Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35651 | ||
Entity Registrant Name | THE BANK OF NEW YORK MELLON CORPORATION | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-2614959 | ||
Entity Address, Address Line One | 240 Greenwich Street | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10286 | ||
City Area Code | 212 | ||
Local Phone Number | 495-1784 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 44,195,604,602 | ||
Entity Common Stock, Shares Outstanding (shares) | 804,494,791 | ||
Documents Incorporated by Reference [Text Block] | Portions of the following documents are incorporated by reference in the following parts of this Form 10-K: The Bank of New York Mellon Corporation 2022 Proxy Statement-Part III The Bank of New York Mellon Corporation 2021 Annual Report to Shareholders-Parts I, II and IV | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001390777 | ||
Common Stock, $0.01 par value | New York Stock Exchange | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | BK | ||
Security Exchange Name | NYSE | ||
6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV | New York Stock Exchange | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV | ||
Trading Symbol | BK/P | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 185 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Fee and other revenue | ||||
Investment services fees | $ 8,284 | $ 8,047 | $ 7,900 | |
Investment management and performance fees | 3,588 | 3,367 | 3,389 | |
Foreign exchange and other trading revenue | [1] | 799 | 774 | 564 |
Financing-related fees | 194 | 212 | 196 | |
Distribution and servicing fees | 112 | 115 | 129 | |
Total fee revenue (a) | [1] | 12,977 | 12,515 | 12,178 |
Investment and other income | [1] | 336 | 316 | 1,096 |
Total fee and other revenue | 13,313 | 12,831 | 13,274 | |
Net interest revenue | ||||
Interest revenue | 2,845 | 4,109 | 7,548 | |
Interest expense | 227 | 1,132 | 4,360 | |
Net interest revenue | 2,618 | 2,977 | 3,188 | |
Total revenue | 15,931 | 15,808 | 16,462 | |
Provision for credit losses | [2] | (231) | 336 | (25) |
Noninterest expense | ||||
Staff | 6,337 | 5,966 | 6,063 | |
Software and equipment | 1,478 | 1,370 | 1,222 | |
Professional, legal and other purchased services | 1,459 | 1,403 | 1,345 | |
Sub-custodian and clearing | 505 | 460 | 450 | |
Net occupancy | 498 | 581 | 564 | |
Distribution and servicing | 298 | 336 | 374 | |
Bank assessment charges | 133 | 124 | 125 | |
Business development | 107 | 105 | 213 | |
Amortization of intangible assets | 82 | 104 | 117 | |
Other | 617 | 555 | 427 | |
Total noninterest expense | 11,514 | 11,004 | 10,900 | |
Income | ||||
Income before income taxes | 4,648 | 4,468 | 5,587 | |
Provision for income taxes | 877 | 842 | 1,120 | |
Net income | 3,771 | 3,626 | 4,467 | |
Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (12) | (9) | (26) | |
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 3,759 | 3,617 | 4,441 | |
Preferred stock dividends | (207) | (194) | (169) | |
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 3,552 | 3,423 | 4,272 | |
Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation | ||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 3,552 | 3,423 | 4,272 | |
Less: Earnings allocated to participating securities | 2 | 6 | 18 | |
Net income applicable to common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share | $ 3,550 | $ 3,417 | $ 4,254 | |
Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation | ||||
Basic (shares) | 851,905 | 890,839 | 939,623 | |
Common stock equivalents (shares) | 4,900 | 2,425 | 5,087 | |
Less: Participating securities (shares) | (446) | (750) | (1,601) | |
Diluted (shares) | 856,359 | 892,514 | 943,109 | |
Anti-dilutive securities (shares) | [3] | 642 | 4,968 | 4,014 |
Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation | ||||
Basic (usd per share) | $ 4.17 | $ 3.84 | $ 4.53 | |
Diluted (usd per share) | $ 4.14 | $ 3.83 | $ 4.51 | |
[1] | In 2021, we reclassified certain items within total revenue on the consolidated income statement and reclassified prior periods to be comparable with the current period presentation. See Note 2 of the Notes to Consolidated Financial Statements for additional information. | |||
[2] | The provision for credit losses for 2021 and 2020 relates to the financial instruments within the scope of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. | |||
[3] | 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. |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income Statement - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,771 | $ 3,626 | $ 4,467 | |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (376) | 508 | 151 | |
Unrealized (loss) gain on assets available-for-sale: | ||||
Unrealized (loss) gain arising during the period | (1,147) | 1,202 | 512 | |
Reclassification adjustment | (4) | (25) | 14 | |
Total unrealized (loss) gain on assets available-for-sale | (1,151) | 1,177 | 526 | |
Defined benefit plans: | ||||
Prior service cost arising during the period | 0 | 0 | (1) | |
Net gain (loss) arising during the period | 219 | (107) | (87) | |
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | 88 | 77 | 34 | |
Total defined benefit plans | 307 | (30) | (54) | |
Net unrealized (loss) gain on cash flow hedges | (6) | 5 | 3 | |
Total other comprehensive income (loss), net of tax | [1] | (1,226) | 1,660 | 626 |
Total comprehensive income | 2,545 | 5,286 | 5,093 | |
Net (income) attributable to noncontrolling interests | (12) | (9) | (26) | |
Other comprehensive (income) attributable to noncontrolling interests | (2) | (2) | (3) | |
Comprehensive income applicable to shareholders of The Bank of New York Mellon Corporation | $ 2,531 | $ 5,275 | $ 5,064 | |
[1] | Other comprehensive (loss) income attributable to The Bank of New York Mellon Corporation shareholders was $(1,228) million for the year ended Dec. 31, 2021, $1,658 million for the year ended Dec. 31, 2020 and $623 million for the year ended Dec. 31, 2019. |
Consolidated Comprehensive In_2
Consolidated Comprehensive Income Statement (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Change in accumulated other comprehensive income (loss) | $ (1,228) | $ 1,658 | $ 623 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | ||
Assets | ||||
Cash and due from banks, net of allowance for credit losses of $3 and $4 | $ 6,061 | $ 6,252 | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 102,467 | 141,775 | ||
Interest-bearing deposits with banks, net of allowance for credit losses of $2 and $3 (includes restricted of $3,822 and $3,167) | 16,630 | 17,300 | ||
Federal funds sold and securities purchased under resale agreements | 29,607 | 30,907 | ||
Securities: | ||||
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $56,775 and $49,224) | 56,866 | 47,946 | ||
Available-for-sale, at fair value (amortized cost of $100,774 and $105,141, net of allowance for credit losses of $10 and $11) | 101,839 | 108,495 | ||
Total securities | 158,705 | 156,441 | ||
Trading assets | 16,577 | 15,272 | ||
Loans | 67,787 | 56,469 | ||
Allowance for credit losses | (196) | (358) | ||
Net loans | 67,591 | 56,111 | ||
Premises and equipment | 3,431 | 3,602 | ||
Accrued interest receivable | 457 | 510 | ||
Goodwill | 17,512 | 17,496 | ||
Intangible assets | 2,991 | 3,012 | ||
Other assets, net of allowance for credit losses on accounts receivable of $4 and $4 (includes $1,187 and $1,009, at fair value) | [1] | 22,409 | 20,955 | |
Total assets | 444,438 | 469,633 | ||
Deposits: | ||||
Noninterest-bearing (principally U.S. offices) | 93,695 | 83,854 | ||
Interest-bearing deposits in U.S. offices | 120,903 | 133,479 | ||
Interest-bearing deposits in non-U.S. offices | 105,096 | 124,212 | ||
Total deposits | 319,694 | 341,545 | ||
Federal funds purchased and securities sold under repurchase agreements | 11,566 | 11,305 | ||
Trading liabilities | 5,469 | 6,031 | ||
Payables to customers and broker-dealers | 25,150 | 25,085 | ||
Commercial paper | 0 | 0 | ||
Other borrowed funds | 749 | 350 | ||
Accrued taxes and other expenses | 5,767 | 5,696 | ||
Other liabilities (including allowance for credit losses on lending-related commitments of $45 and $121, also includes $496 and $1,110, at fair value) | [1] | 6,721 | 7,517 | |
Long-term debt (includes $— and $400, at fair value) | 25,931 | 25,984 | ||
Total liabilities | 401,047 | 423,513 | ||
Temporary equity | ||||
Redeemable noncontrolling interests | 161 | 176 | ||
Permanent equity | ||||
Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 48,826 and 45,826 shares | 4,838 | 4,541 | ||
Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,389,397,912 and 1,382,306,327 shares | 14 | 14 | ||
Additional paid-in capital | 28,128 | 27,823 | ||
Retained earnings | 36,667 | 34,241 | ||
Accumulated other comprehensive loss, net of tax | (2,213) | (985) | ||
Less: Treasury stock of 585,252,546 and 495,542,796 common shares, at cost | (24,400) | (19,833) | ||
Total The Bank of New York Mellon Corporation shareholders’ equity | 43,034 | 45,801 | ||
Nonredeemable noncontrolling interests of consolidated investment management funds | 196 | 143 | ||
Total permanent equity | [2] | 43,230 | 45,944 | [3] |
Total liabilities, temporary equity and permanent equity | $ 444,438 | $ 469,633 | ||
[1] | In 2021, we reclassified the assets and liabilities of consolidated investment management funds, at fair value, to other assets and other liabilities, respectively. See Note 2 of the Notes to Consolidated Financial Statements for additional information. | |||
[2] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $41,260 million at Dec. 31, 2020 and $38,196 million at Dec. 31, 2021. | |||
[3] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $37,941 million at Dec. 31, 2019 and $41,260 million at Dec. 31, 2020. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and due from banks, allowance for credit loss | $ 3 | $ 4 |
Interest-bearing deposits with banks, allowance for credit losses | 2 | 3 |
Restricted cash | 3,822 | 3,167 |
Debt securities, held-to-maturity, allowance for credit loss (less than) | 1 | 1 |
Debt securities, held-to-maturity, fair value | 56,775 | 49,224 |
Debt securities, available-for-sale, amortized cost | 100,774 | 105,141 |
Debt securities, available-for-sale, allowance for credit loss | 10 | 11 |
Other assets, allowance for credit loss on accounts receivable | 4 | 4 |
Other assets, fair value | 1,187 | 1,009 |
Allowance for credit losses on lending related commitments | 45 | 121 |
Other liabilities, fair value | 496 | 1,110 |
Long-term debt, fair value | $ 0 | $ 400 |
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) | 48,826 | 45,826 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (shares) | 3,500,000,000 | 3,500,000,000 |
Common stock, issued (shares) | 1,389,397,912 | 1,382,306,327 |
Treasury stock, common shares (shares) | 585,252,546 | 495,542,796 |
Operating segments | ||
Allowance for credit losses on lending related commitments | $ 45 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating activities | ||||
Net income | $ 3,771 | $ 3,626 | $ 4,467 | |
Net (income) attributable to noncontrolling interests | (12) | (9) | (26) | |
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 3,759 | 3,617 | 4,441 | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||
Provision for credit losses | [1] | (231) | 336 | (25) |
Pension plan contributions | (6) | (25) | (45) | |
Depreciation and amortization | 1,867 | 1,630 | 1,315 | |
Deferred tax (benefit) | 257 | (193) | (69) | |
Net securities (gains) losses | (5) | (33) | 18 | |
Change in trading assets and liabilities | (1,898) | (496) | (5,167) | |
Change in accruals and other, net | (905) | 202 | (372) | |
Net cash provided by operating activities | 2,838 | 5,038 | 96 | |
Investing activities | ||||
Change in interest-bearing deposits with banks | 1,225 | (1,393) | (970) | |
Change in interest-bearing deposits with the Federal Reserve and other central banks | 35,073 | (42,857) | (26,763) | |
Purchases of securities held-to-maturity | (8,921) | (29,651) | (8,822) | |
Paydowns of securities held-to-maturity | 11,339 | 9,291 | 5,149 | |
Maturities of securities held-to-maturity | 1,872 | 7,097 | 3,192 | |
Purchases of securities available-for-sale | (54,239) | (68,430) | (46,435) | |
Sales of securities available-for-sale | 13,545 | 13,316 | 11,444 | |
Paydowns of securities available-for-sale | 12,775 | 10,476 | 7,516 | |
Maturities of securities available-for-sale | 17,221 | 27,592 | 26,504 | |
Net change in loans | (11,350) | (1,271) | 1,486 | |
Sales of loans and other real estate | 1 | 15 | 147 | |
Change in federal funds sold and securities purchased under resale agreements | 1,233 | (708) | 16,615 | |
Net change in seed capital investments | 171 | 18 | 74 | |
Purchases of premises and equipment/capitalized software | (1,215) | (1,222) | (1,210) | |
Proceeds from the sale of premises and equipment | 34 | 0 | 0 | |
Proceeds from the sale of an equity method investment | 0 | 0 | 849 | |
Acquisitions, net of cash | (170) | 0 | 0 | |
Dispositions, net of cash | 8 | 0 | 0 | |
Other, net | 1,070 | (728) | 676 | |
Net cash provided by (used for) investing activities | 19,672 | (78,455) | (10,548) | |
Financing activities | ||||
Change in deposits | (17,896) | 77,523 | 20,663 | |
Change in federal funds purchased and securities sold under repurchase agreements | 418 | (361) | (2,822) | |
Change in payables to customers and broker-dealers | 128 | 5,977 | (981) | |
Change in other borrowed funds | 397 | (270) | (2,651) | |
Change in commercial paper | 0 | (3,959) | 2,020 | |
Net proceeds from the issuance of long-term debt | 5,186 | 2,993 | 2,993 | |
Repayments of long-term debt | (4,650) | (5,200) | (5,250) | |
Proceeds from the exercise of stock options | 50 | 46 | 65 | |
Issuance of common stock | 13 | 12 | 21 | |
Issuance of preferred stock | 1,287 | 1,567 | 0 | |
Treasury stock acquired | (4,567) | (989) | (3,327) | |
Redemption of preferred stock | (1,000) | (583) | 0 | |
Common cash dividends paid | (1,126) | (1,117) | (1,120) | |
Preferred cash dividends paid | (197) | (179) | (169) | |
Amortization of preferred stock discount | 10 | 15 | 0 | |
Other, net | (15) | 33 | 17 | |
Net cash (used for) provided by financing activities | (21,962) | 75,508 | 9,459 | |
Effect of exchange rate changes on cash | (84) | 61 | 2 | |
Change in cash and due from banks and restricted cash | ||||
Change in cash and due from banks and restricted cash | 464 | 2,152 | (991) | |
Cash and due from banks and restricted cash at beginning of period | 9,419 | 7,267 | 8,258 | |
Cash and due from banks and restricted cash at end of period | 9,883 | 9,419 | 7,267 | |
Cash and due from banks at end of period (unrestricted cash) | 6,061 | 6,252 | 4,830 | |
Restricted cash at end of period | 3,822 | 3,167 | 2,437 | |
Cash and due from banks and restricted cash at end of period | 9,883 | 9,419 | 7,267 | |
Supplemental disclosures | ||||
Interest paid | 233 | 1,236 | 4,400 | |
Income taxes paid | 473 | 1,341 | 989 | |
Income taxes refunded | $ 42 | $ 60 | $ 669 | |
[1] | The provision for credit losses for 2021 and 2020 relates to the financial instruments within the scope of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss), net of tax | Treasury stock | Non-redeemable noncontrolling interests of consolidated investment management funds | Redeemable non- controlling interests/ temporary equity | Cumulative Effect, Period Of Adoption, Adjustment | Cumulative Effect, Period Of Adoption, AdjustmentRetained earnings | Cumulative Effect, Period Of Adoption, AdjustmentAccumulated other comprehensive (loss), net of tax | Cumulative Effect, Period of Adoption, Adjusted Balance | Cumulative Effect, Period of Adoption, Adjusted BalancePreferred stock | Cumulative Effect, Period of Adoption, Adjusted BalanceCommon stock | Cumulative Effect, Period of Adoption, Adjusted BalanceAdditional paid-in capital | Cumulative Effect, Period of Adoption, Adjusted BalanceRetained earnings | Cumulative Effect, Period of Adoption, Adjusted BalanceAccumulated other comprehensive (loss), net of tax | Cumulative Effect, Period of Adoption, Adjusted BalanceTreasury stock | Cumulative Effect, Period of Adoption, Adjusted BalanceNon-redeemable noncontrolling interests of consolidated investment management funds | Cumulative Effect, Period of Adoption, Adjusted BalanceRedeemable non- controlling interests/ temporary equity | ||
Beginning balance at Dec. 31, 2018 | $ 40,739 | [1] | $ 3,542 | $ 14 | $ 27,118 | $ 28,652 | $ (3,171) | $ (15,517) | $ 101 | $ 129 | $ 0 | $ 90 | $ (90) | $ 40,739 | $ 3,542 | $ 14 | $ 27,118 | $ 28,742 | $ (3,261) | $ (15,517) | $ 101 | $ 129 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Shares issued to shareholders of noncontrolling interests | 77 | ||||||||||||||||||||||
Redemption of subsidiary shares from noncontrolling interests | (48) | ||||||||||||||||||||||
Other net changes in noncontrolling interests | (19) | 6 | (25) | (18) | |||||||||||||||||||
Net income | 4,467 | 4,441 | 26 | ||||||||||||||||||||
Other comprehensive (loss) income attributable to The Bank of New York Mellon Corporation shareholders | 623 | 623 | |||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | 3 | 3 | |||||||||||||||||||||
Dividends: | |||||||||||||||||||||||
Common stock | [2] | (1,120) | (1,120) | ||||||||||||||||||||
Preferred stock | (169) | (169) | |||||||||||||||||||||
Repurchase of common stock | (3,327) | (3,327) | |||||||||||||||||||||
Common stock issued under employee benefit plans | 28 | 28 | |||||||||||||||||||||
Direct stock purchase and dividend reinvestment plan | 11 | 11 | |||||||||||||||||||||
Stock awards and options exercised | 352 | 352 | |||||||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 41,585 | [1],[3] | 3,542 | 14 | 27,515 | 31,894 | (2,638) | (18,844) | 102 | 143 | $ 40 | $ 45 | $ (5) | $ 41,625 | $ 3,542 | $ 14 | $ 27,515 | $ 31,939 | $ (2,643) | $ (18,844) | $ 102 | $ 143 | |
Dividends: | |||||||||||||||||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | ||||||||||||||||||||||
Shares issued to shareholders of noncontrolling interests | 80 | ||||||||||||||||||||||
Redemption of subsidiary shares from noncontrolling interests | (31) | ||||||||||||||||||||||
Other net changes in noncontrolling interests | $ 44 | 12 | 32 | (18) | |||||||||||||||||||
Net income | 3,626 | 3,617 | 9 | ||||||||||||||||||||
Other comprehensive (loss) income attributable to The Bank of New York Mellon Corporation shareholders | 1,654 | 1,654 | |||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | 2 | 2 | |||||||||||||||||||||
Common stock | [4] | (1,117) | (1,117) | ||||||||||||||||||||
Preferred stock | (179) | (179) | |||||||||||||||||||||
Preferred stock | (194) | ||||||||||||||||||||||
Repurchase of common stock | (989) | (989) | |||||||||||||||||||||
Common stock issued under employee benefit plans | 26 | 26 | |||||||||||||||||||||
Preferred stock redemption | (583) | (583) | |||||||||||||||||||||
Preferred stock issued | 1,567 | 1,567 | |||||||||||||||||||||
Stock awards and options exercised | 270 | 270 | |||||||||||||||||||||
Amortization of preferred stock discount | 15 | (15) | |||||||||||||||||||||
Other | 0 | (4) | 4 | ||||||||||||||||||||
Ending balance at Dec. 31, 2020 | 45,944 | [3],[5] | 4,541 | 14 | 27,823 | 34,241 | (985) | (19,833) | 143 | 176 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Shares issued to shareholders of noncontrolling interests | 48 | ||||||||||||||||||||||
Redemption of subsidiary shares from noncontrolling interests | (94) | ||||||||||||||||||||||
Other net changes in noncontrolling interests | 5 | (36) | 41 | 29 | |||||||||||||||||||
Net income | 3,771 | 3,759 | 12 | ||||||||||||||||||||
Other comprehensive (loss) income attributable to The Bank of New York Mellon Corporation shareholders | (1,228) | (1,228) | |||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | 2 | 2 | |||||||||||||||||||||
Dividends: | |||||||||||||||||||||||
Common stock | [6] | (1,126) | (1,126) | ||||||||||||||||||||
Preferred stock | (197) | (197) | |||||||||||||||||||||
Preferred stock | (207) | ||||||||||||||||||||||
Repurchase of common stock | (4,567) | (4,567) | |||||||||||||||||||||
Common stock issued under employee benefit plans | 18 | 18 | |||||||||||||||||||||
Preferred stock redemption | (1,000) | (1,000) | |||||||||||||||||||||
Preferred stock issued | 1,287 | 1,287 | |||||||||||||||||||||
Stock awards and options exercised | 323 | 323 | |||||||||||||||||||||
Amortization of preferred stock discount | 10 | (10) | |||||||||||||||||||||
Ending balance at Dec. 31, 2021 | $ 43,230 | [5] | $ 4,838 | $ 14 | $ 28,128 | $ 36,667 | $ (2,213) | $ (24,400) | $ 196 | $ 161 | |||||||||||||
[1] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $37,096 million at Dec. 31, 2018 and $37,941 million at Dec. 31, 2019. | ||||||||||||||||||||||
[2] | Includes dividend-equivalents on share-based awards. | ||||||||||||||||||||||
[3] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $37,941 million at Dec. 31, 2019 and $41,260 million at Dec. 31, 2020. | ||||||||||||||||||||||
[4] | Includes dividend-equivalents on share-based awards. | ||||||||||||||||||||||
[5] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $41,260 million at Dec. 31, 2020 and $38,196 million at Dec. 31, 2021. | ||||||||||||||||||||||
[6] | Includes dividend-equivalents on share-based awards |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends on common stock, cash paid (usd per share) | $ 0.34 | $ 0.31 | $ 1.30 | $ 1.24 | $ 1.18 | |
The Bank of New York Mellon Corporation shareholders’ equity | $ 43,034 | $ 45,801 | ||||
Common stock | ||||||
The Bank of New York Mellon Corporation shareholders’ equity | $ 38,196 | $ 41,260 | $ 37,941 | $ 37,096 |
Summary of significant accounti
Summary of significant accounting and reporting policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of significant accounting and reporting polices | Summary of significant accounting and reporting policies In this Annual Report, references to “our,” “we,” “us,” “BNY Mellon,” the “Company” and similar terms refer to The Bank of New York Mellon Corporation and its consolidated subsidiaries. The term “Parent” refers to The Bank of New York Mellon Corporation but not its subsidiaries. Nature of operations BNY Mellon is a global leader in providing a broad range of financial products and services in domestic and international markets. Through our three principal business segments, Securities Services, Market and Wealth Services and Investment and Wealth Management, we serve institutions, corporations and high-net-worth individuals. See Note 24 for the primary products and services of our lines of business and other information. Basis of presentation The accounting and financial reporting policies of BNY Mellon, a global financial services company, conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing industry practices. In the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented have been made. 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. Our most significant estimates pertain to our allowance for credit losses, goodwill and other intangibles and litigation and regulatory contingencies. 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. Foreign currency translation Assets and liabilities denominated in foreign currencies are translated to U.S. dollars at the rate of exchange on the balance sheet date. Transaction gains and losses are included in the income statement. Translation gains and losses on investments in foreign entities with functional currencies that are not the U.S. dollar are recorded as foreign currency translation adjustments in other comprehensive income (“OCI”). Revenue and expense transactions are translated at the applicable daily rate or the weighted average monthly exchange rate when applying the daily rate is not practical. Acquired businesses The income statement and balance sheet include results of acquired businesses accounted for under the acquisition method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations, and equity investments from the dates of acquisition. Contingent purchase consideration is measured at its fair value and recorded on the purchase date. Any subsequent changes in the fair value of a contingent consideration liability are recorded through the income statement. Consolidation We evaluate an entity for possible consolidation in accordance with ASC 810, Consolidation . We first determine whether or not we have variable interests in the entity, which are investments or other interests that absorb portions of an entity’s expected losses or receive portions of the entity’s expected returns. Our variable interests may include decision-maker or service provider fees, direct and indirect investments and investments made by related parties, including related parties under common control. If it is determined that we do not have a variable interest in the entity, no further analysis is required and the entity is not consolidated. If we hold a variable interest in the entity, further analysis is performed to determine if the entity is a variable interest entity (“VIE”) or a voting model entity (“VME”). We consider the underlying facts and circumstances of individual entities when assessing whether or not an entity is a VIE. An entity is determined to be a VIE if the equity investors: • do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support; or • lack one or more of the following characteristics of a controlling financial interest: • the power, through voting rights or similar rights, to direct the activities of an entity that most significantly impact the entity’s economic performance; • the obligation to absorb the expected losses of the entity; and • the right to receive the expected residual returns of the entity. We reconsider and reassess whether or not we are the primary beneficiary of a VIE when governing documents or contractual arrangements are changed that would reallocate the obligation to absorb expected losses or receive expected residual returns between BNY Mellon and the other investors. This could occur when BNY Mellon disposes of any portion of its variable interests in the VIE, when we acquire additional variable interests in the VIE, when additional variable interests are issued to other investors or when other investors liquidate their variable interest in the VIE. We consolidate a VIE if it is determined that we have a controlling financial interest in the entity. We have a controlling financial interest in a VIE when we have both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to that VIE. For entities that do not meet the definition of a VIE, the entity is considered a VME. We consolidate these entities if we can exert control over the financial and operating policies of an investee, which can occur if we have a 50% or more voting interest in the entity. See Note 14 for additional disclosures related to our variable interests. Equity method investments, including renewable energy investments Equity investments of less than a majority but at least 20% ownership are accounted for by the equity method and included in other assets. Earnings on these investments are reflected as investment services fees, investment management and performance fees or investment and other revenue, as appropriate, in the period earned. A loss in value of an equity investment that is determined to be other-than-temporary is recognized by reducing the carrying value of the equity investment to its fair value. Renewable energy investment projects through limited liability companies are accounted for using the equity method of accounting. The hypothetical liquidation at book value (“HLBV”) methodology is used to determine the pre-tax loss that is recognized in each period. HLBV estimates the liquidation value at the beginning and end of each period, with the difference recognized as the amount of loss under the equity method. The pre-tax losses are reported in investment and other revenue on the income statement. The corresponding tax benefits and credits are recorded as a reduction to provision for income taxes on the income statement. See Note 8 for the amount of our renewable energy investments. Below are our most significant equity method investments, other than the investments in renewable energy. Equity method investments at Dec. 31, 2021 (dollars in millions) Percentage ownership Book value CIBC Mellon Global Securities Services Company (“CIBC Mellon”) 50 % $ 687 Siguler Guff 20 % $ 252 Restricted cash and securities Cash and securities may be segregated under federal and other regulatory requirements and consists of excess client funds held by our broker-dealer entities. Restricted cash is included in interest-bearing deposits with banks on the balance sheet and with cash and due from banks when reconciling the beginning and end-of-period balances on the consolidated statement of cash flows. Securities purchased under resale agreements and securities sold under repurchase agreements Securities purchased under resale agreements and securities sold under repurchase agreements are accounted for as collateralized financings. Generally, these agreements are recorded at the amounts at which the securities will be subsequently resold or repurchased, plus accrued interest. Securities purchased under resale agreements are fully collateralized with high-quality liquid securities. Collateral requirements are monitored and additional collateral is received or provided, as required. As such, these transactions carry minimal credit risk and are generally not allocated an allowance for credit losses. Where an enforceable netting agreement exists, resale and repurchase agreements executed with the same counterparty and the same maturity date are reported on a net basis on the balance sheet. Securities – Debt Debt securities are classified as available-for-sale, held-to-maturity or trading securities when they are purchased. Debt securities are classified as available-for-sale securities when we intend to hold the securities for an indefinite period of time or when the securities may be used for tactical asset/liability purposes and may be sold from time to time to effectively manage interest rate exposure, prepayment risk and liquidity needs. Debt securities are classified as held-to-maturity securities when we intend and have the ability to hold them until maturity. Debt securities are classified as trading securities when our intention is to resell the securities. Available-for-sale securities are measured at fair value. The difference between fair value and amortized cost representing unrealized gains or losses on assets classified as available-for-sale is recorded net of tax as an addition to, or deduction from, OCI, unless an expected credit loss is recognized. Realized gains and losses on sales of available-for-sale securities are reported in investment and other revenue on the income statement. The cost of debt securities sold is determined on a specific identification method. Held-to-maturity securities are measured at amortized cost, which includes expected credit loss, if any. The accounting policy for estimating credit losses related to available-for-sale and held-to-maturity debt securities changed beginning in the first quarter of 2020 as a result of the adoption of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments . The Company’s policy for recognition of expected credit losses for securities available-for-sale and securities held-to-maturity is contained within “Allowance for credit losses – Securities – Debt” and “Allowance for credit losses – Other” below. Trading securities are measured at fair value and included in trading assets on the balance sheet. Trading revenue includes both realized and unrealized gains and losses. The liability incurred on short-sale transactions, representing the obligation to deliver securities, is included in trading liabilities at fair value. Income on securities purchased is adjusted for amortization of premium and accretion of discount on a level yield basis, generally over their contractual life. For debt securities that are beneficial interests in securitized financial assets and are not high credit quality, ASC 325, Investments – Other , provides that cash flows be discounted at the current yield used to accrete the beneficial interest. A credit loss is recognized when there is an adverse change in expected cash flows. If we intend to sell the security or it is more likely than not that we will be required to sell the security prior to recovery of its cost basis, the security is written down to fair value and the credit and non-credit components of the unrealized loss are recognized in earnings and subsequently accreted to interest income on an effective yield basis over the life of the security. Subsequent increases in the fair value of the security after the write-down are included in OCI. Securities – Equity Investments in equity securities that do not result in consolidation and are not accounted for under the equity method are measured at fair value with changes in the fair value recognized through earnings, unless one of two available exceptions applies. The first exception, a scope exception, allows Federal Reserve Bank stock, Federal Home Loan Bank stock and exchange memberships to remain accounted for at cost, less impairment. The second practicability exception is an election available for equity investments that do not have readily determinable fair values. For certain investments where the Company has chosen the practicability exception, such investments are accounted for in other assets on the balance sheet at cost adjusted for impairment, if any, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer with any such changes reflected in investment and other revenue. Equity securities with readily determinable fair values are classified in trading assets with changes in fair value reflected in other trading revenue, which is included in investment and other revenue in the consolidated income statement. Loans Loans are reported at amortized cost, net of any unearned income and deferred fees and costs. Certain loan origination and upfront commitment fees, as well as certain direct loan origination and commitment costs, are deferred and amortized as a yield adjustment over the lives of the related loans. Loans held for sale are carried at the lower of cost or fair value. Troubled debt restructurings/loan modifications A modified loan is considered a troubled debt restructuring (“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. Credit losses related to TDRs are accounted for under an individual evaluation methodology (see “Allowance for credit losses” below). Credit losses for anticipated TDRs are generally accounted for similarly to TDRs and are identified when there is a reasonable expectation that a TDR will be executed with the borrower and when we expect the modification to affect the timing or amount of payments and/or the payment term. Due to the coronavirus pandemic, there have been two forms of relief provided for classifying loans as TDRs: The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and the Interagency Guidance (as defined below). Financial institutions may account for eligible loan modifications either under the CARES Act or the Interagency Guidance. The Company has elected to apply both the CARES Act and the Interagency Guidance, as applicable, in providing borrowers with loan modification relief in response to the coronavirus pandemic. The CARES Act, which became law on March 27, 2020, provides that financial institutions may, subject to certain conditions, elect to temporarily suspend the U.S. GAAP requirements with respect to loan modifications related to the coronavirus pandemic that were current as of Dec. 31, 2019 and that would otherwise be identified and treated as TDRs. On Dec. 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law and extends the period established by the CARES Act under which consideration of TDR identification and accounting triggered by effects of the coronavirus pandemic are suspended. That extension period ended on Jan. 1, 2022. Various banking regulators issued guidance in the April 7, 2020 “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (revised)” (“Interagency Guidance”) on loan modification treatment pursuant to which financial institutions can apply the U.S. GAAP requirements for loan modifications. In accordance with this guidance, a loan modification is not considered a TDR if the modification is related to the coronavirus pandemic, the borrower had been current when the modification program was implemented, and the modification includes payment deferrals for not more than six months. Nonperforming assets Commercial loans are placed on nonaccrual status when principal or interest is past due 90 days or more, or when there is reasonable doubt that interest or principal will be collected. When a first or second lien residential mortgage loan reaches 90 days delinquent, it is subject to an individual evaluation of credit loss and placed on nonaccrual status. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is reversed against current period interest revenue. Interest receipts on nonaccrual loans are recognized as interest revenue or are applied to principal when we believe the ultimate collectability of principal is in doubt. Nonaccrual loans generally are restored to an accrual basis when principal and interest become current and remain current for a specified period. “Allowance for credit losses” below provides additional information regarding the individual evaluation of credit losses for nonperforming loans. Allowance for credit losses The accounting policy for estimating credit losses related to financial assets measured at amortized cost, including loans and lending-related commitments, changed beginning in the first quarter of 2020 as a result of the adoption of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments . This ASU also included targeted amendments with respect to credit losses for available-for-sale debt securities. The accounting policy for determining the allowances has been identified as a “critical accounting estimate” as it requires us to make numerous complex and subjective estimates and assumptions relating to amounts which are judgmental and inherently uncertain. Credit quality is monitored by management and is reflected within the allowance for credit losses. The allowance represents management’s estimate of expected credit losses over the expected contractual life of the financial instruments as of the balance sheet date. The allowance methodology is designed to provide procedural discipline in assessing the appropriateness of the allowance. A quantitative methodology and qualitative framework is used to estimate the allowance for credit losses. The qualitative framework is described in further detail within “Allowance for credit losses – Other” below. The quantitative component of our estimate uses models and methodologies that categorize financial assets based on product type, collateral type, and other credit trends and risk characteristics, including relevant information about past events, current conditions and reasonable and supportable forecasts of future economic conditions that affect the collectability of the recorded amounts. The allowance may be determined using various methods, including discounted cash flow methods, loss-rate methods, probability of default methods or other methods that we determine to be appropriate. We estimate our expected credit losses using the probability of default method for the majority of our financial assets. We measure expected credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. For a financial asset that does not share risk characteristics with other assets, expected credit losses are measured based on an individual evaluation method. In our estimate, with the exception of our small home equity line of credit portfolio, available-for-sale debt securities, and individually evaluated financial assets, we utilize a multi-scenario macroeconomic forecast which includes a weighting of three scenarios: a baseline and upside and downside scenarios and allows us to develop our estimate using a wide span of economic variables. Our baseline scenario reflects a view on likely performance of each global region and the other two scenarios are designed relative to the baseline scenario. This approach incorporates a reasonable and supportable forecast period spanning the life of the asset, and this period includes both an initial estimated economic outlook component as well as a reversion component for each economic input variable. The length of each of the two components depends on the underlying financial instrument, scenario and underlying economic input variable. In general, the initial economic outlook period for each economic input variable under each scenario ranges between several months and two years. The speed at which the scenario-specific forecasts revert to long-term historical mean is based on observed historical patterns of mean reversion at the economic variable input level that are reflected in our model parameter estimates. Certain macroeconomic variables such as unemployment or home prices take longer to revert after a contraction, though specific recovery times are scenario-specific. Reversion will usually take longer the further away the scenario-specific forecast is from the historical mean. On a quarterly basis, within a developed governance structure, we update these scenarios for current economic conditions and may adjust the scenario weighting based on our economic outlook. Allowance for credit losses – Loans and lending-related commitments The allowance for credit losses on loans is presented as a valuation allowance to loans, and the allowance for credit losses on lending-related commitments is recorded in other liabilities. The components of the allowance for credit losses on loans and lending-related commitments consist of the following three elements: • a pooled allowance component for higher risk-rated and pass-rated commercial and institutional credits and loans secured by commercial real estate; • a pooled allowance component for residential mortgage loans; and • an asset-specific allowance component involving individually evaluated credits of $1 million or greater. The first element, a pooled allowance component for higher risk-rated and pass-rated commercial and institutional credits and loans secured by commercial real estate, is based on our expected credit loss model using the probability of default method, which has been adjusted for the forecast of economic conditions. Individual credit analyses are performed on such loans before being assigned a credit rating. Segmentation is established based on risk characteristics of the loans and how risk is monitored. In estimating the terms of the exposures and resulting effect on the measurement of expected credit loss, we consider the impact of potential prepayments as well as the effect of borrower extension options. Borrower ratings are reviewed at least annually and are mapped to third-party databases, including rating agency and default and recovery databases, to support ongoing consistency and validity. Higher risk-rated loans and lending-related commitments are reviewed quarterly. For the higher-risk rated and pass-rated commercial and institutional credits, the loss expected in each loan incorporates the borrower’s credit rating, facility rating and maturity. The loss given default, derived from the facility rating, incorporates a recovery expectation, and for unfunded lending exposures, an estimate of the use of the facility at default (usage given default). The borrower’s probability of default is derived from the associated credit rating. The probability of default and the loss given default are applied to the estimated facility amount at default to determine the quantitative component of the allowance. For each of the different parameters, specific credit models are developed for each segment of our portfolio, including commercial loans and lease financing, financial institutions and other. We use both internal and external data in the development of these parameters. For loans secured by commercial real estate, a separate modeled approach is used that considers collateral specific data and loan maturity, as well as commercial real estate market factors by geographical region and property type under different macroeconomic scenarios. A statistical method is used to simulate the property value and income of each property, and to estimate the probability of default, loss given default and expected credit loss for each loan. The model outputs are established by using a baseline, upside and downside macroeconomic scenario to generate projected property values and incomes. The second element, a pooled allowance component for residential mortgage loans, is determined by first segregating our mortgage pools into two categories: (i) our wealth management mortgages and (ii) our legacy mortgage portfolio disclosed as other residential mortgages. We then apply models to each portfolio to predict prepayments, default rates and loss severity. We consider historical loss experience and use a loan-level, multi-period default model which further segments each portfolio by product type, including first lien fixed rate mortgages, first lien adjustable rate mortgages, second lien mortgages and interest-only mortgages. We calculate the mortgage loss up to loan contractual maturity and embed a reasonable and supportable forecast and macroeconomic variable inputs which are described above. For home equity lines of credit, probability of default and loss given default are based on external data from third-party databases due to the small size of the portfolio and limited internal data. Our legacy mortgage portfolio and home equity line of credit portfolios represent small sub-segments of our mortgage loans. The third element, individually evaluated credits, is based on individual analysis of loans of $1 million and greater which no longer share the risk characteristics with other loans. Factors we consider in measuring the extent of expected credit loss include the payment status, collateral value, the borrower’s financial condition, guarantor support, the probability of collecting scheduled principal and interest payments when due, anticipated modifications of payment structure or term for troubled borrowers, and recoveries if they can be reasonably estimated. We measure the expected credit loss as the difference between the amortized cost basis in the loan and the present value of the expected future cash flows from the borrower which is generally discounted at the loan’s effective interest rate, or the fair value of the collateral, if the loan is collateral dependent. We generally consider nonperforming loans as well as loans that have been or are anticipated to be modified and classified under a troubled debt restructuring for individual evaluation given the risk characteristics of such loans. Allowance for credit losses – Securities – Debt When estimating expected credit losses, we segment our available-for-sale and held-to-maturity debt securities portfolios by major asset class. This is influenced by whether the security is structured or non-structured (i.e., direct obligation), as well as the issuer type. For available-for-sale debt securities with an unrealized loss at the balance sheet date, if we determine that a credit loss exists, the amount is recognized as an allowance for credit losses in securities – available-for-sale, with a corresponding adjustment to the provision for credit losses. We evaluate credit losses at the individual security level and do not recognize credit losses if the fair value exceeds amortized cost, and if we determine that a credit loss exists, we limit the recognition of the loss to the difference between fair value and amortized cost. In our determination of whether an expected credit loss exists, we routinely conduct periodic reviews and examine various quantitative and qualitative factors that are unique to each portfolio, including the severity of the unrealized loss position, agency rating, credit enhancement, cash flow deterioration and other factors. The measurement of an expected credit loss is then based on the best estimate of the present value of cash flows to be collected from the debt security. Generally, cash flows are discounted at the effective interest rate implicit in the debt security. Changes to the present value of cash flows due to the passage of time are recognized within the allowance for credit losses. We estimate expected credit losses for held-to-maturity debt securities using a similar methodology as described in the first allowance element within “Allowance for credit losses – Loans and lending-related commitments” above. The allowance for credit losses on held-to-maturity debt securities is recorded in securities – held-to-maturity. The components of the credit loss calculation for each major portfolio or asset class include a probability of default and loss given default and their values depend on the forecast behavior of variables in the macroeconomic environment. For structured debt securities, we estimated expected credit losses at the individual security level and use a cash flow model to project principal losses. Generally, cash flows are discounted at the effective interest rate implicit in the debt security. The difference is reflected in the allowance for credit losses, and changes to the present value of cash flows due to the passage of time are recognized within the allowance for credit losses. We currently do not require an estimate of expected credit losses to be measured and recorded for U.S. Treasury securities, agency debt securities, and other debt securities that meet certain conditions that are based on a combination of factors such as guarantees, credit ratings and other credit quality factors. These assets are monitored within our established governance structure on a recurring basis to determine if any changes are warranted. Allowance for credit losses – Other financial instruments We also estimate expected credit losses associated with margin loans, reverse repurchase agreements, security lending indemnifications, and deposits with third-party financial institutions using a similar risk rating-based modeling approach as described in the first allowance element within “Allowance for credit losses – Loans and lending-related commitments” above. The allowance for credit losses on reverse repurchase agreements is recorded in federal funds sold and securities purchased under resale agreements; the allowance for credit losses on securities lending indemnifications is recorded in other liabilities and the allowance for credit losses on deposits with third-party financial institutions is recorded in cash and due from banks or interest-bearing deposits with banks. Our reverse repurchase agreements are short term and subject to continuous over-collateralization by our counterparties and timely collateral replenishment, when necessary. As a result, we estimate the expected credit loss related to the uncollateralized portion of the asset at the balance sheet date, if any, and when there is a reasonable expectation that the counterparty will not replenish the collateral in compliance with the terms of the repurchase agreement. This method is also applied to margin lending arrangements and securities lending indemnifications. Allowance for credit losses – Other We do not apply our credit loss measurement methodologies to accrued interest receivable balances related to our loan, debt securities and deposits with third-party financial institution assets given our nonaccrual policy that requires charge-off of interest receivable when deemed uncollectible. Accrued interest receivable related to these instruments, along with other interest-bearing instruments, is included on the consolidated balance sheet. Accrued interest receivable related to each major loan class is disclosed within our credit quality disclosure in Note 5. Our policy for credit losses related to purchased financial assets requires an evaluation to be performed prior to the effective purchase date to determine if more than an insignificant decline in credit quality has occurred during the period between the origination and purchase date, or, in the case of debt securities, the period between the issuance and purchase date. If we purchase a financial asset with more than insignificant deterioration in credit quality, the measurement of expected credit loss is performed using the methodologies described above, and the credit loss is recorded as an allowance for credit losses on the purchase date. Subsequent to purchase, changes (favorable a |
Accounting changes and new acco
Accounting changes and new accounting guidance | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting changes and new accounting guidance | Accounting changes and new accounting guidance In order to combine items of a similar nature within total revenue and to simplify our income statement presentation, in 2021, we made the following reporting changes. The reclassifications had no impact on consolidated total revenue or total revenue for the business segments. Prior periods were reclassified to be comparable with the current period presentation. • Other trading revenue was reclassified from foreign exchange and other trading revenue to investment and other revenue. • Foreign exchange and other trading revenue was renamed foreign exchange revenue. • The impact of foreign currency remeasurement was reclassified from investment and other revenue to foreign exchange revenue. • Income (loss) from consolidated investment management funds was reclassified to investment and other revenue. • Investment and other revenue was reclassified from fee revenue and is reported separately and net securities gains (losses) was combined with investment and other revenue. In addition, the assets and liabilities of consolidated investment management funds were reclassified to other assets and other liabilities, respectively, on the consolidated balance sheet. The reclassifications had no impact on total assets or total liabilities. Prior periods were reclassified to be comparable with the current period presentation. The table below summarizes the effects of the reclassifications on the consolidated income statement. Consolidated income statement reclassifications Year ended Dec. 31, (in millions) 2020 2019 Before reclassifications Foreign exchange and other trading revenue $ 789 $ 654 Total fee revenue $ 12,714 $ 13,236 Investment and other income $ 184 $ 968 Net securities gains (losses) $ 33 $ (18) Income from consolidated investment management funds $ 84 $ 56 After reclassifications Foreign exchange revenue $ 774 $ 564 Total fee revenue $ 12,515 $ 12,178 Investment and other revenue $ 316 $ 1,096 The table below summarizes the effects of the reclassifications on the consolidated balance sheet. Consolidated balance sheet reclassifications Dec. 31, 2020 (in millions) Before reclassifications Other assets $ 20,468 Assets of consolidated investment management funds, at fair value $ 487 Other liabilities $ 7,514 Liabilities of consolidated investment management funds, at fair value $ 3 After reclassifications Other assets $ 20,955 Other liabilities $ 7,517 Additionally, in the fourth quarter of 2021, we disaggregated our former Investment Services business segment into two new business segments, Securities Services and Market and Wealth Services. See Note 24 for additional information. |
Acquisitions and dispositions
Acquisitions and dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and dispositions | Acquisitions and dispositionsWe sometimes structure our acquisitions with both an initial payment and later contingent payments tied to post-closing revenue or income growth. Contingent payments were $5 million in 2021. At Dec. 31, 2021, we are potentially obligated to pay additional consideration which, using reasonable assumptions and estimates, could range from $15 million to $45 million over the next 3 years . Transactions in 2021 On Oct. 1, 2021, BNY Mellon completed the acquisition of Milestone Group Pty Ltd., a business solutions provider for the funds industry, which is included in the Securities Services business segment. On Oct. 29, 2021, BNY Mellon completed the acquisition of the depositary and custody activities of Nykredit, which is included in the Securities Services business segment. On Dec. 23, 2021, BNY Mellon completed the acquisition of Optimal Asset Management, an investment advisor that developed patented software to deliver customized investment solutions for investors, particularly direct indexing solutions, which is included in the Market and Wealth Services business segment. Goodwill and intangible assets related to the 2021 acquisitions totaled $99 million and $70 million, respectively. Transactions in 2020 In the fourth quarter of 2020, BNY Mellon entered into agreements to sell two legal entities. Those sales closed in the first and third quarters of 2021. BNY Mellon recorded a total after-tax loss of $34 million on these transactions in the fourth quarter of 2020 and a $4 million gain in the third quarter of 2021. Transaction in 2019 On Nov. 8, 2019, BNY Mellon, along with the other holders of Promontory Interfinancial Network, LLC (“PIN”), completed the sale of their interests in PIN. BNY Mellon recorded an after-tax gain of $622 million on the sale of this equity investment. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2021 | |
Securities [Abstract] | |
Securities | Securities The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of securities at Dec. 31, 2021 and Dec. 31, 2020. Securities at Dec. 31, 2021 Gross Fair Amortized cost (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 28,966 $ 771 $ 328 $ 29,409 Agency residential mortgage-backed securities (“RMBS”) 14,333 270 73 14,530 Sovereign debt/sovereign guaranteed 13,367 79 67 13,379 Agency commercial mortgage-backed securities (“MBS”) 8,102 345 42 8,405 Supranational 7,599 24 50 7,573 Foreign covered bonds 6,236 25 23 6,238 Collateralized loan obligations (“CLOs”) 4,441 3 5 4,439 Non-agency commercial MBS 3,083 65 23 3,125 Non-agency RMBS 2,641 132 25 2,748 Foreign government agencies 2,694 9 17 2,686 U.S. government agencies 2,464 99 27 2,536 State and political subdivisions 2,543 11 40 2,514 Other asset-backed securities (“ABS”) 2,205 7 22 2,190 Corporate bonds 2,099 19 52 2,066 Other debt securities 1 — — 1 Total securities available-for-sale (a)(b) $ 100,774 $ 1,859 $ 794 $ 101,839 Held-to-maturity: Agency RMBS $ 36,167 $ 428 $ 388 $ 36,207 U.S. Treasury 11,617 36 103 11,550 Agency commercial MBS 4,068 41 52 4,057 U.S. government agencies 2,998 — 71 2,927 CLOs 983 — 1 982 Sovereign debt/sovereign guaranteed 922 18 2 938 Supranational 54 — — 54 Non-agency RMBS 43 2 — 45 State and political subdivisions 14 1 — 15 Total securities held-to-maturity $ 56,866 $ 526 $ 617 $ 56,775 Total securities $ 157,640 $ 2,385 $ 1,411 $ 158,614 (a) The amortized cost of available-for-sale securities is net of the allowance for credit loss of $10 million. The allowance for credit loss primarily relates to CLOs. (b) Includes gross unrealized gains of $455 million and gross unrealized losses of $75 million recorded in accumulated other comprehensive income related to securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains are primarily related to U.S. Treasury securities, agency RMBS and agency commercial MBS. The unrealized losses are primarily related to U.S. Treasury securities and agency RMBS. The unrealized gains and losses will be amortized into net interest revenue over the contractual lives of the securities. Securities at Dec. 31, 2020 Gross Amortized cost Fair (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 23,557 $ 1,358 $ 21 $ 24,894 Agency RMBS 21,919 479 51 22,347 Sovereign debt/sovereign guaranteed 12,202 190 1 12,391 Agency commercial MBS 8,605 625 2 9,228 Supranational 7,086 75 1 7,160 Foreign covered bonds 6,658 68 1 6,725 CLOs 4,706 7 10 4,703 Foreign government agencies 4,086 49 — 4,135 U.S. government agencies 3,680 174 1 3,853 Other ABS 3,135 32 3 3,164 Non-agency commercial MBS 2,864 159 6 3,017 Non-agency RMBS 2,178 157 9 2,326 State and political subdivisions 2,270 39 1 2,308 Corporate bonds 1,945 50 1 1,994 Commercial paper/ certificates of deposit (“CDs”) 249 — — 249 Other debt securities 1 — — 1 Total securities available-for-sale (a)(b) $ 105,141 $ 3,462 $ 108 $ 108,495 Held-to-maturity: Agency RMBS $ 38,355 $ 1,055 $ 14 $ 39,396 U.S. Treasury 2,938 90 — 3,028 U.S. government agencies 2,816 4 6 2,814 Agency commercial MBS 2,659 105 2 2,762 Sovereign debt/sovereign guaranteed 1,050 42 — 1,092 Non-agency RMBS 58 3 — 61 Supranational 55 — — 55 State and political subdivisions 15 1 — 16 Total securities held-to-maturity $ 47,946 $ 1,300 $ 22 $ 49,224 Total securities $ 153,087 $ 4,762 $ 130 $ 157,719 (a) The amortized cost of available-for-sale securities is net of the allowance for credit loss of $11 million. The allowance for credit loss primarily relates to CLOs. (b) Includes gross unrealized gains of $75 million and gross unrealized losses of $44 million recorded in accumulated other comprehensive income related to 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 contractual lives of the securities. The following table presents the realized gains, losses and impairments, on a gross basis. Net securities gains (losses) (in millions) 2021 2020 2019 Realized gross gains $ 28 $ 46 $ 23 Realized gross losses (23) (13) (39) Recognized gross impairments — — (2) Total net securities gains (losses) $ 5 $ 33 $ (18) The following table presents pre-tax net securities gains (losses) by type. Net securities gains (losses) (in millions) 2021 2020 2019 Foreign government agencies $ 1 $ 8 $ (3) Supranational 1 7 (2) U.S. Treasury (3) 8 (13) Other 6 10 — Total net securities gains (losses) $ 5 $ 33 $ (18) In 2021, U.S. Treasury securities, agency RMBS, agency commercial MBS, CLOs and U.S. government agencies with an aggregate amortized cost of $13.4 billion and fair value of $13.8 billion were transferred from available-for-sale securities to held-to-maturity securities to reduce the impact of changes in interest rates on accumulated other comprehensive income. In 2020, agency commercial MBS with an aggregate amortized cost of $448 million and fair value of $501 million were transferred from available-for-sale securities to held-to-maturity securities to reduce the impact of changes in interest rates on accumulated other comprehensive income. Allowance for credit losses – Securities The allowance for credit losses related to securities was $10 million at Dec. 31, 2021 and $11 million at Dec. 31, 2020, and primarily relates to the available-for-sale CLO portfolio. Credit quality indicators – Securities At Dec. 31, 2021, the gross unrealized losses on the securities portfolio were primarily attributable to an increase in credit spreads from the 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, $75 million of the unrealized losses at Dec. 31, 2021 and $44 million at Dec. 31, 2020 reflected in the tables below relate to certain securities that were previously transferred from available-for-sale to held-to-maturity. The unrealized losses will be amortized into net interest revenue over the contractual 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 securities portfolio in 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 fair value of available-for-sale securities 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 without an allowance for credit losses. Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Dec. 31, 2021 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in millions) U.S. Treasury $ 16,855 $ 235 $ 1,944 $ 93 $ 18,799 $ 328 Sovereign debt/sovereign guaranteed 6,040 66 58 1 6,098 67 Agency RMBS 4,089 44 457 29 4,546 73 Supranational 3,093 44 305 6 3,398 50 Agency commercial MBS 2,233 39 585 3 2,818 42 Foreign covered bonds 2,694 23 — — 2,694 23 CLOs 1,808 3 318 2 2,126 5 Non-agency RMBS 1,573 20 345 5 1,918 25 State and political subdivisions 1,848 40 13 — 1,861 40 U.S. government agencies 1,780 27 — — 1,780 27 Other ABS 1,383 20 201 2 1,584 22 Foreign government agencies 1,446 17 15 — 1,461 17 Corporate bonds 1,247 42 198 10 1,445 52 Non-agency commercial MBS 947 16 222 7 1,169 23 Total securities available-for-sale (a) $ 47,036 $ 636 $ 4,661 $ 158 $ 51,697 $ 794 (a) Includes $47 million of gross unrealized losses for less than 12 months and gross unrealized losses of $28 million for 12 months or more recorded in accumulated other comprehensive income related to securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses are primarily related to U.S. Treasury and agency RMBS and will be amortized into net interest revenue over the contractual lives of the securities. Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Dec. 31, 2020 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in millions) U.S. Treasury $ 4,253 $ 21 $ — $ — $ 4,253 $ 21 Agency RMBS 850 4 1,965 47 2,815 51 CLOs 1,849 6 579 4 2,428 10 Sovereign debt/sovereign guaranteed 1,349 1 135 — 1,484 1 Supranational 1,041 1 132 — 1,173 1 Non-agency RMBS 973 3 103 6 1,076 9 Agency commercial MBS 440 1 266 1 706 2 Other ABS 449 2 226 1 675 3 Non-agency commercial MBS 468 4 170 2 638 6 Foreign covered bonds 468 1 90 — 558 1 Corporate bonds 282 1 — — 282 1 State and political subdivisions 273 1 2 — 275 1 U.S. government agencies 160 1 — — 160 1 Total securities available-for-sale (a) $ 12,855 $ 47 $ 3,668 $ 61 $ 16,523 $ 108 (a) Includes gross unrealized losses of $44 million for 12 months or more recorded in accumulated other comprehensive income related to securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses are primarily related to agency RMBS and will be amortized into net interest revenue over the contractual lives of the securities. There were no gross unrealized losses for less than 12 months. The following tables show the credit quality of the held-to-maturity securities. We have included certain credit ratings information because the information can indicate the degree of credit risk to which we are exposed. Significant changes in ratings classifications could indicate increased credit risk for us and could be accompanied by an increase in the allowance for credit losses and/or a reduction in the fair value of our securities portfolio. Held-to-maturity securities portfolio at Dec. 31, 2021 Ratings (a) Net unrealized gain (loss) BB+ A1+/A2/SP-1 (dollars in millions) Amortized AAA/ A+/ BBB+/ Not Agency RMBS $ 36,167 $ 40 100 % — % — % — % — % — % U.S. Treasury 11,617 (67) 100 — — — — — Agency commercial MBS 4,068 (11) 100 — — — — — U.S. government agencies 2,998 (71) 100 — — — — — CLOs 983 (1) 100 — — — — — Sovereign debt/sovereign guaranteed (b) 922 16 100 — — — — — Supranational 54 — 100 — — — — — Non-agency RMBS 43 2 23 59 2 15 — 1 State and political subdivisions 14 1 5 2 5 — — 88 Total held-to-maturity securities $ 56,866 $ (91) 100 % — % — % — % — % — % (a) Represents ratings by Standard & Poor’s (“S&P”) or the equivalent. (b) Primarily consists of exposure to France, UK and Germany. Held-to-maturity securities portfolio at Dec. 31, 2020 Ratings (a) Net unrealized gain (loss) BB+ A1+/A2/SP-1 (dollars in millions) Amortized AAA/ A+/ BBB+/ Not Agency RMBS $ 38,355 $ 1,041 100 % — % — % — % — % — % U.S. Treasury 2,938 90 100 — — — — — U.S. government agencies 2,816 (2) 100 — — — — — Agency commercial MBS 2,659 103 100 — — — — — Sovereign debt/sovereign guaranteed (b) 1,050 42 98 — — — 2 — Non-agency RMBS 58 3 28 55 2 14 — 1 Supranational 55 — 100 — — — — — State and political subdivisions 15 1 6 2 6 — — 86 Total held-to-maturity securities $ 47,946 $ 1,278 100 % — % — % — % — % — % (a) Represents ratings by S&P or the equivalent. (b) Primarily consists of exposure to France, UK and Germany. Maturity distribution The following table shows the maturity distribution by carrying amount and yield (on a tax equivalent basis) of our securities portfolio. Maturity distribution and yields on securities at Dec. 31, 2021 Within 1 year 1-5 years 5-10 years After 10 years Total (dollars in millions) Amount Yield (a) Amount Yield (a) Amount Yield (a) Amount Yield (a) Amount Yield (a) Available-for-sale: U.S. Treasury $ 1,352 1.32 % $ 13,637 1.00 % $ 11,413 1.13 % $ 3,007 3.06 % $ 29,409 1.25 % Sovereign debt/sovereign guaranteed 3,615 0.64 8,038 0.52 1,718 0.37 8 (0.12) 13,379 0.53 Supranational 793 0.63 5,518 0.51 1,240 0.65 22 (0.09) 7,573 0.54 Foreign covered bonds 1,511 1.07 3,826 0.49 901 0.03 — — 6,238 0.56 Foreign government agencies 770 0.90 1,783 0.60 133 0.22 — — 2,686 0.67 U.S. government agencies — — 1,783 0.91 639 1.66 114 1.91 2,536 1.13 State and political subdivisions 197 3.37 559 1.79 1,495 1.56 263 2.27 2,514 1.82 Corporate bonds 153 2.20 380 2.67 1,494 1.60 39 2.00 2,066 1.84 Other debt securities — — — — — — 1 3.73 1 3.37 Mortgage-backed securities: Agency RMBS 14,530 1.51 Non-agency RMBS 2,748 3.43 Agency commercial MBS 8,405 2.08 Non-agency commercial MBS 3,125 2.30 CLOs 4,439 1.30 Other ABS 2,190 1.63 Total securities available-for-sale $ 8,391 0.94 % $ 35,524 0.76 % $ 19,033 1.06 % $ 3,454 2.90 % $ 101,839 1.27 % Held-to-maturity: U.S. Treasury $ 1,469 1.84 % $ 7,748 1.37 % $ 2,400 1.13 % $ — — % $ 11,617 1.38 % U.S. government agencies — — 970 1.31 1,880 1.58 148 1.88 2,998 1.51 Sovereign debt/sovereign guaranteed 173 0.30 668 1.00 81 0.59 — — 922 0.83 Supranational — — 54 0.54 — — — — 54 0.54 State and political subdivisions 1 5.57 1 5.70 4 4.65 8 4.80 14 4.89 Mortgage-backed securities: Agency RMBS 36,167 2.34 Non-agency RMBS 43 1.47 Agency commercial MBS 4,068 2.32 CLOs 983 1.28 Total securities held-to-maturity $ 1,643 1.68 % $ 9,441 1.33 % $ 4,365 1.32 % $ 156 2.04 % $ 56,866 2.06 % Total securities $ 10,034 1.06 % $ 44,965 0.88 % $ 23,398 1.11 % $ 3,610 2.86 % $ 158,705 1.55 % (a) Yields are based upon the amortized cost of securities and consider the contractual coupon, amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives. Pledged assets At Dec. 31, 2021, BNY Mellon had pledged assets of $144 billion, including $112 billion pledged as collateral for potential borrowings at the Federal Reserve Discount Window and $7 billion pledged as collateral for borrowing at the Federal Home Loan Bank. The components of the assets pledged at Dec. 31, 2021 included $126 billion of securities, $12 billion of loans, $5 billion of trading assets and $1 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 assets account at the Federal Reserve. At Dec. 31, 2020, BNY Mellon had pledged assets of $141 billion, including $113 billion pledged as collateral for potential borrowing at the Federal Reserve Discount Window and $5 billion pledged as collateral for borrowing at the Federal Home Loan Bank. The components of the assets pledged at Dec. 31, 2020 included $124 billion of securities, $11 billion of loans, $6 billion of trading assets and less than $1 billion of interest-bearing deposits with banks. At Dec. 31, 2021 and Dec. 31, 2020, pledged assets included $24 billion and $18 billion, respectively, for which the recipients were permitted to sell or repledge the assets delivered. We also obtain securities as collateral, including receipts under resale agreements, securities borrowed, derivative contracts and custody agreements, on terms which permit us to sell or repledge the securities to others. At Dec. 31, 2021 and Dec. 31, 2020, the market value of the securities received that can be sold or repledged was $122 billion and $121 billion, respectively. We routinely sell or repledge these securities through delivery to third parties. As of Dec. 31, 2021 and Dec. 31, 2020, the market value of securities collateral sold or repledged was $78 billion and $84 billion, respectively. Restricted cash and securities |
Loans and asset quality
