrealized losses | 5,000,000 | [5] | 1,000,000 | [6] |
12 months or more Fair value | 46,000,000 | [5] | 52,000,000 | [6] |
12 months or more Unrealized losses | 6,000,000 | [5] | 7,000,000 | [6] |
Total Fair value | 124,000,000 | [5] | 97,000,000 | [6] |
Total Unrealized losses | 11,000,000 | [5],[7] | 8,000,000 | [6],[8] |
Securities available-for-sale | Other debt securities | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 219,000,000 | 505,000,000 | ||
Less than 12 months Unrealized losses | 1,000,000 | 3,000,000 | ||
12 months or more Fair value | 0 | 0 | ||
12 months or more Unrealized losses | 0 | 0 | ||
Total Fair value | 219,000,000 | 505,000,000 | ||
Total Unrealized losses | 1,000,000 | 3,000,000 | ||
Securities available-for-sale | Foreign covered bonds | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 308,000,000 | 515,000,000 | ||
Less than 12 months Unrealized losses | 1,000,000 | 3,000,000 | ||
12 months or more Fair value | 0 | 0 | ||
12 months or more Unrealized losses | 0 | 0 | ||
Total Fair value | 308,000,000 | 515,000,000 | ||
Total Unrealized losses | 1,000,000 | 3,000,000 | ||
Held-to-maturity | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 3,289,000,000 | 29,442,000,000 | ||
Less than 12 months Unrealized losses | 8,000,000 | 249,000,000 | ||
12 months or more Fair value | 1,173,000,000 | 2,112,000,000 | ||
12 months or more Unrealized losses | 20,000,000 | 46,000,000 | ||
Total Fair value | 4,462,000,000 | 31,554,000,000 | ||
Total Unrealized losses | 28,000,000 | 295,000,000 | ||
Held-to-maturity | U.S. Treasury | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 9,121,000,000 | |||
Less than 12 months Unrealized losses | 51,000,000 | |||
12 months or more Fair value | 0 | |||
12 months or more Unrealized losses | 0 | |||
Total Fair value | 9,121,000,000 | |||
Total Unrealized losses | 0 | 51,000,000 | ||
Held-to-maturity | U.S. Government agencies | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 1,122,000,000 | |||
Less than 12 months Unrealized losses | 6,000,000 | |||
12 months or more Fair value | 0 | |||
12 months or more Unrealized losses | 0 | |||
Total Fair value | 1,122,000,000 | |||
Total Unrealized losses | 0 | 6,000,000 | ||
Held-to-maturity | State and political subdivisions | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 0 | 4,000,000 | ||
Less than 12 months Unrealized losses | 0 | 1,000,000 | ||
12 months or more Fair value | 4,000,000 | 0 | ||
12 months or more Unrealized losses | 1,000,000 | 0 | ||
Total Fair value | 4,000,000 | 4,000,000 | ||
Total Unrealized losses | 1,000,000 | 1,000,000 | ||
Held-to-maturity | Agency RMBS | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 3,229,000,000 | 16,491,000,000 | ||
Less than 12 months Unrealized losses | 6,000,000 | 171,000,000 | ||
12 months or more Fair value | 986,000,000 | 1,917,000,000 | ||
12 months or more Unrealized losses | 5,000,000 | 34,000,000 | ||
Total Fair value | 4,215,000,000 | 18,408,000,000 | ||
Total Unrealized losses | 11,000,000 | 205,000,000 | ||
Held-to-maturity | Non-agency RMBS | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 42,000,000 | 40,000,000 | ||
Less than 12 months Unrealized losses | 1,000,000 | 0 | ||
12 months or more Fair value | 28,000,000 | 29,000,000 | ||
12 months or more Unrealized losses | 2,000,000 | 2,000,000 | ||
Total Fair value | 70,000,000 | 69,000,000 | ||
Total Unrealized losses | 3,000,000 | 2,000,000 | ||
Held-to-maturity | Other RMBS | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 18,000,000 | 9,000,000 | ||
Less than 12 months Unrealized losses | 1,000,000 | 0 | ||
12 months or more Fair value | 155,000,000 | 166,000,000 | ||
12 months or more Unrealized losses | 12,000,000 | 10,000,000 | ||
Total Fair value | 173,000,000 | 175,000,000 | ||
Total Unrealized losses | 13,000,000 | 10,000,000 | ||
Held-to-maturity | Commercial MBS | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Total Unrealized losses | 0 | 0 | ||
Held-to-maturity | Agency commercial MBS | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 494,000,000 | |||
Less than 12 months Unrealized losses | 9,000,000 | |||
12 months or more Fair value | 0 | |||
12 months or more Unrealized losses | 0 | |||
Total Fair value | 494,000,000 | |||
Total Unrealized losses | 0 | 9,000,000 | ||
Held-to-maturity | Sovereign debt/sovereign guaranteed | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Less than 12 months Fair value | 2,161,000,000 | |||
Less than 12 months Unrealized losses | 11,000,000 | |||
12 months or more Fair value | 0 | |||
12 months or more Unrealized losses | 0 | |||
Total Fair value | 2,161,000,000 | |||
Total Unrealized losses | 0 | 11,000,000 | ||
Held-to-maturity | Other debt securities | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Total Unrealized losses | 0 | 0 | ||
Held-to-maturity | Foreign covered bonds | ||||
Investments, Unrealized Loss Position [Line Items] | ||||
Total Unrealized losses | $ 0 | $ 0 | ||
[1] | There were no gross unrealized losses for less than 12 months and gross unrealized losses for 12 months or more of $234 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 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. | |||
[3] | Includes gross unrealized gains of $78 million and gross unrealized losses of $234 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 $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 are primarily related to Agency RMBS and will be amortized into net interest revenue over the estimated lives of the securities. | |||
[5] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. | |||
[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. |
Securities - Maturity Distribut
Securities - Maturity Distribution by Carrying Amount and Yield (on Tax Equivalent Basis) of Investment Securities Portfolio (Detail) $ in Millions | Mar. 31, 2016USD ($) | |
Securities available-for-sale: | ||
One year or less | $ 8,024 | |
Over 1 through 5 years | 21,044 | |
Over 5 through 10 years | 4,645 | |
Over 10 years | 4,115 | |
Total | 76,294 | |
Securities held-to-maturity: | ||
One year or less | 1,844 | |
Over 1 through 5 years | 9,896 | |
Over 5 through 10 years | 3,322 | |
Over 10 years | 15 | |
Total | 41,717 | |
Mortgage-backed securities | ||
Securities available-for-sale: | ||
Without single maturity date | 32,770 | |
Securities held-to-maturity: | ||
Mortgage-backed securities | 26,640 | |
Asset-backed securities | ||
Securities available-for-sale: | ||
Without single maturity date | 4,832 | |
Equity securities | ||
Securities available-for-sale: | ||
Without single maturity date | 864 | [1] |
U.S. Treasury | ||
Securities available-for-sale: | ||
One year or less | 2,641 | |
Over 1 through 5 years | 5,284 | |
Over 5 through 10 years | 1,381 | |
Over 10 years | 3,666 | |
Total | $ 12,972 | |
Securities available-for-sale (percent): | ||
One year or less (percent) | 0.56% | [2] |
Over 1 through 5 years (percent) | 1.49% | [2] |
Over 5 through 10 years (percent) | 1.93% | [2] |
Over 10 years (percent) | 3.11% | [2] |
Total (percent) | 1.80% | [2] |
Securities held-to-maturity: | ||
One year or less | $ 1,601 | |
Over 1 through 5 years | 7,165 | |
Over 5 through 10 years | 2,561 | |
Over 10 years | 0 | |
Total | $ 11,327 | |
Securities held-to-maturity (percent): | ||
One year or less (percent) | 0.98% | [2] |
Over 1 through 5 years (percent) | 1.08% | [2] |
Over 5 through 10 years (percent) | 2.06% | [2] |
Over 10 years (percent) | 0.00% | [2] |
Total (percent) | 1.29% | [2] |
U.S. Government agencies | ||
Securities available-for-sale: | ||
One year or less | $ 50 | |
Over 1 through 5 years | 187 | |
Over 5 through 10 years | 173 | |
Over 10 years | 0 | |
Total | $ 410 | |
Securities available-for-sale (percent): | ||
One year or less (percent) | 2.56% | [2] |
Over 1 through 5 years (percent) | 1.09% | [2] |
Over 5 through 10 years (percent) | 2.46% | [2] |
Over 10 years (percent) | 0.00% | [2] |
Total (percent) | 1.85% | [2] |
Securities held-to-maturity: | ||
One year or less | $ 25 | |
Over 1 through 5 years | 1,463 | |
Over 5 through 10 years | 0 | |
Over 10 years | 0 | |
Total | $ 1,488 | |
Securities held-to-maturity (percent): | ||
One year or less (percent) | 0.64% | [2] |
Over 1 through 5 years (percent) | 1.05% | [2] |
Over 5 through 10 years (percent) | 0.00% | [2] |
Over 10 years (percent) | 0.00% | [2] |
Total (percent) | 1.05% | [2] |
State and political subdivisions | ||
Securities available-for-sale: | ||
One year or less | $ 470 | |
Over 1 through 5 years | 1,970 | |
Over 5 through 10 years | 1,055 | |
Over 10 years | 226 | |
Total | $ 3,721 | |
Securities available-for-sale (percent): | ||
One year or less (percent) | 2.32% | [2] |
Over 1 through 5 years (percent) | 2.73% | [2] |
Over 5 through 10 years (percent) | 4.06% | [2] |
Over 10 years (percent) | 1.52% | [2] |
Total (percent) | 2.98% | [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) | 5.33% | [2] |
Total (percent) | 5.74% | [2] |
Other bonds, notes and debentures | ||
Securities available-for-sale: | ||
One year or less | $ 4,863 | |
Over 1 through 5 years | 13,603 | |
Over 5 through 10 years | 2,036 | |
Over 10 years | 223 | |
Total | $ 20,725 | |
Securities available-for-sale (percent): | ||
One year or less (percent) | 1.01% | [2] |
Over 1 through 5 years (percent) | 1.02% | [2] |
Over 5 through 10 years (percent) | 1.31% | [2] |
Over 10 years (percent) | 1.69% | [2] |
Total (percent) | 1.06% | [2] |
Securities held-to-maturity: | ||
One year or less | $ 218 | |
Over 1 through 5 years | 1,267 | |
Over 5 through 10 years | 757 | |
Over 10 years | 0 | |
Total | $ 2,242 | |
Securities held-to-maturity (percent): | ||
One year or less (percent) | 0.43% | [2] |
Over 1 through 5 years (percent) | 0.63% | [2] |
Over 5 through 10 years (percent) | 0.70% | [2] |
Over 10 years (percent) | 0.00% | [2] |
Total (percent) | 0.64% | [2] |
Mortgage/ asset-backed and equity securities | ||
Securities available-for-sale: | ||
Total | $ 38,466 | |
Securities available-for-sale (percent): | ||
Total (percent) | 2.81% | [2] |
Securities held-to-maturity: | ||
Total | $ 26,640 | |
Securities held-to-maturity (percent): | ||
Total (percent) | 2.72% | [2] |
Mortgage/ asset-backed and equity securities | Mortgage-backed securities | ||
Securities available-for-sale: | ||
Without single maturity date | $ 32,770 | |
Securities available-for-sale (percent): | ||
Without single maturity date (percent) | 3.07% | [2] |
Securities held-to-maturity: | ||
Mortgage-backed securities | $ 26,640 | |
Securities held-to-maturity (percent): | ||
Without single maturity date (percent) | 2.72% | [2] |
Mortgage/ asset-backed and equity securities | Asset-backed securities | ||
Securities available-for-sale: | ||
Without single maturity date | $ 4,832 | |
Securities available-for-sale (percent): | ||
Without single maturity date (percent) | 1.55% | [2] |
Mortgage/ asset-backed and equity securities | Equity securities | ||
Securities available-for-sale: | ||
Without single maturity date | $ 864 | [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 | Mar. 31, 2016 | Dec. 31, 2015 |
Alt-A | ||
Gain (Loss) on Investments [Line Items] | ||
Default rate (percent) | 32.00% | 33.00% |
Severity (percent) | 56.00% | 57.00% |
Subprime | ||
Gain (Loss) on Investments [Line Items] | ||
Default rate (percent) | 52.00% | 52.00% |
Severity (percent) | 71.00% | 75.00% |
Prime | ||
Gain (Loss) on Investments [Line Items] | ||
Default rate (percent) | 19.00% | 18.00% |
Severity (percent) | 39.00% | 40.00% |
Securities - Pre-Tax Net Securi
Securities - Pre-Tax Net Securities Gains (Losses) by Type (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | $ 20 | $ 21 | $ 24 |
Foreign covered bonds | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | 10 | 0 | 0 |
Agency RMBS | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | 8 | 2 | 0 |
U.S. Treasury | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | 1 | 3 | 23 |
Non-agency RMBS | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | (2) | 10 | (1) |
Other securities | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net securities gains | $ 3 | $ 6 | $ 2 |
Securities - Debt Securities Cr
Securities - Debt Securities Credit Losses Roll Forward Recorded in Earnings (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other than Temporary Impairment [Roll Forward] | ||
Beginning balance | $ 91 | $ 93 |
Add: Initial OTTI credit losses | 0 | 0 |
Subsequent OTTI credit losses | 2 | 1 |
Less: Realized losses for securities sold | 0 | 2 |
Ending balance | $ 93 | $ 92 |
Securities - Pledged assets (De
Securities - Pledged assets (Details) - USD ($) $ in Billions | Mar. 31, 2016 | Dec. 31, 2015 |
Transfers and Servicing [Abstract] | ||
Pledged assets | $ 100 | $ 101 |
Pledged collateral for potential borrowings at the Federal Reserve Discount Window | 84 | 84 |
Pledged securities | 88 | 88 |
Pledged loans | 8 | 8 |
Pledged trading assets | 2 | 3 |
Pledged interest-bearing deposits | 2 | 2 |
Pledged assets permitted to be sold or repledged | 6 | 7 |
Market value of securities that can be sold or repledged | 53 | 52 |
Fair value of securities received as collateral that have been resold or repledged | 18 | 17 |
Cash segregated under other regulations | 4 | 4 |
Securities segregated under other regulations | $ 1 | $ 1 |
Loans and asset quality - Detai
Loans and asset quality - Details of Loan Distribution and Industry Concentrations of Credit Risk (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | [1] | $ 61,661 | $ 63,703 | |
Unearned income on lease financings | 592 | 674 | ||
Financial institutions | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 12,903 | 15,899 | ||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,331 | 2,342 | ||
Wealth management loans and mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 13,975 | 13,347 | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 4,326 | 3,945 | ||
Other residential mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,062 | 1,055 | ||
Overdrafts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 5,364 | 4,483 | ||
Margin loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 18,818 | 19,573 | ||
Total Domestic | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 48,617 | 49,351 | ||
Total Domestic | Financial institutions | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 5,586 | 6,640 | ||
Total Domestic | Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,130 | 2,115 | ||
Total Domestic | Wealth management loans and mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 13,882 | 13,247 | ||
Total Domestic | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 4,282 | 3,899 | ||
Total Domestic | Lease financings | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 978 | 1,007 | ||
Total Domestic | Other residential mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,062 | 1,055 | ||
Total Domestic | Overdrafts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 917 | 911 | $ 1,513 | |
Total Domestic | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,106 | 1,137 | 1,107 | |
Total Domestic | Margin loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 18,674 | 19,340 | $ 19,459 | |
Foreign | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 13,044 | 14,352 | ||
Foreign | Financial institutions | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 7,317 | 9,259 | ||
