Cover
Cover | 6 Months Ended |
Jun. 30, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2023 |
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 Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (shares) | 778,782,468 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0001390777 |
Current Fiscal Year End Date | --12-31 |
Common Stock, $0.01 par value | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | BK |
Security Exchange Name | NYSE |
6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV |
Trading Symbol | BK/P |
Security Exchange Name | NYSE |
Consolidated Income Statement (
Consolidated Income Statement (unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Fee and other revenue | ||||||
Investment services fees | $ 2,252 | $ 2,119 | $ 2,206 | $ 4,371 | $ 4,199 | |
Investment management and performance fees | 762 | 776 | 833 | 1,538 | 1,716 | |
Foreign exchange revenue | 158 | 176 | 222 | 334 | 429 | |
Financing-related fees | 50 | 52 | 44 | 102 | 89 | |
Distribution and servicing fees | 35 | 33 | 34 | 68 | 64 | |
Total fee revenue | 3,257 | 3,156 | 3,339 | 6,413 | 6,497 | |
Investment and other revenue | 97 | 79 | 91 | 176 | 161 | |
Total fee and other revenue | 3,354 | 3,235 | 3,430 | 6,589 | 6,658 | |
Net interest revenue | ||||||
Interest revenue | 5,224 | 3,942 | 1,159 | 9,166 | 1,937 | |
Interest expense | 4,124 | 2,814 | 335 | 6,938 | 415 | |
Net interest revenue | 1,100 | 1,128 | 824 | 2,228 | 1,522 | |
Total revenue | 4,454 | 4,363 | 4,254 | 8,817 | 8,180 | |
Provision for credit losses | 5 | 27 | 47 | 32 | 49 | |
Noninterest expense | ||||||
Staff | 1,718 | 1,791 | 1,623 | 3,509 | 3,325 | |
Software and equipment | 450 | 429 | 405 | 879 | 804 | |
Professional, legal and other purchased services | 378 | 375 | 379 | 753 | 749 | |
Net occupancy | 121 | 119 | 125 | 240 | 247 | |
Sub-custodian and clearing | 119 | 118 | 131 | 237 | 249 | |
Distribution and servicing | 93 | 85 | 90 | 178 | 169 | |
Business development | 47 | 39 | 43 | 86 | 73 | |
Bank assessment charges | 41 | 40 | 37 | 81 | 72 | |
Amortization of intangible assets | 14 | 14 | 17 | 28 | 34 | |
Other | 130 | 90 | 262 | 220 | 396 | |
Total noninterest expense | 3,111 | 3,100 | 3,112 | 6,211 | 6,118 | |
Income | ||||||
Income before income taxes | 1,338 | 1,236 | 1,095 | 2,574 | 2,013 | |
Provision for income taxes | 270 | 260 | 231 | 530 | 384 | |
Net income | 1,068 | 976 | 864 | 2,044 | 1,629 | |
Net (income) loss attributable to noncontrolling interests related to consolidated investment management funds | (1) | 0 | 5 | (1) | 13 | |
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 1,067 | 976 | 869 | 2,043 | 1,642 | |
Preferred stock dividends | (36) | (71) | (34) | (107) | (108) | |
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 1,031 | 905 | 835 | 1,936 | 1,534 | |
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 | 1,031 | 905 | 835 | 1,936 | 1,534 | |
Less: Earnings allocated to participating securities | 0 | 0 | 0 | 0 | 0 | |
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 | $ 1,031 | $ 905 | $ 835 | $ 1,936 | $ 1,534 | |
Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation | ||||||
Basic (shares) | 787,718 | 803,340 | 810,903 | 795,512 | 810,233 | |
Common stock equivalents (shares) | 3,097 | 4,473 | 2,834 | 3,738 | 3,915 | |
Less: Participating securities (shares) | (90) | (95) | (147) | (93) | (254) | |
Diluted (shares) | 790,725 | 807,718 | 813,590 | 799,157 | 813,894 | |
Anti-dilutive securities (shares) | [1] | 7,059 | 4,872 | 4,112 | 5,824 | 3,205 |
Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation | ||||||
Basic (usd per share) | $ 1.31 | $ 1.13 | $ 1.03 | $ 2.43 | $ 1.89 | |
Diluted (usd per share) | $ 1.30 | $ 1.12 | $ 1.03 | $ 2.42 | $ 1.88 | |
[1]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 (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Statement of Comprehensive Income [Abstract] | ||||||
Net income | $ 1,068 | $ 976 | $ 864 | $ 2,044 | $ 1,629 | |
Other comprehensive income (loss), net of tax: | ||||||
Foreign currency translation adjustments | 97 | 103 | (555) | 200 | (708) | |
Unrealized gain (loss) on assets available-for-sale: | ||||||
Unrealized (loss) gain arising during the period | (157) | 317 | (882) | 160 | (2,413) | |
Reclassification adjustment | 0 | 1 | 0 | 1 | (3) | |
Total unrealized (loss) gain on assets available-for-sale | (157) | 318 | (882) | 161 | (2,416) | |
Defined benefit plans: | ||||||
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | (2) | (3) | 13 | (5) | 31 | |
Total defined benefit plans | (2) | (3) | 13 | (5) | 31 | |
Net unrealized gain (loss) on cash flow hedges | 3 | 5 | (5) | 8 | (7) | |
Total other comprehensive (loss), net of tax | [1] | (59) | 423 | (1,429) | 364 | (3,100) |
Total comprehensive income (loss) | 1,009 | 1,399 | (565) | 2,408 | (1,471) | |
Net (income) loss attributable to noncontrolling interests | (1) | 0 | 5 | (1) | 13 | |
Other comprehensive loss attributable to noncontrolling interests | 0 | 0 | 3 | 0 | 6 | |
Comprehensive income (loss) applicable to shareholders of The Bank of New York Mellon Corporation | $ 1,008 | $ 1,399 | $ (557) | $ 2,407 | $ (1,452) | |
[1]Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(59) million for the quarter ended June 30, 2023, $423 million for the quarter ended March 31, 2023, $(1,426) million for the quarter ended June 30, 2022, $364 million for the six months ended June 30, 2023 and $(3,094) million for the six months ended June 30, 2022. |
Consolidated Comprehensive In_2
Consolidated Comprehensive Income Statement (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | |||||
Other comprehensive (loss) | $ (59) | $ 423 | $ (1,426) | $ 364 | $ (3,094) |
Consolidated Balance Sheet (una
Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | ||
Assets | ||||
Cash and due from banks, net of allowance for credit losses of $33 and $29 | $ 5,720 | $ 5,030 | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 118,908 | 91,655 | ||
Interest-bearing deposits with banks, net of allowance for credit losses of $3 and $4 (includes restricted of $3,892 and $6,499) | 12,316 | 17,169 | ||
Federal funds sold and securities purchased under resale agreements | 35,378 | 24,298 | ||
Securities: | ||||
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $47,242 and $49,992) | 53,162 | 56,194 | ||
Available-for-sale, at fair value (amortized cost of $86,486 and $92,484, net of allowance for credit losses of less than $1 and $1) | 81,071 | 86,622 | ||
Total securities | 134,233 | 142,816 | ||
Trading assets | 10,562 | 9,908 | ||
Loans | 64,469 | 66,063 | ||
Allowance for credit losses | (191) | (176) | ||
Net loans | 64,278 | 65,887 | ||
Premises and equipment | 3,241 | 3,256 | ||
Accrued interest receivable | 963 | 858 | ||
Goodwill | 16,246 | 16,150 | ||
Intangible assets | 2,881 | 2,901 | ||
Other assets, net of allowance for credit losses on accounts receivable of $4 and $4 (includes $1,188 and $971, at fair value) | 25,656 | 25,855 | ||
Total assets | 430,382 | 405,783 | ||
Deposits: | ||||
Noninterest-bearing (principally U.S. offices) | 67,678 | 78,017 | ||
Interest-bearing deposits in U.S. offices | 131,187 | 108,362 | ||
Interest-bearing deposits in non-U.S. offices | 93,180 | 92,591 | ||
Total deposits | 292,045 | 278,970 | ||
Federal funds purchased and securities sold under repurchase agreements | 21,285 | 12,335 | ||
Trading liabilities | 6,319 | 5,385 | ||
Payables to customers and broker-dealers | 21,084 | 23,435 | ||
Other borrowed funds | 1,371 | 397 | ||
Accrued taxes and other expenses | 5,160 | 5,410 | ||
Other liabilities (including allowance for credit losses on lending-related commitments of $91 and $78, also includes $297 and $221, at fair value) | 9,553 | 8,543 | ||
Long-term debt | 32,463 | 30,458 | ||
Total liabilities | 389,280 | 364,933 | ||
Temporary equity | ||||
Redeemable noncontrolling interests | 104 | 109 | ||
Permanent equity | ||||
Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 48,826 and 48,826 shares | 4,838 | 4,838 | ||
Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,401,853,394 and 1,395,725,198 shares | 14 | 14 | ||
Additional paid-in capital | 28,726 | 28,508 | ||
Retained earnings | 39,199 | 37,864 | ||
Accumulated other comprehensive loss, net of tax | (5,602) | (5,966) | ||
Less: Treasury stock of 623,070,926 and 587,280,598 common shares, at cost | (26,242) | (24,524) | ||
Total The Bank of New York Mellon Corporation shareholders’ equity | 40,933 | 40,734 | ||
Nonredeemable noncontrolling interests of consolidated investment management funds | 65 | 7 | ||
Total permanent equity | 40,998 | [1] | 40,741 | [2],[3] |
Total liabilities, temporary equity and permanent equity | $ 430,382 | $ 405,783 | ||
[1]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,796 million at March 31, 2023 and $36,095 million at June 30, 2023.[2]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,896 million at Dec. 31, 2022 and $35,796 million at March 31, 2023.[3]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,896 million at Dec. 31, 2022 and $36,095 million at June 30, 2023. |
Consolidated Balance Sheet (u_2
Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Cash and due from banks, allowance for credit loss | $ 33 | $ 29 |
Interest-bearing deposits with banks, allowance for credit loss | 3 | 4 |
Restricted cash, interest-bearing deposits in banks and other financial institutions | 3,892 | 6,499 |
Debt securities, held-to-maturity, allowance for credit loss (less than) | 1 | 1 |
Held-to-maturity, fair value | 47,242 | 49,992 |
Debt securities, available-for-sale, amortized cost | 86,486 | 92,484 |
Debt securities, available-for-sale, allowance for credit loss | 1 | 1 |
Other assets, allowance for credit loss on accounts receivable | 4 | 4 |
Other assets | 1,188 | 971 |
Allowance for credit losses on lending related commitments | 91 | 78 |
Other liabilities, fair value | $ 297 | $ 221 |
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 | 48,826 |
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) | 1,401,853,394 | 1,395,725,198 |
Treasury stock (in shares) | 623,070,926 | 587,280,598 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Net income | $ 2,044 | $ 1,629 |
Net (income) loss attributable to noncontrolling interests | (1) | 13 |
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 2,043 | 1,642 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Provision for credit losses | 32 | 49 |
Pension plan contributions | (3) | (2) |
Depreciation and amortization | 730 | 859 |
Deferred tax expense | 32 | 145 |
Net securities losses (gains) | 1 | (4) |
Change in trading assets and liabilities | 91 | 6,730 |
Change in accruals and other, net | 14 | (1,000) |
Net cash provided by operating activities | 2,940 | 8,419 |
Investing activities | ||
Change in interest-bearing deposits with banks | 2,144 | 39 |
Change in interest-bearing deposits with the Federal Reserve and other central banks | (26,819) | (28,461) |
Purchases of securities held-to-maturity | (273) | (1,836) |
Paydowns of securities held-to-maturity | 2,298 | 4,124 |
Maturities of securities held-to-maturity | 934 | 748 |
Purchases of securities available-for-sale | (12,922) | (20,522) |
Sales of securities available-for-sale | 7,947 | 8,788 |
Paydowns of securities available-for-sale | 1,834 | 3,204 |
Maturities of securities available-for-sale | 10,072 | 5,970 |
Net change in loans | 1,591 | (1,957) |
Change in federal funds sold and securities purchased under resale agreements | (11,076) | 6,655 |
Net change in seed capital investments | 13 | (14) |
Purchases of premises and equipment/capitalized software | (615) | (871) |
Proceeds from the sale of premises and equipment | 0 | 45 |
Other, net | (223) | (507) |
Net cash (used for) investing activities | (25,095) | (24,595) |
Financing activities | ||
Change in deposits | 12,808 | 13,036 |
Change in federal funds purchased and securities sold under repurchase agreements | 8,992 | (60) |
Change in payables to customers and broker-dealers | (2,341) | 870 |
Change in other borrowed funds | 986 | (202) |
Net proceeds from the issuance of long-term debt | 4,493 | 4,939 |
Repayments of long-term debt | (2,503) | (2,250) |
Proceeds from the exercise of stock options | 0 | 9 |
Issuance of common stock | 8 | 6 |
Treasury stock acquired | (1,704) | (121) |
Common cash dividends paid | (601) | (557) |
Preferred cash dividends paid | (107) | (108) |
Other, net | (4) | (5) |
Net cash provided by financing activities | 20,027 | 15,557 |
Effect of exchange rate changes on cash | 211 | 362 |
Change in cash and due from banks and restricted cash | ||
Change in cash and due from banks and restricted cash | (1,917) | (257) |
Cash and due from banks and restricted cash at beginning of period | 11,529 | 9,883 |
Cash and due from banks and restricted cash at end of period | 9,612 | 9,626 |
Cash and due from banks at end of period (unrestricted cash) | 5,720 | 5,185 |
Restricted cash at end of period | 3,892 | 4,441 |
Cash and due from banks and restricted cash at end of period | 9,612 | 9,626 |
Supplemental disclosures | ||
Interest paid | 6,691 | 374 |
Income taxes paid | 403 | 262 |
Income taxes refunded | $ 8 | $ 38 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (unaudited) - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss), net of tax | Treasury stock | Nonredeemable noncontrolling interests of consolidated investment management funds | Redeemable non- controlling interests/ temporary equity | ||
Beginning Balance at Dec. 31, 2021 | $ 43,230 | [1] | $ 4,838 | $ 14 | $ 28,128 | $ 36,667 | $ (2,213) | $ (24,400) | $ 196 | $ 161 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares issued to shareholders of noncontrolling interests | 9 | ||||||||||
Redemption of subsidiary shares from noncontrolling interests | (14) | ||||||||||
Other net changes in noncontrolling interests | (181) | (5) | (176) | 4 | |||||||
Net income | 1,629 | 1,642 | (13) | ||||||||
Other comprehensive (loss) | (3,094) | (3,094) | |||||||||
Other comprehensive (loss) | (6) | (6) | |||||||||
Dividends: | |||||||||||
Common stock | [2] | (557) | (557) | ||||||||
Preferred stock | (108) | (108) | |||||||||
Repurchase of common stock | (121) | (121) | |||||||||
Common stock issued under employee benefit plans | 10 | 10 | |||||||||
Excise tax on share repurchases | 0 | ||||||||||
Stock awards and options exercised | 183 | 183 | |||||||||
Ending Balance at Jun. 30, 2022 | 40,991 | [1],[3] | 4,838 | 14 | 28,316 | 37,644 | (5,307) | (24,521) | 7 | 154 | |
Beginning Balance at Mar. 31, 2022 | 41,997 | [3] | 4,838 | 14 | 28,258 | 37,088 | (3,881) | (24,518) | 198 | 155 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares issued to shareholders of noncontrolling interests | 2 | ||||||||||
Other net changes in noncontrolling interests | (186) | (186) | |||||||||
Net income | 864 | 869 | (5) | ||||||||
Other comprehensive (loss) | (1,426) | (1,426) | |||||||||
Other comprehensive (loss) | (3) | (3) | |||||||||
Dividends: | |||||||||||
Common stock | [4] | (279) | (279) | ||||||||
Preferred stock | (34) | (34) | |||||||||
Repurchase of common stock | (3) | (3) | |||||||||
Common stock issued under employee benefit plans | 5 | 5 | |||||||||
Stock awards and options exercised | 53 | 53 | |||||||||
Ending Balance at Jun. 30, 2022 | 40,991 | [1],[3] | 4,838 | 14 | 28,316 | 37,644 | (5,307) | (24,521) | 7 | 154 | |
Beginning Balance at Dec. 31, 2022 | 40,741 | [5],[6] | 4,838 | 14 | 28,508 | 37,864 | (5,966) | (24,524) | 7 | 109 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares issued to shareholders of noncontrolling interests | 10 | ||||||||||
Redemption of subsidiary shares from noncontrolling interests | (34) | ||||||||||
Other net changes in noncontrolling interests | 57 | (8) | 65 | 9 | |||||||
Net income | 976 | 976 | |||||||||
Other comprehensive (loss) | 423 | 423 | |||||||||
Other comprehensive (loss) | 0 | ||||||||||
Dividends: | |||||||||||
Common stock | [7] | (304) | (304) | ||||||||
Preferred stock | (71) | (71) | |||||||||
Repurchase of common stock | (1,256) | (1,256) | |||||||||
Common stock issued under employee benefit plans | 5 | 5 | |||||||||
Stock-based compensation | 145 | 145 | |||||||||
Excise tax on share repurchases | (10) | (10) | |||||||||
Other | 2 | ||||||||||
Ending Balance at Mar. 31, 2023 | 40,706 | [5],[8] | 4,838 | 14 | 28,650 | 38,465 | (5,543) | (25,790) | 72 | 96 | |
Beginning Balance at Dec. 31, 2022 | 40,741 | [5],[6] | 4,838 | 14 | 28,508 | 37,864 | (5,966) | (24,524) | 7 | 109 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares issued to shareholders of noncontrolling interests | 17 | ||||||||||
Redemption of subsidiary shares from noncontrolling interests | (34) | ||||||||||
Other net changes in noncontrolling interests | 51 | (6) | 57 | 8 | |||||||
Net income | 2,044 | 2,043 | 1 | ||||||||
Other comprehensive (loss) | 364 | 364 | |||||||||
Other comprehensive (loss) | 0 | ||||||||||
Dividends: | |||||||||||
Common stock | [9] | (601) | (601) | ||||||||
Preferred stock | (107) | (107) | |||||||||
Repurchase of common stock | (1,704) | (1,704) | |||||||||
Common stock issued under employee benefit plans | 10 | 10 | |||||||||
Stock-based compensation | 214 | [6] | 214 | ||||||||
Excise tax on share repurchases | (14) | (14) | |||||||||
Other | 4 | ||||||||||
Ending Balance at Jun. 30, 2023 | 40,998 | [8] | 4,838 | 14 | 28,726 | 39,199 | (5,602) | (26,242) | 65 | 104 | |
Beginning Balance at Mar. 31, 2023 | 40,706 | [5],[8] | 4,838 | 14 | 28,650 | 38,465 | (5,543) | (25,790) | 72 | 96 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares issued to shareholders of noncontrolling interests | 7 | ||||||||||
Other net changes in noncontrolling interests | (6) | 2 | (8) | (1) | |||||||
Net income | 1,068 | 1,067 | 1 | ||||||||
Other comprehensive (loss) | (59) | (59) | |||||||||
Other comprehensive (loss) | 0 | 0 | |||||||||
Dividends: | |||||||||||
Common stock | [10] | (297) | (297) | ||||||||
Preferred stock | (36) | (36) | |||||||||
Repurchase of common stock | (448) | (448) | |||||||||
Common stock issued under employee benefit plans | 5 | 5 | |||||||||
Stock-based compensation | 69 | 69 | |||||||||
Excise tax on share repurchases | (4) | (4) | |||||||||
Other | 2 | ||||||||||
Ending Balance at Jun. 30, 2023 | $ 40,998 | [8] | $ 4,838 | $ 14 | $ 28,726 | $ 39,199 | $ (5,602) | $ (26,242) | $ 65 | $ 104 | |
[1]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $38,196 million at Dec. 31, 2021 and $36,146 million at June 30, 2022.[2]Includes dividend equivalents on share-based awards.[3]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $36,961 million at March 31, 2022 and $36,146 million at June 30, 2022.[4]Includes dividend equivalents on share-based awards.[5]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,896 million at Dec. 31, 2022 and $35,796 million at March 31, 2023.[6]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,896 million at Dec. 31, 2022 and $36,095 million at June 30, 2023.[7]Includes dividend equivalents on share-based awards.[8]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,796 million at March 31, 2023 and $36,095 million at June 30, 2023.[9]Includes dividend equivalents on share-based awards[10]Includes dividend equivalents on share-based awards. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Dividends on common stock, cash paid (usd per share) | $ 0.37 | $ 0.37 | $ 0.34 | $ 0.74 | $ 0.68 | |||
The Bank of New York Mellon Corporation shareholders’ equity | $ 40,933 | $ 40,933 | $ 40,734 | |||||
Common stock | ||||||||
The Bank of New York Mellon Corporation shareholders’ equity | $ 36,095 | $ 35,796 | $ 36,146 | $ 36,095 | $ 36,146 | $ 35,896 | $ 36,961 | $ 38,196 |
Basis of presentation
Basis of presentation | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation In this Quarterly Report on Form 10-Q, 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 to its subsidiaries. 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. For information on our significant accounting and reporting policies, see Note 1 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended Dec. 31, 2022 (the “2022 Annual Report”). The accompanying consolidated financial statements are unaudited. In the opinion of management, all adjustments necessary, consisting of normal recurring adjustments, for a fair presentation of financial position, results of operations and cash flows for the periods presented have been made. These financial statements should be read in conjunction with our Consolidated Financial Statements included in our 2022 Annual Report. Certain additional immaterial reclassifications have been made to prior periods to place them on a basis comparable with the current period presentation. Use of estimates |