Loans and asset quality | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans and asset quality | Loans and asset quality Loans The table below provides the details of our loan portfolio. Loans Dec. 31, (in millions) 2021 2020 (a) Commercial $ 2,128 $ 1,429 Commercial real estate 6,033 6,020 Financial institutions 10,232 11,131 Lease financings 731 990 Wealth management loans 9,792 8,202 Wealth management mortgages 8,200 8,085 Other residential mortgages 299 389 Capital call financing 2,284 220 Other 2,541 1,904 Overdrafts 3,060 2,683 Margin loans 22,487 15,416 Total loans (b) $ 67,787 $ 56,469 (a) In 2021, we began disclosing capital call financing loans, and separately disclosing wealth management loans and wealth management mortgages. The prior period was revised to be comparable. (b) Net of unearned income of $240 million at Dec. 31, 2021 and $274 million at Dec. 31, 2020 primarily related to lease financings. We disclose information related to our loans and asset quality by the class of financing receivable in the following tables. Allowance for credit losses On Jan. 1, 2020, we adopted ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments . Activity in the allowance for credit losses on loans and lending-related commitments is presented below. This does not include activity in the allowance for credit losses related to other financial instruments, including cash and due from banks, interest-bearing deposits with banks, federal funds sold and securities purchased under resale agreements, held-to-maturity securities, available-for-sale securities and accounts receivable. In 2019, the allowance for loan losses and lending-related commitments was accounted for under ASC 450, Contingencies , to absorb losses inherent in the loan portfolio as of the balance sheet date, also referred to as the incurred loss methodology. Key elements of our incurred loss methodology included a quantitative assessment for higher risk-rated credits, impaired credits and residential mortgage loans, as well as a qualitative assessment based on internal and environmental risk factors. This methodology differed from the estimate of expected credit losses in 2020 and 2021 primarily in that it was based on historical loss experience and did not include an estimate of credit losses using a reasonable and supportable forecast methodology. Allowance for credit losses activity for the year ended Dec. 31, 2021 (a) Wealth management loans Wealth management mortgages Other Capital Other Total (in millions) Commercial Commercial Financial Lease Beginning balance $ 16 $ 430 $ 10 $ 2 $ 1 $ 7 $ 13 $ — $ — $ 479 Charge-offs — — — — — (1) (1) — (16) (18) Recoveries — — 2 — — — 6 — — 8 Net recoveries — — 2 — — (1) 5 — (16) (10) Provision (b) (4) (231) 1 (1) — — (11) 2 16 (228) Ending balance $ 12 $ 199 $ 13 $ 1 $ 1 $ 6 $ 7 $ 2 $ — $ 241 Allowance for: Loan losses $ 3 $ 171 $ 6 $ 1 $ 1 $ 5 $ 7 $ 2 $ — $ 196 Lending-related commitments 9 28 7 — — 1 — — — 45 Individually evaluated for impairment: Loan balance (c) $ — $ 111 $ — $ — $ — $ 18 $ 1 $ — $ — $ 130 Allowance for loan losses — 5 — — — — — — — 5 (a) In 2021, we began disclosing wealth management loans and wealth management mortgages separately. Beginning balances and 2021 activity has been revised to be comparable. Also in 2021, we began disclosing capital call financing loans. (b) Does not include provision for credit losses benefit related to other financial instruments of $3 million for the year ended Dec. 31, 2021. (c) Includes collateral dependent loans of $130 million with $149 million of collateral at fair value. Allowance for credit losses activity for the year ended Dec. 31, 2020 (a) Wealth management loans (b) Wealth management mortgages Other Foreign (c) Total (in millions) Commercial Commercial Financial Lease (b) Beginning at Dec. 31, 2019 $ 60 $ 76 $ 20 $ 3 $ 5 $ 15 $ 13 $ 24 $ 216 Impact of adopting ASU 2016-13 (43) 14 (6) — (5) (7) 2 (24) (69) Balance at Jan. 1, 2020 17 90 14 3 — 8 15 — 147 Charge-offs — — — — — — (1) — (1) Recoveries — — — — — — 5 — 5 Net recoveries — — — — — — 4 — 4 Provision (d) (1) 340 (4) (1) 1 (1) (6) — 328 Ending balance $ 16 $ 430 $ 10 $ 2 $ 1 $ 7 $ 13 $ — $ 479 Allowance for: Loan losses $ 6 $ 324 $ 6 $ 2 $ 1 $ 6 $ 13 $ — $ 358 Lending-related commitments 10 106 4 — — 1 — — 121 Individually evaluated for impairment: Loan balance $ — $ — $ — $ — $ — $ 20 (e) $ — $ — $ 20 Allowance for loan losses — — — — — — — — — (a) There was no activity in the capital call and other loan portfolios. (b) In 2021, we began disclosing wealth management loans and wealth management mortgages separately. Beginning balances and 2020 activity have been revised to be comparable. (c) The allowance related to foreign exposure has been reclassified to financial institutions ($10 million), commercial ($10 million) and lease financings ($4 million). (d) Does not include provision for credit losses related to other financial instruments of $8 million for the year ended Dec. 31, 2020. (e) Includes collateral dependent loans of $20 million with $30 million of collateral at fair value. Allowance for credit losses activity for the year ended Dec. 31, 2019 Lease Wealth management loans and mortgages Other All Other Foreign Total (in millions) Commercial Commercial Financial Beginning balance $ 81 $ 75 $ 22 $ 5 $ 21 $ 16 $ — $ 32 $ 252 Charge-offs (12) — — — (1) (1) — — (14) Recoveries — — — — — 3 — — 3 Net (charge-offs) recoveries (12) — — — (1) 2 — — (11) Provision (9) 1 (2) (2) — (5) — (8) (25) Ending balance $ 60 $ 76 $ 20 $ 3 $ 20 $ 13 $ — $ 24 $ 216 Allowance for: Loan losses $ 11 $ 57 $ 5 $ 3 $ 18 $ 13 $ — $ 15 $ 122 Lending-related commitments 49 19 15 — 2 — — 9 94 Individually evaluated for impairment: Loan balance $ — $ — $ — $ — $ 15 $ — $ — $ — $ 15 Allowance for loan losses — — — — — — — — — Collectively evaluated for impairment: Loan balance $ 1,442 $ 5,575 $ 4,852 $ 537 $ 16,035 $ 494 $ 13,598 (a) $ 12,405 $ 54,938 Allowance for loan losses 11 57 5 3 18 13 — 15 122 (a) Includes $524 million of domestic overdrafts, $11,907 million of margin loans and $1,167 million of other loans at Dec. 31, 2019. Nonperforming assets The table below presents our nonperforming assets. Nonperforming assets Dec. 31, 2021 Dec. 31, 2020 Recorded investment Recorded investment With an Without an allowance With an Without an allowance (in millions) Total Total Nonperforming loans: Other residential mortgages $ 38 $ 1 $ 39 $ 57 $ — $ 57 Wealth management mortgages 8 17 25 10 20 30 Commercial real estate 12 42 54 1 — 1 Total nonperforming loans 58 60 118 68 20 88 Other assets owned — 2 2 — 1 1 Total nonperforming assets $ 58 $ 62 $ 120 $ 68 $ 21 $ 89 Past due loans The table below presents our past due loans. Past due loans and still accruing interest Dec. 31, 2021 Dec. 31, 2020 Days past due Total Days past due Total (in millions) 30-59 60-89 ≥90 30-59 60-89 ≥90 Wealth management mortgages $ 24 $ — $ — $ 24 $ 12 $ 1 $ — $ 13 Wealth management loans 33 — — 33 42 — — 42 Commercial real estate 3 — — 3 19 16 — 35 Financial institutions 31 — — 31 11 — — 11 Other residential mortgages 2 1 — 3 3 1 — 4 Total past due loans $ 93 $ 1 $ — $ 94 $ 87 $ 18 $ — $ 105 Loan modifications Due to the coronavirus pandemic, there have been two forms of relief provided for classifying loans as TDRs: The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the relevant provisions of which were extended by the Consolidated Appropriations Act, 2021, and the Interagency Guidance. See Note 1 for additional details on the CARES Act, Consolidated Appropriations Act of 2021 and Interagency Guidance. Financial institutions may account for eligible loan modifications either under the CARES Act or the Interagency Guidance. The Company elected to apply both the CARES Act and the Interagency Guidance, as applicable, in providing borrowers with loan modification relief in response to the coronavirus pandemic. We modified loans of $104 million in 2021 and $404 million in 2020. Nearly all of the modifications were short-term loan payment forbearances or modified principal and/or interest payments. These loans were primarily Credit quality indicators Our credit strategy is to focus on investment-grade clients that are active users of our non-credit services. 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 table below provides information about the credit profile of the loan portfolio by the period of origination. Credit profile of the loan portfolio Dec. 31, 2021 Revolving loans Originated, at amortized cost Amortized cost Converted to term loans – Amortized cost Accrued (in millions) 2021 2020 2019 2018 2017 Prior to 2017 Total (a) Commercial: Investment grade $ 348 $ 20 $ — $ 8 $ 145 $ — $ 1,450 $ — $ 1,971 Non-investment grade 81 — — — — — 76 — 157 Total commercial 429 20 — 8 145 — 1,526 — 2,128 $ 1 Commercial real estate: Investment grade 1,577 528 683 173 298 601 205 — 4,065 Non-investment grade 660 97 568 351 50 95 121 26 1,968 Total commercial real estate 2,237 625 1,251 524 348 696 326 26 6,033 7 Financial institutions: Investment grade 705 — — — — 60 8,015 — 8,780 Non-investment grade 20 — — — — — 1,432 — 1,452 Total financial institutions 725 — — — — 60 9,447 — 10,232 11 Wealth management loans Investment grade 117 18 73 6 104 122 9,320 — 9,760 Non-investment grade 1 — — — — — 31 — 32 Total wealth management loans 118 18 73 6 104 122 9,351 — 9,792 12 Wealth management mortgages 2,058 1,008 855 542 885 2,838 14 — 8,200 14 Lease financings 25 67 15 10 2 612 — — 731 — Other residential mortgages — — — — — 299 — — 299 1 Capital call financing — — — — — — 2,284 — 2,284 3 Other loans — — — — — — 2,541 — 2,541 2 Margin loans 7,697 — — — — — 14,790 — 22,487 10 Total loans $ 13,289 $ 1,738 $ 2,194 $ 1,090 $ 1,484 $ 4,627 $ 40,279 $ 26 $ 64,727 $ 61 (a) Excludes overdrafts of $3,060 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two Credit profile of the loan portfolio Dec. 31, 2020 Revolving loans Originated, at amortized cost Amortized cost Converted to term loans – Amortized cost Accrued (in millions) 2020 2019 2018 2017 2016 Prior to 2016 Total (a) Commercial: Investment grade $ 128 $ 18 $ 71 $ 420 $ 57 $ — $ 493 $ — $ 1,187 Non-investment grade 142 — 6 — — — 94 — 242 Total commercial 270 18 77 420 57 — 587 — 1,429 $ 2 Commercial real estate: Investment grade 778 1,010 458 543 312 346 91 — 3,538 Non-investment grade 285 619 643 159 376 144 229 27 2,482 Total commercial real estate 1,063 1,629 1,101 702 688 490 320 27 6,020 8 Financial institutions: Investment grade 132 146 47 125 13 156 8,646 — 9,265 Non-investment grade 84 36 — — — — 1,746 — 1,866 Total financial institutions 216 182 47 125 13 156 10,392 — 11,131 12 Wealth management loans Investment grade 18 85 11 147 59 112 7,716 — 8,148 Non-investment grade — — — — — — 54 — 54 Total wealth management loans 18 85 11 147 59 112 7,770 — 8,202 11 Wealth management mortgages 1,117 1,044 637 1,188 1,515 2,546 38 — 8,085 16 Lease financings 116 18 14 9 20 813 — — 990 — Other residential mortgages — — — — — 389 — — 389 1 Capital call financing — — — — — — 220 — 220 — Other loans — — — — — — 1,904 — 1,904 1 Margin loans 4,614 — — — — — 10,802 — 15,416 8 Total loans $ 7,414 $ 2,976 $ 1,887 $ 2,591 $ 2,352 $ 4,506 $ 32,033 $ 27 $ 53,786 $ 59 (a) Excludes overdrafts of $2,683 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two Commercial loans The commercial loan portfolio is divided into investment grade and non-investment grade categories based on the assigned internal credit ratings, which are generally consistent with those 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. Commercial real estate Our income-producing commercial real estate facilities are focused on experienced owners and are structured with moderate leverage based on existing cash flows. Our commercial real estate lending activities also include construction and renovation facilities. Financial institutions Financial institution exposures are high quality, with 96% of the exposures meeting the investment grade equivalent criteria of our internal credit rating classification at Dec. 31, 2021. In addition, 66% of the financial institutions exposure is secured. For example, securities industry clients and asset managers often borrow against marketable securities held in custody. The exposure to financial institutions is generally short term, with 87% expiring within one year. Wealth management loans Wealth management 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 loan 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. For the loans collateralized by other assets, the credit quality of the obligor is carefully analyzed, but we do not consider this portion of wealth management loan portfolio to be investment grade. Wealth management mortgages 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. Delinquency rate is a key indicator of credit quality in the wealth management portfolio. At Dec. 31, 2021, less than 1% of the mortgages were past due. At Dec. 31, 2021, the wealth management mortgage portfolio consisted of the following geographic concentrations: California – 21%; New York – 16%; Florida – 9%; Massachusetts – 9%; and other – 45%. Lease financings At Dec. 31, 2021, the lease financings portfolio consisted of exposures backed by well-diversified assets, primarily large-ticket transportation equipment and real estate. The largest components of our lease residual value exposure were to aircraft and freight-related rail cars. Assets are both domestic and foreign-based, with primary concentrations in Germany and the U.S. Other residential mortgages The other residential mortgage portfolio primarily consists of 1-4 family residential mortgage loans and totaled $299 million at Dec. 31, 2021 and $389 million at Dec. 31, 2020. These loans are not typically correlated to external ratings. Overdrafts Overdrafts primarily relate to custody and securities clearance clients and totaled $3.1 billion at Dec. 31, 2021 and $2.7 billion Dec. 31, 2020. Overdrafts occur on a daily basis and are generally repaid within two 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 $22.5 billion of secured margin loans at Dec. 31, 2021, compared with $15.4 billion at Dec. 31, 2020. 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. Capital call financing Capital call financing includes loans to private equity funds that are secured by the fund investors’ capital commitments and the funds’ right to call capital. Reverse repurchase agreements |
Leasing
Leasing | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leasing | LeasingWe have operating and finance leases for corporate offices, data centers and certain equipment. Our leases have remaining lease terms up to 17 years, some of which include options to extend or terminate the lease. In some of our corporate office locations, we may enter into sublease arrangements for portions or all of the space and/or lease term. The table below presents the consolidated balance sheet information related to operating and finance leases. Balance sheet information Dec. 31, 2021 Dec. 31, 2020 (dollars in millions) Operating Finance Total Operating Finance Total ROU assets (a) $ 1,250 $ 34 $ 1,284 $ 1,432 $ 11 $ 1,443 Lease liability (b) $ 1,461 $ 24 $ 1,485 $ 1,669 $ 11 $ 1,680 Weighted average: Remaining lease term 10.5 years 0.9 years 10.8 years 1.1 years Discount rate (annualized) 2.62 % 0.97 % 2.55 % 0.29 % (a) Included in premises and equipment on the consolidated balance sheet. (b) Operating lease liabilities are included in other liabilities finance lease liabilities The table below presents the components of lease expense. Lease expense Year ended Dec. 31, (in millions) 2021 2020 2019 Operating lease expense $ 236 $ 263 $ 266 Variable lease expense 39 47 39 Sublease income (33) (35) (33) Finance lease expense: Amortization of ROU assets 3 1 7 Total lease expense $ 245 $ 276 $ 279 The table below presents cash flow information related to leases. Cash flow information Year ended Dec. 31, (in millions) 2021 2020 2019 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 260 $ 284 $ 285 Financing cash flows from finance leases $ 13 $ 1 $ 20 See Note 26 for information on non-cash operating and/or finance lease transactions. The table below presents the maturities of lease liabilities. Maturities of lease liabilities Operating Finance (in millions) For the year ended Dec. 31, 2022 $ 225 $ 24 2023 194 — 2024 147 — 2025 139 — 2026 146 — 2027 and thereafter 825 — Total lease payments 1,676 24 Less: Imputed interest 215 — Total $ 1,461 $ 24 |
Leasing | LeasingWe have operating and finance leases for corporate offices, data centers and certain equipment. Our leases have remaining lease terms up to 17 years, some of which include options to extend or terminate the lease. In some of our corporate office locations, we may enter into sublease arrangements for portions or all of the space and/or lease term. The table below presents the consolidated balance sheet information related to operating and finance leases. Balance sheet information Dec. 31, 2021 Dec. 31, 2020 (dollars in millions) Operating Finance Total Operating Finance Total ROU assets (a) $ 1,250 $ 34 $ 1,284 $ 1,432 $ 11 $ 1,443 Lease liability (b) $ 1,461 $ 24 $ 1,485 $ 1,669 $ 11 $ 1,680 Weighted average: Remaining lease term 10.5 years 0.9 years 10.8 years 1.1 years Discount rate (annualized) 2.62 % 0.97 % 2.55 % 0.29 % (a) Included in premises and equipment on the consolidated balance sheet. (b) Operating lease liabilities are included in other liabilities finance lease liabilities The table below presents the components of lease expense. Lease expense Year ended Dec. 31, (in millions) 2021 2020 2019 Operating lease expense $ 236 $ 263 $ 266 Variable lease expense 39 47 39 Sublease income (33) (35) (33) Finance lease expense: Amortization of ROU assets 3 1 7 Total lease expense $ 245 $ 276 $ 279 The table below presents cash flow information related to leases. Cash flow information Year ended Dec. 31, (in millions) 2021 2020 2019 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 260 $ 284 $ 285 Financing cash flows from finance leases $ 13 $ 1 $ 20 See Note 26 for information on non-cash operating and/or finance lease transactions. The table below presents the maturities of lease liabilities. Maturities of lease liabilities Operating Finance (in millions) For the year ended Dec. 31, 2022 $ 225 $ 24 2023 194 — 2024 147 — 2025 139 — 2026 146 — 2027 and thereafter 825 — Total lease payments 1,676 24 Less: Imputed interest 215 — Total $ 1,461 $ 24 |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill The table below provides a breakdown of goodwill by business segment. Goodwill by business segment (a) (in millions) Securities Services (a) Market and Wealth Services (a) Investment Other Consolidated Balance at Dec. 31, 2019 $ 6,912 1,420 $ 9,007 $ 47 $ 17,386 Foreign currency translation 74 3 33 — 110 Other (b) 47 — — (47) — Balance at Dec. 31, 2020 $ 7,033 $ 1,423 $ 9,040 $ — $ 17,496 Acquisitions (dispositions) 87 12 (5) — 94 Foreign currency translation (58) — (20) — (78) Balance at Dec. 31, 2021 $ 7,062 $ 1,435 $ 9,015 $ — $ 17,512 (a) Prior periods have been revised to reflect the 2021 resegmentation. (b) Reflects the transfer of goodwill associated with the Capital Markets business. Total goodwill increased in 2021 compared with 2020 primarily reflecting acquisitions, offset by the impact of foreign currency translation on non-U.S. dollar denominated goodwill. Intangible assets The table below provides a breakdown of intangible assets by business segment. Intangible assets – net carrying amount by business segment (a) (in millions) Securities Services (a) Market and Wealth Services (a) Investment Other Consolidated Balance at Dec. 31, 2019 $ 227 $ 451 $ 1,580 $ 849 $ 3,107 Acquisition — — 2 — 2 Amortization (34) (37) (33) — (104) Foreign currency translation 1 — 6 — 7 Balance at Dec. 31, 2020 $ 194 $ 414 $ 1,555 $ 849 $ 3,012 Acquisitions (dispositions) 70 — (6) — 64 Amortization (32) (21) (29) — (82) Foreign currency translation (2) (1) — — (3) Balance at Dec. 31, 2021 $ 230 $ 392 $ 1,520 $ 849 $ 2,991 (a) Prior periods have been revised to reflect the 2021 resegmentation. Intangible assets decreased in 2021 compared with 2020 primarily reflecting amortization, partially offset by acquisitions. The table below provides a breakdown of intangible assets by type. Intangible assets Dec. 31, 2021 Dec. 31, 2020 (dollars in millions) Gross Accumulated Net Remaining Gross Accumulated Net Subject to amortization: (a) Customer contracts—Securities Services ( b) $ 747 $ (518) $ 229 11 years $ 683 $ (489) $ 194 Customer contracts—Market and Wealth Services (b) 378 (356) 22 4 years 752 (710) 42 Customer relationships—Investment and Wealth Management 568 (456) 112 9 years 705 (564) 141 Other 47 (8) 39 13 years 59 (15) 44 Total subject to amortization 1,740 (1,338) 402 10 years 2,199 (1,778) 421 Not subject to amortization: (c) Tradenames 1,294 N/A 1,294 N/A 1,295 N/A 1,295 Customer relationships 1,295 N/A 1,295 N/A 1,296 N/A 1,296 Total not subject to amortization 2,589 N/A 2,589 N/A 2,591 N/A 2,591 Total intangible assets $ 4,329 $ (1,338) $ 2,991 N/A $ 4,790 $ (1,778) $ 3,012 (a) Excludes fully amortized intangible assets. (b) Prior periods have been revised to reflect the 2021 resegmentation. (c) Intangible assets not subject to amortization have an indefinite life. N/A – Not applicable. Estimated annual amortization expense for current intangibles for the next five years is as follows: For the year ended Estimated amortization expense (in millions) 2022 $ 68 2023 58 2024 50 2025 43 2026 34 Impairment testing The goodwill impairment test is performed at least annually at the reporting unit level. Intangible assets not subject to amortization are tested for impairment annually or more often if events or circumstances indicate they may be impaired. BNY Mellon’s business segments include six reporting units for which goodwill impairment testing is performed on an annual basis. As a result of the annual goodwill impairment test of the six reporting units conducted in the second quarter of 2021, no goodwill impairment was recognized. |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets [Abstract] | |
Other assets | Other assets The following table provides the components of other assets presented on the consolidated balance sheet. Other assets Dec. 31, (in millions) 2021 2020 Corporate/bank-owned life insurance $ 5,359 $ 5,301 Accounts receivable 4,178 3,619 Software 2,096 1,884 Prepaid pension assets 1,946 1,556 Fails to deliver 1,561 1,371 Qualified affordable housing project investments 1,153 1,145 Renewable energy investments 1,027 1,206 Equity method investments 939 921 Income taxes receivable 538 599 Prepaid expense 476 477 Federal Reserve Bank stock 472 479 Assets of consolidated investment management funds 462 487 (a) Other equity investments (b) 449 290 Seed capital (c) 357 365 Fair value of hedging derivatives 206 19 Other (d) 1,190 1,236 Total other assets $ 22,409 $ 20,955 (a) (a) In 2021, we reclassified the assets of consolidated investment management funds, at fair value, to other assets. See Note 2 for additional information. (b) Includes strategic equity, private equity and other investments. (c) Includes investments in BNY Mellon funds which hedge deferred incentive awards. (d) At Dec. 31, 2021 and Dec. 31, 2020, other assets include $7 million and $7 million, respectively, of Federal Home Loan Bank stock, at cost. Non-readily marketable equity securities Non-readily marketable equity securities do not have readily determinable fair values. These investments are valued using a measurement alternative where the investments are carried at cost, less any impairment, and plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The observable price changes are recorded in investment and other revenue on the consolidated income statement. Our non-readily marketable equity securities totaled $264 million at Dec. 31, 2021 and $129 million at Dec. 31, 2020 and are included in other equity investments in the table above. The following table presents the adjustments on the non-readily marketable equity securities. Adjustments on non-readily marketable equity securities Life-to-date (in millions) 2021 2020 2019 Upward adjustments $ 105 $ 21 $ 4 $ 158 Downward adjustments — — (3) (4) Net adjustments $ 105 $ 21 $ 1 $ 154 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 $1.2 billion at Dec. 31, 2021 and $1.1 billion at Dec. 31, 2020. Commitments to fund future investments in qualified affordable housing projects totaled $543 million at Dec. 31, 2021 and $514 million at Dec. 31, 2020 and are recorded in other liabilities on the consolidated balance sheet. A summary of the commitments to fund future investments is as follows: 2022 – $224 million; 2023 – $195 million; 2024 – $97 million; 2025 – $2 million; 2026 – $1 million; and 2027 and thereafter – $24 million. Tax credits and other tax benefits recognized were $148 million in 2021, $137 million in 2020 and $148 million in 2019. Investments valued using net asset value (“NAV”) per share In our Investment and Wealth Management business segment, we make seed capital investments in certain funds we manage. We also hold private equity investments, primarily small business investment companies (“SBICs”), which are compliant with the Volcker Rule, and certain other corporate investments. Seed capital, private equity and other corporate investments are included in other assets on the consolidated balance sheet. The fair value of certain of these investments was estimated using the NAV per share for our ownership interest in the funds. The table below presents information on our investments valued using NAV. Investments valued using NAV Dec. 31, 2021 Dec. 31, 2020 (in millions) Fair value Unfunded Fair value Unfunded Seed capital (a) $ 59 $ 21 $ 52 $ 22 Private equity investments (b) 113 61 102 52 Other (c) 46 — 47 — Total $ 218 $ 82 $ 201 $ 74 ( a) Primarily includes leveraged loans and structured credit funds, which are generally not redeemable. Distributions from such investments will be received as the underlying investments in the funds, which have lives of three (b) Private equity investments primarily include Volcker Rule-compliant investments in SBICs that invest in various sectors of the economy. Private equity investments do not have redemption rights. Distributions from such investments will be received as the underlying investments in the private equity investments, which have a life of 10 years, are liquidated. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits Time deposits in denominations of $250,000 or more totaled $549 million at Dec. 31, 2021 and $1.2 billion at Dec. 31, 2020. At Dec. 31, 2021, the scheduled maturities of total time deposits are $576 million in 2022, $2 million in 2023 and $1 million in 2024. No time deposits are scheduled to mature after 2024. |
Contract revenue
Contract revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Contract revenue | Contract revenue Fee and other revenue in the Securities Services, Market and Wealth Services and Investment and Wealth Management business segments is primarily variable, based on levels of assets under custody and/or administration (“AUC/A”), assets under management (“AUM”) and the level of client-driven transactions, as specified in fee schedules. Investment services fees are based primarily on the market value of AUC/A; client accounts, balances and the volume of transactions; securities lending volume and spreads; and fees for other services. Certain fees based on the market value of assets are calculated in arrears on a monthly or quarterly basis. Investment services fees also include transaction-based fees, which are driven by customer actions and are delivered at a point-in-time. These transaction-based fees are generally recognized on trade date. Other contractual investment services fees are driven by the amount of AUC/A or the number of accounts or securities positions and are billed on a monthly or quarterly basis. Substantially all services within the Securities Services and Market and Wealth Services business segments are provided over time. Revenue on these services is recognized using the time elapsed method, equal to the expected invoice amount, which typically represents the value provided to the customer for our performance completed to date. Investment management fees are dependent on the overall level and mix of AUM. The management fees, expressed in basis points, are charged for managing those assets. Management fees are typically subject to fee schedules based on the overall level of assets managed and products in which those assets are invested. Investment management fee revenue also includes transactional- and account-based fees. These fees, along with distribution and servicing fees, are recognized when the services have been completed. Clients are generally billed for services performed on a monthly or quarterly basis. Performance fees are generally calculated as a percentage of the applicable portfolio’s performance in excess of a benchmark index or a peer group’s performance. Performance fees are recognized at the end of the measurement period when they are determinable. See Note 24 for additional information on our principal business segments, Securities Services, Market and Wealth Services and Investment and Wealth Management, and the primary services provided. Disaggregation of contract revenue Contract revenue is included in fee and other revenue on the consolidated income statement. The following tables present fee and other revenue related to contracts with customers, disaggregated by type of fee revenue, for each business segment. Business segment data has been determined on an internal management basis of accounting, rather than GAAP which is used for consolidated financial reporting. Disaggregation of contract revenue by business segment Year ended Dec. 31, 2021 2020 (a) (in millions) Securities Services Market and Wealth Services Investment and Wealth Management Other Total Securities Services Market and Wealth Services Investment and Wealth Management Other Total Fee and other revenue – contract revenue: Investment services fees $ 4,919 $ 3,284 $ 100 $ (70) $ 8,233 $ 4,681 $ 3,262 $ 96 $ (53) $ 7,986 Investment management and performance fees — 18 3,553 (19) 3,552 — 17 3,373 (17) 3,373 Financing-related fees 19 48 — 1 68 18 59 2 1 80 Distribution and servicing fees 5 (5) 113 (1) 112 4 (26) 137 — 115 Investment and other revenue 132 4 (35) — 101 160 79 (148) 1 92 Total fee and other revenue – contract revenue 5,075 3,349 3,731 (89) 12,066 4,863 3,391 3,460 (68) 11,646 Fee and other revenue – not in scope of ASC 606 (b)(c) 743 234 118 140 1,235 815 187 35 139 1,176 Total fee and other revenue $ 5,818 $ 3,583 $ 3,849 $ 51 $ 13,301 $ 5,678 $ 3,578 $ 3,495 $ 71 $ 12,822 (a) Restated to reflect the 2021 business segment reclassifications. There was no impact on total fee and other revenue, by type or in aggregate. See Note 24 for additional information related to the reclassifications. (b) Primarily includes investment services fees, foreign exchange revenue, financing-related fees, investment and other revenue and net securities gains (losses), all of which are accounted for using other accounting guidance. (c) The Investment and Wealth Management business segment is net of income attributable to noncontrolling interests related to consolidated investment management funds of $12 million in 2021 and $9 million in 2020. Disaggregation of contract revenue by business segment Year ended Dec. 31, 2019 (a) (in millions) Securities Services Market and Wealth Services Investment and Wealth Management Other Total Fee and other revenue – contract revenue: Investment services fees $ 4,626 $ 3,112 $ 86 $ (34) $ 7,790 Investment management and performance fees 1 16 3,389 (16) 3,390 Financing-related fees 14 45 — 1 60 Distribution and servicing fees 9 (58) 178 — 129 Investment and other revenue 150 132 (197) — 85 Total fee other revenue – contract revenue 4,800 3,247 3,456 (49) 11,454 Fee and other revenue – not in scope of ASC 606 (b)(c) 661 218 29 886 1,794 Total fee and other revenue $ 5,461 $ 3,465 $ 3,485 $ 837 $ 13,248 (a) Restated to reflect the 2021 business segment reclassifications. There was no impact on total fee and other revenue, by type or in aggregate. See Note 24 for additional information related to the reclassifications. (b) Primarily includes investment services fees, foreign exchange revenue, financing-related fees, investment and other revenue and net securities gains (losses), all of which are accounted for using other accounting guidance. (c) The Investment and Wealth Management business segment is net of income attributable to noncontrolling interests related to consolidated investment management funds of $26 million in 2019. Contract balances Our clients are billed based on fee schedules that are agreed upon in each customer contract. Receivables from customers were $2.5 billion at Dec. 31, 2021 and $2.4 billion at Dec. 31, 2020. Contract assets represent accrued revenues that have not yet been billed to the customers due to certain contractual terms other than the passage of time and were $42 million at Dec. 31, 2021 and $32 million at Dec. 31, 2020. Accrued revenues recorded as contract assets are usually billed on an annual basis. Both receivables from customers and contract assets are included in other assets on the consolidated balance sheet. Contract liabilities represent payments received in advance of providing services under certain contracts and were $163 million at Dec. 31, 2021 and $167 million at Dec. 31, 2020. Contract liabilities are included in other liabilities on the consolidated balance sheet. Revenue recognized in 2021 relating to contract liabilities as of Dec. 31, 2020 was $113 million. Changes in contract assets and liabilities primarily relate to either party’s performance under the contracts. Contract costs Incremental costs for obtaining contracts that are deemed recoverable are capitalized as contract costs. Such costs result from the payment of sales incentives, primarily in the Wealth Management business, and totaled $64 million at Dec. 31, 2021 and $73 million at Dec. 31, 2020. Capitalized sales incentives are amortized based on the transfer of goods or services to which the assets relate and typically average nine years. The amortization of capitalized sales incentives, which is primarily included in staff expense on the consolidated income statement, totaled $20 million in 2021, $21 million in 2020 and $22 million in 2019. Costs to fulfill a contract are capitalized when they relate directly to an existing contract or a specific anticipated contract, generate or enhance resources that will be used to fulfill performance obligations, and are recoverable. Such costs generally represent set-up costs, which include any direct cost incurred at the inception of a contract which enables the fulfillment of the performance obligation, and totaled $23 million at Dec. 31, 2021 and $15 million at Dec. 31, 2020. These capitalized costs are amortized on a straight-line basis over the expected contract period, which generally ranges from seven Unsatisfied performance obligations We do not have any unsatisfied performance obligations other than those that are subject to a practical expedient election under ASC 606, Revenue From Contracts With Customers . The practical expedient election applies to (i) contracts with an original expected length of one year or less, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. |
Net interest revenue
Net interest revenue | 12 Months Ended |
Dec. 31, 2021 | |
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 Year ended Dec. 31, (in millions) 2021 2020 2019 Interest revenue Deposits with the Federal Reserve and other central banks $ (77) $ 50 $ 448 Deposits with banks 48 134 265 Federal funds sold and securities purchased under resale agreements 120 545 2,154 Loans 958 1,142 1,789 Securities: Taxable 1,702 2,118 2,701 Exempt from federal income taxes 42 28 36 Total securities 1,744 2,146 2,737 Trading securities 52 92 155 Total interest revenue 2,845 4,109 7,548 Interest expense Deposits in domestic offices (27) 176 958 Deposits in foreign offices (148) (15) 636 Federal funds purchased and securities sold under repurchase agreements (4) 283 1,437 Trading liabilities 8 15 35 Other borrowed funds 8 16 59 Commercial paper — 7 55 Customer payables (2) 28 238 Long-term debt 392 622 942 Total interest expense 227 1,132 4,360 Net interest revenue 2,618 2,977 3,188 Provision for credit losses (231) 336 (25) Net interest revenue after provision for credit losses $ 2,849 $ 2,641 $ 3,213 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The components of the income tax provision are as follows: Provision for income taxes Year ended Dec. 31, (in millions) 2021 2020 2019 Current tax expense: Federal $ 160 $ 465 $ 592 Foreign 353 407 484 State and local 107 163 113 Total current tax expense 620 1,035 1,189 Deferred tax expense (benefit): Federal 208 (145) (3) Foreign 22 16 (13) State and local 27 (64) (53) Total deferred tax expense (benefit) 257 (193) (69) Provision for income taxes $ 877 $ 842 $ 1,120 The components of income before taxes are as follows: Income before taxes Year ended Dec. 31, (in millions) 2021 2020 2019 Domestic $ 2,965 $ 2,698 $ 3,516 Foreign 1,683 1,770 2,071 Income before taxes $ 4,648 $ 4,468 $ 5,587 The components of our net deferred tax liability are as follows: Net deferred tax liability Dec. 31, (in millions) 2021 2020 Depreciation and amortization $ 2,149 $ 2,197 Pension obligation 451 299 Other liabilities 260 233 Renewable energy investment 238 278 Securities valuation 81 118 Equity investments 58 61 Leasing (2) 23 Other assets (36) (57) Credit losses on loans (61) (118) Reserves not deducted for tax (126) (118) Employee benefits (281) (259) U.S. foreign tax credits (83) (62) Valuation allowance 83 62 Net deferred tax liability $ 2,731 $ 2,657 As of Dec. 31, 2021, BNY Mellon had $83 million of U.S. foreign tax credit carryforwards which will begin to expire in 2029. We believe it is more likely than not that the benefit from these foreign tax credits will not be realized. Accordingly, we have recorded a valuation allowance of $83 million. We believe it is more likely than not that we will fully realize our remaining deferred tax assets. This conclusion is based on historical financial results and profit forecasts. As of Dec. 31, 2021, we had approximately $1 billion of earnings attributable to foreign subsidiaries that have been permanently reinvested abroad and for which no local distribution tax provision has been recorded. If these earnings were to be repatriated, the estimated tax liability as of Dec. 31, 2021 would be up to $120 million. The statutory federal income tax rate is reconciled to our effective income tax rate below: Effective tax rate Year ended Dec. 31, 2021 2020 2019 Federal rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 2.3 1.8 0.9 Foreign operations 0.8 1.5 2.4 Tax credits (4.6) (4.1) (3.2) Tax-exempt income (1.0) (1.0) (0.7) Federal Deposit Insurance Corporation (“FDIC”) assessment 0.3 0.3 0.2 Stock compensation (0.1) — (0.4) Other – net 0.2 (0.7) (0.2) Effective tax rate 18.9 % 18.8 % 20.0 % Unrecognized tax positions (in millions) 2021 2020 2019 Beginning balance at Jan. 1, – gross $ 119 $ 173 $ 103 Prior period tax positions: Increases 18 45 60 Decreases (3) (14) (3) Current period tax positions 9 15 17 Settlements (5) (100) (4) Ending balance at Dec. 31, – gross $ 138 $ 119 $ 173 Our total tax reserves as of Dec. 31, 2021 were $138 million compared with $119 million at Dec. 31, 2020. If these tax reserves were unnecessary, $138 million would affect the effective tax rate in future periods. We recognize accrued interest and penalties, if applicable, related to income taxes in income tax expense. Included in the balance sheet at Dec. 31, 2021 is accrued interest, where applicable, of $39 million. The additional tax expense related to interest for the year ended Dec. 31, 2021 was $12 million, compared with $15 million for the year ended Dec. 31, 2020. It is reasonably possible the total reserve for uncertain tax positions could decrease within the next 12 months by approximately $5 million as a result of adjustments related to tax years that are still subject to examination. Our federal income tax returns are closed to examination through 2016. Our New York State |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt Long-term debt Dec. 31, 2021 Dec. 31, 2020 (dollars in millions) Rate Maturity Amount Rate Amount Senior debt: Fixed rate 0.35 - 3.95% 2022 - 2031 $ 23,053 0.35 - 4.15% $ 23,429 Floating rate 0.01 - 1.26% 2023 - 2038 1,579 0.04 - 1.29% 779 Subordinated debt (a) 3.00 - 3.30% 2028 - 2029 1,299 3.00 - 7.50% 1,776 Total $ 25,931 $ 25,984 (a) Fixed rate. |
Variable interest entities and
Variable interest entities and securitization | 12 Months Ended |
Dec. 31, 2021 | |
Securitizations And Variable Interest Entities Disclosure [Abstract] | |
Variable interest entities and securitization | Variable interest entities and securitization We have variable interests in variable interest entities (“VIEs”), which include investments in retail, institutional and alternative investment funds, including CLO structures in which we provide asset management services, some of which are consolidated. We earn management fees from these funds as well as performance fees in certain funds and may also provide start-up capital for new funds. The funds are primarily financed by our customers’ investments in the funds’ equity or debt. Additionally, we invest in qualified affordable housing and renewable energy projects, which are designed to generate a return primarily through the realization of tax credits. The projects, which are structured as limited partnerships and limited liability companies, are also VIEs, but are not consolidated. The following table presents the incremental assets and liabilities included in the consolidated balance sheet as of Dec. 31, 2021 and Dec. 31, 2020. 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 we invested in the VIE. Consolidated investments Dec. 31, 2021 Dec. 31, 2020 (in millions) Investment Securitization Total Investment Securitization Total Trading assets $ 443 $ — $ 443 $ 482 $ 400 $ 882 Other assets 19 — 19 5 — 5 Total assets $ 462 (a) $ — $ 462 $ 487 (b) $ 400 $ 887 Other liabilities $ 3 $ — $ 3 $ 3 $ 400 $ 403 Total liabilities $ 3 (a) $ — $ 3 $ 3 (b) $ 400 $ 403 Nonredeemable noncontrolling interests $ 196 (a) $ — $ 196 $ 143 (b) $ — $ 143 (a) Includes VMEs with assets of $187 million, liabilities of $2 million and nonredeemable noncontrolling interests of $43 million. (b) Includes VMEs with assets of $314 million, liabilities of $3 million and nonredeemable noncontrolling interests of $76 million. We have not provided financial or other support that was not otherwise contractually required to be provided to our VIEs. Additionally, creditors of any consolidated VIEs do not have any recourse to the general credit of BNY Mellon. Non-consolidated VIEs As of Dec. 31, 2021 and Dec. 31, 2020, the following assets and liabilities related to the VIEs where we are not the primary beneficiary were included in our consolidated balance sheets and primarily related to accounting for our investments in qualified affordable housing and renewable energy projects. The maximum loss exposure indicated in the following table relates solely to our investments in, and unfunded commitments to, the VIEs. Non-consolidated VIEs Dec. 31, 2021 Dec. 31, 2020 (in millions) Assets Liabilities Maximum Assets Liabilities Maximum Securities – Available-for-sale (a) $ 189 $ — $ 189 $ 217 $ — $ 217 Other 2,385 543 2,946 2,565 514 3,096 (a) Includes investments in the Company’s sponsored CLOs. |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders’ equity | Shareholders’ equity Common stock BNY Mellon has 3.5 billion authorized shares of common stock with a par value of $0.01 per share. At Dec. 31, 2021, 804,145,366 shares of common stock were outstanding. Common stock repurchase program In March 2020, we and the other members of the Financial Services Forum announced the temporary suspension of share repurchases until the end of the second quarter of 2020 to preserve capital and liquidity in order to further the objective of using capital and liquidity to support clients and customers. In June 2020, the Federal Reserve announced that it required participating Comprehensive Capital Analysis and Review (“CCAR”) firms, including us, to update and resubmit their capital plans and that, as a result, unless otherwise approved by the Federal Reserve, participating firms were not permitted to conduct open market common stock repurchases in the third quarter of 2020. In September 2020, the Federal Reserve extended the limitation on open market common stock repurchases through the fourth quarter of 2020. During the third and fourth quarters of 2020, participating CCAR firms were also subject to limitations on common stock dividends. In December 2020, the Federal Reserve released the results of the second round of CCAR stress tests and extended the restriction on common stock dividends and open market common share repurchases applicable to participating CCAR firms, including us, to the first quarter of 2021, with certain modifications. In March 2021, the Federal Reserve extended these restrictions through the second quarter of 2021. The temporary restrictions on dividends and share repurchases ended for BNY Mellon after June 30, 2021. After these temporary restrictions were lifted, BNY Mellon continued to be subject to the stress capital buffer framework, which would impose restrictions on capital distributions on an incremental basis if BNY Mellon’s risk-based capital ratios decline into the buffer zone. The Company declared its common stock dividend for the first quarter of 2021 and was authorized during the quarter to conduct open market common share repurchases in an amount up to approximately $625 million under the Federal Reserve’s modified distribution limitation. In June 2021, in connection with the Federal Reserve’s release of the 2021 CCAR stress tests, we announced a share repurchase program approved by our Board of Directors providing for the repurchase of up to $6.0 billion of common shares beginning in the third quarter of 2021 and continuing through the fourth quarter of 2022. This new share repurchase plan replaced all previously authorized share repurchase plans. In July 2021, our Board of Directors approved a 10% increase in the quarterly cash dividend on common stock, from $0.31 to $0.34 per share. Share repurchases may be executed through open market repurchases, in privately negotiated transactions or by other means, including through repurchase plans designed to comply with Rule 10b5-1 and other derivative, accelerated share repurchase and other structured transactions. In 2021, we repurchased 89.7 million common shares at an average price of $50.91 per common share for a total of $4.6 billion. At Dec. 31, 2021, the maximum dollar value of shares that can be purchased under the 2021 share repurchase program, including employee benefit plan repurchases, totaled $2.75 billion. Preferred stock The Parent has 100 million authorized shares of preferred stock with a par value of $0.01 per share. The following table summarizes the Parent’s preferred stock issued and outstanding at Dec. 31, 2021 and Dec. 31, 2020. Preferred stock summary (a) Total shares issued and outstanding Carrying value (b) (in millions) Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Per annum dividend rate Series A Greater of (i) three-month LIBOR plus 0.565% for the related distribution period; or (ii) 4.000% 5,001 5,001 $ 500 $ 500 Series D 4.50% to but excluding June 20, 2023, then a floating rate equal to the three-month LIBOR plus 2.46% 5,000 5,000 494 494 Series E 4.950% to but excluding June 20, 2020, then a floating rate equal to the three-month LIBOR plus 3.42% — 10,000 — 990 Series F 4.625% to but excluding Sept. 20, 2026, then a floating rate equal to the three-month LIBOR plus 3.131% 10,000 10,000 990 990 Series G 4.700% to but excluding Sept. 20, 2025, then a floating rate equal to the five-year treasury rate plus 4.358% 10,000 10,000 990 990 Series H 3.700% to but excluding March 20, 2026, then a floating rate equal to the five-year treasury rate plus 3.352% 5,825 5,825 577 577 Series I 3.750% to but excluding Dec. 20, 2026, then a floating rate equal to the five-year treasury rate plus 2.630% 13,000 — 1,287 — Total 48,826 45,826 $ 4,838 $ 4,541 (a) All outstanding preferred stock is noncumulative perpetual preferred stock with a liquidation preference of $100,000 per share. (b) The carrying value of the Series D, Series E, Series F, Series G, Series H and Series I preferred stock is recorded net of issuance costs. Holders of the Series A preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on each March 20, June 20, September 20 and December 20. Holders of the Series D preferred stock are entitled to receive dividends, if declared by the Parent’s 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 F preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on each March 20 and September 20, to and including Sept. 20, 2026; and on each March 20, June 20, September 20 and December 20, from and including Dec. 20, 2026. Holders of the Series G preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on each March 20 and September 20. Holders of the Series H preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on each March 20, June 20, September 20 and December 20, commencing on March 20, 2021. Holders of the Series I preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on each March 20, June 20, September 20 and December 20, commencing on March 20, 2022. 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 the Parent 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 (in the case of dividends) or most recently completed dividend period (in the case of repurchases) of the Series A preferred stock or the last preceding dividend period (in the case of dividends) or most recently completed dividend period (in the case of repurchases) of the Series D, Series F, Series G, Series H and Series I preferred stock. All of the outstanding shares of the Series A preferred stock are owned by Mellon Capital IV, a 100% owned financing subsidiary of the Parent, which will pass through any dividend on the Series A preferred stock to the holders of its Normal Preferred Capital Securities. The Parent’s obligations under the trust and other agreements relating to Mellon Capital IV have the effect of providing a full and unconditional guarantee, on a subordinated basis, of payments due on the Normal Preferred Capital Securities. No other subsidiary of the Parent guarantees the securities of Mellon Capital IV. All of the outstanding shares of the Series D, Series F, Series G, Series H and Series I preferred stock are held by the depositary of the depositary shares, which will pass through the applicable portion of any dividend on the Series D, Series F, Series G, Series H and Series I preferred stock to the holders of record of their respective depositary shares. In December 2021, the Parent redeemed all outstanding shares of its Series E preferred stock, 100,000 liquidation preference per share. Deferred fees of approximately $10 million were realized as preferred stock dividends upon redemption. In December 2020, the Parent redeemed all outstanding shares of its Series C preferred stock, 100,000 liquidation preference per share. Deferred fees of approximately $15 million were realized as preferred stock dividends upon redemption. The table below presents the Parent’s preferred dividends. Preferred dividends (dollars in millions, except per share amounts) Depositary shares 2021 2020 2019 Per share Total Per share Total Per share Total Series A 100 (a) $ 4,044.44 $ 20 $ 4,055.55 $ 20 $ 4,055.55 $ 20 Series C 4,000 N/A N/A 5,200.00 46 (b) 5,200.00 31 Series D 100 4,500.00 23 4,500.00 22 4,500.00 22 Series E 100 3,630.34 47 (c) 4,359.63 44 4,950.00 50 Series F 100 4,625.00 46 4,625.00 46 4,625.00 46 Series G 100 4,700.00 47 1,579.72 16 N/A N/A Series H 100 4,183.06 24 N/A N/A N/A N/A Total $ 207 $ 194 $ 169 (a) Represents Normal Preferred Capital Securities. (b) Includes deferred fees of approximately $15 million related to the redemption of the Series C preferred stock. (c) Includes deferred fees of approximately $10 million related to the redemption of the Series E preferred stock. N/A – Not applicable. Temporary equity Temporary equity was $161 million at Dec. 31, 2021 and $176 million at Dec. 31, 2020. Temporary equity represents the redemption value recorded for redeemable noncontrolling interests resulting from equity-classified share-based payment arrangements that are currently redeemable or are expected to become redeemable. Capital adequacy Regulators establish certain levels of capital for bank holding companies (“BHCs”) and banks, including BNY Mellon and our bank subsidiaries, in accordance with established quantitative measurements. For the Parent to maintain its status as a financial holding company, our U.S. bank subsidiaries and BNY Mellon must, among other things, qualify as “well capitalized.” As of Dec. 31, 2021 and Dec. 31, 2020, BNY Mellon and our U.S. bank subsidiaries were “well capitalized.” The regulatory capital ratios of our consolidated and largest bank subsidiary, The Bank of New York Mellon, are shown below. Consolidated and largest bank subsidiary regulatory capital ratios (a) Dec. 31, 2021 2020 Consolidated regulatory capital ratios: Common Equity Tier 1 (“CET1”) ratio 11.2 % 13.1 % Tier 1 capital ratio 14.0 15.8 Total capital ratio 14.9 16.7 Tier 1 leverage ratio 5.5 6.3 Supplementary leverage ratio (“SLR”) (b)(c) 6.6 8.6 The Bank of New York Mellon regulatory capital ratios: CET1 ratio 16.5 % 17.1 % Tier 1 capital ratio 16.5 17.1 Total capital ratio 16.5 17.3 Tier 1 leverage ratio 6.0 6.4 SLR (b) 7.6 8.5 (a) For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches. The Tier 1 leverage ratio is based on Tier 1 capital and quarterly average total assets. For BNY Mellon to qualify as “well capitalized,” its Tier 1 capital and Total capital ratios must be at least 6% and 10%, respectively. For The Bank of New York Mellon, our largest bank subsidiary, to qualify as “well capitalized,” its CET1, Tier 1 capital, Total capital and Tier 1 leverage ratios must be at least 6.5%, 8%, 10% and 5%, respectively. (b) The SLR is based on Tier 1 capital and total leverage exposure, which includes certain off-balance sheet exposures. For The Bank of New York Mellon to qualify as “well capitalized,” its SLR must be at least 6%. (c) The consolidated SLR at Dec. 31, 2020 reflects the temporary exclusion of U.S. Treasury securities from the total leverage exposure. The temporary exclusion ceased to apply beginning April 1, 2021. Failure to satisfy regulatory standards, including “well capitalized” status or capital adequacy rules more generally, could result in limitations on our activities and adversely affect our financial condition. If a BHC such as BNY Mellon, or a bank such as The Bank of New York Mellon or BNY Mellon, N.A., fails to satisfy minimum capital requirements or qualify as “adequately capitalized,” regulatory sanctions and limitations will be imposed. The following table presents our capital components and risk-weighted assets (“RWAs”) determined under the Standardized and Advanced Approaches, the average assets used for leverage capital purposes and leverage exposure used for SLR purposes. Regulatory capital ratio components Dec. 31, (in millions) 2021 2020 CET1: Common shareholders’ equity $ 38,196 $ 41,260 Adjustments for: Goodwill and intangible assets (a) (18,649) (18,697) Net pension fund assets (400) (319) Equity method investments (300) (306) Deferred tax assets (55) (54) Other (46) (9) Total CET1 18,746 21,875 Other Tier 1 capital: Preferred stock 4,838 4,541 Other (99) (106) Total Tier 1 capital $ 23,485 $ 26,310 Tier 2 capital: Subordinated debt $ 1,248 $ 1,248 Allowance for credit losses 250 490 Other (11) (10) Total Tier 2 capital – Standardized Approach 1,487 1,728 Excess of expected credit losses — 247 Less: Allowance for credit losses 250 490 Total Tier 2 capital – Advanced Approaches $ 1,237 $ 1,485 Total capital: Standardized Approach $ 24,972 $ 28,038 Advanced Approaches $ 24,722 $ 27,795 Risk-weighted assets: Standardized Approach $ 167,608 $ 163,848 Advanced Approaches: Credit Risk $ 98,310 $ 98,262 Market Risk 3,069 4,226 Operational Risk 63,688 63,938 Total Advanced Approaches $ 165,067 $ 166,426 Average assets for Tier 1 leverage ratio $ 430,102 $ 417,982 Total leverage exposure for SLR $ 354,033 $ 304,823 (a) Reduced by deferred tax liabilities associated with intangible assets and tax deductible goodwill. The following table presents the amount of capital by which BNY Mellon and our largest bank subsidiary, The Bank of New York Mellon, exceeded the capital thresholds determined under U.S. capital rules. Capital above thresholds at Dec. 31, 2021 (in millions) Consolidated (a) The Bank of New York Mellon CET1 $ 4,499 $ 12,436 (a) Tier 1 capital 6,724 10,465 (a) Total capital 4,859 7,890 (a) Tier 1 leverage ratio 6,281 3,752 (b) SLR 5,783 4,606 (b) (a) Based on minimum required standards, with applicable buffers. (b) Based on well capitalized standards. |
Other comprehensive income (los
Other comprehensive income (loss) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Other comprehensive income (loss) | Other comprehensive income (loss) Components of other comprehensive (loss) income Year ended Dec. 31, 2021 2020 2019 (in millions) Pre-tax Tax After-tax Pre-tax Tax After-tax Pre-tax Tax After-tax Foreign currency translation: Foreign currency translation adjustments arising during the period (a) $ (313) $ (63) $ (376) $ 441 $ 67 $ 508 $ 135 $ 16 $ 151 Total foreign currency translation (313) (63) (376) 441 67 508 135 16 151 Unrealized (loss) gain on assets available-for-sale: Unrealized (loss) gain arising during the period (1,515) 368 (1,147) 1,573 (371) 1,202 680 (168) 512 Reclassification adjustment (b) (5) 1 (4) (33) 8 (25) 18 (4) 14 Net unrealized (loss) gain on assets available-for-sale (1,520) 369 (1,151) 1,540 (363) 1,177 698 (172) 526 Defined benefit plans: Prior service cost arising during the period — — — — — — (1) — (1) Net gain (loss) arising during the period 296 (77) 219 (138) 31 (107) (121) 34 (87) Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) 113 (25) 88 95 (18) 77 52 (18) 34 Total defined benefit plans 409 (102) 307 (43) 13 (30) (70) 16 (54) Unrealized (loss) gain on cash flow hedges: Unrealized hedge gain (loss) arising during the period 3 — 3 5 (1) 4 16 (7) 9 Reclassification of net (gain) loss to net income : Interest rate contracts – interest expense — — — — — — (7) 2 (5) Foreign exchange (“FX”) contracts – staff expense (12) 3 (9) 1 — 1 (3) 2 (1) Total reclassifications to net income (12) 3 (9) 1 — 1 (10) 4 (6) Net unrealized (loss) gain on cash flow hedges (9) 3 (6) 6 (1) 5 6 (3) 3 Total other comprehensive (loss) income $ (1,433) $ 207 $ (1,226) $ 1,944 $ (284) $ 1,660 $ 769 $ (143) $ 626 (a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 23 for additional information. (b) The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains in investment and other revenue 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 other expense on the consolidated income statement. Changes in accumulated other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders Unrealized gain (loss) on assets available-for-sale Unrealized gain (loss) on cash flow hedges Total accumulated (in millions) Foreign currency translation Pensions Other post-retirement benefits 2018 ending balance $ (1,915) $ (1,005) $ (52) $ (196) $ (3) $ (3,171) Adjustment for the cumulative effect of applying ASU 2018-02 for income taxes 115 (213) — 6 2 (90) Adjusted balance at Jan. 1, 2019 (1,800) (1,218) (52) (190) (1) (3,261) Change in 2019 148 (57) 3 526 3 623 2019 ending balance (1,652) (1,275) (49) 336 2 (2,638) Impact of adopting ASU 2016-03, Financial Instruments - Credit Losses — — — (5) — (5) Adjusted balance at Jan. 1, 2020 (1,652) (1,275) (49) 331 2 (2,643) Change in 2020 506 (24) (6) 1,177 5 1,658 2020 ending balance (1,146) (1,299) (55) 1,508 7 (985) Change in 2021 (378) 283 24 (1,151) (6) (1,228) 2021 ending balance $ (1,524) $ (1,016) $ (31) $ 357 $ 1 $ (2,213) |
Stock-based compensation
Stock-based compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation | Stock-based compensation Our Long-Term Incentive Plans provide for the issuance of restricted stock, restricted stock units (“RSUs”) and other stock-based awards, including options, to employees and directors of BNY Mellon. At Dec. 31, 2021, under the Long-Term Incentive Plan approved in April 2019, we may issue 23,481,182 new stock-based awards, all of which may be issued as restricted stock or RSUs. Stock-based compensation expense related to retirement eligibility vesting totaled $64 million in 2021, $43 million in 2020 and $84 million in 2019. Restricted stock, RSUs and Performance share units Restricted stock and RSUs are granted under our long-term incentive plans at no cost to the recipient. These awards are subject to forfeiture until certain restrictions have lapsed, including continued employment, for a specified period. The recipient of a share of restricted stock is entitled to voting rights and generally is entitled to dividends on the common stock. An RSU entitles the recipient to receive a share of common stock after the applicable restrictions lapse. The recipient generally is entitled to receive cash payments equivalent to any dividends paid on the underlying common stock during the period the RSU is outstanding but does not receive voting rights. The fair value of restricted stock and RSUs is equal to the fair market value of our common stock on the date of grant. The expense is recognized over the vesting period, which is generally zero BNY Mellon’s Executive Committee members were granted a target award of 648,973 performance share units (“PSUs”) in 2021, 402,486 in 2020 and 576,855 in 2019. The 2021 Executive Committee PSUs will vest based on two separate and distinct measurements, a performance condition and a market condition split 70% based on return on tangible common shareholders’ equity (“ROTCE”) and 30% on Total Shareholder Return (“TSR”). The TSR portion was valued using a Monte Carlo simulation method, while the ROTCE portion was measured based on the fair market value on the date of grant. Each condition only impacts its applicable portion (70%/30%) of the total PSU award. The performance and market conditions are measured after three years to determine the final percentage of the total PSUs to vest. The final total amount of vested PSUs will be the sum of the two separate and distinct performance and market-based portions of the PSU awards, but will be capped at 150% of the total PSUs awarded. The ultimate payout is subject to the discretion of the Human Resources and Compensation Committee. These awards are classified as equity and the ROTCE portion is marked-to-market to earnings as a result of this discretion. The 2019 and 2020 PSU awards cliff vest in three years with the number of shares that vest determined based on a payout table that references performance conditions related to average revenue growth and average operating margin, both as adjusted and subject to Human Resources and Compensation Committee discretion. These awards are classified as equity and marked-to-market to earnings as a result of this discretion. The following table summarizes our non-vested PSU, restricted stock and RSU activity for 2021. Non-vested PSU, restricted stock and RSU activity Number of shares (a) Weighted-average fair value at Non-vested PSUs, restricted stock and RSUs at Dec. 31, 2020 12,536,899 $ 49.35 Granted 7,557,597 42.67 Vested (4,789,555) 51.00 Forfeited (622,954) 45.24 Non-vested PSUs, restricted stock and RSUs at Dec. 31, 2021 14,681,987 $ 45.55 (a) Includes dividend shares earned on the Executive Committee PSUs and Board of Director’s stock awards. As of Dec. 31, 2021, $281 million of total unrecognized compensation costs related to non-vested PSUs, restricted stock and RSUs is expected to be recognized over a weighted-average period of 2.2 years. The total fair value of restricted stock, RSUs and PSUs that vested was $240 million in 2021, $263 million in 2020 and $278 million in 2019. The actual excess tax (expense) benefit realized for the tax deductions from shares vested totaled $(8) million in 2021, $(4) million in 2020 and $11 million in 2019. The tax benefits were recognized in the provision for income taxes. Subsidiary Long-Term Incentive Plans BNY Mellon also has several subsidiary Long-Term Incentive Plans which have issued restricted subsidiary shares to certain employees. These share awards are subject to forfeiture until certain restrictions have lapsed, including continued employment for a specified period of time. The shares are generally non-voting and non-dividend paying. Once the restrictions lapse, which generally occurs in three instances BNY Mellon has an election to call the shares. Stock options Our Long-Term Incentive Plans provide for the issuance of stock options at fair market value at the date of grant to officers and employees of BNY Mellon. Generally, each option granted is exercisable between one Compensation costs that were charged against income were $1 million in 2021 and less than $1 million in 2020 and 2019. The income tax benefit recognized in the consolidated income statement related to compensation costs was less than $1 million in 2021, 2020 and 2019. A summary of the status of our options as of Dec. 31, 2021, and changes during the year, is presented below: Stock option activity Shares subject Weighted-average Weighted-average remaining contractual term (in years) Balance at Dec. 31, 2020 2,335,238 $ 23.99 0.9 Granted — — Exercised (1,910,185) 24.37 Canceled/Expired (17,148) 27.63 Balance at Dec. 31, 2021 407,905 $ 22.03 0.1 Vested and expected to vest at Dec. 31, 2021 407,905 22.03 0.1 Exercisable at Dec. 31, 2021 407,905 22.03 0.1 Stock options outstanding at Dec. 31, 2021 Options outstanding Options exercisable (a) Range of exercise prices Outstanding Weighted-average remaining contractual life (in years) Weighted-average Exercisable Weighted-average $21 to 31 407,905 0.1 $ 22.03 407,905 $ 22.03 (a) At Dec. 31, 2020 and Dec. 31, 2019, 2,335,238 and 4,143,575 options were exercisable at a weighted-average price per common share of $23.99 and $26.03, respectively. Aggregate intrinsic value of options (in millions) 2021 2020 2019 Outstanding at Dec. 31, $ 15 $ 43 $ 101 Exercisable at Dec. 31, $ 15 $ 43 $ 101 The total intrinsic value of options exercised was $48 million in 2021, $21 million in 2020 and $63 million in 2019. Cash received from option exercises totaled $50 million in 2021, $46 million in 2020 and $65 million in 2019. The actual excess tax benefit realized for the tax deductions from options exercised totaled $8 million in 2021, $2 million in 2020 and $10 million in 2019. The tax benefits were recognized in the provision for income taxes. |
Employee benefit plans
Employee benefit plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee benefit plans | Employee benefit plans BNY Mellon has defined benefit and/or defined contribution retirement plans and other post-retirement plans providing healthcare benefits. The defined benefit pension plans cover approximately 9,100 U.S. employees and approximately 14,400 non-U.S. employees. BNY Mellon has one qualified and several non-qualified defined benefit pension plans in the U.S. and several pension plans overseas. Effective June 30, 2015, the benefit accruals under the U.S. qualified and non-qualified defined benefit plans were frozen. This change resulted in no additional benefits being earned by participants in those plans based on service or pay after June 30, 2015. These plans were previously closed to new participants effective Dec. 31, 2010. Effective Dec. 31, 2018, the benefit accruals were frozen under our largest foreign plan, which covers certain UK employees. This change resulted in no additional benefits being earned by participants in that plan based on service or pay after Dec. 31, 2018. Most UK employees currently earn benefits only on a defined contribution basis. UK employees impacted by the pension plan freeze began earning benefits on a defined contribution basis on Jan. 1, 2019. Pension and post-retirement healthcare plans The following tables report the combined data for our domestic and foreign defined benefit pension and post-retirement healthcare plans. Pension Benefits Healthcare Benefits Domestic Foreign Domestic Foreign (dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Weighted-average assumptions used to determine benefit obligations Discount rate 3.03 % 2.80 % 2.11 % 1.59 % 3.03 % 2.80 % 2.15 % 1.65 % Rate of compensation increase N/A N/A 3.43 3.12 3.00 3.00 N/A N/A Cash balance interest crediting rate 4.00 4.00 N/A N/A N/A N/A N/A N/A Change in benefit obligation (a) Benefit obligation at beginning of period $ (5,030) $ (4,659) $ (1,614) $ (1,394) $ (156) $ (145) $ (4) $ (6) Service cost — — (14) (12) (1) (1) — — Interest cost (137) (156) (25) (27) (4) (5) — — Actuarial gain (loss) 164 (455) 112 (167) 17 (14) — 2 Benefits paid 256 240 50 47 10 9 — — Foreign exchange adjustment N/A N/A 35 (61) N/A N/A 1 — Benefit obligation at end of period (4,747) (5,030) (1,456) (1,614) (134) (156) (3) (4) Change in fair value of plan assets Fair value at beginning of period 6,132 5,738 1,786 1,529 127 117 — — Actual return on plan assets 238 619 89 232 17 10 — — Employer contributions 15 15 12 10 10 9 — — Benefit payments (256) (240) (50) (47) (10) (9) — — Foreign exchange adjustment N/A N/A (30) 62 N/A N/A — — Fair value at end of period 6,129 6,132 1,807 1,786 144 127 — — Funded status at end of period $ 1,382 $ 1,102 $ 351 $ 172 $ 10 $ (29) $ (3) $ (4) Amounts recognized in accumulated other comprehensive loss (income) consist of: Net loss $ 1,425 $ 1,625 $ 3 $ 184 $ 44 $ 77 $ (1) $ (1) Prior service cost (credit) — — 1 2 (20) (26) — — Total loss (before tax effects) $ 1,425 $ 1,625 $ 4 $ 186 $ 24 $ 51 $ (1) $ (1) (a) The benefit obligation for pension benefits is the projected benefit obligation, and for healthcare benefits, it is the accumulated benefit obligation. N/A – Not applicable. A number of key assumptions and measurement date values determine pension expense. The key elements include the long-term rate of return on plan assets, the discount rate, the market-related value of plan assets and the price used to value stock in the Employee Stock Ownership Plan (“ESOP”). The discount rate for U.S. pension plans was determined after reviewing equivalent rates obtained by discounting the pension plans’ expected cash flows using various high-quality, long-term corporate bond yield curves. We also reviewed the results of several models that matched bonds to our pension cash flows. After reviewing the various indices and models, we selected a discount rate of 3.03% as of Dec. 31, 2021. The discount rates for foreign pension plans are based on high-quality corporate bond rates in countries that have an active corporate bond market. In those countries with no active corporate bond market, discount rates are based on local government bond rates plus a credit spread. Actuarial gains on the benefit obligation for the domestic and foreign pension plans in 2021 are primarily attributable to increases in discount rates. Actuarial losses on the benefit obligation for the domestic and foreign pension plans in 2020 are primarily attributable to decreases in discount rates. Net periodic benefit (credit) cost Pension Benefits Healthcare Benefits Domestic Foreign Domestic Foreign (dollars in millions) 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Weighted-average assumptions as of Jan. 1: Market-related value of plan assets $ 5,710 $ 5,437 $ 5,304 $ 1,586 $ 1,415 $ 1,277 $ 123 $ 116 $ 111 N/A N/A N/A Discount rate 2.80 % 3.45 % 4.45 % 1.59 % 2.02 % 2.95 % 2.80 % 3.45 % 4.45 % 1.65 % 2.10 % 3.10 % Expected rate of return on plan assets 5.375 6.00 6.50 2.17 2.85 3.54 5.375 6.00 6.50 N/A N/A N/A Rate of compensation increase N/A N/A N/A 3.12 3.19 2.98 3.00 3.00 3.00 N/A N/A N/A Cash balance interest crediting rate 4.00 4.00 4.00 N/A N/A N/A N/A N/A N/A N/A N/A N/A Components of net periodic benefit (credit) cost: Service cost $ — $ — $ — $ 14 $ 12 $ 11 $ 1 $ 1 $ 1 $ — $ — $ — Interest cost 137 156 178 25 27 32 4 5 6 — — — Expected return on assets (300) (319) (337) (34) (39) (45) (7) (7) (7) — — — Amortization of: Prior service cost (credit) — — — 1 — — (6) (7) (7) — — — Net actuarial loss 98 87 53 13 11 2 6 4 4 — — — Settlement loss — — — 1 — — — — — — — — Net periodic benefit (credit) cost $ (65) $ (76) $ (106) $ 20 $ 11 $ — $ (2) $ (4) $ (3) $ — $ — $ — N/A – Not applicable. Changes in other comprehensive (income) loss in 2021 Pension Benefits Healthcare Benefits (in millions) Domestic Foreign Domestic Foreign Net (gain) arising during period $ (102) $ (167) $ (27) $ — Recognition of prior years’ net (loss) (98) (14) (6) — Recognition of prior years’ service credit — (1) 6 — Total recognized in other comprehensive (income) (before tax effects) $ (200) $ (182) $ (27) $ — Domestic Foreign (in millions) 2021 2020 2021 2020 Pension benefits: Prepaid benefit cost $ 1,535 $ 1,272 $ 411 $ 284 Accrued benefit cost (153) (170) (60) (112) Total pension benefits $ 1,382 $ 1,102 $ 351 $ 172 Healthcare benefits: Accrued benefit cost $ 10 $ (29) $ (3) $ (4) Total healthcare benefits $ 10 $ (29) $ (3) $ (4) The accumulated benefit obligation for all defined benefit plans was $6.2 billion at Dec. 31, 2021 and $6.6 billion at Dec. 31, 2020. Plans with obligations in excess of plan assets Pension Benefits Healthcare Benefits Domestic Foreign Domestic Foreign (in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Projected benefit obligation $ 153 $ 170 $ 100 $ 459 N/A N/A N/A N/A Fair value of plan assets — — 39 347 N/A N/A N/A N/A Accumulated benefit obligation 153 170 82 196 $ 87 $ 94 $ 3 $ 4 Fair value of plan assets — — 39 113 — — — — N/A – Not applicable. Assumed healthcare cost trend The assumed healthcare cost trend rate used in determining domestic benefit expense for 2022 is 6.90%, decreasing to 4.04% in 2075 for pre-Medicare costs and 5.65% decreasing to 4.04% in 2075 for Medicare costs. The initial trend rate assumption represents an estimate of short term cost increases based on recent health care marketplace experience, and taking into consideration the cost characteristics of plans available to retirees. Annual increases in national health expenditures have exceeded the general growth in GDP for many years. However, there are practical limitations to how long these trends can continue. It is unrealistic to assume that health care expenditures will be allowed to consume the majority of the economy. Therefore, over the long term we expect that health care costs will be constrained by the public’s ability and willingness to pay the higher cost of health care coverage. This assumption implies that the ultimate trend rate should be related to the expected long-term growth in the economy. Therefore, we assume the ultimate rate to be comprised of real growth in per capita GDP, long-term growth attributable to technology innovations, and the assumed long-term inflation rate. The initial trend is assumed to decrease to this ultimate rate over time. These long-range trend impacts were developed using the Getzen Model of Long-Run Medical Cost Trends. The following benefit payments for the pension and healthcare plans, which reflect expected future service as appropriate, are expected to be paid over the next 10 years: Expected benefit payments (in millions) Domestic Foreign Pension benefits: Year 2022 $ 268 $ 45 2023 276 47 2024 282 47 2025 277 49 2026 275 51 2027-2031 1,326 273 Total pension benefits $ 2,704 $ 512 Healthcare benefits: Year 2022 $ 10 $ — 2023 10 — 2024 10 — 2025 10 — 2026 9 — 2027-2031 39 1 Total healthcare benefits $ 88 $ 1 Plan contributions We expect to make cash contributions to fund our defined benefit pension plans in 2022 of $14 million for the domestic plans and $10 million for the foreign plans. Investment strategy and asset allocation We are responsible for the administration of various employee pension and healthcare post-retirement benefits plans, both domestically and internationally. The domestic plans are administered by BNY Mellon’s Benefits Administration Committee, a named fiduciary. Subject to the following, at all relevant times, BNY Mellon’s Benefits Investment Committee, another named fiduciary to the domestic plans, is responsible for the investment of plan assets. The Benefits Investment Committee’s responsibilities include the investment of all domestic defined benefit plan assets, as well as the determination of investment options offered to participants in all domestic defined contribution plans. The Benefits Investment Committee conducts periodic reviews of investment performance, asset allocation and investment manager suitability. In addition, the Benefits Investment Committee has oversight of the Regional Governance Committees for the foreign defined benefit plans. Our investment objective for U.S. and foreign plans is to maximize total return while maintaining a broadly diversified portfolio for the primary purpose of satisfying obligations for future benefit payments. Our plans are primarily invested in fixed income and equity securities. In general, for the domestic plan’s portfolio, fixed income securities can range from 35% to 100% of plan assets, equity securities and alternative investments can range from 0% to 65% of plan assets and cash equivalents can be held in amounts ranging from 0% to 10% of plan assets. Actual asset allocation within the approved ranges varies from time to time based on economic conditions (both current and forecast), the timing of transitional reallocations and the advice of professional advisors. Our pension assets were invested as follows: Asset allocations Domestic Foreign 2021 2020 2021 2020 Fixed income 60 % 62 % 82 % 82 % Equities 37 36 8 8 Alternative investments 2 2 9 9 Cash 1 — (a) 1 1 Total pension benefits 100 % 100 % 100 % 100 % (a) The allocation percentage is less than 1%. We held no The Bank of New York Mellon Corporation stock in our pension plans at Dec. 31, 2021 and Dec. 31, 2020. Assets of the U.S. postretirement healthcare plan are invested in an insurance contract. Fair value measurement of plan assets In accordance with ASC 715, Compensation – Retirement Benefits , we have established a three-level hierarchy for fair value measurements of its pension plan assets based upon the transparency of inputs to the valuation of an asset as of the measurement date. The valuation hierarchy is consistent with guidance in ASC 820, Fair Value Measurement , which is detailed in Note 20. The following is a description of the valuation methodologies used for assets measured at fair value, as well as the general classification of such assets pursuant to the valuation hierarchy. Cash and currency This category consists primarily of foreign currency balances and is included in Level 1 of the valuation hierarchy. Foreign currency is translated monthly based on current foreign exchange rates. Common and preferred stock and mutual funds These investments include equities and mutual funds and are valued at the closing price reported in the active market in which the individual securities are traded, if available. Common and preferred stock and mutual funds are included in Level 1 of the valuation hierarchy. Collective trust funds Collective trust funds include commingled and U.S. equity funds that have no readily available market quotations. The fair value of the funds is based on the securities in the portfolio, which typically are the amount that the fund might reasonably expect to receive for the securities upon a sale. These funds are valued using observable inputs on either a daily or monthly basis. Collective trust funds are included in Level 2 of the valuation hierarchy. Fixed-income investments Fixed-income investments include U.S. Treasury securities, U.S. government agencies, sovereign government obligations, state and political subdivisions, U.S. corporate bonds, supranational and foreign corporate debt funds. U.S. Treasury and certain sovereign debt securities that are actively traded in highly liquid over-the-counter (“OTC”) markets are valued at the closing price reported in the active market in which the individual security is traded and included as Level 1 of the valuation hierarchy. U.S. government agencies, sovereign government obligations, state and political subdivisions, U.S. corporate bonds, supranational and foreign corporate debt funds are valued based on quoted prices for comparable securities with similar yields and credit ratings. When quoted prices are not available for identical or similar bonds, the bonds are valued using discounted cash flows that maximize observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. U.S. government agencies, sovereign government obligations, state and political subdivisions, U.S. corporate bonds, supranational and foreign corporate debt funds are primarily included in Level 2 of the valuation hierarchy. Other assets measured at NAV per share, as a practical expedient Other assets measured at NAV, as a practical expedient, include funds of funds, venture capital and partnership interests and other funds. There are no readily available market quotations for these funds. The fair value of the funds of funds is based on NAVs of the funds in the portfolio, which reflects the value of the underlying investments held by the fund, less its liabilities. The fair value of the underlying investments is typically the amount that the fund might reasonably expect to receive upon selling those hard to value or illiquid investments within the portfolios. These funds are either valued on a daily or monthly basis. The fair value of the venture capital and partnership interests is based on the pension plan’s ownership percentage of the fair value of the underlying funds as provided by the fund managers. These funds are typically valued on a quarterly basis. The following tables present the fair value of each major category of plan assets as of Dec. 31, 2021 and Dec. 31, 2020, by captions and by ASC 820, Fair Value Measurement , valuation hierarchy. Plan assets measured at fair value on a recurring basis— domestic plans at Dec. 31, 2021 (in millions) Level 1 Level 2 Level 3 Total fair value Common and preferred stock: U.S. equity $ 1,115 $ — $ — $ 1,115 Non-U.S. equity 213 — — 213 Collective trust funds: U.S. equity — 615 — 615 Commingled — 588 — 588 Fixed income: U.S. corporate bonds — 2,863 — 2,863 U.S. Treasury securities 342 — — 342 State and political subdivisions — 115 — 115 Sovereign government obligations 6 46 — 52 U.S. government agencies — 39 — 39 Supranational — 12 — 12 Other — 18 — 18 Total domestic plan assets in the fair value hierarchy $ 1,676 $ 4,296 $ — $ 5,972 Other assets measured at NAV: Funds of funds 150 Venture capital and partnership interests 7 Total domestic plan assets, at fair value $ 6,129 Plan assets measured at fair value on a recurring basis— foreign plans at Dec. 31, 2021 (in millions) Level 1 Level 2 Level 3 Total fair value Corporate debt funds $ — $ 1,325 $ — $ 1,325 Equity funds — 154 — 154 Sovereign/government obligation funds — 147 — 147 Cash and currency 18 — — 18 Total foreign plan assets in the fair value hierarchy $ 18 $ 1,626 $ — $ 1,644 Other assets measured at NAV 163 Total foreign plan assets, at fair value $ 1,807 Plan assets measured at fair value on a recurring basis— domestic plans at Dec. 31, 2020 (in millions) Level 1 Level 2 Level 3 Total fair value Common and preferred stock: U.S. equity $ 578 $ — $ — $ 578 Non-U.S. equity 147 — — 147 Collective trust funds: U.S. equity — 1,285 — 1,285 Commingled — 712 — 712 Fixed income: U.S. corporate bonds — 2,866 — 2,866 U.S. Treasury securities 228 — — 228 State and political subdivisions — 50 — 50 Sovereign government obligations — 47 — 47 U.S. government agencies — 31 — 31 Other — 37 — 37 Mutual funds 1 — — 1 Total domestic plan assets in the fair value hierarchy $ 954 $ 5,028 $ — $ 5,982 Other assets measured at NAV: Funds of funds 135 Venture capital and partnership interests 15 Total domestic plan assets, at fair value $ 6,132 Plan assets measured at fair value on a recurring basis— foreign plans at Dec. 31, 2020 (in millions) Level 1 Level 2 Level 3 Total fair value Corporate debt funds $ — $ 1,305 $ — $ 1,305 Sovereign/government obligation funds — 156 — 156 Equity funds — 146 — 146 Cash and currency 21 — — 21 Total foreign plan assets in the fair value hierarchy $ 21 $ 1,607 $ — $ 1,628 Other assets measured at NAV 158 Total foreign plan assets, at fair value $ 1,786 Other assets measured at NAV per share, as a practical expedient Certain pension and post-retirement plan assets are invested in funds of funds, venture capital and partnership interests and other contracts valued using NAV, as a practical expedient. The funds of funds investments are redeemable at NAV under agreements with the funds of funds managers. Assets valued using NAV at Dec. 31, 2021 (dollars in millions) Fair Unfunded Redemption Redemption notice period Funds of funds (a) $ 150 $ — Monthly 30-45 days Venture capital and partnership interests (b) 128 $ — N/A N/A Other contracts ( c) 42 — N/A N/A Total $ 320 $ — Assets valued using NAV at Dec. 31, 2020 (dollars in millions) Fair Unfunded Redemption Redemption notice period Funds of funds (a) $ 135 $ — Monthly 30-45 days Venture capital and partnership interests (b) 138 — N/A N/A Other contracts (c) 35 — N/A N/A Total $ 308 $ — (a) Funds of funds includes multi-strategy hedge funds that utilize investment strategies that invest over both long-term investment and short-term investment horizons. (b) Venture capital and partnership interests do not have redemption rights. Distributions from such funds will be received as the underlying investments are liquidated. (c) Other contracts include assets invested in pooled accounts at insurance companies that are privately valued by the asset manager. N/A – Not applicable. Defined contribution plans We sponsor defined contribution plans in the U.S. and in certain non-U.S. locations, all of which are administered in accordance with local laws. The most significant defined contribution plan is The Bank of New York Mellon Corporation 401(k) Savings Plan sponsored by the Company in the U.S. and covers substantially all U.S. employees. Under The Bank of New York Mellon Corporation 401(k) Savings Plan for 2021, the Company matched dollar for dollar participant contributions up to 7% of an employee’s eligible base pay with a monetary limit of $16,000 per participant. In addition, an annual non-elective contribution of $750 was made to participants earning less than $100,000 a year who are credited with at least one year of service in 2021. For 2020 and 2019, the Company matched 100% of the first 4% of an employee’s eligible base pay plus 50% of the next 2% of eligible pay contributed by the participant for a maximum matching contribution of 5%, subject to statutory limits. In addition, annual non-elective contributions equal to 2% of eligible base pay were made in 2020 and 2019. At Dec. 31, 2021 and Dec. 31, 2020, The Bank of New York Mellon Corporation 401(k) Savings Plan owned 9.5 million and 10.8 million shares of our common stock, respectively. The fair value of total assets was $9.4 billion at Dec. 31, 2021 and $8.2 billion at Dec. 31, 2020. We recorded expenses of $258 million in 2021, $249 million in 2020 and $244 million in 2019, primarily for contributions to our defined contribution plans. We also have an ESOP covering certain domestic full-time employees hired on or before July 1, 2008. The ESOP works in conjunction with the defined benefit pension plan. Employees are entitled to the higher of their benefit under the ESOP or such defined benefit pension plan at retirement. Benefits payable under the defined benefit pension plan are offset by the equivalent value of benefits earned under the ESOP. At Dec. 31, 2021 and Dec. 31, 2020, the ESOP owned 4.0 million and 4.3 million shares of our common stock, respectively. The fair value of total ESOP assets was $236 million at Dec. 31, 2021 and $187 million at Dec. 31, 2020. The Company is not permitted to make contributions to the ESOP. The Benefits Investment Committee appointed Fiduciary Counselors, Inc. to serve as the independent fiduciary to (i) make all fiduciary decisions related to the continued prudence of offering the common stock of BNY Mellon or its affiliates as an investment option under the plans, other than plan sponsor decisions, and (ii) select and monitor any actively or passively managed investments of BNY Mellon or its affiliates to be offered to participants as investment options under the plans, excluding self-directed accounts. |