Foreign | Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 201 | 227 | ||
Foreign | Wealth management loans and mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 93 | 100 | ||
Foreign | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 44 | 46 | ||
Foreign | Lease financings | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 743 | 850 | ||
Foreign | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 4,502 | 3,637 | ||
Foreign | Margin loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 144 | $ 233 | ||
[1] | Net of unearned income of $592 million at March 31, 2016 and $674 million at Dec. 31, 2015 primarily on domestic and foreign lease financings. |
Loans and asset quality - Allow
Loans and asset quality - Allowance for Credit Losses Activity (Detail) - USD ($) $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | $ 275 | $ 280 | $ 280 | ||||
Charge-offs | 0 | (170) | 0 | ||||
Recoveries | 2 | 2 | 1 | ||||
Net (charge-offs) recoveries | 2 | (168) | 1 | ||||
Provision | 10 | 163 | 2 | ||||
Ending balance | 287 | 275 | 283 | ||||
Loan losses | 162 | 157 | 190 | ||||
Lending-related commitments | 125 | 118 | 93 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 186 | 180 | 8 | ||||
Allowance for loan losses | 4 | 2 | 1 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 61,053 | 63,101 | 62,178 | ||||
Allowance for loan losses | 158 | 155 | 189 | ||||
Loans | [1] | 61,661 | 63,703 | ||||
Commercial | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 82 | 76 | 60 | ||||
Charge-offs | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | 0 | 0 | ||||
Provision | 6 | 6 | 5 | ||||
Ending balance | 88 | 82 | 65 | ||||
Loan losses | 25 | 24 | 20 | ||||
Lending-related commitments | 63 | 58 | 45 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 0 | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 2,130 | 2,115 | 1,686 | ||||
Allowance for loan losses | 25 | 24 | 20 | ||||
Loans | 2,331 | 2,342 | |||||
Commercial real estate | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 59 | 62 | 50 | ||||
Charge-offs | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | 0 | 0 | ||||
Provision | 3 | (3) | 3 | ||||
Ending balance | 62 | 59 | 53 | ||||
Loan losses | 40 | 37 | 31 | ||||
Lending-related commitments | 22 | 22 | 22 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 2 | 1 | 0 | ||||
Allowance for loan losses | 1 | 1 | 0 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 3,927 | 3,496 | 2,881 | ||||
Allowance for loan losses | 39 | 36 | 31 | ||||
Loans | 4,326 | 3,945 | |||||
Financial institutions | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 31 | 28 | 31 | ||||
Charge-offs | 0 | (170) | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | (170) | 0 | ||||
Provision | 1 | 173 | 2 | ||||
Ending balance | 32 | 31 | 33 | ||||
Loan losses | 11 | 9 | 19 | ||||
Lending-related commitments | 21 | 22 | 14 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 171 | 171 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 5,415 | 6,469 | 5,665 | ||||
Allowance for loan losses | 11 | 9 | 19 | ||||
Loans | 12,903 | 15,899 | |||||
Lease financings | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 15 | 18 | 32 | ||||
Charge-offs | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | 0 | 0 | ||||
Provision | 1 | (3) | (1) | ||||
Ending balance | 16 | 15 | 31 | ||||
Loan losses | 16 | 15 | 31 | ||||
Lending-related commitments | 0 | 0 | 0 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 5 | 0 | 0 | ||||
Allowance for loan losses | 2 | 0 | 0 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 973 | 1,007 | 1,197 | ||||
Allowance for loan losses | 14 | 15 | 31 | ||||
Wealth management loans and mortgages | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 19 | 23 | 22 | ||||
Charge-offs | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | 0 | 0 | ||||
Provision | (1) | (4) | (1) | ||||
Ending balance | 18 | 19 | 21 | ||||
Loan losses | 15 | 15 | 16 | ||||
Lending-related commitments | 3 | 4 | 5 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 8 | 8 | 8 | ||||
Allowance for loan losses | 1 | 1 | 1 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 13,874 | 13,239 | 11,539 | ||||
Allowance for loan losses | 14 | 14 | 15 | ||||
Loans | 13,975 | 13,347 | |||||
Other residential mortgages | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 34 | 35 | 41 | ||||
Charge-offs | 0 | 0 | 0 | ||||
Recoveries | 2 | 2 | 1 | ||||
Net (charge-offs) recoveries | 2 | 2 | 1 | ||||
Provision | (4) | (3) | (2) | ||||
Ending balance | 32 | 34 | 40 | ||||
Loan losses | 32 | 34 | 40 | ||||
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 | 993 | 1,035 | 1,181 | ||||
Allowance for loan losses | 32 | 34 | 40 | ||||
Loans | 1,062 | 1,055 | |||||
All Other | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | 0 | 0 | ||||
Provision | 0 | 0 | 0 | ||||
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 | 20,697 | [2] | 21,388 | [3] | 22,079 | [4] | |
Allowance for loan losses | 0 | 0 | 0 | ||||
Foreign | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 35 | 38 | 44 | ||||
Charge-offs | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | 0 | 0 | ||||
Provision | 4 | (3) | (4) | ||||
Ending balance | 39 | 35 | 40 | ||||
Loan losses | 23 | 23 | 33 | ||||
Lending-related commitments | 16 | 12 | 7 | ||||
Individually evaluated for impairment: | |||||||
Loan balance | 0 | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | 0 | ||||
Collectively evaluated for impairment: | |||||||
Loan balance | 13,044 | 14,352 | 15,950 | ||||
Allowance for loan losses | 23 | 23 | 33 | ||||
Overdrafts | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 5,364 | 4,483 | |||||
Margin loans | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 18,818 | 19,573 | |||||
Total Domestic | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 48,617 | 49,351 | |||||
Total Domestic | Commercial | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 2,130 | 2,115 | |||||
Total Domestic | Commercial real estate | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 4,282 | 3,899 | |||||
Total Domestic | Financial institutions | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 5,586 | 6,640 | |||||
Total Domestic | Lease financings | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 978 | 1,007 | |||||
Total Domestic | Wealth management loans and mortgages | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 13,882 | 13,247 | |||||
Total Domestic | Other residential mortgages | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 1,062 | 1,055 | |||||
Total Domestic | Overdrafts | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 917 | 911 | 1,513 | ||||
Total Domestic | Margin loans | |||||||
Collectively evaluated for impairment: | |||||||
Loans | 18,674 | 19,340 | 19,459 | ||||
Total Domestic | Other | |||||||
Collectively evaluated for impairment: | |||||||
Loans | $ 1,106 | $ 1,137 | $ 1,107 | ||||
[1] | Net of unearned income of $592 million at March 31, 2016 and $674 million at Dec. 31, 2015 primarily on domestic and foreign lease financings. | ||||||
[2] | Includes $917 million of domestic overdrafts, $18,674 million of margin loans and $1,106 million of other loans at March 31, 2016. | ||||||
[3] | Includes $911 million of domestic overdrafts, $19,340 million of margin loans and $1,137 million of other loans at Dec. 31, 2015. | ||||||
[4] | Includes $1,513 million of domestic overdrafts, $19,459 million of margin loans and $1,107 million of other loans at March 31, 2015. |
Loans and asset quality - Nonpe
Loans and asset quality - Nonperforming Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Total nonperforming loans | $ 288 | $ 286 |
Other assets owned | 4 | 6 |
Total nonperforming assets | 292 | 292 |
Total Domestic | Financial institutions | ||
Financing Receivable, Impaired [Line Items] | ||
Total nonperforming loans | 171 | 171 |
Total Domestic | Other residential mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
Total nonperforming loans | 99 | 102 |
Total Domestic | Wealth management loans and mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
Total nonperforming loans | 11 | 11 |
Total Domestic | Lease financings | ||
Financing Receivable, Impaired [Line Items] | ||
Total nonperforming loans | 5 | 0 |
Total Domestic | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Total nonperforming loans | $ 2 | $ 2 |
Loans and asset quality - Lost
Loans and asset quality - Lost Interest (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Receivables [Abstract] | |||
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 period | $ 1 | $ 2 | $ 2 |
Loans and asset quality - Infor
Loans and asset quality - Information about Impaired Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | ||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, average recorded investment | $ 9 | $ 7 | $ 6 | |
Impaired loans without an allowance, average recorded investment | 174 | 3 | 2 | |
Total impaired loans, average recorded investment | 183 | 10 | 8 | |
Impaired loans with an allowance, interest income recognized | 0 | 0 | 0 | |
Impaired loans without an allowance, interest income recognized | 0 | 0 | 0 | |
Total impaired loans, interest income recognized | 0 | 0 | 0 | |
Impaired loans with an allowance, recorded investment | 12 | 7 | ||
Impaired loans without an allowance, recorded investment | [1] | 174 | 173 | |
Total impaired loans, recorded investment | [2] | 186 | 180 | |
Impaired loans with an allowance, unpaid Principal balance | 15 | 10 | ||
Impaired loans without an allowance, unpaid Principal balance | [1] | 315 | 314 | |
Total impaired loans, unpaid Principal balance | [2] | 330 | 324 | |
Impaired loans with an allowance, related allowance | [2],[3] | 4 | 2 | |
Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, average recorded investment | 1 | 1 | 0 | |
Impaired loans without an allowance, average recorded investment | 1 | 0 | 0 | |
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 | 1 | ||
Impaired loans without an allowance, recorded investment | 1 | 0 | ||
Impaired loans with an allowance, unpaid Principal balance | 4 | 3 | ||
Impaired loans without an allowance, unpaid Principal balance | 1 | 0 | ||
Impaired loans with an allowance, related allowance | [3] | 1 | 1 | |
Financial institutions | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans without an allowance, average recorded investment | 171 | 1 | 0 | |
Impaired loans without an allowance, interest income recognized | 0 | 0 | 0 | |
Impaired loans without an allowance, recorded investment | 171 | 171 | ||
Impaired loans without an allowance, unpaid Principal balance | 312 | 312 | ||
Wealth management loans and mortgages | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, average recorded investment | 6 | 6 | 6 | |
Impaired loans without an allowance, average recorded investment | 2 | 2 | 2 | |
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 | 6 | 7 | ||
Impaired loans without an allowance, unpaid Principal balance | 2 | 2 | ||
Impaired loans with an allowance, related allowance | [3] | 1 | 1 | |
Lease financings | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, average recorded investment | 2 | 0 | 0 | |
Impaired loans with an allowance, interest income recognized | 0 | 0 | $ 0 | |
Impaired loans with an allowance, recorded investment | 5 | 0 | ||
Impaired loans with an allowance, unpaid Principal balance | 5 | 0 | ||
Impaired loans with an allowance, related allowance | [3] | 2 | 0 | |
Loans Individually Less Than 1 Million | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, recorded investment | 2 | 2 | ||
Total impaired loans, recorded investment | 1 | 1 | ||
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 less than $1 million and an aggregate of $2 million of impaired loans in amounts individually less than $1 million at March 31, 2016 and Dec. 31, 2015, respectively. The allowance for loan loss associated with these loans totaled less than $1 million at both March 31, 2016 and Dec. 31, 2015. | |||
[3] | The allowance for impaired loans is included in the allowance for loan losses. |
Loans and asset quality - Inf61
Loans and asset quality - Information about Past Due Loans (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 102 | $ 171 |
Total Domestic | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 51 | 68 |
Total Domestic | Financial institutions | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1 | 0 |
Total Domestic | Wealth management loans and mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 27 | 72 |
Total Domestic | Other residential mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 23 | 31 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 86 | 148 |
30 to 59 Days Past Due | Total Domestic | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 44 | 57 |
30 to 59 Days Past Due | Total Domestic | Financial institutions | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1 | 0 |
30 to 59 Days Past Due | Total Domestic | Wealth management loans and mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 26 | 69 |
30 to 59 Days Past Due | Total Domestic | Other residential mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 15 | 22 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 11 | 18 |
60 to 89 Days Past Due | Total Domestic | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 7 | 11 |
60 to 89 Days Past Due | Total Domestic | Financial institutions | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 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 | 0 | 2 |
60 to 89 Days Past Due | Total Domestic | Other residential mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 4 | 5 |
Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 5 | 5 |
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 | Financial institutions | ||
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 | $ 4 |
Loans and asset quality- Troubl
Loans and asset quality- Troubled Debt Restructurings (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract | Mar. 31, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of contracts (contracts) | Contract | 15 | 19 | 19 |
Outstanding recorded investment Pre-modification | $ 3 | $ 3 | $ 4 |
Outstanding recorded investment Post- modification | $ 3 | $ 4 | $ 4 |
Total Domestic | Other residential mortgages | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts (contracts) | Contract | 13 | 15 | 19 |
Outstanding recorded investment Pre-modification | $ 3 | $ 3 | $ 4 |
Outstanding recorded investment Post- modification | $ 3 | $ 4 | $ 4 |
Total Domestic | Wealth management loans and mortgages | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts (contracts) | Contract | 2 | 4 | 0 |
Outstanding recorded investment Pre-modification | $ 0 | $ 0 | $ 0 |
Outstanding recorded investment Post- modification | $ 0 | $ 0 | $ 0 |
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 | Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [1] | $ 61,661 | $ 63,703 |
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,331 | 2,342 | |
Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4,326 | 3,945 | |
Financial institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 12,903 | 15,899 | |
Wealth management mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6,989 | 6,647 | |
Wealth management loans and mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 13,975 | 13,347 | |