New accounting guidance
New accounting guidance | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
New accounting guidance | New accounting guidanceThe following accounting guidance was adopted in the first quarter of 2023. Accounting Standards Update (“ASU”) 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method , which provides guidance that expands the ability to hedge interest rate risk by permitting the use of multiple hedged layers of a single closed portfolio of assets and will (1) Allow multiple layer hedging within the same closed portfolio, (2) Expand the scope of the portfolio layer method to include non-prepayable assets, (3) Expand the eligible hedging instruments to be utilized in a single-layer hedge, and (4) Permit held-to-maturity debt securities to be transferred to available-for-sale at the date of adoption, provided such transferred securities are designated in a portfolio layer method hedge within 30 days of the adoption date. The standard also provides further guidance and disclosure requirements with respect to hedge basis adjustments related to portfolio layer method hedges. We adopted this guidance as of Jan. 1, 2023. The Company did not choose to make the one-time election to reclassify securities classified as held-to-maturity to available-for-sale as of Jan. 1, 2023 and can choose to prospectively apply portfolio layer method hedging. ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , which provides post-implementation guidance related to the adoption of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments , which was effective Jan. 1, 2020. This ASU amends the guidance related to two issues: Troubled Debt Restructurings (“TDRs”) and disclosure requirements for the credit profile of the loan portfolio. This ASU eliminates the accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. An entity must apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. This ASU also requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments – Credit Losses – Measured at Amortized Cost . |
Acquisitions and dispositions
Acquisitions and dispositions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and dispositions | Acquisitions and dispositions We sometimes structure our acquisitions and divestitures with both an initial payment or receipt and later contingent payments or receipts tied to post-closing revenue or income growth. Contingent payments totaled $5 million in the first six months of 2023. There were no contingent receipts in the first six months of 2023. At June 30, 2023, we are potentially obligated to pay additional consideration which, using reasonable assumptions and estimates, could range from $25 million to $40 million over the next two years . At June 30, 2023, we could potentially receive additional consideration which, using reasonable assumptions and estimates, could be up to $390 million over the next five years . |
Securities
Securities | 6 Months Ended |
Jun. 30, 2023 | |
Securities [Abstract] | |
Securities | SecuritiesThe following tables present the amortized cost, the gross unrealized gains and losses and the fair value of securities at June 30, 2023 and Dec. 31, 2022. Securities at June 30, 2023 Gross Fair Amortized cost (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 25,106 $ 76 $ 2,174 $ 23,008 Agency residential mortgage-backed securities (“RMBS”) 10,647 100 564 10,183 Sovereign debt/sovereign guaranteed 9,698 3 556 9,145 Supranational 8,447 2 420 8,029 Agency commercial mortgage-backed securities (“MBS”) 8,329 77 665 7,741 Foreign covered bonds 6,382 3 275 6,110 Collateralized loan obligations (“CLOs”) 5,870 2 71 5,801 Non-agency commercial MBS 3,329 — 377 2,952 U.S. government agencies 3,061 46 225 2,882 Foreign government agencies 2,433 — 124 2,309 Non-agency RMBS 2,030 35 198 1,867 Other asset-backed securities (“ABS”) 1,153 — 110 1,043 Other debt securities 1 — — 1 Total securities available-for-sale (a)(b) $ 86,486 $ 344 $ 5,759 $ 81,071 Held-to-maturity: Agency RMBS $ 31,935 $ 1 $ 4,066 $ 27,870 U.S. Treasury 9,980 — 833 9,147 U.S. government agencies 4,201 — 499 3,702 Agency commercial MBS 3,859 — 384 3,475 Sovereign debt/sovereign guaranteed 1,519 — 86 1,433 CLOs 983 — 19 964 Supranational 578 — 28 550 Foreign government agencies 67 — 5 62 Non-agency RMBS 28 1 1 28 State and political subdivisions 12 — 1 11 Total securities held-to-maturity $ 53,162 $ 2 $ 5,922 $ 47,242 Total securities $ 139,648 $ 346 $ 11,681 $ 128,313 (a) The amortized cost of available-for-sale is net of the allowance for credit losses of less than $1 million. The allowance for credit loss relates to non-agency RMBS. (b) Includes gross unrealized gains of $297 million and gross unrealized losses of $162 million recorded in accumulated other comprehensive income related to securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains primarily relate to agency RMBS, U.S. Treasury securities and agency commercial MBS. The unrealized losses primarily relate to agency RMBS and U.S. Treasury securities. The unrealized gains and losses will be amortized into net interest revenue over the contractual lives of the securities. Securities at Dec. 31, 2022 Gross Amortized cost Fair (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 32,103 $ 93 $ 2,663 $ 29,533 Sovereign debt/sovereign guaranteed 10,906 5 547 10,364 Agency RMBS 9,388 113 544 8,957 Agency commercial MBS 8,656 89 685 8,060 Supranational 8,129 4 399 7,734 Foreign covered bonds 6,041 3 286 5,758 CLOs 5,446 1 104 5,343 Non-agency commercial MBS 3,334 — 357 2,977 U.S. government agencies 2,465 52 223 2,294 Foreign government agencies 2,363 1 123 2,241 Non-agency RMBS 2,197 43 211 2,029 Other ABS 1,443 — 124 1,319 State and political subdivisions 12 — — 12 Other debt securities 1 — — 1 Total securities available-for-sale (a)(b) $ 92,484 $ 404 $ 6,266 $ 86,622 Held-to-maturity: Agency RMBS $ 34,188 $ 1 $ 4,229 $ 29,960 U.S. Treasury 10,863 — 895 9,968 U.S. government agencies 4,206 — 534 3,672 Agency commercial MBS 4,014 — 411 3,603 Sovereign debt/sovereign guaranteed 1,388 — 76 1,312 CLOs 983 — 26 957 Supranational 443 — 25 418 Foreign government agencies 66 — 6 60 Non-agency RMBS 30 2 1 31 State and political subdivisions 13 — 2 11 Total securities held-to-maturity $ 56,194 $ 3 $ 6,205 $ 49,992 Total securities $ 148,678 $ 407 $ 12,471 $ 136,614 (a) The amortized cost of available-for-sale securities is net of the allowance for credit losses of $1 million. The allowance for credit loss primarily relates to non-agency RMBS. (b) Includes gross unrealized gains of $347 million and gross unrealized losses of $179 million recorded in accumulated other comprehensive income related to securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains primarily relate to agency RMBS, U.S. Treasury securities and agency commercial MBS. The unrealized losses primarily relate to agency RMBS and U.S. Treasury securities. The unrealized gains and losses will be amortized into net interest revenue over the contractual lives of the securities. The following table presents the realized gains and losses, on a gross basis. Net securities gains (losses) (in millions) 2Q23 1Q23 2Q22 YTD23 YTD22 Realized gross gains $ 4 $ 14 $ 7 $ 18 $ 80 Realized gross losses (4) (15) (7) (19) (76) Total net securities (losses) gains $ — $ (1) $ — $ (1) $ 4 The following table presents pre-tax net securities gains (losses) by type. Net securities gains (losses) (in millions) 2Q23 1Q23 2Q22 YTD23 YTD22 Non-agency RMBS $ — $ 2 $ — $ 2 $ 49 U.S. Treasury — (8) 1 (8) 12 Corporate bonds — — (4) — (51) State and political subdivisions — — — — (13) Other — 5 3 5 7 Total net securities (losses) gains $ — $ (1) $ — $ (1) $ 4 Allowance for credit losses – Securities The allowance for credit losses related to securities was $1 million at June 30, 2023 and $1 million at Dec. 31, 2022, and relates to non-agency RMBS and state and political subdivision securities. Credit quality indicators – Securities At June 30, 2023, the gross unrealized losses on the securities portfolio were primarily attributable to an increase in interest rates 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, $162 million of the unrealized losses at June 30, 2023 and $179 million at Dec. 31, 2022 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 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 June 30, 2023 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in millions) U.S. Treasury $ 2,250 $ 204 $ 20,758 $ 1,970 $ 23,008 $ 2,174 Agency RMBS 3,650 67 6,477 497 10,127 564 Sovereign debt/sovereign guaranteed 2,425 72 5,493 484 7,918 556 Agency commercial MBS 1,547 61 6,050 604 7,597 665 Supranational 3,035 73 4,054 347 7,089 420 Foreign covered bonds 1,452 32 3,664 243 5,116 275 CLOs 488 1 4,603 70 5,091 71 Non-agency commercial MBS 145 2 2,661 375 2,806 377 U.S. government agencies 890 17 1,574 208 2,464 225 Foreign government agencies 585 9 1,644 115 2,229 124 Non-agency RMBS 41 2 1,437 195 1,478 197 Other ABS 6 — 975 110 981 110 Total securities available-for-sale (a) $ 16,514 $ 540 $ 59,390 $ 5,218 $ 75,904 $ 5,758 (a) Includes $162 million of gross unrealized losses 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. There were no gross unrealized losses for less than 12 months. The unrealized losses are primarily related to agency RMBS and U.S. Treasury securities 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, 2022 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in millions) U.S. Treasury $ 14,058 $ 824 $ 15,236 $ 1,839 $ 29,294 $ 2,663 Agency RMBS 7,929 376 789 168 8,718 544 Agency commercial MBS 6,088 389 1,878 296 7,966 685 Sovereign debt/sovereign guaranteed 4,176 184 3,788 363 7,964 547 Supranational 3,451 109 2,571 290 6,022 399 CLOs 4,806 94 403 10 5,209 104 Foreign covered bonds 2,830 83 1,977 203 4,807 286 Non-agency commercial MBS 1,914 201 932 156 2,846 357 Foreign government agencies 1,148 43 1,013 80 2,161 123 U.S. government agencies 1,710 186 208 37 1,918 223 Non-agency RMBS 588 16 1,148 193 1,736 209 Other ABS 333 18 876 106 1,209 124 State and political subdivisions — — 12 — 12 — Total securities available-for-sale (a) $ 49,031 $ 2,523 $ 30,831 $ 3,741 $ 79,862 $ 6,264 (a) Includes $120 million of gross unrealized losses for less than 12 months and $59 million of gross unrealized losses 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 U.S. Treasury securities and will be amortized into net interest revenue over the contractual lives of the securities. 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 June 30, 2023 Ratings (a) Net unrealized gain (loss) BB+ (dollars in millions) Amortized AAA/ A+/ BBB+/ Not Agency RMBS $ 31,935 $ (4,065) 100 % — % — % — % — % U.S. Treasury 9,980 (833) 100 — — — — U.S. government agencies 4,201 (499) 100 — — — — Agency commercial MBS 3,859 (384) 100 — — — — Sovereign debt/sovereign guaranteed (b) 1,519 (86) 100 — — — — CLOs 983 (19) 100 — — — — Supranational 578 (28) 100 — — — — Foreign government agencies 67 (5) 100 — — — — Non-agency RMBS 28 — 27 53 2 16 2 State and political subdivisions 12 (1) 1 2 2 — 95 Total held-to-maturity securities $ 53,162 $ (5,920) 100 % — % — % — % — % (a) Represents ratings by Standard & Poor’s (“S&P”) or the equivalent. (b) Primarily consists of exposure to Germany, France and UK. Held-to-maturity securities portfolio at Dec. 31, 2022 Ratings (a) Net unrealized gain (loss) BB+ (dollars in millions) Amortized AAA/ A+/ BBB+/ Not Agency RMBS $ 34,188 $ (4,228) 100 % — % — % — % — % U.S. Treasury 10,863 (895) 100 — — — — U.S. government agencies 4,206 (534) 100 — — — — Agency commercial MBS 4,014 (411) 100 — — — — Sovereign debt/sovereign guaranteed (b) 1,388 (76) 100 — — — — CLOs 983 (26) 100 — — — — Supranational 443 (25) 100 — — — — Foreign government agencies 66 (6) 100 — — — — Non-agency RMBS 30 1 22 58 2 17 1 State and political subdivisions 13 (2) 2 2 3 — 93 Total held-to-maturity securities $ 56,194 $ (6,202) 100 % — % — % — % — % (a) Represents ratings by S&P or the equivalent. (b) Primarily consists of exposure to Germany, UK and France. 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 June 30, 2023 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 $ 6,706 1.07 % $ 12,694 1.10 % $ 1,562 1.28 % $ 2,046 2.92 % $ 23,008 1.28 % Sovereign debt/sovereign guaranteed 2,983 2.27 5,195 1.84 872 1.12 95 3.41 9,145 1.92 Supranational 871 1.61 5,568 2.88 1,557 2.91 33 3.42 8,029 2.76 Foreign covered bonds 769 1.56 4,821 3.16 520 1.09 — — 6,110 2.77 Foreign government agencies 334 1.62 1,881 2.28 77 2.40 17 4.21 2,309 2.20 U.S. government agencies 20 3.00 1,482 3.32 1,262 3.02 118 2.72 2,882 3.15 Other debt securities — — — — — — 1 4.38 1 4.38 Mortgage-backed securities: Agency RMBS 10,183 4.73 Non-agency RMBS 1,867 4.39 Agency commercial MBS 7,741 2.98 Non-agency commercial MBS 2,952 3.47 CLOs 5,801 6.54 Other ABS 1,043 2.17 Total securities available-for-sale $ 11,683 1.46 % $ 31,641 2.00 % $ 5,850 2.03 % $ 2,310 2.94 % $ 81,071 2.81 % Held-to-maturity: U.S. Treasury $ 1,807 1.83 % $ 7,260 1.21 % $ 913 1.24 % $ — — % $ 9,980 1.33 % U.S. government agencies 50 0.74 2,875 1.47 1,015 1.48 261 1.90 4,201 1.49 Sovereign debt/sovereign guaranteed 299 0.94 1,131 1.11 89 0.83 — — 1,519 1.06 Supranational 51 0.54 527 1.42 — — — — 578 1.34 Foreign government agencies — — 67 0.79 — — — — 67 0.79 State and political subdivisions 1 5.72 — — 3 4.65 8 4.80 12 4.81 Mortgage-backed securities: Agency RMBS 31,935 2.31 Non-agency RMBS 28 2.60 Agency commercial MBS 3,859 2.38 CLOs 983 6.40 Total securities held-to-maturity $ 2,208 1.65 % $ 11,860 1.27 % $ 2,020 1.35 % $ 269 1.98 % $ 53,162 2.10 % Total securities $ 13,891 1.49 % $ 43,501 1.81 % $ 7,870 1.87 % $ 2,579 2.85 % $ 134,233 2.54 % (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 June 30, 2023, BNY Mellon had pledged assets of $133 billion, including $93 billion pledged as collateral for potential borrowings at the Federal Reserve Discount Window and $8 billion pledged as collateral for borrowing at the Federal Home Loan Bank. The components of the assets pledged at June 30, 2023 included $114 billion of securities, $13 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 as there has been no borrowings. At Dec. 31, 2022, BNY Mellon had pledged assets of $138 billion, including $106 billion pledged as collateral for potential borrowing at the Federal Reserve Discount Window and $8 billion pledged as collateral for borrowing at the Federal Home Loan Bank. The components of the assets pledged at Dec. 31, 2022 included $121 billion of securities, $12 billion of loans, $4 billion of trading assets and $1 billion of interest-bearing deposits with banks. At June 30, 2023 and Dec. 31, 2022, pledged assets included $30 billion and $24 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 June 30, 2023 and Dec. 31, 2022, the market value of the securities received that can be sold or repledged was $199 billion and $115 billion, respectively. We routinely sell or repledge these securities through delivery to third parties. As of June 30, 2023 and Dec. 31, 2022, the market value of securities collateral sold or repledged was $161 billion and $78 billion, respectively. Restricted cash and securities Cash and securities may be segregated under federal and other regulations or requirements. At June 30, 2023 and Dec. 31, 2022, cash segregated under federal and other regulations or requirements was $4 billion and $7 billion, respectively. Restricted cash is primarily included in interest-bearing deposits with banks on the consolidated balance sheet. Securities segregated under federal and other regulations or requirements were $4 billion at June 30, 2023 and $3 billion at Dec. 31, 2022. Restricted securities were sourced from securities purchased under resale agreements and are included in federal funds sold and |
Loans and asset quality
Loans and asset quality | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Loans and asset quality | Loans and asset quality Loans The table below provides the details of our loan portfolio. Loans June 30, 2023 Dec. 31, 2022 (in millions) Commercial $ 1,719 $ 1,732 Commercial real estate 6,519 6,226 Financial institutions 11,006 9,684 Lease financings 640 657 Wealth management loans 9,964 10,302 Wealth management mortgages 9,067 8,966 Other residential mortgages 989 345 Capital call financing 3,270 3,438 Other 2,918 2,941 Overdrafts 2,738 4,839 Margin loans 15,639 16,933 Total loans (a) $ 64,469 $ 66,063 (a) Net of unearned income of $266 million at June 30, 2023 and $225 million at Dec. 31, 2022 primarily related to lease financings. We disclose information related to our loans and asset quality by the class of the financing receivable in the following tables. 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, available-for-sale securities, held-to-maturity securities and accounts receivable. Allowance for credit losses activity for the quarter ended June 30, 2023 Wealth management loans Wealth management mortgages Other Capital call financing (in millions) Commercial Commercial Financial Lease Total Beginning balance $ 21 $ 177 $ 24 $ 1 $ 1 $ 14 $ 9 $ 6 $ 253 Charge-offs — — — — — — (3) — (3) Recoveries — — — — — — 2 — 2 Net charge-offs — — — — — — (1) — (1) Provision (a) — 22 8 — — 1 1 (2) 30 Ending balance $ 21 $ 199 $ 32 $ 1 $ 1 $ 15 $ 9 $ 4 $ 282 Allowance for: Loan losses $ 4 $ 143 $ 17 $ 1 $ 1 $ 14 $ 9 $ 2 $ 191 Lending-related commitments 17 56 15 — — 1 — 2 91 Individually evaluated for impairment: Loan balance (b) $ — $ 101 $ — $ — $ — $ 11 $ 1 $ — $ 113 Allowance for loan losses — 3 — — — — — — 3 ( a) Does not include the provision for credit losses benefit related to other financial instruments of $25 million for the quarter ended June 30, 2023. (b) Includes collateral-dependent loans of $113 million with $167 million of collateral at fair value. Allowance for credit losses activity for the quarter ended March 31, 2023 Wealth management loans Wealth management mortgages Other Capital call financing (in millions) Commercial Commercial Financial Lease Total Beginning balance $ 18 $ 184 $ 24 $ 1 $ 1 $ 12 $ 8 $ 6 $ 254 Charge-offs — — — — — — — — — Recoveries 1 — — — — — — — 1 Net recoveries 1 — — — — — — — 1 Provision (a) 2 (7) — — — 2 1 — (2) Ending balance $ 21 $ 177 $ 24 $ 1 $ 1 $ 14 $ 9 $ 6 $ 253 Allowance for: Loan losses $ 4 $ 130 $ 8 $ 1 $ 1 $ 13 $ 9 $ 4 $ 170 Lending-related commitments 17 47 16 — — 1 — 2 83 Individually evaluated for impairment: Loan balance (b) $ — $ 54 $ — $ — $ — $ 13 $ 1 $ — $ 68 Allowance for loan losses — — — — — — — — — (a) Does not include the provision for credit losses related to other financial instruments of $29 million for the quarter ended March 31, 2023. (b) Includes collateral-dependent loans of $68 million with $103 million of collateral at fair value. Allowance for credit losses activity for the quarter ended June 30, 2022 Wealth management loans Wealth management mortgages Other Capital call financing Total (in millions) Commercial Commercial Financial Lease Beginning balance $ 12 $ 176 $ 15 $ 1 $ 1 $ 9 $ 7 $ 3 $ 224 Charge-offs — — — — — — — — — Recoveries — — — — — — 1 — 1 Net recoveries — — — — — — 1 — 1 Provision (a) 4 8 6 — — (2) (1) 3 18 Ending balance $ 16 $ 184 $ 21 $ 1 $ 1 $ 7 $ 7 $ 6 $ 243 Allowance for: Loan losses $ 4 $ 147 $ 10 $ 1 $ 1 $ 6 $ 7 $ 5 $ 181 Lending-related commitments 12 37 11 — — 1 — 1 62 Individually evaluated for impairment: Loan balance (b) $ — $ 121 $ — $ — $ — $ 14 $ 1 $ — $ 136 Allowance for loan losses — 1 — — — — — — 1 (a) Does not include the provision for credit losses related to other financial instruments of $29 million for the quarter ended June 30, 2022. (b) Includes collateral-dependent loans of $136 million with $179 million of collateral at fair value. Allowance for credit losses activity for the six months ended June 30, 2023 Other Capital call financing Total (in millions) Commercial Commercial Financial Lease Wealth management loans Wealth management mortgages Beginning balance $ 18 $ 184 $ 24 $ 1 $ 1 $ 12 $ 8 $ 6 $ 254 Charge-offs — — — — — — (3) — (3) Recoveries 1 — — — — — 2 — 3 Net recoveries (charge-offs) 1 — — — — — (1) — — Provision (a) 2 15 8 — — 3 2 (2) 28 Ending balance $ 21 $ 199 $ 32 $ 1 $ 1 $ 15 $ 9 $ 4 $ 282 (a) Does not include provision for credit losses related to other financial instruments of $4 million for the six months ended June 30, 2023. Allowance for credit losses activity for the six months ended June 30, 2022 Other Capital call financing Total (in millions) Commercial Commercial Financial Lease Wealth management loans Wealth management mortgages Beginning balance $ 12 $ 199 $ 13 $ 1 $ 1 $ 6 $ 7 $ 2 $ 241 Charge-offs — — — — — — — — — Recoveries — — — — — — 2 — 2 Net recoveries — — — — — — 2 — 2 Provision (a) 4 (15) 8 — — 1 (2) 4 — Ending balance $ 16 $ 184 $ 21 $ 1 $ 1 $ 7 $ 7 $ 6 $ 243 (a) Does not include provision for credit losses related to other financial instruments of $49 million for the six months ended June 30, 2022. Nonperforming assets The table below presents our nonperforming assets. Nonperforming assets June 30, 2023 Dec. 31, 2022 Recorded investment Recorded investment With an Without an allowance With an Without an allowance (in millions) Total Total Nonperforming loans: Commercial real estate $ — $ 42 $ 42 $ — $ 54 $ 54 Other residential mortgages 24 1 25 30 1 31 Wealth management mortgages 6 12 18 8 14 22 Total nonperforming loans 30 55 85 38 69 107 Other assets owned — 3 3 — 2 2 Total nonperforming assets $ 30 $ 58 $ 88 $ 38 $ 71 $ 109 Past due loans The table below presents our past due loans. Past due loans and still accruing interest June 30, 2023 Dec. 31, 2022 Days past due Total Days past due Total (in millions) 30-59 60-89 ≥90 30-59 60-89 ≥90 Wealth management loans $ 69 $ — $ — $ 69 $ 43 $ 1 $ — $ 44 Other residential mortgages 19 2 — 21 5 — — 5 Commercial real estate 8 — — 8 11 — — 11 Wealth management mortgages — 2 — 2 54 1 — 55 Total past due loans $ 96 $ 4 $ — $ 100 $ 113 $ 2 $ — $ 115 Loan modifications Modified loans are evaluated to determine whether a modification or restructuring with a borrower experiencing financial difficulty results in principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension. The modification could result in a new loan or a continuation of the existing loan. In the second quarter of 2023, we modified one commercial real estate exposure, with a recorded investment of $59 million and an unfunded lending commitment of $15 million, by extending the maturity date. We also modified two other residential mortgage loans, with an aggregate recorded investment of less than $1 million, by extending the maturity dates and reducing the interest rates. We modified one commercial real estate loan in the first quarter of 2023, with a recorded investment of $12 million, by extending the maturity date. Loans modified prior to 2023 are considered a troubled debt restructuring (“TDR”) if the debtor is experiencing financial difficulties and the creditor 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 tables below provide information about the credit profile of the loan portfolio by the period of origination. Credit profile of the loan portfolio June 30, 2023 Revolving loans Originated, at amortized cost Amortized cost Converted to term loans – Amortized cost Accrued (in millions) YTD23 2022 2021 2020 2019 Prior to 2019 Total (a) Commercial: Investment grade $ 115 $ 149 $ 69 $ — $ — $ 45 $ 1,235 $ — $ 1,613 Non-investment grade 54 19 6 — — — 27 — 106 Total commercial 169 168 75 — — 45 1,262 — 1,719 $ 2 Commercial real estate: Investment grade 1,283 880 489 232 290 892 210 22 4,298 Non-investment grade 904 568 342 43 128 214 22 — 2,221 Total commercial real estate 2,187 1,448 831 275 418 1,106 232 22 6,519 28 Financial institutions: Investment grade 365 104 110 — — 18 8,161 — 8,758 Non-investment grade 65 10 — — — — 2,173 — 2,248 Total financial institutions 430 114 110 — — 18 10,334 — 11,006 92 Wealth management loans: Investment grade 38 33 66 22 8 194 9,458 100 9,919 Non-investment grade — 2 — — — — 43 — 45 Total wealth management loans 38 35 66 22 8 194 9,501 100 9,964 65 Wealth management mortgages 474 1,711 1,949 889 749 3,274 21 — 9,067 20 Lease financings 166 — — 44 9 421 — — 640 — Other residential mortgages (b) 1 556 198 5 — 229 — — 989 3 Capital call financing — — — — — — 3,270 — 3,270 14 Other loans — — — — — — 2,918 — 2,918 6 Margin loans 5,490 — — — — — 10,149 — 15,639 34 Total loans $ 8,955 $ 4,032 $ 3,229 $ 1,235 $ 1,184 $ 5,287 $ 37,687 $ 122 $ 61,731 $ 264 (a) Excludes overdrafts of $2,738 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two (b) The gross write-offs related to other residential mortgage loans were $3 million in the second quarter of 2023. Credit profile of the loan portfolio Dec. 31, 2022 Revolving loans Originated, at amortized cost Amortized cost Converted to term loans – Amortized cost Accrued (in millions) 2022 2021 2020 2019 2018 Prior to 2018 Total (a) Commercial: Investment grade $ 379 $ 148 $ — $ — $ 43 $ 45 $ 963 $ — $ 1,578 Non-investment grade 78 6 — — — — 70 — 154 Total commercial 457 154 — — 43 45 1,033 — 1,732 $ 2 Commercial real estate: Investment grade 1,265 973 407 739 204 904 183 — 4,675 Non-investment grade 431 511 145 323 93 6 20 22 1,551 Total commercial real estate 1,696 1,484 552 1,062 297 910 203 22 6,226 25 Financial institutions: Investment grade 126 389 — — — 25 7,216 — 7,756 Non-investment grade 20 — — — — — 1,896 12 1,928 Total financial institutions 146 389 — — — 25 9,112 12 9,684 78 Wealth management loans: Investment grade 45 57 22 45 — 217 9,887 — 10,273 Non-investment grade — — — — — — 29 — 29 Total wealth management loans 45 57 22 45 — 217 9,916 — 10,302 49 Wealth management mortgages 1,775 1,976 918 775 485 3,012 25 — 8,966 20 Lease financings 17 — 49 11 7 573 — — 657 — Other residential mortgages 27 70 — — — 248 — — 345 1 Capital call financing — — — — — — 3,438 — 3,438 17 Other loans — — — — — — 2,941 — 2,941 6 Margin loans 5,984 — — — — — 10,949 — 16,933 33 Total loans $ 10,147 $ 4,130 $ 1,541 $ 1,893 $ 832 $ 5,030 $ 37,617 $ 34 $ 61,224 $ 231 (a) Excludes overdrafts of $4,839 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 94% of the exposures meeting the investment grade equivalent criteria of our internal credit rating classification at June 30, 2023. In addition, 65% 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 84% 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 our 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 our wealth management portfolio. At June 30, 2023, less than 1% of the mortgages were past due. At June 30, 2023, the wealth management mortgage portfolio consisted of the following geographic concentrations: California – 21%; New York – 15%; Florida – 11%; Massachusetts – 8%; and other – 45%. Lease financings At June 30, 2023, the lease financings portfolio consisted of exposures backed by well-diversified assets, primarily real estate and large-ticket transportation equipment. The largest components of our lease residual value exposure relate to freight-related rail cars and aircraft. Assets are both domestic and foreign-based, with primary concentrations in Germany and the U.S. Other residential mortgages The other residential mortgages portfolio primarily consists of 1-4 family residential mortgage loans and totaled $1.0 billion at June 30, 2023 and $345 million at Dec. 31, 2022. Included in this portfolio at June 30, 2023 were $760 million of fixed-rate jumbo mortgage loans, purchased primarily in the first quarter of 2023, with a weighted-average loan-to-value ratio of 73% at origination. These loans are not typically correlated to external ratings. 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. 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 $15.6 billion of secured margin loans at June 30, 2023, compared with $16.9 billion at Dec. 31, 2022. 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. Overdrafts Overdrafts primarily relate to custody and securities clearance clients and totaled $2.7 billion at June 30, 2023 and $4.8 billion at Dec. 31, 2022. Overdrafts occur on a daily basis and are generally repaid within two Reverse repurchase agreements |
Goodwill and intangible assets
Goodwill and intangible assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill The tables below provide a breakdown of goodwill by business segment. Goodwill by business segment (in millions) Securities Market and Wealth Services Investment Consolidated Balance at Dec. 31, 2022 Goodwill $ 6,973 $ 1,424 $ 8,433 $ 16,830 Accumulated impairment losses — — (680) (680) $ 6,973 $ 1,424 $ 7,753 $ 16,150 Foreign currency translation 22 4 70 96 Balance at June 30, 2023 Goodwill $ 6,995 $ 1,428 $ 8,503 $ 16,926 Accumulated impairment losses — — (680) (680) $ 6,995 $ 1,428 $ 7,823 $ 16,246 Goodwill by business segment (in millions) Securities Market and Wealth Services Investment Consolidated Balance at Dec. 31, 2021 $ 7,062 $ 1,435 $ 9,015 $ 17,512 Foreign currency translation (87) (10) (144) (241) Balance at June 30, 2022 $ 6,975 $ 1,425 $ 8,871 $ 17,271 Goodwill impairment testing The goodwill impairment test is performed at least annually at the reporting unit level. An interim test is performed when events or circumstances occur that may indicate that it is more likely than not that the fair value of any reporting unit may be less than its carrying value. In the second quarter of 2023, due to the results of the first quarter 2023 interim and annual impairment test and macroeconomic conditions, we performed an interim goodwill impairment test of the Investment Management reporting unit, which had $6.1 billion of allocated goodwill. No additional goodwill impairment was recognized. In the second quarter of 2023, we also performed our annual goodwill impairment test on the remaining five reporting units. As a result of the annual goodwill impairment test, no goodwill impairment was recognized. Intangible assets The tables below provide a breakdown of intangible assets by business segment. Intangible assets – net carrying amount by business segment (in millions) Securities Market and Wealth Services Investment Other Consolidated Balance at Dec. 31, 2022 $ 193 $ 384 $ 1,475 $ 849 $ 2,901 Amortization (15) (3) (10) — (28) Foreign currency translation 1 — 7 — 8 Balance at June 30, 2023 $ 179 $ 381 $ 1,472 $ 849 $ 2,881 Intangible assets – net carrying amount by business segment (in millions) Securities Market and Wealth Services Investment Other Consolidated Balance at Dec. 31, 2021 $ 230 $ 392 $ 1,520 $ 849 $ 2,991 Amortization (17) (4) (13) — (34) Foreign currency translation (6) — (17) — (23) Balance at June 30, 2022 $ 207 $ 388 $ 1,490 $ 849 $ 2,934 The table below provides a breakdown of intangible assets by type. Intangible assets June 30, 2023 Dec. 31, 2022 (dollars in millions) Gross Accumulated Net Remaining Gross Accumulated Net Subject to amortization: (a) Customer contracts – Securities Services $ 730 $ (552) $ 178 10 years $ 731 $ (539) $ 192 Customer contracts – Market and Wealth Services 280 (270) 10 3 years 280 (267) 13 Customer relationships – Investment and Wealth Management 553 (470) 83 8 years 553 (461) 92 Other 41 (10) 31 13 years 41 (9) 32 Total subject to amortization $ 1,604 $ (1,302) $ 302 10 years $ 1,605 $ (1,276) $ 329 Not subject to amortization: (b) Tradename $ 1,292 N/A $ 1,292 N/A $ 1,290 N/A $ 1,290 Customer relationships 1,287 N/A 1,287 N/A 1,282 N/A 1,282 Total not subject to amortization $ 2,579 N/A $ 2,579 N/A $ 2,572 N/A $ 2,572 Total intangible assets $ 4,183 $ (1,302) $ 2,881 N/A $ 4,177 $ (1,276) $ 2,901 (a) Excludes fully amortized intangible assets. (b) 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) 2023 $ 57 2024 49 2025 43 2026 34 2027 28 Intangible asset impairment testing Intangible assets not subject to amortization are tested for impairment annually or more often if events or circumstances indicate they may be impaired. |
Other assets
Other assets | 6 Months Ended |
Jun. 30, 2023 | |
Other Assets [Abstract] | |
Other assets | Other assets The following table provides the components of other assets presented on the consolidated balance sheet. Other assets June 30, 2023 Dec. 31, 2022 (in millions) Corporate/bank-owned life insurance $5,433 $5,417 Accounts receivable 4,627 4,924 Fails to deliver 2,712 2,569 Software 2,357 2,260 Prepaid pension assets 1,885 1,651 Qualified affordable housing project investments 1,233 1,298 Prepaid expense 919 764 Equity method investments 873 803 Renewable energy investments 758 871 Other equity investments (a) 709 695 Cash collateral receivable on derivative transactions 640 1,014 Assets of consolidated investment management funds 499 209 Federal Reserve Bank stock 484 478 Income taxes receivable 451 481 Seed capital (b) 233 218 Fair value of hedging derivatives 223 319 Other (c) 1,620 1,884 Total other assets $ 25,656 $ 25,855 (a) Includes strategic equity, private equity and other investments. (b) Includes investments in BNY Mellon funds that hedge deferred incentive awards. (c) At June 30, 2023 and Dec. 31, 2022, other assets include $47 million and $6 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 $443 million at June 30, 2023 and $445 million at Dec. 31, 2022, 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) 2Q23 1Q23 2Q22 YTD23 YTD22 Upward adjustments $ 5 $ — $ 76 $ 5 $ 122 $ 288 Downward adjustments (1) (18) (7) (19) (7) (31) Net adjustments $ 4 $ (18) $ 69 $ (14) $ 115 $ 257 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 June 30, 2023 and $1.3 billion at Dec. 31, 2022. Commitments to fund future investments in qualified affordable housing projects totaled $570 million at June 30, 2023 and $614 million at Dec. 31, 2022 and are recorded in other liabilities on the consolidated balance sheet. A summary of the commitments to fund future investments is as follows: remainder of 2023 – $184 million; 2024 – $145 million; 2025 – $173 million; 2026 – $24 million; 2027 – $1 million; and 2028 and thereafter – $43 million. Tax credits and other tax benefits recognized were $45 million in the second quarter of 2023, $45 million in the first quarter of 2023, $38 million in the second quarter of 2022, $90 million in the first six months of 2023 and $76 million in the first six months of 2022. Amortization expense included in the provision for income taxes was $38 million in the second quarter of 2023, $38 million in the first quarter of 2023, $33 million in the second quarter of 2022, $76 million in the first six months of 2023 and $65 million in the first six months of 2022. 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 June 30, 2023 Dec. 31, 2022 (in millions) Fair value Unfunded Fair value Unfunded Seed capital (a) (b) $ 3 $ — $ 3 $ — Private equity investments (c) 137 50 130 53 Other 7 — 5 — Total $ 147 $ 50 $ 138 $ 53 ( a) Seed capital investments at June 30, 2023 are generally redeemable on request. Distributions are received as the underlying investments in the funds, which have redemption notice periods of seven days, are liquidated. (b) Includes investments in funds that relate to deferred compensation arrangements with employees. (c) 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
Contract revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Contract revenue | Contract revenueFee 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, assets under management and the level of client-driven transactions, as specified in the fee schedules. See Note 10 of the Notes to Consolidated Financial Statements in our 2022 Annual Report for information on the nature of our services and revenue recognition. See Note 24 of the Notes to Consolidated Financial Statements in our 2022 Annual Report 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 Quarter ended June 30, 2023 June 30, 2022 (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 $ 1,299 $ 932 $ 23 $ (14) $ 2,240 $ 1,294 $ 898 $ 24 $ (17) $ 2,199 Investment management and performance fees — 5 760 (4) 761 — 6 822 (2) 826 Financing-related fees 10 4 — 1 15 11 4 — — 15 Distribution and servicing fees 1 (23) 58 (1) 35 1 (17) 51 (1) 34 Investment and other revenue 60 50 (79) — 31 54 38 (66) 1 27 Total fee and other revenue – contract revenue 1,370 968 762 (18) 3,082 1,360 929 831 (19) 3,101 Fee and other revenue – not in scope of Accounting Standards Codification (“ASC”) 606 (a)(b) 202 57 12 — 271 189 45 6 94 334 Total fee and other revenue $ 1,572 $ 1,025 $ 774 $ (18) $ 3,353 $ 1,549 $ 974 $ 837 $ 75 $ 3,435 (a) Primarily includes investment services fees, foreign exchange revenue, financing-related fees and investment and other revenue, all of which are accounted for using other accounting guidance. (b) The Investment and Wealth Management business segment is net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds of $1 million in the second quarter of 2023 and $(5) million in the second quarter of 2022. Disaggregation of contract revenue by business segment Quarter ended March 31, 2023 (in millions) Securities Services Market and Wealth Services Investment and Wealth Management Other Total Fee and other revenue – contract revenue: Investment services fees $ 1,176 $ 925 $ 24 $ (15) $ 2,110 Investment management and performance fees — 5 781 (3) 783 Financing-related fees 13 5 — — 18 Distribution and servicing fees — (23) 55 1 33 Investment and other revenue 60 50 (80) 1 31 Total fee and other revenue – contract revenue 1,249 962 780 (16) 2,975 Fee and other revenue – not in scope of ASC 606 (a)(b) 201 52 2 5 260 Total fee and other revenue $ 1,450 $ 1,014 $ 782 $ (11) $ 3,235 (a) Primarily includes investment services fees, foreign exchange revenue, financing-related fees and investment and other revenue, all of which are accounted for using other accounting guidance. (b) The Investment and Wealth Management business segment is net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds of $— million in the first quarter of 2023. Disaggregation of contract revenue by business segment Year-to-date June 30, 2023 June 30, 2022 (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 $ 2,475 $ 1,857 $ 47 $ (29) $ 4,350 $ 2,424 $ 1,744 $ 49 $ (34) $ 4,183 Investment management and performance fees — 10 1,541 (7) 1,544 — 12 1,709 (8) 1,713 Financing-related fees 23 9 — 1 33 14 18 — — 32 Distribution and servicing fees 1 (46) 113 — 68 2 (21) 83 — 64 Investment and other revenue 120 100 (159) 1 62 101 47 (93) — 55 Total fee and other revenue – contract revenue 2,619 1,930 1,542 (34) 6,057 2,541 1,800 1,748 (42) 6,047 Fee and other revenue – not in scope of ASC 606 (a)(b) 403 109 14 5 531 411 80 (4) 137 624 Total fee and other revenue $ 3,022 $ 2,039 $ 1,556 $ (29) $ 6,588 $ 2,952 $ 1,880 $ 1,744 $ 95 $ 6,671 (a) Primarily includes investment services fees, foreign exchange revenue, financing-related fees and investment and other revenue, all of which are accounted for using other accounting guidance. (b) The Investment and Wealth Management business segment is net of income (loss) income attributable to noncontrolling interests related to consolidated investment management funds of $1 million in the first six months of 2023 and $(13) million in the first six months of 2022. Contract balances Our clients are billed based on fee schedules that are agreed upon in each customer contract. Receivables from customers were $2.7 billion at June 30, 2023 and $2.6 billion at Dec. 31, 2022. Contract assets represent accrued revenues that have not yet been billed to customers due to certain contractual terms other than the passage of time and were $70 million at June 30, 2023 and $48 million at Dec. 31, 2022. 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 $217 million at June 30, 2023 and $164 million at Dec. 31, 2022. Contract liabilities are included in other liabilities on the consolidated balance sheet. Revenue recognized in the first six months of 2023 relating to contract liabilities as of Dec. 31, 2022 was $84 million. Revenue recognized in the second quarter of 2023 relating to contract liabilities as of March 31, 2023 was $66 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 $53 million at June 30, 2023 and $58 million at Dec. 31, 2022. Capitalized sales incentives are amortized based on the transfer of goods or services to which the assets relate. The amortization of capitalized sales incentives, which is included in staff expense on the consolidated income statement, totaled $4 million in the second quarter of 2023, second quarter of 2022 and first quarter of 2023, $8 million in the first six months of 2023 and $9 million in the first six months of 2022. 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 $85 million at June 30, 2023 and $77 million at Dec. 31, 2022. These capitalized costs are amortized on a straight-line basis over the expected contract period. 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 | 6 Months Ended |