Company financial information (
Company financial information (Parent Corporation) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Company financial information (Parent Corporation) | Company financial information (Parent Corporation) In connection with our single point of entry resolution strategy, we have established an intermediate holding company (“IHC”) to facilitate the provision of capital and liquidity resources to certain key subsidiaries in the event of material financial distress or failure. In 2017, we entered into a binding support agreement with those key subsidiaries and other related entities that requires the IHC to provide that support. The support agreement requires the Parent to transfer cash and other liquid financial assets to the IHC on an ongoing basis, subject to certain amounts retained by the Parent to meet its near-term cash needs. The Parent’s and the IHC’s obligations under the support agreement are secured. The IHC has provided unsecured subordinated funding notes to the Parent as well as a committed line of credit that allows the Parent to draw funds necessary to service near-term obligations. As a result, during business-as-usual circumstances, the Parent is expected to continue to have access to the funds necessary to pay dividends, repurchase common stock, service its debt and satisfy its other obligations. If our projected liquidity resources deteriorate so severely that resolution of the Parent becomes imminent, the committed line of credit the IHC provided to the Parent will automatically terminate, with all amounts outstanding becoming due and payable, and the support agreement will require the Parent to transfer most of its remaining assets (other than stock in subsidiaries and a cash reserve to fund bankruptcy expenses) to the IHC. As a result, during a period of severe financial stress, the Parent could become unable to meet its debt and payment obligations (including with respect to its securities), causing the Parent to seek protection under bankruptcy laws earlier than it otherwise would have. Our bank subsidiaries are subject to dividend limitations under the federal and state banking laws. Under these statutes, prior regulatory consent is required for dividends in any year that would exceed the bank’s net profits for such year combined with retained net profits for the prior two years. Additionally, such bank subsidiaries may not declare dividends in excess of net profits on hand, as defined, after deducting the amount by which the principal amount of all loans, on which interest is past due for a period of six months or more, exceeds the allowance for credit losses. The payment of dividends also is limited by minimum capital requirements and buffers imposed on banks. As of Dec. 31, 2021, our bank subsidiaries exceeded these requirements. Subsequent to Dec. 31, 2021, our U.S. bank subsidiaries could declare dividends to the Parent of approximately $1.5 billion, without the need for a regulatory waiver. In addition, at Dec. 31, 2021, non-bank subsidiaries of the Parent had liquid assets of approximately $2.3 billion. The bank subsidiaries declared dividends of $2.5 billion in 2021, $1.5 billion in 2020 and $3.2 billion in 2019. The Federal Reserve and the Office of the Comptroller of the Currency have issued additional guidelines that require BHCs and national banks to continually evaluate the level of cash dividends in relation to their respective operating income, capital needs, asset quality and overall financial condition. The Federal Reserve policy with respect to the payment of cash dividends by BHCs provides that, as a matter of prudent banking, a BHC should not maintain a rate of cash dividends unless its net income available to common shareholders has been sufficient to fully fund the dividends, and the prospective rate of earnings retention appears to be consistent with the holding company’s capital needs, asset quality and overall financial condition. The Federal Reserve can also prohibit a dividend if payment would constitute an unsafe or unsound banking practice. In December 2020, the Federal Reserve released the results of the second round of CCAR stress tests and extended the restriction on common stock dividends and open market common stock repurchases applicable to participating CCAR BHCs, including us, to the first quarter of 2021, with certain modifications. In March 2021, the Federal Reserve extended these restrictions through the second quarter of 2021. The temporary restrictions on dividends and share repurchases ended for BNY Mellon after June 30, 2021. After these temporary restrictions were lifted, BNY Mellon continued to be subject to the stress capital buffer framework, which would impose restrictions on capital distributions on an incremental basis if BNY Mellon’s risk-based capital ratios decline into the buffer zone. In June 2021, in connection with the Federal Reserve’s release of the 2021 CCAR stress tests, we announced a share repurchase program approved by our Board of Directors providing for the repurchase of up to $6.0 billion of common stock beginning in the third quarter of 2021 and continuing through the fourth quarter of 2022. This new share repurchase plan replaced all previously authorized share repurchase plans. The Federal Reserve Act limits, and requires collateral for, extensions of credit by our insured subsidiary banks to the Parent and certain of its non-bank affiliates. Also, there are restrictions on the amounts of investments by such banks in stock and other securities of BNY Mellon and such affiliates, and restrictions on the acceptance of their securities as collateral for loans by such banks. Extensions of credit by the banks to each of our affiliates are limited to 10% of such bank’s regulatory capital, and in the aggregate for BNY Mellon and all such affiliates to 20%, and collateral must be between 100% and 130% of the amount of the credit, depending on the type of collateral. In the event of impairment of the capital stock of one of the Parent’s national banks or The Bank of New York Mellon, the Parent, as the banks’ stockholder, could be required to pay such deficiency. The Parent guarantees the committed and uncommitted lines of credit of Pershing LLC and Pershing Limited subsidiaries. The Parent guarantees described above are full and unconditional and contain the standard provisions relating to parent guarantees of subsidiary debt. Additionally, the Parent guarantees or indemnifies obligations of its consolidated subsidiaries as needed. Generally, there are no stated notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. As a result, we are unable to develop an estimate of the maximum payout under these indemnifications. However, we believe the possibility is remote that we will have to make any material payment under these guarantees and indemnifications. The Parent also guaranteed the debt issued by Mellon Funding Corporation, a wholly-owned financing subsidiary of the Company, which was dissolved in 2021. No debt issued by Mellon Funding Corporation was outstanding as of Dec. 31, 2020. Financial data for the Parent for 2020 and 2019 includes Mellon Funding Corporation for financial reporting purposes because of the limited function of this entity and the unconditional guarantee by BNY Mellon of its obligations. Condensed Income Statement—The Bank of New York Mellon Corporation (Parent Corporation ) Year ended Dec. 31, (in millions) 2021 2020 2019 Dividends from bank subsidiaries $ 2,490 $ 1,485 $ 3,209 Dividends from nonbank subsidiaries 1,106 1,199 2,075 Interest revenue from bank subsidiaries — — 4 Interest revenue from nonbank subsidiaries 30 53 153 (Loss) on securities held for sale — — (11) Other revenue 56 50 39 Total revenue 3,682 2,787 5,469 Interest expense (including $6, $30 and $64, to subsidiaries, respectively) 339 520 941 Other expense 153 168 197 Total expense 492 688 1,138 Income before income taxes and equity in undistributed net income of subsidiaries 3,190 2,099 4,331 (Benefit) for income taxes (92) (289) (208) Equity in undistributed net income: Bank subsidiaries 282 1,278 (139) Nonbank subsidiaries 195 (49) 41 Net income 3,759 3,617 4,441 Preferred stock dividends and redemption charge (207) (194) (169) Net income applicable to common shareholders of The Bank of New York Mellon Corporation $ 3,552 $ 3,423 $ 4,272 Condensed Balance Sheet—The Bank of New York Mellon Corporation (Parent Corporation) Dec. 31, (in millions) 2021 2020 Assets: Cash and due from banks $ 356 $ 330 Securities 4 6 Investment in and advances to subsidiaries and associated companies: Banks 34,721 36,431 Other 37,748 38,064 Subtotal 72,469 74,495 Corporate-owned life insurance 786 782 Other assets 623 202 Total assets $ 74,238 $ 75,815 Liabilities: Deferred compensation $ 435 $ 417 Affiliate borrowings 3,585 2,176 Other liabilities 1,283 1,866 Long-term debt 25,901 25,555 Total liabilities 31,204 30,014 Shareholders’ equity 43,034 45,801 Total liabilities and shareholders’ equity $ 74,238 $ 75,815 Condensed Statement of Cash Flows—The Bank of New York Mellon Corporation (Parent Corporation) Year ended Dec. 31, (in millions) 2021 2020 2019 Operating activities: Net income $ 3,759 $ 3,617 $ 4,441 Adjustments to reconcile net income to net cash provided by (used for) operating activities: Equity in undistributed net (income) loss of subsidiaries (477) (1,229) 98 Change in accrued interest receivable 75 (17) (12) Change in accrued interest payable (15) (26) (17) Change in taxes payable (a) (142) (281) 331 Other, net (260) 368 (107) Net cash provided by operating activities 2,940 2,432 4,734 Investing activities: Acquisitions of, investments in, and advances to subsidiaries (b) 870 (1,442) 1,495 Net cash provided (used for) by investing activities 870 (1,442) 1,495 Financing activities: Proceeds from issuance of long-term debt 5,186 2,993 1,745 Repayments of long-term debt (4,250) (3,950) (4,250) Change in advances from subsidiaries 820 1,195 242 Issuance of common stock 63 58 86 Issuance of preferred stock 1,287 1,567 — Treasury stock acquired (4,567) (989) (3,327) Redemption of preferred stock (1,000) (583) — Cash dividends paid (1,323) (1,296) (1,289) Net cash (used for) financing activities (3,784) (1,005) (6,793) Change in cash and due from banks 26 (15) (564) Cash and due from banks at beginning of year 330 345 909 Cash and due from banks at end of year $ 356 $ 330 $ 345 Supplemental disclosures Interest paid $ 354 $ 546 $ 958 Income taxes paid — 3 2 Income taxes refunded 1 — — (a) Includes payments received from subsidiaries for taxes of $21 million in 2021, $736 million in 2020 and $823 million in 2019. (b) Includes $10 million of cash outflows, net of $880 million of cash inflows in 2021, $3,715 million of cash outflows, net of $2,273 million of cash inflows in 2020 and $2,139 million of cash outflows, net of $3,634 million of cash inflows in 2019. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | Fair value measurementFair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy for fair value measurements is utilized based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. BNY Mellon’s own creditworthiness is considered when valuing liabilities. Fair value focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The objective is to determine from weighted indicators of fair value a reasonable point within the range that is most representative of fair value under current market conditions. Determination of fair value We have established processes for determining fair values. Fair value is based upon quoted market prices in active markets, where available. For financial instruments where quotes from recent exchange transactions are not available, we determine fair value based on discounted cash flow analysis, comparison to similar instruments and the use of financial models. Discounted cash flow analysis is dependent upon estimated future cash flows and the level of interest rates. Model-based pricing uses inputs of observable prices, where available, for interest rates, foreign exchange rates, option volatilities and other factors. Models are benchmarked and validated by an independent internal risk management function. Our valuation process takes into consideration factors such as counterparty credit quality, liquidity, concentration concerns and observability of model parameters. Valuation adjustments may be made to record financial instruments at fair value. Most derivative contracts are valued using models which are calibrated to observable market data and employ standard market pricing theory for their valuations. Valuation models incorporate counterparty credit risk by discounting each trade’s expected exposures to the counterparty using the counterparty’s credit spreads, as implied by the credit default swap market. We also adjust expected liabilities to the counterparty using BNY Mellon’s own credit spreads, as implied by the credit default swap market. Accordingly, the valuation of our derivative positions is sensitive to the current changes in our own credit spreads, as well as those of our counterparties. In certain cases, recent prices may not be observable for instruments that trade in inactive or less active markets. Upon evaluating the uncertainty in valuing financial instruments subject to liquidity issues, we make an adjustment to their value. The determination of the liquidity adjustment includes the availability of external quotes, the time since the latest available quote and the price volatility of the instrument. Certain parameters in some financial models are not directly observable and, therefore, are based on management’s estimates and judgments. These financial instruments are normally traded less actively. We apply valuation adjustments to mitigate the possibility of error and revision in the model-based estimate value. Examples include products where parameters such as correlation and recovery rates are unobservable. The methods described above for instruments that trade in inactive or less active markets may produce a current fair value calculation that may not be indicative of net realizable value or reflective of future fair values. We believe our methods of determining fair value are appropriate and consistent with other market participants. However, the use of different methodologies or different assumptions to value certain financial instruments could result in a different estimate of fair value. Valuation hierarchy A three-level valuation hierarchy is used for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are described below. Level 1 : Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 1 assets and liabilities include certain debt and equity securities, derivative financial instruments actively traded on exchanges and highly liquid government bonds. Level 2 : Observable inputs other than Level 1 prices, for example, quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs that are observable or can be corroborated, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 assets and liabilities include debt instruments that are traded less frequently than exchange-traded securities and derivative financial instruments whose model inputs are observable in the market or can be corroborated by market-observable data. Examples in this category are MBS, corporate debt securities and OTC derivative contracts. Level 3 : Inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Valuation methodology Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Securities We determine fair value primarily based on pricing sources with reasonable levels of price transparency. Where quoted prices are available in an active market, we classify the securities within Level 1 of the valuation hierarchy. Securities include both long and short positions. Level 1 securities include U.S. Treasury and certain sovereign debt securities that are actively traded in highly liquid OTC markets, money market funds and exchange-traded equities. If quoted market prices are not available, fair values are primarily determined using pricing models using observable trade data, market data, quoted prices of securities with similar characteristics or discounted cash flows. Examples of such instruments, which would generally be classified within Level 2 of the valuation hierarchy, include MBS, state and political subdivisions, certain sovereign debt, corporate bonds and foreign covered bonds. Specifically, the pricing sources obtain recent transactions for similar types of securities (e.g., vintage, position in the securitization structure) and ascertain variables such as discount rate and speed of prepayment for the types of transaction and apply such variables to similar types of bonds. We view these as observable transactions in the current marketplace and classify such securities as Level 2. Pricing sources discontinue pricing any specific security whenever they determine there is insufficient observable data to provide a good faith opinion on price. At Dec. 31, 2021, approximately 99% of our securities were valued by pricing sources with reasonable levels of price transparency. The remaining securities were generally valued using observable inputs. Additional disclosures of securities are provided in Note 4. In certain cases where there is limited activity or less transparency around inputs to the valuation, we classify those securities in Level 3 of the valuation hierarchy. As of Dec. 31, 2021, we have no instruments included in Level 3 of the valuation hierarchy. Derivative financial instruments We classify exchange-traded derivative financial instruments valued using quoted prices in Level 1 of the valuation hierarchy. Examples include exchange-traded equity and foreign exchange options. Since few other classes of derivative contracts are listed on an exchange, most of our derivative positions are valued using models that use as their basis readily observable market parameters, and we classify them in Level 2 of the valuation hierarchy. Such derivative financial instruments include swaps and options, foreign exchange spot and forward contracts and credit default swaps. Derivatives valued using models with significant unobservable market parameters in markets that lack two-way flow are classified in Level 3 of the valuation hierarchy. Examples may include long-dated swaps and options, where parameters may be unobservable for longer maturities; and certain highly structured products, where correlation risk is unobservable. As of Dec. 31, 2021, we have no Level 3 derivatives. Additional disclosures of derivative instruments are provided in Note 23. Seed capital In our Investment and Wealth Management business segment, we make seed capital investments in certain funds we manage. Seed capital is generally included in other assets on the consolidated balance sheet. When applicable, we value seed capital based on the published NAV of the fund. For other types of investments in funds, we consider all of the rights and obligations inherent in our ownership interest, including the reported NAV as well as other factors that affect the fair value of our interest in the fund. Interests in securitizations For the interests in securitizations that are classified in trading assets—equity instruments and long-term debt—we use discounted cash flow models, which generally include assumptions of projected finance charges related to the securitized assets, estimated net credit losses, prepayment assumptions and estimates of payments to third-party investors. When available, we compare our fair value estimates and assumptions to market activity and to the actual results of the securitized portfolio. These interests in securitizations matured in 2021. Other assets measured at NAV We hold private equity investments, primarily SBICs, which are compliant with the Volcker Rule. There are no readily available market quotations for these investment partnerships. The fair value of the SBICs is based on our ownership percentage of the fair value of the underlying investments as provided by the partnership managers. These investments are typically valued on a quarterly basis. Our SBIC private equity investments are valued at NAV as a practical expedient for fair value. The following tables present the financial instruments carried at fair value at Dec. 31, 2021 and Dec. 31, 2020, by caption on the consolidated balance sheet and by the three-level valuation hierarchy. 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. Assets measured at fair value on a recurring basis at Dec. 31, 2021 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Available-for-sale securities: U.S. Treasury $ 29,409 $ — $ — $ — $ 29,409 Agency RMBS — 14,530 — — 14,530 Sovereign debt/sovereign guaranteed 6,017 7,362 — — 13,379 Agency commercial MBS — 8,405 — — 8,405 Supranational — 7,573 — — 7,573 Foreign covered bonds — 6,238 — — 6,238 CLOs — 4,439 — — 4,439 Non-agency commercial MBS — 3,125 — — 3,125 Non-agency RMBS — 2,748 — — 2,748 Foreign government agencies — 2,686 — — 2,686 U.S. government agencies — 2,536 — — 2,536 State and political subdivisions — 2,514 — — 2,514 Other ABS — 2,190 — — 2,190 Corporate bonds — 2,066 — — 2,066 Other debt securities — 1 — — 1 Total available-for-sale securities 35,426 66,413 — — 101,839 Trading assets: Debt instruments 1,447 2,750 — — 4,197 Equity instruments 9,766 — — — 9,766 Derivative assets not designated as hedging: Interest rate 6 3,253 — (1,424) 1,835 Foreign exchange — 6,279 — (5,501) 778 Equity and other contracts — 49 — (48) 1 Total derivative assets not designated as hedging 6 9,581 — (6,973) 2,614 Total trading assets 11,219 12,331 — (6,973) 16,577 Other assets: Derivative assets designated as hedging: Foreign exchange — 206 — — 206 Total derivative assets designated as hedging — 206 — — 206 Other assets (b) 438 325 — — 763 Total other assets 438 531 — — 969 Assets measured at NAV (b) 218 Total assets $ 47,083 $ 79,275 $ — $ (6,973) $ 119,603 Percentage of total assets prior to netting 37 % 63 % — % Liabilities measured at fair value on a recurring basis at Dec. 31, 2021 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Trading liabilities: Debt instruments $ 2,452 $ 46 $ — $ — $ 2,498 Equity instruments 40 — — — 40 Derivative liabilities not designated as hedging: Interest rate 1 2,834 — (2,028) 807 Foreign exchange — 6,215 — (4,111) 2,104 Equity and other contracts 5 211 — (196) 20 Total derivative liabilities not designated as hedging 6 9,260 — (6,335) 2,931 Total trading liabilities 2,498 9,306 — (6,335) 5,469 Other liabilities Derivative liabilities designated as hedging: Interest rate — 453 — — 453 Foreign exchange — 40 — — 40 Total derivative liabilities designated as hedging — 493 — — 493 Other liabilities 1 2 — — 3 Total other liabilities 1 495 — — 496 Total liabilities $ 2,499 $ 9,801 $ — $ (6,335) $ 5,965 Percentage of total liabilities prior to netting 20 % 80 % — % (a) ASC 815, Derivatives and Hedging, 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 seed capital, private equity investments and other assets. Assets measured at fair value on a recurring basis at Dec. 31, 2020 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Available-for-sale securities: U.S. Treasury $ 24,894 $ — $ — $ — $ 24,894 Agency RMBS — 22,347 — — 22,347 Sovereign debt/sovereign guaranteed 5,909 6,482 — — 12,391 Agency commercial MBS — 9,228 — — 9,228 Supranational — 7,160 — — 7,160 Foreign covered bonds — 6,725 — — 6,725 CLOs — 4,703 — — 4,703 Foreign government agencies — 4,135 — — 4,135 U.S. government agencies — 3,853 — — 3,853 Other ABS — 3,164 — — 3,164 Non-agency commercial MBS — 3,017 — — 3,017 Non-agency RMBS — 2,326 — — 2,326 State and political subdivisions — 2,308 — — 2,308 Corporate bonds — 1,994 — — 1,994 Commercial paper/CDs — 249 — — 249 Other debt securities — 1 — — 1 Total available-for-sale securities 30,803 77,692 — — 108,495 Trading assets: Debt instruments 1,803 3,868 — — 5,671 Equity instruments (b) 5,775 — — — 5,775 Derivative assets not designated as hedging: Interest rate 5 4,477 — (1,952) 2,530 Foreign exchange — 7,688 — (6,392) 1,296 Equity and other contracts — 2 — (2) — Total derivative assets not designated as hedging 5 12,167 — (8,346) 3,826 Total trading assets 7,583 16,035 — (8,346) 15,272 Other assets : Derivative assets designated as hedging: Foreign exchange — 19 — — 19 Total derivative assets designated as hedging — 19 — — 19 Other assets (c)(d) 504 285 — — 789 Total other assets 504 304 — — 808 Assets measured at NAV (c) 201 Total assets $ 38,890 $ 94,031 $ — $ (8,346) $ 124,776 Percentage of total assets prior to netting 29 % 71 % — % Liabilities measured at fair value on a recurring basis at Dec. 31, 2020 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Trading liabilities: Debt instruments $ 2,287 $ 35 $ — $ — $ 2,322 Equity instruments 11 — — — 11 Derivative liabilities not designated as hedging: Interest rate 2 3,878 — (2,348) 1,532 Foreign exchange — 7,622 — (5,484) 2,138 Equity and other contracts 7 34 — (13) 28 Total derivative liabilities not designated as hedging 9 11,534 — (7,845) 3,698 Total trading liabilities 2,307 11,569 — (7,845) 6,031 Long-term debt (b) — 400 — — 400 Other liabilities: Derivative liabilities designated as hedging: Interest rate — 666 — — 666 Foreign exchange — 441 — — 441 Total derivative liabilities designated as hedging — 1,107 — — 1,107 Other liabilities (d) 1 2 — — 3 Total other liabilities 1 1,109 — — 1,110 Total liabilities $ 2,308 $ 13,078 $ — $ (7,845) $ 7,541 Percentage of total liabilities prior to netting 15 % 85 % — % (a) ASC 815, Derivatives and Hedging, 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) Includes seed capital, private equity investments and other assets. (d) In 2021, we reclassified the assets and liabilities of consolidated investment management funds, at fair value, to other assets and other liabilities, respectively, on the consolidated balance sheet. Prior periods were reclassified to be comparable with the current period presentation. The reclassification had no impact on total assets or total liabilities. See Note 2 for additional information. Details of certain available-for-sale securities measured at fair value on a recurring basis Dec. 31, 2021 Dec. 31, 2020 Total carrying value (b) Ratings (a) Total carrying value (b) Ratings (a) AAA/ A+/ BBB+/ BB+ and Not rated AAA/ A+/ BBB+/ BB+ and Not rated (dollars in millions) Non-agency RMBS, originated in: 2008-2021 $ 2,190 100 % — % — % — % — % $ 1,548 100 % — % — % — % — % 2007 114 — 4 — 39 57 179 12 3 — 42 43 2006 181 — 24 — 33 43 237 — 23 — 40 37 2005 167 3 5 1 37 54 227 3 — 7 52 38 2004 and earlier 96 16 10 5 57 12 135 19 10 11 54 6 Total non-agency RMBS $ 2,748 81 % 2 % — % 8 % 9 % $ 2,326 69 % 3 % 1 % 16 % 11 % Non-agency commercial MBS originated in: 2009-2021 $ 3,125 100 % — % — % — % — % $ 3,017 99 % 1 % — % — % — % Foreign covered bonds: Canada $ 2,332 100 % — % — % — % — % $ 2,552 100 % — % — % — % — % UK 1,141 100 — — — — 1,259 100 — — — — Australia 762 100 — — — — 951 100 — — — — Germany 638 100 — — — — 494 100 — — — — Norway 457 100 — — — — 703 100 — — — — Other 908 100 — — — — 766 100 — — — — Total foreign covered bonds $ 6,238 100 % — % — % — % — % $ 6,725 100 % — % — % — % — % Sovereign debt/sovereign guaranteed: Germany $ 3,585 100 % — % — % — % — % $ 2,222 100 % — % — % — % — % UK 1,969 100 — — — — 1,089 100 — — — — France 1,921 100 — — — — 1,697 100 — — — — Italy 1,382 — — 100 — — 2,010 — — 100 — — Singapore 1,018 100 — — — — 984 100 — — — — Spain 782 — 8 92 — — 1,920 — 5 95 — — Canada 630 100 — — — — 572 100 — — — — Hong Kong 531 100 — — — — 29 100 — — — — Japan 363 — 100 — — — 408 — 100 — — — Netherlands 332 100 — — — — 491 100 — — — — Austria 309 100 — — — — 256 100 — — — — Ireland 230 — 100 — — — 252 — 100 — — — Other (c) 327 64 — — 36 — 461 73 — — 27 — Total sovereign debt/sovereign guaranteed $ 13,379 78 % 5 % 16 % 1 % — % $ 12,391 62 % 6 % 31 % 1 % — % Foreign government agencies: Netherlands $ 765 100 % — % — % — % — % $ 847 100 % — % — % — % — % Canada 566 78 22 — — — 511 75 25 — — — France 301 100 — — — — 305 100 — — — — Norway 269 100 — — — — 273 100 — — — — Finland 267 100 — — — — 225 100 — — — — Sweden 252 100 — — — — 281 100 — — — — Germany — — — — — — 1,473 100 — — — — Other 266 64 36 — — — 220 55 45 — — — Total foreign government agencies $ 2,686 92 % 8 % — % — % — % $ 4,135 95 % 5 % — % — % — % (a) Represents ratings by S&P or the equivalent. (b) At Dec. 31, 2021 and Dec. 31, 2020, sovereign debt/sovereign guaranteed securities 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. (c) Includes non-investment grade sovereign debt/sovereign guaranteed securities related to Brazil of $119 million at Dec. 31, 2021 and $125 million at Dec. 31, 2020. Assets and liabilities measured at fair value on a nonrecurring basis Under certain circumstances, we make adjustments to the fair value of our assets, liabilities and unfunded lending-related commitments, although they are not measured at fair value on an ongoing basis. Examples would be the recording of an impairment of an asset and non-readily marketable equity securities carried at cost with upward or downward adjustments. The following table presents the financial instruments carried on the consolidated balance sheet by caption and level in the fair value hierarchy as of Dec. 31, 2021 and Dec. 31, 2020. Assets measured at fair value on a nonrecurring basis Dec. 31, 2021 Dec. 31, 2020 Total carrying Total carrying (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Loans (a) $ — $ 42 $ — $ 42 $ — $ 48 $ — $ 48 Other assets (b) — 265 — 265 — 131 — 131 Total assets at fair value on a nonrecurring basis $ — $ 307 $ — $ 307 $ — $ 179 $ — $ 179 (a) The fair value of these loans decreased less than $1 million in 2021 and $1 million in 2020, based on the fair value of the underlying collateral, as required by guidance in ASC 326, Financial Instruments – Credit Losses, with an offset to the allowance for credit losses. (b) Includes non-readily marketable equity securities carried at cost with upward or downward adjustments and other assets received in satisfaction of debt. 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 Dec. 31, 2021 and Dec. 31, 2020, by caption on the consolidated balance sheet and by the valuation hierarchy. Summary of financial instruments Dec. 31, 2021 (in millions) Level 1 Level 2 Level 3 Total Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 102,467 $ — $ 102,467 $ 102,467 Interest-bearing deposits with banks — 16,636 — 16,636 16,630 Federal funds sold and securities purchased under resale agreements — 29,607 — 29,607 29,607 Securities held-to-maturity 12,488 44,287 — 56,775 56,866 Loans (a) — 67,026 — 67,026 66,860 Other financial assets 6,061 1,239 — 7,300 7,300 Total $ 18,549 $ 261,262 $ — $ 279,811 $ 279,730 Liabilities: Noninterest-bearing deposits $ — $ 93,695 $ — $ 93,695 $ 93,695 Interest-bearing deposits — 224,665 — 224,665 225,999 Federal funds purchased and securities sold under repurchase agreements — 11,566 — 11,566 11,566 Payables to customers and broker-dealers — 25,150 — 25,150 25,150 Borrowings — 956 — 956 956 Long-term debt — 26,701 — 26,701 25,931 Total $ — $ 382,733 $ — $ 382,733 $ 383,297 (a) Does not include the leasing portfolio. Summary of financial instruments Dec. 31, 2020 (in millions) Level 1 Level 2 Level 3 Total estimated Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 141,775 $ — $ 141,775 $ 141,775 Interest-bearing deposits with banks — 17,310 — 17,310 17,300 Federal funds sold and securities purchased under resale agreements — 30,907 — 30,907 30,907 Securities held-to-maturity 4,120 45,104 — 49,224 47,946 Loans (a) — 53,586 — 53,586 55,121 Other financial assets 6,252 1,160 — 7,412 7,412 Total $ 10,372 $ 289,842 $ — $ 300,214 $ 300,461 Liabilities: Noninterest-bearing deposits $ — $ 83,854 $ — $ 83,854 $ 83,854 Interest-bearing deposits — 257,287 — 257,287 257,691 Federal funds purchased and securities sold under repurchase agreements — 11,305 — 11,305 11,305 Payables to customers and broker-dealers — 25,085 — 25,085 25,085 Borrowings — 563 — 563 563 Long-term debt — 27,306 — 27,306 25,584 Total $ — $ 405,400 $ — $ 405,400 $ 404,082 (a) Does not include the leasing portfolio. |
Fair value option
Fair value option | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value option | Fair value option We elected fair value as an alternative measurement for selected financial assets and liabilities that are not otherwise required to be measured at fair value, including the assets and liabilities of consolidated investment management funds, certain long-term debt and subordinated notes associated with certain equity investments. The following table presents the assets and liabilities of consolidated investment management funds, at fair value. Assets and liabilities of consolidated investment management funds, at fair value Dec. 31, (in millions) 2021 2020 Assets of consolidated investment management funds: Trading assets $ 443 $ 482 Other assets 19 5 Total assets of consolidated investment management funds $ 462 $ 487 Liabilities of consolidated investment management funds: Other liabilities $ 3 $ 3 Total liabilities of consolidated investment management funds $ 3 $ 3 The assets and liabilities of the consolidated investment management funds are included in other assets and other liabilities on the consolidated balance sheet. We value the assets and liabilities of its consolidated investment 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 investment management funds. Changes in the fair value of the assets and liabilities are recorded as income (loss) from consolidated investment management funds, which is included in investment and other revenue in the consolidated income statement. We elected the fair value option on $240 million of long-term debt. This long-term debt matured in 2021. The fair value of this long-term debt was $400 million at Dec. 31, 2020. The long-term debt was valued using observable market inputs and included in Level 2 of the valuation hierarchy. The following table presents the changes in fair value of long-term debt recorded in other trading revenue, which is included in investment and other revenue in the consolidated income statement. Change in fair value of long-term debt (a) Year ended Dec. 31, (in millions) 2021 2020 2019 Investment and other revenue - other trading revenue $ — $ (13) $ (16) (a) The changes in fair value were approximately offset by an economic hedge included in investment and other revenue - other trading revenue. We elected the fair value option on $15 million of subordinated notes associated with certain equity investments. The fair value of these of subordinated notes was $15 million at Dec. 31, 2021. The subordinated notes were valued using observable market inputs and included in Level 2 of the valuation hierarchy. |
Commitments and contingent liab
Commitments and contingent liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingent liabilities | Commitments and contingent liabilities Off-balance sheet arrangements 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 risks not recognized on the balance sheet. Our off-balance sheet risks are managed and monitored in manners similar to those used for on-balance sheet risks. The following table presents a summary of our off-balance sheet credit risks. Off-balance sheet credit risks Dec. 31, 2021 Dec. 31, 2020 (in millions) Lending commitments $ 46,183 $ 47,577 Standby letters of credit (“SBLC”) (a) 1,971 2,265 Commercial letters of credit 56 60 Securities lending indemnifications (b)(c) 487,298 469,121 (a) Net of participations totaling $128 million at Dec. 31, 2021 and $154 million at Dec. 31, 2020. (b) Excludes the indemnification for securities for which BNY Mellon acts as an agent on behalf of CIBC Mellon clients, which totaled $67 billion at Dec. 31, 2021 and $62 billion at Dec. 31, 2020. (c) Includes cash collateral, invested in indemnified repurchase agreements, held by us as securities lending agent of $48 billion at Dec. 31, 2021 and $41 billion at Dec. 31, 2020. 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 lending 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: $27.1 billion in less than one year, $18.6 billion in one to five years and $516 million over five years. SBLCs principally support obligations of corporate clients and were collateralized with cash and securities of $172 million at Dec. 31, 2021 and $194 million at Dec. 31, 2020. At Dec. 31, 2021, $1.4 billion of the SBLCs will expire within one year, $601 million in one to five years and none over five years. We must recognize, at the inception of an SBLC 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 SBLCs and foreign and other guarantees, if any, is included in the allowance for lending-related commitments. Payment/performance risk of SBLCs is monitored using both historical performance and internal ratings criteria. BNY Mellon’s historical experience is that SBLCs typically expire without being funded. SBLCs below investment grade are monitored closely for payment/performance risk. The table below shows SBLCs by investment grade: Standby letters of credit Dec. 31, 2021 Dec. 31, 2020 Investment grade 85 % 82 % Non-investment grade 15 % 18 % 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 $56 million at Dec. 31, 2021 and $60 million at Dec. 31, 2020. We expect many of the lending commitments and letters of credit 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. The allowance for lending-related commitments was $45 million at Dec. 31, 2021 and $121 million at Dec. 31, 2020. 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. 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 $511 billion at Dec. 31, 2021 and $493 billion at Dec. 31, 2020. CIBC Mellon, a joint venture between BNY Mellon and the Canadian Imperial Bank of Commerce (“CIBC”), engages in securities lending activities. CIBC Mellon, BNY Mellon and CIBC jointly and severally indemnify securities lenders against specific types of borrower default. At Dec. 31, 2021 and Dec. 31, 2020, $67 billion and $62 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 $71 billion and $66 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. Unsettled repurchase and reverse repurchase agreements In the normal course of business, we enter into repurchase agreements and reverse repurchase agreements that settle at a future date. In repurchase agreements, BNY Mellon receives cash from and provides securities as collateral to a counterparty at settlement. In reverse repurchase agreements, BNY Mellon advances cash to and receives securities as collateral from the counterparty at settlement. These transactions are recorded on the consolidated balance sheet on the settlement date. At Dec. 31, 2021, we had $2.6 billion of unsettled repurchase agreements and $9.1 billion of unsettled reverse repurchase agreements. Industry concentrations We have significant industry concentrations related to credit exposure at Dec. 31, 2021. The tables below present our credit exposure in the financial institutions and commercial portfolios. Financial institutions portfolio exposure (in billions) Dec. 31, 2021 Loans Unfunded Total exposure Securities industry $ 1.7 $ 17.5 $ 19.2 Asset managers 1.7 7.1 8.8 Banks 5.8 1.5 7.3 Insurance 0.2 3.4 3.6 Government 0.1 0.2 0.3 Other 0.7 0.9 1.6 Total $ 10.2 $ 30.6 $ 40.8 Commercial portfolio exposure (in billions) Dec. 31, 2021 Loans Unfunded Total exposure Manufacturing $ 0.6 $ 3.9 $ 4.5 Energy and utilities 0.4 3.9 4.3 Services and other 1.0 3.2 4.2 Media and telecom 0.1 0.9 1.0 Total $ 2.1 $ 11.9 $ 14.0 Major concentrations in securities lending are primarily to broker-dealers and are generally collateralized with cash and/or securities. Sponsored member repo program BNY Mellon is a sponsoring member in the Fixed Income Clearing Corporation (“FICC”) sponsored member program, where we submit eligible overnight repurchase and reverse repurchase transactions in U.S. Treasury and agency securities (“Sponsored Member Transactions”) between BNY Mellon and our sponsored member clients for novation and clearing through FICC pursuant to the FICC Government Securities Division rulebook (the “FICC Rules”). We also guarantee to FICC the prompt and full payment and performance of our sponsored member clients’ respective obligations under the FICC Rules in connection with such clients’ Sponsored Member Transactions. We minimize our credit exposure under this guaranty by obtaining a security interest in our sponsored member clients’ collateral and rights under Sponsored Member Transactions. See “Offsetting assets and liabilities” in Note 23 for additional information on our repurchase and reverse repurchase agreements. Indemnification arrangements We have provided standard representations for underwriting agreements, acquisition and divestiture agreements, sales of loans and commitments, and other similar types of arrangements and customary indemnification for claims and legal proceedings related to providing financial services that are not otherwise included above. Insurance has been purchased to mitigate certain of these risks. Generally, there are no stated or notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. Furthermore, often counterparties to these transactions provide us with comparable indemnifications. We are unable to develop an estimate of the maximum payout under these indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, we are unable to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. We believe, however, that the possibility that we will have to make any material payments for these indemnifications is remote. At Dec. 31, 2021 and Dec. 31, 2020, 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 and/or to provide liquidity 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. Any ancillary costs that occur as a result of any mark-to-market loss cannot be quantified. In addition, we also sponsor clients as members on clearing and settlement exchanges and guarantee their obligations. At Dec. 31, 2021 and Dec. 31, 2020, we did not record any material liabilities under these arrangements. Legal proceedings In the ordinary course of business, The Bank of New York Mellon Corporation 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 governmental and 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 our results of operations in a given period. In view of the inherent unpredictability of outcomes in litigation 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 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, we establish accruals for litigation 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. We regularly 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, we do not establish an accrual and the matter continues to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. We believe that our 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 the results of operations in a given period. In addition, if we have the potential to recover a portion of an estimated loss from a third party, we record a receivable up to the amount of the accrual that is probable of recovery. 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 $600 million in excess of the accrued liability (if any) related to those matters. For matters where a reasonably possible loss is denominated in a foreign currency, our estimate is adjusted quarterly based on prevailing exchange rates. We do not consider potential recoveries when estimating reasonably possible losses. The following describes certain judicial, regulatory and arbitration proceedings involving BNY Mellon: 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. Three actions commenced in December 2014, December 2015 and February 2017 are pending in New York federal court; and four actions commenced in May 2016, September 2021 (two related cases) and October 2021, are pending in New York state court. Matters Related to R. Allen Stanford In late December 2005, Pershing LLC (“Pershing”) 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”). Stanford International Bank, also controlled by Stanford, issued certificates of deposit (“CDs”). Some investors allegedly wired funds from their SGC accounts to purchase CDs. In 2009, the Securities and Exchange Commission 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 two putative class action proceedings against Pershing: one in November 2009 in Texas federal court, and one in May 2016 in New Jersey federal court. On Nov. 5, 2021, the court dismissed the class action filed in New Jersey. Three lawsuits remain against Pershing in Louisiana and New Jersey federal courts, which were filed in January 2010, October 2015 and May 2016. 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 March 2019, a group of investors filed a putative class action against The Bank of New York Mellon in New Jersey federal court, making the same allegations as in the prior actions brought against Pershing. On Nov. 12, 2021, the court dismissed the class action against The Bank of New York Mellon. All the cases that have been brought in federal court against Pershing and the case brought against The Bank of New York Mellon have been consolidated in Texas federal court for discovery purposes. In July 2020, after being enjoined from pursuing claims before the Financial Industry Regulatory Authority, Inc. (“FINRA”), an investment firm filed an action against Pershing in Texas federal court. This action has been resolved. Various alleged Stanford CD purchasers asserted similar claims in FINRA arbitration proceedings. Brazilian Postalis Litigation BNY Mellon Servicos Financeiros DTVM S.A. (“DTVM”), a subsidiary that provides asset services in Brazil, acts as administrator for certain investment funds in which a public pension fund for postal workers called Postalis-Instituto de Seguridade Social dos Correios e Telégrafos (“Postalis”) invested. On Aug. 22, 2014, Postalis sued DTVM in Rio de Janeiro, Brazil for losses related to a Postalis fund for which DTVM is administrator. Postalis alleges that DTVM failed to properly perform duties, including to conduct due diligence of and exert control over the manager. On March 12, 2015, Postalis filed a lawsuit in Rio de Janeiro against DTVM and BNY Mellon Administração de Ativos Ltda. (“Ativos”) alleging failure to properly perform duties relating to another fund of which DTVM is administrator and Ativos is manager. On Dec. 14, 2015, Associacão dos Profissionais dos Correios (“ADCAP”), a Brazilian postal workers association, filed a lawsuit in São Paulo against DTVM and other defendants alleging that DTVM improperly contributed to Postalis investment losses. On March 20, 2017, the lawsuit was dismissed without prejudice, and ADCAP appealed. On Aug. 4, 2021, the appellate court overturned the dismissal and sent the lawsuit to a state lower court. On Dec. 17, 2015, Postalis filed three lawsuits in Rio de Janeiro against DTVM and Ativos alleging failure to properly perform duties with respect to investments in several other funds. On May 20, 2021, the court in one of those lawsuits entered a $3 million judgment against DTVM and Ativos. On Aug. 23, 2021, DTVM and Ativos filed an appeal of the May 20 decision. On Feb. 4, 2016, Postalis filed a lawsuit in Brasilia against DTVM, Ativos and BNY Mellon Alocação de Patrimônio Ltda. (“Alocação de Patrimônio”), an investment management subsidiary, alleging failure to properly perform duties and liability for losses with respect to investments in various funds of which the defendants were administrator and/or manager. On Jan. 16, 2018, the Brazilian Federal Prosecution Service (“MPF”) filed a civil lawsuit in São Paulo against DTVM alleging liability for Postalis losses based on alleged failures to properly perform certain duties as administrator to certain funds in which Postalis invested or as controller of Postalis’s own investment portfolio. On April 18, 2018, the court dismissed the lawsuit without prejudice. On Aug. 4, 2021, the appellate court overturned the dismissal and returned the lawsuit to the lower court. In addition, the Tribunal de Contas da União (“TCU”), an administrative tribunal, has initiated three proceedings with the purpose of determining liability for losses to three investment funds administered by DTVM in which Postalis was an investor. On Sept. 9, 2020, TCU rendered a decision in one of the proceedings, finding DTVM and two former Postalis directors jointly and severally liable for approximately $45 million. TCU also imposed on DTVM a fine of approximately $2 million. DTVM has filed an administrative appeal of the decision. On Oct. 4, 2019, Postalis and another pension fund filed a request for arbitration in São Paulo against DTVM and Ativos alleging liability for losses to an investment fund for which DTVM was administrator and Ativos was manager. On March 26, 2021, DTVM and Ativos filed a lawsuit challenging the decision rendered by the Arbitration Court with respect to its jurisdiction over the case. On Oct. 25, 2019, Postalis filed a lawsuit in Rio de Janeiro against DTVM and Alocação de Patrimônio, alleging liability for losses in another fund for which DTVM was administrator and Alocação de Patrimônio and Ativos were managers. On June 19, 2020, a lawsuit was filed in federal court in Rio de Janeiro against DTVM, Postalis, and various other defendants alleging liability against DTVM for certain Postalis losses in an investment fund of which DTVM was administrator. On Feb. 10, 2021, Postalis and another pension fund served DTVM in a lawsuit filed in Rio de Janeiro, alleging liability for losses in another investment fund for which DTVM was administrator and the other defendant was manager. Brazilian Silverado Litigation DTVM acts as administrator for the Fundo de Investimento em Direitos Creditórios Multisetorial Silverado Maximum (“Silverado Maximum Fund”), which invests in commercial credit receivables. On June 2, 2016, the Silverado Maximum Fund sued DTVM in its capacity as administrator, along with Deutsche Bank S.A. - Banco Alemão in its capacity as custodian and Silverado Gestão e Investimentos Ltda. in its capacity as investment manager. The Fund alleges that each of the defendants failed to fulfill its respective duty, and caused losses to the Fund for which the defendants are jointly and severally liable. German Tax Matters German authorities are investigating past “cum/ex” trading, which involved the purchase of equity securities on or shortly before the dividend date, but settled after that date, potentially resulting in an unwarranted refund of withholding tax. German authorities have taken the view that past cum/ex trading may have resulted in tax avoidance or evasion. European subsidiaries of BNY Mellon have been informed by German authorities about investigations into potential cum/ex trading by certain third-party investment funds, where one of the subsidiaries had acquired entities that served as depositary and/or fund manager for those third-party investment funds. We have received information requests from the authorities relating to pre-acquisition activity and are cooperating fully with those requests. In August 2019, the District Court of Bonn ordered that one of these subsidiaries be joined as a secondary party in connection with the prosecution of unrelated individual defendants. Trial commenced in September 2019. In March 2020, the court stated that it would refrain from taking action against the subsidiary in order to expedite the conclusion of the trial. The court convicted the unrelated individual defendants, and determined that the cum/ex trading activities of the relevant third-party investment funds were unlawful. In November and December 2020, we received secondary liability notices from the German tax authorities totaling approximately $150 million related to pre-acquisition activity in various funds for which the entities we acquired were depositary and/or fund manager. We have appealed the notices. In connection with the acquisition of the subject entities, we obtained an indemnity for liabilities from the sellers that we intend to pursue as necessary. |
Derivative instruments
Derivative instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments | Derivative instrumentsWe 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 recorded in 2021. Hedging derivatives We utilize interest rate swap agreements to manage our exposure to interest rate fluctuations. We enter into fair value hedges as an interest rate risk management strategy to reduce fair value variability by converting certain fixed rate interest payments associated with available-for-sale securities and long-term debt to floating interest rates. We also utilize interest rate swaps and forward exchange contracts as cash flow hedges to manage our exposure to interest rate and foreign exchange rate changes. The available-for-sale securities hedged consist of U.S. Treasury, agency and non-agency commercial MBS, sovereign debt/sovereign guaranteed, corporate bonds and foreign covered bonds. At Dec. 31, 2021, $24.4 billion par value of available-for-sale securities were hedged with interest rate swaps designated as fair value hedges that had notional values of $24.5 billion. The fixed rate long-term debt instruments hedged generally have original maturities of five In addition, we utilize forward foreign exchange contracts as hedges to mitigate foreign exchange exposures. We use forward foreign exchange contracts as cash flow hedges to convert certain forecasted non-U.S. dollar revenue and expenses into U.S. dollars. We use forward foreign exchange contracts with maturities of 15 months or less as cash flow hedges to hedge our foreign exchange exposure to currencies such as Indian rupee, British pound, euro, Hong Kong dollar, Polish zloty and Singapore dollar used in revenue and expense transactions for entities that have the U.S. dollar as their functional currency. As of Dec. 31, 2021, the hedged forecasted foreign currency transactions and designated forward foreign exchange contract hedges were $347 million (notional), with a pre-tax gain of $2 million recorded in accumulated OCI. This gain will be reclassified to earnings over the next 12 months. We also utilize forward foreign exchange contracts as fair value hedges of the foreign exchange risk associated with available-for-sale securities. Forward points are designated as an excluded component and amortized into earnings over the hedge period. The unamortized derivative value associated with the excluded component is recognized in accumulated OCI. At Dec. 31, 2021, $141 million par value of available-for-sale securities was hedged with foreign currency forward contracts that had a notional value of $141 million. 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 one year. The derivatives employed are designated as hedges of changes in value of our foreign investments due to exchange rates. The change in fair market value of these forward foreign exchange contracts is reported within foreign currency translation adjustments in shareholders’ equity, net of tax. At Dec. 31, 2021, forward foreign exchange contracts with notional amounts totaling $9.9 billion were designated as net investment hedges. From time to time, we also designate non-derivative financial instruments as hedges of our net investments in foreign subsidiaries. At Dec. 31, 2021, there were no non-derivative financial instruments hedging our net investments in foreign subsidiaries. The following table presents the pre-tax gains (losses) related to our fair value and cash flow hedging activities recognized in the consolidated income statement. Income statement impact of fair value and cash flow hedges (in millions) Location of 2021 2020 2019 Interest rate fair value hedges of available-for-sale securities Derivative Interest revenue $ 786 $ (627) $ (795) Hedged item Interest revenue (785) 624 788 Interest rate fair value hedges of long-term debt Derivative Interest expense (646) 587 486 Hedged item Interest expense 645 (586) (483) Foreign exchange fair value hedges of available-for-sale securities Derivative (a) Foreign exchange revenue 11 (9) 9 Hedged item Foreign exchange revenue (10) 11 (8) Cash flow hedge of interest rate risk Gain reclassified from OCI into income Interest expense — — 7 Cash flow hedges of forecasted FX exposures Gain (loss) reclassified from OCI into income Staff expense 12 (1) 3 Gain (loss) recognized in the consolidated income statement due to fair value and cash flow hedging relationships $ 13 $ (1) $ 7 (a) Includes gains of $1 million in 2021 and 2020 and $2 million in 2019 associated with the amortization of the excluded component. At Dec. 31, 2021 and Dec. 31, 2020, the remaining accumulated OCI balance associated with the excluded component was de minimis. The following table presents the impact of hedging derivatives used in net investment hedging relationships. Impact of derivative instruments used in net investment hedging relationships (in millions) Derivatives in net investment hedging relationships Gain or (loss) recognized in accumulated OCI on derivatives Location of gain or (loss) reclassified from accumulated OCI into income Gain or (loss) reclassified from accumulated OCI into income 2021 2020 2019 2021 2020 2019 FX contracts $ 261 $ (284) $ (19) Net interest revenue $ — $ — $ — The following table presents information on the hedged items in fair value hedging relationships. Hedged items in fair value hedging relationships Carrying amount of hedged Hedge accounting basis adjustment increase (decrease) (a) Dec. 31, Dec. 31, (in millions) 2021 2020 2021 2020 Available-for-sale securities (b)(c) $ 24,400 $ 17,536 $ 590 $ 1,428 Long-term debt $ 22,447 $ 14,784 $ 183 $ 783 (a) Includes $165 million and $177 million of basis adjustment increases on discontinued hedges associated with available-for-sale securities at Dec. 31, 2021 and Dec. 31, 2020, respectively, and $72 million and $118 million of basis adjustment decreases on discontinued hedges associated with long-term debt at Dec. 31, 2021 and Dec. 31, 2020, respectively. (b) Excludes hedged items where only foreign currency risk is the designated hedged risk, as the basis adjustments related to foreign currency hedges will not reverse through the consolidated income statement in future periods. The carrying amount excluded for available-for-sale securities was $141 million at Dec. 31, 2021 and $148 million at Dec. 31, 2020. (c) Carrying amount represents the amortized cost. The following table summarizes the notional amount and carrying values of our total derivative portfolio. Impact of derivative instruments on the balance sheet Notional value Asset derivatives Liability derivatives Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 (in millions) Derivatives designated as hedging instruments: (a)(b) Interest rate contracts $ 46,717 $ 31,360 $ — $ — $ 453 $ 666 Foreign exchange contracts 10,367 8,706 206 19 40 441 Total derivatives designated as hedging instruments $ 206 $ 19 $ 493 $ 1,107 Derivatives not designated as hedging instruments: (b)(c) Interest rate contracts $ 193,747 $ 198,865 $ 3,259 $ 4,482 $ 2,835 $ 3,880 Foreign exchange contracts 915,694 813,003 6,279 7,688 6,215 7,622 Equity contracts 9,659 5,142 49 2 211 37 Credit contracts 190 165 — — 5 4 Total derivatives not designated as hedging instruments $ 9,587 $ 12,172 $ 9,266 $ 11,543 Total derivatives fair value (d) $ 9,793 $ 12,191 $ 9,759 $ 12,650 Effect of master netting agreements (e) (6,973) (8,346) (6,335) (7,845) Fair value after effect of master netting agreements $ 2,820 $ 3,845 $ 3,424 $ 4,805 (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 consolidated balance sheet. (b) For derivative transactions settled at clearing organizations, cash collateral exchanged is deemed a settlement of the derivative each day. The settlement reduces the gross fair value of derivative assets and liabilities and results in a corresponding decrease in the effect of master netting agreements, with no impact to the consolidated balance sheet. (c) 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 consolidated balance sheet. (d) Fair values are on a gross basis, before consideration of master netting agreements, as required by ASC 815, Derivatives and Hedging. (e) Effect of master netting agreements includes cash collateral received and paid of $1,424 million and $786 million, respectively, at Dec. 31, 2021, and $1,552 million and $1,051 million, respectively, at Dec. 31, 2020. Trading activities (including trading derivatives) Our trading activities are focused on acting as a market-maker for our customers, facilitating customer trades and risk-mitigating economic hedging in compliance with the Volcker Rule. The change in the fair value of the derivatives utilized in our trading activities is recorded in foreign exchange revenue and investment and other revenue on the consolidated income statement. The following table presents our foreign exchange revenue and other trading revenue. Foreign exchange revenue and other trading revenue Year ended Dec. 31, (in millions) 2021 2020 2019 Foreign exchange revenue $ 799 $ 774 (a) $ 564 (a) Other trading revenue 6 13 (a) 77 (a) (a) In 2021, we reclassified certain items within total revenue on the consolidated income statement and reclassified prior periods to be comparable with the current period presentation. See Note 2 for additional information. Foreign exchange revenue includes income from purchasing and selling foreign currencies, currency forwards, futures and options as well as foreign currency remeasurement. Other trading revenue reflects results from trading in cash instruments, including fixed income and equity securities, and trading and economic hedging activity with non-foreign exchange derivatives. We also use derivative financial instruments as risk-mitigating economic hedges, which are not formally designated as accounting hedges. This includes hedging the foreign currency, interest rate or market risks inherent in some of our balance sheet exposures, such as seed capital investments and deposits, as well as certain investment management fee revenue streams. We also use total return swaps to economically hedge obligations arising from the Company’s deferred compensation plan whereby the participants defer compensation and earn a return linked to the performance of investments they select. The gains or losses on these total return swaps are recorded in staff expense on the consolidated income statement and were gains of $35 million in 2021, $22 million in 2020 and $36 million in 2019. We manage trading risk through a system of position limits, a value-at-risk (“VaR”) methodology based on historical simulation and other market sensitivity measures. Risk is monitored and reported to senior management by a separate unit, independent from trading, 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 VaR methodology does not evaluate risk attributable to extraordinary financial, economic or other occurrences. As a result, 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 may incorporate the impact of reduced market liquidity and the breakdown of historically observed correlations and extreme scenarios. VaR and other statistical measures, stress testing and sensitivity analysis are incorporated into other risk management materials. Counterparty credit risk and collateral We assess the 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 and/or highly liquid government securities. Collateral requirements are monitored and adjusted daily. Additional disclosures concerning derivative financial instruments are provided in Note 20. Disclosure of contingent features in OTC derivative instruments Certain OTC derivative contracts and/or collateral agreements contain credit risk-contingent features triggered upon a rating downgrade in which the counterparty has the right to request additional collateral or the right to terminate the contracts in a net liability position. The following table shows the aggregate fair value of OTC derivative contracts in net liability positions that contained credit risk-contingent features and the value of collateral that has been posted. Dec. 31, 2021 Dec. 31, 2020 (in millions) Aggregate fair value of OTC derivatives in net liability positions (a) $ 3,606 $ 5,235 Collateral posted $ 5,388 $ 5,568 (a) Before consideration of cash collateral. The aggregate fair value of OTC derivative contracts containing credit risk-contingent features can fluctuate from quarter to quarter due to changes in market conditions, composition of counterparty trades, new business or changes to the contingent features. The Bank of New York Mellon, our largest banking subsidiary, enters into the substantial majority of our OTC derivative contracts and/or collateral agreements. As such, the contingent features may be triggered if The Bank of New York Mellon’s long-term issuer rating were downgraded. The following table shows the fair value of contracts falling under early termination provisions that were in net liability positions for three key ratings triggers. Potential close-out exposures (fair value) (a) Dec. 31, 2021 Dec. 31, 2020 (in millions) If The Bank of New York Mellon’s rating changed to: (b) A3/A- $ 56 $ 79 Baa2/BBB $ 563 $ 813 Ba1/BB+ $ 1,778 $ 2,859 (a) The amounts represent potential total close-out values if The Bank of New York Mellon’s long-term issuer rating were to immediately drop to the indicated levels, and do not reflect collateral posted. (b) Represents ratings by Moody’s/S&P. If The Bank of New York Mellon’s debt rating had fallen below investment grade on Dec. 31, 2021 and Dec. 31, 2020, existing collateral arrangements would have required us to post additional collateral of $71 million and $41 million, respectively. Offsetting assets and liabilities The following tables present derivative and financial instruments and their related offsets. There were no derivative instruments or financial instruments subject to a legally enforceable netting agreement for which we are not currently netting. Offsetting of derivative assets and financial assets at Dec. 31, 2021 Gross assets recognized Gross amounts offset in the balance sheet Net assets recognized in 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 $ 2,132 $ 1,424 $ 708 $ 206 $ — $ 502 Foreign exchange contracts 6,122 5,501 621 69 — 552 Equity and other contracts 48 48 — — — — Total derivatives subject to netting arrangements 8,302 6,973 1,329 275 — 1,054 Total derivatives not subject to netting arrangements 1,491 — 1,491 — — 1,491 Total derivatives 9,793 6,973 2,820 275 — 2,545 Reverse repurchase agreements 72,661 54,709 (b) 17,952 17,922 — 30 Securities borrowing 11,655 — 11,655 11,036 — 619 Total $ 94,109 $ 61,682 $ 32,427 $ 29,233 $ — $ 3,194 (a) Includes the effect of netting agreements and net cash collateral received. The offset related to the OTC 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 FICC, 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, 2020 Gross assets recognized Gross amounts offset in the balance sheet Net assets recognized 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 $ 2,972 $ 1,952 $ 1,020 $ 311 $ — $ 709 Foreign exchange contracts 7,128 6,392 736 146 — 590 Equity and other contracts 2 2 — — — — Total derivatives subject to netting arrangements 10,102 8,346 1,756 457 — 1,299 Total derivatives not subject to netting arrangements 2,089 — 2,089 — — 2,089 Total derivatives 12,191 8,346 3,845 457 — 3,388 Reverse repurchase agreements 78,828 59,561 (b) 19,267 19,252 — 15 Securities borrowing 11,640 — 11,640 11,166 — 474 Total $ 102,659 $ 67,907 $ 34,752 $ 30,875 $ — $ 3,877 (a) Includes the effect of netting agreements and net cash collateral received. The offset related to the OTC 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 FICC, 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, 2021 Net liabilities recognized in the balance sheet Gross liabilities recognized Gross amounts offset in 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 $ 3,263 $ 2,028 $ 1,235 $ 1,197 $ — $ 38 Foreign exchange contracts 5,619 4,111 1,508 29 — 1,479 Equity and other contracts 211 196 15 — — 15 Total derivatives subject to netting arrangements 9,093 6,335 2,758 1,226 — 1,532 Total derivatives not subject to netting arrangements 666 — 666 — — 666 Total derivatives 9,759 6,335 3,424 1,226 — 2,198 Repurchase agreements 64,734 54,709 (b) 10,025 10,025 — — Securities lending 1,541 — 1,541 1,478 — 63 Total $ 76,034 $ 61,044 $ 14,990 $ 12,729 $ — $ 2,261 (a) Includes the effect of netting agreements and net cash collateral paid. The offset related to the OTC 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 FICC, 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, 2020 Net liabilities recognized Gross liabilities recognized Gross amounts offset in 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 $ 4,533 $ 2,348 $ 2,185 $ 2,115 $ — $ 70 Foreign exchange contracts 7,280 5,484 1,796 143 — 1,653 Equity and other contracts 37 13 24 7 — 17 Total derivatives subject to netting arrangements 11,850 7,845 4,005 2,265 — 1,740 Total derivatives not subject to netting arrangements 800 — 800 — — 800 Total derivatives 12,650 7,845 4,805 2,265 — 2,540 Repurchase agreements 69,831 59,561 (b) 10,270 10,270 — — Securities lending 1,035 — 1,035 983 — 52 Total $ 83,516 $ 67,406 $ 16,110 $ 13,518 $ — $ 2,592 (a) Includes the effect of netting agreements and net cash collateral paid. The offset related to the OTC 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 FICC, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. Secured borrowings The following table presents the contract value of repurchase agreements and securities lending transactions accounted for as secured borrowings by the type of collateral provided to counterparties. Repurchase agreements and securities lending transactions accounted for as secured borrowings Dec. 31, 2021 Dec. 31, 2020 Remaining contractual maturity Total Remaining contractual maturity Total (in millions) Overnight and continuous Up to 30 days 30-90 days Over 90 days Overnight and continuous Up to 30 days 30-90 days Over 90 days Repurchase agreements: U.S. Treasury $ 56,556 $ 304 $ 450 $ — $ 57,310 $ 62,381 $ — $ — $ — $ 62,381 Agency RMBS 2,795 1 — — 2,796 3,117 — 80 — 3,197 Corporate bonds 97 77 870 270 1,314 190 218 1,336 100 1,844 State and political subdivisions 44 16 630 155 845 66 40 864 — 970 U.S. government agencies 503 — — — 503 425 — — — 425 Sovereign debt/sovereign guaranteed 160 — — — 160 — — — — — Other debt securities — 30 245 — 275 7 21 138 — 166 Equity securities — 276 1,255 — 1,531 — 21 827 — 848 Total $ 60,155 $ 704 $ 3,450 $ 425 $ 64,734 $ 66,186 $ 300 $ 3,245 $ 100 $ 69,831 Securities lending: Agency RMBS $ 152 $ — $ — $ — $ 152 $ 161 $ — $ — $ — $ 161 Other debt securities 88 — — — 88 52 — — — 52 Equity securities 1,301 — — — 1,301 822 — — — 822 Total $ 1,541 $ — $ — $ — $ 1,541 $ 1,035 $ — $ — $ — $ 1,035 Total secured borrowings $ 61,696 $ 704 $ 3,450 $ 425 $ 66,275 $ 67,221 $ 300 $ 3,245 $ 100 $ 70,866 |
Business segments