Investment grade | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,014 | 2,026 | |
Investment grade | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,276 | 2,678 | |
Investment grade | Financial institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 9,527 | 13,965 | |
Investment grade | Wealth management loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6,813 | 6,529 | |
Non-investment grade | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 317 | 316 | |
Non-investment grade | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,050 | 1,267 | |
Non-investment grade | Financial institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,376 | 1,934 | |
Non-investment grade | Wealth management loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 173 | $ 171 | |
[1] | Net of unearned income of $592 million at March 31, 2016 and $674 million at Dec. 31, 2015 primarily on domestic and foreign lease financings. |
Loans and asset quality - Addit
Loans and asset quality - Additional Information (Detail) $ in Millions | Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($)class_of_receivableSegmentContract | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | |
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] | $ 61,661 | $ 61,661 | $ 63,703 | |
Other residential mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Subsequently defaulted number of contracts (contracts) | Contract | 6 | ||||
Financing receivable, modifications, subsequent default, recorded investment | $ 1 | ||||
Loans | $ 1,062 | $ 1,062 | 1,055 | ||
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 | $ 6,989 | $ 6,989 | 6,647 | ||
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 | $ 5,364 | $ 5,364 | 4,483 | ||
Number of business days in which overdrafts are generally repaid | 2 days | ||||
Margin loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 18,818 | $ 18,818 | 19,573 | ||
Total Domestic | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 48,617 | 48,617 | 49,351 | ||
Total Domestic | Other residential mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 1,062 | 1,062 | 1,055 | ||
Purchased mortgages | $ 268 | $ 268 | |||
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) | 15.00% | 15.00% | |||
Total Domestic | Overdrafts | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 917 | $ 917 | 911 | $ 1,513 | |
Total Domestic | Margin loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 18,674 | $ 18,674 | $ 19,340 | $ 19,459 | |
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 $592 million at March 31, 2016 and $674 million at Dec. 31, 2015 primarily on domestic and foreign lease financings. |
Goodwill and Intangible Asset65
Goodwill and Intangible Assets - Goodwill by Business Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Goodwill [Roll Forward] | ||||
Beginning Balance | $ 17,618 | $ 17,869 | ||
Acquisitions | 10 | |||
Foreign currency translation | (14) | (216) | ||
Ending Balance | 17,604 | 17,663 | ||
Investment Management | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | 9,207 | 9,328 | [1] | |
Acquisitions | [1] | 10 | ||
Foreign currency translation | (32) | (106) | [1] | |
Ending Balance | 9,175 | 9,232 | [1] | |
Investment Services | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | [2] | 8,366 | 8,471 | |
Acquisitions | [2] | 0 | ||
Foreign currency translation | [2] | 18 | (107) | |
Ending Balance | [2] | 8,384 | 8,364 | |
Other | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | [2] | 45 | 70 | [1] |
Acquisitions | [1],[2] | 0 | ||
Foreign currency translation | [2] | 0 | (3) | [1] |
Ending Balance | [2] | $ 45 | $ 67 | [1] |
[1] | Includes the reclassification of goodwill associated with Meriten Investment Management GmbH from Investment Management to the Other segment. | |||
[2] | Includes the reclassification of goodwill associated with credit-related activities from the Other segment to Investment Services. |
Goodwill and Intangible Asset66
Goodwill and Intangible Assets - Intangible Assets by Business Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Intangible Assets [Roll Forward] | ||||
Beginning Balance | $ 3,842 | $ 4,127 | ||
Acquisitions | 9 | |||
Amortization | (57) | (66) | ||
Foreign currency translation | (4) | (23) | ||
Ending Balance | 3,781 | 4,047 | ||
Investment Management | ||||
Intangible Assets [Roll Forward] | ||||
Beginning Balance | 1,807 | 1,911 | [1] | |
Acquisitions | [1] | 9 | ||
Amortization | (19) | (24) | [1] | |
Foreign currency translation | (6) | (15) | [1] | |
Ending Balance | 1,782 | 1,881 | [1] | |
Investment Services | ||||
Intangible Assets [Roll Forward] | ||||
Beginning Balance | 1,186 | 1,355 | ||
Acquisitions | 0 | |||
Amortization | (38) | (41) | ||
Foreign currency translation | 2 | (7) | ||
Ending Balance | 1,150 | 1,307 | ||
Other | ||||
Intangible Assets [Roll Forward] | ||||
Beginning Balance | 849 | 861 | [1] | |
Acquisitions | [1] | 0 | ||
Amortization | 0 | (1) | [1] | |
Foreign currency translation | 0 | (1) | [1] | |
Ending Balance | $ 849 | $ 859 | [1] | |
[1] | Includes the reclassification of intangible assets associated with Meriten from Investment Management to the Other segment. |
Goodwill and Intangible Asset67
Goodwill and Intangible Assets - Intangible Assets by Type (Detail) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | ||
Intangible Assets by Major Class [Line Items] | |||||
Gross carrying amount | $ 6,537 | $ 6,558 | |||
Accumulated amortization | (2,756) | (2,716) | |||
Net carrying amount | 3,781 | 3,842 | $ 4,047 | $ 4,127 | |
Finite-lived Intangible Assets | |||||
Intangible Assets by Major Class [Line Items] | |||||
Gross carrying amount | [1] | 3,878 | 3,893 | ||
Accumulated amortization | [1] | (2,756) | (2,716) | ||
Net carrying amount | [1] | $ 1,122 | 1,177 | ||
Finite-lived Intangible Assets | Weighted Average | |||||
Intangible Assets by Major Class [Line Items] | |||||
Remaining weighted- average amortization period | [1] | 10 years | |||
Finite-lived Intangible Assets | Customer relationships | |||||
Intangible Assets by Major Class [Line Items] | |||||
Gross carrying amount | [1] | $ 1,584 | 1,593 | ||
Accumulated amortization | [1] | (1,245) | (1,235) | ||
Net carrying amount | [1] | $ 339 | 358 | ||
Finite-lived Intangible Assets | Customer relationships | Weighted Average | |||||
Intangible Assets by Major Class [Line Items] | |||||
Remaining weighted- average amortization period | [1] | 11 years | |||
Finite-lived Intangible Assets | Customer contracts—Investment Services | |||||
Intangible Assets by Major Class [Line Items] | |||||
Gross carrying amount | [1] | $ 2,256 | 2,260 | ||
Accumulated amortization | [1] | (1,481) | (1,450) | ||
Net carrying amount | [1] | $ 775 | 810 | ||
Finite-lived Intangible Assets | Customer contracts—Investment Services | Weighted Average | |||||
Intangible Assets by Major Class [Line Items] | |||||
Remaining weighted- average amortization period | [1] | 10 years | |||
Finite-lived Intangible Assets | Other | |||||
Intangible Assets by Major Class [Line Items] | |||||
Gross carrying amount | [1] | $ 38 | 40 | ||
Accumulated amortization | [1] | (30) | (31) | ||
Net carrying amount | [1] | $ 8 | 9 | ||
Finite-lived Intangible Assets | Other | Weighted Average | |||||
Intangible Assets by Major Class [Line Items] | |||||
Remaining weighted- average amortization period | [1] | 3 years | |||
Indefinite-lived Intangible Assets | |||||
Intangible Assets by Major Class [Line Items] | |||||
Gross carrying amount | [2] | $ 2,659 | 2,665 | ||
Net carrying amount | [2] | 2,659 | 2,665 | ||
Indefinite-lived Intangible Assets | Customer relationships | |||||
Intangible Assets by Major Class [Line Items] | |||||
Gross carrying amount | [2] | 1,303 | 1,307 | ||
Net carrying amount | [2] | 1,303 | 1,307 | ||
Indefinite-lived Intangible Assets | Trade name | |||||
Intangible Assets by Major Class [Line Items] | |||||
Gross carrying amount | [2] | 1,356 | 1,358 | ||
Net carrying amount | [2] | $ 1,356 | $ 1,358 | ||
[1] | Excludes fully amortized intangible assets. | ||||
[2] | Intangible assets not subject to amortization have an indefinite life. |
Goodwill and Intangible Asset68
Goodwill and Intangible Assets - Estimated Annual Amortization Expense (Detail) $ in Millions | Mar. 31, 2016USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | $ 234 |
2,017 | 212 |
2,018 | 180 |
2,019 | 106 |
2,020 | $ 95 |
Other Assets (Detail)
Other Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Other Assets [Abstract] | |||
Corporate/bank-owned life insurance | $ 4,722 | $ 4,704 | |
Accounts receivable | 4,548 | 3,535 | |
Equity in joint ventures and other investments | [1] | 3,328 | 3,329 |
Fails to deliver | 1,440 | 1,494 | |
Income taxes receivable | 1,415 | 1,554 | |
Software | 1,363 | 1,355 | |
Fair value of hedging derivatives | 949 | 716 | |
Prepaid pension assets | 766 | 727 | |
Prepaid expenses | 519 | 464 | |
Due from customers on acceptances | 234 | 258 | |
Other | 1,023 | 1,490 | |
Total other assets | 20,307 | 19,626 | |
Federal Reserve Bank stock | $ 454 | $ 453 | |
[1] | Includes Federal Reserve Bank stock of $454 million and $453 million, respectively, at cost |
Other Assets - Seed Capital and
Other Assets - Seed Capital and Private Equity Investments Valued Using Net Asset Value (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Fair value | $ 109 | $ 117 | |
Unfunded commitments | 59 | 59 | |
Seed capital and other funds | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Fair value | [1] | 71 | 83 |
Unfunded commitments | [1] | $ 1 | $ 1 |
Redemption frequency | [1] | Daily-quarterly | Daily-quarterly |
Private equity investments | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Fair value | [2] | $ 38 | $ 34 |
Unfunded commitments | [2] | $ 58 | $ 58 |
Minimum | Seed capital and other funds | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Redemption notice period | [1] | 1 day | 1 day |
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] | Private equity funds primarily include Volcker Rule-compliant investments in SBICs 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 | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Other Assets [Abstract] | |||
Amortization method qualified affordable housing projects investments | $ 891 | $ 918 | |
Qualified affordable housing project investments, commitment | 380 | 393 | |
Qualified affordable housing project commitment - 2016 | 208 | ||
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 | 38 | 32 | $ 33 |
Qualified affordable housing project investments, amortization | $ 28 | $ 25 | $ 24 |
Net Interest Revenue (Detail)
Net Interest Revenue (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Interest revenue | |||
Non-margin loans | $ 205 | $ 187 | $ 173 |
Margin loans | 63 | 53 | 50 |
Securities: | |||
Taxable | 444 | 453 | 439 |
Exempt from federal income taxes | 18 | 19 | 22 |
Total securities | 462 | 472 | 461 |
Deposits with banks | 26 | 22 | 30 |
Deposits with the Federal Reserve and other central banks | 61 | 39 | 45 |
Federal funds sold and securities purchased under resale agreements | 49 | 42 | 30 |
Trading assets | 17 | 19 | 18 |
Total interest revenue | 883 | 834 | 807 |
Interest expense | |||
Deposits | 15 | 5 | 15 |
Federal funds purchased and securities sold under repurchase agreements | 9 | (1) | (3) |
Trading liabilities | 2 | 2 | 2 |
Other borrowed funds | 2 | 2 | 2 |
Customer payables | 4 | 2 | 2 |
Long-term debt | 85 | 64 | 61 |
Total interest expense | 117 | 74 | 79 |
Net interest revenue | $ 766 | $ 760 | $ 728 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Domestic Pension Benefits | ||
Components of net periodic benefit cost (credit): | ||
Service cost | $ 0 | $ 15 |
Interest cost | 45 | 43 |
Expected return on assets | (82) | (83) |
Curtailment (gain) | 0 | (30) |
Other | 18 | 31 |
Net periodic benefit (credit) cost | (19) | (24) |
Foreign Pension Benefits | ||
Components of net periodic benefit cost (credit): | ||
Service cost | 8 | 8 |
Interest cost | 9 | 10 |
Expected return on assets | (13) | (13) |
Curtailment (gain) | 0 | 0 |
Other | 4 | 6 |
Net periodic benefit (credit) cost | 8 | 11 |
Health care benefits | ||
Components of net periodic benefit cost (credit): | ||
Service cost | 1 | 1 |
Interest cost | 2 | 2 |
Expected return on assets | (2) | (2) |
Curtailment (gain) | 0 | 0 |
Other | (1) | 0 |
Net periodic benefit (credit) cost | $ 0 | $ 1 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | 60 Months Ended | |||
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2011USD ($)position | Dec. 31, 2015USD ($) | Apr. 01, 2014USD ($) | Dec. 31, 2010USD ($) | |
Streamlining Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Net additional charges (net recovery/gain) | $ 0 | $ (5) | ||||
Restructuring reserve | 14 | 29 | $ 29 | $ 125 | ||
Operational Efficiency Initiatives 2011 | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Net additional charges (net recovery/gain) | (1) | 1 | 27 | |||
Restructuring reserve | 7 | 9 | $ 107 | 9 | $ 107 | |
Estimated reduction in workforce due to restructuring (positions) | position | 1,500 | |||||
Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Net additional charges (net recovery/gain) | 1 | |||||
Severance | Operational Efficiency Initiatives 2011 | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Net additional charges (net recovery/gain) | (1) | 84 | ||||
Restructuring reserve | 7 | 9 | $ 78 | 9 | 78 | |
Other | Operational Efficiency Initiatives 2011 | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Net additional charges (net recovery/gain) | 0 | (57) | ||||
Restructuring reserve | $ 0 | $ 0 | $ 29 | $ 0 | $ 29 |
Restructuring Charges - Activit
Restructuring Charges - Activity in Restructuring Reserve (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 60 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | |
Severance | ||||
Restructuring Reserve [Roll Forward] | ||||
Net additional charges (net recovery/gain) | $ 1 | |||
Streamlining Actions | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 29 | |||
Net additional charges | 0 | $ 75 | ||
Net additional charges (net recovery/gain) | 0 | $ (5) | ||
Utilization | (15) | (171) | ||
Ending balance | 14 | 29 | 29 | $ 29 |
Operational Efficiency Initiatives 2011 | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 9 | 107 | ||
Net additional charges (net recovery/gain) | (1) | 1 | 27 | |
Utilization | (1) | (125) | ||
Ending balance | 7 | 9 | 9 | 9 |
Operational Efficiency Initiatives 2011 | Severance | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 9 | 78 | ||
Net additional charges (net recovery/gain) | (1) | 84 | ||
Utilization | (1) | (153) | ||
Ending balance | 7 | 9 | 9 | 9 |
Operational Efficiency Initiatives 2011 | Other | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 0 | 29 | ||
Net additional charges (net recovery/gain) | 0 | (57) | ||
Utilization | 0 | 28 | ||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Restructuring Charges - by Busi
Restructuring Charges - by Business Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 60 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | |
Streamlining Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Net additional charges (net recovery/gain) | $ 0 | $ (5) | |
Total charges since inception | 200 | ||
Streamlining Actions | Investment Management | |||
Restructuring Cost and Reserve [Line Items] | |||
Net additional charges (net recovery/gain) | 1 | 0 | |