Jun. 30, 2023 | |
Interest Revenue (Expense), Net [Abstract] | |
Net interest revenue | Net interest revenue The following table provides the components of net interest revenue presented on the consolidated income statement. Net interest revenue Quarter ended Year-to-date (in millions) June 30, 2023 March 31, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Interest revenue Deposits with the Federal Reserve and other central banks $ 1,241 $ 853 $ 99 $ 2,094 $ 101 Deposits with banks 128 140 33 268 47 Federal funds sold and securities purchased under resale agreements 1,776 991 116 2,767 153 Loans 957 866 370 1,823 630 Securities: Taxable 1,042 1,022 509 2,064 943 Exempt from federal income taxes — — 10 — 20 Total securities 1,042 1,022 519 2,064 963 Trading securities 80 70 22 150 43 Total interest revenue 5,224 3,942 1,159 9,166 1,937 Interest expense Deposits 1,739 1,366 90 3,105 53 Federal funds purchased and securities sold under repurchase agreements 1,729 892 77 2,621 89 Trading liabilities 43 30 10 73 14 Other borrowed funds 32 3 2 35 5 Customer payables 143 128 9 271 9 Long-term debt 438 395 147 833 245 Total interest expense 4,124 2,814 335 6,938 415 Net interest revenue 1,100 1,128 824 2,228 1,522 Provision for credit losses 5 27 47 32 49 Net interest revenue after provision for credit losses $ 1,095 $ 1,101 $ 777 $ 2,196 $ 1,473 |
Employee benefit plans
Employee benefit plans | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee benefit plans | Employee benefit plans The components of net periodic benefit (credit) cost are presented below. The service cost component is reflected in staff expense, whereas the remaining components are reflected in other expense. Net periodic benefit (credit) cost Quarter ended June 30, 2023 March 31, 2023 June 30, 2022 (in millions) Domestic pension benefits Foreign pension benefits Health care benefits Domestic pension benefits Foreign pension benefits Health care benefits Domestic pension benefits Foreign pension benefits Health care benefits Service cost $ — $ 2 $ — $ — $ 3 $ — $ — $ 3 $ — Interest cost 47 9 2 48 8 1 35 7 1 Expected return on assets (95) (22) (3) (95) (22) (2) (78) (9) (1) Other 3 (4) (3) 2 (3) (3) 17 1 (1) Net periodic benefit (credit) cost $ (45) $ (15) $ (4) $ (45) $ (14) $ (4) $ (26) $ 2 $ (1) Net periodic benefit (credit) cost Year-to-date June 30, 2023 June 30, 2022 (in millions) Domestic pension benefits Foreign pension benefits Health care benefits Domestic pension benefits Foreign pension benefits Health care benefits Service cost $ — $ 5 $ — $ — $ 6 $ — Interest cost 95 17 3 70 15 2 Expected return on assets (190) (44) (5) (156) (19) (3) Other 5 (7) (6) 34 2 (2) Net periodic benefit (credit) cost $ (90) $ (29) $ (8) $ (52) $ 4 $ (3) |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes BNY Mellon recorded an income tax provision of $270 million (20.2% effective tax rate) in the second quarter of 2023, $231 million (21.1% effective tax rate) in the second quarter of 2022 and $260 million (21.0% effective tax rate) in the first quarter of 2023. Our total tax reserves as of June 30, 2023 were $107 million, compared with $106 million at Dec. 31, 2022. If these tax reserves were unnecessary, $107 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 June 30, 2023 is accrued interest, where applicable, of $34 million. The additional tax expense related to interest for the six months ended June 30, 2023 was $1 million, compared with $4 million for the six months ended June 30, 2022. It is reasonably possible the total reserve for uncertain tax positions could decrease within the next 12 months by approximately $10 million as a result of adjustments related to tax years that are still subject to examination. |
Variable interest entities
Variable interest entities | 6 Months Ended |
Jun. 30, 2023 | |
Securitizations And Variable Interest Entities Disclosure [Abstract] | |
Variable interest entities | Variable interest entities We have variable interests in variable interest entities (“VIEs”), which include investments in retail, institutional and alternative investment funds. 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 on the consolidated balance sheet as of June 30, 2023 and Dec. 31, 2022. 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 investment management funds June 30, 2023 Dec. 31, 2022 (in millions) Trading assets $ 484 $ 203 Other assets 15 6 Total assets (a) $ 499 $ 209 Other liabilities $ 8 $ 1 Total liabilities (b) $ 8 $ 1 Nonredeemable noncontrolling interests (c) $ 65 $ 7 (a) Includes voting model entities (“VMEs”) with assets of $118 million at June 30, 2023 and $86 million at Dec. 31, 2022. (b) Includes VMEs with liabilities of $1 million at June 30, 2023 and $1 million at Dec. 31, 2022. (c) Includes VMEs with nonredeemable noncontrolling interests of $17 million at June 30, 2023 and $7 million at Dec. 31, 2022. 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 June 30, 2023 and Dec. 31, 2022, assets and liabilities related to the VIEs where we are not the primary beneficiary were included in other assets and other liabilities on the consolidated balance sheet 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 June 30, 2023 Dec. 31, 2022 (in millions) Other assets $ 2,065 $ 2,235 Other liabilities 570 614 Maximum loss exposure 2,635 2,850 |
Preferred stock
Preferred stock | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Preferred stock | 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 June 30, 2023 and Dec. 31, 2022. Preferred stock summary (a) Total shares issued and outstanding Carrying value (b) (in millions) June 30, 2023 Dec. 31, 2022 June 30, 2023 Dec. 31, 2022 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 4.500% 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 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 13,000 1,287 1,287 Total 48,826 48,826 $ 4,838 $ 4,838 (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 F, Series G, Series H and Series I preferred stock is recorded net of issuance costs. On July 3, 2023, pursuant to the Adjustable Interest Rate (LIBOR) Act and the Federal Reserve’s Regulation ZZ, three-month Term SOFR plus 0.26161% replaced three-month LIBOR in the Series A, Series D and Series F preferred stock. The table below presents the Parent’s preferred dividends. Preferred dividends (dollars in millions, except per share amounts) Depositary shares 2Q23 1Q23 2Q22 YTD23 YTD22 Per share Total Per share Total Per share Total Per share Total Per share Total Series A 100 (a) $ 1,412.60 $ 7 $ 1,327.72 $ 7 $ 1,022.22 $ 5 $ 2,740.32 $ 14 $ 2,033.33 $ 10 Series D 100 2,250.00 11 — — 2,250.00 11 2,250.00 11 2,250.00 11 Series F 100 — — 2,312.50 23 — — 2,312.50 23 2,312.50 23 Series G 100 — — 2,350.00 24 — — 2,350.00 24 2,350.00 24 Series H 100 925.00 6 925.00 5 925.00 6 1,850.00 11 1,850.00 11 Series I 100 937.50 12 937.50 12 937.50 12 1,875.00 24 2,208.33 29 Total $ 36 $ 71 $ 34 $ 107 $ 108 (a) Represents Normal Preferred Capital Securities. |
Other comprehensive income (los
Other comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Other comprehensive income (loss) | Other comprehensive income (loss) Components of other comprehensive income (loss) Quarter ended June 30, 2023 March 31, 2023 June 30, 2022 (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) $ 61 $ 36 $ 97 $ 77 $ 26 $ 103 $ (436) $ (119) $ (555) Total foreign currency translation 61 36 97 77 26 103 (436) (119) (555) Unrealized (loss) gain on assets available-for-sale: Unrealized (loss) gain arising during period (202) 45 (157) 419 (102) 317 (1,167) 285 (882) Reclassification adjustment (b) — — — 1 — 1 — — — Net unrealized (loss) gain on assets available-for-sale (202) 45 (157) 420 (102) 318 (1,167) 285 (882) Defined benefit plans: Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) (4) 2 (2) (4) 1 (3) 17 (4) 13 Total defined benefit plans (4) 2 (2) (4) 1 (3) 17 (4) 13 Unrealized gain (loss) on cash flow hedges: Unrealized hedge gain (loss) arising during period 3 (1) 2 4 (1) 3 (8) 2 (6) Reclassification of net loss (gain) to net income: FX contracts – investment and other revenue 1 — 1 — — — — — — Foreign exchange (“FX”) contracts – staff expense — — — 3 (1) 2 1 — 1 Total reclassifications to net income 1 — 1 3 (1) 2 1 — 1 Net unrealized gain (loss) on cash flow hedges 4 (1) 3 7 (2) 5 (7) 2 (5) Total other comprehensive (loss) income $ (141) $ 82 $ (59) $ 500 $ (77) $ 423 $ (1,593) $ 164 $ (1,429) (a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 17 for additional information. (b) The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains (losses), which is included 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. Components of other comprehensive income (loss) Year-to-date June 30, 2023 June 30, 2022 (in millions) Pre-tax Tax After-tax Pre-tax Tax After-tax Foreign currency translation: Foreign currency translation adjustments arising during the period (a) $ 138 $ 62 $ 200 $ (556) $ (152) $ (708) Total foreign currency translation 138 62 200 (556) (152) (708) Unrealized gain (loss) on assets available-for-sale: Unrealized gain (loss) arising during period 217 (57) 160 (3,188) 775 (2,413) Reclassification adjustment (b) 1 — 1 (4) 1 (3) Net unrealized gain (loss) on assets available-for-sale 218 (57) 161 (3,192) 776 (2,416) Defined benefit plans: Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) (8) 3 (5) 34 (3) 31 Total defined benefit plans (8) 3 (5) 34 (3) 31 Unrealized gain (loss) on cash flow hedges: Unrealized hedge gain (loss) arising during period 7 (2) 5 (11) 3 (8) Reclassification of net loss to net income: FX contracts – staff expense 3 (1) 2 1 — 1 FX contracts – investment and other revenue 1 — 1 — — — Total reclassifications to net income 4 (1) 3 1 — 1 Net unrealized gain (loss) on cash flow hedges 11 (3) 8 (10) 3 (7) Total other comprehensive income (loss) $ 359 $ 5 $ 364 $ (3,724) $ 624 $ (3,100) (a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 17 for additional information. |
Fair value measurement
Fair value measurement | 6 Months Ended |
Jun. 30, 2023 | |
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. See Note 20 of the Notes to Consolidated Financial Statements in our 2022 Annual Report for information on how we determine fair value and the fair value hierarchy. The following tables present the financial instruments carried at fair value at June 30, 2023 and Dec. 31, 2022, 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 June 30, 2023 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Available-for-sale securities: U.S. Treasury $ 23,008 $ — $ — $ — $ 23,008 Agency RMBS — 10,183 — — 10,183 Sovereign debt/sovereign guaranteed 2,997 6,148 — — 9,145 Supranational — 8,029 — — 8,029 Agency commercial MBS — 7,741 — — 7,741 Foreign covered bonds — 6,110 — — 6,110 CLOs — 5,801 — — 5,801 Non-agency commercial MBS — 2,952 — — 2,952 U.S. government agencies — 2,882 — — 2,882 Foreign government agencies — 2,309 — — 2,309 Non-agency RMBS — 1,867 — — 1,867 Other ABS — 1,043 — — 1,043 Other debt securities — 1 — — 1 Total available-for-sale securities 26,005 55,066 — — 81,071 Trading assets: Debt instruments 2,436 1,914 — — 4,350 Equity instruments 4,456 — — — 4,456 Derivative assets not designated as hedging: Interest rate 16 1,126 — (870) 272 Foreign exchange — 6,935 — (5,452) 1,483 Equity and other contracts 1 14 — (14) 1 Total derivative assets not designated as hedging 17 8,075 — (6,336) 1,756 Total trading assets 6,909 9,989 — (6,336) 10,562 Other assets: Derivative assets designated as hedging: Interest rate — 209 — — 209 Foreign exchange — 14 — — 14 Total derivative assets designated as hedging — 223 — — 223 Other assets (b) 496 322 — — 818 Total other assets 496 545 — — 1,041 Assets measured at NAV (b) 147 Total assets $ 33,410 $ 65,600 $ — $ (6,336) $ 92,821 Percentage of total assets prior to netting 34 % 66 % — % Liabilities Trading liabilities: Debt instruments $ 3,623 $ 47 $ — $ — $ 3,670 Equity instruments 5 — — — 5 Derivative liabilities not designated as hedging: Interest rate 7 1,431 — (664) 774 Foreign exchange 2 7,050 — (5,235) 1,817 Equity and other contracts 5 121 — (73) 53 Total derivative liabilities not designated as hedging 14 8,602 — (5,972) 2,644 Total trading liabilities 3,642 8,649 — (5,972) 6,319 Other liabilities: Derivative liabilities designated as hedging: Foreign exchange — 289 — — 289 Total derivative liabilities designated as hedging — 289 — — 289 Other liabilities — 8 — — 8 Total other liabilities — 297 — — 297 Total liabilities $ 3,642 $ 8,946 $ — $ (5,972) $ 6,616 Percentage of total liabilities prior to netting 29 % 71 % — % (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 and liabilities measured at fair value on a recurring basis at Dec. 31, 2022 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Assets Available-for-sale securities: U.S. Treasury $ 29,533 $ — $ — $ — $ 29,533 Sovereign debt/sovereign guaranteed 4,237 6,127 — — 10,364 Agency RMBS — 8,957 — — 8,957 Agency commercial MBS — 8,060 — — 8,060 Supranational — 7,734 — — 7,734 Foreign covered bonds — 5,758 — — 5,758 CLOs — 5,343 — — 5,343 Non-agency commercial MBS — 2,977 — — 2,977 U.S. government agencies — 2,294 — — 2,294 Foreign government agencies — 2,241 — — 2,241 Non-agency RMBS — 2,029 — — 2,029 Other ABS — 1,319 — — 1,319 State and political subdivisions — 12 — — 12 Other debt securities — 1 — — 1 Total available-for-sale securities 33,770 52,852 — — 86,622 Trading assets: Debt instruments 1,590 1,901 — — 3,491 Equity instruments 3,791 — — — 3,791 Derivative assets not designated as hedging: Interest rate 10 1,287 — (986) 311 Foreign exchange — 9,433 — (7,215) 2,218 Equity and other contracts 4 98 — (5) 97 Total derivative assets not designated as hedging 14 10,818 — (8,206) 2,626 Total trading assets 5,395 12,719 — (8,206) 9,908 Other assets : Derivative assets designated as hedging: Interest rate — 205 — — 205 Foreign exchange — 114 — — 114 Total derivative assets designated as hedging — 319 — — 319 Other assets (b) 294 220 — — 514 Total other assets 294 539 — — 833 Assets measured at NAV (b) 138 Total assets $ 39,459 $ 66,110 $ — $ (8,206) $ 97,501 Percentage of total assets prior to netting 37 % 63 % — % Liabilities Trading liabilities: Debt instruments $ 2,373 $ 101 $ — $ — $ 2,474 Equity instruments 97 — — — 97 Derivative liabilities not designated as hedging: Interest rate 6 1,578 — (798) 786 Foreign exchange — 9,456 — (7,444) 2,012 Equity and other contracts — 17 — (1) 16 Total derivative liabilities not designated as hedging 6 11,051 — (8,243) 2,814 Total trading liabilities 2,476 11,152 — (8,243) 5,385 Other liabilities: Derivative liabilities designated as hedging: Foreign exchange — 220 — — 220 Total derivative liabilities designated as hedging — 220 — — 220 Other liabilities — 1 — — 1 Total other liabilities — 221 — — 221 Total liabilities $ 2,476 $ 11,373 $ — $ (8,243) $ 5,606 Percentage of total liabilities prior to netting 18 % 82 % — % (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. Details of certain available-for-sale securities measured at fair value on a recurring basis June 30, 2023 Dec. 31, 2022 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: 2008-2023 $ 1,596 100 % — % — % — % — % $ 1,728 100 % — % — % — % — % 2007 and earlier 271 4 14 1 42 39 301 5 13 1 45 36 Total non-agency RMBS $ 1,867 86 % 2 % — % 6 % 6 % $ 2,029 86 % 2 % — % 7 % 5 % Non-agency commercial MBS originated in: 2009-2023 $ 2,952 100 % — % — % — % — % $ 2,977 100 % — % — % — % — % Foreign covered bonds: Canada $ 2,503 100 % — % — % — % — % $ 2,384 100 % — % — % — % — % UK 1,056 100 — — — — 1,215 100 — — — — Australia 731 100 — — — — 696 100 — — — — Germany 595 100 — — — — 542 100 — — — — Norway 274 100 — — — — 377 100 — — — — Other 951 100 — — — — 544 100 — — — — Total foreign covered bonds $ 6,110 100 % — % — % — % — % $ 5,758 100 % — % — % — % — % Sovereign debt/sovereign guaranteed: Germany $ 2,839 100 % — % — % — % — % $ 3,103 100 % — % — % — % — % France 1,647 100 — — — — 1,665 100 — — — — UK 1,575 100 — — — — 2,225 100 — — — — Canada 617 100 — — — — 702 100 — — — — Singapore 567 100 — — — — 797 100 — — — — Japan 474 — 100 — — — 475 — 100 — — — Spain 299 — 27 73 — — 214 — 40 60 — — Hong Kong 251 100 — — — — 273 100 — — — — Austria 226 100 — — — — 177 100 — — — — Italy 217 — — 100 — — 390 — — 100 — — Other (c) 433 62 10 — 28 — 343 55 9 — 36 — Total sovereign debt/sovereign guaranteed $ 9,145 87 % 7 % 5 % 1 % — % $ 10,364 88 % 6 % 5 % 1 % — % Foreign government agencies: Canada $ 743 85 % 15 % — % — % — % $ 652 83 % 17 % — % — % — % Norway 430 100 — — — — 427 100 — — — — Netherlands 300 100 — — — — 363 100 — — — — Sweden 229 100 — — — — 260 100 — — — — France 231 100 — — — — 240 100 — — — — Other 376 100 — — — — 299 100 — — — — Total foreign government agencies $ 2,309 95 % 5 % — % — % — % $ 2,241 95 % 5 % — % — % — % (a) Represents ratings by S&P or the equivalent. (b) At June 30, 2023 and Dec. 31, 2022, 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 $123 million at June 30, 2023 and $123 million at Dec. 31, 2022. 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. The following table presents the carrying value as of June 30, 2023 and Dec. 31, 2022 of financial instruments for which nonrecurring adjustments to fair value have been recorded during 2023 and/or 2022 and all non-readily marketable equity securities carried at cost with upward or downward adjustments by balance sheet caption and level in the fair value hierarchy. Assets measured at fair value on a nonrecurring basis June 30, 2023 Dec. 31, 2022 Total carrying Total carrying (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Loans (a) $ — $ 29 $ — $ 29 $ — $ 33 $ — $ 33 Other assets (b) — 450 — 450 — 448 — 448 Total assets at fair value on a nonrecurring basis $ — $ 479 $ — $ 479 $ — $ 481 $ — $ 481 (a) The fair value of these loans decreased $3 million in the second quarter of 2023 and was unchanged in the fourth quarter of 2022, 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 June 30, 2023 and Dec. 31, 2022, by caption on the consolidated balance sheet and by the valuation hierarchy. Summary of financial instruments June 30, 2023 (in millions) Level 1 Level 2 Level 3 Total Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 118,908 $ — $ 118,908 $ 118,908 Interest-bearing deposits with banks — 12,309 — 12,309 12,316 Federal funds sold and securities purchased under resale agreements — 35,378 — 35,378 35,378 Securities held-to-maturity 10,148 37,094 — 47,242 53,162 Loans (a) — 62,768 — 62,768 63,638 Other financial assets 5,720 1,969 — 7,689 7,689 Total $ 15,868 $ 268,426 $ — $ 284,294 $ 291,091 Liabilities: Noninterest-bearing deposits $ — $ 67,678 $ — $ 67,678 $ 67,678 Interest-bearing deposits — 219,154 — 219,154 224,367 Federal funds purchased and securities sold under repurchase agreements — 21,285 — 21,285 21,285 Payables to customers and broker-dealers — 21,084 — 21,084 21,084 Borrowings — 2,131 — 2,131 2,131 Long-term debt — 30,963 — 30,963 32,463 Total $ — $ 362,295 $ — $ 362,295 $ 369,008 (a) Does not include the leasing portfolio. Summary of financial instruments Dec. 31, 2022 (in millions) Level 1 Level 2 Level 3 Total estimated Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 91,655 $ — $ 91,655 $ 91,655 Interest-bearing deposits with banks — 17,167 — 17,167 17,169 Federal funds sold and securities purchased under resale agreements — 24,298 — 24,298 24,298 Securities held-to-maturity 10,948 39,044 — 49,992 56,194 Loans (a) — 64,668 — 64,668 65,230 Other financial assets 5,030 1,817 — 6,847 6,847 Total $ 15,978 $ 238,649 $ — $ 254,627 $ 261,393 Liabilities: Noninterest-bearing deposits $ — $ 78,017 $ — $ 78,017 $ 78,017 Interest-bearing deposits — 196,258 — 196,258 200,953 Federal funds purchased and securities sold under repurchase agreements — 12,335 — 12,335 12,335 Payables to customers and broker-dealers — 23,435 — 23,435 23,435 Borrowings — 911 — 911 911 Long-term debt — 28,977 — 28,977 30,458 Total $ — $ 339,933 $ — $ 339,933 $ 346,109 (a) Does not include the leasing portfolio. |