Business segments | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Business segments | Business segments We have an internal information system that produces performance data along product and service lines for our three principal business segments and the Other segment. In the fourth quarter of 2021, we disaggregated our former Investment Services business segment into two new business segments, Securities Services and Market and Wealth Services. The Securities Services business segment includes the Asset Servicing and Issuer Services lines of business. The Market and Wealth Services business segment includes the Pershing, Treasury Services and Clearance and Collateral Management lines of business. Our Investment and Wealth Management business segment and the Other segment were not impacted by the resegmentation. Prior periods were revised. The primary products and services and types of revenue for our principal businesses and a description of the Other segment are presented below. Securities Services segment Line of business Primary products and services Primary types of revenue Asset Servicing Custody, Trust & Depositary, accounting, ETF services, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, prime brokerage and data analytics – Investment services fees (includes securities lending revenue) – Net interest revenue – Foreign exchange revenue – Financing-related fees Issuer Services Corporate Trust (trustee, paying agency, fiduciary, escrow and other financial services) and Depositary Receipts (issuer services and support for brokers and investors) – Investment services fees Market and Wealth Services segment Line of business Primary products and services Primary types of revenue Pershing Clearing and custody, investment, wealth and retirement solutions, technology and enterprise data management, trading services and prime brokerage – Investment services fees Treasury Services Integrated cash management solutions including payments, foreign exchange, liquidity management, receivables processing and payables management and trade finance and processing – Investment services fees Clearance and Collateral Management Clearance (including U.S. government and global clearing services) and Global Collateral Management (including tri-party services) – Investment services fees Investment and Wealth Management segment Line of business Primary products and services Primary types of revenue Investment Management Diversified investment management strategies and distribution of investment products – Investment management fees Wealth Management Investment management, custody, wealth and estate planning, private banking services, investment services and information management – Investment management fees Other segment Description Primary types of revenue Includes leasing portfolio, corporate treasury activities including our securities portfolio, derivatives and other trading activity, corporate and bank-owned life insurance, renewable energy and other corporate investments and certain business exits – Investment and other revenue – Other trading revenue – Net gain (loss) on securities – Net interest revenue (expense) Business accounting principles Our business data has been determined on an internal management basis of accounting, rather than GAAP which is used for consolidated financial reporting. These measurement principles are designed so that reported results of the businesses will track their economic performance. Business segment results are subject to reclassification when organizational changes are made, or for refinements in revenue and expense allocation methodologies. Refinements are typically reflected on a prospective basis. The accounting policies of the businesses are the same as those described in Note 1. The results of our segments are presented and analyzed on an internal management reporting basis. • Revenue amounts reflect fee and other revenue generated by each business and include revenue for services provided between the segments that are also provided to third parties. Fee and other revenue transferred between businesses under revenue transfer agreements is included within other fees in each segment. • 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 included in the Securities Services segment. • 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 segment. • Incentives expense related to restricted stock and RSUs is allocated to the segments. • Support and other indirect expenses, including services provided between segments that are not provided to third parties or not subject to a revenue transfer agreement, are allocated to businesses based on internally developed methodologies and reflected in noninterest expense. • 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 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 generally included in the Other segment. • Client deposits serve as the primary funding source for our securities portfolio. We typically allocate all interest revenue to the businesses generating the deposits. Accordingly, accretion related to the portion of the securities portfolio restructured in 2009 has been included in the results of the businesses. • Balance sheet assets and liabilities and their related income or expense are specifically assigned to each business. Segments with a net liability position have been allocated assets. • Goodwill and intangible assets are reflected within individual businesses. The following consolidating schedules present the contribution of our segments to our overall profitability. For the year ended Dec. 31, 2021 Securities Services Market and Wealth Services Investment and Wealth Other Consolidated (dollars in millions) Total fee and other revenue $ 5,818 $ 3,583 $ 3,849 (a) $ 51 $ 13,301 (a) Net interest revenue (expense) 1,426 1,158 193 (159) 2,618 Total revenue (loss) 7,244 4,741 4,042 (a) (108) 15,919 (a) Provision for credit losses (134) (67) (13) (17) (231) Noninterest expense 5,852 2,676 2,825 161 11,514 Income (loss) before income taxes $ 1,526 $ 2,132 $ 1,230 (a) $ (252) $ 4,636 (a) Pre-tax operating margin (b) 21 % 45 % 30 % N/M 29 % Average assets $ 228,915 $ 145,123 $ 30,980 $ 47,214 $ 452,232 (a) Total fee and other revenue, total revenue and income before taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $12 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the year ended Dec. 31, 2020 Securities Services Market and Wealth Services Investment and Wealth Other Consolidated (dollars in millions) Total fee and other revenue $ 5,678 $ 3,578 $ 3,495 (a) $ 71 $ 12,822 (a) Net interest revenue (expense) 1,697 1,228 197 (145) 2,977 Total revenue (loss) 7,375 4,806 3,692 (a) (74) 15,799 (a) Provision for credit losses 215 100 20 1 336 Noninterest expense 5,556 2,614 2,701 133 11,004 Income (loss) before income taxes $ 1,604 $ 2,092 $ 971 (a) $ (208) $ 4,459 (a) Pre-tax operating margin (b) 22 % 44 % 26 % N/M 28 % Average assets $ 202,761 $ 123,554 $ 30,459 $ 56,544 $ 413,318 (a) Total fee and other revenue, total revenue and income before taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $9 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the year ended Dec. 31, 2019 Securities Services Market and Wealth Services Investment and Wealth Other Consolidated (dollars in millions) Total fee and other revenue $ 5,461 $ 3,465 $ 3,485 (a) $ 837 $ 13,248 (a) Net interest revenue (expense) 1,896 1,230 222 (160) 3,188 Total revenue 7,357 4,695 3,707 (a) 677 16,436 (a) Provision for credit losses (11) (5) (1) (8) (25) Noninterest expense 5,457 2,639 2,647 157 10,900 Income before income taxes $ 1,911 $ 2,061 $ 1,061 (a) $ 528 $ 5,561 (a) Pre-tax operating margin (b) 26 % 44 % 29 % N/M 34 % Average assets $ 167,057 $ 95,932 $ 29,479 $ 53,487 $ 345,955 (a) Total fee and other revenue, total revenue and income before taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $26 million. (b) Income before taxes divided by total revenue. N/M – Not meaningful. |
International operations
International operations | 12 Months Ended |
Dec. 31, 2021 | |
Segments, Geographical Areas [Abstract] | |
International operations | International operationsInternational activity includes investment services fee revenue and investment management and performance fee revenue generating businesses, foreign exchange trading activity, loans and other revenue producing assets and transactions in which the customer is domiciled outside of the U.S. and/or the international activity is resident at an international entity. Due to the nature of our international and domestic activities, it is not possible to precisely distinguish our international operations between internationally and domestically domiciled customers. As a result, it is necessary to make certain subjective assumptions such as: • Income from international operations is determined after internal allocations for interest revenue, taxes, expenses and provision for credit losses. • Expense charges to international operations include those directly incurred in connection with such activities, as well as an allocable share of general support and overhead charges. Total assets, total revenue, income before income taxes and net income of our international operations are shown in the table below. International operations International Total Total (in millions) Europe, the Middle East and Africa Asia-Pacific region Other Total 2021 Total assets at period end (a) $ 94,507 (b) $ 20,280 $ 2,519 $ 117,306 $ 327,132 $ 444,438 Total revenue 4,119 (b) 1,144 744 6,007 9,924 15,931 Income before income taxes 1,293 572 447 2,312 2,336 4,648 Net income 1,005 445 348 1,798 1,973 3,771 2020 Total assets at period end (a) $ 92,374 (b) $ 28,416 $ 2,513 $ 123,303 $ 346,330 $ 469,633 Total revenue 3,964 (b) 1,168 698 5,830 9,978 15,808 Income before income taxes 1,549 607 437 2,593 1,875 4,468 Net income 1,179 462 332 1,973 1,653 3,626 2019 Total assets at period end (a) $ 74,504 (b) $ 36,347 $ 2,636 $ 113,487 $ 268,021 $ 381,508 Total revenue 3,833 (b) 1,161 737 5,731 10,731 16,462 Income before income taxes 1,447 548 506 2,501 3,086 5,587 Net income 1,116 423 390 1,929 2,538 4,467 (a) Total assets include long-lived assets, which are not considered by management to be significant in relation to total assets. Long-lived assets are primarily located in the U.S. (b) Includes assets of approximately $37.9 billion, $38.1 billion and $30.8 billion and revenue of approximately $2.4 billion, $2.6 billion and $2.6 billion in 2021, 2020 and 2019, respectively, of international operations domiciled in the UK, which is 9%, 8% and 8% of total assets and 15%, 16% and 16% of total revenue, respectively. |
Supplemental information to the
Supplemental information to the Consolidated Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental information to the Consolidated Statement of Cash Flows | Supplemental information to the Consolidated Statement of Cash Flows Non-cash investing and financing transactions that, appropriately, are not reflected in the consolidated statement of cash flows are listed below. Non-cash investing and financing transactions Year ended Dec. 31, (in millions) 2021 2020 2019 Transfers from loans to other assets for other real estate owned $ 1 $ 1 $ 2 Change in assets of consolidated investment management funds 25 242 16 Change in liabilities of consolidated investment management funds — 2 1 Change in nonredeemable noncontrolling interests of consolidated investment management funds 53 41 1 Securities purchased not settled — 205 497 Available-for-sale securities transferred to held-to-maturity 13,800 501 — Premises and equipment/capitalized software funded by finance lease obligations 27 10 14 Premises and equipment/operating lease obligations 97 208 1,754 (a) Investment redemptions not settled — 9 20 (a) Includes $1,244 million related to the adoption of ASU 2016-02, Leases, and $510 million related to new or modified leases. |
Summary of significant accoun_2
Summary of significant accounting and reporting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of operations | Nature of operationsBNY Mellon is a global leader in providing a broad range of financial products and services in domestic and international markets. Through our three principal business segments, Securities Services, Market and Wealth Services and Investment and Wealth Management, we serve institutions, corporations and high-net-worth individuals. |
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. |
Reclassifications | Certain immaterial reclassifications have been made to prior periods to place them on a basis comparable with current period presentation. In order to combine items of a similar nature within total revenue and to simplify our income statement presentation, in 2021, we made the following reporting changes. The reclassifications had no impact on consolidated total revenue or total revenue for the business segments. Prior periods were reclassified to be comparable with the current period presentation. • Other trading revenue was reclassified from foreign exchange and other trading revenue to investment and other revenue. • Foreign exchange and other trading revenue was renamed foreign exchange revenue. • The impact of foreign currency remeasurement was reclassified from investment and other revenue to foreign exchange revenue. • Income (loss) from consolidated investment management funds was reclassified to investment and other revenue. • Investment and other revenue was reclassified from fee revenue and is reported separately and net securities gains (losses) was combined with investment and other revenue. In addition, the assets and liabilities of consolidated investment management funds were reclassified to other assets and other liabilities, respectively, on the consolidated balance sheet. |
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. Our most significant estimates pertain to our allowance for credit losses, goodwill and other intangibles and litigation and regulatory contingencies. 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 |
Foreign currency translation | Foreign currency translationAssets and liabilities denominated in foreign currencies are translated to U.S. dollars at the rate of exchange on the balance sheet date. Transaction gains and losses are included in the income statement. Translation gains and losses on investments in foreign entities with functional currencies that are not the U.S. dollar are recorded as foreign currency translation adjustments in other comprehensive income (“OCI”). Revenue and expense transactions are translated at the applicable daily rate or the weighted average monthly exchange rate when applying the daily rate is not practical. |
Acquired businesses | Acquired businesses The income statement and balance sheet include results of acquired businesses accounted for under the acquisition method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations, and equity investments from the dates of acquisition. Contingent purchase consideration is measured at its fair value and recorded on the purchase date. Any subsequent changes in the fair value of a contingent consideration liability are recorded through the income statement. |
Consolidation | Consolidation We evaluate an entity for possible consolidation in accordance with ASC 810, Consolidation . We first determine whether or not we have variable interests in the entity, which are investments or other interests that absorb portions of an entity’s expected losses or receive portions of the entity’s expected returns. Our variable interests may include decision-maker or service provider fees, direct and indirect investments and investments made by related parties, including related parties under common control. If it is determined that we do not have a variable interest in the entity, no further analysis is required and the entity is not consolidated. If we hold a variable interest in the entity, further analysis is performed to determine if the entity is a variable interest entity (“VIE”) or a voting model entity (“VME”). We consider the underlying facts and circumstances of individual entities when assessing whether or not an entity is a VIE. An entity is determined to be a VIE if the equity investors: • do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support; or • lack one or more of the following characteristics of a controlling financial interest: • the power, through voting rights or similar rights, to direct the activities of an entity that most significantly impact the entity’s economic performance; • the obligation to absorb the expected losses of the entity; and • the right to receive the expected residual returns of the entity. We reconsider and reassess whether or not we are the primary beneficiary of a VIE when governing documents or contractual arrangements are changed that would reallocate the obligation to absorb expected losses or receive expected residual returns between BNY Mellon and the other investors. This could occur when BNY Mellon disposes of any portion of its variable interests in the VIE, when we acquire additional variable interests in the VIE, when additional variable interests are issued to other investors or when other investors liquidate their variable interest in the VIE. We consolidate a VIE if it is determined that we have a controlling financial interest in the entity. We have a controlling financial interest in a VIE when we have both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to that VIE. For entities that do not meet the definition of a VIE, the entity is considered a VME. We consolidate these entities if we can exert control over the financial and operating policies of an investee, which can occur if we have a 50% or more voting interest in the entity. |
Equity method investments, including renewable energy investments | Equity method investments, including renewable energy investments Equity investments of less than a majority but at least 20% ownership are accounted for by the equity method and included in other assets. Earnings on these investments are reflected as investment services fees, investment management and performance fees or investment and other revenue, as appropriate, in the period earned. A loss in value of an equity investment that is determined to be other-than-temporary is recognized by reducing the carrying value of the equity investment to its fair value. Renewable energy investment projects through limited liability companies are accounted for using the equity method of accounting. The hypothetical liquidation at book value (“HLBV”) methodology is used to determine the pre-tax loss that is recognized in each period. HLBV estimates the liquidation value at the beginning and end of each period, with the difference recognized as the amount of loss under the equity method. |
Restricted cash and securities | Restricted cash and securities Cash and securities may be segregated under federal and other regulatory requirements and consists of excess client funds held by our broker-dealer entities. Restricted cash is included in interest-bearing deposits with banks on the balance sheet and with cash and due from banks when reconciling the |
Securities purchased under resale agreements and securities sold under repurchase agreement | Securities purchased under resale agreements and securities sold under repurchase agreements Securities purchased under resale agreements and securities sold under repurchase agreements are accounted for as collateralized financings. Generally, these agreements are recorded at the amounts at which the securities will be subsequently resold or repurchased, plus accrued interest. Securities purchased under resale agreements are fully collateralized with high-quality liquid securities. Collateral requirements are monitored and additional collateral is received or provided, as required. As such, these transactions carry minimal credit risk and are generally not allocated an allowance for credit losses. Where an enforceable netting agreement exists, resale and repurchase agreements executed with the same counterparty and the same maturity date are reported on a net basis on the balance sheet. |
Securities - Debt & Equity | Securities – Debt Debt securities are classified as available-for-sale, held-to-maturity or trading securities when they are purchased. Debt securities are classified as available-for-sale securities when we intend to hold the securities for an indefinite period of time or when the securities may be used for tactical asset/liability purposes and may be sold from time to time to effectively manage interest rate exposure, prepayment risk and liquidity needs. Debt securities are classified as held-to-maturity securities when we intend and have the ability to hold them until maturity. Debt securities are classified as trading securities when our intention is to resell the securities. Available-for-sale securities are measured at fair value. The difference between fair value and amortized cost representing unrealized gains or losses on assets classified as available-for-sale is recorded net of tax as an addition to, or deduction from, OCI, unless an expected credit loss is recognized. Realized gains and losses on sales of available-for-sale securities are reported in investment and other revenue on the income statement. The cost of debt securities sold is determined on a specific identification method. Held-to-maturity securities are measured at amortized cost, which includes expected credit loss, if any. The accounting policy for estimating credit losses related to available-for-sale and held-to-maturity debt securities changed beginning in the first quarter of 2020 as a result of the adoption of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments . The Company’s policy for recognition of expected credit losses for securities available-for-sale and securities held-to-maturity is contained within “Allowance for credit losses – Securities – Debt” and “Allowance for credit losses – Other” below. Trading securities are measured at fair value and included in trading assets on the balance sheet. Trading revenue includes both realized and unrealized gains and losses. The liability incurred on short-sale transactions, representing the obligation to deliver securities, is included in trading liabilities at fair value. Income on securities purchased is adjusted for amortization of premium and accretion of discount on a level yield basis, generally over their contractual life. For debt securities that are beneficial interests in securitized financial assets and are not high credit quality, ASC 325, Investments – Other , provides that cash flows be discounted at the current yield used to accrete the beneficial interest. A credit loss is recognized when there is an adverse change in expected cash flows. If we intend to sell the security or it is more likely than not that we will be required to sell the security prior to recovery of its cost basis, the security is written down to fair value and the credit and non-credit components of the unrealized loss are recognized in earnings and subsequently accreted to interest income on an effective yield basis over the life of the security. Subsequent increases in the fair value of the security after the write-down are included in OCI. Securities – Equity Investments in equity securities that do not result in consolidation and are not accounted for under the equity method are measured at fair value with changes in the fair value recognized through earnings, |
Loans | Loans Loans are reported at amortized cost, net of any unearned income and deferred fees and costs. Certain loan origination and upfront commitment fees, as well as certain direct loan origination and commitment costs, are deferred and amortized as a yield adjustment over the lives of the related loans. Loans held for sale are carried at the lower of cost or fair value. |
Troubled debt restructuring/loan modifications | Troubled debt restructurings/loan modifications A modified loan is considered a troubled debt restructuring (“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. Credit losses related to TDRs are accounted for under an individual evaluation methodology (see “Allowance for credit losses” below). Credit losses for anticipated TDRs are generally accounted for similarly to TDRs and are identified when there is a reasonable expectation that a TDR will be executed with the borrower and when we expect the modification to affect the timing or amount of payments and/or the payment term. Due to the coronavirus pandemic, there have been two forms of relief provided for classifying loans as TDRs: The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and the Interagency Guidance (as defined below). Financial institutions may account for eligible loan modifications either under the CARES Act or the Interagency Guidance. The Company has elected to apply both the CARES Act and the Interagency Guidance, as applicable, in providing borrowers with loan modification relief in response to the coronavirus pandemic. The CARES Act, which became law on March 27, 2020, provides that financial institutions may, subject to certain conditions, elect to temporarily suspend the U.S. GAAP requirements with respect to loan modifications related to the coronavirus pandemic that were current as of Dec. 31, 2019 and that would otherwise be identified and treated as TDRs. On Dec. 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law and extends the period established by the CARES Act under which consideration of TDR identification and accounting triggered by effects of the coronavirus pandemic are suspended. That extension period ended on Jan. 1, 2022. Various banking regulators issued guidance in the April 7, 2020 “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (revised)” (“Interagency Guidance”) on loan modification treatment pursuant to which financial institutions can apply the U.S. GAAP requirements for loan modifications. In accordance with this guidance, a loan modification is not considered a TDR if the modification is related to the coronavirus pandemic, the borrower had been current when the modification program was implemented, and the modification includes payment deferrals for not more than six months. |
Nonperforming assets | Nonperforming assets Commercial loans are placed on nonaccrual status when principal or interest is past due 90 days or more, or when there is reasonable doubt that interest or principal will be collected. When a first or second lien residential mortgage loan reaches 90 days delinquent, it is subject to an individual evaluation of credit loss and placed on nonaccrual status. |
Allowance for credit losses | Allowance for credit losses The accounting policy for estimating credit losses related to financial assets measured at amortized cost, including loans and lending-related commitments, changed beginning in the first quarter of 2020 as a result of the adoption of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments . This ASU also included targeted amendments with respect to credit losses for available-for-sale debt securities. The accounting policy for determining the allowances has been identified as a “critical accounting estimate” as it requires us to make numerous complex and subjective estimates and assumptions relating to amounts which are judgmental and inherently uncertain. Credit quality is monitored by management and is reflected within the allowance for credit losses. The allowance represents management’s estimate of expected credit losses over the expected contractual life of the financial instruments as of the balance sheet date. The allowance methodology is designed to provide procedural discipline in assessing the appropriateness of the allowance. A quantitative methodology and qualitative framework is used to estimate the allowance for credit losses. The qualitative framework is described in further detail within “Allowance for credit losses – Other” below. The quantitative component of our estimate uses models and methodologies that categorize financial assets based on product type, collateral type, and other credit trends and risk characteristics, including relevant information about past events, current conditions and reasonable and supportable forecasts of future economic conditions that affect the collectability of the recorded amounts. The allowance may be determined using various methods, including discounted cash flow methods, loss-rate methods, probability of default methods or other methods that we determine to be appropriate. We estimate our expected credit losses using the probability of default method for the majority of our financial assets. We measure expected credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. For a financial asset that does not share risk characteristics with other assets, expected credit losses are measured based on an individual evaluation method. In our estimate, with the exception of our small home equity line of credit portfolio, available-for-sale debt securities, and individually evaluated financial assets, we utilize a multi-scenario macroeconomic forecast which includes a weighting of three scenarios: a baseline and upside and downside scenarios and allows us to develop our estimate using a wide span of economic variables. Our baseline scenario reflects a view on likely performance of each global region and the other two scenarios are designed relative to the baseline scenario. This approach incorporates a reasonable and supportable forecast period spanning the life of the asset, and this period includes both an initial estimated economic outlook component as well as a reversion component for each economic input variable. The length of each of the two components depends on the underlying financial instrument, scenario and underlying economic input variable. In general, the initial economic outlook period for each economic input variable under each scenario ranges between several months and two years. The speed at which the scenario-specific forecasts revert to long-term historical mean is based on observed historical patterns of mean reversion at the economic variable input level that are reflected in our model parameter estimates. Certain macroeconomic variables such as unemployment or home prices take longer to revert after a contraction, though specific recovery times are scenario-specific. Reversion will usually take longer the further away the scenario-specific forecast is from the historical mean. On a quarterly basis, within a developed governance structure, we update these scenarios for current economic conditions and may adjust the scenario weighting based on our economic outlook. Allowance for credit losses – Loans and lending-related commitments The allowance for credit losses on loans is presented as a valuation allowance to loans, and the allowance for credit losses on lending-related commitments is recorded in other liabilities. The components of the allowance for credit losses on loans and lending-related commitments consist of the following three elements: • a pooled allowance component for higher risk-rated and pass-rated commercial and institutional credits and loans secured by commercial real estate; • a pooled allowance component for residential mortgage loans; and • an asset-specific allowance component involving individually evaluated credits of $1 million or greater. The first element, a pooled allowance component for higher risk-rated and pass-rated commercial and institutional credits and loans secured by commercial real estate, is based on our expected credit loss model using the probability of default method, which has been adjusted for the forecast of economic conditions. Individual credit analyses are performed on such loans before being assigned a credit rating. Segmentation is established based on risk characteristics of the loans and how risk is monitored. In estimating the terms of the exposures and resulting effect on the measurement of expected credit loss, we consider the impact of potential prepayments as well as the effect of borrower extension options. Borrower ratings are reviewed at least annually and are mapped to third-party databases, including rating agency and default and recovery databases, to support ongoing consistency and validity. Higher risk-rated loans and lending-related commitments are reviewed quarterly. For the higher-risk rated and pass-rated commercial and institutional credits, the loss expected in each loan incorporates the borrower’s credit rating, facility rating and maturity. The loss given default, derived from the facility rating, incorporates a recovery expectation, and for unfunded lending exposures, an estimate of the use of the facility at default (usage given default). The borrower’s probability of default is derived from the associated credit rating. The probability of default and the loss given default are applied to the estimated facility amount at default to determine the quantitative component of the allowance. For each of the different parameters, specific credit models are developed for each segment of our portfolio, including commercial loans and lease financing, financial institutions and other. We use both internal and external data in the development of these parameters. For loans secured by commercial real estate, a separate modeled approach is used that considers collateral specific data and loan maturity, as well as commercial real estate market factors by geographical region and property type under different macroeconomic scenarios. A statistical method is used to simulate the property value and income of each property, and to estimate the probability of default, loss given default and expected credit loss for each loan. The model outputs are established by using a baseline, upside and downside macroeconomic scenario to generate projected property values and incomes. The second element, a pooled allowance component for residential mortgage loans, is determined by first segregating our mortgage pools into two categories: (i) our wealth management mortgages and (ii) our legacy mortgage portfolio disclosed as other residential mortgages. We then apply models to each portfolio to predict prepayments, default rates and loss severity. We consider historical loss experience and use a loan-level, multi-period default model which further segments each portfolio by product type, including first lien fixed rate mortgages, first lien adjustable rate mortgages, second lien mortgages and interest-only mortgages. We calculate the mortgage loss up to loan contractual maturity and embed a reasonable and supportable forecast and macroeconomic variable inputs which are described above. For home equity lines of credit, probability of default and loss given default are based on external data from third-party databases due to the small size of the portfolio and limited internal data. Our legacy mortgage portfolio and home equity line of credit portfolios represent small sub-segments of our mortgage loans. The third element, individually evaluated credits, is based on individual analysis of loans of $1 million and greater which no longer share the risk characteristics with other loans. Factors we consider in measuring the extent of expected credit loss include the payment status, collateral value, the borrower’s financial condition, guarantor support, the probability of collecting scheduled principal and interest payments when due, anticipated modifications of payment structure or term for troubled borrowers, and recoveries if they can be reasonably estimated. We measure the expected credit loss as the difference between the amortized cost basis in the loan and the present value of the expected future cash flows from the borrower which is generally discounted at the loan’s effective interest rate, or the fair value of the collateral, if the loan is collateral dependent. We generally consider nonperforming loans as well as loans that have been or are anticipated to be modified and classified under a troubled debt restructuring for individual evaluation given the risk characteristics of such loans. Allowance for credit losses – Securities – Debt When estimating expected credit losses, we segment our available-for-sale and held-to-maturity debt securities portfolios by major asset class. This is influenced by whether the security is structured or non-structured (i.e., direct obligation), as well as the issuer type. For available-for-sale debt securities with an unrealized loss at the balance sheet date, if we determine that a credit loss exists, the amount is recognized as an allowance for credit losses in securities – available-for-sale, with a corresponding adjustment to the provision for credit losses. We evaluate credit losses at the individual security level and do not recognize credit losses if the fair value exceeds amortized cost, and if we determine that a credit loss exists, we limit the recognition of the loss to the difference between fair value and amortized cost. In our determination of whether an expected credit loss exists, we routinely conduct periodic reviews and examine various quantitative and qualitative factors that are unique to each portfolio, including the severity of the unrealized loss position, agency rating, credit enhancement, cash flow deterioration and other factors. The measurement of an expected credit loss is then based on the best estimate of the present value of cash flows to be collected from the debt security. Generally, cash flows are discounted at the effective interest rate implicit in the debt security. Changes to the present value of cash flows due to the passage of time are recognized within the allowance for credit losses. We estimate expected credit losses for held-to-maturity debt securities using a similar methodology as described in the first allowance element within “Allowance for credit losses – Loans and lending-related commitments” above. The allowance for credit losses on held-to-maturity debt securities is recorded in securities – held-to-maturity. The components of the credit loss calculation for each major portfolio or asset class include a probability of default and loss given default and their values depend on the forecast behavior of variables in the macroeconomic environment. For structured debt securities, we estimated expected credit losses at the individual security level and use a cash flow model to project principal losses. Generally, cash flows are discounted at the effective interest rate implicit in the debt security. The difference is reflected in the allowance for credit losses, and changes to the present value of cash flows due to the passage of time are recognized within the allowance for credit losses. We currently do not require an estimate of expected credit losses to be measured and recorded for U.S. Treasury securities, agency debt securities, and other debt securities that meet certain conditions that are based on a combination of factors such as guarantees, credit ratings and other credit quality factors. These assets are monitored within our established governance structure on a recurring basis to determine if any changes are warranted. Allowance for credit losses – Other financial instruments We also estimate expected credit losses associated with margin loans, reverse repurchase agreements, security lending indemnifications, and deposits with third-party financial institutions using a similar risk rating-based modeling approach as described in the first allowance element within “Allowance for credit losses – Loans and lending-related commitments” above. The allowance for credit losses on reverse repurchase agreements is recorded in federal funds sold and securities purchased under resale agreements; the allowance for credit losses on securities lending indemnifications is recorded in other liabilities and the allowance for credit losses on deposits with third-party financial institutions is recorded in cash and due from banks or interest-bearing deposits with banks. Our reverse repurchase agreements are short term and subject to continuous over-collateralization by our counterparties and timely collateral replenishment, when necessary. As a result, we estimate the expected credit loss related to the uncollateralized portion of the asset at the balance sheet date, if any, and when there is a reasonable expectation that the counterparty will not replenish the collateral in compliance with the terms of the repurchase agreement. This method is also applied to margin lending arrangements and securities lending indemnifications. Allowance for credit losses – Other We do not apply our credit loss measurement methodologies to accrued interest receivable balances related to our loan, debt securities and deposits with third-party financial institution assets given our nonaccrual policy that requires charge-off of interest receivable when deemed uncollectible. Accrued interest receivable related to these instruments, along with other interest-bearing instruments, is included on the consolidated balance sheet. Accrued interest receivable related to each major loan class is disclosed within our credit quality disclosure in Note 5. Our policy for credit losses related to purchased financial assets requires an evaluation to be performed prior to the effective purchase date to determine if more than an insignificant decline in credit quality has occurred during the period between the origination and purchase date, or, in the case of debt securities, the period between the issuance and purchase date. If we purchase a financial asset with more than insignificant deterioration in credit quality, the measurement of expected credit loss is performed using the methodologies described above, and the credit loss is recorded as an allowance for credit losses on the purchase date. Subsequent to purchase, changes (favorable and unfavorable) in expected cash flows are recognized immediately in net income by adjusting the allowance. We evaluate various factors in the determination of whether a more than an insignificant decline in credit quality has occurred and these factors vary depending upon the type of asset purchased. Such factors include changes in risk rating and/or agency rating, collateral deterioration, payment status, purchase price, credit spreads and other factors. We did not purchase any such assets in 2021 or 2020 and did not own such assets as of Dec. 31, 2021 or Dec. 31, 2020. We apply a separate credit loss methodology to accounts receivables to estimate the expected credit losses associated with these short-term receivables which historically have not resulted in significant credit losses. The allowance for credit losses on accounts receivables is reflected in other assets. |
Premises and equipment | Premises and equipmentPremises and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful life of the owned asset and, for leasehold improvements, over the lesser of the remaining term of the leased facility or the estimated economic life of the improvement. For owned and capitalized assets, estimated useful lives range from two |
Leasing | Leasing We determine if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments. The ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date or at lease modification date for certain lease modifications. For all leases, we use a discount rate that represents a collateralized borrowing rate based on similar terms and information available at lease commencement date or at the modification date for certain lease modifications in determining the present value of lease payments. In addition to the lease payments, the determination of an ROU asset may also include certain adjustments related to lease incentives and initial direct costs incurred. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability only when it is reasonably certain that we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term, while the lease expense for finance leases is recognized using the effective interest method. ROU assets are reviewed for impairment when events or circumstances indicate that the carrying amount may not be recoverable. For operating leases, if deemed impaired, the ROU asset is written down and the remaining balance is subsequently amortized on a straight-line basis which results in lease expense recognition that is similar to finance leases. For all leases, we have elected to account for the contractual lease and non-lease components as a single lease component and include them in the calculation of the lease liability. The non-lease variable components, such as maintenance expense and other variable costs, including non-index or rate escalations, have been excluded from the calculation and disclosed separately. Additionally, for certain equipment leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities. For subleasing activities, the rental income is reported as part of net occupancy expense, as this activity is not a significant business activity and is part of the Company’s customary business practice. For direct finance leases, unearned revenue is accreted over the lives of the leases in decreasing amounts to provide a constant rate of return on the net investment in the leases. We have leveraged lease transactions that were entered into prior to Dec. 31, 2018. These leases are grandfathered under ASC 842, Leases , which became effective Jan. 1, 2019, and will continue to be accounted for under the prior guidance unless the leases are subsequently modified. Revenue on leveraged leases is recognized on a basis to achieve a constant yield on the outstanding investment in the lease, net of the related deferred tax liability, in the years in which the net investment is positive. Gains and losses on residual values of leased equipment sold are included in investment and |
Software | Software We capitalize costs relating to acquired software and internal-use software development projects that provide new or significantly improved functionality. We capitalize projects that are expected to result in longer-term operational benefits, such as replacement systems or new applications that result in significantly increased operational efficiencies or functionality. All other costs incurred in connection with an internal-use software project are expensed as incurred. Capitalized software is recorded in other assets on the balance sheet. We record amortization of capitalized software in software and equipment expense on the income statement. |
Identified intangible assets and goodwill | Identified intangible assets and goodwill Identified intangible assets with estimable lives are amortized in a pattern consistent with the assets’ identifiable cash flows or using a straight-line method over their remaining estimated benefit periods if the pattern of cash flows is not estimable. Intangible assets with estimable lives are reviewed for possible impairment when events or changed circumstances may affect the underlying basis of the asset. Goodwill and intangibles with indefinite lives are not amortized, but are assessed annually for impairment, or more often if events and circumstances indicate it is more likely than not they may be impaired and to determine if the lives are no longer indefinite and should be amortized. The amount of goodwill impairment, if any, is determined by the excess of the carrying value of the reporting unit over its fair value. The accounting policy for valuing and impairment testing of identified intangible assets and goodwill has been identified as a “critical accounting estimate” as it requires us to make numerous complex and subjective estimates. See Note 7 for additional disclosures related to goodwill and intangible assets. |
Investments in qualified affordable housing projects | Investments in qualified affordable housing projects Investments in qualified affordable housing projects through a limited liability entity are accounted for |
Seed capital | Seed capital Seed capital investments are generally classified as other assets and carried at fair value unless we are required to consolidate the investee due to having a controlling financial interest. Unrealized gains and losses on seed capital investments are recorded in investment and other revenue. Certain risk retention investments in our collateralized loan obligations (“CLOs”) are classified as available-for-sale securities. |
Noncontrolling interests | Noncontrolling interests Noncontrolling interests represent the portion of consolidated entities that are owned by parties other than BNY Mellon. Noncontrolling interests included in permanent equity are adjusted for the income or loss attributable to the noncontrolling interest holders and any distributions to those shareholders. Redeemable noncontrolling interests are reported as temporary equity and represent the redemption value resulting from equity-classified share-based payment arrangements that are currently redeemable or are expected to become redeemable. We recognize changes in the redemption value of the redeemable noncontrolling interests as they occur and adjust the carrying value to be equal to the redemption value. |
Fee revenue | Fee revenue Investment services fee revenue and investment management and performance fee revenue are based on terms specified in a contract with a customer and are shown net of fee waivers and exclude any amounts collected on behalf of third parties. Revenue is recognized when, or as, a performance obligation is satisfied by transferring control of a good or service to a customer. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that reflects the transfer of goods and services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time the customer obtains control of the promised good or service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for the promised goods and services. Taxes assessed by a governmental authority, that are both imposed on, and concurrent with, a specific revenue-producing transaction, are collected from a customer and are excluded from revenue. Performance fees are recognized in the period in which the performance fees are earned and become determinable. Performance fees are constrained until all uncertainties are resolved and reversal of previously recorded amounts is not probable. Performance fees are generally calculated as a percentage of the applicable portfolio’s performance in excess of a benchmark index or a peer group’s performance. When a portfolio underperforms its benchmark or fails to generate positive performance, subsequent years’ performance must generally exceed this shortfall prior to fees being earned. Amounts billable, which are subject to a clawback if future performance thresholds in current or future years are not met, are not recognized since the fees are potentially uncollectible. These fees are recognized when it is determined that they will be collected. When a multi-year performance contract provides that fees earned are billed ratably over the performance period, only the portion of the fees earned that are non-refundable are recognized. Additionally, we recognize revenue from non-refundable, implementation fees under outsourcing contracts using a straight-line method, commencing in the period the ongoing services are performed through the expected term of the contractual relationship. Incremental direct set-up costs of implementation, up to the related customer margin or minimum fee revenue amount, are deferred and amortized over the same period that the related implementation fees are recognized. If a client terminates an outsourcing contract prematurely, the unamortized deferred incremental direct set-up costs and the unamortized deferred implementation fees related to that contract are recognized in the period the contract is terminated. |
Net interest revenue | Net interest revenue Revenue on interest-earning assets and expense on interest-bearing liabilities are recognized based on the effective yield of the related financial instrument. The amortization of premiums and accretion of discounts are included in interest revenue and are adjusted for prepayments when they occur, such that, the effective yield remains constant throughout the contractual life of the security. Negative interest incurred on assets or charged on liabilities is presented as contra interest revenue and contra interest expense, respectively. |
Pension | Pension The measurement date for BNY Mellon’s pension plans is December 31. Plan assets are determined based on fair value generally representing observable market prices. The projected benefit obligation is determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on the yield curves of high-quality corporate bonds available in the marketplace. The net periodic pension expense or credit includes service costs (if applicable), interest costs based on an assumed discount rate, an expected return on plan assets based on an actuarially derived market-related value, amortization of prior service cost and amortization of prior years’ actuarial gains and losses. Actuarial gains and losses include gains or losses related to changes in the amount of the projected benefit obligation or plan assets resulting from demographic or investment experience different than assumed, changes in the discount rate or other assumptions. To the extent an actuarial gain or loss exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets, the excess is generally recognized over the future service periods of active employees. Benefit accruals under the U.S. pension plans and the largest foreign pension plan in the UK are frozen. Future unrecognized actuarial gains and losses for these frozen plans that exceed a threshold amount are amortized over the average future life expectancy of plan participants with a maximum of 15 years. Our expected long-term rate of return on plan assets is based on anticipated returns for each applicable asset class. Anticipated returns are weighted for the expected allocation for each asset class and are based on forecasts for prospective returns in the equity and fixed-income markets, which should track the long-term historical returns for these markets. We also consider the growth outlook for U.S. and global economies, as well as current and prospective interest rates. The market-related value utilized to determine the expected return on plan assets is based on the fair value of plan assets adjusted for the difference between expected returns and actual performance of plan assets. The difference between actual experience and expected returns on plan assets is included as an adjustment in the market-related value over a five |
Stock-based compensation | Stock-based compensation Compensation expense relating to share-based payments is recognized in staff expense on the income statement, on a straight-line basis, over the applicable vesting period. Certain stock compensation grants vest when the employee retires. New grants with this feature are expensed by the first date the employee is eligible to retire. We estimate forfeitures when recording compensation cost related to share-based payment awards. |
Severance | Severance BNY Mellon provides separation benefits for U.S.-based employees through The Bank of New York Mellon Corporation Supplemental Unemployment Benefit Plan. These benefits are provided to eligible employees separated from their jobs for business reasons not related to individual performance. Basic separation benefits are generally based on the employee’s years of continuous benefited service. Severance for employees based outside of the U.S. is determined in accordance with local agreements and legal requirements. Severance expense is recorded |
Income taxes | Income taxesWe record current tax liabilities or assets through charges or credits to the current tax provision for the estimated taxes payable or refundable for the current year. Deferred tax assets and liabilities are recorded for future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A deferred tax valuation allowance is established if it is more likely than not that all or a portion of the deferred tax assets will not be realized. A tax position that fails to meet a more-likely-than-not recognition threshold will result in either reduction of current or deferred tax assets, and/or recording of current or deferred tax liabilities. Interest and penalties related to income taxes are recorded as income tax expense. |
Derivative financial instruments | Derivative financial instruments Derivatives are recorded on the balance sheet at fair value and include futures, forwards, interest rate swaps, foreign currency swaps and options and similar products. Derivatives in an unrealized gain position are recognized as assets while derivatives in unrealized loss position are recognized as liabilities. Derivatives are reported net by counterparty and after consideration of cash collateral, to the extent subject to legally enforceable netting agreements. Derivatives designated and effective in qualifying hedging relationships are classified in other assets or other liabilities on the balance sheet. All other derivatives are classified within trading assets or trading liabilities on the balance sheet. Gains and losses on trading derivatives are generally included in foreign exchange revenue or investment and other revenue, as applicable. We enter into various derivative financial instruments for non-trading purposes primarily as part of our asset/liability management process. These non-trading derivatives are designated as one of three types of hedge activities: fair value, cash flow or net investment hedges. Gains and losses on derivatives associated with fair value hedges are recorded in income as well as any change in the value of the related hedged item associated with the designated risks being hedged. Gains and losses on cash flow hedges are recorded in OCI, until reclassified into earnings in the same period the hedged item impacts earnings. Foreign currency transaction gains and losses related to a hedged net investment in a foreign operation, net of their tax effect, are recorded with cumulative foreign currency translation adjustments within OCI. To qualify for hedge accounting, each hedge relationship is required to be highly effective at reducing the risk associated with the exposure being hedged, both prospectively and retrospectively. We formally document all relationships, including hedging instruments and hedged items, as well as our risk management objectives and strategy for undertaking each hedging transaction. At inception, the potential cause of ineffectiveness related to each of our hedges is assessed to determine if we can expect the hedge to be highly effective over the life of the transaction. At hedge inception, we document the methodology to be utilized for evaluating effectiveness on an ongoing basis, and we monitor ongoing hedge effectiveness at least quarterly. For qualifying fair value hedges, changes in the fair value of the derivative, and changes in the value of the hedged item associated with the designated risks being hedged, are recognized in earnings. Certain amounts excluded from the assessment of effectiveness are recorded in OCI and recognized in earnings through an amortization approach over the life of the derivative. We discontinue hedge accounting prospectively when we determine that the hedge is no longer effective or the derivative expires, is sold, or management discontinues the derivative’s hedge designation. Subsequent gains and losses on these derivatives are included in foreign exchange revenue or other trading revenue, as applicable. For discontinued fair value hedges, the accumulated gain or loss on the hedged item is amortized on a yield basis over the remaining life of the hedged item. For qualifying cash flow hedges, changes in the fair value of the derivative are recorded in OCI, until reclassified into earnings in the same period the hedged item impacts earnings. If the hedge relationship is terminated, then the change in value will be reclassified from OCI to earnings when the cash flows that were previously hedged affect earnings. If cash flow hedge accounting is discontinued as a result of a forecasted transaction no longer being probable to occur, then the amount reported in OCI is immediately reclassified to current earnings. Derivative amounts affecting earnings are recognized in the same income statement line as the hedged item affects earnings, principally interest revenue, interest expense, foreign exchange revenue and staff expense. Foreign currency transaction gains and losses related to qualifying hedges of net investments in a foreign operation are recorded with cumulative foreign currency translation adjustments within OCI net of their tax effect. The Company evaluates effectiveness of its foreign currency derivatives designated as hedges of its net investments utilizing the forward rate method. |
Earnings per common share | Earnings per common share Earnings per common share is calculated using the two-class method under which earnings are allocated to common shareholders and holders of participating securities. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities under the two-class method. Basic earnings per share is calculated by dividing net income allocated to common shareholders of BNY Mellon by the average number of common shares outstanding and vested stock-based compensation awards where recipients have satisfied either the explicit vesting terms or retirement-eligibility requirements. Diluted earnings per common share is computed under the more dilutive of either the treasury stock method or the two-class method. We increase the average number of shares of common stock outstanding by the assumed number of shares of common stock that would be issued assuming the exercise of stock options and the issuance of shares related to stock-based compensation awards using the treasury stock method, if dilutive. Diluted earnings per share is calculated by dividing net income allocated to common shareholders of BNY Mellon by the adjusted average number of common shares outstanding. |
Statement of cash flows | Statement of cash flowsWe have defined cash as cash and due from banks. Cash flows from hedging activities are classified in the same category as the items hedged. Distributions received from equity method investees are classified as cash inflows from operating activities on the statement of cash flows. Excess returns on investments of equity method investments are classified as cash flows from investing activities on the statement of cash flows. |
Fair value measurement | Fair value measurementFair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy for fair value measurements is utilized based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. BNY Mellon’s own creditworthiness is considered when valuing liabilities. Fair value focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The objective is to determine from weighted indicators of fair value a reasonable point within the range that is most representative of fair value under current market conditions. Determination of fair value We have established processes for determining fair values. Fair value is based upon quoted market prices in active markets, where available. For financial instruments where quotes from recent exchange transactions are not available, we determine fair value based on discounted cash flow analysis, comparison to similar instruments and the use of financial models. Discounted cash flow analysis is dependent upon estimated future cash flows and the level of interest rates. Model-based pricing uses inputs of observable prices, where available, for interest rates, foreign exchange rates, option volatilities and other factors. Models are benchmarked and validated by an independent internal risk management function. Our valuation process takes into consideration factors such as counterparty credit quality, liquidity, concentration concerns and observability of model parameters. Valuation adjustments may be made to record financial instruments at fair value. Most derivative contracts are valued using models which are calibrated to observable market data and employ standard market pricing theory for their valuations. Valuation models incorporate counterparty credit risk by discounting each trade’s expected exposures to the counterparty using the counterparty’s credit spreads, as implied by the credit default swap market. We also adjust expected liabilities to the counterparty using BNY Mellon’s own credit spreads, as implied by the credit default swap market. Accordingly, the valuation of our derivative positions is sensitive to the current changes in our own credit spreads, as well as those of our counterparties. In certain cases, recent prices may not be observable for instruments that trade in inactive or less active markets. Upon evaluating the uncertainty in valuing financial instruments subject to liquidity issues, we make an adjustment to their value. The determination of the liquidity adjustment includes the availability of external quotes, the time since the latest available quote and the price volatility of the instrument. Certain parameters in some financial models are not directly observable and, therefore, are based on management’s estimates and judgments. These financial instruments are normally traded less actively. We apply valuation adjustments to mitigate the possibility of error and revision in the model-based estimate value. Examples include products where parameters such as correlation and recovery rates are unobservable. The methods described above for instruments that trade in inactive or less active markets may produce a current fair value calculation that may not be indicative of net realizable value or reflective of future fair values. We believe our methods of determining fair value are appropriate and consistent with other market participants. However, the use of different methodologies or different assumptions to value certain financial instruments could result in a different estimate of fair value. Valuation hierarchy A three-level valuation hierarchy is used for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are described below. Level 1 : Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 1 assets and liabilities include certain debt and equity securities, derivative financial instruments actively traded on exchanges and highly liquid government bonds. Level 2 : Observable inputs other than Level 1 prices, for example, quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs that are observable or can be corroborated, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 assets and liabilities include debt instruments that are traded less frequently than exchange-traded securities and derivative financial instruments whose model inputs are observable in the market or can be corroborated by market-observable data. Examples in this category are MBS, corporate debt securities and OTC derivative contracts. Level 3 : Inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Valuation methodology Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Securities We determine fair value primarily based on pricing sources with reasonable levels of price transparency. Where quoted prices are available in an active market, we classify the securities within Level 1 of the valuation hierarchy. Securities include both long and short positions. Level 1 securities include U.S. Treasury and certain sovereign debt securities that are actively traded in highly liquid OTC markets, money market funds and exchange-traded equities. If quoted market prices are not available, fair values are primarily determined using pricing models using observable trade data, market data, quoted prices of securities with similar characteristics or discounted cash flows. Examples of such instruments, which would generally be classified within Level 2 of the valuation hierarchy, include MBS, state and political subdivisions, certain sovereign debt, corporate bonds and foreign covered bonds. Specifically, the pricing sources obtain recent transactions for similar types of securities (e.g., vintage, position in the securitization structure) and ascertain variables such as discount rate and speed of prepayment for the types of transaction and apply such variables to similar types of bonds. We view these as observable transactions in the current marketplace and classify such securities as Level 2. Pricing sources discontinue pricing any specific security whenever they determine there is insufficient observable data to provide a good faith opinion on price. At Dec. 31, 2021, approximately 99% of our securities were valued by pricing sources with reasonable levels of price transparency. The remaining securities were generally valued using observable inputs. Additional disclosures of securities are provided in Note 4. In certain cases where there is limited activity or less transparency around inputs to the valuation, we classify those securities in Level 3 of the valuation hierarchy. As of Dec. 31, 2021, we have no instruments included in Level 3 of the valuation hierarchy. Derivative financial instruments We classify exchange-traded derivative financial instruments valued using quoted prices in Level 1 of the valuation hierarchy. Examples include exchange-traded equity and foreign exchange options. Since few other classes of derivative contracts are listed on an exchange, most of our derivative positions are valued using models that use as their basis readily observable market parameters, and we classify them in Level 2 of the valuation hierarchy. Such derivative financial instruments include swaps and options, foreign exchange spot and forward contracts and credit default swaps. Derivatives valued using models with significant unobservable market parameters in markets that lack two-way flow are classified in Level 3 of the valuation hierarchy. Examples may include long-dated swaps and options, where parameters may be unobservable for longer maturities; and certain highly structured products, where correlation risk is unobservable. As of Dec. 31, 2021, we have no Level 3 derivatives. Additional disclosures of derivative instruments are provided in Note 23. Seed capital In our Investment and Wealth Management business segment, we make seed capital investments in certain funds we manage. Seed capital is generally included in other assets on the consolidated balance sheet. When applicable, we value seed capital based on the published NAV of the fund. For other types of investments in funds, we consider all of the rights and obligations inherent in our ownership interest, including the reported NAV as well as other factors that affect the fair value of our interest in the fund. Interests in securitizations For the interests in securitizations that are classified in trading assets—equity instruments and long-term debt—we use discounted cash flow models, which generally include assumptions of projected finance charges related to the securitized assets, estimated net credit losses, prepayment assumptions and estimates of payments to third-party investors. When available, we compare our fair value estimates and assumptions to market activity and to the actual results of the securitized portfolio. These interests in securitizations matured in 2021. Other assets measured at NAV We hold private equity investments, primarily SBICs, which are compliant with the Volcker Rule. There |
Summary of significant accoun_3
Summary of significant accounting and reporting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Equity Method Investments | Below are our most significant equity method investments, other than the investments in renewable energy. Equity method investments at Dec. 31, 2021 (dollars in millions) Percentage ownership Book value CIBC Mellon Global Securities Services Company (“CIBC Mellon”) 50 % $ 687 Siguler Guff 20 % $ 252 |
Accounting changes and new ac_2
Accounting changes and new accounting guidance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The table below summarizes the effects of the reclassifications on the consolidated income statement. Consolidated income statement reclassifications Year ended Dec. 31, (in millions) 2020 2019 Before reclassifications Foreign exchange and other trading revenue $ 789 $ 654 Total fee revenue $ 12,714 $ 13,236 Investment and other income $ 184 $ 968 Net securities gains (losses) $ 33 $ (18) Income from consolidated investment management funds $ 84 $ 56 After reclassifications Foreign exchange revenue $ 774 $ 564 Total fee revenue $ 12,515 $ 12,178 Investment and other revenue $ 316 $ 1,096 The table below summarizes the effects of the reclassifications on the consolidated balance sheet. Consolidated balance sheet reclassifications Dec. 31, 2020 (in millions) Before reclassifications Other assets $ 20,468 Assets of consolidated investment management funds, at fair value $ 487 Other liabilities $ 7,514 Liabilities of consolidated investment management funds, at fair value $ 3 After reclassifications Other assets $ 20,955 Other liabilities $ 7,517 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Securities [Abstract] | |
Amortized Cost and Fair Values of Securities | The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of securities at Dec. 31, 2021 and Dec. 31, 2020. Securities at Dec. 31, 2021 Gross Fair Amortized cost (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 28,966 $ 771 $ 328 $ 29,409 Agency residential mortgage-backed securities (“RMBS”) 14,333 270 73 14,530 Sovereign debt/sovereign guaranteed 13,367 79 67 13,379 Agency commercial mortgage-backed securities (“MBS”) 8,102 345 42 8,405 Supranational 7,599 24 50 7,573 Foreign covered bonds 6,236 25 23 6,238 Collateralized loan obligations (“CLOs”) 4,441 3 5 4,439 Non-agency commercial MBS 3,083 65 23 3,125 Non-agency RMBS 2,641 132 25 2,748 Foreign government agencies 2,694 9 17 2,686 U.S. government agencies 2,464 99 27 2,536 State and political subdivisions 2,543 11 40 2,514 Other asset-backed securities (“ABS”) 2,205 7 22 2,190 Corporate bonds 2,099 19 52 2,066 Other debt securities 1 — — 1 Total securities available-for-sale (a)(b) $ 100,774 $ 1,859 $ 794 $ 101,839 Held-to-maturity: Agency RMBS $ 36,167 $ 428 $ 388 $ 36,207 U.S. Treasury 11,617 36 103 11,550 Agency commercial MBS 4,068 41 52 4,057 U.S. government agencies 2,998 — 71 2,927 CLOs 983 — 1 982 Sovereign debt/sovereign guaranteed 922 18 2 938 Supranational 54 — — 54 Non-agency RMBS 43 2 — 45 State and political subdivisions 14 1 — 15 Total securities held-to-maturity $ 56,866 $ 526 $ 617 $ 56,775 Total securities $ 157,640 $ 2,385 $ 1,411 $ 158,614 (a) The amortized cost of available-for-sale securities is net of the allowance for credit loss of $10 million. The allowance for credit loss primarily relates to CLOs. (b) Includes gross unrealized gains of $455 million and gross unrealized losses of $75 million recorded in accumulated other comprehensive income related to securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains are primarily related to U.S. Treasury securities, agency RMBS and agency commercial MBS. The unrealized losses are primarily related to U.S. Treasury securities and agency RMBS. The unrealized gains and losses will be amortized into net interest revenue over the contractual lives of the securities. Securities at Dec. 31, 2020 Gross Amortized cost Fair (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 23,557 $ 1,358 $ 21 $ 24,894 Agency RMBS 21,919 479 51 22,347 Sovereign debt/sovereign guaranteed 12,202 190 1 12,391 Agency commercial MBS 8,605 625 2 9,228 Supranational 7,086 75 1 7,160 Foreign covered bonds 6,658 68 1 6,725 CLOs 4,706 7 10 4,703 Foreign government agencies 4,086 49 — 4,135 U.S. government agencies 3,680 174 1 3,853 Other ABS 3,135 32 3 3,164 Non-agency commercial MBS 2,864 159 6 3,017 Non-agency RMBS 2,178 157 9 2,326 State and political subdivisions 2,270 39 1 2,308 Corporate bonds 1,945 50 1 1,994 Commercial paper/ certificates of deposit (“CDs”) 249 — — 249 Other debt securities 1 — — 1 Total securities available-for-sale (a)(b) $ 105,141 $ 3,462 $ 108 $ 108,495 Held-to-maturity: Agency RMBS $ 38,355 $ 1,055 $ 14 $ 39,396 U.S. Treasury 2,938 90 — 3,028 U.S. government agencies 2,816 4 6 2,814 Agency commercial MBS 2,659 105 2 2,762 Sovereign debt/sovereign guaranteed 1,050 42 — 1,092 Non-agency RMBS 58 3 — 61 Supranational 55 — — 55 State and political subdivisions 15 1 — 16 Total securities held-to-maturity $ 47,946 $ 1,300 $ 22 $ 49,224 Total securities $ 153,087 $ 4,762 $ 130 $ 157,719 (a) The amortized cost of available-for-sale securities is net of the allowance for credit loss of $11 million. The allowance for credit loss primarily relates to CLOs. (b) Includes gross unrealized gains of $75 million and gross unrealized losses of $44 million recorded in accumulated other comprehensive income related to 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 contractual lives of the securities. |
Schedule of Realized Gains, Losses, and Impairments | The following table presents the realized gains, losses and impairments, on a gross basis. Net securities gains (losses) (in millions) 2021 2020 2019 Realized gross gains $ 28 $ 46 $ 23 Realized gross losses (23) (13) (39) Recognized gross impairments — — (2) Total net securities gains (losses) $ 5 $ 33 $ (18) |
Pre-Tax Securities Gains (Losses) by Type | The following table presents pre-tax net securities gains (losses) by type. Net securities gains (losses) (in millions) 2021 2020 2019 Foreign government agencies $ 1 $ 8 $ (3) Supranational 1 7 (2) U.S. Treasury (3) 8 (13) Other 6 10 — Total net securities gains (losses) $ 5 $ 33 $ (18) |