Total charges since inception | 36 | ||
Streamlining Actions | Investment Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Net additional charges (net recovery/gain) | (1) | (4) | |
Total charges since inception | 84 | ||
Streamlining Actions | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Net additional charges (net recovery/gain) | 0 | (1) | |
Total charges since inception | 80 | ||
Operational Efficiency Initiatives 2011 | |||
Restructuring Cost and Reserve [Line Items] | |||
Net additional charges (net recovery/gain) | (1) | 1 | $ 27 |
Total charges since inception | 133 | ||
Operational Efficiency Initiatives 2011 | Investment Management | |||
Restructuring Cost and Reserve [Line Items] | |||
Net additional charges (net recovery/gain) | 0 | 1 | |
Total charges since inception | 49 | ||
Operational Efficiency Initiatives 2011 | Investment Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Net additional charges (net recovery/gain) | 0 | 0 | |
Total charges since inception | 82 | ||
Operational Efficiency Initiatives 2011 | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Net additional charges (net recovery/gain) | (1) | $ 0 | |
Total charges since inception | $ 2 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Millions | Mar. 07, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Income Tax Contingency [Line Items] | ||||
Provision (benefit) for income taxes | $ 283 | $ 175 | $ 280 | |
Effective tax rate (percent) | 25.90% | 25.70% | ||
Tax reserves | $ 175 | 649 | ||
Impact on tax expense if tax reserves were unnecessary | 175 | |||
Accrued interest, related to income taxes in the balance sheet | 18 | |||
Additional tax expense related to interest | 2 | $ (2) | ||
Reasonably possible decrease in uncertain tax positions within the next 12 months, if a re-evaluation is required | $ 63 | |||
Tax reserve reduction | $ 467 | |||
Reduction in accrued interest receivable | $ (178) |
Securitizations and Variable 78
Securitizations and Variable Interest Entities - Incremental Assets and Liabilities of Variable Interest Entities Included in Consolidated Financial Statements (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | ||
Variable Interest Entity [Line Items] | ||||
VIE classification of carrying amount, assets | $ 255 | $ 190 | ||
VIE classification of carrying amount, liabilities | 2 | 1 | ||
Noncontrolling interest in VIE | 68 | 5 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Available-for-sale | 400 | 400 | ||
Trading assets | 1,186 | 1,228 | ||
Other assets | 114 | 173 | ||
Subtotal assets of consolidated investment management funds, at fair value | 1,700 | 1,801 | ||
Trading liabilities | 245 | 229 | ||
Other liabilities | 381 | 376 | ||
Subtotal liabilities of consolidated investment management funds, at fair value | 626 | 605 | ||
Nonredeemable noncontrolling interests of consolidated investment management funds | 657 | 738 | ||
Variable Interest Entity, Primary Beneficiary | Investment Management funds | ||||
Variable Interest Entity [Line Items] | ||||
Available-for-sale | 0 | 0 | ||
Trading assets | 1,186 | 1,228 | ||
Other assets | 114 | 173 | ||
Subtotal assets of consolidated investment management funds, at fair value | 1,300 | [1] | 1,401 | [2] |
Trading liabilities | 245 | 229 | ||
Other liabilities | 9 | 17 | ||
Subtotal liabilities of consolidated investment management funds, at fair value | 254 | [1] | 246 | [2] |
Nonredeemable noncontrolling interests of consolidated investment management funds | 657 | [1] | 738 | [2] |
Variable Interest Entity, Primary Beneficiary | Securitizations | ||||
Variable Interest Entity [Line Items] | ||||
Available-for-sale | 400 | 400 | ||
Trading assets | 0 | 0 | ||
Other assets | 0 | 0 | ||
Subtotal assets of consolidated investment management funds, at fair value | 400 | 400 | ||
Trading liabilities | 0 | 0 | ||
Other liabilities | 372 | 359 | ||
Subtotal liabilities of consolidated investment management funds, at fair value | 372 | 359 | ||
Nonredeemable noncontrolling interests of consolidated investment management funds | $ 0 | $ 0 | ||
[1] | Includes VMEs with assets of $255 million, liabilities of $2 million and nonredeemable noncontrolling interests of $68 million. | |||
[2] | Includes VMEs with assets of $190 million, liabilities of $1 million and nonredeemable noncontrolling interests of $5 million. |
Securitizations and Variable 79
Securitizations and Variable Interest Entities - Non-consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Other Assets and Liabilities, Net | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 193 | $ 189 |
Liabilities | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | $ 193 | $ 189 |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 21, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | |||
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 | $ 169 | $ 200 | |
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 E Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock redemption period following regulatory capital treatment event | 90 days | ||
Series D Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock redemption period following regulatory capital treatment event | 90 days |
Preferred Stock - Stock Summary
Preferred Stock - Stock Summary (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Class of Stock [Line Items] | |||
Total shares issued and outstanding (shares) | 25,826 | 25,826 | |
Carrying value | [1] | $ 2,552 | $ 2,552 |
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 | [1] | $ 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 | 10,000 | |
Carrying value | [1] | $ 990 | $ 990 |
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] | The carrying value of the Series C, Series D and Series E preferred stock is recorded net of issuance costs. |
Other Comprehensive Income (L82
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | ||
After-tax amount | ||||
Total other comprehensive income (loss), net of tax | [1] | $ 205 | $ (259) | $ (587) |
AOCI Attributable to Parent | ||||
Pre-tax amount | ||||
Total other comprehensive income (loss), Pre-tax amount | 298 | (268) | (504) | |
Tax (expense) benefit | ||||
Total other comprehensive income (loss), Tax (expense) benefit | (93) | 9 | (83) | |
After-tax amount | ||||
Total other comprehensive income (loss), net of tax | 205 | (259) | (587) | |
Foreign currency translation | ||||
Pre-tax amount | ||||
Other comprehensive income (loss), Pre-tax amount | [2] | 45 | (122) | (503) |
Total other comprehensive income (loss), Pre-tax amount | 45 | (122) | (503) | |
Tax (expense) benefit | ||||
Other comprehensive income (loss), Tax (expense) benefit | [2] | (8) | (42) | (98) |
Total other comprehensive income (loss), Tax (expense) benefit | (8) | (42) | (98) | |
After-tax amount | ||||
Other comprehensive income (loss), After-tax amount | [2] | 37 | (164) | (601) |
Total other comprehensive income (loss), net of tax | 37 | (164) | (601) | |
Unrealized gain (loss) on assets available-for-sale | ||||
Pre-tax amount | ||||
Other comprehensive income (loss), Pre-tax amount | 243 | (235) | 202 | |
Reclassification adjustment, Pre-tax amount | [3] | (20) | (21) | (24) |
Total other comprehensive income (loss), Pre-tax amount | 223 | (256) | 178 | |
Tax (expense) benefit | ||||
Other comprehensive income (loss), Tax (expense) benefit | (80) | 89 | (68) | |
Reclassification adjustment, Tax (expense) benefit | [3] | 5 | 8 | 9 |
Total other comprehensive income (loss), Tax (expense) benefit | (75) | 97 | (59) | |
After-tax amount | ||||
Other comprehensive income (loss), After-tax amount | 163 | (146) | 134 | |
Reclassification adjustment, After-tax amount | [3] | (15) | (13) | (15) |
Total other comprehensive income (loss), net of tax | 148 | (159) | 119 | |
Defined benefit plans | ||||
Pre-tax amount | ||||
Other comprehensive income (loss), Pre-tax amount | 3 | 77 | (185) | |
Reclassification adjustment, Pre-tax amount | [3] | 22 | 33 | 7 |
Total other comprehensive income (loss), Pre-tax amount | 25 | 110 | (178) | |
Tax (expense) benefit | ||||
Other comprehensive income (loss), Tax (expense) benefit | (1) | (35) | 76 | |
Reclassification adjustment, Tax (expense) benefit | [3] | (7) | (11) | (2) |
Total other comprehensive income (loss), Tax (expense) benefit | (8) | (46) | 74 | |
After-tax amount | ||||
Other comprehensive income (loss), After-tax amount | 2 | 42 | (109) | |
Reclassification adjustment, After-tax amount | [3] | 15 | 22 | 5 |
Total other comprehensive income (loss), net of tax | 17 | 64 | (104) | |
Unrealized gain (loss) on cash flow hedges | ||||
Pre-tax amount | ||||
Other comprehensive income (loss), Pre-tax amount | (81) | 0 | 2 | |
Reclassification adjustment, Pre-tax amount | [3] | 86 | 0 | (3) |
Total other comprehensive income (loss), Pre-tax amount | 5 | 0 | (1) | |
Tax (expense) benefit | ||||
Other comprehensive income (loss), Tax (expense) benefit | 27 | 0 | 5 | |
Reclassification adjustment, Tax (expense) benefit | [3] | (29) | 0 | (5) |
Total other comprehensive income (loss), Tax (expense) benefit | (2) | 0 | 0 | |
After-tax amount | ||||
Other comprehensive income (loss), After-tax amount | (54) | 0 | 7 | |
Reclassification adjustment, After-tax amount | [3] | 57 | 0 | (8) |
Total other comprehensive income (loss), net of tax | $ 3 | $ 0 | $ (1) | |
[1] | Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $210 million for the quarter ended March 31, 2016, $(245) million for the quarter ended Dec. 31, 2015 and $(548) million for the quarter ended March 31, 2015. | |||
[2] | Includes the impact of hedges of net investments in foreign subsidiaries. See Note 16 for additional information. | |||
[3] | The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains on the Consolidated Income Statement. The amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost is recorded as staff expense on the Consolidated Income Statement. See Note 16 of the Notes to Consolidated Financial Statements for the location of the reclassification adjustment related to cash flow hedges on the Consolidated Income Statement. |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | $ 5,303 | $ 4,685 | |||
Derivative liabilities | 5,715 | 4,319 | |||
Fair Value, Measurements, Recurring | Sovereign debt/sovereign guaranteed | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | [1] | 13,782 | 13,217 | ||
Fair Value, Measurements, Recurring | Non-agency RMBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | [1] | 749 | 793 | ||
Fair Value, Measurements, Recurring | Foreign covered bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | [1] | 2,205 | 2,168 | ||
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 | $ 16,997 | $ 17,784 | |||
Percentage of assets prior to netting (percent) | 17.00% | 18.00% | |||
Fair value of liabilities | $ 348 | $ 433 | |||
Percentage of liabilities prior to netting (percent) | 2.00% | 3.00% | |||
Fair Value, Measurements, Recurring | Level 1 | Securities available-for-sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | $ 15,929 | $ 15,723 | |||
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 | 12,972 | 12,832 | |||
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 | 136 | 35 | |||
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 | 2 | 4 | |||
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 | 862 | [2] | 886 | [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 | 1,957 | 1,966 | |||
Fair Value, Measurements, Recurring | Level 1 | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Debt and equity instruments | 256 | [2] | 1,232 | [3] | |
Trading assets | 285 | 1,257 | |||
Fair Value, Measurements, Recurring | Level 1 | Other Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | $ 198 | [4] | 192 | [5] | |
Percentage of assets prior to netting (percent) | 17.00% | ||||
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 | $ 16,412 | $ 17,172 | |||
Percentage of assets prior to netting (percent) | 18.00% | ||||
Fair Value, Measurements, Recurring | Level 1 | Investment Management funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Trading assets | 481 | $ 455 | |||
Other assets | 104 | 157 | |||
Subtotal assets of consolidated investment management funds, at fair value | 585 | 612 | |||
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 | 353 | 422 | |||
Other assets | 81 | [4] | 62 | [5] | |
Subtotal assets of consolidated investment management funds, at fair value | $ 82,590 | $ 79,359 | |||
Percentage of assets prior to netting (percent) | 83.00% | 82.00% | |||
Fair value of liabilities | $ 20,000 | $ 15,934 | |||
Percentage of liabilities prior to netting (percent) | 98.00% | 97.00% | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | $ 60,365 | $ 60,144 | |||
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 | 410 | 387 | |||
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 | 13,646 | 13,182 | |||
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 | 3,721 | [2] | 4,046 | [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 | 23,796 | 23,501 | |||
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 | 749 | 793 | |||
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 | 980 | 1,061 | |||
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 | 1,265 | 1,392 | |||
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 | 4,295 | 4,020 | |||
Fair Value, Measurements, Recurring | Level 2 | Securities available-for-sale | CLOs | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 2,424 | 2,351 | |||
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 | 2,408 | 2,893 | |||
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 | 1,737 | 1,752 | |||
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 | 3,001 | 2,775 | |||
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 | 248 | 202 | |||
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 | 1,685 | [6] | 1,789 | [7] | |
Fair Value, Measurements, Recurring | Level 2 | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Debt and equity instruments | 1,916 | [2] | 2,167 | [3] | |
Trading assets | 20,127 | 17,226 | |||
Fair Value, Measurements, Recurring | Level 2 | Other Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | $ 1,030 | 778 | |||
Percentage of assets prior to netting (percent) | 83.00% | ||||
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 | $ 81,875 | $ 78,570 | |||
Percentage of assets prior to netting (percent) | 82.00% | ||||
Fair Value, Measurements, Recurring | Level 2 | Investment Management funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Trading assets | 705 | $ 773 | |||
Other assets | 10 | 16 | |||
Subtotal assets of consolidated investment management funds, at fair value | 715 | 789 | |||
Trading liabilities | 245 | 229 | |||
Other liabilities | 8 | 16 | |||
Fair value of liabilities | 253 | 245 | |||
Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Loans | 69 | ||||
Subtotal assets of consolidated investment management funds, at fair value | 69 | 0 | |||
Fair value of liabilities | $ 0 | 0 | |||
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 | 0 | |||
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] | 0 | [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 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Other Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | 0 | [4] | 0 | [5] | |