Fair value option
Fair value option | 6 Months Ended |
Jun. 30, 2023 | |
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 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 June 30, 2023 Dec. 31, 2022 (in millions) Assets of consolidated investment management funds: Trading assets $ 484 $ 203 Other assets 15 6 Total assets of consolidated investment management funds $ 499 $ 209 Liabilities of consolidated investment management funds: Other liabilities $ 8 $ 1 Total liabilities of consolidated investment management funds $ 8 $ 1 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 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 on the consolidated income statement. We elected the fair value option on subordinated notes associated with certain equity investments. The fair value of these subordinated notes was $8 million at June 30, 2023 and $10 million at Dec. 31, 2022. The subordinated notes were valued using observable market inputs and included in Level 2 of the valuation hierarchy. |
Derivative instruments
Derivative instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments | Derivative instruments We use derivatives to manage exposure to market risk, including interest rate risk, equity price risk and foreign currency risk, as well as credit risk. Our trading activities are focused on acting as a market-maker for our customers and facilitating customer trades in compliance with the Volcker Rule. The notional amounts for derivative financial instruments express the dollar volume of the transactions; however, credit risk is much smaller. We perform credit reviews and enter into netting agreements and collateral arrangements to minimize the credit risk of derivative financial instruments. We enter into offsetting positions to reduce exposure to foreign currency, interest rate and equity price risk. Use of derivative financial instruments involves reliance on counterparties. Failure of a counterparty to honor its obligation under a derivative contract is a risk we assume whenever we engage in a derivative contract. There were no counterparty default losses recorded in the second quarter of 2023. 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 and foreign covered bonds. At June 30, 2023, $29.4 billion par value of available-for-sale securities were hedged with interest rate swaps designated as fair value hedges that had notional values of $29.7 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 the Indian rupee, Polish zloty, Hong Kong dollar, Singapore dollar, British pound and euro used in revenue and expense transactions for entities that have the U.S. dollar as their functional currency. As of June 30, 2023, the hedged forecasted foreign currency transactions and designated forward foreign exchange contract hedges were $589 million (notional), with a net pre-tax gain of $5 million recorded in accumulated other comprehensive income (“OCI”). This gain will be reclassified to earnings over the next 12 months. In 2022, we utilized forward foreign exchange contracts as fair value hedges of the foreign exchange risk associated with available-for-sale securities. At June 30, 2023, there were no remaining foreign exchange contracts. Forward points are designated as an excluded component and amortized into earnings over the hedge period. 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 June 30, 2023, forward foreign exchange contracts with notional amounts totaling $10.3 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 June 30, 2023, 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 gains (losses) 2Q23 1Q23 2Q22 YTD23 YTD22 Interest rate fair value hedges of available-for-sale securities Derivative Interest revenue $ 388 $ (435) $ 866 $ (47) $ 2,350 Hedged item Interest revenue (389) 434 (858) 45 (2,338) Interest rate fair value hedges of long-term debt Derivative Interest expense (277) 279 (292) 2 (1,033) Hedged item Interest expense 278 (279) 291 (1) 1,031 Foreign exchange fair value hedges of available-for-sale securities Derivative (a) Foreign exchange revenue — — (1) — (2) Hedged item Foreign exchange revenue — — 2 — 3 Cash flow hedges of forecasted FX exposures (Loss) reclassified from OCI into income Staff expense — (3) (1) (3) (1) (Loss) reclassified from OCI into income Investment and other revenue (1) — — (1) — (Loss) gain recognized in the consolidated income statement due to fair value and cash flow hedging relationships $ (1) $ (4) $ 7 $ (5) $ 10 (a) There was no amortization associated with the excluded component in the second quarter of 2023, first quarter of 2023 and first six months of 2023. Includes gains of $1 million in the second quarter of 2022 and first six months of 2022 associated with the amortization of the excluded component. 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 Gain or (loss) reclassified from 2Q23 1Q23 2Q22 YTD23 YTD22 2Q23 1Q23 2Q22 YTD23 YTD22 FX contracts $ (152) $ (111) $ 505 $ (263) $ 648 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) (in millions) June 30, 2023 Dec. 31, 2022 June 30, 2023 Dec. 31, 2022 Available-for-sale securities (b) $ 29,310 $ 31,370 $ (2,406) $ (2,678) Long-term debt $ 23,014 $ 23,510 $ (1,221) $ (1,232) (a) Includes a $440 million decrease and less than $1 million increase of basis adjustment on discontinued hedges associated with available-for-sale securities at June 30, 2023 and Dec. 31, 2022, respectively, and $55 million and $48 million of basis adjustment decreases on discontinued hedges associated with long-term debt at June 30, 2023 and Dec. 31, 2022, respectively. (b) 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 June 30, 2023 Dec. 31, 2022 June 30, 2023 Dec. 31, 2022 June 30, 2023 Dec. 31, 2022 (in millions) Derivatives designated as hedging instruments: (a)(b) Interest rate contracts $ 53,907 $ 56,142 $ 209 $ 205 $ — $ — Foreign exchange contracts 10,876 10,096 14 114 289 220 Total derivatives designated as hedging instruments $ 223 $ 319 $ 289 $ 220 Derivatives not designated as hedging instruments: (b)(c) Interest rate contracts $ 244,712 $ 190,917 $ 1,142 $ 1,297 $ 1,438 $ 1,584 Foreign exchange contracts 962,813 880,948 6,935 9,433 7,052 9,456 Equity contracts 3,754 2,993 15 102 120 13 Credit contracts 220 200 — — 6 4 Total derivatives not designated as hedging instruments $ 8,092 $ 10,832 $ 8,616 $ 11,057 Total derivatives fair value (d) $ 8,315 $ 11,151 $ 8,905 $ 11,277 Effect of master netting agreements (e) (6,336) (8,206) (5,972) (8,243) Fair value after effect of master netting agreements $ 1,979 $ 2,945 $ 2,933 $ 3,034 (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 $1,468 million and $1,104 million, respectively, at June 30, 2023, and $1,786 million and $1,823 million, respectively, at Dec. 31, 2022. 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 (in millions) 2Q23 1Q23 2Q22 YTD23 YTD22 Foreign exchange revenue $ 158 $ 176 $ 222 $ 334 $ 429 Other trading revenue 53 45 45 98 50 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 a gain of $8 million in the second quarter of 2023, a loss of $30 million in the second quarter of 2022, gains of $7 million in the first quarter of 2023 and $15 million in the first six months of 2023 and a loss of $43 million in the first six months of 2022. 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 15. Disclosure of contingent features in over-the-counter (“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. June 30, 2023 Dec. 31, 2022 (in millions) Aggregate fair value of OTC derivatives in net liability positions (a) $ 2,006 $ 3,069 Collateral posted $ 2,680 $ 3,484 (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) June 30, 2023 Dec. 31, 2022 (in millions) If The Bank of New York Mellon’s rating changed to: (b) A3/A- $ 162 $ 20 Baa2/BBB $ 792 $ 545 Ba1/BB+ $ 1,411 $ 1,803 (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 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 June 30, 2023 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 $ 1,090 $ 870 $ 220 $ 33 $ — $ 187 Foreign exchange contracts 6,275 5,452 823 147 — 676 Equity and other contracts 15 14 1 — — 1 Total derivatives subject to netting arrangements 7,380 6,336 1,044 180 — 864 Total derivatives not subject to netting arrangements 935 — 935 — — 935 Total derivatives 8,315 6,336 1,979 180 — 1,799 Reverse repurchase agreements 158,167 132,196 (b) 25,971 25,855 — 116 Securities borrowing 9,407 — 9,407 9,016 — 391 Total $ 175,889 $ 138,532 $ 37,357 $ 35,051 $ — $ 2,306 (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 Fixed Income Clearing Corporation (“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, 2022 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 $ 1,208 $ 986 $ 222 $ 33 $ — $ 189 Foreign exchange contracts 8,920 7,215 1,705 314 — 1,391 Equity and other contracts 95 5 90 — — 90 Total derivatives subject to netting arrangements 10,223 8,206 2,017 347 — 1,670 Total derivatives not subject to netting arrangements 928 — 928 — — 928 Total derivatives 11,151 8,206 2,945 347 — 2,598 Reverse repurchase agreements 75,614 60,322 (b) 15,292 15,182 — 110 Securities borrowing 9,006 — 9,006 8,531 — 475 Total $ 95,771 $ 68,528 $ 27,243 $ 24,060 $ — $ 3,183 (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 June 30, 2023 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 $ 1,187 $ 664 $ 523 $ 59 $ — $ 464 Foreign exchange contracts 6,777 5,235 1,542 176 — 1,366 Equity and other contracts 111 73 38 — — 38 Total derivatives subject to netting arrangements 8,075 5,972 2,103 235 — 1,868 Total derivatives not subject to netting arrangements 830 — 830 — — 830 Total derivatives 8,905 5,972 2,933 235 — 2,698 Repurchase agreements 151,707 132,196 (b) 19,511 19,417 94 — Securities lending 1,774 — 1,774 1,718 — 56 Total $ 162,386 $ 138,168 $ 24,218 $ 21,370 $ 94 $ 2,754 (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, 2022 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 $ 1,306 $ 798 $ 508 $ 67 $ — $ 441 Foreign exchange contracts 9,261 7,444 1,817 51 — 1,766 Equity and other contracts 15 1 14 — — 14 Total derivatives subject to netting arrangements 10,582 8,243 2,339 118 — 2,221 Total derivatives not subject to netting arrangements 695 — 695 — — 695 Total derivatives 11,277 8,243 3,034 118 — 2,916 Repurchase agreements 70,830 60,322 (b) 10,508 10,476 31 1 Securities lending 1,827 — 1,827 1,754 — 73 Total $ 83,934 $ 68,565 $ 15,369 $ 12,348 $ 31 $ 2,990 (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 June 30, 2023 Dec. 31, 2022 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 Repurchase agreements: U.S. Treasury $ 133,632 $ 759 $ 911 $ 683 $ 135,985 $ 62,401 $ 7 $ 827 $ 553 $ 63,788 Agency RMBS 1,939 511 7,357 27 9,834 1,460 493 — — 1,953 Corporate bonds 102 145 1,167 514 1,928 99 88 782 306 1,275 Sovereign debt/sovereign guaranteed 1,371 — — — 1,371 1,008 — — — 1,008 State and political subdivisions 31 45 460 194 730 38 49 443 159 689 U.S. government agencies 107 3 3 — 113 161 — — — 161 Other debt securities 4 87 44 7 142 13 102 92 7 214 Equity securities — 20 1,584 — 1,604 — 61 1,681 — 1,742 Total $ 137,186 $ 1,570 $ 11,526 $ 1,425 $ 151,707 $ 65,180 $ 800 $ 3,825 $ 1,025 $ 70,830 Securities lending: Agency RMBS $ 109 $ — $ — $ — $ 109 $ 110 $ — $ — $ — $ 110 Other debt securities 39 — — — 39 66 — — — 66 Equity securities 1,626 — — — 1,626 1,651 — — — 1,651 Total $ 1,774 $ — $ — $ — $ 1,774 $ 1,827 $ — $ — $ — $ 1,827 Total secured borrowings $ 138,960 $ 1,570 $ 11,526 $ 1,425 $ 153,481 $ 67,007 $ 800 $ 3,825 $ 1,025 $ 72,657 |
Commitments and contingent liab
Commitments and contingent liabilities | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 Dec. 31, 2022 (in millions) Lending commitments $ 49,485 $ 49,750 Standby letters of credit (“SBLC”) (a) 1,945 1,918 Commercial letters of credit 46 19 Securities lending indemnifications (b)(c) 457,772 491,043 (a) Net of participations totaling $185 million at June 30, 2023 and $175 million at Dec. 31, 2022. (b) Excludes the indemnification for securities for which BNY Mellon acts as an agent on behalf of CIBC Mellon clients, which totaled $63 billion at June 30, 2023 and $64 billion at Dec. 31, 2022. (c) Includes cash collateral, invested in indemnified repurchase agreements, held by us as securities lending agent of $44 billion at June 30, 2023 and $43 billion at Dec. 31, 2022. 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: $29.5 billion in less than one year, $19.8 billion in one to five years and $253 million over five years. SBLCs principally support obligations of corporate clients and were collateralized with cash and securities of $145 million at June 30, 2023 and $144 million at Dec. 31, 2022. At June 30, 2023, $1.4 billion of the SBLCs will expire within one year, $537 million in one to five years and $8 million 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 June 30, 2023 Dec. 31, 2022 Investment grade 76 % 75 % Non-investment grade 24 % 25 % 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 $46 million at June 30, 2023 and $19 million at Dec. 31, 2022. 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 $91 million at June 30, 2023 and $78 million at Dec. 31, 2022. 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 $481 billion at June 30, 2023 and $515 billion at Dec. 31, 2022. 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 June 30, 2023 and Dec. 31, 2022, $63 billion and $64 billion, respectively, of borrowings at CIBC Mellon, for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, were secured by collateral of $66 billion and $68 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 June 30, 2023, we had no unsettled repurchase agreements and $53.0 billion of unsettled reverse repurchase agreements. At Dec. 31, 2022, we had $4.0 billion of unsettled repurchase agreements and $11.3 billion of unsettled reverse repurchase agreements. Industry concentrations We have significant industry concentrations related to credit exposure at June 30, 2023. The tables below present our credit exposure in the financial institutions and commercial portfolios. Financial institutions portfolio exposure (in billions) June 30, 2023 Loans Unfunded Total exposure Securities industry $ 2.1 $ 17.3 $ 19.4 Asset managers 1.5 7.9 9.4 Banks 6.9 1.6 8.5 Insurance 0.1 3.8 3.9 Government — 0.2 0.2 Other 0.4 1.0 1.4 Total $ 11.0 $ 31.8 $ 42.8 Commercial portfolio exposure (in billions) June 30, 2023 Loans Unfunded Total exposure Manufacturing $ 0.6 $ 4.0 $ 4.6 Services and other 0.8 3.4 4.2 Energy and utilities 0.2 3.8 4.0 Media and telecom 0.1 0.7 0.8 Total $ 1.7 $ 11.9 $ 13.6 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 FICC sponsored member program, where we submit eligible 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 17 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 June 30, 2023 and Dec. 31, 2022, 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 June 30, 2023 and Dec. 31, 2022, 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 $620 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 BNY 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. Two actions commenced in December 2015 and February 2017 are pending in New York federal court. An action commenced in December 2014 in New York federal court was dismissed and the dismissal was affirmed on appeal in April 2023. In New York state court, six actions are pending: one case commenced in May 2016; two related cases commenced in September 2021 and October 2022; and three related cases commenced in October 2021, December 2021 and February 2022. 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 and that matter has concluded. 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; on Dec. 15, 2022, an appeals court reversed the dismissal and returned the case to the trial court for further proceedings. All the cases that have been brought in federal court against Pershing have been consolidated in Texas federal court for discovery purposes. Various alleged Stanford CD purchasers asserted similar claims in Financial Industry Regulatory Authority, Inc. (“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 March 2, 2023, DTVM appealed the August 4 decision to Brazil’s Superior Court of Justice. 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 judgment of approximately $3 million against DTVM and Ativos. On Aug. 23, 2021, DTVM and Ativos filed an appeal of the May 20 decision. On June 7, 2022, the appellate court partially granted and partially denied the appeal, reducing the judgment to approximately $2 million. On July 13, 2023, DTVM and Ativos filed a further appeal to Brazil’s Superior Court of Justice. On Aug. 24, 2022, the court dismissed one of the other lawsuits. On Nov. 24, 2022, Postalis appealed that 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. On April 11, 2022, DTVM appealed the Aug. 4 decision to Brazil’s Superior Court of Justice. In addition, the Tribunal de Contas da União (“TCU”), an administrative tribunal, has initiated 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 $50 million. TCU also imposed on DTVM a fine of approximately $2 million. DTVM’s administrative appeal of the decision was denied. On Feb. 25, 2022, DTVM filed a lawsuit in Brazil federal court in Brasilia seeking annulment of TCU’s decision and an injunction preventing TCU from enforcing the judgment. On Aug. 24, 2022, the Brazilian Federal Attorneys filed an action in Rio de Janeiro court seeking to enforce the fine portion of the judgment. On Nov. 8, 2022, the Brasilia federal court in the annulment action granted DTVM’s request for an injunction, suspending the Sept. 9, 2020 TCU decision until the annulment action is decided. 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 in São Paulo challenging the decision rendered by the Arbitration Court with respect to its jurisdiction over the case. On Feb. 24, 2023, the São Paulo court annulled the Arbitration Court’s decision that it had jurisdiction. 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 May 9, 2022, the court found DTVM and Alocação de Patrimônio jointly and severally liable for approximately $20 million. On Aug. 12, 2022, DTVM and Alocação de Patrimônio appealed the decision. 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 and February 2023, we received secondary liability notices from the German tax authorities totaling approximately $150 million (at then-prevailing exchange rates) 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. Off-Channel Business-Related Communications The Company has been responding to a request for information from the SEC concerning compliance with recordkeeping obligations relating to business communications transmitted on unapproved electronic communication platforms. SEC Staff has stated that it is conducting similar inquiries into recordkeeping practices at other financial institutions. The Company is cooperating with the inquiry. In April 2023, the Company received a similar request from the Commodity Futures Trading Commission and is cooperating with that inquiry as well. |
Business segments
Business segments | 6 Months Ended |
Jun. 30, 2023 | |