Debt Securities, Available-for-sale Securities, Unrealized Loss Position, Fair Value | The following tables show the aggregate fair value of available-for-sale securities 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 without an allowance for credit losses. Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Dec. 31, 2021 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in millions) U.S. Treasury $ 16,855 $ 235 $ 1,944 $ 93 $ 18,799 $ 328 Sovereign debt/sovereign guaranteed 6,040 66 58 1 6,098 67 Agency RMBS 4,089 44 457 29 4,546 73 Supranational 3,093 44 305 6 3,398 50 Agency commercial MBS 2,233 39 585 3 2,818 42 Foreign covered bonds 2,694 23 — — 2,694 23 CLOs 1,808 3 318 2 2,126 5 Non-agency RMBS 1,573 20 345 5 1,918 25 State and political subdivisions 1,848 40 13 — 1,861 40 U.S. government agencies 1,780 27 — — 1,780 27 Other ABS 1,383 20 201 2 1,584 22 Foreign government agencies 1,446 17 15 — 1,461 17 Corporate bonds 1,247 42 198 10 1,445 52 Non-agency commercial MBS 947 16 222 7 1,169 23 Total securities available-for-sale (a) $ 47,036 $ 636 $ 4,661 $ 158 $ 51,697 $ 794 (a) Includes $47 million of gross unrealized losses for less than 12 months and gross unrealized losses of $28 million for 12 months or more recorded in accumulated other comprehensive income related to securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses are primarily related to U.S. Treasury and agency RMBS and will be amortized into net interest revenue over the contractual lives of the securities. Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Dec. 31, 2020 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in millions) U.S. Treasury $ 4,253 $ 21 $ — $ — $ 4,253 $ 21 Agency RMBS 850 4 1,965 47 2,815 51 CLOs 1,849 6 579 4 2,428 10 Sovereign debt/sovereign guaranteed 1,349 1 135 — 1,484 1 Supranational 1,041 1 132 — 1,173 1 Non-agency RMBS 973 3 103 6 1,076 9 Agency commercial MBS 440 1 266 1 706 2 Other ABS 449 2 226 1 675 3 Non-agency commercial MBS 468 4 170 2 638 6 Foreign covered bonds 468 1 90 — 558 1 Corporate bonds 282 1 — — 282 1 State and political subdivisions 273 1 2 — 275 1 U.S. government agencies 160 1 — — 160 1 Total securities available-for-sale (a) $ 12,855 $ 47 $ 3,668 $ 61 $ 16,523 $ 108 (a) Includes gross unrealized losses of $44 million for 12 months or more recorded in accumulated other comprehensive income related to securities that were transferred from available-for-sale to held-to-maturity. The unrealized losses are primarily related to agency RMBS and will be amortized into net interest revenue over the contractual lives of the securities. There were no gross unrealized losses for less than 12 months. |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following tables show the credit quality of the held-to-maturity securities. We have included certain credit ratings information because the information can indicate the degree of credit risk to which we are exposed. Significant changes in ratings classifications could indicate increased credit risk for us and could be accompanied by an increase in the allowance for credit losses and/or a reduction in the fair value of our securities portfolio. Held-to-maturity securities portfolio at Dec. 31, 2021 Ratings (a) Net unrealized gain (loss) BB+ A1+/A2/SP-1 (dollars in millions) Amortized AAA/ A+/ BBB+/ Not Agency RMBS $ 36,167 $ 40 100 % — % — % — % — % — % U.S. Treasury 11,617 (67) 100 — — — — — Agency commercial MBS 4,068 (11) 100 — — — — — U.S. government agencies 2,998 (71) 100 — — — — — CLOs 983 (1) 100 — — — — — Sovereign debt/sovereign guaranteed (b) 922 16 100 — — — — — Supranational 54 — 100 — — — — — Non-agency RMBS 43 2 23 59 2 15 — 1 State and political subdivisions 14 1 5 2 5 — — 88 Total held-to-maturity securities $ 56,866 $ (91) 100 % — % — % — % — % — % (a) Represents ratings by Standard & Poor’s (“S&P”) or the equivalent. (b) Primarily consists of exposure to France, UK and Germany. Held-to-maturity securities portfolio at Dec. 31, 2020 Ratings (a) Net unrealized gain (loss) BB+ A1+/A2/SP-1 (dollars in millions) Amortized AAA/ A+/ BBB+/ Not Agency RMBS $ 38,355 $ 1,041 100 % — % — % — % — % — % U.S. Treasury 2,938 90 100 — — — — — U.S. government agencies 2,816 (2) 100 — — — — — Agency commercial MBS 2,659 103 100 — — — — — Sovereign debt/sovereign guaranteed (b) 1,050 42 98 — — — 2 — Non-agency RMBS 58 3 28 55 2 14 — 1 Supranational 55 — 100 — — — — — State and political subdivisions 15 1 6 2 6 — — 86 Total held-to-maturity securities $ 47,946 $ 1,278 100 % — % — % — % — % — % (a) Represents ratings by S&P or the equivalent. (b) Primarily consists of exposure to France, UK and Germany. |
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 securities portfolio. Maturity distribution and yields on securities at Dec. 31, 2021 Within 1 year 1-5 years 5-10 years After 10 years Total (dollars in millions) Amount Yield (a) Amount Yield (a) Amount Yield (a) Amount Yield (a) Amount Yield (a) Available-for-sale: U.S. Treasury $ 1,352 1.32 % $ 13,637 1.00 % $ 11,413 1.13 % $ 3,007 3.06 % $ 29,409 1.25 % Sovereign debt/sovereign guaranteed 3,615 0.64 8,038 0.52 1,718 0.37 8 (0.12) 13,379 0.53 Supranational 793 0.63 5,518 0.51 1,240 0.65 22 (0.09) 7,573 0.54 Foreign covered bonds 1,511 1.07 3,826 0.49 901 0.03 — — 6,238 0.56 Foreign government agencies 770 0.90 1,783 0.60 133 0.22 — — 2,686 0.67 U.S. government agencies — — 1,783 0.91 639 1.66 114 1.91 2,536 1.13 State and political subdivisions 197 3.37 559 1.79 1,495 1.56 263 2.27 2,514 1.82 Corporate bonds 153 2.20 380 2.67 1,494 1.60 39 2.00 2,066 1.84 Other debt securities — — — — — — 1 3.73 1 3.37 Mortgage-backed securities: Agency RMBS 14,530 1.51 Non-agency RMBS 2,748 3.43 Agency commercial MBS 8,405 2.08 Non-agency commercial MBS 3,125 2.30 CLOs 4,439 1.30 Other ABS 2,190 1.63 Total securities available-for-sale $ 8,391 0.94 % $ 35,524 0.76 % $ 19,033 1.06 % $ 3,454 2.90 % $ 101,839 1.27 % Held-to-maturity: U.S. Treasury $ 1,469 1.84 % $ 7,748 1.37 % $ 2,400 1.13 % $ — — % $ 11,617 1.38 % U.S. government agencies — — 970 1.31 1,880 1.58 148 1.88 2,998 1.51 Sovereign debt/sovereign guaranteed 173 0.30 668 1.00 81 0.59 — — 922 0.83 Supranational — — 54 0.54 — — — — 54 0.54 State and political subdivisions 1 5.57 1 5.70 4 4.65 8 4.80 14 4.89 Mortgage-backed securities: Agency RMBS 36,167 2.34 Non-agency RMBS 43 1.47 Agency commercial MBS 4,068 2.32 CLOs 983 1.28 Total securities held-to-maturity $ 1,643 1.68 % $ 9,441 1.33 % $ 4,365 1.32 % $ 156 2.04 % $ 56,866 2.06 % Total securities $ 10,034 1.06 % $ 44,965 0.88 % $ 23,398 1.11 % $ 3,610 2.86 % $ 158,705 1.55 % (a) Yields are based upon the amortized cost of securities and consider the contractual coupon, amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives. |
Loans and asset quality (Tables
Loans and asset quality (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio and Industry Concentrations of Credit Risk | The table below provides the details of our loan portfolio. Loans Dec. 31, (in millions) 2021 2020 (a) Commercial $ 2,128 $ 1,429 Commercial real estate 6,033 6,020 Financial institutions 10,232 11,131 Lease financings 731 990 Wealth management loans 9,792 8,202 Wealth management mortgages 8,200 8,085 Other residential mortgages 299 389 Capital call financing 2,284 220 Other 2,541 1,904 Overdrafts 3,060 2,683 Margin loans 22,487 15,416 Total loans (b) $ 67,787 $ 56,469 (a) In 2021, we began disclosing capital call financing loans, and separately disclosing wealth management loans and wealth management mortgages. The prior period was revised to be comparable. (b) Net of unearned income of $240 million at Dec. 31, 2021 and $274 million at Dec. 31, 2020 primarily related to lease financings. |
Summary of Transactions in the Allowance for Credit Losses | Activity in the allowance for credit losses on loans and lending-related commitments is presented below. This does not include activity in the allowance for credit losses related to other financial instruments, including cash and due from banks, interest-bearing deposits with banks, federal funds sold and securities purchased under resale agreements, held-to-maturity securities, available-for-sale securities and accounts receivable. In 2019, the allowance for loan losses and lending-related commitments was accounted for under ASC 450, Contingencies , to absorb losses inherent in the loan portfolio as of the balance sheet date, also referred to as the incurred loss methodology. Key elements of our incurred loss methodology included a quantitative assessment for higher risk-rated credits, impaired credits and residential mortgage loans, as well as a qualitative assessment based on internal and environmental risk factors. This methodology differed from the estimate of expected credit losses in 2020 and 2021 primarily in that it was based on historical loss experience and did not include an estimate of credit losses using a reasonable and supportable forecast methodology. Allowance for credit losses activity for the year ended Dec. 31, 2021 (a) Wealth management loans Wealth management mortgages Other Capital Other Total (in millions) Commercial Commercial Financial Lease Beginning balance $ 16 $ 430 $ 10 $ 2 $ 1 $ 7 $ 13 $ — $ — $ 479 Charge-offs — — — — — (1) (1) — (16) (18) Recoveries — — 2 — — — 6 — — 8 Net recoveries — — 2 — — (1) 5 — (16) (10) Provision (b) (4) (231) 1 (1) — — (11) 2 16 (228) Ending balance $ 12 $ 199 $ 13 $ 1 $ 1 $ 6 $ 7 $ 2 $ — $ 241 Allowance for: Loan losses $ 3 $ 171 $ 6 $ 1 $ 1 $ 5 $ 7 $ 2 $ — $ 196 Lending-related commitments 9 28 7 — — 1 — — — 45 Individually evaluated for impairment: Loan balance (c) $ — $ 111 $ — $ — $ — $ 18 $ 1 $ — $ — $ 130 Allowance for loan losses — 5 — — — — — — — 5 (a) In 2021, we began disclosing wealth management loans and wealth management mortgages separately. Beginning balances and 2021 activity has been revised to be comparable. Also in 2021, we began disclosing capital call financing loans. (b) Does not include provision for credit losses benefit related to other financial instruments of $3 million for the year ended Dec. 31, 2021. (c) Includes collateral dependent loans of $130 million with $149 million of collateral at fair value. Allowance for credit losses activity for the year ended Dec. 31, 2020 (a) Wealth management loans (b) Wealth management mortgages Other Foreign (c) Total (in millions) Commercial Commercial Financial Lease (b) Beginning at Dec. 31, 2019 $ 60 $ 76 $ 20 $ 3 $ 5 $ 15 $ 13 $ 24 $ 216 Impact of adopting ASU 2016-13 (43) 14 (6) — (5) (7) 2 (24) (69) Balance at Jan. 1, 2020 17 90 14 3 — 8 15 — 147 Charge-offs — — — — — — (1) — (1) Recoveries — — — — — — 5 — 5 Net recoveries — — — — — — 4 — 4 Provision (d) (1) 340 (4) (1) 1 (1) (6) — 328 Ending balance $ 16 $ 430 $ 10 $ 2 $ 1 $ 7 $ 13 $ — $ 479 Allowance for: Loan losses $ 6 $ 324 $ 6 $ 2 $ 1 $ 6 $ 13 $ — $ 358 Lending-related commitments 10 106 4 — — 1 — — 121 Individually evaluated for impairment: Loan balance $ — $ — $ — $ — $ — $ 20 (e) $ — $ — $ 20 Allowance for loan losses — — — — — — — — — (a) There was no activity in the capital call and other loan portfolios. (b) In 2021, we began disclosing wealth management loans and wealth management mortgages separately. Beginning balances and 2020 activity have been revised to be comparable. (c) The allowance related to foreign exposure has been reclassified to financial institutions ($10 million), commercial ($10 million) and lease financings ($4 million). (d) Does not include provision for credit losses related to other financial instruments of $8 million for the year ended Dec. 31, 2020. (e) Includes collateral dependent loans of $20 million with $30 million of collateral at fair value. Allowance for credit losses activity for the year ended Dec. 31, 2019 Lease Wealth management loans and mortgages Other All Other Foreign Total (in millions) Commercial Commercial Financial Beginning balance $ 81 $ 75 $ 22 $ 5 $ 21 $ 16 $ — $ 32 $ 252 Charge-offs (12) — — — (1) (1) — — (14) Recoveries — — — — — 3 — — 3 Net (charge-offs) recoveries (12) — — — (1) 2 — — (11) Provision (9) 1 (2) (2) — (5) — (8) (25) Ending balance $ 60 $ 76 $ 20 $ 3 $ 20 $ 13 $ — $ 24 $ 216 Allowance for: Loan losses $ 11 $ 57 $ 5 $ 3 $ 18 $ 13 $ — $ 15 $ 122 Lending-related commitments 49 19 15 — 2 — — 9 94 Individually evaluated for impairment: Loan balance $ — $ — $ — $ — $ 15 $ — $ — $ — $ 15 Allowance for loan losses — — — — — — — — — Collectively evaluated for impairment: Loan balance $ 1,442 $ 5,575 $ 4,852 $ 537 $ 16,035 $ 494 $ 13,598 (a) $ 12,405 $ 54,938 Allowance for loan losses 11 57 5 3 18 13 — 15 122 (a) Includes $524 million of domestic overdrafts, $11,907 million of margin loans and $1,167 million of other loans at Dec. 31, 2019. |
Distribution of Nonperforming Assets | The table below presents our nonperforming assets. Nonperforming assets Dec. 31, 2021 Dec. 31, 2020 Recorded investment Recorded investment With an Without an allowance With an Without an allowance (in millions) Total Total Nonperforming loans: Other residential mortgages $ 38 $ 1 $ 39 $ 57 $ — $ 57 Wealth management mortgages 8 17 25 10 20 30 Commercial real estate 12 42 54 1 — 1 Total nonperforming loans 58 60 118 68 20 88 Other assets owned — 2 2 — 1 1 Total nonperforming assets $ 58 $ 62 $ 120 $ 68 $ 21 $ 89 |
Information about Past Due Loans | The table below presents our past due loans. Past due loans and still accruing interest Dec. 31, 2021 Dec. 31, 2020 Days past due Total Days past due Total (in millions) 30-59 60-89 ≥90 30-59 60-89 ≥90 Wealth management mortgages $ 24 $ — $ — $ 24 $ 12 $ 1 $ — $ 13 Wealth management loans 33 — — 33 42 — — 42 Commercial real estate 3 — — 3 19 16 — 35 Financial institutions 31 — — 31 11 — — 11 Other residential mortgages 2 1 — 3 3 1 — 4 Total past due loans $ 93 $ 1 $ — $ 94 $ 87 $ 18 $ — $ 105 |
Credit Profile of Loan Portfolio by Origination | The table below provides information about the credit profile of the loan portfolio by the period of origination. Credit profile of the loan portfolio Dec. 31, 2021 Revolving loans Originated, at amortized cost Amortized cost Converted to term loans – Amortized cost Accrued (in millions) 2021 2020 2019 2018 2017 Prior to 2017 Total (a) Commercial: Investment grade $ 348 $ 20 $ — $ 8 $ 145 $ — $ 1,450 $ — $ 1,971 Non-investment grade 81 — — — — — 76 — 157 Total commercial 429 20 — 8 145 — 1,526 — 2,128 $ 1 Commercial real estate: Investment grade 1,577 528 683 173 298 601 205 — 4,065 Non-investment grade 660 97 568 351 50 95 121 26 1,968 Total commercial real estate 2,237 625 1,251 524 348 696 326 26 6,033 7 Financial institutions: Investment grade 705 — — — — 60 8,015 — 8,780 Non-investment grade 20 — — — — — 1,432 — 1,452 Total financial institutions 725 — — — — 60 9,447 — 10,232 11 Wealth management loans Investment grade 117 18 73 6 104 122 9,320 — 9,760 Non-investment grade 1 — — — — — 31 — 32 Total wealth management loans 118 18 73 6 104 122 9,351 — 9,792 12 Wealth management mortgages 2,058 1,008 855 542 885 2,838 14 — 8,200 14 Lease financings 25 67 15 10 2 612 — — 731 — Other residential mortgages — — — — — 299 — — 299 1 Capital call financing — — — — — — 2,284 — 2,284 3 Other loans — — — — — — 2,541 — 2,541 2 Margin loans 7,697 — — — — — 14,790 — 22,487 10 Total loans $ 13,289 $ 1,738 $ 2,194 $ 1,090 $ 1,484 $ 4,627 $ 40,279 $ 26 $ 64,727 $ 61 (a) Excludes overdrafts of $3,060 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two Credit profile of the loan portfolio Dec. 31, 2020 Revolving loans Originated, at amortized cost Amortized cost Converted to term loans – Amortized cost Accrued (in millions) 2020 2019 2018 2017 2016 Prior to 2016 Total (a) Commercial: Investment grade $ 128 $ 18 $ 71 $ 420 $ 57 $ — $ 493 $ — $ 1,187 Non-investment grade 142 — 6 — — — 94 — 242 Total commercial 270 18 77 420 57 — 587 — 1,429 $ 2 Commercial real estate: Investment grade 778 1,010 458 543 312 346 91 — 3,538 Non-investment grade 285 619 643 159 376 144 229 27 2,482 Total commercial real estate 1,063 1,629 1,101 702 688 490 320 27 6,020 8 Financial institutions: Investment grade 132 146 47 125 13 156 8,646 — 9,265 Non-investment grade 84 36 — — — — 1,746 — 1,866 Total financial institutions 216 182 47 125 13 156 10,392 — 11,131 12 Wealth management loans Investment grade 18 85 11 147 59 112 7,716 — 8,148 Non-investment grade — — — — — — 54 — 54 Total wealth management loans 18 85 11 147 59 112 7,770 — 8,202 11 Wealth management mortgages 1,117 1,044 637 1,188 1,515 2,546 38 — 8,085 16 Lease financings 116 18 14 9 20 813 — — 990 — Other residential mortgages — — — — — 389 — — 389 1 Capital call financing — — — — — — 220 — 220 — Other loans — — — — — — 1,904 — 1,904 1 Margin loans 4,614 — — — — — 10,802 — 15,416 8 Total loans $ 7,414 $ 2,976 $ 1,887 $ 2,591 $ 2,352 $ 4,506 $ 32,033 $ 27 $ 53,786 $ 59 (a) Excludes overdrafts of $2,683 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two |
Leasing (Tables)
Leasing (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases, Balance Sheet Information | The table below presents the consolidated balance sheet information related to operating and finance leases. Balance sheet information Dec. 31, 2021 Dec. 31, 2020 (dollars in millions) Operating Finance Total Operating Finance Total ROU assets (a) $ 1,250 $ 34 $ 1,284 $ 1,432 $ 11 $ 1,443 Lease liability (b) $ 1,461 $ 24 $ 1,485 $ 1,669 $ 11 $ 1,680 Weighted average: Remaining lease term 10.5 years 0.9 years 10.8 years 1.1 years Discount rate (annualized) 2.62 % 0.97 % 2.55 % 0.29 % (a) Included in premises and equipment on the consolidated balance sheet. (b) Operating lease liabilities are included in other liabilities finance lease liabilities |
Lease, Cost | The table below presents the components of lease expense. Lease expense Year ended Dec. 31, (in millions) 2021 2020 2019 Operating lease expense $ 236 $ 263 $ 266 Variable lease expense 39 47 39 Sublease income (33) (35) (33) Finance lease expense: Amortization of ROU assets 3 1 7 Total lease expense $ 245 $ 276 $ 279 The table below presents cash flow information related to leases. Cash flow information Year ended Dec. 31, (in millions) 2021 2020 2019 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 260 $ 284 $ 285 Financing cash flows from finance leases $ 13 $ 1 $ 20 |
Lessee, Operating Lease, Liability, Maturity | The table below presents the maturities of lease liabilities. Maturities of lease liabilities Operating Finance (in millions) For the year ended Dec. 31, 2022 $ 225 $ 24 2023 194 — 2024 147 — 2025 139 — 2026 146 — 2027 and thereafter 825 — Total lease payments 1,676 24 Less: Imputed interest 215 — Total $ 1,461 $ 24 |
Finance Lease, Liability, Maturity | The table below presents the maturities of lease liabilities. Maturities of lease liabilities Operating Finance (in millions) For the year ended Dec. 31, 2022 $ 225 $ 24 2023 194 — 2024 147 — 2025 139 — 2026 146 — 2027 and thereafter 825 — Total lease payments 1,676 24 Less: Imputed interest 215 — Total $ 1,461 $ 24 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Breakdown of Goodwill by Business | The table below provides a breakdown of goodwill by business segment. Goodwill by business segment (a) (in millions) Securities Services (a) Market and Wealth Services (a) Investment Other Consolidated Balance at Dec. 31, 2019 $ 6,912 1,420 $ 9,007 $ 47 $ 17,386 Foreign currency translation 74 3 33 — 110 Other (b) 47 — — (47) — Balance at Dec. 31, 2020 $ 7,033 $ 1,423 $ 9,040 $ — $ 17,496 Acquisitions (dispositions) 87 12 (5) — 94 Foreign currency translation (58) — (20) — (78) Balance at Dec. 31, 2021 $ 7,062 $ 1,435 $ 9,015 $ — $ 17,512 (a) Prior periods have been revised to reflect the 2021 resegmentation. (b) Reflects the transfer of goodwill associated with the Capital Markets business. |
Breakdown of Intangible Assets by Business | The table below provides a breakdown of intangible assets by business segment. Intangible assets – net carrying amount by business segment (a) (in millions) Securities Services (a) Market and Wealth Services (a) Investment Other Consolidated Balance at Dec. 31, 2019 $ 227 $ 451 $ 1,580 $ 849 $ 3,107 Acquisition — — 2 — 2 Amortization (34) (37) (33) — (104) Foreign currency translation 1 — 6 — 7 Balance at Dec. 31, 2020 $ 194 $ 414 $ 1,555 $ 849 $ 3,012 Acquisitions (dispositions) 70 — (6) — 64 Amortization (32) (21) (29) — (82) Foreign currency translation (2) (1) — — (3) Balance at Dec. 31, 2021 $ 230 $ 392 $ 1,520 $ 849 $ 2,991 (a) Prior periods have been revised to reflect the 2021 resegmentation. |
Breakdown of Intangible Assets by Type | The table below provides a breakdown of intangible assets by type. Intangible assets Dec. 31, 2021 Dec. 31, 2020 (dollars in millions) Gross Accumulated Net Remaining Gross Accumulated Net Subject to amortization: (a) Customer contracts—Securities Services ( b) $ 747 $ (518) $ 229 11 years $ 683 $ (489) $ 194 Customer contracts—Market and Wealth Services (b) 378 (356) 22 4 years 752 (710) 42 Customer relationships—Investment and Wealth Management 568 (456) 112 9 years 705 (564) 141 Other 47 (8) 39 13 years 59 (15) 44 Total subject to amortization 1,740 (1,338) 402 10 years 2,199 (1,778) 421 Not subject to amortization: (c) Tradenames 1,294 N/A 1,294 N/A 1,295 N/A 1,295 Customer relationships 1,295 N/A 1,295 N/A 1,296 N/A 1,296 Total not subject to amortization 2,589 N/A 2,589 N/A 2,591 N/A 2,591 Total intangible assets $ 4,329 $ (1,338) $ 2,991 N/A $ 4,790 $ (1,778) $ 3,012 (a) Excludes fully amortized intangible assets. (b) Prior periods have been revised to reflect the 2021 resegmentation. (c) Intangible assets not subject to amortization have an indefinite life. N/A – Not applicable. |
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) 2022 $ 68 2023 58 2024 50 2025 43 2026 34 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets [Abstract] | |
Summary of Other Assets Presented on the Consolidated Balance Sheet | The following table provides the components of other assets presented on the consolidated balance sheet. Other assets Dec. 31, (in millions) 2021 2020 Corporate/bank-owned life insurance $ 5,359 $ 5,301 Accounts receivable 4,178 3,619 Software 2,096 1,884 Prepaid pension assets 1,946 1,556 Fails to deliver 1,561 1,371 Qualified affordable housing project investments 1,153 1,145 Renewable energy investments 1,027 1,206 Equity method investments 939 921 Income taxes receivable 538 599 Prepaid expense 476 477 Federal Reserve Bank stock 472 479 Assets of consolidated investment management funds 462 487 (a) Other equity investments (b) 449 290 Seed capital (c) 357 365 Fair value of hedging derivatives 206 19 Other (d) 1,190 1,236 Total other assets $ 22,409 $ 20,955 (a) (a) In 2021, we reclassified the assets of consolidated investment management funds, at fair value, to other assets. See Note 2 for additional information. (b) Includes strategic equity, private equity and other investments. (c) Includes investments in BNY Mellon funds which hedge deferred incentive awards. (d) At Dec. 31, 2021 and Dec. 31, 2020, other assets include $7 million and $7 million, respectively, of Federal Home Loan Bank stock, at cost. |
Equity Securities without Readily Determinable Fair Value | The following table presents the adjustments on the non-readily marketable equity securities. Adjustments on non-readily marketable equity securities Life-to-date (in millions) 2021 2020 2019 Upward adjustments $ 105 $ 21 $ 4 $ 158 Downward adjustments — — (3) (4) Net adjustments $ 105 $ 21 $ 1 $ 154 |
Summary of Investments Valued Using NAV | The table below presents information on our investments valued using NAV. Investments valued using NAV Dec. 31, 2021 Dec. 31, 2020 (in millions) Fair value Unfunded Fair value Unfunded Seed capital (a) $ 59 $ 21 $ 52 $ 22 Private equity investments (b) 113 61 102 52 Other (c) 46 — 47 — Total $ 218 $ 82 $ 201 $ 74 ( a) Primarily includes leveraged loans and structured credit funds, which are generally not redeemable. Distributions from such investments will be received as the underlying investments in the funds, which have lives of three (b) Private equity investments primarily include Volcker Rule-compliant investments in SBICs that invest in various sectors of the economy. Private equity investments do not have redemption rights. Distributions from such investments will be received as the underlying investments in the private equity investments, which have a life of 10 years, are liquidated. |
Contract revenue (Tables)
Contract revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present fee and other revenue related to contracts with customers, disaggregated by type of fee revenue, for each business segment. Business segment data has been determined on an internal management basis of accounting, rather than GAAP which is used for consolidated financial reporting. Disaggregation of contract revenue by business segment Year ended Dec. 31, 2021 2020 (a) (in millions) Securities Services Market and Wealth Services Investment and Wealth Management Other Total Securities Services Market and Wealth Services Investment and Wealth Management Other Total Fee and other revenue – contract revenue: Investment services fees $ 4,919 $ 3,284 $ 100 $ (70) $ 8,233 $ 4,681 $ 3,262 $ 96 $ (53) $ 7,986 Investment management and performance fees — 18 3,553 (19) 3,552 — 17 3,373 (17) 3,373 Financing-related fees 19 48 — 1 68 18 59 2 1 80 Distribution and servicing fees 5 (5) 113 (1) 112 4 (26) 137 — 115 Investment and other revenue 132 4 (35) — 101 160 79 (148) 1 92 Total fee and other revenue – contract revenue 5,075 3,349 3,731 (89) 12,066 4,863 3,391 3,460 (68) 11,646 Fee and other revenue – not in scope of ASC 606 (b)(c) 743 234 118 140 1,235 815 187 35 139 1,176 Total fee and other revenue $ 5,818 $ 3,583 $ 3,849 $ 51 $ 13,301 $ 5,678 $ 3,578 $ 3,495 $ 71 $ 12,822 (a) Restated to reflect the 2021 business segment reclassifications. There was no impact on total fee and other revenue, by type or in aggregate. See Note 24 for additional information related to the reclassifications. (b) Primarily includes investment services fees, foreign exchange revenue, financing-related fees, investment and other revenue and net securities gains (losses), all of which are accounted for using other accounting guidance. (c) The Investment and Wealth Management business segment is net of income attributable to noncontrolling interests related to consolidated investment management funds of $12 million in 2021 and $9 million in 2020. Disaggregation of contract revenue by business segment Year ended Dec. 31, 2019 (a) (in millions) Securities Services Market and Wealth Services Investment and Wealth Management Other Total Fee and other revenue – contract revenue: Investment services fees $ 4,626 $ 3,112 $ 86 $ (34) $ 7,790 Investment management and performance fees 1 16 3,389 (16) 3,390 Financing-related fees 14 45 — 1 60 Distribution and servicing fees 9 (58) 178 — 129 Investment and other revenue 150 132 (197) — 85 Total fee other revenue – contract revenue 4,800 3,247 3,456 (49) 11,454 Fee and other revenue – not in scope of ASC 606 (b)(c) 661 218 29 886 1,794 Total fee and other revenue $ 5,461 $ 3,465 $ 3,485 $ 837 $ 13,248 (a) Restated to reflect the 2021 business segment reclassifications. There was no impact on total fee and other revenue, by type or in aggregate. See Note 24 for additional information related to the reclassifications. (b) Primarily includes investment services fees, foreign exchange revenue, financing-related fees, investment and other revenue and net securities gains (losses), all of which are accounted for using other accounting guidance. (c) The Investment and Wealth Management business segment is net of income attributable to noncontrolling interests related to consolidated investment management funds of $26 million in 2019. |
Net interest revenue (Tables)
Net interest revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interest Revenue (Expense), Net [Abstract] | |
Components of Net Interest Revenue | The following table provides the components of net interest revenue presented on the consolidated income statement. Net interest revenue Year ended Dec. 31, (in millions) 2021 2020 2019 Interest revenue Deposits with the Federal Reserve and other central banks $ (77) $ 50 $ 448 Deposits with banks 48 134 265 Federal funds sold and securities purchased under resale agreements 120 545 2,154 Loans 958 1,142 1,789 Securities: Taxable 1,702 2,118 2,701 Exempt from federal income taxes 42 28 36 Total securities 1,744 2,146 2,737 Trading securities 52 92 155 Total interest revenue 2,845 4,109 7,548 Interest expense Deposits in domestic offices (27) 176 958 Deposits in foreign offices (148) (15) 636 Federal funds purchased and securities sold under repurchase agreements (4) 283 1,437 Trading liabilities 8 15 35 Other borrowed funds 8 16 59 Commercial paper — 7 55 Customer payables (2) 28 238 Long-term debt 392 622 942 Total interest expense 227 1,132 4,360 Net interest revenue 2,618 2,977 3,188 Provision for credit losses (231) 336 (25) Net interest revenue after provision for credit losses $ 2,849 $ 2,641 $ 3,213 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of the Income Tax Provision | The components of the income tax provision are as follows: Provision for income taxes Year ended Dec. 31, (in millions) 2021 2020 2019 Current tax expense: Federal $ 160 $ 465 $ 592 Foreign 353 407 484 State and local 107 163 113 Total current tax expense 620 1,035 1,189 Deferred tax expense (benefit): Federal 208 (145) (3) Foreign 22 16 (13) State and local 27 (64) (53) Total deferred tax expense (benefit) 257 (193) (69) Provision for income taxes $ 877 $ 842 $ 1,120 |
Components of Income Before Taxes | The components of income before taxes are as follows: Income before taxes Year ended Dec. 31, (in millions) 2021 2020 2019 Domestic $ 2,965 $ 2,698 $ 3,516 Foreign 1,683 1,770 2,071 Income before taxes $ 4,648 $ 4,468 $ 5,587 |
Components of Net Deferred Tax Liability | The components of our net deferred tax liability are as follows: Net deferred tax liability Dec. 31, (in millions) 2021 2020 Depreciation and amortization $ 2,149 $ 2,197 Pension obligation 451 299 Other liabilities 260 233 Renewable energy investment 238 278 Securities valuation 81 118 Equity investments 58 61 Leasing (2) 23 Other assets (36) (57) Credit losses on loans (61) (118) Reserves not deducted for tax (126) (118) Employee benefits (281) (259) U.S. foreign tax credits (83) (62) Valuation allowance 83 62 Net deferred tax liability $ 2,731 $ 2,657 |
Tax Rate Reconciliations | The statutory federal income tax rate is reconciled to our effective income tax rate below: Effective tax rate Year ended Dec. 31, 2021 2020 2019 Federal rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 2.3 1.8 0.9 Foreign operations 0.8 1.5 2.4 Tax credits (4.6) (4.1) (3.2) Tax-exempt income (1.0) (1.0) (0.7) Federal Deposit Insurance Corporation (“FDIC”) assessment 0.3 0.3 0.2 Stock compensation (0.1) — (0.4) Other – net 0.2 (0.7) (0.2) Effective tax rate 18.9 % 18.8 % 20.0 % |
Unrecognized Tax Benefits | Unrecognized tax positions (in millions) 2021 2020 2019 Beginning balance at Jan. 1, – gross $ 119 $ 173 $ 103 Prior period tax positions: Increases 18 45 60 Decreases (3) (14) (3) Current period tax positions 9 15 17 Settlements (5) (100) (4) Ending balance at Dec. 31, – gross $ 138 $ 119 $ 173 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt Dec. 31, 2021 Dec. 31, 2020 (dollars in millions) Rate Maturity Amount Rate Amount Senior debt: Fixed rate 0.35 - 3.95% 2022 - 2031 $ 23,053 0.35 - 4.15% $ 23,429 Floating rate 0.01 - 1.26% 2023 - 2038 1,579 0.04 - 1.29% 779 Subordinated debt (a) 3.00 - 3.30% 2028 - 2029 1,299 3.00 - 7.50% 1,776 Total $ 25,931 $ 25,984 (a) Fixed rate. |
Variable interest entities an_2
Variable interest entities and securitization (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Securitizations And Variable Interest Entities Disclosure [Abstract] | |
Incremental Assets and Liabilities Included in Consolidated Financial Statements | The following table presents the incremental assets and liabilities included in the consolidated balance sheet as of Dec. 31, 2021 and Dec. 31, 2020. 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 we invested in the VIE. Consolidated investments Dec. 31, 2021 Dec. 31, 2020 (in millions) Investment Securitization Total Investment Securitization Total Trading assets $ 443 $ — $ 443 $ 482 $ 400 $ 882 Other assets 19 — 19 5 — 5 Total assets $ 462 (a) $ — $ 462 $ 487 (b) $ 400 $ 887 Other liabilities $ 3 $ — $ 3 $ 3 $ 400 $ 403 Total liabilities $ 3 (a) $ — $ 3 $ 3 (b) $ 400 $ 403 Nonredeemable noncontrolling interests $ 196 (a) $ — $ 196 $ 143 (b) $ — $ 143 (a) Includes VMEs with assets of $187 million, liabilities of $2 million and nonredeemable noncontrolling interests of $43 million. (b) Includes VMEs with assets of $314 million, liabilities of $3 million and nonredeemable noncontrolling interests of $76 million. |
Schedule of Variable Interest Entities | As of Dec. 31, 2021 and Dec. 31, 2020, the following assets and liabilities related to the VIEs where we are not the primary beneficiary were included in our consolidated balance sheets and primarily related to accounting for our investments in qualified affordable housing and renewable energy projects. The maximum loss exposure indicated in the following table relates solely to our investments in, and unfunded commitments to, the VIEs. Non-consolidated VIEs Dec. 31, 2021 Dec. 31, 2020 (in millions) Assets Liabilities Maximum Assets Liabilities Maximum Securities – Available-for-sale (a) $ 189 $ — $ 189 $ 217 $ — $ 217 Other 2,385 543 2,946 2,565 514 3,096 (a) Includes investments in the Company’s sponsored CLOs. |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock Summary | The following table summarizes the Parent’s preferred stock issued and outstanding at Dec. 31, 2021 and Dec. 31, 2020. Preferred stock summary (a) Total shares issued and outstanding Carrying value (b) (in millions) Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Per annum dividend rate Series A Greater of (i) three-month LIBOR plus 0.565% for the related distribution period; or (ii) 4.000% 5,001 5,001 $ 500 $ 500 Series D 4.50% to but excluding June 20, 2023, then a floating rate equal to the three-month LIBOR plus 2.46% 5,000 5,000 494 494 Series E 4.950% to but excluding June 20, 2020, then a floating rate equal to the three-month LIBOR plus 3.42% — 10,000 — 990 Series F 4.625% to but excluding Sept. 20, 2026, then a floating rate equal to the three-month LIBOR plus 3.131% 10,000 10,000 990 990 Series G 4.700% to but excluding Sept. 20, 2025, then a floating rate equal to the five-year treasury rate plus 4.358% 10,000 10,000 990 990 Series H 3.700% to but excluding March 20, 2026, then a floating rate equal to the five-year treasury rate plus 3.352% 5,825 5,825 577 577 Series I 3.750% to but excluding Dec. 20, 2026, then a floating rate equal to the five-year treasury rate plus 2.630% 13,000 — 1,287 — Total 48,826 45,826 $ 4,838 $ 4,541 (a) All outstanding preferred stock is noncumulative perpetual preferred stock with a liquidation preference of $100,000 per share. (b) The carrying value of the Series D, Series E, Series F, Series G, Series H and Series I preferred stock is recorded net of issuance costs. |
Summary of Preferred Dividends Paid | The table below presents the Parent’s preferred dividends. Preferred dividends (dollars in millions, except per share amounts) Depositary shares 2021 2020 2019 Per share Total Per share Total Per share Total Series A 100 (a) $ 4,044.44 $ 20 $ 4,055.55 $ 20 $ 4,055.55 $ 20 Series C 4,000 N/A N/A 5,200.00 46 (b) 5,200.00 31 Series D 100 4,500.00 23 4,500.00 22 4,500.00 22 Series E 100 3,630.34 47 (c) 4,359.63 44 4,950.00 50 Series F 100 4,625.00 46 4,625.00 46 4,625.00 46 Series G 100 4,700.00 47 1,579.72 16 N/A N/A Series H 100 4,183.06 24 N/A N/A N/A N/A Total $ 207 $ 194 $ 169 (a) Represents Normal Preferred Capital Securities. (b) Includes deferred fees of approximately $15 million related to the redemption of the Series C preferred stock. (c) Includes deferred fees of approximately $10 million related to the redemption of the Series E preferred stock. N/A – Not applicable. |
Schedule of Regulatory Capital Ratios | The regulatory capital ratios of our consolidated and largest bank subsidiary, The Bank of New York Mellon, are shown below. Consolidated and largest bank subsidiary regulatory capital ratios (a) Dec. 31, 2021 2020 Consolidated regulatory capital ratios: Common Equity Tier 1 (“CET1”) ratio 11.2 % 13.1 % Tier 1 capital ratio 14.0 15.8 Total capital ratio 14.9 16.7 Tier 1 leverage ratio 5.5 6.3 Supplementary leverage ratio (“SLR”) (b)(c) 6.6 8.6 The Bank of New York Mellon regulatory capital ratios: CET1 ratio 16.5 % 17.1 % Tier 1 capital ratio 16.5 17.1 Total capital ratio 16.5 17.3 Tier 1 leverage ratio 6.0 6.4 SLR (b) 7.6 8.5 (a) For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches. The Tier 1 leverage ratio is based on Tier 1 capital and quarterly average total assets. For BNY Mellon to qualify as “well capitalized,” its Tier 1 capital and Total capital ratios must be at least 6% and 10%, respectively. For The Bank of New York Mellon, our largest bank subsidiary, to qualify as “well capitalized,” its CET1, Tier 1 capital, Total capital and Tier 1 leverage ratios must be at least 6.5%, 8%, 10% and 5%, respectively. (b) The SLR is based on Tier 1 capital and total leverage exposure, which includes certain off-balance sheet exposures. For The Bank of New York Mellon to qualify as “well capitalized,” its SLR must be at least 6%. (c) The consolidated SLR at Dec. 31, 2020 reflects the temporary exclusion of U.S. Treasury securities from the total leverage exposure. The temporary exclusion ceased to apply beginning April 1, 2021. |
Summary of Capital Components and Risk-Weighted Assets Determined Under the Standardized and Advanced Approaches | The following table presents our capital components and risk-weighted assets (“RWAs”) determined under the Standardized and Advanced Approaches, the average assets used for leverage capital purposes and leverage exposure used for SLR purposes. Regulatory capital ratio components Dec. 31, (in millions) 2021 2020 CET1: Common shareholders’ equity $ 38,196 $ 41,260 Adjustments for: Goodwill and intangible assets (a) (18,649) (18,697) Net pension fund assets (400) (319) Equity method investments (300) (306) Deferred tax assets (55) (54) Other (46) (9) Total CET1 18,746 21,875 Other Tier 1 capital: Preferred stock 4,838 4,541 Other (99) (106) Total Tier 1 capital $ 23,485 $ 26,310 Tier 2 capital: Subordinated debt $ 1,248 $ 1,248 Allowance for credit losses 250 490 Other (11) (10) Total Tier 2 capital – Standardized Approach 1,487 1,728 Excess of expected credit losses — 247 Less: Allowance for credit losses 250 490 Total Tier 2 capital – Advanced Approaches $ 1,237 $ 1,485 Total capital: Standardized Approach $ 24,972 $ 28,038 Advanced Approaches $ 24,722 $ 27,795 Risk-weighted assets: Standardized Approach $ 167,608 $ 163,848 Advanced Approaches: Credit Risk $ 98,310 $ 98,262 Market Risk 3,069 4,226 Operational Risk 63,688 63,938 Total Advanced Approaches $ 165,067 $ 166,426 Average assets for Tier 1 leverage ratio $ 430,102 $ 417,982 Total leverage exposure for SLR $ 354,033 $ 304,823 (a) Reduced by deferred tax liabilities associated with intangible assets and tax deductible goodwill. |
Schedule of Capital Above Thresholds Table | The following table presents the amount of capital by which BNY Mellon and our largest bank subsidiary, The Bank of New York Mellon, exceeded the capital thresholds determined under U.S. capital rules. Capital above thresholds at Dec. 31, 2021 (in millions) Consolidated (a) The Bank of New York Mellon CET1 $ 4,499 $ 12,436 (a) Tier 1 capital 6,724 10,465 (a) Total capital 4,859 7,890 (a) Tier 1 leverage ratio 6,281 3,752 (b) SLR 5,783 4,606 (b) (a) Based on minimum required standards, with applicable buffers. |
Other comprehensive income (l_2
Other comprehensive income (loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | Components of other comprehensive (loss) income Year ended Dec. 31, 2021 2020 2019 (in millions) Pre-tax Tax After-tax Pre-tax Tax After-tax Pre-tax Tax After-tax Foreign currency translation: Foreign currency translation adjustments arising during the period (a) $ (313) $ (63) $ (376) $ 441 $ 67 $ 508 $ 135 $ 16 $ 151 Total foreign currency translation (313) (63) (376) 441 67 508 135 16 151 Unrealized (loss) gain on assets available-for-sale: Unrealized (loss) gain arising during the period (1,515) 368 (1,147) 1,573 (371) 1,202 680 (168) 512 Reclassification adjustment (b) (5) 1 (4) (33) 8 (25) 18 (4) 14 Net unrealized (loss) gain on assets available-for-sale (1,520) 369 (1,151) 1,540 (363) 1,177 698 (172) 526 Defined benefit plans: Prior service cost arising during the period — — — — — — (1) — (1) Net gain (loss) arising during the period 296 (77) 219 (138) 31 (107) (121) 34 (87) Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) 113 (25) 88 95 (18) 77 52 (18) 34 Total defined benefit plans 409 (102) 307 (43) 13 (30) (70) 16 (54) Unrealized (loss) gain on cash flow hedges: Unrealized hedge gain (loss) arising during the period 3 — 3 5 (1) 4 16 (7) 9 Reclassification of net (gain) loss to net income : Interest rate contracts – interest expense — — — — — — (7) 2 (5) Foreign exchange (“FX”) contracts – staff expense (12) 3 (9) 1 — 1 (3) 2 (1) Total reclassifications to net income (12) 3 (9) 1 — 1 (10) 4 (6) Net unrealized (loss) gain on cash flow hedges (9) 3 (6) 6 (1) 5 6 (3) 3 Total other comprehensive (loss) income $ (1,433) $ 207 $ (1,226) $ 1,944 $ (284) $ 1,660 $ 769 $ (143) $ 626 (a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 23 for additional information. (b) The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains in investment and other revenue 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 other expense on the consolidated income statement. Changes in accumulated other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders Unrealized gain (loss) on assets available-for-sale Unrealized gain (loss) on cash flow hedges Total accumulated (in millions) Foreign currency translation Pensions Other post-retirement benefits 2018 ending balance $ (1,915) $ (1,005) $ (52) $ (196) $ (3) $ (3,171) Adjustment for the cumulative effect of applying ASU 2018-02 for income taxes 115 (213) — 6 2 (90) Adjusted balance at Jan. 1, 2019 (1,800) (1,218) (52) (190) (1) (3,261) Change in 2019 148 (57) 3 526 3 623 2019 ending balance (1,652) (1,275) (49) 336 2 (2,638) Impact of adopting ASU 2016-03, Financial Instruments - Credit Losses — — — (5) — (5) Adjusted balance at Jan. 1, 2020 (1,652) (1,275) (49) 331 2 (2,643) Change in 2020 506 (24) (6) 1,177 5 1,658 2020 ending balance (1,146) (1,299) (55) 1,508 7 (985) Change in 2021 (378) 283 24 (1,151) (6) (1,228) 2021 ending balance $ (1,524) $ (1,016) $ (31) $ 357 $ 1 $ (2,213) |
Stock-based compensation (Table
Stock-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Non-vested PSU, Restricted Stock, and RSU Activity | The following table summarizes our non-vested PSU, restricted stock and RSU activity for 2021. Non-vested PSU, restricted stock and RSU activity Number of shares (a) Weighted-average fair value at Non-vested PSUs, restricted stock and RSUs at Dec. 31, 2020 12,536,899 $ 49.35 Granted 7,557,597 42.67 Vested (4,789,555) 51.00 Forfeited (622,954) 45.24 Non-vested PSUs, restricted stock and RSUs at Dec. 31, 2021 14,681,987 $ 45.55 (a) Includes dividend shares earned on the Executive Committee PSUs and Board of Director’s stock awards. |
Summary of Stock Option Activity | A summary of the status of our options as of Dec. 31, 2021, and changes during the year, is presented below: Stock option activity Shares subject Weighted-average Weighted-average remaining contractual term (in years) Balance at Dec. 31, 2020 2,335,238 $ 23.99 0.9 Granted — — Exercised (1,910,185) 24.37 Canceled/Expired (17,148) 27.63 Balance at Dec. 31, 2021 407,905 $ 22.03 0.1 Vested and expected to vest at Dec. 31, 2021 407,905 22.03 0.1 Exercisable at Dec. 31, 2021 407,905 22.03 0.1 |
Summary of Stock Options Outstanding by Exercise Price | Stock options outstanding at Dec. 31, 2021 Options outstanding Options exercisable (a) Range of exercise prices Outstanding Weighted-average remaining contractual life (in years) Weighted-average Exercisable Weighted-average $21 to 31 407,905 0.1 $ 22.03 407,905 $ 22.03 (a) At Dec. 31, 2020 and Dec. 31, 2019, 2,335,238 and 4,143,575 options were exercisable at a weighted-average price per common share of $23.99 and $26.03, respectively. |
Aggregate Intrinsic Value of Options | Aggregate intrinsic value of options (in millions) 2021 2020 2019 Outstanding at Dec. 31, $ 15 $ 43 $ 101 Exercisable at Dec. 31, $ 15 $ 43 $ 101 |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Combined Data for Domestic and Foreign Defined Benefit Pension and Post Retirement Healthcare Plans | The following tables report the combined data for our domestic and foreign defined benefit pension and post-retirement healthcare plans. Pension Benefits Healthcare Benefits Domestic Foreign Domestic Foreign (dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Weighted-average assumptions used to determine benefit obligations Discount rate 3.03 % 2.80 % 2.11 % 1.59 % 3.03 % 2.80 % 2.15 % 1.65 % Rate of compensation increase N/A N/A 3.43 3.12 3.00 3.00 N/A N/A Cash balance interest crediting rate 4.00 4.00 N/A N/A N/A N/A N/A N/A Change in benefit obligation (a) Benefit obligation at beginning of period $ (5,030) $ (4,659) $ (1,614) $ (1,394) $ (156) $ (145) $ (4) $ (6) Service cost — — (14) (12) (1) (1) — — Interest cost (137) (156) (25) (27) (4) (5) — — Actuarial gain (loss) 164 (455) 112 (167) 17 (14) — 2 Benefits paid 256 240 50 47 10 9 — — Foreign exchange adjustment N/A N/A 35 (61) N/A N/A 1 — Benefit obligation at end of period (4,747) (5,030) (1,456) (1,614) (134) (156) (3) (4) Change in fair value of plan assets Fair value at beginning of period 6,132 5,738 1,786 1,529 127 117 — — Actual return on plan assets 238 619 89 232 17 10 — — Employer contributions 15 15 12 10 10 9 — — Benefit payments (256) (240) (50) (47) (10) (9) — — Foreign exchange adjustment N/A N/A (30) 62 N/A N/A — — Fair value at end of period 6,129 6,132 1,807 1,786 144 127 — — Funded status at end of period $ 1,382 $ 1,102 $ 351 $ 172 $ 10 $ (29) $ (3) $ (4) Amounts recognized in accumulated other comprehensive loss (income) consist of: Net loss $ 1,425 $ 1,625 $ 3 $ 184 $ 44 $ 77 $ (1) $ (1) Prior service cost (credit) — — 1 2 (20) (26) — — Total loss (before tax effects) $ 1,425 $ 1,625 $ 4 $ 186 $ 24 $ 51 $ (1) $ (1) (a) The benefit obligation for pension benefits is the projected benefit obligation, and for healthcare benefits, it is the accumulated benefit obligation. N/A – Not applicable. |
Schedule of Net Benefit Costs | Net periodic benefit (credit) cost Pension Benefits Healthcare Benefits Domestic Foreign Domestic Foreign (dollars in millions) 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Weighted-average assumptions as of Jan. 1: Market-related value of plan assets $ 5,710 $ 5,437 $ 5,304 $ 1,586 $ 1,415 $ 1,277 $ 123 $ 116 $ 111 N/A N/A N/A Discount rate 2.80 % 3.45 % 4.45 % 1.59 % 2.02 % 2.95 % 2.80 % 3.45 % 4.45 % 1.65 % 2.10 % 3.10 % Expected rate of return on plan assets 5.375 6.00 6.50 2.17 2.85 3.54 5.375 6.00 6.50 N/A N/A N/A Rate of compensation increase N/A N/A N/A 3.12 3.19 2.98 3.00 3.00 3.00 N/A N/A N/A Cash balance interest crediting rate 4.00 4.00 4.00 N/A N/A N/A N/A N/A N/A N/A N/A N/A Components of net periodic benefit (credit) cost: Service cost $ — $ — $ — $ 14 $ 12 $ 11 $ 1 $ 1 $ 1 $ — $ — $ — Interest cost 137 156 178 25 27 32 4 5 6 — — — Expected return on assets (300) (319) (337) (34) (39) (45) (7) (7) (7) — — — Amortization of: Prior service cost (credit) — — — 1 — — (6) (7) (7) — — — Net actuarial loss 98 87 53 13 11 2 6 4 4 — — — Settlement loss — — — 1 — — — — — — — — Net periodic benefit (credit) cost $ (65) $ (76) $ (106) $ 20 $ 11 $ — $ (2) $ (4) $ (3) $ — $ — $ — N/A – Not applicable. |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Changes in other comprehensive (income) loss in 2021 Pension Benefits Healthcare Benefits (in millions) Domestic Foreign Domestic Foreign Net (gain) arising during period $ (102) $ (167) $ (27) $ — Recognition of prior years’ net (loss) (98) (14) (6) — Recognition of prior years’ service credit — (1) 6 — Total recognized in other comprehensive (income) (before tax effects) $ (200) $ (182) $ (27) $ — |
Schedule of Net Funded Status | Domestic Foreign (in millions) 2021 2020 2021 2020 Pension benefits: Prepaid benefit cost $ 1,535 $ 1,272 $ 411 $ 284 Accrued benefit cost (153) (170) (60) (112) Total pension benefits $ 1,382 $ 1,102 $ 351 $ 172 Healthcare benefits: Accrued benefit cost $ 10 $ (29) $ (3) $ (4) Total healthcare benefits $ 10 $ (29) $ (3) $ (4) |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | Plans with obligations in excess of plan assets Pension Benefits Healthcare Benefits Domestic Foreign Domestic Foreign (in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Projected benefit obligation $ 153 $ 170 $ 100 $ 459 N/A N/A N/A N/A Fair value of plan assets — — 39 347 N/A N/A N/A N/A Accumulated benefit obligation 153 170 82 196 $ 87 $ 94 $ 3 $ 4 Fair value of plan assets — — 39 113 — — — — N/A – Not applicable. |
Schedule of Expected Benefit Payments | The following benefit payments for the pension and healthcare plans, which reflect expected future service as appropriate, are expected to be paid over the next 10 years: Expected benefit payments (in millions) Domestic Foreign Pension benefits: Year 2022 $ 268 $ 45 2023 276 47 2024 282 47 2025 277 49 2026 275 51 2027-2031 1,326 273 Total pension benefits $ 2,704 $ 512 Healthcare benefits: Year 2022 $ 10 $ — 2023 10 — 2024 10 — 2025 10 — 2026 9 — 2027-2031 39 1 Total healthcare benefits $ 88 $ 1 |
Schedule of Allocation of Plan Assets | Our pension assets were invested as follows: Asset allocations Domestic Foreign 2021 2020 2021 2020 Fixed income 60 % 62 % 82 % 82 % Equities 37 36 8 8 Alternative investments 2 2 9 9 Cash 1 — (a) 1 1 Total pension benefits 100 % 100 % 100 % 100 % (a) The allocation percentage is less than 1%. |
Schedule of Changes in Fair Value of Plan Assets | The following tables present the fair value of each major category of plan assets as of Dec. 31, 2021 and Dec. 31, 2020, by captions and by ASC 820, Fair Value Measurement , valuation hierarchy. Plan assets measured at fair value on a recurring basis— domestic plans at Dec. 31, 2021 (in millions) Level 1 Level 2 Level 3 Total fair value Common and preferred stock: U.S. equity $ 1,115 $ — $ — $ 1,115 Non-U.S. equity 213 — — 213 Collective trust funds: U.S. equity — 615 — 615 Commingled — 588 — 588 Fixed income: U.S. corporate bonds — 2,863 — 2,863 U.S. Treasury securities 342 — — 342 State and political subdivisions — 115 — 115 Sovereign government obligations 6 46 — 52 U.S. government agencies — 39 — 39 Supranational — 12 — 12 Other — 18 — 18 Total domestic plan assets in the fair value hierarchy $ 1,676 $ 4,296 $ — $ 5,972 Other assets measured at NAV: Funds of funds 150 Venture capital and partnership interests 7 Total domestic plan assets, at fair value $ 6,129 Plan assets measured at fair value on a recurring basis— foreign plans at Dec. 31, 2021 (in millions) Level 1 Level 2 Level 3 Total fair value Corporate debt funds $ — $ 1,325 $ — $ 1,325 Equity funds — 154 — 154 Sovereign/government obligation funds — 147 — 147 Cash and currency 18 — — 18 Total foreign plan assets in the fair value hierarchy $ 18 $ 1,626 $ — $ 1,644 Other assets measured at NAV 163 Total foreign plan assets, at fair value $ 1,807 Plan assets measured at fair value on a recurring basis— domestic plans at Dec. 31, 2020 (in millions) Level 1 Level 2 Level 3 Total fair value Common and preferred stock: U.S. equity $ 578 $ — $ — $ 578 Non-U.S. equity 147 — — 147 Collective trust funds: U.S. equity — 1,285 — 1,285 Commingled — 712 — 712 Fixed income: U.S. corporate bonds — 2,866 — 2,866 U.S. Treasury securities 228 — — 228 State and political subdivisions — 50 — 50 Sovereign government obligations — 47 — 47 U.S. government agencies — 31 — 31 Other — 37 — 37 Mutual funds 1 — — 1 Total domestic plan assets in the fair value hierarchy $ 954 $ 5,028 $ — $ 5,982 Other assets measured at NAV: Funds of funds 135 Venture capital and partnership interests 15 Total domestic plan assets, at fair value $ 6,132 Plan assets measured at fair value on a recurring basis— foreign plans at Dec. 31, 2020 (in millions) Level 1 Level 2 Level 3 Total fair value Corporate debt funds $ — $ 1,305 $ — $ 1,305 Sovereign/government obligation funds — 156 — 156 Equity funds — 146 — 146 Cash and currency 21 — — 21 Total foreign plan assets in the fair value hierarchy $ 21 $ 1,607 $ — $ 1,628 Other assets measured at NAV 158 Total foreign plan assets, at fair value $ 1,786 |
Schedule Of Fair Value Of Plan Assets Valued Using Net Asset Value Per Share Table | Assets valued using NAV at Dec. 31, 2021 (dollars in millions) Fair Unfunded Redemption Redemption notice period Funds of funds (a) $ 150 $ — Monthly 30-45 days Venture capital and partnership interests (b) 128 $ — N/A N/A Other contracts ( c) 42 — N/A N/A Total $ 320 $ — Assets valued using NAV at Dec. 31, 2020 (dollars in millions) Fair Unfunded Redemption Redemption notice period Funds of funds (a) $ 135 $ — Monthly 30-45 days Venture capital and partnership interests (b) 138 — N/A N/A Other contracts (c) 35 — N/A N/A Total $ 308 $ — (a) Funds of funds includes multi-strategy hedge funds that utilize investment strategies that invest over both long-term investment and short-term investment horizons. (b) Venture capital and partnership interests do not have redemption rights. Distributions from such funds will be received as the underlying investments are liquidated. (c) Other contracts include assets invested in pooled accounts at insurance companies that are privately valued by the asset manager. |
Company financial information_2
Company financial information (Parent Corporation) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Income Statement - The Bank of New York Mellon Corporation (Parent Corporation) | Year ended Dec. 31, (in millions) 2021 2020 2019 Dividends from bank subsidiaries $ 2,490 $ 1,485 $ 3,209 Dividends from nonbank subsidiaries 1,106 1,199 2,075 Interest revenue from bank subsidiaries — — 4 Interest revenue from nonbank subsidiaries 30 53 153 (Loss) on securities held for sale — — (11) Other revenue 56 50 39 Total revenue 3,682 2,787 5,469 Interest expense (including $6, $30 and $64, to subsidiaries, respectively) 339 520 941 Other expense 153 168 197 Total expense 492 688 1,138 Income before income taxes and equity in undistributed net income of subsidiaries 3,190 2,099 4,331 (Benefit) for income taxes (92) (289) (208) Equity in undistributed net income: Bank subsidiaries 282 1,278 (139) Nonbank subsidiaries 195 (49) 41 Net income 3,759 3,617 4,441 Preferred stock dividends and redemption charge (207) (194) (169) Net income applicable to common shareholders of The Bank of New York Mellon Corporation $ 3,552 $ 3,423 $ 4,272 |
Condensed Balance Sheet - The Bank of New York Mellon Corporation (Parent Corporation) | Dec. 31, (in millions) 2021 2020 Assets: Cash and due from banks $ 356 $ 330 Securities 4 6 Investment in and advances to subsidiaries and associated companies: Banks 34,721 36,431 Other 37,748 38,064 Subtotal 72,469 74,495 Corporate-owned life insurance 786 782 Other assets 623 202 Total assets $ 74,238 $ 75,815 Liabilities: Deferred compensation $ 435 $ 417 Affiliate borrowings 3,585 2,176 Other liabilities 1,283 1,866 Long-term debt 25,901 25,555 Total liabilities 31,204 30,014 Shareholders’ equity 43,034 45,801 Total liabilities and shareholders’ equity $ 74,238 $ 75,815 |
Condensed Statement of Cash Flows - The Bank of New York Mellon Corporation (Parent Corporation) | Year ended Dec. 31, (in millions) 2021 2020 2019 Operating activities: Net income $ 3,759 $ 3,617 $ 4,441 Adjustments to reconcile net income to net cash provided by (used for) operating activities: Equity in undistributed net (income) loss of subsidiaries (477) (1,229) 98 Change in accrued interest receivable 75 (17) (12) Change in accrued interest payable (15) (26) (17) Change in taxes payable (a) (142) (281) 331 Other, net (260) 368 (107) Net cash provided by operating activities 2,940 2,432 4,734 Investing activities: Acquisitions of, investments in, and advances to subsidiaries (b) 870 (1,442) 1,495 Net cash provided (used for) by investing activities 870 (1,442) 1,495 Financing activities: Proceeds from issuance of long-term debt 5,186 2,993 1,745 Repayments of long-term debt (4,250) (3,950) (4,250) Change in advances from subsidiaries 820 1,195 242 Issuance of common stock 63 58 86 Issuance of preferred stock 1,287 1,567 — Treasury stock acquired (4,567) (989) (3,327) Redemption of preferred stock (1,000) (583) — Cash dividends paid (1,323) (1,296) (1,289) Net cash (used for) financing activities (3,784) (1,005) (6,793) Change in cash and due from banks 26 (15) (564) Cash and due from banks at beginning of year 330 345 909 Cash and due from banks at end of year $ 356 $ 330 $ 345 Supplemental disclosures Interest paid $ 354 $ 546 $ 958 Income taxes paid — 3 2 Income taxes refunded 1 — — (a) Includes payments received from subsidiaries for taxes of $21 million in 2021, $736 million in 2020 and $823 million in 2019. (b) Includes $10 million of cash outflows, net of $880 million of cash inflows in 2021, $3,715 million of cash outflows, net of $2,273 million of cash inflows in 2020 and $2,139 million of cash outflows, net of $3,634 million of cash inflows in 2019. |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Carried at Fair Value on Recurring Basis | The following tables present the financial instruments carried at fair value at Dec. 31, 2021 and Dec. 31, 2020, by caption on the consolidated balance sheet and by the three-level valuation hierarchy. 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. Assets measured at fair value on a recurring basis at Dec. 31, 2021 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Available-for-sale securities: U.S. Treasury $ 29,409 $ — $ — $ — $ 29,409 Agency RMBS — 14,530 — — 14,530 Sovereign debt/sovereign guaranteed 6,017 7,362 — — 13,379 Agency commercial MBS — 8,405 — — 8,405 Supranational — 7,573 — — 7,573 Foreign covered bonds — 6,238 — — 6,238 CLOs — 4,439 — — 4,439 Non-agency commercial MBS — 3,125 — — 3,125 Non-agency RMBS — 2,748 — — 2,748 Foreign government agencies — 2,686 — — 2,686 U.S. government agencies — 2,536 — — 2,536 State and political subdivisions — 2,514 — — 2,514 Other ABS — 2,190 — — 2,190 Corporate bonds — 2,066 — — 2,066 Other debt securities — 1 — — 1 Total available-for-sale securities 35,426 66,413 — — 101,839 Trading assets: Debt instruments 1,447 2,750 — — 4,197 Equity instruments 9,766 — — — 9,766 Derivative assets not designated as hedging: Interest rate 6 3,253 — (1,424) 1,835 Foreign exchange — 6,279 — (5,501) 778 Equity and other contracts — 49 — (48) 1 Total derivative assets not designated as hedging 6 9,581 — (6,973) 2,614 Total trading assets 11,219 12,331 — (6,973) 16,577 Other assets: Derivative assets designated as hedging: Foreign exchange — 206 — — 206 Total derivative assets designated as hedging — 206 — — 206 Other assets (b) 438 325 — — 763 Total other assets 438 531 — — 969 Assets measured at NAV (b) 218 Total assets $ 47,083 $ 79,275 $ — $ (6,973) $ 119,603 Percentage of total assets prior to netting 37 % 63 % — % Liabilities measured at fair value on a recurring basis at Dec. 31, 2021 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Trading liabilities: Debt instruments $ 2,452 $ 46 $ — $ — $ 2,498 Equity instruments 40 — — — 40 Derivative liabilities not designated as hedging: Interest rate 1 2,834 — (2,028) 807 Foreign exchange — 6,215 — (4,111) 2,104 Equity and other contracts 5 211 — (196) 20 Total derivative liabilities not designated as hedging 6 9,260 — (6,335) 2,931 Total trading liabilities 2,498 9,306 — (6,335) 5,469 Other liabilities Derivative liabilities designated as hedging: Interest rate — 453 — — 453 Foreign exchange — 40 — — 40 Total derivative liabilities designated as hedging — 493 — — 493 Other liabilities 1 2 — — 3 Total other liabilities 1 495 — — 496 Total liabilities $ 2,499 $ 9,801 $ — $ (6,335) $ 5,965 Percentage of total liabilities prior to netting 20 % 80 % — % (a) ASC 815, Derivatives and Hedging, 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 seed capital, private equity investments and other assets. Assets measured at fair value on a recurring basis at Dec. 31, 2020 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Available-for-sale securities: U.S. Treasury $ 24,894 $ — $ — $ — $ 24,894 Agency RMBS — 22,347 — — 22,347 Sovereign debt/sovereign guaranteed 5,909 6,482 — — 12,391 Agency commercial MBS — 9,228 — — 9,228 Supranational — 7,160 — — 7,160 Foreign covered bonds — 6,725 — — 6,725 CLOs — 4,703 — — 4,703 Foreign government agencies — 4,135 — — 4,135 U.S. government agencies — 3,853 — — 3,853 Other ABS — 3,164 — — 3,164 Non-agency commercial MBS — 3,017 — — 3,017 Non-agency RMBS — 2,326 — — 2,326 State and political subdivisions — 2,308 — — 2,308 Corporate bonds — 1,994 — — 1,994 Commercial paper/CDs — 249 — — 249 Other debt securities — 1 — — 1 Total available-for-sale securities 30,803 77,692 — — 108,495 Trading assets: Debt instruments 1,803 3,868 — — 5,671 Equity instruments (b) 5,775 — — — 5,775 Derivative assets not designated as hedging: Interest rate 5 4,477 — (1,952) 2,530 Foreign exchange — 7,688 — (6,392) 1,296 Equity and other contracts — 2 — (2) — Total derivative assets not designated as hedging 5 12,167 — (8,346) 3,826 Total trading assets 7,583 16,035 — (8,346) 15,272 Other assets : Derivative assets designated as hedging: Foreign exchange — 19 — — 19 Total derivative assets designated as hedging — 19 — — 19 Other assets (c)(d) 504 285 — — 789 Total other assets 504 304 — — 808 Assets measured at NAV (c) 201 Total assets $ 38,890 $ 94,031 $ — $ (8,346) $ 124,776 Percentage of total assets prior to netting 29 % 71 % — % Liabilities measured at fair value on a recurring basis at Dec. 31, 2020 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Trading liabilities: Debt instruments $ 2,287 $ 35 $ — $ — $ 2,322 Equity instruments 11 — — — 11 Derivative liabilities not designated as hedging: Interest rate 2 3,878 — (2,348) 1,532 Foreign exchange — 7,622 — (5,484) 2,138 Equity and other contracts 7 34 — (13) 28 Total derivative liabilities not designated as hedging 9 11,534 — (7,845) 3,698 Total trading liabilities 2,307 11,569 — (7,845) 6,031 Long-term debt (b) — 400 — — 400 Other liabilities: Derivative liabilities designated as hedging: Interest rate — 666 — — 666 Foreign exchange — 441 — — 441 Total derivative liabilities designated as hedging — 1,107 — — 1,107 Other liabilities (d) 1 2 — — 3 Total other liabilities 1 1,109 — — 1,110 Total liabilities $ 2,308 $ 13,078 $ — $ (7,845) $ 7,541 Percentage of total liabilities prior to netting 15 % 85 % — % (a) ASC 815, Derivatives and Hedging, 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) Includes seed capital, private equity investments and other assets. (d) In 2021, we reclassified the assets and liabilities of consolidated investment management funds, at fair value, to other assets and other liabilities, respectively, on the consolidated balance sheet. Prior periods were reclassified to be comparable with the current period presentation. The reclassification had no impact on total assets or total liabilities. See Note 2 for additional information. |
Details Of Certain Items Measured At Fair Value on Recurring Basis | Details of certain available-for-sale securities measured at fair value on a recurring basis Dec. 31, 2021 Dec. 31, 2020 Total carrying value (b) Ratings (a) Total carrying value (b) Ratings (a) AAA/ A+/ BBB+/ BB+ and Not rated AAA/ A+/ BBB+/ BB+ and Not rated (dollars in millions) Non-agency RMBS, originated in: 2008-2021 $ 2,190 100 % — % — % — % — % $ 1,548 100 % — % — % — % — % 2007 114 — 4 — 39 57 179 12 3 — 42 43 2006 181 — 24 — 33 43 237 — 23 — 40 37 2005 167 3 5 1 37 54 227 3 — 7 52 38 2004 and earlier 96 16 10 5 57 12 135 19 10 11 54 6 Total non-agency RMBS $ 2,748 81 % 2 % — % 8 % 9 % $ 2,326 69 % 3 % 1 % 16 % 11 % Non-agency commercial MBS originated in: 2009-2021 $ 3,125 100 % — % — % — % — % $ 3,017 99 % 1 % — % — % — % Foreign covered bonds: Canada $ 2,332 100 % — % — % — % — % $ 2,552 100 % — % — % — % — % UK 1,141 100 — — — — 1,259 100 — — — — Australia 762 100 — — — — 951 100 — — — — Germany 638 100 — — — — 494 100 — — — — Norway 457 100 — — — — 703 100 — — — — Other 908 100 — — — — 766 100 — — — — Total foreign covered bonds $ 6,238 100 % — % — % — % — % $ 6,725 100 % — % — % — % — % Sovereign debt/sovereign guaranteed: Germany $ 3,585 100 % — % — % — % — % $ 2,222 100 % — % — % — % — % UK 1,969 100 — — — — 1,089 100 — — — — France 1,921 100 — — — — 1,697 100 — — — — Italy 1,382 — — 100 — — 2,010 — — 100 — — Singapore 1,018 100 — — — — 984 100 — — — — Spain 782 — 8 92 — — 1,920 — 5 95 — — Canada 630 100 — — — — 572 100 — — — — Hong Kong 531 100 — — — — 29 100 — — — — Japan 363 — 100 — — — 408 — 100 — — — Netherlands 332 100 — — — — 491 100 — — — — Austria 309 100 — — — — 256 100 — — — — Ireland 230 — 100 — — — 252 — 100 — — — Other (c) 327 64 — — 36 — 461 73 — — 27 — Total sovereign debt/sovereign guaranteed $ 13,379 78 % 5 % 16 % 1 % — % $ 12,391 62 % 6 % 31 % 1 % — % Foreign government agencies: Netherlands $ 765 100 % — % — % — % — % $ 847 100 % — % — % — % — % Canada 566 78 22 — — — 511 75 25 — — — France 301 100 — — — — 305 100 — — — — Norway 269 100 — — — — 273 100 — — — — Finland 267 100 — — — — 225 100 — — — — Sweden 252 100 — — — — 281 100 — — — — Germany — — — — — — 1,473 100 — — — — Other 266 64 36 — — — 220 55 45 — — — Total foreign government agencies $ 2,686 92 % 8 % — % — % — % $ 4,135 95 % 5 % — % — % — % (a) Represents ratings by S&P or the equivalent. (b) At Dec. 31, 2021 and Dec. 31, 2020, sovereign debt/sovereign guaranteed securities 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. (c) Includes non-investment grade sovereign debt/sovereign guaranteed securities related to Brazil of $119 million at Dec. 31, 2021 and $125 million at Dec. 31, 2020. |
Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the financial instruments carried on the consolidated balance sheet by caption and level in the fair value hierarchy as of Dec. 31, 2021 and Dec. 31, 2020. Assets measured at fair value on a nonrecurring basis Dec. 31, 2021 Dec. 31, 2020 Total carrying Total carrying (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Loans (a) $ — $ 42 $ — $ 42 $ — $ 48 $ — $ 48 Other assets (b) — 265 — 265 — 131 — 131 Total assets at fair value on a nonrecurring basis $ — $ 307 $ — $ 307 $ — $ 179 $ — $ 179 (a) The fair value of these loans decreased less than $1 million in 2021 and $1 million in 2020, based on the fair value of the underlying collateral, as required by guidance in ASC 326, Financial Instruments – Credit Losses, with an offset to the allowance for credit losses. (b) Includes non-readily marketable equity securities carried at cost with upward or downward adjustments and other assets received in satisfaction of debt. |
Summary of Financial Instruments Not Carried at Fair Value | The following tables present the estimated fair value and the carrying amount of financial instruments not carried at fair value on the consolidated balance sheet at Dec. 31, 2021 and Dec. 31, 2020, by caption on the consolidated balance sheet and by the valuation hierarchy. Summary of financial instruments Dec. 31, 2021 (in millions) Level 1 Level 2 Level 3 Total Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 102,467 $ — $ 102,467 $ 102,467 Interest-bearing deposits with banks — 16,636 — 16,636 16,630 Federal funds sold and securities purchased under resale agreements — 29,607 — 29,607 29,607 Securities held-to-maturity 12,488 44,287 — 56,775 56,866 Loans (a) — 67,026 — 67,026 66,860 Other financial assets 6,061 1,239 — 7,300 7,300 Total $ 18,549 $ 261,262 $ — $ 279,811 $ 279,730 Liabilities: Noninterest-bearing deposits $ — $ 93,695 $ — $ 93,695 $ 93,695 Interest-bearing deposits — 224,665 — 224,665 225,999 Federal funds purchased and securities sold under repurchase agreements — 11,566 — 11,566 11,566 Payables to customers and broker-dealers — 25,150 — 25,150 25,150 Borrowings — 956 — 956 956 Long-term debt — 26,701 — 26,701 25,931 Total $ — $ 382,733 $ — $ 382,733 $ 383,297 (a) Does not include the leasing portfolio. Summary of financial instruments Dec. 31, 2020 (in millions) Level 1 Level 2 Level 3 Total estimated Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 141,775 $ — $ 141,775 $ 141,775 Interest-bearing deposits with banks — 17,310 — 17,310 17,300 Federal funds sold and securities purchased under resale agreements — 30,907 — 30,907 30,907 Securities held-to-maturity 4,120 45,104 — 49,224 47,946 Loans (a) — 53,586 — 53,586 55,121 Other financial assets 6,252 1,160 — 7,412 7,412 Total $ 10,372 $ 289,842 $ — $ 300,214 $ 300,461 Liabilities: Noninterest-bearing deposits $ — $ 83,854 $ — $ 83,854 $ 83,854 Interest-bearing deposits — 257,287 — 257,287 257,691 Federal funds purchased and securities sold under repurchase agreements — 11,305 — 11,305 11,305 Payables to customers and broker-dealers — 25,085 — 25,085 25,085 Borrowings — 563 — 563 563 Long-term debt — 27,306 — 27,306 25,584 Total $ — $ 405,400 $ — $ 405,400 $ 404,082 (a) Does not include the leasing portfolio. |
Fair value option (Tables)
Fair value option (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities of Consolidated Investment Management Funds, at Fair Value | The following table presents the assets and liabilities of consolidated investment management funds, at fair value. Assets and liabilities of consolidated investment management funds, at fair value Dec. 31, (in millions) 2021 2020 Assets of consolidated investment management funds: Trading assets $ 443 $ 482 Other assets 19 5 Total assets of consolidated investment management funds $ 462 $ 487 Liabilities of consolidated investment management funds: Other liabilities $ 3 $ 3 Total liabilities of consolidated investment management funds $ 3 $ 3 The following table presents the changes in fair value of long-term debt recorded in other trading revenue, which is included in investment and other revenue in the consolidated income statement. Change in fair value of long-term debt (a) Year ended Dec. 31, (in millions) 2021 2020 2019 Investment and other revenue - other trading revenue $ — $ (13) $ (16) (a) The changes in fair value were approximately offset by an economic hedge included in investment and other revenue - other trading revenue. |
Commitments and contingent li_2
Commitments and contingent liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Off-Balance Sheet Credit Risks, Net of Participations | The following table presents a summary of our off-balance sheet credit risks. Off-balance sheet credit risks Dec. 31, 2021 Dec. 31, 2020 (in millions) Lending commitments $ 46,183 $ 47,577 Standby letters of credit (“SBLC”) (a) 1,971 2,265 Commercial letters of credit 56 60 Securities lending indemnifications (b)(c) 487,298 469,121 (a) Net of participations totaling $128 million at Dec. 31, 2021 and $154 million at Dec. 31, 2020. (b) Excludes the indemnification for securities for which BNY Mellon acts as an agent on behalf of CIBC Mellon clients, which totaled $67 billion at Dec. 31, 2021 and $62 billion at Dec. 31, 2020. |
Standby Letters of Credits by Investment Grade | The table below shows SBLCs by investment grade: Standby letters of credit Dec. 31, 2021 Dec. 31, 2020 Investment grade 85 % 82 % Non-investment grade 15 % 18 % |
Summary of Credit Exposure in the Financial Institutions and Commercial Portfolios | The tables below present our credit exposure in the financial institutions and commercial portfolios. Financial institutions portfolio exposure (in billions) Dec. 31, 2021 Loans Unfunded Total exposure Securities industry $ 1.7 $ 17.5 $ 19.2 Asset managers 1.7 7.1 8.8 Banks 5.8 1.5 7.3 Insurance 0.2 3.4 3.6 Government 0.1 0.2 0.3 Other 0.7 0.9 1.6 Total $ 10.2 $ 30.6 $ 40.8 Commercial portfolio exposure (in billions) Dec. 31, 2021 Loans Unfunded Total exposure Manufacturing $ 0.6 $ 3.9 $ 4.5 Energy and utilities 0.4 3.9 4.3 Services and other 1.0 3.2 4.2 Media and telecom 0.1 0.9 1.0 Total $ 2.1 $ 11.9 $ 14.0 |
Derivative instruments (Tables)
Derivative instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Gains (Losses) Related to Hedging | The following table presents the pre-tax gains (losses) related to our fair value and cash flow hedging activities recognized in the consolidated income statement. Income statement impact of fair value and cash flow hedges (in millions) Location of 2021 2020 2019 Interest rate fair value hedges of available-for-sale securities Derivative Interest revenue $ 786 $ (627) $ (795) Hedged item Interest revenue (785) 624 788 Interest rate fair value hedges of long-term debt Derivative Interest expense (646) 587 486 Hedged item Interest expense 645 (586) (483) Foreign exchange fair value hedges of available-for-sale securities Derivative (a) Foreign exchange revenue 11 (9) 9 Hedged item Foreign exchange revenue (10) 11 (8) Cash flow hedge of interest rate risk Gain reclassified from OCI into income Interest expense — — 7 Cash flow hedges of forecasted FX exposures Gain (loss) reclassified from OCI into income Staff expense 12 (1) 3 Gain (loss) recognized in the consolidated income statement due to fair value and cash flow hedging relationships $ 13 $ (1) $ 7 |
Impacts of Hedging Derivatives in Net Investment Hedging Relationships | The following table presents the impact of hedging derivatives used in net investment hedging relationships. Impact of derivative instruments used in net investment hedging relationships (in millions) Derivatives in net investment hedging relationships Gain or (loss) recognized in accumulated OCI on derivatives Location of gain or (loss) reclassified from accumulated OCI into income Gain or (loss) reclassified from accumulated OCI into income 2021 2020 2019 2021 2020 2019 FX contracts $ 261 $ (284) $ (19) Net interest revenue $ — $ — $ — |
Summary of Hedged Items in Fair Value Hedging Relationships | The following table presents information on the hedged items in fair value hedging relationships. Hedged items in fair value hedging relationships Carrying amount of hedged Hedge accounting basis adjustment increase (decrease) (a) Dec. 31, Dec. 31, (in millions) 2021 2020 2021 2020 Available-for-sale securities (b)(c) $ 24,400 $ 17,536 $ 590 $ 1,428 Long-term debt $ 22,447 $ 14,784 $ 183 $ 783 (a) Includes $165 million and $177 million of basis adjustment increases on discontinued hedges associated with available-for-sale securities at Dec. 31, 2021 and Dec. 31, 2020, respectively, and $72 million and $118 million of basis adjustment decreases on discontinued hedges associated with long-term debt at Dec. 31, 2021 and Dec. 31, 2020, respectively. (b) Excludes hedged items where only foreign currency risk is the designated hedged risk, as the basis adjustments related to foreign currency hedges will not reverse through the consolidated income statement in future periods. The carrying amount excluded for available-for-sale securities was $141 million at Dec. 31, 2021 and $148 million at Dec. 31, 2020. (c) Carrying amount represents the amortized cost. |
Impact of Derivative Instruments on the Balance Sheet | The following table summarizes the notional amount and carrying values of our total derivative portfolio. Impact of derivative instruments on the balance sheet Notional value Asset derivatives Liability derivatives Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 (in millions) Derivatives designated as hedging instruments: (a)(b) Interest rate contracts $ 46,717 $ 31,360 $ — $ — $ 453 $ 666 Foreign exchange contracts 10,367 8,706 206 19 40 441 Total derivatives designated as hedging instruments $ 206 $ 19 $ 493 $ 1,107 Derivatives not designated as hedging instruments: (b)(c) Interest rate contracts $ 193,747 $ 198,865 $ 3,259 $ 4,482 $ 2,835 $ 3,880 Foreign exchange contracts 915,694 813,003 6,279 7,688 6,215 7,622 Equity contracts 9,659 5,142 49 2 211 37 Credit contracts 190 165 — — 5 4 Total derivatives not designated as hedging instruments $ 9,587 $ 12,172 $ 9,266 $ 11,543 Total derivatives fair value (d) $ 9,793 $ 12,191 $ 9,759 $ 12,650 Effect of master netting agreements (e) (6,973) (8,346) (6,335) (7,845) Fair value after effect of master netting agreements $ 2,820 $ 3,845 $ 3,424 $ 4,805 (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 consolidated balance sheet. (b) For derivative transactions settled at clearing organizations, cash collateral exchanged is deemed a settlement of the derivative each day. The settlement reduces the gross fair value of derivative assets and liabilities and results in a corresponding decrease in the effect of master netting agreements, with no impact to the consolidated balance sheet. (c) 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 consolidated balance sheet. (d) Fair values are on a gross basis, before consideration of master netting agreements, as required by ASC 815, Derivatives and Hedging. (e) Effect of master netting agreements includes cash collateral received and paid of $1,424 million and $786 million, respectively, at Dec. 31, 2021, and $1,552 million and $1,051 million, respectively, at Dec. 31, 2020. |
Revenue from Foreign Exchange and Other Trading | The following table presents our foreign exchange revenue and other trading revenue. Foreign exchange revenue and other trading revenue Year ended Dec. 31, (in millions) 2021 2020 2019 Foreign exchange revenue $ 799 $ 774 (a) $ 564 (a) Other trading revenue 6 13 (a) 77 (a) (a) In 2021, we reclassified certain items within total revenue on the consolidated income statement and reclassified prior periods to be comparable with the current period presentation. See Note 2 for additional information. |
Fair Value of Derivative Contracts Falling under Early Termination Provisions that were in Net Liability Position | The following table shows the aggregate fair value of OTC derivative contracts in net liability positions that contained credit risk-contingent features and the value of collateral that has been posted. Dec. 31, 2021 Dec. 31, 2020 (in millions) Aggregate fair value of OTC derivatives in net liability positions (a) $ 3,606 $ 5,235 Collateral posted $ 5,388 $ 5,568 (a) Before consideration of cash collateral. The following table shows the fair value of contracts falling under early termination provisions that were in net liability positions for three key ratings triggers. Potential close-out exposures (fair value) (a) Dec. 31, 2021 Dec. 31, 2020 (in millions) If The Bank of New York Mellon’s rating changed to: (b) A3/A- $ 56 $ 79 Baa2/BBB $ 563 $ 813 Ba1/BB+ $ 1,778 $ 2,859 (a) The amounts represent potential total close-out values if The Bank of New York Mellon’s long-term issuer rating were to immediately drop to the indicated levels, and do not reflect collateral posted. (b) Represents ratings by Moody’s/S&P. |