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 | 69 | 0 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 1 | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 29 | 25 | |||
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 | 21 | 10 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 1 | Trading Assets | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 8 | 15 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 2 | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 18,211 | 15,059 | |||
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 | 12,376 | 10,034 | |||
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 | 5,707 | 4,905 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 2 | Trading Assets | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 128 | 120 | |||
Nondesignated | Fair Value, Measurements, Recurring | Level 3 | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
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 | 0 | |||
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 | 0 | |||
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 | 949 | 716 | |||
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 | 756 | 497 | |||
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 | 193 | 219 | |||
Parent Company | Fair Value, Measurements, Recurring | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value of liabilities | $ 347 | $ 432 | |||
Percentage of liabilities prior to netting (percent) | 2.00% | 3.00% | |||
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 | $ 316 | $ 422 | |||
Derivative liabilities | 10 | ||||
Trading liabilities | 347 | 432 | |||
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 | 5 | ||||
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 | 5 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 1 | Other Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Total derivative liabilities designated as hedging | 0 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Total derivative liabilities designated as hedging | 947 | ||||
Long-term debt | 372 | [2] | 359 | [3] | |
Fair value of liabilities | $ 19,747 | $ 15,689 | |||
Percentage of liabilities prior to netting (percent) | 98.00% | 97.00% | |||
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 | $ 163 | $ 152 | |||
Derivative liabilities | 14,786 | ||||
Trading liabilities | 18,425 | 14,938 | |||
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 | 9,957 | ||||
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 | 4,682 | ||||
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 | 147 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | Other Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 392 | ||||
Total derivative liabilities designated as hedging | 950 | ||||
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 | 372 | ||||
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 | 20 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 2 | Other Liabilities | Other Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other liabilities | 3 | ||||
Parent Company | Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value of liabilities | $ 0 | 0 | |||
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 | 0 | ||||
Trading liabilities | $ 0 | 0 | |||
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 | 0 | ||||
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 | 0 | ||||
Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Level 1 | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 31 | ||||
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 | 31 | ||||
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 | 0 | ||||
Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Level 2 | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 18,262 | ||||
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 | 12,300 | ||||
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 | 5,829 | ||||
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 | 133 | ||||
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 | 818 | ||||
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 | 129 | ||||
Carrying Amount | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Loans | 59,356 | 61,267 | |||
Other assets | 5,006 | 7,633 | |||
Subtotal assets of consolidated investment management funds, at fair value | 244,071 | 264,934 | |||
Long-term debt | 21,314 | 21,188 | |||
Carrying Amount | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Loans | 422 | 422 | |||
Other assets | 279 | [4] | 254 | [5] | |
Subtotal assets of consolidated investment management funds, at fair value | 85,879 | 86,145 | |||
Fair value of liabilities | 6,823 | 5,498 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 76,294 | 75,867 | |||
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 | 12,972 | 12,832 | |||
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 | 410 | 387 | |||
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 | 13,782 | 13,217 | |||
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 | 3,721 | [2] | 4,046 | [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 | 23,796 | 23,501 | |||
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 | 749 | 793 | |||
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 | 980 | 1,061 | |||
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 | 1,265 | 1,392 | |||
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 | 4,295 | 4,020 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Securities available-for-sale | CLOs | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Available-for-sale | 2,424 | 2,351 | |||
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 | 2,408 | 2,893 | |||
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 | 2 | 4 | |||
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 | 862 | [2] | 886 | [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 | 1,737 | 1,752 | |||
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 | 3,001 | 2,775 | |||
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 | 2,205 | 2,168 | |||
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 | 1,685 | [6] | 1,789 | [7] | |
Carrying Amount | Fair Value, Measurements, Recurring | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Debt and equity instruments | 2,172 | [2] | 3,399 | [3] | |
Trading assets | 6,526 | 7,368 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Other Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | 1,337 | 1,087 | |||
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 | 109 | 117 | |||
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 | 84,579 | 84,744 | |||
Carrying Amount | Fair Value, Measurements, Recurring | Investment Management funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Trading assets | 1,186 | 1,228 | |||
Other assets | 114 | 173 | |||
Subtotal assets of consolidated investment management funds, at fair value | 1,300 | 1,401 | |||
Trading liabilities | 245 | 229 | |||
Other liabilities | 9 | 17 | |||
Fair value of liabilities | 254 | 246 | |||
Carrying Amount | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 4,354 | 3,969 | |||
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 | 2,054 | 1,973 | |||
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 | 2,223 | 1,924 | |||
Carrying Amount | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | 77 | 72 | |||
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 | 949 | 716 | |||
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 | 756 | 497 | |||
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 | 193 | 219 | |||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Total derivative liabilities designated as hedging | 947 | ||||
Long-term debt | 372 | [2] | 359 | [3] | |
Fair value of liabilities | 6,569 | 5,252 | |||
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 | 479 | 574 | |||
Derivative liabilities | 3,927 | ||||
Trading liabilities | 5,247 | 4,501 | |||
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 | 1,727 | ||||
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 | 2,115 | ||||
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 | 85 | ||||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | Other Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 392 | ||||
Total derivative liabilities designated as hedging | 950 | ||||
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 | 372 | ||||
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 | 20 | ||||
Carrying Amount | Parent Company | Fair Value, Measurements, Recurring | Other Liabilities | Other Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other liabilities | 3 | ||||
Carrying Amount | Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | 4,768 | ||||
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 | 1,863 | ||||
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 | 2,832 | ||||
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 | 73 | ||||
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 | 818 | ||||
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 | 129 | ||||
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 | (13,886) | [8] | (11,115) | [9] | |
Fair value of liabilities | (13,525) | [8] | (10,869) | [9] | |
Netting | Fair Value, Measurements, Recurring | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Trading assets | (13,886) | [8] | (11,115) | [9] | |
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 | (13,886) | [8] | (11,115) | [9] | |
Netting | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | (13,886) | [8] | (11,115) | [9] | |
Netting | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | Interest rate contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | (10,343) | [8] | (8,071) | [9] | |
Netting | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | (3,484) | [8] | (2,981) | [9] | |
Netting | Nondesignated | Fair Value, Measurements, Recurring | Trading Assets | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets | (59) | [8] | (63) | [9] | |
Netting | Parent Company | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value of liabilities | (13,525) | [8] | (10,869) | [9] | |
Netting | Parent Company | Fair Value, Measurements, Recurring | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | [9] | (10,869) | |||
Trading liabilities | (13,525) | [8] | (10,869) | [9] | |
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 | [9] | (8,235) | |||
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 | [9] | (2,567) | |||
Netting | Parent Company | Fair Value, Measurements, Recurring | Trading Liabilities | Equity contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | [9] | $ (67) | |||
Netting | Parent Company | Nondesignated | Fair Value, Measurements, Recurring | Trading Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities | [8] | (13,525) | |||
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 | [8] | (10,468) | |||
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 | [8] | (2,997) | |||
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 | [8] | $ (60) | |||
[1] | At March 31, 2016 and Dec. 31, 2015, 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] | 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] | 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. | ||||
[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. |
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 | Mar. 31, 2016 | Dec. 31, 2015 | |
Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | $ 749 | $ 793 |
Non-agency RMBS | 2007 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 65 | 66 |
Non-agency RMBS | 2006 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 109 | 115 |
Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 219 | 234 |
Non-agency RMBS | 2004 and earlier | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 356 | 378 |
Commercial MBS | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,207 | 1,330 |
Commercial MBS | 2009-2015 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 636 | 626 |
Commercial MBS | 2008 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 15 | 16 |
Commercial MBS | 2007 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 298 | 304 |
Commercial MBS | 2006 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 258 | 384 |
Foreign covered bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 2,205 | 2,168 |
Foreign covered bonds | Canada | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,223 | 1,014 |
Foreign covered bonds | United Kingdom | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 378 | 363 |
Foreign covered bonds | Norway | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 199 | 191 |
Foreign covered bonds | Netherlands | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | 176 | 214 | |
Foreign covered bonds | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 229 | 386 |
Sovereign debt/sovereign guaranteed | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 13,782 | 13,217 |
Sovereign debt/sovereign guaranteed | United Kingdom | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 3,068 | 2,941 |
Sovereign debt/sovereign guaranteed | France | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 2,177 | 2,008 |
Sovereign debt/sovereign guaranteed | Netherlands | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,064 | 1,055 |
Sovereign debt/sovereign guaranteed | Belgium | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,002 | 1,108 |
Sovereign debt/sovereign guaranteed | Ireland | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 808 | 772 |
Sovereign debt/sovereign guaranteed | Spain | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 2,054 | 1,955 |
Sovereign debt/sovereign guaranteed | Germany | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,823 | 1,683 |
Sovereign debt/sovereign guaranteed | Italy | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,492 | 1,398 |
Sovereign debt/sovereign guaranteed | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1],[2] | 294 | 297 |
Sovereign debt/sovereign guaranteed | Brazil | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1],[2] | 99 | 95 |
Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1],[3] | 1,685 | 1,789 |
Non-agency RMBS | 2007 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1],[3] | 474 | 502 |
Non-agency RMBS | 2006 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1],[3] | 499 | 530 |
Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1],[3] | 543 | 580 |
Non-agency RMBS | 2004 and earlier | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1],[3] | 169 | 177 |
Securities available-for-sale | European floating rate notes | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 1,037 | 1,123 |
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] | 693 | 780 |
Securities available-for-sale | European floating rate notes | Netherlands | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale | [1] | 223 | 222 |
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 | $ 121 |
Ratings, AAA/AA- | Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 8.00% | 8.00% | |
Ratings, AAA/AA- | Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 21.00% | 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% | 4.00% | |
Ratings, AAA/AA- | Commercial MBS | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 78.00% | 76.00% | |
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) | 84.00% | 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) | 65.00% | 62.00% | |