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. The primary products and services and types of revenue for our principal businesses and a description of the Other segment are presented in Note 24 of the Notes to Consolidated Financial Statements in our 2022 Annual Report. 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. There were no reclassification or organization changes in the second quarter of 2023. The accounting policies of the businesses are the same as those described in Note 1 of the Notes to Consolidated Financial Statements in our 2022 Annual Report. The results of our business 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 the 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. • Severance expense is recorded in the segments based on the business or function the impacted employees reside, with severance related to corporate staff, technology and operations reflected in the Other segment. • 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 quarter ended June 30, 2023 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 1,572 $ 1,025 $ 774 (a) $ (18) $ 3,353 (a) Net interest revenue (expense) 668 420 39 (27) 1,100 Total revenue (loss) 2,240 1,445 813 (a) (45) 4,453 (a) Provision for credit losses 16 7 7 (25) 5 Noninterest expense 1,582 781 677 71 3,111 Income (loss) before income taxes $ 642 $ 657 $ 129 (a) $ (91) $ 1,337 (a) Pre-tax operating margin (b) 29 % 46 % 16 % N/M 30 % Average assets $ 202,207 $ 131,657 $ 27,260 $ 60,050 $ 421,174 (a) Total fee and other revenue, total revenue and income before income taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $1 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the quarter ended March 31, 2023 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 1,450 $ 1,014 $ 782 (a) $ (11) $ 3,235 (a) Net interest revenue (expense) 666 453 45 (36) 1,128 Total revenue (loss) 2,116 1,467 827 (a) (47) 4,363 (a) Provision for credit losses — — — 27 27 Noninterest expense 1,556 769 734 41 3,100 Income (loss) before income taxes $ 560 $ 698 $ 93 (a) $ (115) $ 1,236 (a) Pre-tax operating margin (b) 26 % 48 % 11 % N/M 28 % Average assets $ 196,560 $ 132,143 $ 28,232 $ 50,566 $ 407,501 (a) Total fee and other revenue, total revenue and income before income taxes are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds of $— million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the quarter ended June 30, 2022 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 1,549 $ 974 $ 837 (a) $ 75 $ 3,435 (a) Net interest revenue (expense) 457 340 62 (35) 824 Total revenue 2,006 1,314 899 (a) 40 4,259 (a) Provision for credit losses 13 4 — 30 47 Noninterest expense 1,656 702 691 63 3,112 Income (loss) before income taxes $ 337 $ 608 $ 208 (a) $ (53) $ 1,100 (a) Pre-tax operating margin (b) 17 % 46 % 23 % N/M 26 % Average assets $ 219,797 $ 141,952 $ 33,668 $ 42,206 $ 437,623 (a) Total fee and other revenue, total revenue and income before income taxes are net of loss attributable to noncontrolling interests related to consolidated investment management funds of $5 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the six months ended June 30, 2023 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 3,022 $ 2,039 $ 1,556 (a) $ (29) $ 6,588 (a) Net interest revenue (expense) 1,334 873 84 (63) 2,228 Total revenue (loss) 4,356 2,912 1,640 (a) (92) 8,816 (a) Provision for credit losses 16 7 7 2 32 Noninterest expense 3,138 1,550 1,411 112 6,211 Income (loss) before income taxes $ 1,202 $ 1,355 $ 222 (a) $ (206) $ 2,573 (a) Pre-tax operating margin (b) 28 % 47 % 14 % N/M 29 % Average assets $ 199,399 $ 131,899 $ 27,744 $ 55,333 $ 414,375 (a) Total fee and other revenue, total revenue and income before income taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $1 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the six months ended June 30, 2022 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 2,952 $ 1,880 $ 1,744 (a) $ 95 $ 6,671 (a) Net interest revenue (expense) 834 636 119 (67) 1,522 Total revenue 3,786 2,516 1,863 (a) 28 8,193 (a) Provision for credit losses 3 2 (3) 47 49 Noninterest expense 3,166 1,410 1,446 96 6,118 Income (loss) before income taxes $ 617 $ 1,104 $ 420 (a) $ (115) $ 2,026 (a) Pre-tax operating margin (b) 16 % 44 % 23 % N/M 25 % Average assets $ 220,340 $ 141,570 $ 34,643 $ 42,371 $ 438,924 (a) Total fee and other revenue, total revenue and income before income taxes are net of loss attributable to noncontrolling interests related to consolidated investment management funds of $13 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. |
Supplemental information to the
Supplemental information to the Consolidated Statement of Cash Flows | 6 Months Ended |
Jun. 30, 2023 | |
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 Six months ended June 30, (in millions) 2023 2022 Transfers from loans to other assets for other real estate owned $ 1 $ 2 Change in assets of consolidated investment management funds 290 266 Change in liabilities of consolidated investment management funds 7 2 Change in nonredeemable noncontrolling interests of consolidated investment management funds 58 189 Securities purchased not settled 164 323 Securities sold not settled 41 64 Available-for-sale securities transferred to held-to-maturity securities — 906 Premises and equipment/operating lease obligations 183 67 Excise tax on share repurchases 14 — |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | |||||
Net Income (Loss) Attributable to Parent | $ 1,067 | $ 976 | $ 869 | $ 2,043 | $ 1,642 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of presentation (Policies
Basis of presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accounting and financial reporting policies of BNY Mellon, a global financial services company, conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing industry practices. For information on our significant accounting and reporting policies, see Note 1 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended Dec. 31, 2022 (the “2022 Annual Report”). |
Reclassifications | Certain additional immaterial reclassifications have been made to prior periods to place them on a basis comparable with the current period presentation. |
Use of estimates | Use of estimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates based upon assumptions about future economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. |
New accounting guidance | Accounting Standards Update (“ASU”) 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method , which provides guidance that expands the ability to hedge interest rate risk by permitting the use of multiple hedged layers of a single closed portfolio of assets and will (1) Allow multiple layer hedging within the same closed portfolio, (2) Expand the scope of the portfolio layer method to include non-prepayable assets, (3) Expand the eligible hedging instruments to be utilized in a single-layer hedge, and (4) Permit held-to-maturity debt securities to be transferred to available-for-sale at the date of adoption, provided such transferred securities are designated in a portfolio layer method hedge within 30 days of the adoption date. The standard also provides further guidance and disclosure requirements with respect to hedge basis adjustments related to portfolio layer method hedges. We adopted this guidance as of Jan. 1, 2023. The Company did not choose to make the one-time election to reclassify securities classified as held-to-maturity to available-for-sale as of Jan. 1, 2023 and can choose to prospectively apply portfolio layer method hedging. ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , which provides post-implementation guidance related to the adoption of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments , which was effective Jan. 1, 2020. This ASU amends the guidance related to two issues: Troubled Debt Restructurings (“TDRs”) and disclosure requirements for the credit profile of the loan portfolio. This ASU eliminates the accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. An entity must apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. This ASU also requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments – Credit Losses – Measured at Amortized Cost . |
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. See Note 20 of the Notes to Consolidated Financial Statements in our 2022 Annual Report for information on how we determine fair value and the fair value hierarchy. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and Dec. 31, 2022. Securities at June 30, 2023 Gross Fair Amortized cost (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 25,106 $ 76 $ 2,174 $ 23,008 Agency residential mortgage-backed securities (“RMBS”) 10,647 100 564 10,183 Sovereign debt/sovereign guaranteed 9,698 3 556 9,145 Supranational 8,447 2 420 8,029 Agency commercial mortgage-backed securities (“MBS”) 8,329 77 665 7,741 Foreign covered bonds 6,382 3 275 6,110 Collateralized loan obligations (“CLOs”) 5,870 2 71 5,801 Non-agency commercial MBS 3,329 — 377 2,952 U.S. government agencies 3,061 46 225 2,882 Foreign government agencies 2,433 — 124 2,309 Non-agency RMBS 2,030 35 198 1,867 Other asset-backed securities (“ABS”) 1,153 — 110 1,043 Other debt securities 1 — — 1 Total securities available-for-sale (a)(b) $ 86,486 $ 344 $ 5,759 $ 81,071 Held-to-maturity: Agency RMBS $ 31,935 $ 1 $ 4,066 $ 27,870 U.S. Treasury 9,980 — 833 9,147 U.S. government agencies 4,201 — 499 3,702 Agency commercial MBS 3,859 — 384 3,475 Sovereign debt/sovereign guaranteed 1,519 — 86 1,433 CLOs 983 — 19 964 Supranational 578 — 28 550 Foreign government agencies 67 — 5 62 Non-agency RMBS 28 1 1 28 State and political subdivisions 12 — 1 11 Total securities held-to-maturity $ 53,162 $ 2 $ 5,922 $ 47,242 Total securities $ 139,648 $ 346 $ 11,681 $ 128,313 (a) The amortized cost of available-for-sale is net of the allowance for credit losses of less than $1 million. The allowance for credit loss relates to non-agency RMBS. (b) Includes gross unrealized gains of $297 million and gross unrealized losses of $162 million recorded in accumulated other comprehensive income related to securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains primarily relate to agency RMBS, U.S. Treasury securities and agency commercial MBS. The unrealized losses primarily relate to agency RMBS and U.S. Treasury securities. The unrealized gains and losses will be amortized into net interest revenue over the contractual lives of the securities. Securities at Dec. 31, 2022 Gross Amortized cost Fair (in millions) Gains Losses Available-for-sale: U.S. Treasury $ 32,103 $ 93 $ 2,663 $ 29,533 Sovereign debt/sovereign guaranteed 10,906 5 547 10,364 Agency RMBS 9,388 113 544 8,957 Agency commercial MBS 8,656 89 685 8,060 Supranational 8,129 4 399 7,734 Foreign covered bonds 6,041 3 286 5,758 CLOs 5,446 1 104 5,343 Non-agency commercial MBS 3,334 — 357 2,977 U.S. government agencies 2,465 52 223 2,294 Foreign government agencies 2,363 1 123 2,241 Non-agency RMBS 2,197 43 211 2,029 Other ABS 1,443 — 124 1,319 State and political subdivisions 12 — — 12 Other debt securities 1 — — 1 Total securities available-for-sale (a)(b) $ 92,484 $ 404 $ 6,266 $ 86,622 Held-to-maturity: Agency RMBS $ 34,188 $ 1 $ 4,229 $ 29,960 U.S. Treasury 10,863 — 895 9,968 U.S. government agencies 4,206 — 534 3,672 Agency commercial MBS 4,014 — 411 3,603 Sovereign debt/sovereign guaranteed 1,388 — 76 1,312 CLOs 983 — 26 957 Supranational 443 — 25 418 Foreign government agencies 66 — 6 60 Non-agency RMBS 30 2 1 31 State and political subdivisions 13 — 2 11 Total securities held-to-maturity $ 56,194 $ 3 $ 6,205 $ 49,992 Total securities $ 148,678 $ 407 $ 12,471 $ 136,614 (a) The amortized cost of available-for-sale securities is net of the allowance for credit losses of $1 million. The allowance for credit loss primarily relates to non-agency RMBS. (b) Includes gross unrealized gains of $347 million and gross unrealized losses of $179 million recorded in accumulated other comprehensive income related to securities that were transferred from available-for-sale to held-to-maturity. The unrealized gains primarily relate to agency RMBS, U.S. Treasury securities and agency commercial MBS. The unrealized losses primarily relate to agency RMBS and U.S. Treasury securities. The unrealized gains and losses 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 and losses, on a gross basis. Net securities gains (losses) (in millions) 2Q23 1Q23 2Q22 YTD23 YTD22 Realized gross gains $ 4 $ 14 $ 7 $ 18 $ 80 Realized gross losses (4) (15) (7) (19) (76) Total net securities (losses) gains $ — $ (1) $ — $ (1) $ 4 |
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) 2Q23 1Q23 2Q22 YTD23 YTD22 Non-agency RMBS $ — $ 2 $ — $ 2 $ 49 U.S. Treasury — (8) 1 (8) 12 Corporate bonds — — (4) — (51) State and political subdivisions — — — — (13) Other — 5 3 5 7 Total net securities (losses) gains $ — $ (1) $ — $ (1) $ 4 |
Debt Securities, Available-for-sale, 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 June 30, 2023 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in millions) U.S. Treasury $ 2,250 $ 204 $ 20,758 $ 1,970 $ 23,008 $ 2,174 Agency RMBS 3,650 67 6,477 497 10,127 564 Sovereign debt/sovereign guaranteed 2,425 72 5,493 484 7,918 556 Agency commercial MBS 1,547 61 6,050 604 7,597 665 Supranational 3,035 73 4,054 347 7,089 420 Foreign covered bonds 1,452 32 3,664 243 5,116 275 CLOs 488 1 4,603 70 5,091 71 Non-agency commercial MBS 145 2 2,661 375 2,806 377 U.S. government agencies 890 17 1,574 208 2,464 225 Foreign government agencies 585 9 1,644 115 2,229 124 Non-agency RMBS 41 2 1,437 195 1,478 197 Other ABS 6 — 975 110 981 110 Total securities available-for-sale (a) $ 16,514 $ 540 $ 59,390 $ 5,218 $ 75,904 $ 5,758 (a) Includes $162 million of gross unrealized losses 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. There were no gross unrealized losses for less than 12 months. The unrealized losses are primarily related to agency RMBS and U.S. Treasury securities 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, 2022 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in millions) U.S. Treasury $ 14,058 $ 824 $ 15,236 $ 1,839 $ 29,294 $ 2,663 Agency RMBS 7,929 376 789 168 8,718 544 Agency commercial MBS 6,088 389 1,878 296 7,966 685 Sovereign debt/sovereign guaranteed 4,176 184 3,788 363 7,964 547 Supranational 3,451 109 2,571 290 6,022 399 CLOs 4,806 94 403 10 5,209 104 Foreign covered bonds 2,830 83 1,977 203 4,807 286 Non-agency commercial MBS 1,914 201 932 156 2,846 357 Foreign government agencies 1,148 43 1,013 80 2,161 123 U.S. government agencies 1,710 186 208 37 1,918 223 Non-agency RMBS 588 16 1,148 193 1,736 209 Other ABS 333 18 876 106 1,209 124 State and political subdivisions — — 12 — 12 — Total securities available-for-sale (a) $ 49,031 $ 2,523 $ 30,831 $ 3,741 $ 79,862 $ 6,264 |
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 June 30, 2023 Ratings (a) Net unrealized gain (loss) BB+ (dollars in millions) Amortized AAA/ A+/ BBB+/ Not Agency RMBS $ 31,935 $ (4,065) 100 % — % — % — % — % U.S. Treasury 9,980 (833) 100 — — — — U.S. government agencies 4,201 (499) 100 — — — — Agency commercial MBS 3,859 (384) 100 — — — — Sovereign debt/sovereign guaranteed (b) 1,519 (86) 100 — — — — CLOs 983 (19) 100 — — — — Supranational 578 (28) 100 — — — — Foreign government agencies 67 (5) 100 — — — — Non-agency RMBS 28 — 27 53 2 16 2 State and political subdivisions 12 (1) 1 2 2 — 95 Total held-to-maturity securities $ 53,162 $ (5,920) 100 % — % — % — % — % (a) Represents ratings by Standard & Poor’s (“S&P”) or the equivalent. (b) Primarily consists of exposure to Germany, France and UK. Held-to-maturity securities portfolio at Dec. 31, 2022 Ratings (a) Net unrealized gain (loss) BB+ (dollars in millions) Amortized AAA/ A+/ BBB+/ Not Agency RMBS $ 34,188 $ (4,228) 100 % — % — % — % — % U.S. Treasury 10,863 (895) 100 — — — — U.S. government agencies 4,206 (534) 100 — — — — Agency commercial MBS 4,014 (411) 100 — — — — Sovereign debt/sovereign guaranteed (b) 1,388 (76) 100 — — — — CLOs 983 (26) 100 — — — — Supranational 443 (25) 100 — — — — Foreign government agencies 66 (6) 100 — — — — Non-agency RMBS 30 1 22 58 2 17 1 State and political subdivisions 13 (2) 2 2 3 — 93 Total held-to-maturity securities $ 56,194 $ (6,202) 100 % — % — % — % — % (a) Represents ratings by S&P or the equivalent. (b) Primarily consists of exposure to Germany, UK and France. |
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 June 30, 2023 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 $ 6,706 1.07 % $ 12,694 1.10 % $ 1,562 1.28 % $ 2,046 2.92 % $ 23,008 1.28 % Sovereign debt/sovereign guaranteed 2,983 2.27 5,195 1.84 872 1.12 95 3.41 9,145 1.92 Supranational 871 1.61 5,568 2.88 1,557 2.91 33 3.42 8,029 2.76 Foreign covered bonds 769 1.56 4,821 3.16 520 1.09 — — 6,110 2.77 Foreign government agencies 334 1.62 1,881 2.28 77 2.40 17 4.21 2,309 2.20 U.S. government agencies 20 3.00 1,482 3.32 1,262 3.02 118 2.72 2,882 3.15 Other debt securities — — — — — — 1 4.38 1 4.38 Mortgage-backed securities: Agency RMBS 10,183 4.73 Non-agency RMBS 1,867 4.39 Agency commercial MBS 7,741 2.98 Non-agency commercial MBS 2,952 3.47 CLOs 5,801 6.54 Other ABS 1,043 2.17 Total securities available-for-sale $ 11,683 1.46 % $ 31,641 2.00 % $ 5,850 2.03 % $ 2,310 2.94 % $ 81,071 2.81 % Held-to-maturity: U.S. Treasury $ 1,807 1.83 % $ 7,260 1.21 % $ 913 1.24 % $ — — % $ 9,980 1.33 % U.S. government agencies 50 0.74 2,875 1.47 1,015 1.48 261 1.90 4,201 1.49 Sovereign debt/sovereign guaranteed 299 0.94 1,131 1.11 89 0.83 — — 1,519 1.06 Supranational 51 0.54 527 1.42 — — — — 578 1.34 Foreign government agencies — — 67 0.79 — — — — 67 0.79 State and political subdivisions 1 5.72 — — 3 4.65 8 4.80 12 4.81 Mortgage-backed securities: Agency RMBS 31,935 2.31 Non-agency RMBS 28 2.60 Agency commercial MBS 3,859 2.38 CLOs 983 6.40 Total securities held-to-maturity $ 2,208 1.65 % $ 11,860 1.27 % $ 2,020 1.35 % $ 269 1.98 % $ 53,162 2.10 % Total securities $ 13,891 1.49 % $ 43,501 1.81 % $ 7,870 1.87 % $ 2,579 2.85 % $ 134,233 2.54 % (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) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio and Industry Concentrations of Credit Risk | The table below provides the details of our loan portfolio. Loans June 30, 2023 Dec. 31, 2022 (in millions) Commercial $ 1,719 $ 1,732 Commercial real estate 6,519 6,226 Financial institutions 11,006 9,684 Lease financings 640 657 Wealth management loans 9,964 10,302 Wealth management mortgages 9,067 8,966 Other residential mortgages 989 345 Capital call financing 3,270 3,438 Other 2,918 2,941 Overdrafts 2,738 4,839 Margin loans 15,639 16,933 Total loans (a) $ 64,469 $ 66,063 (a) Net of unearned income of $266 million at June 30, 2023 and $225 million at Dec. 31, 2022 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, available-for-sale securities, held-to-maturity securities and accounts receivable. Allowance for credit losses activity for the quarter ended June 30, 2023 Wealth management loans Wealth management mortgages Other Capital call financing (in millions) Commercial Commercial Financial Lease Total Beginning balance $ 21 $ 177 $ 24 $ 1 $ 1 $ 14 $ 9 $ 6 $ 253 Charge-offs — — — — — — (3) — (3) Recoveries — — — — — — 2 — 2 Net charge-offs — — — — — — (1) — (1) Provision (a) — 22 8 — — 1 1 (2) 30 Ending balance $ 21 $ 199 $ 32 $ 1 $ 1 $ 15 $ 9 $ 4 $ 282 Allowance for: Loan losses $ 4 $ 143 $ 17 $ 1 $ 1 $ 14 $ 9 $ 2 $ 191 Lending-related commitments 17 56 15 — — 1 — 2 91 Individually evaluated for impairment: Loan balance (b) $ — $ 101 $ — $ — $ — $ 11 $ 1 $ — $ 113 Allowance for loan losses — 3 — — — — — — 3 ( a) Does not include the provision for credit losses benefit related to other financial instruments of $25 million for the quarter ended June 30, 2023. (b) Includes collateral-dependent loans of $113 million with $167 million of collateral at fair value. Allowance for credit losses activity for the quarter ended March 31, 2023 Wealth management loans Wealth management mortgages Other Capital call financing (in millions) Commercial Commercial Financial Lease Total Beginning balance $ 18 $ 184 $ 24 $ 1 $ 1 $ 12 $ 8 $ 6 $ 254 Charge-offs — — — — — — — — — Recoveries 1 — — — — — — — 1 Net recoveries 1 — — — — — — — 1 Provision (a) 2 (7) — — — 2 1 — (2) Ending balance $ 21 $ 177 $ 24 $ 1 $ 1 $ 14 $ 9 $ 6 $ 253 Allowance for: Loan losses $ 4 $ 130 $ 8 $ 1 $ 1 $ 13 $ 9 $ 4 $ 170 Lending-related commitments 17 47 16 — — 1 — 2 83 Individually evaluated for impairment: Loan balance (b) $ — $ 54 $ — $ — $ — $ 13 $ 1 $ — $ 68 Allowance for loan losses — — — — — — — — — (a) Does not include the provision for credit losses related to other financial instruments of $29 million for the quarter ended March 31, 2023. (b) Includes collateral-dependent loans of $68 million with $103 million of collateral at fair value. Allowance for credit losses activity for the quarter ended June 30, 2022 Wealth management loans Wealth management mortgages Other Capital call financing Total (in millions) Commercial Commercial Financial Lease Beginning balance $ 12 $ 176 $ 15 $ 1 $ 1 $ 9 $ 7 $ 3 $ 224 Charge-offs — — — — — — — — — Recoveries — — — — — — 1 — 1 Net recoveries — — — — — — 1 — 1 Provision (a) 4 8 6 — — (2) (1) 3 18 Ending balance $ 16 $ 184 $ 21 $ 1 $ 1 $ 7 $ 7 $ 6 $ 243 Allowance for: Loan losses $ 4 $ 147 $ 10 $ 1 $ 1 $ 6 $ 7 $ 5 $ 181 Lending-related commitments 12 37 11 — — 1 — 1 62 Individually evaluated for impairment: Loan balance (b) $ — $ 121 $ — $ — $ — $ 14 $ 1 $ — $ 136 Allowance for loan losses — 1 — — — — — — 1 (a) Does not include the provision for credit losses related to other financial instruments of $29 million for the quarter ended June 30, 2022. (b) Includes collateral-dependent loans of $136 million with $179 million of collateral at fair value. Allowance for credit losses activity for the six months ended June 30, 2023 Other Capital call financing Total (in millions) Commercial Commercial Financial Lease Wealth management loans Wealth management mortgages Beginning balance $ 18 $ 184 $ 24 $ 1 $ 1 $ 12 $ 8 $ 6 $ 254 Charge-offs — — — — — — (3) — (3) Recoveries 1 — — — — — 2 — 3 Net recoveries (charge-offs) 1 — — — — — (1) — — Provision (a) 2 15 8 — — 3 2 (2) 28 Ending balance $ 21 $ 199 $ 32 $ 1 $ 1 $ 15 $ 9 $ 4 $ 282 (a) Does not include provision for credit losses related to other financial instruments of $4 million for the six months ended June 30, 2023. Allowance for credit losses activity for the six months ended June 30, 2022 Other Capital call financing Total (in millions) Commercial Commercial Financial Lease Wealth management loans Wealth management mortgages Beginning balance $ 12 $ 199 $ 13 $ 1 $ 1 $ 6 $ 7 $ 2 $ 241 Charge-offs — — — — — — — — — Recoveries — — — — — — 2 — 2 Net recoveries — — — — — — 2 — 2 Provision (a) 4 (15) 8 — — 1 (2) 4 — Ending balance $ 16 $ 184 $ 21 $ 1 $ 1 $ 7 $ 7 $ 6 $ 243 (a) Does not include provision for credit losses related to other financial instruments of $49 million for the six months ended June 30, 2022. |