Offsetting Assets | The following tables present derivative and financial instruments and their related offsets. There were no derivative instruments or financial instruments subject to a legally enforceable netting agreement for which we are not currently netting. Offsetting of derivative assets and financial assets at Dec. 31, 2021 Gross assets recognized Gross amounts offset in the balance sheet Net assets recognized in 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 $ 2,132 $ 1,424 $ 708 $ 206 $ — $ 502 Foreign exchange contracts 6,122 5,501 621 69 — 552 Equity and other contracts 48 48 — — — — Total derivatives subject to netting arrangements 8,302 6,973 1,329 275 — 1,054 Total derivatives not subject to netting arrangements 1,491 — 1,491 — — 1,491 Total derivatives 9,793 6,973 2,820 275 — 2,545 Reverse repurchase agreements 72,661 54,709 (b) 17,952 17,922 — 30 Securities borrowing 11,655 — 11,655 11,036 — 619 Total $ 94,109 $ 61,682 $ 32,427 $ 29,233 $ — $ 3,194 (a) Includes the effect of netting agreements and net cash collateral received. The offset related to the OTC 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 FICC, 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, 2020 Gross assets recognized Gross amounts offset in the balance sheet Net assets recognized 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 $ 2,972 $ 1,952 $ 1,020 $ 311 $ — $ 709 Foreign exchange contracts 7,128 6,392 736 146 — 590 Equity and other contracts 2 2 — — — — Total derivatives subject to netting arrangements 10,102 8,346 1,756 457 — 1,299 Total derivatives not subject to netting arrangements 2,089 — 2,089 — — 2,089 Total derivatives 12,191 8,346 3,845 457 — 3,388 Reverse repurchase agreements 78,828 59,561 (b) 19,267 19,252 — 15 Securities borrowing 11,640 — 11,640 11,166 — 474 Total $ 102,659 $ 67,907 $ 34,752 $ 30,875 $ — $ 3,877 (a) Includes the effect of netting agreements and net cash collateral received. The offset related to the OTC 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 FICC, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. |
Offsetting Liabilities | Offsetting of derivative liabilities and financial liabilities at Dec. 31, 2021 Net liabilities recognized in the balance sheet Gross liabilities recognized Gross amounts offset in 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 $ 3,263 $ 2,028 $ 1,235 $ 1,197 $ — $ 38 Foreign exchange contracts 5,619 4,111 1,508 29 — 1,479 Equity and other contracts 211 196 15 — — 15 Total derivatives subject to netting arrangements 9,093 6,335 2,758 1,226 — 1,532 Total derivatives not subject to netting arrangements 666 — 666 — — 666 Total derivatives 9,759 6,335 3,424 1,226 — 2,198 Repurchase agreements 64,734 54,709 (b) 10,025 10,025 — — Securities lending 1,541 — 1,541 1,478 — 63 Total $ 76,034 $ 61,044 $ 14,990 $ 12,729 $ — $ 2,261 (a) Includes the effect of netting agreements and net cash collateral paid. The offset related to the OTC 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 FICC, 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, 2020 Net liabilities recognized Gross liabilities recognized Gross amounts offset in 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 $ 4,533 $ 2,348 $ 2,185 $ 2,115 $ — $ 70 Foreign exchange contracts 7,280 5,484 1,796 143 — 1,653 Equity and other contracts 37 13 24 7 — 17 Total derivatives subject to netting arrangements 11,850 7,845 4,005 2,265 — 1,740 Total derivatives not subject to netting arrangements 800 — 800 — — 800 Total derivatives 12,650 7,845 4,805 2,265 — 2,540 Repurchase agreements 69,831 59,561 (b) 10,270 10,270 — — Securities lending 1,035 — 1,035 983 — 52 Total $ 83,516 $ 67,406 $ 16,110 $ 13,518 $ — $ 2,592 (a) Includes the effect of netting agreements and net cash collateral paid. The offset related to the OTC 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 FICC, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system. |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | The following table presents the contract value of repurchase agreements and securities lending transactions accounted for as secured borrowings by the type of collateral provided to counterparties. Repurchase agreements and securities lending transactions accounted for as secured borrowings Dec. 31, 2021 Dec. 31, 2020 Remaining contractual maturity Total Remaining contractual maturity Total (in millions) Overnight and continuous Up to 30 days 30-90 days Over 90 days Overnight and continuous Up to 30 days 30-90 days Over 90 days Repurchase agreements: U.S. Treasury $ 56,556 $ 304 $ 450 $ — $ 57,310 $ 62,381 $ — $ — $ — $ 62,381 Agency RMBS 2,795 1 — — 2,796 3,117 — 80 — 3,197 Corporate bonds 97 77 870 270 1,314 190 218 1,336 100 1,844 State and political subdivisions 44 16 630 155 845 66 40 864 — 970 U.S. government agencies 503 — — — 503 425 — — — 425 Sovereign debt/sovereign guaranteed 160 — — — 160 — — — — — Other debt securities — 30 245 — 275 7 21 138 — 166 Equity securities — 276 1,255 — 1,531 — 21 827 — 848 Total $ 60,155 $ 704 $ 3,450 $ 425 $ 64,734 $ 66,186 $ 300 $ 3,245 $ 100 $ 69,831 Securities lending: Agency RMBS $ 152 $ — $ — $ — $ 152 $ 161 $ — $ — $ — $ 161 Other debt securities 88 — — — 88 52 — — — 52 Equity securities 1,301 — — — 1,301 822 — — — 822 Total $ 1,541 $ — $ — $ — $ 1,541 $ 1,035 $ — $ — $ — $ 1,035 Total secured borrowings $ 61,696 $ 704 $ 3,450 $ 425 $ 66,275 $ 67,221 $ 300 $ 3,245 $ 100 $ 70,866 |
Business segments (Tables)
Business segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Contribution of Segments to Overall Profitability | The following consolidating schedules present the contribution of our segments to our overall profitability. For the year ended Dec. 31, 2021 Securities Services Market and Wealth Services Investment and Wealth Other Consolidated (dollars in millions) Total fee and other revenue $ 5,818 $ 3,583 $ 3,849 (a) $ 51 $ 13,301 (a) Net interest revenue (expense) 1,426 1,158 193 (159) 2,618 Total revenue (loss) 7,244 4,741 4,042 (a) (108) 15,919 (a) Provision for credit losses (134) (67) (13) (17) (231) Noninterest expense 5,852 2,676 2,825 161 11,514 Income (loss) before income taxes $ 1,526 $ 2,132 $ 1,230 (a) $ (252) $ 4,636 (a) Pre-tax operating margin (b) 21 % 45 % 30 % N/M 29 % Average assets $ 228,915 $ 145,123 $ 30,980 $ 47,214 $ 452,232 (a) Total fee and other revenue, total revenue and income before taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $12 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the year ended Dec. 31, 2020 Securities Services Market and Wealth Services Investment and Wealth Other Consolidated (dollars in millions) Total fee and other revenue $ 5,678 $ 3,578 $ 3,495 (a) $ 71 $ 12,822 (a) Net interest revenue (expense) 1,697 1,228 197 (145) 2,977 Total revenue (loss) 7,375 4,806 3,692 (a) (74) 15,799 (a) Provision for credit losses 215 100 20 1 336 Noninterest expense 5,556 2,614 2,701 133 11,004 Income (loss) before income taxes $ 1,604 $ 2,092 $ 971 (a) $ (208) $ 4,459 (a) Pre-tax operating margin (b) 22 % 44 % 26 % N/M 28 % Average assets $ 202,761 $ 123,554 $ 30,459 $ 56,544 $ 413,318 (a) Total fee and other revenue, total revenue and income before taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $9 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the year ended Dec. 31, 2019 Securities Services Market and Wealth Services Investment and Wealth Other Consolidated (dollars in millions) Total fee and other revenue $ 5,461 $ 3,465 $ 3,485 (a) $ 837 $ 13,248 (a) Net interest revenue (expense) 1,896 1,230 222 (160) 3,188 Total revenue 7,357 4,695 3,707 (a) 677 16,436 (a) Provision for credit losses (11) (5) (1) (8) (25) Noninterest expense 5,457 2,639 2,647 157 10,900 Income before income taxes $ 1,911 $ 2,061 $ 1,061 (a) $ 528 $ 5,561 (a) Pre-tax operating margin (b) 26 % 44 % 29 % N/M 34 % Average assets $ 167,057 $ 95,932 $ 29,479 $ 53,487 $ 345,955 (a) Total fee and other revenue, total revenue and income before taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $26 million. (b) Income before taxes divided by total revenue. N/M – Not meaningful. |
International operations (Table
International operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segments, Geographical Areas [Abstract] | |
Foreign Revenue, Income before Income Taxes, Net Income and Assets from Foreign Operations | Total assets, total revenue, income before income taxes and net income of our international operations are shown in the table below. International operations International Total Total (in millions) Europe, the Middle East and Africa Asia-Pacific region Other Total 2021 Total assets at period end (a) $ 94,507 (b) $ 20,280 $ 2,519 $ 117,306 $ 327,132 $ 444,438 Total revenue 4,119 (b) 1,144 744 6,007 9,924 15,931 Income before income taxes 1,293 572 447 2,312 2,336 4,648 Net income 1,005 445 348 1,798 1,973 3,771 2020 Total assets at period end (a) $ 92,374 (b) $ 28,416 $ 2,513 $ 123,303 $ 346,330 $ 469,633 Total revenue 3,964 (b) 1,168 698 5,830 9,978 15,808 Income before income taxes 1,549 607 437 2,593 1,875 4,468 Net income 1,179 462 332 1,973 1,653 3,626 2019 Total assets at period end (a) $ 74,504 (b) $ 36,347 $ 2,636 $ 113,487 $ 268,021 $ 381,508 Total revenue 3,833 (b) 1,161 737 5,731 10,731 16,462 Income before income taxes 1,447 548 506 2,501 3,086 5,587 Net income 1,116 423 390 1,929 2,538 4,467 (a) Total assets include long-lived assets, which are not considered by management to be significant in relation to total assets. Long-lived assets are primarily located in the U.S. (b) Includes assets of approximately $37.9 billion, $38.1 billion and $30.8 billion and revenue of approximately $2.4 billion, $2.6 billion and $2.6 billion in 2021, 2020 and 2019, respectively, of international operations domiciled in the UK, which is 9%, 8% and 8% of total assets and 15%, 16% and 16% of total revenue, respectively. |
Supplemental information to t_2
Supplemental information to the Consolidated Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Noncash Investing and Financing Transactions that are Not Reflected in Consolidated Statement of Cash Flows | Non-cash investing and financing transactions that, appropriately, are not reflected in the consolidated statement of cash flows are listed below. Non-cash investing and financing transactions Year ended Dec. 31, (in millions) 2021 2020 2019 Transfers from loans to other assets for other real estate owned $ 1 $ 1 $ 2 Change in assets of consolidated investment management funds 25 242 16 Change in liabilities of consolidated investment management funds — 2 1 Change in nonredeemable noncontrolling interests of consolidated investment management funds 53 41 1 Securities purchased not settled — 205 497 Available-for-sale securities transferred to held-to-maturity 13,800 501 — Premises and equipment/capitalized software funded by finance lease obligations 27 10 14 Premises and equipment/operating lease obligations 97 208 1,754 (a) Investment redemptions not settled — 9 20 (a) Includes $1,244 million related to the adoption of ASU 2016-02, Leases, and $510 million related to new or modified leases. |
Summary of significant accoun_4
Summary of significant accounting and reporting policies - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)business | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of principal businesses (business) | business | 3 |
Minimum amount of majority of loans primarily to institutional customers | $ | $ 1,000,000 |
Maximum percentage of excess actuarial gain or loss before excess is recognized (percentage) | 10.00% |
Period of time to amortize unrecognized gains or losses for pension plans with inactive participants (years) | 15 years |
Period of time that difference of expected return on plan assets vs. actual performance of plan assets included as adjustment in market related value (years) | 5 years |
Minimum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Premises and equipment, useful life (in years) | 2 years |
Maximum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Premises and equipment, useful life (in years) | 40 years |
Commercial Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Threshold period past due for nonaccrual status | 90 days |
First Lien Residential Mortgage | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Threshold period past due subject to impairment test | 90 days |
Second Lien Residential Mortgage | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Threshold period past due subject to impairment test | 90 days |
Summary of significant accoun_5
Summary of significant accounting and reporting policies - Equity Method Investments (Details) $ in Millions | Dec. 31, 2021USD ($) |
CIBC Mellon | |
Schedule of Equity Method Investments [Line Items] | |
Percentage ownership | 50.00% |
Book value | $ 687 |
Siguler Guff | |
Schedule of Equity Method Investments [Line Items] | |
Percentage ownership | 20.00% |
Book value | $ 252 |
Accounting changes and new ac_3
Accounting changes and new accounting guidance - Reclassification (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Income Statement [Abstract] | ||||
Foreign exchange and other trading revenue | [1] | $ 799 | $ 774 | $ 564 |
Total fee revenue | [1] | 12,977 | 12,515 | 12,178 |
Investment and other income | [1] | 336 | 316 | 1,096 |
Net securities gains (losses) | 5 | 33 | (18) | |
Foreign exchange revenue | 799 | 774 | 564 | |
Statement of Financial Position [Abstract] | ||||
Other assets | [2] | 22,409 | 20,955 | |
Other liabilities | [2] | $ 6,721 | 7,517 | |
Previously Reported | ||||
Income Statement [Abstract] | ||||
Foreign exchange and other trading revenue | 789 | 654 | ||
Total fee revenue | 12,714 | 13,236 | ||
Investment and other income | 184 | 968 | ||
Net securities gains (losses) | 33 | (18) | ||
Investment income (loss), net | 84 | $ 56 | ||
Statement of Financial Position [Abstract] | ||||
Other assets | 20,468 | |||
Assets of consolidated investment management funds, at fair value | 487 | |||
Other liabilities | 7,514 | |||
Liabilities of consolidated investment management funds, at fair value | $ 3 | |||
[1] | In 2021, we reclassified certain items within total revenue on the consolidated income statement and reclassified prior periods to be comparable with the current period presentation. See Note 2 of the Notes to Consolidated Financial Statements for additional information. | |||
[2] | In 2021, we reclassified the assets and liabilities of consolidated investment management funds, at fair value, to other assets and other liabilities, respectively. See Note 2 of the Notes to Consolidated Financial Statements for additional information. |
Acquisitions and dispositions -
Acquisitions and dispositions - Narrative (Details) $ in Millions | Nov. 08, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2021entity | Dec. 31, 2021USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||||
Contingent payments | $ 5 | |||||
Goodwill | $ 17,512 | $ 17,496 | 17,512 | $ 17,386 | ||
Disposal group, number of legal entities | entity | 2 | |||||
Gain (loss) on disposal | 4 | $ (34) | ||||
Acquisition in 2021 | ||||||
Business Acquisition [Line Items] | ||||||
Potential obligation to pay additional consideration, lower range | 15 | 15 | ||||
Potential obligation to pay additional consideration, upper range | $ 45 | $ 45 | ||||
Period for contingent consideration payment | 3 years | 3 years | ||||
Goodwill | $ 99 | $ 99 | ||||
Intangible assets acquired | $ 70 | $ 70 | ||||
Promontory Interfinancial Network | ||||||
Business Acquisition [Line Items] | ||||||
Gain (loss) on disposal | $ 622 |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale: | ||
Amortized cost | $ 100,774 | $ 105,141 |
Gross unrealized, Gain | 1,859 | 3,462 |
Gross unrealized, Loss | 794 | 108 |
Available-for-sale | 101,839 | 108,495 |
Held-to-maturity: | ||
Amortized cost | 56,866 | 47,946 |
Gross unrealized, Gains | 526 | 1,300 |
Gross unrealized, Losses | 617 | 22 |
Securities held-to-maturity | 56,775 | 49,224 |
Amortized cost, Total | 157,640 | 153,087 |
Gross unrealized, Gain, Total | 2,385 | 4,762 |
Gross unrealized, Losses, Total | 1,411 | 130 |
Fair value, Total | 158,614 | 157,719 |
Debt securities, available-for-sale, allowance for credit loss | 10 | 11 |
AOCI, transfers from AFS to HTM Securities, gross unrealized gains | 455 | 75 |
AOCI, transfers from AFS to HTM Securities, gross unrealized losses | 75 | 44 |
U.S. Treasury | ||
Available-for-sale: | ||
Amortized cost | 28,966 | 23,557 |
Gross unrealized, Gain | 771 | 1,358 |
Gross unrealized, Loss | 328 | 21 |
Available-for-sale | 29,409 | 24,894 |
Held-to-maturity: | ||
Amortized cost | 11,617 | 2,938 |
Gross unrealized, Gains | 36 | 90 |
Gross unrealized, Losses | 103 | 0 |
Securities held-to-maturity | 11,550 | 3,028 |
Agency residential mortgage-backed securities (“RMBS”) | ||
Available-for-sale: | ||
Amortized cost | 21,919 | |
Gross unrealized, Gain | 479 | |
Gross unrealized, Loss | 51 | |
Available-for-sale | 22,347 | |
Held-to-maturity: | ||
Amortized cost | 36,167 | 38,355 |
Gross unrealized, Gains | 428 | 1,055 |
Gross unrealized, Losses | 388 | 14 |
Securities held-to-maturity | 36,207 | 39,396 |
Agency residential mortgage-backed securities (“RMBS”) | Agency RMBS | ||
Available-for-sale: | ||
Amortized cost | 14,333 | |
Gross unrealized, Gain | 270 | |
Gross unrealized, Loss | 73 | |
Available-for-sale | 14,530 | |
Sovereign debt/sovereign guaranteed | ||
Available-for-sale: | ||
Amortized cost | 13,367 | 12,202 |
Gross unrealized, Gain | 79 | 190 |
Gross unrealized, Loss | 67 | 1 |
Available-for-sale | 13,379 | 12,391 |
Held-to-maturity: | ||
Amortized cost | 922 | 1,050 |
Gross unrealized, Gains | 18 | 42 |
Gross unrealized, Losses | 2 | 0 |
Securities held-to-maturity | 938 | 1,092 |
Agency commercial mortgage-backed securities (“MBS”) | ||
Available-for-sale: | ||
Amortized cost | 8,102 | 8,605 |
Gross unrealized, Gain | 345 | 625 |
Gross unrealized, Loss | 42 | 2 |
Available-for-sale | 8,405 | 9,228 |
Held-to-maturity: | ||
Amortized cost | 4,068 | 2,659 |
Gross unrealized, Gains | 41 | 105 |
Gross unrealized, Losses | 52 | 2 |
Securities held-to-maturity | 4,057 | 2,762 |
Supranational | ||
Available-for-sale: | ||
Amortized cost | 7,599 | 7,086 |
Gross unrealized, Gain | 24 | 75 |
Gross unrealized, Loss | 50 | 1 |
Available-for-sale | 7,573 | 7,160 |
Held-to-maturity: | ||
Amortized cost | 54 | 55 |
Gross unrealized, Gains | 0 | 0 |
Gross unrealized, Losses | 0 | 0 |
Securities held-to-maturity | 54 | 55 |
Foreign covered bonds | ||
Available-for-sale: | ||
Amortized cost | 6,236 | 6,658 |
Gross unrealized, Gain | 25 | 68 |
Gross unrealized, Loss | 23 | 1 |
Available-for-sale | 6,238 | 6,725 |
Collateralized loan obligations (“CLOs”) | ||
Available-for-sale: | ||
Amortized cost | 4,441 | 4,706 |
Gross unrealized, Gain | 3 | 7 |
Gross unrealized, Loss | 5 | 10 |
Available-for-sale | 4,439 | 4,703 |
Held-to-maturity: | ||
Amortized cost | 983 | |
Gross unrealized, Gains | 0 | |
Gross unrealized, Losses | 1 | |
Securities held-to-maturity | 982 | |
Foreign government agencies | ||
Available-for-sale: | ||
Amortized cost | 2,694 | 4,086 |
Gross unrealized, Gain | 9 | 49 |
Gross unrealized, Loss | 17 | 0 |
Available-for-sale | 2,686 | 4,135 |
U.S. government agencies | ||
Available-for-sale: | ||
Amortized cost | 2,464 | 3,680 |
Gross unrealized, Gain | 99 | 174 |
Gross unrealized, Loss | 27 | 1 |
Available-for-sale | 2,536 | 3,853 |
Held-to-maturity: | ||
Amortized cost | 2,998 | 2,816 |
Gross unrealized, Gains | 0 | 4 |
Gross unrealized, Losses | 71 | 6 |
Securities held-to-maturity | 2,927 | 2,814 |
Other ABS | ||
Available-for-sale: | ||
Amortized cost | 2,205 | 3,135 |
Gross unrealized, Gain | 7 | 32 |
Gross unrealized, Loss | 22 | 3 |
Available-for-sale | 2,190 | 3,164 |
Non-agency commercial MBS | ||
Available-for-sale: | ||
Amortized cost | 3,083 | 2,864 |
Gross unrealized, Gain | 65 | 159 |
Gross unrealized, Loss | 23 | 6 |
Available-for-sale | 3,125 | 3,017 |
Non-agency RMBS | ||
Available-for-sale: | ||
Amortized cost | 2,641 | 2,178 |
Gross unrealized, Gain | 132 | 157 |
Gross unrealized, Loss | 25 | 9 |
Available-for-sale | 2,748 | 2,326 |
Held-to-maturity: | ||
Amortized cost | 43 | 58 |
Gross unrealized, Gains | 2 | 3 |
Gross unrealized, Losses | 0 | 0 |
Securities held-to-maturity | 45 | 61 |
State and political subdivisions | ||
Available-for-sale: | ||
Amortized cost | 2,543 | 2,270 |
Gross unrealized, Gain | 11 | 39 |
Gross unrealized, Loss | 40 | 1 |
Available-for-sale | 2,514 | 2,308 |
Held-to-maturity: | ||
Amortized cost | 14 | 15 |
Gross unrealized, Gains | 1 | 1 |
Gross unrealized, Losses | 0 | 0 |
Securities held-to-maturity | 15 | 16 |
Corporate bonds | ||
Available-for-sale: | ||
Amortized cost | 2,099 | 1,945 |
Gross unrealized, Gain | 19 | 50 |
Gross unrealized, Loss | 52 | 1 |
Available-for-sale | 2,066 | 1,994 |
Commercial paper/ certificates of deposit (“CDs”) | ||
Available-for-sale: | ||
Amortized cost | 249 | |
Gross unrealized, Gain | 0 | |
Gross unrealized, Loss | 0 | |
Available-for-sale | 249 | |
Other debt securities | ||
Available-for-sale: | ||
Amortized cost | 1 | 1 |
Gross unrealized, Gain | 0 | 0 |
Gross unrealized, Loss | 0 | 0 |
Available-for-sale | $ 1 | $ 1 |
Securities - Net Securities Gai
Securities - Net Securities Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Securities [Abstract] | |||
Realized gross gains | $ 28 | $ 46 | $ 23 |
Realized gross losses | (23) | (13) | (39) |
Recognized gross impairments | 0 | 0 | (2) |
Total net securities gains (losses) | $ 5 | $ 33 | $ (18) |
Securities - Pre-Tax Net Securi
Securities - Pre-Tax Net Securities Gains (Losses) by Type (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Total net securities gains (losses) | $ 5 | $ 33 | $ (18) |
Foreign government agencies | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Total net securities gains (losses) | 1 | 8 | (3) |
Supranational | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Total net securities gains (losses) | 1 | 7 | (2) |
U.S. Treasury | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Total net securities gains (losses) | (3) | 8 | (13) |
Other | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Total net securities gains (losses) | $ 6 | $ 10 | $ 0 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities transferred to held-to-maturity | $ 13,800 | $ 501 | $ 0 | ||
Debt securities, available-for-sale, allowance for credit loss | $ 10 | $ 11 | 10 | 11 | |
AOCI, transfers from AFS to HTM Securities, gross unrealized losses | $ 75 | $ 44 | |||
U.S. Treasury Securities And Agency Commercial MBS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, amortized cost | 13,400 | ||||
Available-for-sale securities transferred to held-to-maturity | $ 13,800 | ||||
Agency commercial mortgage-backed securities (“MBS”) | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, amortized cost | 448 | ||||
Available-for-sale securities transferred to held-to-maturity | $ 501 |
Securities - Fair Value of Inve
Securities - Fair Value of Investments with Continuous Unrealized Loss Position (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | $ 47,036,000,000 | $ 12,855,000,000 |
Less than 12 months, Unrealized losses | 636,000,000 | 47,000,000 |
12 months or more, Fair value | 4,661,000,000 | 3,668,000,000 |
12 months or more, Unrealized losses | 158,000,000 | 61,000,000 |
Total, Fair value | 51,697,000,000 | 16,523,000,000 |
Total, Unrealized losses | 794,000,000 | 108,000,000 |
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, less than 12 months | 47,000,000 | 0 |
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, greater than 12 months | 28,000,000 | 44,000,000 |
Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 4,089,000,000 | 850,000,000 |
Less than 12 months, Unrealized losses | 44,000,000 | 4,000,000 |
12 months or more, Fair value | 457,000,000 | 1,965,000,000 |
12 months or more, Unrealized losses | 29,000,000 | 47,000,000 |
Total, Fair value | 4,546,000,000 | 2,815,000,000 |
Total, Unrealized losses | 73,000,000 | 51,000,000 |
U.S. Treasury | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 16,855,000,000 | 4,253,000,000 |
Less than 12 months, Unrealized losses | 235,000,000 | 21,000,000 |
12 months or more, Fair value | 1,944,000,000 | 0 |
12 months or more, Unrealized losses | 93,000,000 | 0 |
Total, Fair value | 18,799,000,000 | 4,253,000,000 |
Total, Unrealized losses | 328,000,000 | 21,000,000 |
Sovereign debt/sovereign guaranteed | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 6,040,000,000 | 1,349,000,000 |
Less than 12 months, Unrealized losses | 66,000,000 | 1,000,000 |
12 months or more, Fair value | 58,000,000 | 135,000,000 |
12 months or more, Unrealized losses | 1,000,000 | 0 |
Total, Fair value | 6,098,000,000 | 1,484,000,000 |
Total, Unrealized losses | 67,000,000 | 1,000,000 |
Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 2,233,000,000 | 440,000,000 |
Less than 12 months, Unrealized losses | 39,000,000 | 1,000,000 |
12 months or more, Fair value | 585,000,000 | 266,000,000 |
12 months or more, Unrealized losses | 3,000,000 | 1,000,000 |
Total, Fair value | 2,818,000,000 | 706,000,000 |
Total, Unrealized losses | 42,000,000 | 2,000,000 |
Foreign covered bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 2,694,000,000 | 468,000,000 |
Less than 12 months, Unrealized losses | 23,000,000 | 1,000,000 |
12 months or more, Fair value | 0 | 90,000,000 |
12 months or more, Unrealized losses | 0 | 0 |
Total, Fair value | 2,694,000,000 | 558,000,000 |
Total, Unrealized losses | 23,000,000 | 1,000,000 |
Supranational | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 3,093,000,000 | 1,041,000,000 |
Less than 12 months, Unrealized losses | 44,000,000 | 1,000,000 |
12 months or more, Fair value | 305,000,000 | 132,000,000 |
12 months or more, Unrealized losses | 6,000,000 | 0 |
Total, Fair value | 3,398,000,000 | 1,173,000,000 |
Total, Unrealized losses | 50,000,000 | 1,000,000 |
Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 1,808,000,000 | 1,849,000,000 |
Less than 12 months, Unrealized losses | 3,000,000 | 6,000,000 |
12 months or more, Fair value | 318,000,000 | 579,000,000 |
12 months or more, Unrealized losses | 2,000,000 | 4,000,000 |
Total, Fair value | 2,126,000,000 | 2,428,000,000 |
Total, Unrealized losses | 5,000,000 | 10,000,000 |
Foreign government agencies | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 1,446,000,000 | |
Less than 12 months, Unrealized losses | 17,000,000 | |
12 months or more, Fair value | 15,000,000 | |
12 months or more, Unrealized losses | 0 | |
Total, Fair value | 1,461,000,000 | |
Total, Unrealized losses | 17,000,000 | |
U.S. government agencies | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 1,780,000,000 | 160,000,000 |
Less than 12 months, Unrealized losses | 27,000,000 | 1,000,000 |
12 months or more, Fair value | 0 | 0 |
12 months or more, Unrealized losses | 0 | 0 |
Total, Fair value | 1,780,000,000 | 160,000,000 |
Total, Unrealized losses | 27,000,000 | 1,000,000 |
Other ABS | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 1,383,000,000 | 449,000,000 |
Less than 12 months, Unrealized losses | 20,000,000 | 2,000,000 |
12 months or more, Fair value | 201,000,000 | 226,000,000 |
12 months or more, Unrealized losses | 2,000,000 | 1,000,000 |
Total, Fair value | 1,584,000,000 | 675,000,000 |
Total, Unrealized losses | 22,000,000 | 3,000,000 |
Non-agency commercial MBS | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 947,000,000 | 468,000,000 |
Less than 12 months, Unrealized losses | 16,000,000 | 4,000,000 |
12 months or more, Fair value | 222,000,000 | 170,000,000 |
12 months or more, Unrealized losses | 7,000,000 | 2,000,000 |
Total, Fair value | 1,169,000,000 | 638,000,000 |
Total, Unrealized losses | 23,000,000 | 6,000,000 |
Non-agency RMBS | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 1,573,000,000 | 973,000,000 |
Less than 12 months, Unrealized losses | 20,000,000 | 3,000,000 |
12 months or more, Fair value | 345,000,000 | 103,000,000 |
12 months or more, Unrealized losses | 5,000,000 | 6,000,000 |
Total, Fair value | 1,918,000,000 | 1,076,000,000 |
Total, Unrealized losses | 25,000,000 | 9,000,000 |
State and political subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 1,848,000,000 | 273,000,000 |
Less than 12 months, Unrealized losses | 40,000,000 | 1,000,000 |
12 months or more, Fair value | 13,000,000 | 2,000,000 |
12 months or more, Unrealized losses | 0 | 0 |
Total, Fair value | 1,861,000,000 | 275,000,000 |
Total, Unrealized losses | 40,000,000 | 1,000,000 |
Corporate bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 1,247,000,000 | 282,000,000 |
Less than 12 months, Unrealized losses | 42,000,000 | 1,000,000 |
12 months or more, Fair value | 198,000,000 | 0 |
12 months or more, Unrealized losses | 10,000,000 | 0 |
Total, Fair value | 1,445,000,000 | 282,000,000 |
Total, Unrealized losses | $ 52,000,000 | $ 1,000,000 |
Securities - Debt Securities, H
Securities - Debt Securities, Held-to-maturity, Credit Quality Indicator (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 56,866 | $ 47,946 |
Unrealized gain (loss) | $ (91) | $ 1,278 |
Ratings (percent) | 0.00% | 0.00% |
Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 36,167 | $ 38,355 |
Unrealized gain (loss) | $ 40 | $ 1,041 |
Ratings (percent) | 0.00% | 0.00% |
U.S. Treasury | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 11,617 | $ 2,938 |
Unrealized gain (loss) | $ (67) | $ 90 |
Ratings (percent) | 0.00% | 0.00% |
U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 2,998 | $ 2,816 |
Unrealized gain (loss) | $ (71) | $ (2) |
Ratings (percent) | 0.00% | 0.00% |
Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 4,068 | $ 2,659 |
Unrealized gain (loss) | $ (11) | $ 103 |
Ratings (percent) | 0.00% | 0.00% |
Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 983 | |
Unrealized gain (loss) | $ (1) | |
Ratings (percent) | 0.00% | |
Sovereign debt/sovereign guaranteed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 922 | $ 1,050 |
Unrealized gain (loss) | $ 16 | $ 42 |
Ratings (percent) | 0.00% | 0.00% |
Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 43 | $ 58 |
Unrealized gain (loss) | $ 2 | $ 3 |
Ratings (percent) | 1.00% | 1.00% |
Supranational | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 54 | $ 55 |
Unrealized gain (loss) | $ 0 | $ 0 |
Ratings (percent) | 0.00% | 0.00% |
State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 14 | $ 15 |
Unrealized gain (loss) | $ 1 | $ 1 |
Ratings (percent) | 88.00% | 86.00% |
AAA/ AA- | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100.00% | 100.00% |
AAA/ AA- | Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100.00% | 100.00% |
AAA/ AA- | U.S. Treasury | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100.00% | 100.00% |
AAA/ AA- | U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100.00% | 100.00% |
AAA/ AA- | Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100.00% | 100.00% |
AAA/ AA- | Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100.00% | |
AAA/ AA- | Sovereign debt/sovereign guaranteed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100.00% | 98.00% |
AAA/ AA- | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 23.00% | 28.00% |
AAA/ AA- | Supranational | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100.00% | 100.00% |
AAA/ AA- | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 5.00% | 6.00% |
A+/ A- | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A+/ A- | Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A+/ A- | U.S. Treasury | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A+/ A- | U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A+/ A- | Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A+/ A- | Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | |
A+/ A- | Sovereign debt/sovereign guaranteed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A+/ A- | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 59.00% | 55.00% |
A+/ A- | Supranational | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A+/ A- | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 2.00% | 2.00% |
BBB+/ BBB- | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BBB+/ BBB- | Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BBB+/ BBB- | U.S. Treasury | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BBB+/ BBB- | U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BBB+/ BBB- | Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BBB+/ BBB- | Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | |
BBB+/ BBB- | Sovereign debt/sovereign guaranteed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BBB+/ BBB- | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 2.00% | 2.00% |
BBB+/ BBB- | Supranational | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BBB+/ BBB- | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 5.00% | 6.00% |
BB+ and lower | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BB+ and lower | Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BB+ and lower | U.S. Treasury | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BB+ and lower | U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BB+ and lower | Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BB+ and lower | Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | |
BB+ and lower | Sovereign debt/sovereign guaranteed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BB+ and lower | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 15.00% | 14.00% |
BB+ and lower | Supranational | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
BB+ and lower | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A1+/A2/SP-1 | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A1+/A2/SP-1 | Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A1+/A2/SP-1 | U.S. Treasury | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A1+/A2/SP-1 | U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A1+/A2/SP-1 | Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A1+/A2/SP-1 | Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | |
A1+/A2/SP-1 | Sovereign debt/sovereign guaranteed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 2.00% |
A1+/A2/SP-1 | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A1+/A2/SP-1 | Supranational | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
A1+/A2/SP-1 | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0.00% | 0.00% |
Securities - Maturity Distribut
Securities - Maturity Distribution and Yield of Investment Securities Portfolio (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available-for-sale, Amount: | ||
Within 1 year | $ 8,391 | |
1-5 years | 35,524 | |
5-10 years | 19,033 | |
After 10 years | 3,454 | |
Available-for-sale | $ 101,839 | $ 108,495 |
Securities available-for-sale (Yield): | ||
Within 1 year | 0.94% | |
1-5 years | 0.76% | |
5-10 years | 1.06% | |
After 10 years | 2.90% | |
Total | 1.27% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 1,643 | |
1-5 years | 9,441 | |
5-10 years | 4,365 | |
After 10 years | 156 | |
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $56,775 and $49,224) | $ 56,866 | 47,946 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 1.68% | |
1-5 years | 1.33% | |
5-10 years | 1.32% | |
After 10 years | 2.04% | |
Total | 2.06% | |
Total securities | $ 10,034 | |
Total securities (percent) | 1.06% | |
Total securities | $ 44,965 | |
Total securities (percent) | 0.88% | |
Total securities | $ 23,398 | |
Total securities (percent) | 1.11% | |
Total securities | $ 3,610 | |
Total securities (percent) | 2.86% | |
Total securities | $ 158,705 | |
Total securities (percent) | 1.55% | |
U.S. Treasury | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 1,352 | |
1-5 years | 13,637 | |
5-10 years | 11,413 | |
After 10 years | 3,007 | |
Available-for-sale | $ 29,409 | 24,894 |
Securities available-for-sale (Yield): | ||
Within 1 year | 1.32% | |
1-5 years | 1.00% | |
5-10 years | 1.13% | |
After 10 years | 3.06% | |
Total | 1.25% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 1,469 | |
1-5 years | 7,748 | |
5-10 years | 2,400 | |
After 10 years | 0 | |
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $56,775 and $49,224) | $ 11,617 | 2,938 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 1.84% | |
1-5 years | 1.37% | |
5-10 years | 1.13% | |
After 10 years | 0.00% | |
Total | 1.38% | |
Sovereign debt/sovereign guaranteed | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 3,615 | |
1-5 years | 8,038 | |
5-10 years | 1,718 | |
After 10 years | 8 | |
Available-for-sale | $ 13,379 | |
Securities available-for-sale (Yield): | ||
Within 1 year | 0.64% | |
1-5 years | 0.52% | |
5-10 years | 0.37% | |
After 10 years | (0.12%) | |
Total | 0.53% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 173 | |
1-5 years | 668 | |
5-10 years | 81 | |
After 10 years | 0 | |
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $56,775 and $49,224) | $ 922 | |
Securities held-to-maturity (Yield): | ||
Within 1 year | 0.30% | |
1-5 years | 1.00% | |
5-10 years | 0.59% | |
After 10 years | 0.00% | |
Total | 0.83% | |
Supranational | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 793 | |
1-5 years | 5,518 | |
5-10 years | 1,240 | |
After 10 years | 22 | |
Available-for-sale | $ 7,573 | 7,160 |
Securities available-for-sale (Yield): | ||
Within 1 year | 0.63% | |
1-5 years | 0.51% | |
5-10 years | 0.65% | |
After 10 years | (0.09%) | |
Total | 0.54% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 0 | |
1-5 years | 54 | |
5-10 years | 0 | |
After 10 years | 0 | |
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $56,775 and $49,224) | $ 54 | 55 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 0.00% | |
1-5 years | 0.54% | |
5-10 years | 0.00% | |
After 10 years | 0.00% | |
Total | 0.54% | |
Foreign covered bonds | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 1,511 | |
1-5 years | 3,826 | |
5-10 years | 901 | |
After 10 years | 0 | |
Available-for-sale | $ 6,238 | 6,725 |
Securities available-for-sale (Yield): | ||
Within 1 year | 1.07% | |
1-5 years | 0.49% | |
5-10 years | 0.03% | |
After 10 years | 0.00% | |
Total | 0.56% | |
Foreign government agencies | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 770 | |
1-5 years | 1,783 | |
5-10 years | 133 | |
After 10 years | 0 | |
Available-for-sale | $ 2,686 | |
Securities available-for-sale (Yield): | ||
Within 1 year | 0.90% | |
1-5 years | 0.60% | |
5-10 years | 0.22% | |
After 10 years | 0.00% | |
Total | 0.67% | |
U.S. government agencies | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 0 | |
1-5 years | 1,783 | |
5-10 years | 639 | |
After 10 years | 114 | |
Available-for-sale | $ 2,536 | 3,853 |
Securities available-for-sale (Yield): | ||
Within 1 year | 0.00% | |
1-5 years | 0.91% | |
5-10 years | 1.66% | |
After 10 years | 1.91% | |
Total | 1.13% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 0 | |
1-5 years | 970 | |
5-10 years | 1,880 | |
After 10 years | 148 | |
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $56,775 and $49,224) | $ 2,998 | 2,816 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 0.00% | |
1-5 years | 1.31% | |
5-10 years | 1.58% | |
After 10 years | 1.88% | |
Total | 1.51% | |
State and political subdivisions | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 197 | |
1-5 years | 559 | |
5-10 years | 1,495 | |
After 10 years | 263 | |
Available-for-sale | $ 2,514 | 2,308 |
Securities available-for-sale (Yield): | ||
Within 1 year | 3.37% | |
1-5 years | 1.79% | |
5-10 years | 1.56% | |
After 10 years | 2.27% | |
Total | 1.82% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 1 | |
1-5 years | 1 | |
5-10 years | 4 | |
After 10 years | 8 | |
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $56,775 and $49,224) | $ 14 | 15 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 5.57% | |
1-5 years | 5.70% | |
5-10 years | 4.65% | |
After 10 years | 4.80% | |
Total | 4.89% | |
Corporate bonds | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 153 | |
1-5 years | 380 | |
5-10 years | 1,494 | |
After 10 years | 39 | |
Available-for-sale | $ 2,066 | |
Securities available-for-sale (Yield): | ||
Within 1 year | 2.20% | |
1-5 years | 2.67% | |
5-10 years | 1.60% | |
After 10 years | 2.00% | |
Total | 1.84% | |
Other debt securities | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 0 | |
1-5 years | 0 | |
5-10 years | 0 | |
After 10 years | 1 | |
Available-for-sale | $ 1 | 1 |
Securities available-for-sale (Yield): | ||
Within 1 year | 0.00% | |
1-5 years | 0.00% | |
5-10 years | 0.00% | |
After 10 years | 3.73% | |
Total | 3.37% | |
Agency residential mortgage-backed securities (“RMBS”) | ||
Securities available-for-sale, Amount: | ||
Available-for-sale | 22,347 | |
Securities held-to-maturity, Amount: | ||
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $56,775 and $49,224) | $ 36,167 | 38,355 |
Agency residential mortgage-backed securities (“RMBS”) | Agency RMBS | ||
Securities available-for-sale, Amount: | ||
Available-for-sale | $ 14,530 | |
Securities available-for-sale (Yield): | ||
Total | 1.51% | |
Securities held-to-maturity (Yield): | ||
Total | 2.34% | |
Non-agency RMBS | ||
Securities available-for-sale, Amount: | ||
Available-for-sale | $ 2,748 | 2,326 |
Securities available-for-sale (Yield): | ||
Total | 3.43% | |
Securities held-to-maturity, Amount: | ||
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $56,775 and $49,224) | $ 43 | 58 |
Securities held-to-maturity (Yield): | ||
Total | 1.47% | |
Agency commercial mortgage-backed securities (“MBS”) | ||
Securities available-for-sale, Amount: | ||
Available-for-sale | $ 8,405 | 9,228 |
Securities available-for-sale (Yield): | ||
Total | 2.08% | |
Securities held-to-maturity, Amount: | ||
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $56,775 and $49,224) | $ 4,068 | 2,659 |
Securities held-to-maturity (Yield): | ||
Total | 2.32% | |
Non-agency commercial MBS | ||
Securities available-for-sale, Amount: | ||
Available-for-sale | $ 3,125 | 3,017 |
Securities available-for-sale (Yield): | ||
Total | 2.30% | |
Collateralized loan obligations (“CLOs”) | ||
Securities available-for-sale, Amount: | ||
Available-for-sale | $ 4,439 | 4,703 |
Securities available-for-sale (Yield): | ||
Total | 1.30% | |
Securities held-to-maturity, Amount: | ||
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $56,775 and $49,224) | $ 983 | |
Securities held-to-maturity (Yield): | ||
Total | 1.28% | |
Other ABS | ||
Securities available-for-sale, Amount: | ||
Available-for-sale | $ 2,190 | $ 3,164 |
Securities available-for-sale (Yield): | ||
Total | 1.63% |
Securities - Pledged assets (De
Securities - Pledged assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Securities [Abstract] | ||
Pledged assets | $ 144,000 | $ 141,000 |
Pledged collateral for potential borrowings at the Federal Reserve Discount Window | 112,000 | 113,000 |
Pledged asset, other not separately reported, potential borrowings at FHLB | 7,000 | 5,000 |
Pledged securities | 126,000 | 124,000 |
Pledged loans | 12,000 | 11,000 |
Pledged trading assets | 5,000 | 6,000 |
Pledged interest-bearing deposits | 1,000 | 1,000 |
Financial instruments owned and pledged as collateral, amount eligible to be pledged by counterparty | 24,000 | 18,000 |
Pledged assets permitted to be sold or repledged | 122,000 | 121,000 |
Market value of securities received as collateral that have been sold or repledged | 78,000 | 84,000 |
Cash segregated under federal or other regulations | 3,822 | 3,167 |
Securities segregated under federal or other regulations | $ 4,000 | $ 6,000 |
Loans and asset quality - Loan
Loans and asset quality - Loan Distribution and Industry Concentrations (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 67,787 | $ 56,469 |
Unearned income on lease financings | 240 | 274 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,128 | 1,429 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,033 | 6,020 |
Financial institutions | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 10,232 | 11,131 |
Lease financings | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 731 | 990 |
Wealth management loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 9,792 | 8,202 |
Wealth management mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 8,200 | 8,085 |
Other residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 299 | 389 |
Capital call financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,284 | 220 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,541 | 1,904 |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,060 | 2,683 |
Margin loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 22,487 | $ 15,416 |
Loans and asset quality - Allow
Loans and asset quality - Allowance for Credit Losses Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 479 | $ 216 | $ 252 |
Charge-offs | (18) | (1) | (14) |
Recoveries | 8 | 5 | 3 |
Net recoveries (charge-offs) | (10) | 4 | (11) |
Provision | (228) | 328 | (25) |
Ending balance | 241 | 479 | 216 |
Allowance for loan losses | 196 | 358 | 122 |
Allowance for credit losses on lending related commitments | 45 | 121 | 94 |
Individually evaluated for impairment: | |||
Loan balance | 130 | 20 | 15 |
Allowance for loan losses | 5 | 0 | 0 |
Collectively evaluated for impairment: | |||
Loan balance | 54,938 | ||
Allowance for loan losses | 122 | ||
Provision for other credit losses | (3) | 8 | |
Collateral dependent loans | 130 | 20 | |
Fair value of collateral | 149 | 30 | |
Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | (69) | ||
Ending balance | (69) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 147 | ||
Ending balance | 147 | ||
Commercial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 16 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Net recoveries (charge-offs) | 0 | ||
Provision | (4) | ||
Ending balance | 12 | 16 | |
Allowance for loan losses | 3 | ||
Allowance for credit losses on lending related commitments | 9 | ||
Individually evaluated for impairment: | |||
Loan balance | 0 | ||
Allowance for loan losses | 0 | ||
Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 430 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Net recoveries (charge-offs) | 0 | ||
Provision | (231) | ||
Ending balance | 199 | 430 | |
Allowance for loan losses | 171 | ||
Allowance for credit losses on lending related commitments | 28 | ||
Individually evaluated for impairment: | |||
Loan balance | 111 | ||
Allowance for loan losses | 5 | ||
Financial institutions | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 10 | ||
Charge-offs | 0 | ||
Recoveries | 2 | ||
Net recoveries (charge-offs) | 2 | ||
Provision | 1 | ||
Ending balance | 13 | 10 | |
Allowance for loan losses | 6 | ||
Allowance for credit losses on lending related commitments | 7 | ||
Individually evaluated for impairment: | |||
Loan balance | 0 | ||
Allowance for loan losses | 0 | ||
Lease financings | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 2 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Net recoveries (charge-offs) | 0 | ||
Provision | (1) | ||
Ending balance | 1 | 2 | |
Allowance for loan losses | 1 | ||
Allowance for credit losses on lending related commitments | 0 | ||
Individually evaluated for impairment: | |||
Loan balance | 0 | ||
Allowance for loan losses | 0 | ||
Wealth management loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Net recoveries (charge-offs) | 0 | ||
Provision | 0 | ||
Ending balance | 1 | 1 | |
Allowance for loan losses | 1 | ||
Allowance for credit losses on lending related commitments | 0 | ||
Individually evaluated for impairment: | |||
Loan balance | 0 | ||
Allowance for loan losses | 0 | ||
Wealth management mortgages | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 7 | ||
Charge-offs | (1) | ||
Recoveries | 0 | ||
Net recoveries (charge-offs) | (1) | ||
Provision | 0 | ||
Ending balance | 6 | 7 | |
Allowance for loan losses | 5 | ||
Allowance for credit losses on lending related commitments | 1 | ||
Individually evaluated for impairment: | |||
Loan balance | 18 | ||
Allowance for loan losses | 0 | ||
Other residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 13 | ||
Charge-offs | (1) | ||
Recoveries | 6 | ||
Net recoveries (charge-offs) | 5 | ||
Provision | (11) | ||
Ending balance | 7 | 13 | |
Allowance for loan losses | 7 | ||
Allowance for credit losses on lending related commitments | 0 | ||
Individually evaluated for impairment: | |||
Loan balance | 1 | ||
Allowance for loan losses | 0 | ||
Capital call financing | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Net recoveries (charge-offs) | 0 | ||
Provision | 2 | ||
Ending balance | 2 | 0 | |
Allowance for loan losses | 2 | ||
Allowance for credit losses on lending related commitments | 0 | ||
Individually evaluated for impairment: | |||
Loan balance | 0 | ||
Allowance for loan losses | 0 | ||
All Other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Charge-offs | (16) | ||
Recoveries | 0 | ||
Net recoveries (charge-offs) | (16) | ||
Provision | 16 | ||
Ending balance | 0 | 0 | |
Allowance for loan losses | 0 | ||
Allowance for credit losses on lending related commitments | 0 | ||
Individually evaluated for impairment: | |||
Loan balance | 0 | ||
Allowance for loan losses | 0 | ||
Domestic | Overdrafts | |||
Collectively evaluated for impairment: | |||
Loan balance | 524 | ||
Domestic | Margin loans | |||
Collectively evaluated for impairment: | |||
Loan balance | 11,907 | ||
Domestic | Other | |||
Collectively evaluated for impairment: | |||
Loan balance | 1,167 | ||
Domestic | Commercial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 16 | 60 | 81 |
Charge-offs | 0 | (12) | |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | (12) | |
Provision | (1) | (9) | |
Ending balance | 16 | 60 | |
Allowance for loan losses | 6 | 11 | |
Allowance for credit losses on lending related commitments | 10 | 49 | |
Individually evaluated for impairment: | |||
Loan balance | 0 | 0 | |
Allowance for loan losses | 0 | 0 | |
Collectively evaluated for impairment: | |||
Loan balance | 1,442 | ||
Allowance for loan losses | 11 | ||
Domestic | Commercial | Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | (43) | ||
Ending balance | (43) | ||
Domestic | Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 17 | ||
Ending balance | 17 | ||
Domestic | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 430 | 76 | 75 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
Provision | 340 | 1 | |
Ending balance | 430 | 76 | |
Allowance for loan losses | 324 | 57 | |
Allowance for credit losses on lending related commitments | 106 | 19 | |
Individually evaluated for impairment: | |||
Loan balance | 0 | 0 | |
Allowance for loan losses | 0 | 0 | |
Collectively evaluated for impairment: | |||
Loan balance | 5,575 | ||
Allowance for loan losses | 57 | ||
Domestic | Commercial real estate | Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 14 | ||
Ending balance | 14 | ||
Domestic | Commercial real estate | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 90 | ||
Ending balance | 90 | ||
Domestic | Financial institutions | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 10 | 20 | 22 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
Provision | (4) | (2) | |
Ending balance | 10 | 20 | |
Allowance for loan losses | 6 | 5 | |
Allowance for credit losses on lending related commitments | 4 | 15 | |
Individually evaluated for impairment: | |||
Loan balance | 0 | 0 | |
Allowance for loan losses | 0 | 0 | |
Collectively evaluated for impairment: | |||
Loan balance | 4,852 | ||
Allowance for loan losses | 5 | ||
Domestic | Financial institutions | Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | (6) | ||
Ending balance | (6) | ||
Domestic | Financial institutions | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 14 | ||
Ending balance | 14 | ||
Domestic | Lease financings | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 2 | 3 | 5 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
Provision | (1) | (2) | |
Ending balance | 2 | 3 | |
Allowance for loan losses | 2 | 3 | |
Allowance for credit losses on lending related commitments | 0 | 0 | |
Individually evaluated for impairment: | |||
Loan balance | 0 | 0 | |
Allowance for loan losses | 0 | 0 | |
Collectively evaluated for impairment: | |||
Loan balance | 537 | ||
Allowance for loan losses | 3 | ||
Domestic | Lease financings | Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Ending balance | 0 | ||
Domestic | Lease financings | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 3 | ||
Ending balance | 3 | ||
Domestic | Wealth management loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1 | 5 | |
Charge-offs | 0 | ||
Recoveries | 0 | ||
Net recoveries (charge-offs) | 0 | ||
Provision | 1 | ||
Ending balance | 1 | 5 | |
Allowance for loan losses | 1 | ||
Allowance for credit losses on lending related commitments | 0 | ||
Individually evaluated for impairment: | |||
Loan balance | 0 | ||
Allowance for loan losses | 0 | ||
Domestic | Wealth management loans | Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | (5) | ||
Ending balance | (5) | ||
Domestic | Wealth management loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Ending balance | 0 | ||
Domestic | Wealth management mortgages | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 7 | 15 | |
Charge-offs | 0 | ||
Recoveries | 0 | ||
Net recoveries (charge-offs) | 0 | ||
Provision | (1) | ||
Ending balance | 7 | 15 | |
Allowance for loan losses | 6 | ||
Allowance for credit losses on lending related commitments | 1 | ||
Individually evaluated for impairment: | |||
Loan balance | 20 | ||
Allowance for loan losses | 0 | ||
Domestic | Wealth management mortgages | Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | (7) | ||
Ending balance | (7) | ||
Domestic | Wealth management mortgages | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 8 | ||
Ending balance | 8 | ||
Domestic | Wealth management loans and mortgages | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 20 | 21 | |
Charge-offs | (1) | ||
Recoveries | 0 | ||
Net recoveries (charge-offs) | (1) | ||
Provision | 0 | ||
Ending balance | 20 | ||
Allowance for loan losses | 18 | ||
Allowance for credit losses on lending related commitments | 2 | ||
Individually evaluated for impairment: | |||
Loan balance | 15 | ||
Allowance for loan losses | 0 | ||
Collectively evaluated for impairment: | |||
Loan balance | 16,035 | ||
Allowance for loan losses | 18 | ||
Domestic | Other residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 13 | 13 | 16 |
Charge-offs | (1) | (1) | |
Recoveries | 5 | 3 | |
Net recoveries (charge-offs) | 4 | 2 | |
Provision | (6) | (5) | |
Ending balance | 13 | 13 | |
Allowance for loan losses | 13 | 13 | |
Allowance for credit losses on lending related commitments | 0 | 0 | |
Individually evaluated for impairment: | |||
Loan balance | 0 | 0 | |
Allowance for loan losses | 0 | 0 | |
Collectively evaluated for impairment: | |||
Loan balance | 494 | ||
Allowance for loan losses | 13 | ||
Domestic | Other residential mortgages | Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 2 | ||
Ending balance | 2 | ||
Domestic | Other residential mortgages | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 15 | ||
Ending balance | 15 | ||
Domestic | All Other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Charge-offs | 0 | ||
Recoveries | 0 | ||
Net recoveries (charge-offs) | 0 | ||
Provision | 0 | ||
Ending balance | 0 | ||
Allowance for loan losses | 0 | ||
Allowance for credit losses on lending related commitments | 0 | ||
Individually evaluated for impairment: | |||
Loan balance | 0 | ||
Allowance for loan losses | 0 | ||
Collectively evaluated for impairment: | |||
Loan balance | 13,598 | ||
Allowance for loan losses | 0 | ||
Foreign | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 0 | 24 | 32 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | |
Provision | 0 | (8) | |
Ending balance | 0 | 24 | |
Allowance for loan losses | 0 | 15 | |
Allowance for credit losses on lending related commitments | 0 | 9 | |
Individually evaluated for impairment: | |||
Loan balance | 0 | 0 | |
Allowance for loan losses | 0 | 0 | |
Collectively evaluated for impairment: | |||
Loan balance | 12,405 | ||
Allowance for loan losses | 15 | ||
Foreign | Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | (24) | ||
Ending balance | (24) | ||
Foreign | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Ending balance | $ 0 | ||
Foreign | Commercial | Reclassification | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for loan losses | 10 | ||
Foreign | Financial institutions | Reclassification | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for loan losses | 10 | ||
Foreign | Lease financings | Reclassification | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for loan losses | $ 4 |
Loans and asset quality - Nonpe
Loans and asset quality - Nonperforming Assets (Details) - Domestic - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
With an allowance | $ 58 | $ 68 |
Without an allowance | 60 | 20 |
Total nonperforming loans | 118 | 88 |
With an allowance, Other assets owned | 0 | 0 |
Without an allowance, Other assets owned | 2 | 1 |
Other assets owned | 2 | 1 |
With an allowance, Total nonperforming assets | 58 | 68 |
Without an allowance, Total nonperforming assets | 62 | 21 |
Total nonperforming assets | 120 | 89 |
Other residential mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
With an allowance | 38 | 57 |
Without an allowance | 1 | 0 |
Total nonperforming loans | 39 | 57 |
Wealth management loans and mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
With an allowance | 8 | 10 |
Without an allowance | 17 | 20 |
Total nonperforming loans | 25 | 30 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
With an allowance | 12 | 1 |
Without an allowance | 42 | 0 |
Total nonperforming loans | $ 54 | $ 1 |
Loans and asset quality - Infor
Loans and asset quality - Information about Past Due Loans (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | $ 67,787 | $ 56,469 |
Total past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 94 | 105 |
Total past due | Wealth management mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 24 | 13 |
Total past due | Wealth management loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 33 | 42 |
Total past due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 3 | 35 |
Total past due | Financial institutions | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 31 | 11 |
Total past due | Other residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 3 | 4 |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 93 | 87 |
30 to 59 Days Past Due | Wealth management mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 24 | 12 |
30 to 59 Days Past Due | Wealth management loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 33 | 42 |
30 to 59 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 3 | 19 |
30 to 59 Days Past Due | Financial institutions | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 31 | 11 |
30 to 59 Days Past Due | Other residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 2 | 3 |
60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 1 | 18 |
60 to 89 Days Past Due | Wealth management mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 1 |
60 to 89 Days Past Due | Wealth management loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
60 to 89 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 16 |
60 to 89 Days Past Due | Financial institutions | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
60 to 89 Days Past Due | Other residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 1 | 1 |
Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
Equal to Greater than 90 Days Past Due | Wealth management mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
Equal to Greater than 90 Days Past Due | Wealth management loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
Equal to Greater than 90 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
Equal to Greater than 90 Days Past Due | Financial institutions | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
Equal to Greater than 90 Days Past Due | Other residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | $ 0 | $ 0 |
Loans and asset quality - Loa_2
Loans and asset quality - Loan Modifications (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, modifications, CARES Act | $ 104 | $ 404 |
Unpaid principal balance | $ 150 | 92 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, modifications, CARES Act | $ 56 |
Loans and asset quality - Credi
Loans and asset quality - Credit Risk Profile by Origination (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 13,289 | $ 7,414 |
Fiscal year before current fiscal year | 1,738 | 2,976 |
Two years before current fiscal year | 2,194 | 1,887 |
Three years before current fiscal year | 1,090 | 2,591 |
Four years before current fiscal year | 1,484 | 2,352 |
More than five years before current fiscal year | 4,627 | 4,506 |
Amortized cost | 40,279 | 32,033 |
Converted to term loans – Amortized cost | 26 | 27 |
Total | 64,727 | 53,786 |
Accrued interest receivable | 61 | 59 |
Wealth management mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,058 | 1,117 |
Fiscal year before current fiscal year | 1,008 | 1,044 |
Two years before current fiscal year | 855 | 637 |
Three years before current fiscal year | 542 | 1,188 |
Four years before current fiscal year | 885 | 1,515 |
More than five years before current fiscal year | 2,838 | 2,546 |
Amortized cost | 14 | 38 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 8,200 | 8,085 |
Wealth management loans and mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 118 | 18 |
Fiscal year before current fiscal year | 18 | 85 |
Two years before current fiscal year | 73 | 11 |
Three years before current fiscal year | 6 | 147 |
Four years before current fiscal year | 104 | 59 |
More than five years before current fiscal year | 122 | 112 |
Amortized cost | 9,351 | 7,770 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 9,792 | 8,202 |
Accrued interest receivable | 12 | 11 |
Other residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
More than five years before current fiscal year | 299 | 389 |
Amortized cost | 0 | 0 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 299 | 389 |
Accrued interest receivable | 1 | 1 |
Capital call financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
More than five years before current fiscal year | 0 | 0 |
Amortized cost | 2,284 | 220 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 2,284 | 220 |
Accrued interest receivable | 3 | 0 |
Other loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
More than five years before current fiscal year | 0 | 0 |
Amortized cost | 2,541 | 1,904 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 2,541 | 1,904 |
Accrued interest receivable | 2 | 1 |
Margin loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 7,697 | 4,614 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
More than five years before current fiscal year | 0 | 0 |
Amortized cost | 14,790 | 10,802 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 22,487 | 15,416 |
Accrued interest receivable | 10 | 8 |
Investment grade | Loans receivable | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 117 | 18 |
Fiscal year before current fiscal year | 18 | 85 |
Two years before current fiscal year | 73 | 11 |
Three years before current fiscal year | 6 | 147 |
Four years before current fiscal year | 104 | 59 |
More than five years before current fiscal year | 122 | 112 |
Amortized cost | 9,320 | 7,716 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 9,760 | 8,148 |
Non-investment grade | Loans receivable | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
More than five years before current fiscal year | 0 | 0 |
Amortized cost | 31 | 54 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 32 | 54 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 429 | 270 |
Fiscal year before current fiscal year | 20 | 18 |
Two years before current fiscal year | 0 | 77 |
Three years before current fiscal year | 8 | 420 |
Four years before current fiscal year | 145 | 57 |
More than five years before current fiscal year | 0 | 0 |
Amortized cost | 1,526 | 587 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 2,128 | 1,429 |
Accrued interest receivable | 1 | 2 |
Commercial | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 348 | 128 |
Fiscal year before current fiscal year | 20 | 18 |
Two years before current fiscal year | 0 | 71 |
Three years before current fiscal year | 8 | 420 |
Four years before current fiscal year | 145 | 57 |
More than five years before current fiscal year | 0 | 0 |
Amortized cost | 1,450 | 493 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 1,971 | 1,187 |
Commercial | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 81 | 142 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 6 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
More than five years before current fiscal year | 0 | 0 |
Amortized cost | 76 | 94 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 157 | 242 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,237 | 1,063 |
Fiscal year before current fiscal year | 625 | 1,629 |
Two years before current fiscal year | 1,251 | 1,101 |
Three years before current fiscal year | 524 | 702 |
Four years before current fiscal year | 348 | 688 |
More than five years before current fiscal year | 696 | 490 |
Amortized cost | 326 | 320 |
Converted to term loans – Amortized cost | 26 | 27 |
Total | 6,033 | 6,020 |
Accrued interest receivable | 7 | 8 |
Commercial real estate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,577 | 778 |
Fiscal year before current fiscal year | 528 | 1,010 |
Two years before current fiscal year | 683 | 458 |
Three years before current fiscal year | 173 | 543 |
Four years before current fiscal year | 298 | 312 |
More than five years before current fiscal year | 601 | 346 |
Amortized cost | 205 | 91 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 4,065 | 3,538 |
Commercial real estate | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 660 | 285 |
Fiscal year before current fiscal year | 97 | 619 |
Two years before current fiscal year | 568 | 643 |
Three years before current fiscal year | 351 | 159 |
Four years before current fiscal year | 50 | 376 |
More than five years before current fiscal year | 95 | 144 |
Amortized cost | 121 | 229 |
Converted to term loans – Amortized cost | 26 | 27 |
Total | 1,968 | 2,482 |
Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 725 | 216 |
Fiscal year before current fiscal year | 0 | 182 |
Two years before current fiscal year | 0 | 47 |
Three years before current fiscal year | 0 | 125 |
Four years before current fiscal year | 0 | 13 |
More than five years before current fiscal year | 60 | 156 |
Amortized cost | 9,447 | 10,392 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 10,232 | 11,131 |
Accrued interest receivable | 11 | 12 |
Financial institutions | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 705 | 132 |
Fiscal year before current fiscal year | 0 | 146 |
Two years before current fiscal year | 0 | 47 |
Three years before current fiscal year | 0 | 125 |
Four years before current fiscal year | 0 | 13 |
More than five years before current fiscal year | 60 | 156 |
Amortized cost | 8,015 | 8,646 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 8,780 | 9,265 |
Financial institutions | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 20 | 84 |
Fiscal year before current fiscal year | 0 | 36 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
More than five years before current fiscal year | 0 | 0 |
Amortized cost | 1,432 | 1,746 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 1,452 | 1,866 |
Lease financings | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 25 | 116 |
Fiscal year before current fiscal year | 67 | 18 |
Two years before current fiscal year | 15 | 14 |
Three years before current fiscal year | 10 | 9 |
Four years before current fiscal year | 2 | 20 |
More than five years before current fiscal year | 612 | 813 |
Amortized cost | 0 | 0 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 731 | 990 |
Accrued interest receivable | $ 0 | $ 0 |
Loans and asset quality - Cre_2
Loans and asset quality - Credit Risk Indicators Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of exposure to investment grade securities | 96.00% | |
Percentage of financial institution exposure secured | 66.00% | |
Percent of financial institution exposure expiring within one year | 87.00% | |
Loans | $ 67,787,000,000 | $ 56,469,000,000 |
Federal funds sold and securities purchased under resale agreements, allowance for credit losses | $ 0 | |
Wealth management loans and mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan to value ratio at origination (percent) | 61.00% | |
Percentage of past due mortgages (less than) | 1.00% | |
Wealth management loans and mortgages | California | Geographic Concentration Risk | Revenue Benchmark | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Geographic concentrations (percent) | 21.00% | |
Wealth management loans and mortgages | New York | Geographic Concentration Risk | Revenue Benchmark | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Geographic concentrations (percent) | 16.00% | |
Wealth management loans and mortgages | Massachusetts | Geographic Concentration Risk | Revenue Benchmark | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Geographic concentrations (percent) | 9.00% | |
Wealth management loans and mortgages | Florida | Geographic Concentration Risk | Revenue Benchmark | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Geographic concentrations (percent) | 9.00% | |
Wealth management loans and mortgages | Other | Geographic Concentration Risk | Revenue Benchmark | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Geographic concentrations (percent) | 45.00% | |
Other residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 299,000,000 | 389,000,000 |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 3,060,000,000 | 2,683,000,000 |
Overdraft repayment period | 2 days | |
Margin loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 22,487,000,000 | 15,416,000,000 |
Domestic | Margin loans | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Required daily collateral margin (in excess of) | 100.00% | |
Overdrafts | Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 3,060,000,000 | $ 2,700,000,000 |
Leasing - Narrative (Details)
Leasing - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease, remaining lease term (years) | 17 years |
Leasing - Balance Sheet Informa
Leasing - Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease, right-of-use asset | $ 1,250 | $ 1,432 |
Finance lease, right-of-use asset | 34 | 11 |
Right-of-use asset | 1,284 | 1,443 |
Operating lease, liability | 1,461 | 1,669 |
Finance lease, liability | 24 | 11 |
Lease liability | $ 1,485 | $ 1,680 |
Operating lease, weighted average remaining lease term | 10 years 6 months | 10 years 9 months 18 days |
Finance lease, weighted average remaining lease term | 10 months 24 days | 1 year 1 month 6 days |
Operating lease, weighted average discount rate, percent | 2.62% | 2.55% |
Finance lease, weighted average discount rate, percent | 0.97% | 0.29% |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities (including allowance for credit losses on lending-related commitments of $45 and $121, also includes $496 and $1,110, at fair value) | Other liabilities (including allowance for credit losses on lending-related commitments of $45 and $121, also includes $496 and $1,110, at fair value) |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | ||
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Other borrowed funds | Other borrowed funds |
Leasing - Components of Lease E
Leasing - Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease expense | $ 236 | $ 263 | $ 266 |
Variable lease expense | 39 | 47 | 39 |
Sublease income | (33) | (35) | (33) |
Finance lease expense: | |||
Amortization of ROU assets | 3 | 1 | 7 |
Total lease expense | $ 245 | $ 276 | $ 279 |
Leasing - Cash Flow Information
Leasing - Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 260 | $ 284 | $ 285 |
Financing cash flows from finance leases | $ 13 | $ 1 | $ 20 |
Leasing - Maturities of Operati
Leasing - Maturities of Operating and Finance Leases After Adopting 2016-02 (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating leases | ||
2022 | $ 225 | |
2023 | 194 | |
2024 | 147 | |
2025 | 139 | |
2026 | 146 | |
2027 and thereafter | 825 | |
Total lease payments | 1,676 | |
Less: Imputed interest | 215 | |
Total | 1,461 | $ 1,669 |
Finance leases | ||
2022 | 24 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 and thereafter | 0 | |
Total lease payments | 24 | |
Less: Imputed interest | 0 | |
Total | $ 24 | $ 11 |
Goodwill and intangible asset_2
Goodwill and intangible assets - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 17,496 | $ 17,386 |
Acquisitions (dispositions) | 94 | |
Foreign currency translation | (78) | 110 |
Other | 0 | |
Ending balance | 17,512 | 17,496 |
Market and Wealth Services Segment | ||
Goodwill [Roll Forward] | ||
Beginning balance | 1,423 | 1,420 |
Acquisitions (dispositions) | 12 | |
Foreign currency translation | 0 | 3 |
Other | 0 | |
Ending balance | 1,435 | 1,423 |
Securities Services Segment | ||
Goodwill [Roll Forward] | ||
Beginning balance | 7,033 | 6,912 |
Acquisitions (dispositions) | 87 | |
Foreign currency translation | (58) | 74 |
Other | 47 | |
Ending balance | 7,062 | 7,033 |
Investment and Wealth Management | ||
Goodwill [Roll Forward] | ||
Beginning balance | 9,040 | 9,007 |
Acquisitions (dispositions) | (5) | |
Foreign currency translation | (20) | 33 |
Other | 0 | |
Ending balance | 9,015 | 9,040 |
Other | ||
Goodwill [Roll Forward] | ||
Beginning balance | 0 | 47 |
Acquisitions (dispositions) | 0 | |
Foreign currency translation | 0 | 0 |
Other | (47) | |
Ending balance | $ 0 | $ 0 |
Goodwill and intangible asset_3
Goodwill and intangible assets - Intangible Assets by Business Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets [Roll Forward] | |||
Beginning Balance | $ 3,012 | $ 3,107 | |
Acquisitions (dispositions) | 64 | 2 | |
Amortization | (82) | (104) | $ (117) |
Foreign currency translation | (3) | 7 | |
Ending Balance | 2,991 | 3,012 | 3,107 |
Market and Wealth Services Segment | |||
Intangible Assets [Roll Forward] | |||
Beginning Balance | 414 | 451 | |
Acquisitions (dispositions) | 0 | 0 | |
Amortization | (21) | (37) | |
Foreign currency translation | (1) | 0 | |
Ending Balance | 392 | 414 | 451 |
Securities Services Segment | |||
Intangible Assets [Roll Forward] | |||
Beginning Balance | 194 | 227 | |
Acquisitions (dispositions) | 70 | 0 | |
Amortization | (32) | (34) | |
Foreign currency translation | (2) | 1 | |
Ending Balance | 230 | 194 | 227 |
Investment and Wealth Management | |||
Intangible Assets [Roll Forward] | |||
Beginning Balance | 1,555 | 1,580 | |
Acquisitions (dispositions) | (6) | 2 | |
Amortization | (29) | (33) | |
Foreign currency translation | 0 | 6 | |
Ending Balance | 1,520 | 1,555 | 1,580 |
Other | |||
Intangible Assets [Roll Forward] | |||
Beginning Balance | 849 | 849 | |
Acquisitions (dispositions) | 0 | 0 | |
Amortization | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Ending Balance | $ 849 | $ 849 | $ 849 |
Goodwill and intangible asset_4
Goodwill and intangible assets - Intangible Assets by Type (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets by Major Class [Line Items] | |||
Gross carrying amount | $ 4,329 | $ 4,790 | |
Accumulated amortization | (1,338) | (1,778) | |
Net carrying amount | 2,991 | 3,012 | $ 3,107 |
Securities Services Segment | |||
Intangible Assets by Major Class [Line Items] | |||
Net carrying amount | 230 | 194 | 227 |
Market and Wealth Services Segment | |||
Intangible Assets by Major Class [Line Items] | |||
Net carrying amount | 392 | 414 | $ 451 |
Finite-lived Intangible Assets | |||
Intangible Assets by Major Class [Line Items] | |||
Gross carrying amount | 1,740 | 2,199 | |
Accumulated amortization | (1,338) | (1,778) | |
Net carrying amount | $ 402 | 421 | |
Finite-lived Intangible Assets | Weighted Average | |||
Intangible Assets by Major Class [Line Items] | |||
Remaining weighted- average amortization period | 10 years | ||
Finite-lived Intangible Assets | Customer contracts | Securities Services Segment | |||
Intangible Assets by Major Class [Line Items] | |||
Gross carrying amount | $ 747 | 683 | |
Accumulated amortization | (518) | (489) | |
Net carrying amount | 229 | 194 | |
Finite-lived Intangible Assets | Customer contracts | Market and Wealth Services Segment | |||
Intangible Assets by Major Class [Line Items] | |||
Gross carrying amount | 378 | 752 | |
Accumulated amortization | (356) | (710) | |
Net carrying amount | $ 22 | 42 | |
Finite-lived Intangible Assets | Customer contracts | Weighted Average | Securities Services Segment | |||
Intangible Assets by Major Class [Line Items] | |||
Remaining weighted- average amortization period | 11 years | ||
Finite-lived Intangible Assets | Customer contracts | Weighted Average | Market and Wealth Services Segment | |||