Ratings, AAA/AA- | Commercial MBS | 2006 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 77.00% | 76.00% | |
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 | Norway | |||
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% | 68.00% | |
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 | Italy | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | ||
Ratings, AAA/AA- | Sovereign debt/sovereign guaranteed | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 66.00% | 68.00% |
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) | 78.00% | 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) | 84.00% | 85.00% | |
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, A+/A- | Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 4.00% | 4.00% | |
Ratings, A+/A- | Non-agency RMBS | 2005 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 7.00% | 9.00% | |
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) | 3.00% | 4.00% | |
Ratings, A+/A- | Commercial MBS | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 18.00% | 20.00% | |
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) | 16.00% | 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) | 19.00% | 22.00% | |
Ratings, A+/A- | Commercial MBS | 2006 | Total Domestic | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 23.00% | 24.00% | |
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) | [3] | 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) | [3] | 0.00% | 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) | [3] | 2.00% | 2.00% |
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) | [3] | 3.00% | 3.00% |
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) | 16.00% | 15.00% | |
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) | 16.00% | 15.00% | |
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) | 46.00% | 45.00% | |
Ratings, BBB+/BBB- | Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 16.00% | 16.00% | |
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) | 12.00% | 13.00% | |
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% | 26.00% | |
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% | 4.00% | |
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% | 16.00% | |
Ratings, BBB+/BBB- | Sovereign debt/sovereign guaranteed | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 31.00% | 32.00% | |
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 | Germany | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 0.00% | ||
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) | [2] | 0.00% | 32.00% |
Ratings, BBB+/BBB- | Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [3] | 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) | [3] | 0.00% | 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) | [3] | 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) | [3] | 9.00% | 9.00% |
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% | 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) | 54.00% | 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% | 72.00% | |
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) | 60.00% | 59.00% | |
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) | 67.00% | 66.00% | |
Ratings, BB+ and lower | Sovereign debt/sovereign guaranteed | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | 1.00% | ||
Ratings, BB+ and lower | Sovereign debt/sovereign guaranteed | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [2] | 34.00% | |
Ratings, BB+ and lower | Non-agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Percentage Of Fair Value (percent) | [3] | 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) | [3] | 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) | [3] | 100.00% | 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) | [3] | 97.00% | 97.00% |
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) | [3] | 88.00% | 88.00% |
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% | 0.00% | |
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% | 0.00% | |
[1] | At March 31, 2016 and Dec. 31, 2015, 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 $99 million of noninvestment grade sovereign debt at March 31, 2016 and $95 million of investment grade sovereign debt at Dec. 31, 2015 related to Brazil. | ||
[3] | Previously included in the Grantor Trust. The Grantor Trust was dissolved in 2011. |
Fair Value Measurement - Signif
Fair Value Measurement - Significant Unobservable Inputs (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Derivative assets | ||||
Fair value measurements for assets using significant unobservable inputs | ||||
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) | |||
Other Assets | ||||
Fair value measurements for assets using significant unobservable inputs | ||||
Included in earnings (or changes in net assets) | [1] | (2) | ||
Purchases | 7 | |||
Sales | (21) | |||
Ending balance | 54 | |||
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 | |||
Total Assets | ||||
Fair value measurements for assets using significant unobservable inputs | ||||
Beginning balance | $ 0 | 90 | ||
Transfers into Level 3 | 19 | |||
Included in earnings (or changes in net assets) | 2 | [2] | (3) | |
Purchases | 48 | 7 | ||
Sales | (21) | |||
Settlements | (2) | |||
Ending balance | 69 | 71 | ||
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 | (1) | ||
Securities available-for-sale | State and political subdivisions | ||||
Fair value measurements for assets using significant unobservable inputs | ||||
Beginning balance | 11 | |||
Included in earnings (or changes in net assets) | [3] | 0 | ||
Ending balance | 11 | |||
Trading Assets | Derivative assets | ||||
Fair value measurements for assets using significant unobservable inputs | ||||
Beginning balance | 9 | |||
Included in earnings (or changes in net assets) | [4] | (1) | ||
Settlements | (2) | |||
Ending balance | 6 | |||
Other Assets | ||||
Fair value measurements for assets using significant unobservable inputs | ||||
Beginning balance | 70 | |||
Trading Liabilities | Derivative liabilities | ||||
Fair value measurements for liabilities using significant unobservable inputs | ||||
Beginning balance | [5] | 9 | ||
Included in earnings (or changes in net liabilities) | [5],[6] | (1) | ||
Settlements | [5] | (2) | ||
Ending balance | [5] | 6 | ||
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 | [5] | $ 1 | ||
[1] | Reported in investment and other income. | |||
[2] | Reported in investment and other income. | |||
[3] | 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). | |||
[4] | Reported in foreign exchange and other trading revenue. | |||
[5] | Derivative liabilities are reported on a gross basis. | |||
[6] | Reported in foreign exchange and other trading revenue. |
Fair Value Measurement - Asse86
Fair Value Measurement - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change in fair value of loans of underlying collateral | $ (1) | $ (1) | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [1] | 272 | 271 |
Other assets | [2] | 4 | 6 |
Subtotal assets of consolidated investment management funds, at fair value | 276 | 277 | |
Level 2 | Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [1] | 94 | 97 |
Other assets | [2] | 4 | 6 |
Subtotal assets of consolidated investment management funds, at fair value | 98 | 103 | |
Level 3 | Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [1] | 178 | 174 |
Subtotal assets of consolidated investment management funds, at fair value | $ 178 | $ 174 | |
[1] | During the quarters ended March 31, 2016 and Dec. 31, 2015, the fair value of these loans decreased less than $1 million and $1 million, respectively, based on the fair value of the underlying collateral as allowed by ASC 310, Accounting by Creditors for Impairment of a loan, with an offset to the allowance for credit losses. | ||
[2] | Includes other assets received in satisfaction of debt. |
Fair Value Measurement - Quanti
Fair Value Measurement - Quantitative Information about Level 3 Fair Value Measurements of Assets (Detail) - Level 3 - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value of assets | $ 69 | $ 0 |
Minimum | Home Equity Conversion Mortgages | Fair Value, Measurements, Recurring | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount spreads (percent) | 0.80% | |
Conditional prepayment rate (percent) | 70.00% | |
Line of credit draw rates (percent) | 0.00% | |
Maximum | Home Equity Conversion Mortgages | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount spreads (percent) | 1.50% | |
Conditional prepayment rate (percent) | 100.00% | |
Line of credit draw rates (percent) | 20.00% |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Estimated Fair Value | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | $ 96,426 | $ 113,203 |
Interest-bearing deposits with banks | 14,667 | 15,150 |
Federal funds sold and securities purchased under resale agreements | 26,904 | 24,373 |
Securities held-to-maturity | 42,231 | 43,204 |
Loans | 59,580 | 61,421 |
Other financial assets | 5,006 | 7,633 |
Subtotal assets of consolidated investment management funds, at fair value | 244,814 | 264,984 |
Liabilities: | ||
Noninterest-bearing deposits | 93,005 | 96,277 |
Interest-bearing deposits | 162,709 | 182,410 |
Federal funds purchased and securities sold under repurchase agreements | 14,803 | 15,002 |
Payables to customers and broker-dealers | 22,008 | 21,900 |
Borrowings | 950 | 698 |
Long-term debt | 21,881 | 21,494 |
Total liabilities | 315,356 | 337,781 |
Estimated Fair Value | Level 1 | ||
Assets: | ||
Securities held-to-maturity | 11,549 | 11,376 |
Other financial assets | 3,928 | 6,537 |
Subtotal assets of consolidated investment management funds, at fair value | 15,477 | 17,913 |
Estimated Fair Value | Level 2 | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 96,426 | 113,203 |
Interest-bearing deposits with banks | 14,667 | 15,150 |
Federal funds sold and securities purchased under resale agreements | 26,904 | 24,373 |
Securities held-to-maturity | 30,682 | 31,828 |
Loans | 59,580 | 61,421 |
Other financial assets | 1,078 | 1,096 |
Subtotal assets of consolidated investment management funds, at fair value | 229,337 | 247,071 |
Liabilities: | ||
Noninterest-bearing deposits | 93,005 | 96,277 |
Interest-bearing deposits | 162,709 | 182,410 |
Federal funds purchased and securities sold under repurchase agreements | 14,803 | 15,002 |
Payables to customers and broker-dealers | 22,008 | 21,900 |
Borrowings | 950 | 698 |
Long-term debt | 21,881 | 21,494 |
Total liabilities | 315,356 | 337,781 |
Carrying Amount | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 96,426 | 113,203 |
Interest-bearing deposits with banks | 14,662 | 15,146 |
Federal funds sold and securities purchased under resale agreements | 26,904 | 24,373 |
Securities held-to-maturity | 41,717 | 43,312 |
Loans | 59,356 | 61,267 |
Other financial assets | 5,006 | 7,633 |
Subtotal assets of consolidated investment management funds, at fair value | 244,071 | 264,934 |
Liabilities: | ||
Noninterest-bearing deposits | 93,005 | 96,277 |
Interest-bearing deposits | 164,337 | 183,333 |
Federal funds purchased and securities sold under repurchase agreements | 14,803 | 15,002 |
Payables to customers and broker-dealers | 22,008 | 21,900 |
Borrowings | 950 | 698 |
Long-term debt | 21,314 | 21,188 |
Total liabilities | $ 316,417 | $ 338,398 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Securities available-for-sale | ||
Derivative [Line Items] | ||
Carrying amount | $ 8,602 | $ 7,978 |
Notional amount of hedge | 8,025 | 7,918 |
Unrealized Gain | 0 | 16 |
Unrealized (Loss) | (796) | (359) |
Long-term debt | ||
Derivative [Line Items] | ||
Carrying amount | 18,667 | 18,231 |
Notional amount of hedge | 17,950 | 17,850 |
Unrealized Gain | 754 | 479 |
Unrealized (Loss) | $ (22) | $ (14) |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Assets of consolidated investment management funds: | ||
Trading assets | $ 1,186 | $ 1,228 |
Other assets | 114 | 173 |
Subtotal assets of consolidated investment management funds, at fair value | 1,300 | 1,401 |
Liabilities of consolidated investment management funds: | ||
Trading liabilities | 245 | 229 |
Other liabilities | 9 | 17 |
Subtotal liabilities of consolidated investment management funds, at fair value | $ 254 | $ 246 |
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 | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | ||
Investment and other income | Loans Receivable | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Changes in the fair value | [1] | $ 18 | $ 3 | $ 2 |
Foreign exchange and other trading revenue | Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Changes in the fair value | [1] | $ (13) | $ 3 | $ (8) |
[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 | Mar. 31, 2016 | Dec. 31, 2015 |
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 | $ 422 |
Long-term debt, fair value | 372 | 359 |
Level 2 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans receivable, carrying amount | 404 | 419 |
Loans, fair value | $ 422 | |
Level 2 and 3 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans, fair value | $ 422 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Derivative, loss (recovery) on derivative | $ 0 | $ 1 | ||
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 | 246 | $ 246 | ||
Securities available-for-sale | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Hedged financial instruments | 7,900 | 7,900 | ||
Hedged financial instruments, notional amount of derivative | 8,025 | 8,025 | $ 7,918 | |
Long-term debt | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Hedged financial instruments | 18,000 | 18,000 | ||
Hedged financial instruments, notional amount of derivative | 17,950 | $ 17,950 | $ 17,850 | |
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 | 8,000 | $ 8,000 | ||
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 | 18,000 | $ 18,000 | ||
Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Notional amount of derivatives that will mature within one year | 578,000 | 578,000 | ||
Notional amount of derivatives that will mature between one and five years | 4,000 | 4,000 | ||
Notional amount of derivatives that will mature after 5 years | 4,000 | 4,000 | ||
Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Notional amount of derivatives that will mature within one year | 254,000 | 254,000 | ||
Notional amount of derivatives that will mature between one and five years | 132,000 | 132,000 | ||
Notional amount of derivatives that will mature after 5 years | 130,000 | 130,000 | ||
Cash flow hedges | Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Pretax loss recorded in accumulated other comprehensive income | 4 | |||
Net Investment Hedging | Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Hedged financial instruments, notional amount of derivative | 7,100 | 7,100 | ||
Maximum | Cash flow hedges | Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Pretax loss recorded in accumulated other comprehensive income | $ 1 | |||
Maximum | Net Investment Hedging | Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Hedging derivatives, maturities, maximum (less than) (in months or in years) | 2 years | |||
Forecasted Foreign Currency | 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 | 416 | $ 416 | ||
Forecasted Foreign Currency | Maximum | Cash flow hedges | Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Hedging derivatives, maturities, maximum (less than) (in months or in years) | 9 months | |||