Distribution of Nonperforming Assets | The table below presents our nonperforming assets. Nonperforming assets June 30, 2023 Dec. 31, 2022 Recorded investment Recorded investment With an Without an allowance With an Without an allowance (in millions) Total Total Nonperforming loans: Commercial real estate $ — $ 42 $ 42 $ — $ 54 $ 54 Other residential mortgages 24 1 25 30 1 31 Wealth management mortgages 6 12 18 8 14 22 Total nonperforming loans 30 55 85 38 69 107 Other assets owned — 3 3 — 2 2 Total nonperforming assets $ 30 $ 58 $ 88 $ 38 $ 71 $ 109 |
Information about Past Due Loans | The table below presents our past due loans. Past due loans and still accruing interest June 30, 2023 Dec. 31, 2022 Days past due Total Days past due Total (in millions) 30-59 60-89 ≥90 30-59 60-89 ≥90 Wealth management loans $ 69 $ — $ — $ 69 $ 43 $ 1 $ — $ 44 Other residential mortgages 19 2 — 21 5 — — 5 Commercial real estate 8 — — 8 11 — — 11 Wealth management mortgages — 2 — 2 54 1 — 55 Total past due loans $ 96 $ 4 $ — $ 100 $ 113 $ 2 $ — $ 115 |
Financing Receivable Credit Quality Indicators | The tables below provide information about the credit profile of the loan portfolio by the period of origination. Credit profile of the loan portfolio June 30, 2023 Revolving loans Originated, at amortized cost Amortized cost Converted to term loans – Amortized cost Accrued (in millions) YTD23 2022 2021 2020 2019 Prior to 2019 Total (a) Commercial: Investment grade $ 115 $ 149 $ 69 $ — $ — $ 45 $ 1,235 $ — $ 1,613 Non-investment grade 54 19 6 — — — 27 — 106 Total commercial 169 168 75 — — 45 1,262 — 1,719 $ 2 Commercial real estate: Investment grade 1,283 880 489 232 290 892 210 22 4,298 Non-investment grade 904 568 342 43 128 214 22 — 2,221 Total commercial real estate 2,187 1,448 831 275 418 1,106 232 22 6,519 28 Financial institutions: Investment grade 365 104 110 — — 18 8,161 — 8,758 Non-investment grade 65 10 — — — — 2,173 — 2,248 Total financial institutions 430 114 110 — — 18 10,334 — 11,006 92 Wealth management loans: Investment grade 38 33 66 22 8 194 9,458 100 9,919 Non-investment grade — 2 — — — — 43 — 45 Total wealth management loans 38 35 66 22 8 194 9,501 100 9,964 65 Wealth management mortgages 474 1,711 1,949 889 749 3,274 21 — 9,067 20 Lease financings 166 — — 44 9 421 — — 640 — Other residential mortgages (b) 1 556 198 5 — 229 — — 989 3 Capital call financing — — — — — — 3,270 — 3,270 14 Other loans — — — — — — 2,918 — 2,918 6 Margin loans 5,490 — — — — — 10,149 — 15,639 34 Total loans $ 8,955 $ 4,032 $ 3,229 $ 1,235 $ 1,184 $ 5,287 $ 37,687 $ 122 $ 61,731 $ 264 (a) Excludes overdrafts of $2,738 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two (b) The gross write-offs related to other residential mortgage loans were $3 million in the second quarter of 2023. Credit profile of the loan portfolio Dec. 31, 2022 Revolving loans Originated, at amortized cost Amortized cost Converted to term loans – Amortized cost Accrued (in millions) 2022 2021 2020 2019 2018 Prior to 2018 Total (a) Commercial: Investment grade $ 379 $ 148 $ — $ — $ 43 $ 45 $ 963 $ — $ 1,578 Non-investment grade 78 6 — — — — 70 — 154 Total commercial 457 154 — — 43 45 1,033 — 1,732 $ 2 Commercial real estate: Investment grade 1,265 973 407 739 204 904 183 — 4,675 Non-investment grade 431 511 145 323 93 6 20 22 1,551 Total commercial real estate 1,696 1,484 552 1,062 297 910 203 22 6,226 25 Financial institutions: Investment grade 126 389 — — — 25 7,216 — 7,756 Non-investment grade 20 — — — — — 1,896 12 1,928 Total financial institutions 146 389 — — — 25 9,112 12 9,684 78 Wealth management loans: Investment grade 45 57 22 45 — 217 9,887 — 10,273 Non-investment grade — — — — — — 29 — 29 Total wealth management loans 45 57 22 45 — 217 9,916 — 10,302 49 Wealth management mortgages 1,775 1,976 918 775 485 3,012 25 — 8,966 20 Lease financings 17 — 49 11 7 573 — — 657 — Other residential mortgages 27 70 — — — 248 — — 345 1 Capital call financing — — — — — — 3,438 — 3,438 17 Other loans — — — — — — 2,941 — 2,941 6 Margin loans 5,984 — — — — — 10,949 — 16,933 33 Total loans $ 10,147 $ 4,130 $ 1,541 $ 1,893 $ 832 $ 5,030 $ 37,617 $ 34 $ 61,224 $ 231 (a) Excludes overdrafts of $4,839 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Breakdown of Goodwill by Business | The tables below provide a breakdown of goodwill by business segment. Goodwill by business segment (in millions) Securities Market and Wealth Services Investment Consolidated Balance at Dec. 31, 2022 Goodwill $ 6,973 $ 1,424 $ 8,433 $ 16,830 Accumulated impairment losses — — (680) (680) $ 6,973 $ 1,424 $ 7,753 $ 16,150 Foreign currency translation 22 4 70 96 Balance at June 30, 2023 Goodwill $ 6,995 $ 1,428 $ 8,503 $ 16,926 Accumulated impairment losses — — (680) (680) $ 6,995 $ 1,428 $ 7,823 $ 16,246 Goodwill by business segment (in millions) Securities Market and Wealth Services Investment Consolidated Balance at Dec. 31, 2021 $ 7,062 $ 1,435 $ 9,015 $ 17,512 Foreign currency translation (87) (10) (144) (241) Balance at June 30, 2022 $ 6,975 $ 1,425 $ 8,871 $ 17,271 |
Breakdown of Intangible Assets by Business | The tables below provide a breakdown of intangible assets by business segment. Intangible assets – net carrying amount by business segment (in millions) Securities Market and Wealth Services Investment Other Consolidated Balance at Dec. 31, 2022 $ 193 $ 384 $ 1,475 $ 849 $ 2,901 Amortization (15) (3) (10) — (28) Foreign currency translation 1 — 7 — 8 Balance at June 30, 2023 $ 179 $ 381 $ 1,472 $ 849 $ 2,881 Intangible assets – net carrying amount by business segment (in millions) Securities Market and Wealth Services Investment Other Consolidated Balance at Dec. 31, 2021 $ 230 $ 392 $ 1,520 $ 849 $ 2,991 Amortization (17) (4) (13) — (34) Foreign currency translation (6) — (17) — (23) Balance at June 30, 2022 $ 207 $ 388 $ 1,490 $ 849 $ 2,934 |
Breakdown of Intangible Assets by Type | The table below provides a breakdown of intangible assets by type. Intangible assets June 30, 2023 Dec. 31, 2022 (dollars in millions) Gross Accumulated Net Remaining Gross Accumulated Net Subject to amortization: (a) Customer contracts – Securities Services $ 730 $ (552) $ 178 10 years $ 731 $ (539) $ 192 Customer contracts – Market and Wealth Services 280 (270) 10 3 years 280 (267) 13 Customer relationships – Investment and Wealth Management 553 (470) 83 8 years 553 (461) 92 Other 41 (10) 31 13 years 41 (9) 32 Total subject to amortization $ 1,604 $ (1,302) $ 302 10 years $ 1,605 $ (1,276) $ 329 Not subject to amortization: (b) Tradename $ 1,292 N/A $ 1,292 N/A $ 1,290 N/A $ 1,290 Customer relationships 1,287 N/A 1,287 N/A 1,282 N/A 1,282 Total not subject to amortization $ 2,579 N/A $ 2,579 N/A $ 2,572 N/A $ 2,572 Total intangible assets $ 4,183 $ (1,302) $ 2,881 N/A $ 4,177 $ (1,276) $ 2,901 (a) Excludes fully amortized intangible assets. (b) 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) 2023 $ 57 2024 49 2025 43 2026 34 2027 28 |
Other assets (Tables)
Other assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 Dec. 31, 2022 (in millions) Corporate/bank-owned life insurance $5,433 $5,417 Accounts receivable 4,627 4,924 Fails to deliver 2,712 2,569 Software 2,357 2,260 Prepaid pension assets 1,885 1,651 Qualified affordable housing project investments 1,233 1,298 Prepaid expense 919 764 Equity method investments 873 803 Renewable energy investments 758 871 Other equity investments (a) 709 695 Cash collateral receivable on derivative transactions 640 1,014 Assets of consolidated investment management funds 499 209 Federal Reserve Bank stock 484 478 Income taxes receivable 451 481 Seed capital (b) 233 218 Fair value of hedging derivatives 223 319 Other (c) 1,620 1,884 Total other assets $ 25,656 $ 25,855 (a) Includes strategic equity, private equity and other investments. (b) Includes investments in BNY Mellon funds that hedge deferred incentive awards. (c) At June 30, 2023 and Dec. 31, 2022, other assets include $47 million and $6 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) 2Q23 1Q23 2Q22 YTD23 YTD22 Upward adjustments $ 5 $ — $ 76 $ 5 $ 122 $ 288 Downward adjustments (1) (18) (7) (19) (7) (31) Net adjustments $ 4 $ (18) $ 69 $ (14) $ 115 $ 257 |
Summary of Investments Valued Using NAV | The table below presents information on our investments valued using NAV. Investments valued using NAV June 30, 2023 Dec. 31, 2022 (in millions) Fair value Unfunded Fair value Unfunded Seed capital (a) (b) $ 3 $ — $ 3 $ — Private equity investments (c) 137 50 130 53 Other 7 — 5 — Total $ 147 $ 50 $ 138 $ 53 ( a) Seed capital investments at June 30, 2023 are generally redeemable on request. Distributions are received as the underlying investments in the funds, which have redemption notice periods of seven days, are liquidated. (b) Includes investments in funds that relate to deferred compensation arrangements with employees. (c) 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) | 6 Months Ended |
Jun. 30, 2023 | |
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 Quarter ended June 30, 2023 June 30, 2022 (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 $ 1,299 $ 932 $ 23 $ (14) $ 2,240 $ 1,294 $ 898 $ 24 $ (17) $ 2,199 Investment management and performance fees — 5 760 (4) 761 — 6 822 (2) 826 Financing-related fees 10 4 — 1 15 11 4 — — 15 Distribution and servicing fees 1 (23) 58 (1) 35 1 (17) 51 (1) 34 Investment and other revenue 60 50 (79) — 31 54 38 (66) 1 27 Total fee and other revenue – contract revenue 1,370 968 762 (18) 3,082 1,360 929 831 (19) 3,101 Fee and other revenue – not in scope of Accounting Standards Codification (“ASC”) 606 (a)(b) 202 57 12 — 271 189 45 6 94 334 Total fee and other revenue $ 1,572 $ 1,025 $ 774 $ (18) $ 3,353 $ 1,549 $ 974 $ 837 $ 75 $ 3,435 (a) Primarily includes investment services fees, foreign exchange revenue, financing-related fees and investment and other revenue, all of which are accounted for using other accounting guidance. (b) The Investment and Wealth Management business segment is net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds of $1 million in the second quarter of 2023 and $(5) million in the second quarter of 2022. Disaggregation of contract revenue by business segment Quarter ended March 31, 2023 (in millions) Securities Services Market and Wealth Services Investment and Wealth Management Other Total Fee and other revenue – contract revenue: Investment services fees $ 1,176 $ 925 $ 24 $ (15) $ 2,110 Investment management and performance fees — 5 781 (3) 783 Financing-related fees 13 5 — — 18 Distribution and servicing fees — (23) 55 1 33 Investment and other revenue 60 50 (80) 1 31 Total fee and other revenue – contract revenue 1,249 962 780 (16) 2,975 Fee and other revenue – not in scope of ASC 606 (a)(b) 201 52 2 5 260 Total fee and other revenue $ 1,450 $ 1,014 $ 782 $ (11) $ 3,235 (a) Primarily includes investment services fees, foreign exchange revenue, financing-related fees and investment and other revenue, all of which are accounted for using other accounting guidance. (b) The Investment and Wealth Management business segment is net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds of $— million in the first quarter of 2023. Disaggregation of contract revenue by business segment Year-to-date June 30, 2023 June 30, 2022 (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 $ 2,475 $ 1,857 $ 47 $ (29) $ 4,350 $ 2,424 $ 1,744 $ 49 $ (34) $ 4,183 Investment management and performance fees — 10 1,541 (7) 1,544 — 12 1,709 (8) 1,713 Financing-related fees 23 9 — 1 33 14 18 — — 32 Distribution and servicing fees 1 (46) 113 — 68 2 (21) 83 — 64 Investment and other revenue 120 100 (159) 1 62 101 47 (93) — 55 Total fee and other revenue – contract revenue 2,619 1,930 1,542 (34) 6,057 2,541 1,800 1,748 (42) 6,047 Fee and other revenue – not in scope of ASC 606 (a)(b) 403 109 14 5 531 411 80 (4) 137 624 Total fee and other revenue $ 3,022 $ 2,039 $ 1,556 $ (29) $ 6,588 $ 2,952 $ 1,880 $ 1,744 $ 95 $ 6,671 (a) Primarily includes investment services fees, foreign exchange revenue, financing-related fees and investment and other revenue, all of which are accounted for using other accounting guidance. (b) The Investment and Wealth Management business segment is net of income (loss) income attributable to noncontrolling interests related to consolidated investment management funds of $1 million in the first six months of 2023 and $(13) million in the first six months of 2022. |
Net interest revenue (Tables)
Net interest revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 Quarter ended Year-to-date (in millions) June 30, 2023 March 31, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Interest revenue Deposits with the Federal Reserve and other central banks $ 1,241 $ 853 $ 99 $ 2,094 $ 101 Deposits with banks 128 140 33 268 47 Federal funds sold and securities purchased under resale agreements 1,776 991 116 2,767 153 Loans 957 866 370 1,823 630 Securities: Taxable 1,042 1,022 509 2,064 943 Exempt from federal income taxes — — 10 — 20 Total securities 1,042 1,022 519 2,064 963 Trading securities 80 70 22 150 43 Total interest revenue 5,224 3,942 1,159 9,166 1,937 Interest expense Deposits 1,739 1,366 90 3,105 53 Federal funds purchased and securities sold under repurchase agreements 1,729 892 77 2,621 89 Trading liabilities 43 30 10 73 14 Other borrowed funds 32 3 2 35 5 Customer payables 143 128 9 271 9 Long-term debt 438 395 147 833 245 Total interest expense 4,124 2,814 335 6,938 415 Net interest revenue 1,100 1,128 824 2,228 1,522 Provision for credit losses 5 27 47 32 49 Net interest revenue after provision for credit losses $ 1,095 $ 1,101 $ 777 $ 2,196 $ 1,473 |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The components of net periodic benefit (credit) cost are presented below. The service cost component is reflected in staff expense, whereas the remaining components are reflected in other expense. Net periodic benefit (credit) cost Quarter ended June 30, 2023 March 31, 2023 June 30, 2022 (in millions) Domestic pension benefits Foreign pension benefits Health care benefits Domestic pension benefits Foreign pension benefits Health care benefits Domestic pension benefits Foreign pension benefits Health care benefits Service cost $ — $ 2 $ — $ — $ 3 $ — $ — $ 3 $ — Interest cost 47 9 2 48 8 1 35 7 1 Expected return on assets (95) (22) (3) (95) (22) (2) (78) (9) (1) Other 3 (4) (3) 2 (3) (3) 17 1 (1) Net periodic benefit (credit) cost $ (45) $ (15) $ (4) $ (45) $ (14) $ (4) $ (26) $ 2 $ (1) Net periodic benefit (credit) cost Year-to-date June 30, 2023 June 30, 2022 (in millions) Domestic pension benefits Foreign pension benefits Health care benefits Domestic pension benefits Foreign pension benefits Health care benefits Service cost $ — $ 5 $ — $ — $ 6 $ — Interest cost 95 17 3 70 15 2 Expected return on assets (190) (44) (5) (156) (19) (3) Other 5 (7) (6) 34 2 (2) Net periodic benefit (credit) cost $ (90) $ (29) $ (8) $ (52) $ 4 $ (3) |
Variable interest entities (Tab
Variable interest entities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 on the consolidated balance sheet as of June 30, 2023 and Dec. 31, 2022. 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 investment management funds June 30, 2023 Dec. 31, 2022 (in millions) Trading assets $ 484 $ 203 Other assets 15 6 Total assets (a) $ 499 $ 209 Other liabilities $ 8 $ 1 Total liabilities (b) $ 8 $ 1 Nonredeemable noncontrolling interests (c) $ 65 $ 7 (a) Includes voting model entities (“VMEs”) with assets of $118 million at June 30, 2023 and $86 million at Dec. 31, 2022. (b) Includes VMEs with liabilities of $1 million at June 30, 2023 and $1 million at Dec. 31, 2022. (c) Includes VMEs with nonredeemable noncontrolling interests of $17 million at June 30, 2023 and $7 million at Dec. 31, 2022. |
Schedule of Variable Interest Entities | As of June 30, 2023 and Dec. 31, 2022, assets and liabilities related to the VIEs where we are not the primary beneficiary were included in other assets and other liabilities on the consolidated balance sheet 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 June 30, 2023 Dec. 31, 2022 (in millions) Other assets $ 2,065 $ 2,235 Other liabilities 570 614 Maximum loss exposure 2,635 2,850 |
Preferred stock (Tables)
Preferred stock (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock Summary | The following table summarizes the Parent’s preferred stock issued and outstanding at June 30, 2023 and Dec. 31, 2022. Preferred stock summary (a) Total shares issued and outstanding Carrying value (b) (in millions) June 30, 2023 Dec. 31, 2022 June 30, 2023 Dec. 31, 2022 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 4.500% 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 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 13,000 1,287 1,287 Total 48,826 48,826 $ 4,838 $ 4,838 (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 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 2Q23 1Q23 2Q22 YTD23 YTD22 Per share Total Per share Total Per share Total Per share Total Per share Total Series A 100 (a) $ 1,412.60 $ 7 $ 1,327.72 $ 7 $ 1,022.22 $ 5 $ 2,740.32 $ 14 $ 2,033.33 $ 10 Series D 100 2,250.00 11 — — 2,250.00 11 2,250.00 11 2,250.00 11 Series F 100 — — 2,312.50 23 — — 2,312.50 23 2,312.50 23 Series G 100 — — 2,350.00 24 — — 2,350.00 24 2,350.00 24 Series H 100 925.00 6 925.00 5 925.00 6 1,850.00 11 1,850.00 11 Series I 100 937.50 12 937.50 12 937.50 12 1,875.00 24 2,208.33 29 Total $ 36 $ 71 $ 34 $ 107 $ 108 (a) Represents Normal Preferred Capital Securities. |
Other comprehensive income (l_2