Intangible Assets by Major Class [Line Items] | |||
Remaining weighted- average amortization period | 4 years | ||
Finite-lived Intangible Assets | Customer relationships | |||
Intangible Assets by Major Class [Line Items] | |||
Gross carrying amount | $ 568 | 705 | |
Accumulated amortization | (456) | (564) | |
Net carrying amount | $ 112 | 141 | |
Finite-lived Intangible Assets | Customer relationships | Weighted Average | |||
Intangible Assets by Major Class [Line Items] | |||
Remaining weighted- average amortization period | 9 years | ||
Finite-lived Intangible Assets | Other | |||
Intangible Assets by Major Class [Line Items] | |||
Gross carrying amount | $ 47 | 59 | |
Accumulated amortization | (8) | (15) | |
Net carrying amount | $ 39 | 44 | |
Finite-lived Intangible Assets | Other | Weighted Average | |||
Intangible Assets by Major Class [Line Items] | |||
Remaining weighted- average amortization period | 13 years | ||
Indefinite-lived Intangible Assets | |||
Intangible Assets by Major Class [Line Items] | |||
Gross carrying amount | $ 2,589 | 2,591 | |
Net carrying amount | 2,589 | 2,591 | |
Indefinite-lived Intangible Assets | Tradenames | |||
Intangible Assets by Major Class [Line Items] | |||
Gross carrying amount | 1,294 | 1,295 | |
Net carrying amount | 1,294 | 1,295 | |
Indefinite-lived Intangible Assets | Customer relationships | |||
Intangible Assets by Major Class [Line Items] | |||
Gross carrying amount | 1,295 | 1,296 | |
Net carrying amount | $ 1,295 | $ 1,296 |
Goodwill and intangible asset_5
Goodwill and intangible assets - Estimated Annual Amortization Expense (Details) $ in Millions | Dec. 31, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2022 | $ 68 |
2023 | 58 |
2024 | 50 |
2025 | 43 |
2026 | $ 34 |
Goodwill and intangible asset_6
Goodwill and intangible assets - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)reporting_unit | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Number of reporting units (reporting unit) | reporting_unit | 6 |
Goodwill impairment | $ | $ 0 |
Other assets - Components of Ot
Other assets - Components of Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Assets [Abstract] | |||
Corporate/bank-owned life insurance | $ 5,359 | $ 5,301 | |
Accounts receivable | 4,178 | 3,619 | |
Software | 2,096 | 1,884 | |
Prepaid pension assets | 1,946 | 1,556 | |
Fails to deliver | 1,561 | 1,371 | |
Qualified affordable housing project investments | 1,153 | 1,145 | |
Renewable energy investments | 1,027 | 1,206 | |
Equity method investments | 939 | 921 | |
Income taxes receivable | 538 | 599 | |
Prepaid expense | 476 | 477 | |
Federal Reserve Bank stock | 472 | 479 | |
Assets of consolidated investment management funds | 462 | 487 | |
Other equity investments | 449 | 290 | |
Seed capital | 357 | 365 | |
Fair value of hedging derivatives | 206 | 19 | |
Other | 1,190 | 1,236 | |
Total other assets | [1] | 22,409 | 20,955 |
Federal Home Loan Bank stock, at cost | $ 7 | $ 7 | |
[1] | In 2021, we reclassified the assets and liabilities of consolidated investment management funds, at fair value, to other assets and other liabilities, respectively. See Note 2 of the Notes to Consolidated Financial Statements for additional information. |
Other assets - Non-Readily Mark
Other assets - Non-Readily Marketable Equity Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Assets [Abstract] | |||
Equity securities without readily determinable fair value, amount | $ 264 | $ 129 | |
Equity securities without readily determinable fair value, upward price adjustment, annual amount | 105 | 21 | $ 4 |
Equity securities without readily determinable fair value, downward price adjustment, annual amount | 0 | 0 | (3) |
Equity securities without readily determinable fair value, net adjustment, annual amount | 105 | $ 21 | $ 1 |
Equity securities without readily determinable fair value, upward price adjustment, cumulative amount amount | 158 | ||
Equity securities without readily determinable fair value, downward price adjustment, cumulative amount | (4) | ||
Equity securities without readily determinable fair value, net price adjustment, cumulative amount | $ 154 |
Other assets - Qualified Afford
Other assets - Qualified Affordable Housing Project Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Assets [Abstract] | |||
Qualified affordable housing project investments | $ 1,153 | $ 1,145 | |
Qualified affordable housing project investments, commitment | 543 | 514 | |
Qualified affordable housing project commitment - 2022 | 224 | ||
Qualified affordable housing project commitment - 2023 | 195 | ||
Qualified affordable housing project commitment - 2024 | 97 | ||
Qualified affordable housing project commitment - 2025 | 2 | ||
Qualified affordable housing project commitment - 2026 | 1 | ||
Qualified affordable housing project commitment - 2027 and thereafter | 24 | ||
Tax credits and other tax benefits | 148 | 137 | $ 148 |
Amortization expense included in the provision for income taxes | $ 124 | $ 113 | $ 121 |
Other assets - Seed Capital and
Other assets - Seed Capital and Private Equity Investments (Details) - Other Assets - NAV - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Fair value | $ 218 | $ 201 |
Unfunded commitments | 82 | 74 |
Seed capital | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Fair value | 59 | 52 |
Unfunded commitments | 21 | 22 |
Private equitiy investments (SBICs) | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Fair value | 113 | 102 |
Unfunded commitments | $ 61 | $ 52 |
Fair value, investments, entities that calculate net asset value per share, liquidating investment, remaining period | 10 years | 10 years |
Other | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Fair value | $ 46 | $ 47 |
Unfunded commitments | $ 0 | $ 0 |
Minimum | Seed capital | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Fair value, investments, entities that calculate net asset value per share, liquidating investment, remaining period | 3 years | 3 years |
Maximum | Seed capital | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Fair value, investments, entities that calculate net asset value per share, liquidating investment, remaining period | 11 years | 11 years |
Maximum | Other | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Redemption notice period | 95 days | 95 days |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Time Deposits, at or Above FDIC Insurance Limit | $ 549,000,000 | $ 1,200,000,000 |
Time deposits mature in 2022 | 576,000,000 | |
Time deposits mature in 2023 | 2,000,000 | |
Time deposits mature in 2024 | 1,000,000 | |
Time deposits mature in 2025 | 0 | |
Time deposits mature in 2026 | 0 | |
Time deposits mature in 2027 and thereafter | $ 0 |
Contract revenue - Disaggregati
Contract revenue - Disaggregation of Contract Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total fee and other revenue | $ 13,313 | $ 12,831 | $ 13,274 |
Net income (loss) attributable to noncontrolling interests | 12 | 9 | 26 |
Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 12,066 | 11,646 | 11,454 |
Fee and other revenue - not in scope of ASC 606 | 1,235 | 1,176 | 1,794 |
Total fee and other revenue | 13,301 | 12,822 | 13,248 |
Total investment services fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 8,233 | 7,986 | 7,790 |
Investment management and performance fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 3,552 | 3,373 | 3,390 |
Financing-related fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 68 | 80 | 60 |
Distribution and servicing | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 112 | 115 | 129 |
Investment and other income | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 101 | 92 | 85 |
Securities Services Segment | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 5,075 | 4,863 | 4,800 |
Fee and other revenue - not in scope of ASC 606 | 743 | 815 | 661 |
Total fee and other revenue | 5,818 | 5,678 | 5,461 |
Securities Services Segment | Total investment services fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 4,919 | 4,681 | 4,626 |
Securities Services Segment | Investment management and performance fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 0 | 0 | 1 |
Securities Services Segment | Financing-related fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 19 | 18 | 14 |
Securities Services Segment | Distribution and servicing | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 5 | 4 | 9 |
Securities Services Segment | Investment and other income | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 132 | 160 | 150 |
Market and Wealth Services Segment | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 3,349 | 3,391 | 3,247 |
Fee and other revenue - not in scope of ASC 606 | 234 | 187 | 218 |
Total fee and other revenue | 3,583 | 3,578 | 3,465 |
Market and Wealth Services Segment | Total investment services fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 3,284 | 3,262 | 3,112 |
Market and Wealth Services Segment | Investment management and performance fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 18 | 17 | 16 |
Market and Wealth Services Segment | Financing-related fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 48 | 59 | 45 |
Market and Wealth Services Segment | Distribution and servicing | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | (5) | (26) | (58) |
Market and Wealth Services Segment | Investment and other income | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 4 | 79 | 132 |
Investment and Wealth Management | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 3,731 | 3,460 | 3,456 |
Fee and other revenue - not in scope of ASC 606 | 118 | 35 | 29 |
Total fee and other revenue | 3,849 | 3,495 | 3,485 |
Net income (loss) attributable to noncontrolling interests | 12 | 9 | 26 |
Investment and Wealth Management | Total investment services fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 100 | 96 | 86 |
Investment and Wealth Management | Investment management and performance fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 3,553 | 3,373 | 3,389 |
Investment and Wealth Management | Financing-related fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 0 | 2 | 0 |
Investment and Wealth Management | Distribution and servicing | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 113 | 137 | 178 |
Investment and Wealth Management | Investment and other income | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | (35) | (148) | (197) |
Other | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | (89) | (68) | (49) |
Fee and other revenue - not in scope of ASC 606 | 140 | 139 | 886 |
Total fee and other revenue | 51 | 71 | 837 |
Other | Total investment services fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | (70) | (53) | (34) |
Other | Investment management and performance fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | (19) | (17) | (16) |
Other | Financing-related fees | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | 1 | 1 | 1 |
Other | Distribution and servicing | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | (1) | 0 | 0 |
Other | Investment and other income | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total fee revenue - contract revenue | $ 0 | $ 1 | $ 0 |
Contract revenue - Narrative (D
Contract revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Capitalized Contract Cost [Line Items] | |||
Contract with customer, asset | $ 2,500 | $ 2,400 | |
Contract assets representing accrued revenues not yet billed | 42 | 32 | |
Contract with customer, liability | 163 | 167 | |
Contract with customer, liability, revenue recognized | 113 | ||
Incremental costs for obtaining contracts | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract costs | $ 64 | 73 | |
Capitalized contract cost, amortization period | 9 years | ||
Capitalized contract cost, amortization | $ 20 | 21 | $ 22 |
Costs to fulfill contract | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract costs | 23 | 15 | |
Capitalized contract cost, amortization | $ 1 | $ 5 | $ 5 |
Costs to fulfill contract | Minimum | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, amortization period | 7 years | ||
Costs to fulfill contract | Maximum | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, amortization period | 9 years |
Net interest revenue (Details)
Net interest revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Interest revenue | ||||
Deposits with the Federal Reserve and other central banks | $ (77) | $ 50 | $ 448 | |
Deposits with banks | 48 | 134 | 265 | |
Federal funds sold and securities purchased under resale agreements | 120 | 545 | 2,154 | |
Loans | 958 | 1,142 | 1,789 | |
Securities: | ||||
Taxable | 1,702 | 2,118 | 2,701 | |
Exempt from federal income taxes | 42 | 28 | 36 | |
Total securities | 1,744 | 2,146 | 2,737 | |
Trading securities | 52 | 92 | 155 | |
Total interest revenue | 2,845 | 4,109 | 7,548 | |
Interest expense | ||||
Deposits in domestic offices | (27) | 176 | 958 | |
Deposits in foreign offices | (148) | (15) | 636 | |
Federal funds purchased and securities sold under repurchase agreements | (4) | 283 | 1,437 | |
Trading liabilities | 8 | 15 | 35 | |
Other borrowed funds | 8 | 16 | 59 | |
Commercial paper | 0 | 7 | 55 | |
Customer payables | (2) | 28 | 238 | |
Long-term debt | 392 | 622 | 942 | |
Total interest expense | 227 | 1,132 | 4,360 | |
Net interest revenue | 2,618 | 2,977 | 3,188 | |
Provision for credit losses | [1] | (231) | 336 | (25) |
Net interest revenue after provision for credit losses | $ 2,849 | $ 2,641 | $ 3,213 | |
[1] | The provision for credit losses for 2021 and 2020 relates to the financial instruments within the scope of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. |
Income taxes - Provision (Benef
Income taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax expense: | |||
Federal | $ 160 | $ 465 | $ 592 |
Foreign | 353 | 407 | 484 |
State and local | 107 | 163 | 113 |
Total current tax expense | 620 | 1,035 | 1,189 |
Deferred tax expense (benefit): | |||
Federal | 208 | (145) | (3) |
Foreign | 22 | 16 | (13) |
State and local | 27 | (64) | (53) |
Total deferred tax expense (benefit) | 257 | (193) | (69) |
Provision for income taxes | $ 877 | $ 842 | $ 1,120 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Deferred tax assets, tax credit carryforwards, foreign | $ 83 | $ 62 | ||
Valuation allowance | 83 | 62 | ||
Undistributed earnings of foreign subsidiaries | 1,000 | |||
Deferred tax liabilities, undistributed foreign earnings | 120 | |||
Tax reserves | 138 | 119 | $ 173 | $ 103 |
Impact on effective tax rate if tax reserves were unnecessary | 138 | |||
Accrued interest, related to income taxes in the balance sheet | 39 | |||
Additional tax expense related to interest | 12 | $ 15 | ||
Reasonably possible decrease in uncertain tax positions within the next 12 months, if a re-evaluation is required | $ 5 |
Income taxes - Components of In
Income taxes - Components of Income before Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 2,965 | $ 2,698 | $ 3,516 |
Foreign | 1,683 | 1,770 | 2,071 |
Income before income taxes | $ 4,648 | $ 4,468 | $ 5,587 |
Income taxes - Components of Ne
Income taxes - Components of Net Deferred Tax Liability (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Depreciation and amortization | $ 2,149 | $ 2,197 |
Pension obligation | 451 | 299 |
Renewable energy investment | 238 | 278 |
Other liabilities | 260 | 233 |
Securities valuation | 81 | 118 |
Equity investments | 58 | 61 |
Leasing | (2) | |
Leasing | 23 | |
Other assets | (36) | (57) |
Credit losses on loans | (61) | (118) |
Reserves not deducted for tax | (126) | (118) |
Employee benefits | (281) | (259) |
U.S. foreign tax credits | (83) | (62) |
Valuation allowance | 83 | 62 |
Net deferred tax liability | $ 2,731 | $ 2,657 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal rate | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of federal income tax benefit | 2.30% | 1.80% | 0.90% |
Foreign operations | 0.80% | 1.50% | 2.40% |
Tax credits | (4.60%) | (4.10%) | (3.20%) |
Tax-exempt income | (1.00%) | (1.00%) | (0.70%) |
Federal Deposit Insurance Corporation (“FDIC”) assessment | 0.30% | 0.30% | 0.20% |
Stock compensation | (0.10%) | 0.00% | (0.40%) |
Other – net | 0.20% | (0.70%) | (0.20%) |
Effective tax rate | 18.90% | 18.80% | 20.00% |
Income taxes - Unrecognized Tax
Income taxes - Unrecognized Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unrecognized Tax Benefits [Roll Forward] | |||
Beginning balance | $ 119 | $ 173 | $ 103 |
Prior period tax positions: | |||
Increases | 18 | 45 | 60 |
Decreases | (3) | (14) | (3) |
Current period tax positions | 9 | 15 | 17 |
Settlements | (5) | (100) | (4) |
Ending balance | $ 138 | $ 119 | $ 173 |
Long-term debt - Schedule of Lo
Long-term debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 25,931 | $ 25,984 |
Fixed Rate Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt, interest rate, minimum (percent) | 0.35% | 0.35% |
Debt, interest rate, maximum (percent) | 3.95% | 4.15% |
Debt, maturity date, beginning | 2022 | |
Debt, maturity date, end | 2031 | |
Long-term debt | $ 23,053 | $ 23,429 |
Floating Rate Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt, interest rate, minimum (percent) | 0.01% | 0.04% |
Debt, interest rate, maximum (percent) | 1.26% | 1.29% |
Debt, maturity date, beginning | 2023 | |
Debt, maturity date, end | 2038 | |
Long-term debt | $ 1,579 | $ 779 |
Subordinated debt | ||
Debt Instrument [Line Items] | ||
Debt, interest rate, minimum (percent) | 3.00% | 3.00% |
Debt, interest rate, maximum (percent) | 3.30% | 7.50% |
Debt, maturity date, beginning | 2028 | |
Debt, maturity date, end | 2029 | |
Long-term debt | $ 1,299 | $ 1,776 |
Long-term debt - Narrative (Det
Long-term debt - Narrative (Details) $ in Billions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
Notes and debentures that mature in 2021 | $ 2.3 |
Notes and debentures that mature in 2022 | 7 |
Notes and debentures that mature in 2023 | 4.9 |
Notes and debentures that mature in 2024 | 2.4 |
Notes and debentures that mature in 2025 | $ 2.7 |
Variable interest entities an_3
Variable interest entities and securitization - Assets and Liabilities of VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Trading assets | $ 16,577 | $ 15,272 |
Other assets | 1,187 | 1,009 |
Other liabilities | 496 | 1,110 |
Nonredeemable noncontrolling interests | 196 | 143 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Trading assets | 443 | 882 |
Other assets | 19 | 5 |
Total assets | 462 | 887 |
Other liabilities | 3 | 403 |
Total liabilities | 3 | 403 |
Nonredeemable noncontrolling interests | 196 | 143 |
Variable Interest Entity, Primary Beneficiary | Investment Management funds | ||
Variable Interest Entity [Line Items] | ||
Trading assets | 443 | 482 |
Other assets | 19 | 5 |
Total assets | 462 | 487 |
Other liabilities | 3 | 3 |
Total liabilities | 3 | 3 |
Nonredeemable noncontrolling interests | 196 | 143 |
Variable Interest Entity, Primary Beneficiary | Securitization | ||
Variable Interest Entity [Line Items] | ||
Trading assets | 0 | 400 |
Other assets | 0 | 0 |
Total assets | 0 | 400 |
Other liabilities | 0 | 400 |
Total liabilities | 0 | 400 |
Nonredeemable noncontrolling interests | 0 | 0 |
Voting Model Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
VME classification of carrying amount, assets | 187 | 314 |
VME classification of carrying amount, liabilities | 2 | 3 |
Noncontrolling interest in VME | $ 43 | $ 76 |
Variable interest entities an_4
Variable interest entities and securitization - Non-consolidated VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | |||
Assets | $ 444,438 | $ 469,633 | $ 381,508 |
Liabilities | 401,047 | 423,513 | |
Variable Interest Entity, Not Primary Beneficiary | Securities available-for-sale | |||
Variable Interest Entity [Line Items] | |||
Assets | 189 | 217 | |
Liabilities | 0 | 0 | |
Maximum loss exposure | 189 | 217 | |
Variable Interest Entity, Not Primary Beneficiary | Other | |||
Variable Interest Entity [Line Items] | |||
Assets | 2,385 | 2,565 | |
Liabilities | 543 | 514 | |
Maximum loss exposure | $ 2,946 | $ 3,096 |
Shareholders' equity - Narrativ
Shareholders' equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | ||||
Authorized shares of common stock (shares) | 3,500,000,000 | 3,500,000,000 | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares, outstanding (shares) | 804,145,366 | |||
Authorized amount of shares to repurchase | $ 6,000 | $ 625 | ||
Increase in common stock dividend percentage | 10.00% | |||
Treasury stock acquired (shares) | 89,700,000 | |||
Treasury stock acquired, average cost per share (usd per share) | $ 50.91 | |||
Shares repurchased during period, value | $ 4,600 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 2,750 | |||
Preferred stock, shares authorized (shares) | 100,000,000 | 100,000,000 | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | ||
Temporary equity | $ 161 | $ 176 |
Shareholders' equity - Preferre
Shareholders' equity - Preferred Stock Summary (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||
Total shares issued and outstanding (shares) | 48,826 | 45,826 |
Carrying value | $ 4,838 | $ 4,541 |
Series A Noncumulative Perpetual Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 4.00% | |
Total shares issued and outstanding (shares) | 5,001 | 5,001 |
Carrying value | $ 500 | $ 500 |
Liquidation preference per share (usd per share) | $ 100,000 | |
Depository Share, Portion of Preferred Stock Share, Percent | 1.00% | |
Series A Noncumulative Perpetual Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, basis spread on variable rate | 0.565% | |
Series D Noncumulative Perpetual Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 4.50% | |
Total shares issued and outstanding (shares) | 5,000 | 5,000 |
Carrying value | $ 494 | $ 494 |
Liquidation preference per share (usd per share) | $ 100,000 | |
Depository Share, Portion of Preferred Stock Share, Percent | 1.00% | |
Series D Noncumulative Perpetual Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, basis spread on variable rate | 2.46% | |
Series E Noncumulative Perpetual Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 4.95% | |
Total shares issued and outstanding (shares) | 0 | 10,000 |
Carrying value | $ 0 | $ 990 |
Liquidation preference per share (usd per share) | $ 100,000 | |
Depository Share, Portion of Preferred Stock Share, Percent | 1.00% | |
Series E Noncumulative Perpetual Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, basis spread on variable rate | 3.42% | |
Series F Noncumulative Perpetual Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 4.625% | |
Total shares issued and outstanding (shares) | 10,000 | 10,000 |
Carrying value | $ 990 | $ 990 |
Liquidation preference per share (usd per share) | $ 100,000 | |
Depository Share, Portion of Preferred Stock Share, Percent | 1.00% | |
Series F Noncumulative Perpetual Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, basis spread on variable rate | 3.131% | |
Series G Noncumulative Perpetual Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 4.70% | |
Total shares issued and outstanding (shares) | 10,000 | 10,000 |
Carrying value | $ 990 | $ 990 |
Liquidation preference per share (usd per share) | $ 100,000 | |
Depository Share, Portion of Preferred Stock Share, Percent | 1.00% | |
Series G Noncumulative Perpetual Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, basis spread on variable rate | 4.358% | |
Series H Noncumulative Perpetual Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 3.70% | |
Total shares issued and outstanding (shares) | 5,825 | 5,825 |
Carrying value | $ 577 | $ 577 |
Liquidation preference per share (usd per share) | $ 100,000 | |
Depository Share, Portion of Preferred Stock Share, Percent | 1.00% | |
Series H Noncumulative Perpetual Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, basis spread on variable rate | 3.352% | |
Series I Noncumulative Perpetual Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 2.63% | |
Total shares issued and outstanding (shares) | 13,000 | 0 |
Carrying value | $ 1,287 | $ 0 |
Liquidation preference per share (usd per share) | $ 100,000 | |
Series I Noncumulative Perpetual Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, basis spread on variable rate | 3.75% |
Shareholders' equity - Prefer_2
Shareholders' equity - Preferred Stock Narrative (Details) $ / shares in Units, $ in Millions | Dec. 31, 2021USD ($)$ / shares |
Series E Noncumulative Perpetual Preferred Stock | |
Class of Stock [Line Items] | |
Liquidation preference per share (usd per share) | $ / shares | $ 100,000 |
Deferred fees for preferred stock redemption | $ | $ 10 |
Series C Noncumulative Perpetual Preferred Stock | |
Class of Stock [Line Items] | |
Liquidation preference per share (usd per share) | $ / shares | $ 100,000 |
Deferred fees for preferred stock redemption | $ | $ 15 |
Shareholders' equity - Summary
Shareholders' equity - Summary of Preferred Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Preferred dividends | $ 207 | $ 194 | $ 169 |
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Depositary shares per share | 1.00% | ||
Dividend paid per share (usd per share) | $ 4,044.44 | $ 4,055.55 | $ 4,055.55 |
Preferred dividends | $ 20 | $ 20 | $ 20 |
Series C Preferred Stock | |||
Class of Stock [Line Items] | |||
Depositary shares per share | 0.03% | ||
Dividend paid per share (usd per share) | $ 5,200 | $ 5,200 | |
Preferred dividends | $ 46 | $ 31 | |
Series D Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Depositary shares per share | 1.00% | ||
Dividend paid per share (usd per share) | $ 4,500 | $ 4,500 | $ 4,500 |
Preferred dividends | $ 23 | $ 22 | $ 22 |
Series E Preferred Stock | |||
Class of Stock [Line Items] | |||
Depositary shares per share | 1.00% | ||
Dividend paid per share (usd per share) | $ 3,630.34 | $ 4,359.63 | $ 4,950 |
Preferred dividends | $ 47 | $ 44 | $ 50 |
Series F Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Depositary shares per share | 1.00% | ||
Dividend paid per share (usd per share) | $ 4,625 | $ 4,625 | $ 4,625 |
Preferred dividends | $ 46 | $ 46 | $ 46 |
Series G Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Depositary shares per share | 1.00% | ||
Dividend paid per share (usd per share) | $ 4,700 | $ 1,579.72 | |
Preferred dividends | $ 47 | $ 16 | |
Series H Noncumulative Perpetual Preferred Stock | |||
Class of Stock [Line Items] | |||
Depositary shares per share | 1.00% | ||
Dividend paid per share (usd per share) | $ 4,183.06 | ||
Preferred dividends | $ 24 |
Shareholders' equity - Regulato
Shareholders' equity - Regulatory Capital Ratios (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 ratio | 0.112 | 0.131 |
Tier 1 capital ratio | 0.140 | 0.158 |
Total capital ratio | 0.149 | 0.167 |
Tier 1 leverage ratio | 0.055 | 0.063 |
SLR | 0.066 | 0.086 |
The Bank of New York Mellon | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 ratio | 0.165 | 0.171 |
Tier 1 capital ratio | 0.165 | 0.171 |
Total capital ratio | 0.165 | 0.173 |
Tier 1 leverage ratio | 0.060 | 0.064 |
SLR | 0.076 | 0.085 |
Shareholders' equity - Componen
Shareholders' equity - Components of Regulatory Capital Ratio (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1: | $ 18,746 | $ 21,875 |
Other Tier 1 capital: | 23,485 | 26,310 |
Average assets for Tier 1 leverage ratio | 430,102 | 417,982 |
Total leverage exposure for SLR purposes | 354,033 | 304,823 |
Common stock | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1: | 38,196 | 41,260 |
Goodwill and intangible assets | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1: | (18,649) | (18,697) |
Net pension fund assets | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1: | (400) | (319) |
Equity method investments | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1: | (300) | (306) |
Deferred tax assets | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1: | (55) | (54) |
Other | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1: | (46) | (9) |
Other Tier 1 capital: | (99) | (106) |
Tier 2 capital: | (11) | (10) |
Preferred stock | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Other Tier 1 capital: | 4,838 | 4,541 |
Subordinated debt | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 2 capital: | 1,248 | 1,248 |
Allowance for credit losses | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 2 capital: | 250 | 490 |
Standardized Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 2 capital: | 1,487 | 1,728 |
Total capital: | 24,972 | 28,038 |
Risk-weighted assets: | 167,608 | 163,848 |
Excess of expected credit losses | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 2 capital: | 0 | 247 |
Advanced Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 2 capital: | 1,237 | 1,485 |
Total capital: | 24,722 | 27,795 |
Risk-weighted assets: | 165,067 | 166,426 |
Advanced Approach | Credit Risk | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-weighted assets: | 98,310 | 98,262 |
Advanced Approach | Market Risk | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-weighted assets: | 3,069 | 4,226 |
Advanced Approach | Operational Risk | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-weighted assets: | $ 63,688 | $ 63,938 |
Shareholders' equity - Amounts
Shareholders' equity - Amounts of Capital (Details) $ in Millions | Dec. 31, 2021USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
CET1 | $ 4,499 |
Tier 1 capital | 6,724 |
Total capital | 4,859 |
Tier 1 leverage ratio | 6,281 |
SLR | 5,783 |
The Bank of New York Mellon | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
CET1 | 12,436 |
Tier 1 capital | 10,465 |
Total capital | 7,890 |
Tier 1 leverage ratio | 3,752 |
SLR | $ 4,606 |
Other comprehensive income (l_3
Other comprehensive income (loss) - Components (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Pre-tax amount | ||||
Total other comprehensive income (loss), Pre-tax amount | $ (1,433) | $ 1,944 | $ 769 | |
Tax (expense) benefit | ||||
Total other comprehensive income (loss), Tax (expense) benefit | 207 | (284) | (143) | |
After-tax amount | ||||
Total other comprehensive income (loss), net of tax | [1] | (1,226) | 1,660 | 626 |
Foreign currency translation | ||||
Pre-tax amount | ||||
Other comprehensive income (loss), Pre-tax amount | (313) | 441 | 135 | |
Total other comprehensive income (loss), Pre-tax amount | (313) | 441 | 135 | |
Tax (expense) benefit | ||||
Other comprehensive income (loss), Tax (expense) benefit | (63) | 67 | 16 | |
Total other comprehensive income (loss), Tax (expense) benefit | (63) | 67 | 16 | |
After-tax amount | ||||
Other comprehensive income (loss), After-tax amount | (376) | 508 | 151 | |
Total other comprehensive income (loss), net of tax | (376) | 508 | 151 | |
Unrealized gain (loss) on assets available-for-sale | ||||
Pre-tax amount | ||||
Other comprehensive income (loss), Pre-tax amount | (1,515) | 1,573 | 680 | |
Reclassification adjustment, Pre-tax amount | (5) | (33) | 18 | |
Total other comprehensive income (loss), Pre-tax amount | (1,520) | 1,540 | 698 | |
Tax (expense) benefit | ||||
Other comprehensive income (loss), Tax (expense) benefit | 368 | (371) | (168) | |
Reclassification adjustment, Tax (expense) benefit | 1 | 8 | (4) | |
Total other comprehensive income (loss), Tax (expense) benefit | 369 | (363) | (172) | |
After-tax amount | ||||
Other comprehensive income (loss), After-tax amount | (1,147) | 1,202 | 512 | |
Reclassification adjustment, After-tax amount | (4) | (25) | 14 | |
Total other comprehensive income (loss), net of tax | (1,151) | 1,177 | 526 | |
Prior service cost arising during the period | ||||
Pre-tax amount | ||||
Other comprehensive income (loss), Pre-tax amount | 0 | 0 | (1) | |
Tax (expense) benefit | ||||
Other comprehensive income (loss), Tax (expense) benefit | 0 | 0 | 0 | |
After-tax amount | ||||
Other comprehensive income (loss), After-tax amount | 0 | 0 | (1) | |
Defined benefit plans | ||||
Pre-tax amount | ||||
Other comprehensive income (loss), Pre-tax amount | 296 | (138) | (121) | |
Reclassification adjustment, Pre-tax amount | 113 | 95 | 52 | |
Total other comprehensive income (loss), Pre-tax amount | 409 | (43) | (70) | |
Tax (expense) benefit | ||||
Other comprehensive income (loss), Tax (expense) benefit | (77) | 31 | 34 | |
Reclassification adjustment, Tax (expense) benefit | (25) | (18) | (18) | |
Total other comprehensive income (loss), Tax (expense) benefit | (102) | 13 | 16 | |
After-tax amount | ||||
Other comprehensive income (loss), After-tax amount | 219 | (107) | (87) | |
Reclassification adjustment, After-tax amount | 88 | 77 | 34 | |
Total other comprehensive income (loss), net of tax | 307 | (30) | (54) | |
Unrealized gain (loss) on cash flow hedges | ||||
Pre-tax amount | ||||
Other comprehensive income (loss), Pre-tax amount | 3 | 5 | 16 | |
Reclassification adjustment, Pre-tax amount | (12) | 1 | (10) | |
Total other comprehensive income (loss), Pre-tax amount | (9) | 6 | 6 | |
Tax (expense) benefit | ||||
Other comprehensive income (loss), Tax (expense) benefit | 0 | (1) | (7) | |
Reclassification adjustment, Tax (expense) benefit | 3 | 0 | 4 | |
Total other comprehensive income (loss), Tax (expense) benefit | 3 | (1) | (3) | |
After-tax amount | ||||
Other comprehensive income (loss), After-tax amount | 3 | 4 | 9 | |
Reclassification adjustment, After-tax amount | (9) | 1 | (6) | |
Total other comprehensive income (loss), net of tax | (6) | 5 | 3 | |
Unrealized gain (loss) on cash flow hedges | Interest expense | ||||
Pre-tax amount | ||||
Reclassification adjustment, Pre-tax amount | 0 | 0 | (7) | |
Tax (expense) benefit | ||||
Reclassification adjustment, Tax (expense) benefit | 0 | 0 | 2 | |
After-tax amount | ||||
Reclassification adjustment, After-tax amount | 0 | 0 | (5) | |
Unrealized gain (loss) on cash flow hedges | Staff expense | ||||
Pre-tax amount | ||||
Reclassification adjustment, Pre-tax amount | (12) | 1 | (3) | |
Tax (expense) benefit | ||||
Reclassification adjustment, Tax (expense) benefit | 3 | 0 | 2 | |
After-tax amount | ||||
Reclassification adjustment, After-tax amount | $ (9) | $ 1 | $ (1) | |
[1] | Other comprehensive (loss) income attributable to The Bank of New York Mellon Corporation shareholders was $(1,228) million for the year ended Dec. 31, 2021, $1,658 million for the year ended Dec. 31, 2020 and $623 million for the year ended Dec. 31, 2019. |
Other comprehensive income (l_4
Other comprehensive income (loss) - Changes in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 45,944 | [1],[2] | $ 41,585 | [1],[3] | $ 40,739 | [3] |
Change in accumulated other comprehensive income (loss) | (1,228) | 1,658 | 623 | |||
Ending balance | 43,230 | [2] | 45,944 | [1],[2] | 41,585 | [1],[3] |
Cumulative Effect, Period Of Adoption, Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 40 | 0 | ||||
Ending balance | 40 | |||||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 41,625 | 40,739 | ||||
Ending balance | 41,625 | |||||
Foreign currency translation | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (1,146) | (1,652) | (1,915) | |||
Change in accumulated other comprehensive income (loss) | (378) | 506 | 148 | |||
Ending balance | (1,524) | (1,146) | (1,652) | |||
Foreign currency translation | Cumulative Effect, Period Of Adoption, Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 0 | 115 | ||||
Ending balance | 0 | |||||
Foreign currency translation | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (1,652) | (1,800) | ||||
Ending balance | (1,652) | |||||
Accumulated defined benefits adjustment | Pension Benefits | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (1,299) | (1,275) | (1,005) | |||
Change in accumulated other comprehensive income (loss) | 283 | (24) | (57) | |||
Ending balance | (1,016) | (1,299) | (1,275) | |||
Accumulated defined benefits adjustment | Pension Benefits | Cumulative Effect, Period Of Adoption, Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 0 | (213) | ||||
Ending balance | 0 | |||||
Accumulated defined benefits adjustment | Pension Benefits | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (1,275) | (1,218) | ||||
Ending balance | (1,275) | |||||
Accumulated defined benefits adjustment | Other post-retirement benefits | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (55) | (49) | (52) | |||
Change in accumulated other comprehensive income (loss) | 24 | (6) | 3 | |||
Ending balance | (31) | (55) | (49) | |||
Accumulated defined benefits adjustment | Other post-retirement benefits | Cumulative Effect, Period Of Adoption, Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 0 | 0 | ||||
Ending balance | 0 | |||||
Accumulated defined benefits adjustment | Other post-retirement benefits | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (49) | (52) | ||||
Ending balance | (49) | |||||
Unrealized gain (loss) on assets available-for-sale | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 1,508 | 336 | (196) | |||
Change in accumulated other comprehensive income (loss) | (1,151) | 1,177 | 526 | |||
Ending balance | 357 | 1,508 | 336 | |||
Unrealized gain (loss) on assets available-for-sale | Cumulative Effect, Period Of Adoption, Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (5) | 6 | ||||
Ending balance | (5) | |||||
Unrealized gain (loss) on assets available-for-sale | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 331 | (190) | ||||
Ending balance | 331 | |||||
Unrealized gain (loss) on cash flow hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 7 | 2 | (3) | |||
Change in accumulated other comprehensive income (loss) | (6) | 5 | 3 | |||
Ending balance | 1 | 7 | 2 | |||
Unrealized gain (loss) on cash flow hedges | Cumulative Effect, Period Of Adoption, Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 0 | 2 | ||||
Ending balance | 0 | |||||
Unrealized gain (loss) on cash flow hedges | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 2 | (1) | ||||
Ending balance | 2 | |||||
Total accumulated other comprehensive income (loss), net of tax | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (985) | (2,638) | (3,171) | |||
Ending balance | $ (2,213) | (985) | (2,638) | |||
Total accumulated other comprehensive income (loss), net of tax | Cumulative Effect, Period Of Adoption, Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (5) | (90) | ||||
Ending balance | (5) | |||||
Total accumulated other comprehensive income (loss), net of tax | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | $ (2,643) | (3,261) | ||||
Ending balance | $ (2,643) | |||||
[1] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $37,941 million at Dec. 31, 2019 and $41,260 million at Dec. 31, 2020. | |||||
[2] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $41,260 million at Dec. 31, 2020 and $38,196 million at Dec. 31, 2021. | |||||
[3] | Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $37,096 million at Dec. 31, 2018 and $37,941 million at Dec. 31, 2019. |
Stock-based compensation - Narr
Stock-based compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option exercisable period - minimum | 1 year | ||
Stock option exercisable period - maximum | 10 years | ||
Granted (shares) | 0 | 0 | 0 |
Total intrinsic value of options exercised | $ 48 | $ 21 | $ 63 |
Proceeds from the exercise of stock options | 50 | 46 | 65 |
Excess tax benefit realized for tax deductions from options exercised | 8 | 2 | 10 |
Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost | 260 | 188 | 222 |
Tax benefit recognized from awards | $ 62 | $ 45 | $ 53 |
Restricted Stock and Restricted Stock Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period | 0 years | ||
Restricted Stock and Restricted Stock Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period | 4 years | ||
Performance Units | Executive Committee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period | 3 years | 3 years | |
Shares granted (shares) | 648,973 | 402,486 | 576,855 |
Return on tangible common shareholders' equity, percentage | 70.00% | ||
Total shareholder return, percentage | 30.00% | ||
Measurement period | 3 years | ||
Threshold percent of award | 150.00% | ||
Restricted Stock, RSUs and PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost related to nonvested awards | $ 281 | ||
Unrecognized compensation cost expected to be recognized for nonvested award over a weighted-average period (in years) | 2 years 2 months 12 days | ||
Total fair value of stock-based compensation that vested during the period | $ 240 | $ 263 | $ 278 |
Tax benefit from awards vested during period | $ (8) | (4) | 11 |
Subsidiary Long Term Incentive Plans | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, required service period | 3 years | ||
Subsidiary Long Term Incentive Plans | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, required service period | 5 years | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost | $ 1 | 1 | 1 |
Tax benefit recognized from awards | $ 1 | 1 | 1 |
Long-Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, authorized shares (shares) | 23,481,182 | ||
Long-Term Incentive Plan, Portion for the Vesting of Retirement Eligible Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost | $ 64 | $ 43 | $ 84 |
Stock-based compensation - Nonv
Stock-based compensation - Nonvested Restricted Stock and Restricted Stock Units Activity (Details) - Non-Vested Performance-Based Stock Units, Restricted Stock and Restricted Stock Units | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number of Shares | |
Nonvested PSUs, restricted stock and RSUs, beginning balance (shares) | shares | 12,536,899 |
Granted (shares) | shares | 7,557,597 |
Vested (shares) | shares | (4,789,555) |
Forfeited (shares) | shares | (622,954) |
Nonvested PSUs, restricted stock and RSUs, ending balance (shares) | shares | 14,681,987 |
Weighted-average fair value | |
Nonvested PSUs, restricted stock and RSUs, beginning balance (usd per share) | $ / shares | $ 49.35 |
Granted (usd per share) | $ / shares | 42.67 |
Vested (usd per share) | $ / shares | 51 |
Forfeited (usd per share) | $ / shares | 45.24 |
Nonvested PSUs, restricted stock and RSUs, ending balance (usd per share) | $ / shares | $ 45.55 |
Stock-based compensation - Summ
Stock-based compensation - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares subject to option | |||
Beginning Balance (shares) | 2,335,238 | ||
Granted (shares) | 0 | 0 | 0 |
Exercised (shares) | (1,910,185) | ||
Canceled/Expired (shares) | (17,148) | ||
Ending Balance (shares) | 407,905 | 2,335,238 | |
Vested and expected to vest (shares) | 407,905 | ||
Exercisable (shares) | 407,905 | ||
Weighted-average exercise price | |||
Beginning Balance (usd per share) | $ 23.99 | ||
Granted (usd per share) | 0 | ||
Exercised (usd per share) | 24.37 | ||
Canceled/Expired (usd per share) | 27.63 | ||
Ending Balance (usd per share) | 22.03 | $ 23.99 | |
Vested and expected to vest (usd per share) | 22.03 | ||
Exercisable (usd per share) | $ 22.03 | ||
Weighted-average remaining contractual term (in years) | |||
Weighted- average remaining contractual term (in years) | 1 month 6 days | 10 months 24 days | |
Vested and expected to vest | 1 month 6 days | ||
Exercisable | 1 month 6 days |
Stock-based compensation - Stoc
Stock-based compensation - Stock Options Outstanding (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Options exercisable (shares) | 2,335,238 | 4,143,575 | |
Options exercisable, Weighted-average exercise price (usd per share) | $ 23.99 | $ 26.03 | |
$21 to 31 | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Range of exercise prices, lower range (usd per share) | $ 21 | ||
Range of exercise prices, upper range (usd per share) | $ 31 | ||
Options outstanding (shares) | 407,905 | ||
Options outstanding, Weighted-average remaining contractual life (in years) | 1 month 6 days | ||
Options outstanding, Weighted-average exercise price (usd per share) | $ 22.03 | ||
Options exercisable (shares) | 407,905 | ||
Options exercisable, Weighted-average exercise price (usd per share) | $ 22.03 |
Stock-based compensation - Aggr
Stock-based compensation - Aggregate Intrinsic Value of Options (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Payment Arrangement [Abstract] | |||
Outstanding | $ 15 | $ 43 | $ 101 |
Exercisable | $ 15 | $ 43 | $ 101 |
Employee benefit plans - Narrat
Employee benefit plans - Narrative (Details) shares in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)employeeplanshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for all defined benefit plans | $ 6,200,000,000 | $ 6,600,000,000 | |
Recognized cost of defined contribution plans, excluding the ESOP | $ 258,000,000 | $ 249,000,000 | $ 244,000,000 |
Shares of stock owned by Employee Stock Ownership Plan (shares) | shares | 4 | 4.3 | |
Fair value of shares total ESOP assets | $ 236,000,000 | $ 187,000,000 | |
The Bank of New York Mellon Corporation 401(k) Savings Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation arrangement with individual, requisite service period | 1 year | ||
401(k) Employer matching contribution, percent of employees' base pay | 7.00% | 5.00% | 5.00% |
401(k) Employer matching contribution, maximum amount per participant | $ 16,000 | ||
401(k) Employer discretionary contribution amount | $ 750 | ||
401(k), Employer non-elective contribution based on earnings (percent) | 2.00% | 2.00% | |
401(k), shares of common stock owned (shares) | shares | 9.5 | 10.8 | |
401(k), fair value of total assets | $ 9,400,000,000 | $ 8,200,000,000 | |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of employees covered by defined contribution plan | employee | 9,100 | ||
United States | Fixed income | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan assets | 35.00% | ||
United States | Fixed income | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan assets | 100.00% | ||
United States | Equities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan assets | 0.00% | ||
United States | Equities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan assets | 65.00% | ||
United States | Cash equivalents | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan assets | 0.00% | ||
United States | Cash equivalents | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan assets | 10.00% | ||
Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of employees covered by defined contribution plan | employee | 14,400 | ||
Pension Plan | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.03% | 2.80% | |
Cash contributions expected to be made to fund defined benefit plans in the next fiscal year | $ 14,000,000 | ||
Pension Plan | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.11% | 1.59% | |
Cash contributions expected to be made to fund defined benefit plans in the next fiscal year | $ 10,000,000 | ||
pre-Medicare | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed healthcare cost trend rate used in determining benefit expense for next fiscal year (percent) | 6.90% | ||
Assumed healthcare cost trend rate used in determining benefit expense for ultimate year (percent) | 4.04% | ||
Medicare | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed healthcare cost trend rate used in determining benefit expense for next fiscal year (percent) | 5.65% | ||
Assumed healthcare cost trend rate used in determining benefit expense for ultimate year (percent) | 4.04% | ||
Healthcare Benefits | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.03% | 2.80% | |
Cash contributions expected to be made to fund defined benefit plans in the next fiscal year | $ 10,000,000 | ||
Healthcare Benefits | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.15% | 1.65% | |
Cash contributions expected to be made to fund defined benefit plans in the next fiscal year | $ 1,000,000 | ||
Qualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of plans | plan | 1 | ||
Defined Contribution Plan, Tranche One | The Bank of New York Mellon Corporation 401(k) Savings Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
401(k) Employer matching contribution, percent match | 100.00% | 100.00% | |
401(k) Employer matching contribution, percent of employees' base pay | 4.00% | 4.00% | |
Defined Contribution Plan, Tranche Two | The Bank of New York Mellon Corporation 401(k) Savings Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
401(k) Employer matching contribution, percent match | 50.00% | 50.00% | |
401(k) Employer matching contribution, percent of employees' base pay | 2.00% | 2.00% |
Employee benefit plans - Combin
Employee benefit plans - Combined Data for Defined Benefit Pension and Post Retirement Healthcare Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | United States | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.03% | 2.80% | |
Cash balance interest crediting rate | 4.00% | 4.00% | |
Defined Benefit Plan, Change in Benefit Obligation | |||
Benefit obligation at beginning of period | $ (5,030) | $ (4,659) | |
Service cost | 0 | 0 | $ 0 |
Interest cost | (137) | (156) | (178) |
Actuarial gain (loss) | 164 | (455) | |
Benefits paid | 256 | 240 | |
Benefit obligation at end of period | (4,747) | (5,030) | (4,659) |
Change in fair value of plan assets | |||
Fair value at beginning of period | 6,132 | 5,738 | |
Actual return on plan assets | 238 | 619 | |
Employer contributions | 15 | 15 | |
Benefit payments | (256) | (240) | |
Fair value at end of period | 6,129 | 6,132 | 5,738 |
Funded status at end of period | 1,382 | 1,102 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | |||
Net loss | 1,425 | 1,625 | |
Prior service cost (credit) | 0 | 0 | |
Total (before tax effects) | $ 1,425 | $ 1,625 | |
Pension Benefits | Foreign | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.11% | 1.59% | |
Rate of compensation increase | 3.43% | 3.12% | |
Defined Benefit Plan, Change in Benefit Obligation | |||
Benefit obligation at beginning of period | $ (1,614) | $ (1,394) | |
Service cost | (14) | (12) | (11) |
Interest cost | (25) | (27) | (32) |
Actuarial gain (loss) | 112 | (167) | |
Benefits paid | 50 | 47 | |
Foreign exchange adjustment | 35 | (61) | |
Benefit obligation at end of period | (1,456) | (1,614) | (1,394) |
Change in fair value of plan assets | |||
Fair value at beginning of period | 1,786 | 1,529 | |
Actual return on plan assets | 89 | 232 | |
Employer contributions | 12 | 10 | |
Benefit payments | (50) | (47) | |
Foreign exchange adjustments | (30) | 62 | |
Fair value at end of period | 1,807 | 1,786 | 1,529 |
Funded status at end of period | 351 | 172 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | |||
Net loss | 3 | 184 | |
Prior service cost (credit) | 1 | 2 | |
Total (before tax effects) | $ 4 | $ 186 | |
Healthcare Benefits | United States | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.03% | 2.80% | |
Rate of compensation increase | 3.00% | 3.00% | |
Defined Benefit Plan, Change in Benefit Obligation | |||
Benefit obligation at beginning of period | $ (156) | $ (145) | |
Service cost | (1) | (1) | (1) |
Interest cost | (4) | (5) | (6) |
Actuarial gain (loss) | 17 | (14) | |
Benefits paid | 10 | 9 | |
Benefit obligation at end of period | (134) | (156) | (145) |
Change in fair value of plan assets | |||
Fair value at beginning of period | 127 | 117 | |
Actual return on plan assets | 17 | 10 | |
Employer contributions | 10 | 9 | |
Benefit payments | (10) | (9) | |
Fair value at end of period | 144 | 127 | 117 |
Funded status at end of period | 10 | (29) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | |||
Net loss | 44 | 77 | |
Prior service cost (credit) | (20) | (26) | |
Total (before tax effects) | $ 24 | $ 51 | |
Healthcare Benefits | Foreign | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.15% | 1.65% | |
Defined Benefit Plan, Change in Benefit Obligation | |||
Benefit obligation at beginning of period | $ (4) | $ (6) | |
Service cost | 0 | 0 | 0 |
Interest cost | 0 | 0 | 0 |
Actuarial gain (loss) | 0 | 2 | |
Benefits paid | 0 | 0 | |
Foreign exchange adjustment | 1 | 0 | |
Benefit obligation at end of period | (3) | (4) | (6) |
Change in fair value of plan assets | |||
Fair value at beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0 | 0 | |
Benefit payments | 0 | 0 | |
Foreign exchange adjustments | 0 | 0 | |
Fair value at end of period | 0 | 0 | $ 0 |
Funded status at end of period | (3) | (4) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | |||
Net loss | (1) | (1) | |
Prior service cost (credit) | 0 | 0 | |
Total (before tax effects) | $ (1) | $ (1) |
Employee benefit plans - Net Pe
Employee benefit plans - Net Periodic Benefit (Credit) Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | United States | |||
Weighted-average assumptions to calculate net periodic benefit cost (credit): | |||
Market-related value of plan assets | $ 5,710 | $ 5,437 | $ 5,304 |
Discount rate | 2.80% | 3.45% | 4.45% |
Expected rate of return on plan assets | 5.375% | 6.00% | 6.50% |
Cash balance interest crediting rate | 4.00% | 4.00% | 4.00% |
Components of net periodic benefit cost (credit): | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 137 | 156 | 178 |
Expected return on assets | (300) | (319) | (337) |
Amortization of: | |||
Prior service cost (credit) | 0 | 0 | 0 |
Net actuarial loss | 98 | 87 | 53 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit (credit) cost | (65) | (76) | (106) |
Pension Benefits | Foreign | |||
Weighted-average assumptions to calculate net periodic benefit cost (credit): | |||
Market-related value of plan assets | $ 1,586 | $ 1,415 | $ 1,277 |
Discount rate | 1.59% | 2.02% | 2.95% |
Expected rate of return on plan assets | 2.17% | 2.85% | 3.54% |
Rate of compensation increase | 3.12% | 3.19% | 2.98% |
Components of net periodic benefit cost (credit): | |||
Service cost | $ 14 | $ 12 | $ 11 |
Interest cost | 25 | 27 | 32 |
Expected return on assets | (34) | (39) | (45) |
Amortization of: | |||
Prior service cost (credit) | 1 | 0 | 0 |
Net actuarial loss | 13 | 11 | 2 |
Settlement loss | 1 | 0 | 0 |
Net periodic benefit (credit) cost | 20 | 11 | 0 |
Healthcare Benefits | United States | |||
Weighted-average assumptions to calculate net periodic benefit cost (credit): | |||
Market-related value of plan assets | $ 123 | $ 116 | $ 111 |
Discount rate | 2.80% | 3.45% | 4.45% |
Expected rate of return on plan assets | 5.375% | 6.00% | 6.50% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Components of net periodic benefit cost (credit): | |||
Service cost | $ 1 | $ 1 | $ 1 |
Interest cost | 4 | 5 | 6 |
Expected return on assets | (7) | (7) | (7) |
Amortization of: | |||
Prior service cost (credit) | (6) | (7) | (7) |
Net actuarial loss | 6 | 4 | 4 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit (credit) cost | $ (2) | $ (4) | $ (3) |
Healthcare Benefits | Foreign | |||
Weighted-average assumptions to calculate net periodic benefit cost (credit): | |||
Discount rate | 1.65% | 2.10% | 3.10% |
Components of net periodic benefit cost (credit): | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 0 | 0 | 0 |
Expected return on assets | 0 | 0 | 0 |
Amortization of: | |||
Prior service cost (credit) | 0 | 0 | 0 |
Net actuarial loss | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit (credit) cost | $ 0 | $ 0 | $ 0 |
Employee benefit plans - Change
Employee benefit plans - Changes in Other Comprehensive Income (Loss) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Pension Benefits | United States | |
Defined Benefit Plan Disclosure [Line Items] | |
Net (gain) arising during period | $ (102) |
Recognition of prior years’ net (loss) | (98) |
Recognition of prior years’ service credit | 0 |
Total recognized in other comprehensive (income) (before tax effects) | (200) |
Pension Benefits | Foreign | |
Defined Benefit Plan Disclosure [Line Items] | |
Net (gain) arising during period | (167) |
Recognition of prior years’ net (loss) | (14) |
Recognition of prior years’ service credit | (1) |
Total recognized in other comprehensive (income) (before tax effects) | (182) |
Healthcare Benefits | United States | |
Defined Benefit Plan Disclosure [Line Items] | |
Net (gain) arising during period | (27) |
Recognition of prior years’ net (loss) | (6) |
Recognition of prior years’ service credit | 6 |
Total recognized in other comprehensive (income) (before tax effects) | (27) |
Healthcare Benefits | Foreign | |
Defined Benefit Plan Disclosure [Line Items] | |
Net (gain) arising during period | 0 |
Recognition of prior years’ net (loss) | 0 |
Recognition of prior years’ service credit | 0 |
Total recognized in other comprehensive (income) (before tax effects) | $ 0 |
Employee benefit plans - Amount
Employee benefit plans - Amounts Expected to be Recognized in Net Periodic Benefit Income (Cost) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost | $ 1,946 | $ 1,556 |
Pension Benefits | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost | 1,535 | 1,272 |
Accrued benefit cost | (153) | (170) |
Total pension and healthcare benefits | 1,382 | 1,102 |
Pension Benefits | Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost | 411 | 284 |
Accrued benefit cost | (60) | (112) |
Total pension and healthcare benefits | 351 | 172 |
Healthcare Benefits | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost | 10 | |
Accrued benefit cost | (29) | |
Total pension and healthcare benefits | 10 | (29) |
Healthcare Benefits | Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit cost | (3) | (4) |
Total pension and healthcare benefits | $ (3) | $ (4) |
Employee benefit plans - Plans
Employee benefit plans - Plans with Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 153 | $ 170 |
Fair value of plan assets | 0 | 0 |
Accumulated benefit obligation | 153 | 170 |
Fair value of plan assets | 0 | 0 |
Pension Benefits | Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 100 | 459 |
Fair value of plan assets | 39 | 347 |
Accumulated benefit obligation | 82 | 196 |
Fair value of plan assets | 39 | 113 |
Healthcare Benefits | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 87 | 94 |
Fair value of plan assets | 0 | 0 |
Healthcare Benefits | Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 3 | 4 |
Fair value of plan assets | $ 0 | $ 0 |
Employee benefit plans - Benefi
Employee benefit plans - Benefit Payments and Expected to be Paid (Details) $ in Millions | Dec. 31, 2021USD ($) |
Pension Benefits | United States | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 268 |
2023 | 276 |
2024 | 282 |
2025 | 277 |
2026 | 275 |
2027-2031 | 1,326 |
Total pension and healthcare benefits | 2,704 |
Pension Benefits | Foreign | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 45 |
2023 | 47 |
2024 | 47 |
2025 | 49 |
2026 | 51 |
2027-2031 | 273 |
Total pension and healthcare benefits | 512 |
Healthcare Benefits | United States | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 10 |
2023 | 10 |
2024 | 10 |
2025 | 10 |
2026 | 9 |
2027-2031 | 39 |
Total pension and healthcare benefits | 88 |
Healthcare Benefits | Foreign | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027-2031 | 1 |
Total pension and healthcare benefits | $ 1 |
Employee benefit plans - Pensio
Employee benefit plans - Pension Investment Asset Allocation (Details) - Pension Plan | Dec. 31, 2021 | Dec. 31, 2020 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension benefits | 100.00% | 100.00% |
United States | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension benefits | 60.00% | 62.00% |
United States | Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension benefits | 37.00% | 36.00% |
United States | Alternative investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension benefits | 2.00% | 2.00% |
United States | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension benefits | 1.00% | 0.00% |
Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension benefits | 100.00% | 100.00% |
Foreign | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension benefits | 82.00% | 82.00% |
Foreign | Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension benefits | 8.00% | 8.00% |
Foreign | Alternative investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension benefits | 9.00% | 9.00% |
Foreign | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension benefits | 1.00% | 1.00% |
Employee benefit plans - Pens_2
Employee benefit plans - Pension Plan Investment Assets on Recurring Basis (Details) - Assets measured at fair value on a recurring basis - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | $ 6,129 | $ 6,132 |
United States | Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 5,972 | 5,982 |
United States | Level 1, 2 and 3 | U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 1,115 | 578 |
United States | Level 1, 2 and 3 | Non-U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 213 | 147 |
United States | Level 1, 2 and 3 | U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 615 | 1,285 |
United States | Level 1, 2 and 3 | Commingled | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 588 | 712 |
United States | Level 1, 2 and 3 | U.S. corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 2,863 | 2,866 |
United States | Level 1, 2 and 3 | U.S. Treasury securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 342 | 228 |
United States | Level 1, 2 and 3 | State and political subdivisions | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 115 | 50 |
United States | Level 1, 2 and 3 | Sovereign government obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 52 | 47 |
United States | Level 1, 2 and 3 | U.S. government agencies | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 39 | 31 |
United States | Level 1, 2 and 3 | Other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 18 | 37 |
United States | Level 1, 2 and 3 | Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 1 | |
United States | Level 1, 2 and 3 | Supranational | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 12 | |
United States | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 1,676 | 954 |
United States | Level 1 | U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 1,115 | 578 |
United States | Level 1 | Non-U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 213 | 147 |
United States | Level 1 | U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 1 | Commingled | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 1 | U.S. corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 1 | U.S. Treasury securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 342 | 228 |
United States | Level 1 | State and political subdivisions | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 1 | Sovereign government obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 6 | 0 |
United States | Level 1 | U.S. government agencies | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 1 | Other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 1 | Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 1 | |
United States | Level 1 | Supranational | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | |
United States | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 4,296 | 5,028 |
United States | Level 2 | U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 2 | Non-U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 2 | U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 615 | 1,285 |
United States | Level 2 | Commingled | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 588 | 712 |
United States | Level 2 | U.S. corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 2,863 | 2,866 |
United States | Level 2 | U.S. Treasury securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 2 | State and political subdivisions | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 115 | 50 |
United States | Level 2 | Sovereign government obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 46 | 47 |
United States | Level 2 | U.S. government agencies | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 39 | 31 |
United States | Level 2 | Other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 18 | 37 |
United States | Level 2 | Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | |
United States | Level 2 | Supranational | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 12 | |
United States | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 3 | U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 3 | Non-U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 3 | U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 3 | Commingled | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 3 | U.S. corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 3 | U.S. Treasury securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 3 | State and political subdivisions | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 3 | Sovereign government obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 3 | U.S. government agencies | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 3 | Other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
United States | Level 3 | Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | |
United States | Level 3 | Supranational | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | |
United States | NAV | Funds of funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 150 | 135 |
United States | NAV | Venture capital and partnership interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 7 | 15 |
Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 1,807 | 1,786 |
Foreign | Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 1,644 | 1,628 |
Foreign | Level 1, 2 and 3 | Sovereign government obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 147 | 156 |
Foreign | Level 1, 2 and 3 | Equity funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 154 | 146 |
Foreign | Level 1, 2 and 3 | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 1,325 | 1,305 |
Foreign | Level 1, 2 and 3 | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 18 | 21 |
Foreign | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 18 | 21 |
Foreign | Level 1 | Sovereign government obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Foreign | Level 1 | Equity funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Foreign | Level 1 | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Foreign | Level 1 | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 18 | 21 |
Foreign | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 1,626 | 1,607 |
Foreign | Level 2 | Sovereign government obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 147 | 156 |
Foreign | Level 2 | Equity funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 154 | 146 |
Foreign | Level 2 | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 1,325 | 1,305 |
Foreign | Level 2 | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Foreign | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Foreign | Level 3 | Sovereign government obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Foreign | Level 3 | Equity funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Foreign | Level 3 | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Foreign | Level 3 | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Foreign | NAV | Other assets measured at NAV | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, at fair value | $ 163 | $ 158 |
Employee benefit plans - Pens_3
Employee benefit plans - Pension Plan Assets Valued Using Net Asset Value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Funds of funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Redemption frequency | Monthly | Monthly |
Minimum | Funds of funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Redemption notice period | 30 days | 30 days |
Maximum | Funds of funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Redemption notice period | 45 days | 45 days |
NAV | Funds of funds, venture capital and partnership interests, property funds and other contracts | Assets measured at fair value on a recurring basis | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value | $ 320 | $ 308 |
Unfunded commitments | 0 | 0 |
NAV | Funds of funds | Assets measured at fair value on a recurring basis | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value | 150 | 135 |
Unfunded commitments | 0 | 0 |
NAV | Venture capital and partnership interests | Assets measured at fair value on a recurring basis | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value | 128 | 138 |
Unfunded commitments | 0 | 0 |
NAV | Other contracts | Assets measured at fair value on a recurring basis | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value | 42 | 35 |
Unfunded commitments | $ 0 | $ 0 |
Company financial information_3
Company financial information (Parent Corporation) - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Mar. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Dividend payments without regulatory approval | $ 1,500 | ||||
Liquid asset held, amount | $ 2,300 | ||||
Authorized amount of shares to repurchase | $ 6,000 | $ 625 | |||
Minimum | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Collateral percentage requirement for bank loans to affiliates | 100.00% | ||||
Maximum | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Collateral percentage requirement for bank loans to affiliates | 130.00% | ||||
Credit Extensions To Affiliates | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Maximum percentage of regulatory capital allowable for bank credit extensions | 10.00% | ||||
Credit Extensions In Aggregate To Bank Of New York And All Affiliates | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Maximum percentage of regulatory capital allowable for bank credit extensions | 20.00% | ||||
Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Common stock, dividends declared | $ 2,500 | $ 1,500 | $ 3,200 |
Company financial information_4
Company financial information (Parent Corporation) - Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | |||
Total revenue | $ 15,931 | $ 15,808 | $ 16,462 |
Interest expense (including $6, $30 and $64, to subsidiaries, respectively) | 227 | 1,132 | 4,360 |
(Benefit) for income taxes | 877 | 842 | 1,120 |
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 3,759 | 3,617 | 4,441 |
Preferred stock dividends and redemption charge | (207) | (194) | (169) |
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 3,552 | 3,423 | 4,272 |
Interest expense, related party | 6 | 30 | 64 |
Parent Company | |||
Condensed Income Statements, Captions [Line Items] | |||
(Loss) on securities held for sale | 0 | 0 | (11) |
Other revenue | 56 | 50 | 39 |
Total revenue | 3,682 | 2,787 | 5,469 |
Interest expense (including $6, $30 and $64, to subsidiaries, respectively) | 339 | 520 | 941 |
Other expense | 153 | 168 | 197 |
Total expense | 492 | 688 | 1,138 |
Income before income taxes and equity in undistributed net income of subsidiaries | 3,190 | 2,099 | 4,331 |
(Benefit) for income taxes | (92) | (289) | (208) |
Equity in undistributed net income | 477 | 1,229 | (98) |
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 3,759 | 3,617 | 4,441 |
Preferred stock dividends and redemption charge | (207) | (194) | (169) |
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 3,552 | 3,423 | 4,272 |
Parent Company | Bank Subsidiaries | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 2,490 | 1,485 | 3,209 |
Interest revenue from subsidiaries | 0 | 0 | 4 |
Equity in undistributed net income | 282 | 1,278 | (139) |
Parent Company | Nonbank Subsidiaries | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 1,106 | 1,199 | 2,075 |
Interest revenue from subsidiaries | 30 | 53 | 153 |
Equity in undistributed net income | $ 195 | $ (49) | $ 41 |
Company financial information_5
Company financial information (Parent Corporation) - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and due from banks | $ 6,061 | $ 6,252 | ||
Securities | 158,705 | 156,441 | ||
Corporate-owned life insurance | 5,359 | 5,301 | ||
Other assets | [1] | 22,409 | 20,955 | |
Total assets | 444,438 | 469,633 | $ 381,508 | |
Other liabilities | [1] | 6,721 | 7,517 | |
Long-term debt | 25,931 | 25,984 | ||
Total liabilities | 401,047 | 423,513 | ||
Shareholders’ equity | 43,034 | 45,801 | ||
Total liabilities, temporary equity and permanent equity | 444,438 | 469,633 | ||
Parent Company | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and due from banks | 356 | 330 | ||
Securities | 4 | 6 | ||
Investment in and advances to subsidiaries and associated companies: | 72,469 | 74,495 | ||
Corporate-owned life insurance | 786 | 782 | ||
Other assets | 623 | 202 | ||
Total assets | 74,238 | 75,815 | ||
Deferred compensation | 435 | 417 | ||
Affiliate borrowings | 3,585 | 2,176 | ||
Other liabilities | 1,283 | 1,866 | ||
Long-term debt | 25,901 | 25,555 | ||
Total liabilities | 31,204 | 30,014 | ||
Shareholders’ equity | 43,034 | 45,801 | ||
Total liabilities, temporary equity and permanent equity | 74,238 | 75,815 | ||
Parent Company | Bank Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Investment in and advances to subsidiaries and associated companies: | 34,721 | 36,431 | ||
Parent Company | Nonbank Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Investment in and advances to subsidiaries and associated companies: | $ 37,748 | $ 38,064 | ||
[1] | In 2021, we reclassified the assets and liabilities of consolidated investment management funds, at fair value, to other assets and other liabilities, respectively. See Note 2 of the Notes to Consolidated Financial Statements for additional information. |
Company financial information_6
Company financial information (Parent Corporation) - Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Income from consolidated investment management funds, net of noncontrolling interests | $ 3,759 | $ 3,617 | $ 4,441 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
Net cash provided by operating activities | 2,838 | 5,038 | 96 |
Investing activities | |||
Net cash provided by (used for) investing activities | 19,672 | (78,455) | (10,548) |
Financing activities | |||
Net proceeds from the issuance of long-term debt | 5,186 | 2,993 | 2,993 |
Repayments of long-term debt | (4,650) | (5,200) | (5,250) |
Issuance of common stock | 13 | 12 | 21 |
Issuance of preferred stock | 1,287 | 1,567 | 0 |
Treasury stock acquired | (4,567) | (989) | (3,327) |
Redemption of preferred stock | (1,000) | (583) | 0 |
Net cash (used for) provided by financing activities | (21,962) | 75,508 | 9,459 |
Change in cash and due from banks | 464 | 2,152 | (991) |
Cash and due from banks and restricted cash at beginning of period | 9,419 | 7,267 | 8,258 |
Cash and due from banks and restricted cash at end of period | 9,883 | 9,419 | 7,267 |
Supplemental disclosures | |||
Interest paid | 233 | 1,236 | 4,400 |
Income taxes paid | 473 | 1,341 | 989 |
Income taxes refunded | 42 | 60 | 669 |
Parent Company | |||
Operating activities | |||
Income from consolidated investment management funds, net of noncontrolling interests | 3,759 | 3,617 | 4,441 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
Equity in undistributed net (income) loss of subsidiaries | (477) | (1,229) | 98 |
Change in accrued interest receivable | 75 | (17) | (12) |
Change in accrued interest payable | (15) | (26) | (17) |
Change in taxes payable | (142) | (281) | 331 |
Other, net | (260) | 368 | (107) |
Net cash provided by operating activities | 2,940 | 2,432 | 4,734 |
Investing activities | |||
Acquisitions of, investments in, and advances to subsidiaries | 870 | (1,442) | 1,495 |
Net cash provided by (used for) investing activities | 870 | (1,442) | 1,495 |
Financing activities | |||
Net proceeds from the issuance of long-term debt | 5,186 | 2,993 | 1,745 |
Repayments of long-term debt | (4,250) | (3,950) | (4,250) |
Change in advances from subsidiaries | 820 | 1,195 | 242 |
Issuance of common stock | 63 | 58 | 86 |
Issuance of preferred stock | 1,287 | 1,567 | 0 |
Treasury stock acquired | (4,567) | (989) | (3,327) |
Redemption of preferred stock | (1,000) | (583) | 0 |
Cash dividends paid | (1,323) | (1,296) | (1,289) |
Net cash (used for) provided by financing activities | (3,784) | (1,005) | (6,793) |
Change in cash and due from banks | 26 | (15) | (564) |
Cash and due from banks and restricted cash at beginning of period | 330 | 345 | 909 |
Cash and due from banks and restricted cash at end of period | 356 | 330 | 345 |
Supplemental disclosures | |||
Interest paid | 354 | 546 | 958 |
Income taxes paid | 0 | 3 | 2 |
Income taxes refunded | 1 | 0 | 0 |
Payments received from subsidiaries for taxes | 21 | 736 | 823 |
Payments for acquisition of investments in and advances to subsidiaries | 10 | 3,715 | 2,139 |
Proceeds from sale of investments in and advances from subsidiaries | $ 880 | $ 2,273 | $ 3,634 |
Fair value measurement - Narrat
Fair value measurement - Narrative (Details) | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | |
Percentage of securities valued with reasonable level of price transparency | 99.00% |
Fair value measurement - Assets
Fair value measurement - Assets and Liabilities on Recurring Basis (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | $ 101,839,000,000 | $ 108,495,000,000 |
Trading assets: | ||
Total derivatives fair value | 9,793,000,000 | 12,191,000,000 |
Effect of master netting agreements | (6,973,000,000) | (8,346,000,000) |
Total derivative assets | 2,820,000,000 | 3,845,000,000 |
Trading assets | 16,577,000,000 | 15,272,000,000 |
Other assets | 1,187,000,000 | 1,009,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 9,759,000,000 | 12,650,000,000 |
Effect of master netting agreements | (6,335,000,000) | (7,845,000,000) |
Derivative liabilities | 3,424,000,000 | 4,805,000,000 |
Long-term debt | 0 | 400,000,000 |
Other liabilities | 496,000,000 | 1,110,000,000 |
Investment management funds | ||
Trading assets: | ||
Trading assets | 443,000,000 | 482,000,000 |
Other assets | 19,000,000 | 5,000,000 |