Short-term Borrowings in Other Currencies | Cash flow hedges | Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Original maturities, maximum (in years) of hedged instruments | 2 months | |||
Hedged financial instruments, notional amount of derivative | $ 1,700 | $ 1,700 | ||
Short-term Borrowings in Other Currencies | Maximum | Cash flow hedges | Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Hedging derivatives, maturities, maximum (less than) (in months or in years) | 2 months |
Derivative Instruments - Ineffe
Derivative Instruments - Ineffectiveness Related to Derivatives and Hedging Relationships Recorded in Income (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | $ (13.6) | $ (0.2) | $ (2.3) | |
Fair value hedges of securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | (7.4) | 1.3 | 1.4 | |
Fair value hedges of long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | (6.2) | (1.5) | (3.7) | |
Cash flow hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | 0 | 0 | 0 | |
Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Ineffectiveness related to derivatives and hedging relationships | [1] | $ 0 | $ 0 | $ 0 |
[1] | Includes ineffectiveness recorded on foreign exchange hedges. |
Derivative Instruments - Impact
Derivative Instruments - Impact of Derivative Instruments on Balance Sheet (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |||
Derivatives, Fair Value [Line Items] | |||||
Asset derivatives fair value | [1] | $ 19,189 | $ 15,800 | ||
Asset derivatives fair value, effect of master netting agreements | [2] | (13,886) | [3] | (11,115) | [4] |
Total derivatives, Net assets recognized on the balance sheet | 5,303 | 4,685 | |||
Liability derivatives fair value | [1] | 19,240 | 15,188 | ||
Liability derivatives fair value, effect of master netting agreements | [2] | (13,525) | [5] | (10,869) | [6] |
Total derivatives, Net liabilities recognized on the balance sheet | 5,715 | 4,319 | |||
Master netting agreements, cash collateral received | 896 | 792 | |||
Master netting agreements, cash collateral paid | 535 | 546 | |||
Interest rate contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset derivatives fair value, effect of master netting agreements | (10,343) | [3] | (8,071) | [4] | |
Liability derivatives fair value, effect of master netting agreements | (10,468) | [5] | (8,235) | [6] | |
Foreign exchange contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset derivatives fair value, effect of master netting agreements | (3,484) | [3] | (2,981) | [4] | |
Liability derivatives fair value, effect of master netting agreements | (2,997) | [5] | (2,567) | [6] | |
Equity contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset derivatives fair value, effect of master netting agreements | (59) | [3] | (63) | [4] | |
Liability derivatives fair value, effect of master netting agreements | (60) | [5] | (67) | [6] | |
Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset derivatives fair value | [7] | 949 | 716 | ||
Liability derivatives fair value | [7] | 947 | 392 | ||
Designated as Hedging Instrument | Interest rate contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value | [7] | 25,975 | 25,768 | ||
Asset derivatives fair value | [7] | 756 | 497 | ||
Liability derivatives fair value | [7] | 818 | 372 | ||
Designated as Hedging Instrument | Foreign exchange contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value | [7] | 9,196 | 6,839 | ||
Asset derivatives fair value | [7] | 193 | 219 | ||
Liability derivatives fair value | [7] | 129 | 20 | ||
Nondesignated | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset derivatives fair value | [8] | 18,240 | 15,084 | ||
Liability derivatives fair value | [8] | 18,293 | 14,796 | ||
Nondesignated | Interest rate contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value | [8] | 489,662 | 519,428 | ||
Asset derivatives fair value | [8] | 12,397 | 10,044 | ||
Liability derivatives fair value | [8] | 12,331 | 9,962 | ||
Nondesignated | Foreign exchange contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value | [8] | 576,913 | 576,253 | ||
Asset derivatives fair value | [8] | 5,707 | 4,905 | ||
Liability derivatives fair value | [8] | 5,829 | 4,682 | ||
Nondesignated | Equity contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value | [8] | 1,660 | 1,923 | ||
Asset derivatives fair value | [8] | 128 | 127 | ||
Liability derivatives fair value | [8] | 131 | 151 | ||
Nondesignated | Credit contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value | [8] | 405 | 319 | ||
Asset derivatives fair value | [8] | 8 | 8 | ||
Liability derivatives fair value | [8] | $ 2 | $ 1 | ||
[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 $896 million and $535 million, respectively, at March 31, 2016, and $792 million and $546 million, respectively, at Dec. 31, 2015. | ||||
[3] | Includes the effect of netting agreements and net cash collateral received. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. | ||||
[4] | Includes the effect of netting agreements and net cash collateral received. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. | ||||
[5] | Includes the effect of netting agreements and net cash collateral paid. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. | ||||
[6] | Includes the effect of netting agreements and net cash collateral paid. The offset related to the over-the-counter derivatives was allocated to the various types of derivatives based on the net positions. | ||||
[7] | The fair value of asset derivatives and liability derivatives designated as hedging instruments is recorded as other assets and other liabilities, respectively, on the balance sheet. | ||||
[8] | The fair value of asset derivatives and liability derivatives not designated as hedging instruments is recorded as trading assets and trading liabilities, respectively, on the balance sheet. |
Derivative Instruments - Impa96
Derivative Instruments - Impact of Derivative Instruments on Income Statement (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Fair Value Hedging | Interest rate contracts | Net interest revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in income on derivatives | $ (148) | $ (95) | $ (151) |
Gain or (loss) recognized in hedged item | 134 | 95 | 149 |
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in accumulated OCI on derivatives(effective portion) | (81) | 0 | 2 |
Gain or (loss) reclassified from accumulated OCI into income (effective portion) | (86) | 0 | 3 |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | 0 | 0 | 0 |
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) | 5 | 0 | (1) |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | 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) | 0 | 0 | 0 |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | 0 | 0 | 0 |
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) | (89) | 0 | 12 |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | 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) | (2) | 0 | (8) |
Gain or (loss) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) | 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) | 0 | 0 | 0 |
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) | 0 | 0 | 0 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | 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) | 6 | 0 | (1) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | 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) | 0 | 0 | 0 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | 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) | (89) | 0 | 12 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | 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) | 2 | 0 | (9) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | 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) | $ (58) | $ 148 | $ 368 |
Derivative Instruments - Revenu
Derivative Instruments - Revenue from Foreign Exchange and Other Trading (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Foreign exchange | $ 171 | $ 165 | $ 217 |
Other trading revenue | 4 | 8 | 12 |
Total foreign exchange and other trading revenue | $ 175 | $ 173 | $ 229 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Contracts Falling under Early Termination Provisions in Net Liability Position (Detail) $ in Millions | Mar. 31, 2016USD ($) | [1] |
A- | ||
Credit Derivatives [Line Items] | ||
Potential close-out exposures (fair value) | $ 144 | |
BBB | ||
Credit Derivatives [Line Items] | ||
Potential close-out exposures (fair value) | 1,036 | |
BB plus | ||
Credit Derivatives [Line Items] | ||
Potential close-out exposures (fair value) | 2,421 | |
A3 | ||
Credit Derivatives [Line Items] | ||
Potential close-out exposures (fair value) | 144 | |
Baa2 | ||
Credit Derivatives [Line Items] | ||
Potential close-out exposures (fair value) | 1,036 | |
Ba1 | ||
Credit Derivatives [Line Items] | ||
Potential close-out exposures (fair value) | $ 2,421 | |
[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 | Mar. 31, 2016 | Dec. 31, 2015 | |||
Derivative Asset [Abstract] | |||||
Derivatives subject to netting arrangements, Gross assets recognized | $ 16,713 | $ 13,658 | |||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | [1] | 13,886 | [2] | 11,115 | [3] |
Derivatives subject to netting arrangements, Net assets recognized on the balance sheet | 2,827 | 2,543 | |||
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 687 | 495 | |||
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 | |||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 2,140 | 2,048 | |||
Total derivatives not subject to netting arrangements | 2,476 | 2,142 | |||
Total derivatives, Gross assets recognized | [4] | 19,189 | 15,800 | ||
Total derivatives, Net assets recognized on the balance sheet | 5,303 | 4,685 | |||
Total derivatives, Net amount | 4,616 | 4,190 | |||
Reverse repurchase agreements, Gross assets recognized | 20,910 | 17,088 | |||
Reverse repurchase agreements, Gross amounts offset in the balance sheet | 1,678 | [2],[5] | 357 | [3],[6] | |
Reverse repurchase agreements, Net assets recognized on the balance sheet | 19,232 | 16,731 | |||
Reverse repurchase agreements, Gross amounts not offset in the balance sheet, Financial instruments | 19,232 | 16,726 | |||
Reverse repurchase agreements, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 | |||
Reverse repurchase agreements, Net amount | 0 | 5 | |||
Securities borrowing, Gross assets recognized | 7,657 | 7,630 | |||
Securities borrowing, Net assets recognized on the balance sheet | 7,657 | 7,630 | |||
Securities borrowing, Gross amounts not offset in the balance sheet, Financial instruments | 7,447 | 7,373 | |||
Securities borrowing, Net amount | 210 | 257 | |||
Total, Gross assets recognized | 47,756 | 40,518 | |||
Total, Gross amounts offset in the balance sheet | 15,564 | [2] | 11,472 | [3] | |
Total, Net assets recognized on the balance sheet | 32,192 | 29,046 | |||
Total, Gross amounts not offset in the balance sheet, Financial instruments | 27,366 | 24,594 | |||
Total, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 | |||
Total, Net amount | 4,826 | 4,452 | |||
Derivative Liability [Abstract] | |||||
Derivatives subject to netting arrangements, Gross liabilities recognized | 17,562 | 13,742 | |||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | [1] | 13,525 | [7] | 10,869 | [8] |
Derivatives subject to netting arrangements, Net liabilities recognized on the balance sheet | 4,037 | 2,873 | |||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Financial instruments | 2,435 | 2,140 | |||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 | |||
Derivatives subject to netting arrangements, Net amount | 1,602 | 733 | |||
Total derivatives not subject to netting arrangements | 1,678 | 1,446 | |||
Total derivatives, Gross liabilities recognized | [4] | 19,240 | 15,188 | ||
Total derivatives, Net liabilities recognized on the balance sheet | 5,715 | 4,319 | |||
Total derivatives, Net amount | 3,280 | 2,179 | |||
Repurchase agreements, Gross liabilities recognized | 6,810 | 7,737 | |||
Repurchase agreements, Gross amounts offset in the balance sheet | 1,678 | [7],[9] | 357 | [8],[10] | |
Repurchase agreements, Net liabilities recognized on the balance sheet | 5,132 | 7,380 | |||
Repurchase agreements, Gross amounts not offset in the balance sheet, Financial instruments | 5,132 | 7,380 | |||
Repurchase agreements, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 | |||
Repurchase agreements, Net amount | 0 | 0 | |||
Securities lending, Gross liabilities recognized | 1,488 | 1,801 | |||
Securities lending, Net liabilities recognized on the balance sheet | 1,488 | 1,801 | |||
Securities lending, Gross amounts not offset in the balance sheet, Financial instruments | 1,429 | 1,727 | |||
Securities lending, Net amount | 59 | 74 | |||
Total, Gross liabilities recognized | 27,538 | 24,726 | |||
Total, Gross amounts offset in the balance sheet | 15,203 | [7] | 11,226 | [8] | |
Total, Net liabilities recognized on the balance sheet | 12,335 | 13,500 | |||
Total, Gross amounts not offset in the balance sheet, Financial instruments | 8,996 | 11,247 | |||
Total, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 | |||
Total, Net amount | 3,339 | 2,253 | |||
Interest rate contracts | |||||
Derivative Asset [Abstract] | |||||
Derivatives subject to netting arrangements, Gross assets recognized | 12,023 | 9,554 | |||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 10,343 | [2] | 8,071 | [3] | |
Derivatives subject to netting arrangements, Net assets recognized on the balance sheet | 1,680 | 1,483 | |||
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 508 | 432 | |||
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 | |||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 1,172 | 1,051 | |||
Derivative Liability [Abstract] | |||||
Derivatives subject to netting arrangements, Gross liabilities recognized | 13,001 | 10,188 | |||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 10,468 | [7] | 8,235 | [8] | |
Derivatives subject to netting arrangements, Net liabilities recognized on the balance sheet | 2,533 | 1,953 | |||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Financial instruments | 2,295 | 1,795 | |||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 | |||
Derivatives subject to netting arrangements, Net amount | 238 | 158 | |||
Foreign exchange contracts | |||||
Derivative Asset [Abstract] | |||||
Derivatives subject to netting arrangements, Gross assets recognized | 4,558 | 3,981 | |||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 3,484 | [2] | 2,981 | [3] | |
Derivatives subject to netting arrangements, Net assets recognized on the balance sheet | 1,074 | 1,000 | |||
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 179 | 63 | |||
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 | |||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 895 | 937 | |||
Derivative Liability [Abstract] | |||||
Derivatives subject to netting arrangements, Gross liabilities recognized | 4,437 | 3,409 | |||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 2,997 | [7] | 2,567 | [8] | |
Derivatives subject to netting arrangements, Net liabilities recognized on the balance sheet | 1,440 | 842 | |||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Financial instruments | 79 | 274 | |||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 | |||