Total assets | 462,000,000 | 487,000,000 |
Trading liabilities: | ||
Other liabilities | 3,000,000 | 3,000,000 |
Total liabilities | 3,000,000 | 3,000,000 |
Interest rate contracts | ||
Trading assets: | ||
Effect of master netting agreements | (1,424,000,000) | (1,952,000,000) |
Trading liabilities: | ||
Effect of master netting agreements | (2,028,000,000) | (2,348,000,000) |
Foreign exchange contracts | ||
Trading assets: | ||
Effect of master netting agreements | (5,501,000,000) | (6,392,000,000) |
Trading liabilities: | ||
Effect of master netting agreements | (4,111,000,000) | (5,484,000,000) |
Equity contracts | ||
Trading assets: | ||
Effect of master netting agreements | (48,000,000) | (2,000,000) |
Trading liabilities: | ||
Effect of master netting agreements | (196,000,000) | (13,000,000) |
Agency residential mortgage-backed securities (“RMBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 22,347,000,000 | |
U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 29,409,000,000 | 24,894,000,000 |
Sovereign debt/sovereign guaranteed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 13,379,000,000 | 12,391,000,000 |
Agency commercial mortgage-backed securities (“MBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 8,405,000,000 | 9,228,000,000 |
Supranational | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 7,573,000,000 | 7,160,000,000 |
Collateralized loan obligations (“CLOs”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 4,439,000,000 | 4,703,000,000 |
Foreign covered bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 6,238,000,000 | 6,725,000,000 |
U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,536,000,000 | 3,853,000,000 |
Other ABS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,190,000,000 | 3,164,000,000 |
Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,748,000,000 | 2,326,000,000 |
State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,514,000,000 | 2,308,000,000 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,066,000,000 | 1,994,000,000 |
Commercial paper/ certificates of deposit (“CDs”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 249,000,000 | |
Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 1,000,000 | 1,000,000 |
Not designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 9,587,000,000 | 12,172,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 9,266,000,000 | 11,543,000,000 |
Not designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 3,259,000,000 | 4,482,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 2,835,000,000 | 3,880,000,000 |
Not designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 6,279,000,000 | 7,688,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 6,215,000,000 | 7,622,000,000 |
Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivatives fair value | 49,000,000 | 2,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 211,000,000 | 37,000,000 |
Designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 206,000,000 | 19,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 493,000,000 | 1,107,000,000 |
Designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 453,000,000 | 666,000,000 |
Designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 206,000,000 | 19,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 40,000,000 | 441,000,000 |
Assets measured at fair value on a recurring basis | ||
Trading assets: | ||
Effect of master netting agreements | (6,973,000,000) | |
Total assets | 119,603,000,000 | |
Assets measured at fair value on a recurring basis | Level 1 | ||
Trading assets: | ||
Total assets | $ 47,083,000,000 | |
Percentage of total assets prior to netting | 37.00% | |
Trading liabilities: | ||
Percentage of total liabilities prior to netting | 20.00% | |
Assets measured at fair value on a recurring basis | Level 2 | ||
Trading assets: | ||
Total assets | $ 79,275,000,000 | |
Percentage of total assets prior to netting | 63.00% | |
Trading liabilities: | ||
Percentage of total liabilities prior to netting | 80.00% | |
Assets measured at fair value on a recurring basis | Level 3 | ||
Trading assets: | ||
Total assets | $ 0 | |
Percentage of total assets prior to netting | 0.00% | |
Trading liabilities: | ||
Percentage of total liabilities prior to netting | 0.00% | |
Assets measured at fair value on a recurring basis | Operating segments | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | $ 101,839,000,000 | 108,495,000,000 |
Trading assets: | ||
Debt instruments | 4,197,000,000 | 5,671,000,000 |
Equity instruments | 9,766,000,000 | 5,775,000,000 |
Effect of master netting agreements | (6,973,000,000) | (8,346,000,000) |
Trading assets | 16,577,000,000 | 15,272,000,000 |
Other assets | 763,000,000 | 789,000,000 |
Total other assets | 969,000,000 | 808,000,000 |
Total assets | 124,776,000,000 | |
Trading liabilities: | ||
Total trading liabilities | 5,469,000,000 | 6,031,000,000 |
Effect of master netting agreements | (6,335,000,000) | (7,845,000,000) |
Long-term debt | 400,000,000 | |
Other liabilities | 3,000,000 | 3,000,000 |
Total derivative liabilities designated as hedging | 496,000,000 | |
Total liabilities | 5,965,000,000 | 7,541,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Interest rate contracts | ||
Trading assets: | ||
Effect of master netting agreements | (1,424,000,000) | (1,952,000,000) |
Trading liabilities: | ||
Effect of master netting agreements | (2,028,000,000) | (2,348,000,000) |
Assets measured at fair value on a recurring basis | Operating segments | Foreign exchange contracts | ||
Trading assets: | ||
Effect of master netting agreements | (5,501,000,000) | (6,392,000,000) |
Trading liabilities: | ||
Effect of master netting agreements | (4,111,000,000) | (5,484,000,000) |
Assets measured at fair value on a recurring basis | Operating segments | Equity contracts | ||
Trading assets: | ||
Effect of master netting agreements | (48,000,000) | (2,000,000) |
Trading liabilities: | ||
Effect of master netting agreements | (196,000,000) | (13,000,000) |
Assets measured at fair value on a recurring basis | Operating segments | Agency residential mortgage-backed securities (“RMBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 14,530,000,000 | 22,347,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 29,409,000,000 | 24,894,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Sovereign debt/sovereign guaranteed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 13,379,000,000 | 12,391,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Agency commercial mortgage-backed securities (“MBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 8,405,000,000 | 9,228,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Supranational | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 7,573,000,000 | 7,160,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Foreign government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,686,000,000 | 4,135,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Collateralized loan obligations (“CLOs”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 4,439,000,000 | 4,703,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Foreign covered bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 6,238,000,000 | 6,725,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,536,000,000 | 3,853,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Other ABS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,190,000,000 | 3,164,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Non-agency commercial MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 3,125,000,000 | 3,017,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,748,000,000 | 2,326,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,514,000,000 | 2,308,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,066,000,000 | 1,994,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Commercial paper/ certificates of deposit (“CDs”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 249,000,000 | |
Assets measured at fair value on a recurring basis | Operating segments | Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 1,000,000 | 1,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Not designated as hedging | ||
Trading assets: | ||
Total derivative assets | 2,614,000,000 | 3,826,000,000 |
Trading liabilities: | ||
Effect of master netting agreements | (6,335,000,000) | |
Derivative liabilities | 2,931,000,000 | 3,698,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Not designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivative assets | 1,835,000,000 | 2,530,000,000 |
Trading liabilities: | ||
Derivative liabilities | 807,000,000 | 1,532,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Not designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivative assets | 778,000,000 | 1,296,000,000 |
Trading liabilities: | ||
Derivative liabilities | 2,104,000,000 | 2,138,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivative assets | 1,000,000 | 0 |
Trading liabilities: | ||
Derivative liabilities | 20,000,000 | 28,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Designated as hedging | ||
Trading assets: | ||
Total derivative assets | 206,000,000 | 19,000,000 |
Trading liabilities: | ||
Derivative liabilities | 493,000,000 | 1,107,000,000 |
Total derivative liabilities designated as hedging | 1,110,000,000 | |
Assets measured at fair value on a recurring basis | Operating segments | Designated as hedging | Interest rate contracts | ||
Trading liabilities: | ||
Derivative liabilities | 453,000,000 | 666,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivative assets | 206,000,000 | 19,000,000 |
Trading liabilities: | ||
Derivative liabilities | 40,000,000 | 441,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Debt instruments | ||
Trading liabilities: | ||
Total trading liabilities | 2,498,000,000 | 2,322,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Equity instruments | ||
Trading liabilities: | ||
Total trading liabilities | 40,000,000 | 11,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 35,426,000,000 | 30,803,000,000 |
Trading assets: | ||
Debt instruments | 1,447,000,000 | 1,803,000,000 |
Equity instruments | 9,766,000,000 | 5,775,000,000 |
Trading assets | 11,219,000,000 | 7,583,000,000 |
Other assets | 438,000,000 | 504,000,000 |
Total other assets | 438,000,000 | 504,000,000 |
Total assets | $ 38,890,000,000 | |
Percentage of total assets prior to netting | 29.00% | |
Trading liabilities: | ||
Total trading liabilities | 2,498,000,000 | $ 2,307,000,000 |
Long-term debt | 0 | |
Other liabilities | 1,000,000 | 1,000,000 |
Total derivative liabilities designated as hedging | 1,000,000 | |
Total liabilities | 2,499,000,000 | $ 2,308,000,000 |
Percentage of total liabilities prior to netting | 15.00% | |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Agency residential mortgage-backed securities (“RMBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | $ 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 29,409,000,000 | 24,894,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Sovereign debt/sovereign guaranteed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 6,017,000,000 | 5,909,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Agency commercial mortgage-backed securities (“MBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Supranational | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Foreign government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Collateralized loan obligations (“CLOs”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Foreign covered bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Other ABS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Non-agency commercial MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Commercial paper/ certificates of deposit (“CDs”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Not designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 6,000,000 | 5,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 6,000,000 | 9,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Not designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 6,000,000 | 5,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 1,000,000 | 2,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Not designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 5,000,000 | 7,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Total derivative liabilities designated as hedging | 1,000,000 | |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Designated as hedging | Interest rate contracts | ||
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Debt instruments | ||
Trading liabilities: | ||
Total trading liabilities | 2,452,000,000 | 2,287,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 1 | Equity instruments | ||
Trading liabilities: | ||
Total trading liabilities | 40,000,000 | 11,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 66,413,000,000 | 77,692,000,000 |
Trading assets: | ||
Debt instruments | 2,750,000,000 | 3,868,000,000 |
Equity instruments | 0 | 0 |
Trading assets | 12,331,000,000 | 16,035,000,000 |
Other assets | 325,000,000 | 285,000,000 |
Total other assets | 531,000,000 | 304,000,000 |
Total assets | $ 94,031,000,000 | |
Percentage of total assets prior to netting | 71.00% | |
Trading liabilities: | ||
Total trading liabilities | 9,306,000,000 | $ 11,569,000,000 |
Long-term debt | 400,000,000 | |
Other liabilities | 2,000,000 | 2,000,000 |
Total derivative liabilities designated as hedging | 495,000,000 | |
Total liabilities | 9,801,000,000 | $ 13,078,000,000 |
Percentage of total liabilities prior to netting | 85.00% | |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Agency residential mortgage-backed securities (“RMBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 14,530,000,000 | $ 22,347,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Sovereign debt/sovereign guaranteed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 7,362,000,000 | 6,482,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Agency commercial mortgage-backed securities (“MBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 8,405,000,000 | 9,228,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Supranational | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 7,573,000,000 | 7,160,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Foreign government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,686,000,000 | 4,135,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Collateralized loan obligations (“CLOs”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 4,439,000,000 | 4,703,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Foreign covered bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 6,238,000,000 | 6,725,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,536,000,000 | 3,853,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Other ABS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,190,000,000 | 3,164,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Non-agency commercial MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 3,125,000,000 | 3,017,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,748,000,000 | 2,326,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,514,000,000 | 2,308,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 2,066,000,000 | 1,994,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Commercial paper/ certificates of deposit (“CDs”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 249,000,000 | |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 1,000,000 | 1,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Not designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 9,581,000,000 | 12,167,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 9,260,000,000 | 11,534,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Not designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 3,253,000,000 | 4,477,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 2,834,000,000 | 3,878,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Not designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 6,279,000,000 | 7,688,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 6,215,000,000 | 7,622,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivatives fair value | 49,000,000 | 2,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 211,000,000 | 34,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 206,000,000 | 19,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 493,000,000 | 1,107,000,000 |
Total derivative liabilities designated as hedging | 1,109,000,000 | |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Designated as hedging | Interest rate contracts | ||
Trading liabilities: | ||
Total derivatives fair value | 453,000,000 | 666,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 206,000,000 | 19,000,000 |
Trading liabilities: | ||
Total derivatives fair value | 40,000,000 | 441,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Debt instruments | ||
Trading liabilities: | ||
Total trading liabilities | 46,000,000 | 35,000,000 |
Assets measured at fair value on a recurring basis | Operating segments | Level 2 | Equity instruments | ||
Trading liabilities: | ||
Total trading liabilities | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Trading assets: | ||
Debt instruments | 0 | 0 |
Equity instruments | 0 | 0 |
Total derivative assets | 0 | |
Trading assets | 0 | 0 |
Other assets | 0 | 0 |
Total other assets | 0 | 0 |
Total assets | $ 0 | |
Percentage of total assets prior to netting | 0.00% | |
Trading liabilities: | ||
Total trading liabilities | 0 | $ 0 |
Long-term debt | 0 | |
Other liabilities | 0 | 0 |
Total derivative liabilities designated as hedging | 0 | |
Total liabilities | 0 | $ 0 |
Percentage of total liabilities prior to netting | 0.00% | |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Agency residential mortgage-backed securities (“RMBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | $ 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Sovereign debt/sovereign guaranteed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Agency commercial mortgage-backed securities (“MBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Supranational | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Foreign government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Collateralized loan obligations (“CLOs”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Foreign covered bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Other ABS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Non-agency commercial MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Commercial paper/ certificates of deposit (“CDs”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Not designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Not designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Not designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Total derivative liabilities designated as hedging | 0 | |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Designated as hedging | Interest rate contracts | ||
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Debt instruments | ||
Trading liabilities: | ||
Total trading liabilities | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | Level 3 | Equity instruments | ||
Trading liabilities: | ||
Total trading liabilities | 0 | 0 |
Assets measured at fair value on a recurring basis | Operating segments | NAV | ||
Trading assets: | ||
Assets measured at NAV | $ 218,000,000 | $ 201,000,000 |
Fair value measurement - Certai
Fair value measurement - Certain Items on Recurring Basis (Details) - Assets measured at fair value on a recurring basis - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 2,748 | $ 2,326 |
Non-agency RMBS | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 81.00% | 69.00% |
Non-agency RMBS | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 2.00% | 3.00% |
Non-agency RMBS | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 1.00% |
Non-agency RMBS | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 8.00% | 16.00% |
Non-agency RMBS | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 9.00% | 11.00% |
Non-agency RMBS | 2008-2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 2,190 | $ 1,548 |
Non-agency RMBS | 2008-2021 | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Non-agency RMBS | 2008-2021 | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Non-agency RMBS | 2008-2021 | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Non-agency RMBS | 2008-2021 | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Non-agency RMBS | 2008-2021 | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Non-agency RMBS | 2007 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 114 | $ 179 |
Non-agency RMBS | 2007 | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 12.00% |
Non-agency RMBS | 2007 | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 4.00% | 3.00% |
Non-agency RMBS | 2007 | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Non-agency RMBS | 2007 | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 39.00% | 42.00% |
Non-agency RMBS | 2007 | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 57.00% | 43.00% |
Non-agency RMBS | 2006 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 181 | $ 237 |
Non-agency RMBS | 2006 | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Non-agency RMBS | 2006 | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 24.00% | 23.00% |
Non-agency RMBS | 2006 | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Non-agency RMBS | 2006 | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 33.00% | 40.00% |
Non-agency RMBS | 2006 | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 43.00% | 37.00% |
Non-agency RMBS | 2005 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 167 | $ 227 |
Non-agency RMBS | 2005 | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 3.00% | 3.00% |
Non-agency RMBS | 2005 | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 5.00% | 0.00% |
Non-agency RMBS | 2005 | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 1.00% | 7.00% |
Non-agency RMBS | 2005 | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 37.00% | 52.00% |
Non-agency RMBS | 2005 | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 54.00% | 38.00% |
Non-agency RMBS | 2004 and earlier | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 96 | $ 135 |
Non-agency RMBS | 2004 and earlier | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 16.00% | 19.00% |
Non-agency RMBS | 2004 and earlier | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 10.00% | 10.00% |
Non-agency RMBS | 2004 and earlier | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 5.00% | 11.00% |
Non-agency RMBS | 2004 and earlier | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 57.00% | 54.00% |
Non-agency RMBS | 2004 and earlier | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 12.00% | 6.00% |
Non-agency commercial MBS | 2009-2021 | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 3,125 | $ 3,017 |
Non-agency commercial MBS | 2009-2021 | AAA/ AA- | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 99.00% |
Non-agency commercial MBS | 2009-2021 | A+/ A- | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 1.00% |
Non-agency commercial MBS | 2009-2021 | BBB+/ BBB- | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Non-agency commercial MBS | 2009-2021 | BB+ and lower | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Non-agency commercial MBS | 2009-2021 | Not Rated | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 6,238 | $ 6,725 |
Foreign covered bonds | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Foreign covered bonds | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Canada | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 2,332 | $ 2,552 |
Foreign covered bonds | Canada | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Foreign covered bonds | Canada | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Canada | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Canada | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Canada | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | UK | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,141 | $ 1,259 |
Foreign covered bonds | UK | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Foreign covered bonds | UK | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | UK | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | UK | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | UK | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Australia | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 762 | $ 951 |
Foreign covered bonds | Australia | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Foreign covered bonds | Australia | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Australia | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Australia | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Australia | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Norway | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 457 | $ 703 |
Foreign covered bonds | Norway | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Foreign covered bonds | Norway | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Norway | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Norway | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Norway | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Germany | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 638 | $ 494 |
Foreign covered bonds | Germany | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Foreign covered bonds | Germany | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Germany | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Germany | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Germany | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 908 | $ 766 |
Foreign covered bonds | Other | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Foreign covered bonds | Other | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Other | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Other | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign covered bonds | Other | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 13,379 | $ 12,391 |
Sovereign debt/sovereign guaranteed | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 78.00% | 62.00% |
Sovereign debt/sovereign guaranteed | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 5.00% | 6.00% |
Sovereign debt/sovereign guaranteed | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 16.00% | 31.00% |
Sovereign debt/sovereign guaranteed | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 1.00% | 1.00% |
Sovereign debt/sovereign guaranteed | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Canada | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 630 | $ 572 |
Sovereign debt/sovereign guaranteed | Canada | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Sovereign debt/sovereign guaranteed | Canada | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Canada | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Canada | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Canada | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | UK | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,969 | $ 1,089 |
Sovereign debt/sovereign guaranteed | UK | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Sovereign debt/sovereign guaranteed | UK | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | UK | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | UK | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | UK | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Germany | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 3,585 | $ 2,222 |
Sovereign debt/sovereign guaranteed | Germany | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Sovereign debt/sovereign guaranteed | Germany | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Germany | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Germany | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Germany | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Italy | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,382 | $ 2,010 |
Sovereign debt/sovereign guaranteed | Italy | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Italy | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Italy | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Sovereign debt/sovereign guaranteed | Italy | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Italy | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Spain | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 782 | $ 1,920 |
Sovereign debt/sovereign guaranteed | Spain | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Spain | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 8.00% | 5.00% |
Sovereign debt/sovereign guaranteed | Spain | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 92.00% | 95.00% |
Sovereign debt/sovereign guaranteed | Spain | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Spain | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | France | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,921 | $ 1,697 |
Sovereign debt/sovereign guaranteed | France | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Sovereign debt/sovereign guaranteed | France | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | France | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | France | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | France | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Singapore | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,018 | $ 984 |
Sovereign debt/sovereign guaranteed | Singapore | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Sovereign debt/sovereign guaranteed | Singapore | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Singapore | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Singapore | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Singapore | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Netherlands | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 332 | $ 491 |
Sovereign debt/sovereign guaranteed | Netherlands | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Sovereign debt/sovereign guaranteed | Netherlands | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Netherlands | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Netherlands | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Netherlands | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Japan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 363 | $ 408 |
Sovereign debt/sovereign guaranteed | Japan | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Japan | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Sovereign debt/sovereign guaranteed | Japan | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Japan | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Japan | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Austria | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 309 | $ 256 |
Sovereign debt/sovereign guaranteed | Austria | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Sovereign debt/sovereign guaranteed | Austria | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Austria | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Austria | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Austria | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Ireland | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 230 | $ 252 |
Sovereign debt/sovereign guaranteed | Ireland | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Ireland | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Sovereign debt/sovereign guaranteed | Ireland | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Ireland | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Ireland | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Hong Kong | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 531 | $ 29 |
Sovereign debt/sovereign guaranteed | Hong Kong | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Sovereign debt/sovereign guaranteed | Hong Kong | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Hong Kong | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Hong Kong | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Hong Kong | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 327 | $ 461 |
Sovereign debt/sovereign guaranteed | Other | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 64.00% | 73.00% |
Sovereign debt/sovereign guaranteed | Other | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Other | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Sovereign debt/sovereign guaranteed | Other | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 36.00% | 27.00% |
Sovereign debt/sovereign guaranteed | Other | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 2,686 | $ 4,135 |
Foreign government agencies | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 92.00% | 95.00% |
Foreign government agencies | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 8.00% | 5.00% |
Foreign government agencies | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Canada | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 566 | $ 511 |
Foreign government agencies | Canada | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 78.00% | 75.00% |
Foreign government agencies | Canada | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 22.00% | 25.00% |
Foreign government agencies | Canada | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Canada | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Canada | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Norway | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 269 | $ 273 |
Foreign government agencies | Norway | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Foreign government agencies | Norway | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Norway | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Norway | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Norway | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Germany | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 0 | $ 1,473 |
Foreign government agencies | Germany | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 100.00% |
Foreign government agencies | Germany | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Germany | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Germany | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Germany | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | France | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 301 | $ 305 |
Foreign government agencies | France | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Foreign government agencies | France | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | France | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | France | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | France | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Netherlands | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 765 | $ 847 |
Foreign government agencies | Netherlands | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Foreign government agencies | Netherlands | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Netherlands | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Netherlands | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Netherlands | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 266 | $ 220 |
Foreign government agencies | Other | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 64.00% | 55.00% |
Foreign government agencies | Other | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 36.00% | 45.00% |
Foreign government agencies | Other | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Other | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Other | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Sweden | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 252 | $ 281 |
Foreign government agencies | Sweden | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Foreign government agencies | Sweden | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Sweden | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Sweden | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Sweden | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Finland | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 267 | $ 225 |
Foreign government agencies | Finland | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100.00% | 100.00% |
Foreign government agencies | Finland | A+/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Finland | BBB+/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Finland | BB+ and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Foreign government agencies | Finland | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0.00% | 0.00% |
Carrying amount | Sovereign debt/sovereign guaranteed | Sovereign debt/sovereign guaranteed | Brazil | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 119 | $ 125 |
Fair value measurement - Asse_2
Fair value measurement - Assets on Nonrecurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | $ 1,187 | $ 1,009 |
Decrease in fair value of loans of underlying collateral (less than) | 1 | 1 |
Measured at fair value on a nonrecurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 42 | 48 |
Other assets | 265 | 131 |
Total assets | 307 | 179 |
Measured at fair value on a nonrecurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 0 | 0 |
Measured at fair value on a nonrecurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 42 | 48 |
Other assets | 265 | 131 |
Total assets | 307 | 179 |
Measured at fair value on a nonrecurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Other assets | 0 | 0 |
Total assets | $ 0 | $ 0 |
Fair value measurement - Financ
Fair value measurement - Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | $ 102,467 | $ 141,775 |
Interest-bearing deposits with banks | 16,630 | 17,300 |
Securities held-to-maturity | 56,775 | 49,224 |
Other assets, fair value | 1,187 | 1,009 |
Liabilities: | ||
Noninterest-bearing deposits | 93,695 | 83,854 |
Payables to customers and broker-dealers | 25,150 | 25,085 |
Long-term debt | 0 | 400 |
Estimated fair value | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 102,467 | 141,775 |
Interest-bearing deposits with banks | 16,636 | 17,310 |
Federal funds sold and securities purchased under resale agreements | 29,607 | 30,907 |
Securities held-to-maturity | 56,775 | 49,224 |
Loans | 67,026 | 53,586 |
Other assets, fair value | 7,300 | 7,412 |
Total assets | 279,811 | 300,214 |
Liabilities: | ||
Noninterest-bearing deposits | 93,695 | 83,854 |
Interest-bearing deposits | 224,665 | 257,287 |
Federal funds purchased and securities sold under repurchase agreements | 11,566 | 11,305 |
Payables to customers and broker-dealers | 25,150 | 25,085 |
Borrowings | 956 | 563 |
Long-term debt | 26,701 | 27,306 |
Total liabilities | 382,733 | 405,400 |
Estimated fair value | Level 1 | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Federal funds sold and securities purchased under resale agreements | 0 | 0 |
Securities held-to-maturity | 12,488 | 4,120 |
Loans | 0 | 0 |
Other assets, fair value | 6,061 | 6,252 |
Total assets | 18,549 | 10,372 |
Liabilities: | ||
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Federal funds purchased and securities sold under repurchase agreements | 0 | 0 |
Payables to customers and broker-dealers | 0 | 0 |
Borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Total liabilities | 0 | 0 |
Estimated fair value | Level 2 | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 102,467 | 141,775 |
Interest-bearing deposits with banks | 16,636 | 17,310 |
Federal funds sold and securities purchased under resale agreements | 29,607 | 30,907 |
Securities held-to-maturity | 44,287 | 45,104 |
Loans | 67,026 | 53,586 |
Other assets, fair value | 1,239 | 1,160 |
Total assets | 261,262 | 289,842 |
Liabilities: | ||
Noninterest-bearing deposits | 93,695 | 83,854 |
Interest-bearing deposits | 224,665 | 257,287 |
Federal funds purchased and securities sold under repurchase agreements | 11,566 | 11,305 |
Payables to customers and broker-dealers | 25,150 | 25,085 |
Borrowings | 956 | 563 |
Long-term debt | 26,701 | 27,306 |
Total liabilities | 382,733 | 405,400 |
Estimated fair value | Level 3 | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Federal funds sold and securities purchased under resale agreements | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Loans | 0 | 0 |
Other assets, fair value | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ||
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Federal funds purchased and securities sold under repurchase agreements | 0 | 0 |
Payables to customers and broker-dealers | 0 | 0 |
Borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Total liabilities | 0 | 0 |
Carrying amount | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 102,467 | 141,775 |
Interest-bearing deposits with banks | 16,630 | 17,300 |
Federal funds sold and securities purchased under resale agreements | 29,607 | 30,907 |
Securities held-to-maturity | 56,866 | 47,946 |
Loans | 66,860 | 55,121 |
Other assets, fair value | 7,300 | 7,412 |
Total assets | 279,730 | 300,461 |
Liabilities: | ||
Noninterest-bearing deposits | 93,695 | 83,854 |
Interest-bearing deposits | 225,999 | 257,691 |
Federal funds purchased and securities sold under repurchase agreements | 11,566 | 11,305 |
Payables to customers and broker-dealers | 25,150 | 25,085 |
Borrowings | 956 | 563 |
Long-term debt | 25,931 | 25,584 |
Total liabilities | $ 383,297 | $ 404,082 |
Fair value option - Assets and
Fair value option - Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets of consolidated investment management funds: | ||
Trading assets | $ 16,577 | $ 15,272 |
Other assets | 1,187 | 1,009 |
Liabilities of consolidated investment management funds: | ||
Other liabilities | 496 | 1,110 |
Investment Management funds | ||
Assets of consolidated investment management funds: | ||
Trading assets | 443 | 482 |
Other assets | 19 | 5 |
Total assets | 462 | 487 |
Liabilities of consolidated investment management funds: | ||
Other liabilities | 3 | 3 |
Total liabilities | $ 3 | $ 3 |
Fair value option - Narrative (
Fair value option - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Fair value option of long-term debt | $ 240 | |
Long-term debt, fair value | 0 | $ 400 |
Subordinated notes | 15 | |
Subordinated debt notes, fair value | $ 15 |
Fair value option - Changes in
Fair value option - Changes in Fair Value of Loans and Long-term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term debt | Investment and other income | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) change in fair value | $ 0 | $ (13) | $ (16) |
Commitments and contingent li_3
Commitments and contingent liabilities - Summary of Off-Balance Sheet Credit Risks, Net of Participations (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Securities lending indemnifications, joint venture | $ 67,000 | $ 62,000 |
Invested in reverse repurchase agreements | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Cash collateral invested in indemnified repurchase agreements | 48,000 | 41,000 |
Lending commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet credit risks | 46,183 | 47,577 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet credit risks | 1,971 | 2,265 |
Off-balance sheet credit risks participations | 128 | 154 |
Commercial letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet credit risks | 56 | 60 |
Securities lending indemnifications | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet credit risks | $ 487,298 | $ 469,121 |
Commitments and contingent li_4
Commitments and contingent liabilities - Narrative (Details) | Aug. 04, 2021claiminvestment_fund | May 20, 2021USD ($) | Sep. 09, 2020USD ($) | Dec. 17, 2015lawsuit | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)claim | Dec. 31, 2019USD ($) | Dec. 31, 2010claim |
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Lending commitment maturing in less than one year | $ 27,100,000,000 | |||||||
Lending commitment maturing in one to five years | 18,600,000,000 | |||||||
Lending commitment maturing over five years | 516,000,000 | |||||||
Allowance for credit losses on lending related commitments | $ 121,000,000 | $ 45,000,000 | $ 94,000,000 | |||||
Collateralization percentage generally required for a securities lending transaction with indemnification against broker default | 102.00% | |||||||
Securities lending indemnifications, secured amount of collateral | 493,000,000,000 | $ 511,000,000,000 | ||||||
Securities lending indemnifications, joint venture | 62,000,000,000 | 67,000,000,000 | ||||||
Securities lending indemnifications, collateral joint venture | 66,000,000,000 | $ 71,000,000,000 | ||||||
Matters Related to R. Allen Stanford | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Number of lawsuits or class actions pending | claim | 2 | |||||||
Number of lawsuits filed | claim | 3 | |||||||
Brazilian Postalis Litigation | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Number of lawsuits filed | 3 | 3 | ||||||
Number of investment funds | investment_fund | 3 | |||||||
Loss contingency, damages awarded, value | $ 3,000,000 | $ 45,000,000 | ||||||
Loss contingency, damages sought, value | $ 2,000,000 | |||||||
German Tax Matters | Foreign Tax Authority | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Loss contingency, damages sought, value | 150,000,000 | |||||||
Maximum | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Loss contingency, aggregate range of reasonable loss (up to) | $ 600,000,000 | |||||||
Standby letters of credit | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Standby letters of credit (SBLC) collateralized with cash and securities | 194,000,000 | 172,000,000 | ||||||
SBLC expiring within one year | 1,400,000,000 | |||||||
SBLC expiring within one to five years | 601,000,000 | |||||||
SBLC expiring after five years | 0 | |||||||
Off-balance sheet credit risks | 2,265,000,000 | 1,971,000,000 | ||||||
Commercial letters of credit | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Off-balance sheet credit risks | $ 60,000,000 | 56,000,000 | ||||||
Unsettled Reverse Repurchase Agreements | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Guarantor obligations, maximum exposure, undiscounted | 9,100,000,000 | |||||||
Unsettled Repurchase Agreements | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Guarantor obligations, maximum exposure, undiscounted | 2,600,000,000 | |||||||
Operating segments | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Allowance for credit losses on lending related commitments | $ 45,000,000 | |||||||
Federal Court | Mortgage-Securitization Trusts Proceedings | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Number of lawsuits or class actions pending | claim | 3 | |||||||
State Court | Mortgage-Securitization Trusts Proceedings | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Number of lawsuits or class actions pending | claim | 4 |
Commitments and contingent li_5
Commitments and contingent liabilities - Standby Letters of Credits by Investment Grade (Details) - Standby letters of credit | Dec. 31, 2021 | Dec. 31, 2020 |
Investment grade | ||
Concentration Risk [Line Items] | ||
Standby letters of credit by investment grade | 85.00% | 82.00% |
Non-investment grade | ||
Concentration Risk [Line Items] | ||
Standby letters of credit by investment grade | 15.00% | 18.00% |
Commitments and contingent li_6
Commitments and contingent liabilities - Significant Industry Concentrations Related to Credit Exposure (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | $ 67,787 | $ 56,469 |
Financial institutions | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 10,232 | 11,131 |
Unfunded commitments | 30,600 | |
Total exposure | 40,800 | |
Financial institutions | Securities industry | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 1,700 | |
Unfunded commitments | 17,500 | |
Total exposure | 19,200 | |
Financial institutions | Asset managers | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 1,700 | |
Unfunded commitments | 7,100 | |
Total exposure | 8,800 | |
Financial institutions | Banks | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 5,800 | |
Unfunded commitments | 1,500 | |
Total exposure | 7,300 | |
Financial institutions | Insurance | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 200 | |
Unfunded commitments | 3,400 | |
Total exposure | 3,600 | |
Financial institutions | Government | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 100 | |
Unfunded commitments | 200 | |
Total exposure | 300 | |
Financial institutions | Other | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 700 | |
Unfunded commitments | 900 | |
Total exposure | 1,600 | |
Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 2,128 | $ 1,429 |
Unfunded commitments | 11,900 | |
Total exposure | 14,000 | |
Commercial | Manufacturing | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 600 | |
Unfunded commitments | 3,900 | |
Total exposure | 4,500 | |
Commercial | Services and other | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 1,000 | |
Unfunded commitments | 3,200 | |
Total exposure | 4,200 | |
Commercial | Energy and utilities | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 400 | |
Unfunded commitments | 3,900 | |
Total exposure | 4,300 | |
Commercial | Media and telecom | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 100 | |
Unfunded commitments | 900 | |
Total exposure | $ 1,000 |
Derivative instruments - Narrat
Derivative instruments - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Counterparty default losses recorded | $ 0 | ||
Non-derivative financial instruments designated as hedges of net investments in foreign subsidiaries were all long-term liabilities of BNY Mellon in various currencies | 0 | ||
Gain or (loss) recognized in income on derivatives | $ 13,000,000 | $ (1,000,000) | $ 7,000,000 |
Value-at-risk methodology assumed holding period for instruments | 1 day | ||
Value-at-risk methodology confidence level percentage | 99.00% | ||
Additional collateral The Bank of New York Mellon would have to post for existing collateral arrangements, if The Bank of New York Mellon had fallen below investment grade | $ 71,000,000 | 41,000,000 | |
Foreign exchange contracts | Net investment hedging | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Hedged financial instruments, notional amount of derivative | 9,900,000,000 | ||
Foreign exchange contracts | Forecasted Foreign Currency | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Amount of pre-tax gain (loss) to be reclassified in the next 12 months from AOCI to earnings | 2,000,000 | ||
Foreign exchange contracts | Forecasted Foreign Currency | Cash flow hedges | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Hedged financial instruments, notional amount of derivative | $ 347,000,000 | ||
Original maturities, maximum, of hedged instruments | 15 months | ||
Pre-tax gain (loss) recognized in OCI related to cash flow hedges | $ 2,000,000 | ||
Foreign currency forward | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Hedging derivatives, maturities, maximum | 1 year | ||
Securities available-for-sale | Interest rate swap | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Hedged financial instruments | $ 24,400,000,000 | ||
Hedged financial instruments, notional amount of derivative | 24,500,000,000 | ||
Securities available-for-sale | Foreign currency forward | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Hedged financial instruments | 141,000,000 | ||
Hedged financial instruments, notional amount of derivative | 141,000,000 | ||
Long-term debt | Interest rate swap | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Hedged financial instruments | 22,200,000,000 | ||
Hedged financial instruments, notional amount of derivative | $ 22,200,000,000 | ||
Original maturities, minimum, of hedged instruments | 5 years | ||
Original maturities, maximum, of hedged instruments | 30 years | ||
Not Designated as Hedging Instrument, Economic Hedge | Staff expense | Equity Swap | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Gain or (loss) recognized in income on derivatives | $ 35,000,000 | $ 22,000,000 | $ 36,000,000 |
Derivative instruments - Gains
Derivative instruments - Gains (Losses) Related to Hedging Derivative Portfolio Recognized in the Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in the consolidated income statement due to fair value and cash flow hedging relationships | $ 13 | $ (1) | $ 7 |
Interest rate contracts | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) on cash flow hedges | 0 | 0 | 7 |
Interest rate contracts | Long-term debt | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized on derivatives | (646) | 587 | 486 |
Gain or (loss) recognized on hedged item | 645 | (586) | (483) |
Interest rate contracts | Securities available-for-sale | Interest revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized on derivatives | 786 | (627) | (795) |
Gain or (loss) recognized on hedged item | (785) | 624 | 788 |
FX contracts | Staff expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) on cash flow hedges | 12 | (1) | 3 |
FX contracts | Securities available-for-sale | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain from components excluded from assessment of fair value hedge effectiveness, net | 1 | 1 | 2 |
FX contracts | Securities available-for-sale | Foreign exchange revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized on derivatives | 11 | (9) | 9 |
Gain or (loss) recognized on hedged item | $ (10) | $ 11 | $ (8) |
Derivative instruments - Impact
Derivative instruments - Impact of Hedging Derivatives Used in Net Investment Hedging Relationships (Details) - FX contracts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in accumulated OCI on derivatives Year ended Dec. 31, | $ 261 | $ (284) | $ (19) |
Net interest revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) reclassified from accumulated OCI into income Year ended Dec. 31, | $ 0 | $ 0 | $ 0 |
Derivative instruments - Hedged
Derivative instruments - Hedged Items in Fair Value Hedging Relationships (Details) - Fair value hedging - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term debt | ||
Derivative [Line Items] | ||
Carrying amount of hedged asset or liability, Long-term debt | $ 22,447 | $ 14,784 |
Hedged liability, fair value hedge, cumulative increase (decrease) | 183 | 783 |
Hedged liability, discontinued fair value hedge, cumulative decrease | 72 | 118 |
Securities available-for-sale | ||
Derivative [Line Items] | ||
Carrying amount of hedged asset or liability, Available-for-sale securities | 24,400 | 17,536 |
Hedge accounting basis adjustment increase (decrease), Available-for-sale securities | 590 | 1,428 |
Hedge accounting basis adjustment increase (decrease), discontinued hedges | 165 | 177 |
Not designated as hedging | Securities available-for-sale | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Hedged financial instruments, carrying amount | $ 141 | $ 148 |
Derivative instruments - Impa_2
Derivative instruments - Impact of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Asset derivatives fair value | ||
Total derivatives fair value | $ 9,793 | $ 12,191 |
Effect of master netting agreements | (6,973) | (8,346) |
Fair value after effect of master netting agreements | 2,820 | 3,845 |
Liability derivatives fair value | ||
Total derivatives fair value | 9,759 | 12,650 |
Effect of master netting agreements | (6,335) | (7,845) |
Fair value after effect of master netting agreements | 3,424 | 4,805 |
Derivative asset, collateral, obligation to return cash, offset | 1,424 | 1,552 |
Derivative liability, collateral, right to reclaim cash, offset | 786 | 1,051 |
Interest rate contracts | ||
Asset derivatives fair value | ||
Effect of master netting agreements | (1,424) | (1,952) |
Liability derivatives fair value | ||
Effect of master netting agreements | (2,028) | (2,348) |
Foreign exchange contracts | ||
Asset derivatives fair value | ||
Effect of master netting agreements | (5,501) | (6,392) |
Liability derivatives fair value | ||
Effect of master netting agreements | (4,111) | (5,484) |
Equity contracts | ||
Asset derivatives fair value | ||
Effect of master netting agreements | (48) | (2) |
Liability derivatives fair value | ||
Effect of master netting agreements | (196) | (13) |
Designated as hedging | ||
Asset derivatives fair value | ||
Total derivatives fair value | 206 | 19 |
Liability derivatives fair value | ||
Total derivatives fair value | 493 | 1,107 |
Designated as hedging | Interest rate contracts | ||
Notional value | ||
Notional amount of hedge | 46,717 | 31,360 |
Asset derivatives fair value | ||
Total derivatives fair value | 0 | 0 |
Liability derivatives fair value | ||
Total derivatives fair value | 453 | 666 |
Designated as hedging | Foreign exchange contracts | ||
Notional value | ||
Notional amount of hedge | 10,367 | 8,706 |
Asset derivatives fair value | ||
Total derivatives fair value | 206 | 19 |
Liability derivatives fair value | ||
Total derivatives fair value | 40 | 441 |
Not designated as hedging | ||
Asset derivatives fair value | ||
Total derivatives fair value | 9,587 | 12,172 |
Liability derivatives fair value | ||
Total derivatives fair value | 9,266 | 11,543 |
Not designated as hedging | Interest rate contracts | ||
Notional value | ||
Notional amount of hedge | 193,747 | 198,865 |
Asset derivatives fair value | ||
Total derivatives fair value | 3,259 | 4,482 |
Liability derivatives fair value | ||
Total derivatives fair value | 2,835 | 3,880 |
Not designated as hedging | Foreign exchange contracts | ||
Notional value | ||
Notional amount of hedge | 915,694 | 813,003 |
Asset derivatives fair value | ||
Total derivatives fair value | 6,279 | 7,688 |
Liability derivatives fair value | ||
Total derivatives fair value | 6,215 | 7,622 |
Not designated as hedging | Equity contracts | ||
Notional value | ||
Notional amount of hedge | 9,659 | 5,142 |
Asset derivatives fair value | ||
Total derivatives fair value | 49 | 2 |
Liability derivatives fair value | ||
Total derivatives fair value | 211 | 37 |
Not designated as hedging | Credit contracts | ||
Notional value | ||
Notional amount of hedge | 190 | 165 |
Asset derivatives fair value | ||
Total derivatives fair value | 0 | 0 |
Liability derivatives fair value | ||
Total derivatives fair value | $ 5 | $ 4 |
Derivative instruments - Revenu
Derivative instruments - Revenue from Foreign Exchange and Other Trading (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Other trading revenue | $ 6 | $ 13 | $ 77 |
Foreign exchange revenue | $ 799 | $ 774 | $ 564 |
Derivative instruments - Contra
Derivative instruments - Contracts Falling under Early Termination Provisions (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Credit Derivatives [Line Items] | ||
Aggregate fair value of OTC derivatives in net liability positions | $ 3,606 | $ 5,235 |
Collateral posted | 5,388 | 5,568 |
A3 | A- | ||
Credit Derivatives [Line Items] | ||
Aggregate fair value of OTC derivatives in net liability positions | 56 | 79 |
Baa2 | BBB | ||
Credit Derivatives [Line Items] | ||
Aggregate fair value of OTC derivatives in net liability positions | 563 | 813 |
Ba1 | BB plus | ||
Credit Derivatives [Line Items] | ||
Aggregate fair value of OTC derivatives in net liability positions | $ 1,778 | $ 2,859 |
Derivative instruments - Offset
Derivative instruments - Offsetting (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Asset | ||
Derivatives subject to netting arrangements, Gross assets recognized | $ 8,302 | $ 10,102 |
Total derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 6,973 | 8,346 |
Derivatives subject to netting arrangements, Net assets recognized in the balance sheet | 1,329 | 1,756 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 275 | 457 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Derivative assets subject to netting arrangements, Net amount | 1,054 | 1,299 |
Total derivatives not subject to netting arrangements | 1,491 | 2,089 |
Total derivatives, Gross assets recognized | 9,793 | 12,191 |
Fair value after effect of master netting agreements | 2,820 | 3,845 |
Total derivatives, Net amount | 2,545 | 3,388 |
Reverse repurchase agreements, Gross assets recognized | 72,661 | 78,828 |
Reverse repurchase agreements, Gross amounts offset in the balance sheet | 54,709 | 59,561 |
Reverse repurchase agreements, Net assets recognized on the balance sheet | 17,952 | 19,267 |
Reverse repurchase agreements, Gross amounts not offset in the balance sheet, Financial instruments | 17,922 | 19,252 |
Reverse repurchase agreements, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Reverse repurchase agreements, Net amount | 30 | 15 |
Securities borrowing, Gross assets recognized | 11,655 | 11,640 |
Securities borrowing, Net assets recognized on the balance sheet | 11,655 | 11,640 |
Securities borrowing, Gross amounts not offset in the balance sheet, Financial instruments | 11,036 | 11,166 |
Securities borrowing, Net amount | 619 | 474 |
Total, Gross assets recognized | 94,109 | 102,659 |
Total, Gross amounts offset in the balance sheet | 61,682 | 67,907 |
Total, Net assets recognized on the balance sheet | 32,427 | 34,752 |
Total, Gross amounts not offset in the balance sheet, Financial instruments | 29,233 | 30,875 |
Total, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Total, Net amount | 3,194 | 3,877 |
Derivative Liability | ||
Derivatives subject to netting arrangements, Gross liabilities recognized | 9,093 | 11,850 |
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 6,335 | 7,845 |
Derivatives subject to netting arrangements, Net liabilities recognized in the balance sheet | 2,758 | 4,005 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 1,226 | 2,265 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 |
Derivative liabilities subject to netting arrangements, Net amount | 1,532 | 1,740 |
Total derivatives not subject to netting arrangements | 666 | 800 |
Total derivatives, Gross liabilities recognized | 9,759 | 12,650 |
Fair value after effect of master netting agreements | 3,424 | 4,805 |
Total derivatives, Net amount | 2,198 | 2,540 |
Repurchase agreements, Gross liabilities recognized | 64,734 | 69,831 |
Repurchase agreements, Gross amounts offset in the balance sheet | 54,709 | 59,561 |
Repurchase agreements, Net liabilities recognized on the balance sheet | 10,025 | 10,270 |
Repurchase agreements, Gross amounts not offset in the balance sheet, Financial instruments | 10,025 | 10,270 |
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 | 1,541 | 1,035 |
Securities lending, Net liabilities recognized on the balance sheet | 1,541 | 1,035 |
Securities lending, Gross amounts not offset in the balance sheet, Financial instruments | 1,478 | 983 |
Securities lending, Net amount | 63 | 52 |
Total, Gross liabilities recognized | 76,034 | 83,516 |
Total, Gross amounts offset in the balance sheet | 61,044 | 67,406 |
Total, Net liabilities recognized on the balance sheet | 14,990 | 16,110 |
Total, Gross amounts not offset in the balance sheet, Financial instruments | 12,729 | 13,518 |
Total, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 |
Total, Net amount | 2,261 | 2,592 |
Interest rate contracts | ||
Derivative Asset | ||
Derivatives subject to netting arrangements, Gross assets recognized | 2,132 | 2,972 |
Total derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 1,424 | 1,952 |
Derivatives subject to netting arrangements, Net assets recognized in the balance sheet | 708 | 1,020 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 206 | 311 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Derivative assets subject to netting arrangements, Net amount | 502 | 709 |
Derivative Liability | ||
Derivatives subject to netting arrangements, Gross liabilities recognized | 3,263 | 4,533 |
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 2,028 | 2,348 |
Derivatives subject to netting arrangements, Net liabilities recognized in the balance sheet | 1,235 | 2,185 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 1,197 | 2,115 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 |
Derivative liabilities subject to netting arrangements, Net amount | 38 | 70 |
Foreign exchange contracts | ||
Derivative Asset | ||
Derivatives subject to netting arrangements, Gross assets recognized | 6,122 | 7,128 |
Total derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 5,501 | 6,392 |
Derivatives subject to netting arrangements, Net assets recognized in the balance sheet | 621 | 736 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 69 | 146 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Derivative assets subject to netting arrangements, Net amount | 552 | 590 |
Derivative Liability | ||
Derivatives subject to netting arrangements, Gross liabilities recognized | 5,619 | 7,280 |
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 4,111 | 5,484 |
Derivatives subject to netting arrangements, Net liabilities recognized in the balance sheet | 1,508 | 1,796 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 29 | 143 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 |
Derivative liabilities subject to netting arrangements, Net amount | 1,479 | 1,653 |
Equity and other contracts | ||
Derivative Asset | ||
Derivatives subject to netting arrangements, Gross assets recognized | 48 | 2 |
Total derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 48 | 2 |
Derivatives subject to netting arrangements, Net assets recognized in the balance sheet | 0 | 0 |
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, Net amount | 0 | 0 |
Derivative Liability | ||
Derivatives subject to netting arrangements, Gross liabilities recognized | 211 | 37 |
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 196 | 13 |
Derivatives subject to netting arrangements, Net liabilities recognized in the balance sheet | 15 | 24 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 0 | 7 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 |
Derivative liabilities subject to netting arrangements, Net amount | $ 15 | $ 17 |
Derivative instruments - Secure
Derivative instruments - Secured Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 64,734 | $ 69,831 |
Securities lending | 1,541 | 1,035 |
Total borrowings | 66,275 | 70,866 |
Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 60,155 | 66,186 |
Securities lending | 1,541 | 1,035 |
Total borrowings | 61,696 | 67,221 |
Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 704 | 300 |
Securities lending | 0 | 0 |
Total borrowings | 704 | 300 |
Maturity 30 to 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 3,450 | 3,245 |
Securities lending | 0 | 0 |
Total borrowings | 3,450 | 3,245 |
Maturity Greater than 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 425 | 100 |
Securities lending | 0 | 0 |
Total borrowings | 425 | 100 |
U.S. Treasury | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 57,310 | 62,381 |
U.S. Treasury | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 56,556 | 62,381 |
U.S. Treasury | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 304 | 0 |
U.S. Treasury | Maturity 30 to 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 450 | 0 |
U.S. Treasury | Maturity Greater than 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Agency residential mortgage-backed securities (“RMBS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 2,796 | 3,197 |
Securities lending | 152 | 161 |
Agency residential mortgage-backed securities (“RMBS”) | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 2,795 | 3,117 |
Securities lending | 152 | 161 |
Agency residential mortgage-backed securities (“RMBS”) | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1 | 0 |
Securities lending | 0 | 0 |
Agency residential mortgage-backed securities (“RMBS”) | Maturity 30 to 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 80 |
Securities lending | 0 | 0 |
Agency residential mortgage-backed securities (“RMBS”) | Maturity Greater than 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending | 0 | 0 |
Corporate bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,314 | 1,844 |
Corporate bonds | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 97 | 190 |
Corporate bonds | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 77 | 218 |
Corporate bonds | Maturity 30 to 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 870 | 1,336 |
Corporate bonds | Maturity Greater than 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 270 | 100 |
State and political subdivisions | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 845 | 970 |
State and political subdivisions | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 44 | 66 |
State and political subdivisions | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 16 | 40 |
State and political subdivisions | Maturity 30 to 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 630 | 864 |
State and political subdivisions | Maturity Greater than 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 155 | 0 |
U.S. government agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 503 | 425 |
U.S. government agencies | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 503 | 425 |
U.S. government agencies | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
U.S. government agencies | Maturity 30 to 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
U.S. government agencies | Maturity Greater than 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Sovereign debt/sovereign guaranteed | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 160 | 0 |
Sovereign debt/sovereign guaranteed | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 160 | 0 |
Sovereign debt/sovereign guaranteed | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Sovereign debt/sovereign guaranteed | Maturity 30 to 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Sovereign debt/sovereign guaranteed | Maturity Greater than 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Other debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 275 | 166 |
Securities lending | 88 | 52 |
Other debt securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 7 |
Securities lending | 88 | 52 |
Other debt securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 30 | 21 |
Securities lending | 0 | 0 |
Other debt securities | Maturity 30 to 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 245 | 138 |
Securities lending | 0 | 0 |
Other debt securities | Maturity Greater than 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending | 0 | 0 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,531 | 848 |
Securities lending | 1,301 | 822 |
Equity securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending | 1,301 | 822 |
Equity securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 276 | 21 |
Securities lending | 0 | 0 |
Equity securities | Maturity 30 to 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,255 | 827 |
Securities lending | 0 | 0 |
Equity securities | Maturity Greater than 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending | $ 0 | $ 0 |
Business segments - Narrative (
Business segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021business | |
Segment Reporting [Abstract] | |
Number of principal businesses (business) | 3 |
Business segments - Contributio
Business segments - Contribution of Segments to Overall Profitability (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Total fee and other revenue | $ 13,313 | $ 12,831 | $ 13,274 | |
Net interest revenue (expense) | 2,618 | 2,977 | 3,188 | |
Total revenue | 15,931 | 15,808 | 16,462 | |
Provision for credit losses | [1] | (231) | 336 | (25) |
Net income (loss) attributable to noncontrolling interests | 12 | 9 | 26 | |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Total fee and other revenue | 13,301 | 12,822 | 13,248 | |
Net interest revenue (expense) | 2,618 | 2,977 | 3,188 | |
Total revenue | 15,919 | 15,799 | 16,436 | |
Provision for credit losses | (231) | 336 | (25) | |
Noninterest expense | 11,514 | 11,004 | 10,900 | |
Income (loss) before income taxes | $ 4,636 | $ 4,459 | $ 5,561 | |
Pre-tax operating margin | 29.00% | 28.00% | 34.00% | |
Average assets | $ 452,232 | $ 413,318 | $ 345,955 | |
Operating segments | Securities Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total fee and other revenue | 5,818 | 5,678 | 5,461 | |
Net interest revenue (expense) | 1,426 | 1,697 | 1,896 | |
Total revenue | 7,244 | 7,375 | 7,357 | |
Provision for credit losses | (134) | 215 | (11) | |
Noninterest expense | 5,852 | 5,556 | 5,457 | |
Income (loss) before income taxes | $ 1,526 | $ 1,604 | $ 1,911 | |
Pre-tax operating margin | 21.00% | 22.00% | 26.00% | |
Average assets | $ 228,915 | $ 202,761 | $ 167,057 | |
Operating segments | Market and Wealth Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total fee and other revenue | 3,583 | 3,578 | 3,465 | |
Net interest revenue (expense) | 1,158 | 1,228 | 1,230 | |
Total revenue | 4,741 | 4,806 | 4,695 | |
Provision for credit losses | (67) | 100 | (5) | |
Noninterest expense | 2,676 | 2,614 | 2,639 | |
Income (loss) before income taxes | $ 2,132 | $ 2,092 | $ 2,061 | |
Pre-tax operating margin | 45.00% | 44.00% | 44.00% | |
Average assets | $ 145,123 | $ 123,554 | $ 95,932 | |
Operating segments | Investment and Wealth Management | ||||
Segment Reporting Information [Line Items] | ||||
Total fee and other revenue | 3,849 | 3,495 | 3,485 | |
Net interest revenue (expense) | 193 | 197 | 222 | |
Total revenue | 4,042 | 3,692 | 3,707 | |
Provision for credit losses | (13) | 20 | (1) | |
Noninterest expense | 2,825 | 2,701 | 2,647 | |
Income (loss) before income taxes | $ 1,230 | $ 971 | $ 1,061 | |
Pre-tax operating margin | 30.00% | 26.00% | 29.00% | |
Average assets | $ 30,980 | $ 30,459 | $ 29,479 | |
Net income (loss) attributable to noncontrolling interests | 12 | 9 | 26 | |
Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total fee and other revenue | 51 | 71 | 837 | |
Net interest revenue (expense) | (159) | (145) | (160) | |
Total revenue | (108) | (74) | 677 | |
Provision for credit losses | (17) | 1 | (8) | |
Noninterest expense | 161 | 133 | 157 | |
Income (loss) before income taxes | (252) | (208) | 528 | |
Average assets | $ 47,214 | $ 56,544 | $ 53,487 | |
[1] | The provision for credit losses for 2021 and 2020 relates to the financial instruments within the scope of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. |
International operations (Detai
International operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 444,438 | $ 469,633 | $ 381,508 |
Total revenue | 15,931 | 15,808 | 16,462 |
Income before income taxes | 4,648 | 4,468 | 5,587 |
Net income | 3,771 | 3,626 | 4,467 |
Total International | |||
Segment Reporting Information [Line Items] | |||
Assets | 117,306 | 123,303 | 113,487 |
Total revenue | 6,007 | 5,830 | 5,731 |
Income before income taxes | 2,312 | 2,593 | 2,501 |
Net income | 1,798 | 1,973 | 1,929 |
Europe, the Middle East and Africa | |||
Segment Reporting Information [Line Items] | |||
Assets | 94,507 | 92,374 | 74,504 |
Total revenue | 4,119 | 3,964 | 3,833 |
Income before income taxes | 1,293 | 1,549 | 1,447 |
Net income | 1,005 | 1,179 | 1,116 |
UK | |||
Segment Reporting Information [Line Items] | |||
Assets | 37,900 | 38,100 | 30,800 |
Total revenue | $ 2,400 | $ 2,600 | $ 2,600 |
Percentage of asset | 9.00% | 8.00% | 8.00% |
Percentage of revenue | 15.00% | 16.00% | 16.00% |
Asia-Pacific region | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 20,280 | $ 28,416 | $ 36,347 |
Total revenue | 1,144 | 1,168 | 1,161 |
Income before income taxes | 572 | 607 | 548 |
Net income | 445 | 462 | 423 |
Other | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,519 | 2,513 | 2,636 |
Total revenue | 744 | 698 | 737 |
Income before income taxes | 447 | 437 | 506 |
Net income | 348 | 332 | 390 |
Total Domestic | |||
Segment Reporting Information [Line Items] | |||
Assets | 327,132 | 346,330 | 268,021 |
Total revenue | 9,924 | 9,978 | 10,731 |
Income before income taxes | 2,336 | 1,875 | 3,086 |
Net income | $ 1,973 | $ 1,653 | $ 2,538 |
Supplemental information to t_3
Supplemental information to the Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |||
Transfers from loans to other assets for other real estate owned | $ 1 | $ 1 | $ 2 |
Change in assets of consolidated investment management funds | 25 | 242 | 16 |
Change in liabilities of consolidated investment management funds | 0 | 2 | 1 |
Change in nonredeemable noncontrolling interests of consolidated investment management funds | 53 | 41 | 1 |
Securities purchased not settled | 0 | 205 | 497 |
Available-for-sale securities transferred to held-to-maturity | 13,800 | 501 | 0 |
Premises and equipment/capitalized software funded by finance lease obligations | 27 | 10 | 14 |
Premises and equipment/operating lease obligations | 97 | 208 | 1,754 |
Investment redemptions not settled | $ 0 | $ 9 | $ 20 |
Supplemental information to t_4
Supplemental information to the Consolidated Statement of Cash Flows - Footnote (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Premises and equipment/operating lease obligations | $ 97 | $ 208 | $ 1,754 |
New or Modified Leases | |||
Lessee, Lease, Description [Line Items] | |||
Premises and equipment/operating lease obligations | 510 | ||
Cumulative Effect, Period Of Adoption, Adjustment | |||
Lessee, Lease, Description [Line Items] | |||
Premises and equipment/operating lease obligations | $ 1,244 |
Uncategorized Items - _IXDS
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2018-02 [Member] |