Derivatives subject to netting arrangements, Net amount | 1,361 | 568 | |||
Equity contracts | |||||
Derivative Asset [Abstract] | |||||
Derivatives subject to netting arrangements, Gross assets recognized | 132 | 123 | |||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 59 | [2] | 63 | [3] | |
Derivatives subject to netting arrangements, Net assets recognized on the balance sheet | 73 | 60 | |||
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 0 | 0 | |||
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 | |||
Derivative assets subject to netting arrangements, gross amounts offset in the balance sheet | 73 | 60 | |||
Derivative Liability [Abstract] | |||||
Derivatives subject to netting arrangements, Gross liabilities recognized | 124 | 145 | |||
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 60 | [7] | 67 | [8] | |
Derivatives subject to netting arrangements, Net liabilities recognized on the balance sheet | 64 | 78 | |||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Financial instruments | 61 | 71 | |||
Derivatives subject to netting arrangements, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 | |||
Derivatives subject to netting arrangements, Net amount | $ 3 | $ 7 | |||
[1] | Effect of master netting agreements includes cash collateral received and paid of $896 million and $535 million, respectively, at March 31, 2016, and $792 million and $546 million, respectively, at Dec. 31, 2015. | ||||
[2] | 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. | ||||
[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] | Fair values are on a gross basis, before consideration of master netting agreements, as required by ASC 815. | ||||
[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) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 6,810 | $ 7,737 |
Securities lending | 1,488 | 1,801 |
Total borrowings | 8,298 | 9,538 |
Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 5,918 | 6,845 |
Securities lending | 1,488 | 1,801 |
Total borrowings | 7,406 | 8,646 |
Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 42 | 42 |
Securities lending | 0 | 0 |
Total borrowings | 42 | 42 |
30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 850 | 850 |
Securities lending | 0 | 0 |
Total borrowings | 850 | 850 |
U.S. Treasury | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,828 | 2,226 |
U.S. Treasury | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,828 | 2,226 |
U.S. Treasury | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
U.S. Treasury | 30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
U.S. Government agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 366 | 366 |
Securities lending | 25 | 35 |
U.S. Government agencies | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 324 | 319 |
Securities lending | 25 | 35 |
U.S. Government agencies | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 42 | 42 |
Securities lending | 0 | 0 |
U.S. Government agencies | 30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 5 |
Securities lending | 0 | 0 |
Agency RMBS | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 2,459 | 3,158 |
Agency RMBS | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 2,459 | 3,158 |
Agency RMBS | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Agency RMBS | 30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Corporate bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 956 | 1,037 |
Corporate bonds | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 349 | 372 |
Corporate bonds | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Corporate bonds | 30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 607 | 665 |
Other debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 539 | 255 |
Securities lending | 314 | 254 |
Other debt securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 307 | 106 |
Securities lending | 314 | 254 |
Other debt securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending | 0 | 0 |
Other debt securities | 30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 232 | 149 |
Securities lending | 0 | 0 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 662 | 695 |
Securities lending | 1,149 | 1,512 |
Equity securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 651 | 664 |
Securities lending | 1,149 | 1,512 |
Equity securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending | 0 | 0 |
Equity securities | 30 days or more | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 11 | 31 |
Securities lending | $ 0 | $ 0 |
Commitments and Contingent L101
Commitments and Contingent Liabilities - Significant Industry Concentrations Related to Credit Exposure (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | [1] | $ 61,661 | $ 63,703 |
Financial institutions | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 12,903 | 15,899 | |
Unfunded commitments | 35,500 | ||
Total exposure | 48,400 | ||
Financial institutions | Securities industry | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 3,000 | ||
Unfunded commitments | 20,300 | ||
Total exposure | 23,300 | ||
Financial institutions | Banks | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 7,500 | ||
Unfunded commitments | 2,000 | ||
Total exposure | 9,500 | ||
Financial institutions | Asset managers | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 1,200 | ||
Unfunded commitments | 5,800 | ||
Total exposure | 7,000 | ||
Financial institutions | Insurance | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 100 | ||
Unfunded commitments | 4,400 | ||
Total exposure | 4,500 | ||
Financial institutions | Government | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 100 | ||
Unfunded commitments | 1,500 | ||
Total exposure | 1,600 | ||
Financial institutions | Other | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 1,000 | ||
Unfunded commitments | 1,500 | ||
Total exposure | 2,500 | ||
Commercial | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 2,331 | $ 2,342 | |
Unfunded commitments | 18,300 | ||
Total exposure | 20,600 | ||
Commercial | Manufacturing | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 500 | ||
Unfunded commitments | 5,700 | ||
Total exposure | 6,200 | ||
Commercial | Services and other | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 800 | ||
Unfunded commitments | 6,300 | ||
Total exposure | 7,100 | ||
Commercial | Energy and utilities | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans | 700 | ||
Unfunded commitments | 4,800 | ||
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 $592 million at March 31, 2016 and $674 million at Dec. 31, 2015 primarily on domestic and foreign lease financings. |
Commitments and Contingent L102
Commitments and Contingent Liabilities - Summary of Off-Balance Sheet Credit Risks, Net of Participations (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Securities lending indemnifications joint venture | $ 55,000 | $ 54,000 | |
Lending commitments | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off balance sheet credit risk | 54,076 | 54,505 | |
Standby letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off balance sheet credit risk | [1] | 4,767 | 4,915 |
Off-balance sheet credit risks participations | 864 | 809 | |
Commercial letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off balance sheet credit risk | 226 | 303 | |
Securities lending indemnifications | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off balance sheet credit risk | [2] | $ 321,358 | $ 294,108 |
[1] | Net of participations totaling $864 million at March 31, 2016 and $809 million at Dec. 31, 2015. | ||
[2] | Excludes the indemnification for securities for which BNY Mellon acts as an agent on behalf of CIBC Mellon clients, which totaled $55 billion at March 31, 2016 and $54 billion at Dec. 31, 2015. |
Commitments and Contingent L103
Commitments and Contingent Liabilities - Standby Letters of Credits by Investment Grade (Detail) - Standby letters of credit | Mar. 31, 2016 | Dec. 31, 2015 |
Investment grade | ||
Concentration Risk [Line Items] | ||
Concentration risk (percent) | 87.00% | 86.00% |
Non-investment grade | ||
Concentration Risk [Line Items] | ||
Concentration risk (percent) | 13.00% | 14.00% |
Commitments and Contingent L104
Commitments and Contingent Liabilities - Additional Information (Detail) | May. 21, 2015USD ($) | Mar. 19, 2015USD ($) | Mar. 31, 2016USD ($)LegalMatter | Feb. 29, 2016LegalMatter | Dec. 31, 2015USD ($) | Dec. 17, 2015LegalMatter | Jun. 18, 2014trust | Jan. 18, 2008USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Lending commitment maturing in less than one year | $ 31,300,000,000 | ||||||||
Lending commitment maturing in one to five years | 22,600,000,000 | ||||||||
Lending commitment maturing over five years | $ 223,000,000 | ||||||||
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% | ||||||||
Securities lending indemnifications, secured amount of collateral | $ 334,000,000,000 | $ 306,000,000,000 | |||||||
Securities lending indemnifications joint venture | 55,000,000,000 | 54,000,000,000 | |||||||
Securities Lending Indemnifications Collateral Joint Venture | $ 58,000,000,000 | 56,000,000,000 | |||||||
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 | 13 | ||||||||
Arbitration claims related to Stanford matter pending | LegalMatter | 5 | ||||||||
Brazil Matter -Number of Lawsuits filed | LegalMatter | 3 | ||||||||
DR Matters -Number of Class Action Lawsuits filed | LegalMatter | 4 | ||||||||
Standby letters of credit | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Off balance sheet credit risk | [1] | $ 4,767,000,000 | 4,915,000,000 | ||||||
SBLCs collateralized with cash and securities | 354,000,000 | 299,000,000 | |||||||
SBLCs expiring within one year | 3,100,000,000 | ||||||||
SBLCs expiring within one to five years | 1,700,000,000 | ||||||||
Commercial letters of credit | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Off balance sheet credit risk | 226,000,000 | 303,000,000 | |||||||
Operations | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Allowance for lending related commitments | 125,000,000 | $ 118,000,000 | |||||||
Maximum | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Loss contingency, aggregate range of reasonable loss (up to) | $ 710,000,000 | ||||||||
[1] | Net of participations totaling $864 million at March 31, 2016 and $809 million at Dec. 31, 2015. |
Lines of Businesses - Additiona
Lines of Businesses - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Segment | |
Segment Reporting [Abstract] | |
Number of principal businesses (segment) | 2 |
Lines of Businesses- Contributi
Lines of Businesses- Contribution of Segments to Overall Profitability (Detail) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | ||||
Segment Reporting Information [Line Items] | ||||||
Fee and other revenue | $ 2,971 | [1] | $ 2,961 | [2] | $ 3,033 | [3] |
Net interest revenue | 766 | 760 | 728 | |||
Total revenue | 3,737 | [1] | 3,721 | [2] | 3,761 | [3] |
Provision for credit losses | 10 | 163 | 2 | |||
Noninterest expense | 2,627 | [4] | 2,690 | [5] | 2,700 | |
Income (loss) before taxes | $ 1,100 | [1],[4] | $ 868 | [2],[5] | $ 1,059 | [3] |
Pre-tax operating margin (percent) | 29.00% | [6] | 23.00% | [7] | 28.00% | [8] |
Average assets | $ 364,554 | $ 368,590 | $ 368,411 | |||
Net income (loss) attributable to noncontrolling interests | (9) | 3 | 31 | |||
Investment Management funds | ||||||
Segment Reporting Information [Line Items] | ||||||
Fee and other revenue | 1 | 11 | 21 | |||
Investment income (loss), net | (6) | 16 | 52 | |||
Net income (loss) attributable to noncontrolling interests | (7) | 5 | 31 | |||
Investment Management | ||||||
Segment Reporting Information [Line Items] | ||||||
Fee and other revenue | 812 | [1] | 915 | [2] | 919 | [3] |
Net interest revenue | 83 | 84 | 75 | |||
Total revenue | 895 | [1] | 999 | [2] | 994 | [3] |
Provision for credit losses | (1) | (4) | (1) | |||
Noninterest expense | 679 | 713 | 732 | |||
Income (loss) before taxes | $ 217 | [1] | $ 290 | [2] | $ 263 | [3] |
Pre-tax operating margin (percent) | 24.00% | [6] | 29.00% | [7] | 26.00% | [8] |
Average assets | $ 29,971 | $ 30,982 | $ 31,361 | |||
Net income (loss) attributable to noncontrolling interests | (7) | 5 | 31 | |||
Investment Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Fee and other revenue | 2,030 | 1,957 | 2,029 | |||
Net interest revenue | 679 | 664 | 629 | |||
Total revenue | 2,709 | 2,621 | 2,658 | |||
Provision for credit losses | 14 | 8 | 7 | |||
Noninterest expense | 1,808 | 1,831 | 1,863 | |||
Income (loss) before taxes | $ 887 | $ 782 | $ 788 | |||
Pre-tax operating margin (percent) | 33.00% | [6] | 30.00% | [7] | 30.00% | [8] |
Average assets | $ 273,289 | $ 281,766 | $ 287,321 | |||
Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Fee and other revenue | 129 | 89 | 85 | |||
Net interest revenue | 4 | 12 | 24 | |||
Total revenue | 133 | 101 | 109 | |||
Provision for credit losses | (3) | 159 | (4) | |||
Noninterest expense | 140 | 146 | 105 | |||
Income (loss) before taxes | (4) | (204) | 8 | |||
Average assets | 61,294 | 55,842 | $ 49,729 | |||
Segment Reconciling Items | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income (loss) attributable to noncontrolling interests | $ 2 | $ (2) | ||||
[1] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $1 million, representing $6 million of losses and a loss attributable to noncontrolling interests of $7 million. Income (loss) before taxes is net of a loss attributable to noncontrolling interests of $7 million. | |||||
[2] | Both fee and other revenue and total revenue include the net income from consolidated investment management funds of $11 million, representing $16 million of income and noncontrolling interests of $5 million. Income (loss) before taxes is net of noncontrolling interests of $5 million. | |||||
[3] | Both fee and other revenue and total revenue include net income from consolidated investment management funds of $21 million, representing $52 million of income and noncontrolling interests of $31 million. Income before taxes is net of noncontrolling interests of $31 million. | |||||
[4] | Noninterest expense includes a loss attributable to noncontrolling interest of $2 million related to other consolidated subsidiaries. | |||||
[5] | Noninterest expense includes a loss attributable to noncontrolling interest of $2 million related to other consolidated subsidiaries. | |||||
[6] | Income before taxes divided by total revenue. | |||||
[7] | Income before taxes divided by total revenue. | |||||
[8] | Income before taxes divided by total revenue. |
Supplemental information to 107
Supplemental information to the Consolidated Statement of Cash Flows- Noncash Investing and Financing Transactions that are Not Reflected in Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | ||
Transfers from loans to other assets for other real estate owned (“OREO”) | $ 1 | $ 2 |
Change in assets of consolidated VIEs | 101 | 7,601 |
Change in liabilities of consolidated VIEs | 8 | 7,300 |
Change in noncontrolling interests of consolidated VIEs | 81 | 197 |
Securities purchased not settled | 86 | 1,177 |
Securities sales not settled | 356 | 0 |
Available-for-sale securities transferred to held-to-maturity | 0 | 11,602 |
Premises and equipment/capitalized software funded by capital lease obligations | $ 2 | $ 34 |