Other comprehensive income (loss) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | Components of other comprehensive income (loss) Quarter ended June 30, 2023 March 31, 2023 June 30, 2022 (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) $ 61 $ 36 $ 97 $ 77 $ 26 $ 103 $ (436) $ (119) $ (555) Total foreign currency translation 61 36 97 77 26 103 (436) (119) (555) Unrealized (loss) gain on assets available-for-sale: Unrealized (loss) gain arising during period (202) 45 (157) 419 (102) 317 (1,167) 285 (882) Reclassification adjustment (b) — — — 1 — 1 — — — Net unrealized (loss) gain on assets available-for-sale (202) 45 (157) 420 (102) 318 (1,167) 285 (882) Defined benefit plans: Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) (4) 2 (2) (4) 1 (3) 17 (4) 13 Total defined benefit plans (4) 2 (2) (4) 1 (3) 17 (4) 13 Unrealized gain (loss) on cash flow hedges: Unrealized hedge gain (loss) arising during period 3 (1) 2 4 (1) 3 (8) 2 (6) Reclassification of net loss (gain) to net income: FX contracts – investment and other revenue 1 — 1 — — — — — — Foreign exchange (“FX”) contracts – staff expense — — — 3 (1) 2 1 — 1 Total reclassifications to net income 1 — 1 3 (1) 2 1 — 1 Net unrealized gain (loss) on cash flow hedges 4 (1) 3 7 (2) 5 (7) 2 (5) Total other comprehensive (loss) income $ (141) $ 82 $ (59) $ 500 $ (77) $ 423 $ (1,593) $ 164 $ (1,429) (a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 17 for additional information. (b) The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains (losses), which is included 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. Components of other comprehensive income (loss) Year-to-date June 30, 2023 June 30, 2022 (in millions) Pre-tax Tax After-tax Pre-tax Tax After-tax Foreign currency translation: Foreign currency translation adjustments arising during the period (a) $ 138 $ 62 $ 200 $ (556) $ (152) $ (708) Total foreign currency translation 138 62 200 (556) (152) (708) Unrealized gain (loss) on assets available-for-sale: Unrealized gain (loss) arising during period 217 (57) 160 (3,188) 775 (2,413) Reclassification adjustment (b) 1 — 1 (4) 1 (3) Net unrealized gain (loss) on assets available-for-sale 218 (57) 161 (3,192) 776 (2,416) Defined benefit plans: Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) (8) 3 (5) 34 (3) 31 Total defined benefit plans (8) 3 (5) 34 (3) 31 Unrealized gain (loss) on cash flow hedges: Unrealized hedge gain (loss) arising during period 7 (2) 5 (11) 3 (8) Reclassification of net loss to net income: FX contracts – staff expense 3 (1) 2 1 — 1 FX contracts – investment and other revenue 1 — 1 — — — Total reclassifications to net income 4 (1) 3 1 — 1 Net unrealized gain (loss) on cash flow hedges 11 (3) 8 (10) 3 (7) Total other comprehensive income (loss) $ 359 $ 5 $ 364 $ (3,724) $ 624 $ (3,100) (a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 17 for additional information. |
Fair value measurement (Tables)
Fair value measurement (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and Dec. 31, 2022, 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 June 30, 2023 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Available-for-sale securities: U.S. Treasury $ 23,008 $ — $ — $ — $ 23,008 Agency RMBS — 10,183 — — 10,183 Sovereign debt/sovereign guaranteed 2,997 6,148 — — 9,145 Supranational — 8,029 — — 8,029 Agency commercial MBS — 7,741 — — 7,741 Foreign covered bonds — 6,110 — — 6,110 CLOs — 5,801 — — 5,801 Non-agency commercial MBS — 2,952 — — 2,952 U.S. government agencies — 2,882 — — 2,882 Foreign government agencies — 2,309 — — 2,309 Non-agency RMBS — 1,867 — — 1,867 Other ABS — 1,043 — — 1,043 Other debt securities — 1 — — 1 Total available-for-sale securities 26,005 55,066 — — 81,071 Trading assets: Debt instruments 2,436 1,914 — — 4,350 Equity instruments 4,456 — — — 4,456 Derivative assets not designated as hedging: Interest rate 16 1,126 — (870) 272 Foreign exchange — 6,935 — (5,452) 1,483 Equity and other contracts 1 14 — (14) 1 Total derivative assets not designated as hedging 17 8,075 — (6,336) 1,756 Total trading assets 6,909 9,989 — (6,336) 10,562 Other assets: Derivative assets designated as hedging: Interest rate — 209 — — 209 Foreign exchange — 14 — — 14 Total derivative assets designated as hedging — 223 — — 223 Other assets (b) 496 322 — — 818 Total other assets 496 545 — — 1,041 Assets measured at NAV (b) 147 Total assets $ 33,410 $ 65,600 $ — $ (6,336) $ 92,821 Percentage of total assets prior to netting 34 % 66 % — % Liabilities Trading liabilities: Debt instruments $ 3,623 $ 47 $ — $ — $ 3,670 Equity instruments 5 — — — 5 Derivative liabilities not designated as hedging: Interest rate 7 1,431 — (664) 774 Foreign exchange 2 7,050 — (5,235) 1,817 Equity and other contracts 5 121 — (73) 53 Total derivative liabilities not designated as hedging 14 8,602 — (5,972) 2,644 Total trading liabilities 3,642 8,649 — (5,972) 6,319 Other liabilities: Derivative liabilities designated as hedging: Foreign exchange — 289 — — 289 Total derivative liabilities designated as hedging — 289 — — 289 Other liabilities — 8 — — 8 Total other liabilities — 297 — — 297 Total liabilities $ 3,642 $ 8,946 $ — $ (5,972) $ 6,616 Percentage of total liabilities prior to netting 29 % 71 % — % (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 and liabilities measured at fair value on a recurring basis at Dec. 31, 2022 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Assets Available-for-sale securities: U.S. Treasury $ 29,533 $ — $ — $ — $ 29,533 Sovereign debt/sovereign guaranteed 4,237 6,127 — — 10,364 Agency RMBS — 8,957 — — 8,957 Agency commercial MBS — 8,060 — — 8,060 Supranational — 7,734 — — 7,734 Foreign covered bonds — 5,758 — — 5,758 CLOs — 5,343 — — 5,343 Non-agency commercial MBS — 2,977 — — 2,977 U.S. government agencies — 2,294 — — 2,294 Foreign government agencies — 2,241 — — 2,241 Non-agency RMBS — 2,029 — — 2,029 Other ABS — 1,319 — — 1,319 State and political subdivisions — 12 — — 12 Other debt securities — 1 — — 1 Total available-for-sale securities 33,770 52,852 — — 86,622 Trading assets: Debt instruments 1,590 1,901 — — 3,491 Equity instruments 3,791 — — — 3,791 Derivative assets not designated as hedging: Interest rate 10 1,287 — (986) 311 Foreign exchange — 9,433 — (7,215) 2,218 Equity and other contracts 4 98 — (5) 97 Total derivative assets not designated as hedging 14 10,818 — (8,206) 2,626 Total trading assets 5,395 12,719 — (8,206) 9,908 Other assets : Derivative assets designated as hedging: Interest rate — 205 — — 205 Foreign exchange — 114 — — 114 Total derivative assets designated as hedging — 319 — — 319 Other assets (b) 294 220 — — 514 Total other assets 294 539 — — 833 Assets measured at NAV (b) 138 Total assets $ 39,459 $ 66,110 $ — $ (8,206) $ 97,501 Percentage of total assets prior to netting 37 % 63 % — % Liabilities Trading liabilities: Debt instruments $ 2,373 $ 101 $ — $ — $ 2,474 Equity instruments 97 — — — 97 Derivative liabilities not designated as hedging: Interest rate 6 1,578 — (798) 786 Foreign exchange — 9,456 — (7,444) 2,012 Equity and other contracts — 17 — (1) 16 Total derivative liabilities not designated as hedging 6 11,051 — (8,243) 2,814 Total trading liabilities 2,476 11,152 — (8,243) 5,385 Other liabilities: Derivative liabilities designated as hedging: Foreign exchange — 220 — — 220 Total derivative liabilities designated as hedging — 220 — — 220 Other liabilities — 1 — — 1 Total other liabilities — 221 — — 221 Total liabilities $ 2,476 $ 11,373 $ — $ (8,243) $ 5,606 Percentage of total liabilities prior to netting 18 % 82 % — % (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. |
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 June 30, 2023 Dec. 31, 2022 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: 2008-2023 $ 1,596 100 % — % — % — % — % $ 1,728 100 % — % — % — % — % 2007 and earlier 271 4 14 1 42 39 301 5 13 1 45 36 Total non-agency RMBS $ 1,867 86 % 2 % — % 6 % 6 % $ 2,029 86 % 2 % — % 7 % 5 % Non-agency commercial MBS originated in: 2009-2023 $ 2,952 100 % — % — % — % — % $ 2,977 100 % — % — % — % — % Foreign covered bonds: Canada $ 2,503 100 % — % — % — % — % $ 2,384 100 % — % — % — % — % UK 1,056 100 — — — — 1,215 100 — — — — Australia 731 100 — — — — 696 100 — — — — Germany 595 100 — — — — 542 100 — — — — Norway 274 100 — — — — 377 100 — — — — Other 951 100 — — — — 544 100 — — — — Total foreign covered bonds $ 6,110 100 % — % — % — % — % $ 5,758 100 % — % — % — % — % Sovereign debt/sovereign guaranteed: Germany $ 2,839 100 % — % — % — % — % $ 3,103 100 % — % — % — % — % France 1,647 100 — — — — 1,665 100 — — — — UK 1,575 100 — — — — 2,225 100 — — — — Canada 617 100 — — — — 702 100 — — — — Singapore 567 100 — — — — 797 100 — — — — Japan 474 — 100 — — — 475 — 100 — — — Spain 299 — 27 73 — — 214 — 40 60 — — Hong Kong 251 100 — — — — 273 100 — — — — Austria 226 100 — — — — 177 100 — — — — Italy 217 — — 100 — — 390 — — 100 — — Other (c) 433 62 10 — 28 — 343 55 9 — 36 — Total sovereign debt/sovereign guaranteed $ 9,145 87 % 7 % 5 % 1 % — % $ 10,364 88 % 6 % 5 % 1 % — % Foreign government agencies: Canada $ 743 85 % 15 % — % — % — % $ 652 83 % 17 % — % — % — % Norway 430 100 — — — — 427 100 — — — — Netherlands 300 100 — — — — 363 100 — — — — Sweden 229 100 — — — — 260 100 — — — — France 231 100 — — — — 240 100 — — — — Other 376 100 — — — — 299 100 — — — — Total foreign government agencies $ 2,309 95 % 5 % — % — % — % $ 2,241 95 % 5 % — % — % — % (a) Represents ratings by S&P or the equivalent. (b) At June 30, 2023 and Dec. 31, 2022, 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 $123 million at June 30, 2023 and $123 million at Dec. 31, 2022. |
Assets Measured at Fair Value on Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis June 30, 2023 Dec. 31, 2022 Total carrying Total carrying (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Loans (a) $ — $ 29 $ — $ 29 $ — $ 33 $ — $ 33 Other assets (b) — 450 — 450 — 448 — 448 Total assets at fair value on a nonrecurring basis $ — $ 479 $ — $ 479 $ — $ 481 $ — $ 481 (a) The fair value of these loans decreased $3 million in the second quarter of 2023 and was unchanged in the fourth quarter of 2022, 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 June 30, 2023 and Dec. 31, 2022, by caption on the consolidated balance sheet and by the valuation hierarchy. Summary of financial instruments June 30, 2023 (in millions) Level 1 Level 2 Level 3 Total Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 118,908 $ — $ 118,908 $ 118,908 Interest-bearing deposits with banks — 12,309 — 12,309 12,316 Federal funds sold and securities purchased under resale agreements — 35,378 — 35,378 35,378 Securities held-to-maturity 10,148 37,094 — 47,242 53,162 Loans (a) — 62,768 — 62,768 63,638 Other financial assets 5,720 1,969 — 7,689 7,689 Total $ 15,868 $ 268,426 $ — $ 284,294 $ 291,091 Liabilities: Noninterest-bearing deposits $ — $ 67,678 $ — $ 67,678 $ 67,678 Interest-bearing deposits — 219,154 — 219,154 224,367 Federal funds purchased and securities sold under repurchase agreements — 21,285 — 21,285 21,285 Payables to customers and broker-dealers — 21,084 — 21,084 21,084 Borrowings — 2,131 — 2,131 2,131 Long-term debt — 30,963 — 30,963 32,463 Total $ — $ 362,295 $ — $ 362,295 $ 369,008 (a) Does not include the leasing portfolio. Summary of financial instruments Dec. 31, 2022 (in millions) Level 1 Level 2 Level 3 Total estimated Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 91,655 $ — $ 91,655 $ 91,655 Interest-bearing deposits with banks — 17,167 — 17,167 17,169 Federal funds sold and securities purchased under resale agreements — 24,298 — 24,298 24,298 Securities held-to-maturity 10,948 39,044 — 49,992 56,194 Loans (a) — 64,668 — 64,668 65,230 Other financial assets 5,030 1,817 — 6,847 6,847 Total $ 15,978 $ 238,649 $ — $ 254,627 $ 261,393 Liabilities: Noninterest-bearing deposits $ — $ 78,017 $ — $ 78,017 $ 78,017 Interest-bearing deposits — 196,258 — 196,258 200,953 Federal funds purchased and securities sold under repurchase agreements — 12,335 — 12,335 12,335 Payables to customers and broker-dealers — 23,435 — 23,435 23,435 Borrowings — 911 — 911 911 Long-term debt — 28,977 — 28,977 30,458 Total $ — $ 339,933 $ — $ 339,933 $ 346,109 (a) Does not include the leasing portfolio. |
Fair value option (Tables)
Fair value option (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 Dec. 31, 2022 (in millions) Assets of consolidated investment management funds: Trading assets $ 484 $ 203 Other assets 15 6 Total assets of consolidated investment management funds $ 499 $ 209 Liabilities of consolidated investment management funds: Other liabilities $ 8 $ 1 Total liabilities of consolidated investment management funds $ 8 $ 1 |
Derivative instruments (Tables)
Derivative instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 gains (losses) 2Q23 1Q23 2Q22 YTD23 YTD22 Interest rate fair value hedges of available-for-sale securities Derivative Interest revenue $ 388 $ (435) $ 866 $ (47) $ 2,350 Hedged item Interest revenue (389) 434 (858) 45 (2,338) Interest rate fair value hedges of long-term debt Derivative Interest expense (277) 279 (292) 2 (1,033) Hedged item Interest expense 278 (279) 291 (1) 1,031 Foreign exchange fair value hedges of available-for-sale securities Derivative (a) Foreign exchange revenue — — (1) — (2) Hedged item Foreign exchange revenue — — 2 — 3 Cash flow hedges of forecasted FX exposures (Loss) reclassified from OCI into income Staff expense — (3) (1) (3) (1) (Loss) reclassified from OCI into income Investment and other revenue (1) — — (1) — (Loss) gain recognized in the consolidated income statement due to fair value and cash flow hedging relationships $ (1) $ (4) $ 7 $ (5) $ 10 |
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 Gain or (loss) reclassified from 2Q23 1Q23 2Q22 YTD23 YTD22 2Q23 1Q23 2Q22 YTD23 YTD22 FX contracts $ (152) $ (111) $ 505 $ (263) $ 648 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) (in millions) June 30, 2023 Dec. 31, 2022 June 30, 2023 Dec. 31, 2022 Available-for-sale securities (b) $ 29,310 $ 31,370 $ (2,406) $ (2,678) Long-term debt $ 23,014 $ 23,510 $ (1,221) $ (1,232) (a) Includes a $440 million decrease and less than $1 million increase of basis adjustment on discontinued hedges associated with available-for-sale securities at June 30, 2023 and Dec. 31, 2022, respectively, and $55 million and $48 million of basis adjustment decreases on discontinued hedges associated with long-term debt at June 30, 2023 and Dec. 31, 2022, respectively. (b) 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 June 30, 2023 Dec. 31, 2022 June 30, 2023 Dec. 31, 2022 June 30, 2023 Dec. 31, 2022 (in millions) Derivatives designated as hedging instruments: (a)(b) Interest rate contracts $ 53,907 $ 56,142 $ 209 $ 205 $ — $ — Foreign exchange contracts 10,876 10,096 14 114 289 220 Total derivatives designated as hedging instruments $ 223 $ 319 $ 289 $ 220 Derivatives not designated as hedging instruments: (b)(c) Interest rate contracts $ 244,712 $ 190,917 $ 1,142 $ 1,297 $ 1,438 $ 1,584 Foreign exchange contracts 962,813 880,948 6,935 9,433 7,052 9,456 Equity contracts 3,754 2,993 15 102 120 13 Credit contracts 220 200 — — 6 4 Total derivatives not designated as hedging instruments $ 8,092 $ 10,832 $ 8,616 $ 11,057 Total derivatives fair value (d) $ 8,315 $ 11,151 $ 8,905 $ 11,277 Effect of master netting agreements (e) (6,336) (8,206) (5,972) (8,243) Fair value after effect of master netting agreements $ 1,979 $ 2,945 $ 2,933 $ 3,034 (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 $1,468 million and $1,104 million, respectively, at June 30, 2023, and $1,786 million and $1,823 million, respectively, at Dec. 31, 2022. |
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 (in millions) 2Q23 1Q23 2Q22 YTD23 YTD22 Foreign exchange revenue $ 158 $ 176 $ 222 $ 334 $ 429 Other trading revenue 53 45 45 98 50 |
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. June 30, 2023 Dec. 31, 2022 (in millions) Aggregate fair value of OTC derivatives in net liability positions (a) $ 2,006 $ 3,069 Collateral posted $ 2,680 $ 3,484 (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) June 30, 2023 Dec. 31, 2022 (in millions) If The Bank of New York Mellon’s rating changed to: (b) A3/A- $ 162 $ 20 Baa2/BBB $ 792 $ 545 Ba1/BB+ $ 1,411 $ 1,803 (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 June 30, 2023 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 $ 1,090 $ 870 $ 220 $ 33 $ — $ 187 Foreign exchange contracts 6,275 5,452 823 147 — 676 Equity and other contracts 15 14 1 — — 1 Total derivatives subject to netting arrangements 7,380 6,336 1,044 180 — 864 Total derivatives not subject to netting arrangements 935 — 935 — — 935 Total derivatives 8,315 6,336 1,979 180 — 1,799 Reverse repurchase agreements 158,167 132,196 (b) 25,971 25,855 — 116 Securities borrowing 9,407 — 9,407 9,016 — 391 Total $ 175,889 $ 138,532 $ 37,357 $ 35,051 $ — $ 2,306 (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 Fixed Income Clearing Corporation (“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, 2022 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 $ 1,208 $ 986 $ 222 $ 33 $ — $ 189 Foreign exchange contracts 8,920 7,215 1,705 314 — 1,391 Equity and other contracts 95 5 90 — — 90 Total derivatives subject to netting arrangements 10,223 8,206 2,017 347 — 1,670 Total derivatives not subject to netting arrangements 928 — 928 — — 928 Total derivatives 11,151 8,206 2,945 347 — 2,598 Reverse repurchase agreements 75,614 60,322 (b) 15,292 15,182 — 110 Securities borrowing 9,006 — 9,006 8,531 — 475 Total $ 95,771 $ 68,528 $ 27,243 $ 24,060 $ — $ 3,183 (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 June 30, 2023 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 $ 1,187 $ 664 $ 523 $ 59 $ — $ 464 Foreign exchange contracts 6,777 5,235 1,542 176 — 1,366 Equity and other contracts 111 73 38 — — 38 Total derivatives subject to netting arrangements 8,075 5,972 2,103 235 — 1,868 Total derivatives not subject to netting arrangements 830 — 830 — — 830 Total derivatives 8,905 5,972 2,933 235 — 2,698 Repurchase agreements 151,707 132,196 (b) 19,511 19,417 94 — Securities lending 1,774 — 1,774 1,718 — 56 Total $ 162,386 $ 138,168 $ 24,218 $ 21,370 $ 94 $ 2,754 (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, 2022 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 $ 1,306 $ 798 $ 508 $ 67 $ — $ 441 Foreign exchange contracts 9,261 7,444 1,817 51 — 1,766 Equity and other contracts 15 1 14 — — 14 Total derivatives subject to netting arrangements 10,582 8,243 2,339 118 — 2,221 Total derivatives not subject to netting arrangements 695 — 695 — — 695 Total derivatives 11,277 8,243 3,034 118 — 2,916 Repurchase agreements 70,830 60,322 (b) 10,508 10,476 31 1 Securities lending 1,827 — 1,827 1,754 — 73 Total $ 83,934 $ 68,565 $ 15,369 $ 12,348 $ 31 $ 2,990 (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 June 30, 2023 Dec. 31, 2022 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 Repurchase agreements: U.S. Treasury $ 133,632 $ 759 $ 911 $ 683 $ 135,985 $ 62,401 $ 7 $ 827 $ 553 $ 63,788 Agency RMBS 1,939 511 7,357 27 9,834 1,460 493 — — 1,953 Corporate bonds 102 145 1,167 514 1,928 99 88 782 306 1,275 Sovereign debt/sovereign guaranteed 1,371 — — — 1,371 1,008 — — — 1,008 State and political subdivisions 31 45 460 194 730 38 49 443 159 689 U.S. government agencies 107 3 3 — 113 161 — — — 161 Other debt securities 4 87 44 7 142 13 102 92 7 214 Equity securities — 20 1,584 — 1,604 — 61 1,681 — 1,742 Total $ 137,186 $ 1,570 $ 11,526 $ 1,425 $ 151,707 $ 65,180 $ 800 $ 3,825 $ 1,025 $ 70,830 Securities lending: Agency RMBS $ 109 $ — $ — $ — $ 109 $ 110 $ — $ — $ — $ 110 Other debt securities 39 — — — 39 66 — — — 66 Equity securities 1,626 — — — 1,626 1,651 — — — 1,651 Total $ 1,774 $ — $ — $ — $ 1,774 $ 1,827 $ — $ — $ — $ 1,827 Total secured borrowings $ 138,960 $ 1,570 $ 11,526 $ 1,425 $ 153,481 $ 67,007 $ 800 $ 3,825 $ 1,025 $ 72,657 |
Commitments and contingent li_2
Commitments and contingent liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 Dec. 31, 2022 (in millions) Lending commitments $ 49,485 $ 49,750 Standby letters of credit (“SBLC”) (a) 1,945 1,918 Commercial letters of credit 46 19 Securities lending indemnifications (b)(c) 457,772 491,043 (a) Net of participations totaling $185 million at June 30, 2023 and $175 million at Dec. 31, 2022. (b) Excludes the indemnification for securities for which BNY Mellon acts as an agent on behalf of CIBC Mellon clients, which totaled $63 billion at June 30, 2023 and $64 billion at Dec. 31, 2022. |
Standby Letters of Credits by Investment Grade | The table below shows SBLCs by investment grade: Standby letters of credit June 30, 2023 Dec. 31, 2022 Investment grade 76 % 75 % Non-investment grade 24 % 25 % |
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) June 30, 2023 Loans Unfunded Total exposure Securities industry $ 2.1 $ 17.3 $ 19.4 Asset managers 1.5 7.9 9.4 Banks 6.9 1.6 8.5 Insurance 0.1 3.8 3.9 Government — 0.2 0.2 Other 0.4 1.0 1.4 Total $ 11.0 $ 31.8 $ 42.8 Commercial portfolio exposure (in billions) June 30, 2023 Loans Unfunded Total exposure Manufacturing $ 0.6 $ 4.0 $ 4.6 Services and other 0.8 3.4 4.2 Energy and utilities 0.2 3.8 4.0 Media and telecom 0.1 0.7 0.8 Total $ 1.7 $ 11.9 $ 13.6 |
Business segments (Tables)
Business segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 quarter ended June 30, 2023 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 1,572 $ 1,025 $ 774 (a) $ (18) $ 3,353 (a) Net interest revenue (expense) 668 420 39 (27) 1,100 Total revenue (loss) 2,240 1,445 813 (a) (45) 4,453 (a) Provision for credit losses 16 7 7 (25) 5 Noninterest expense 1,582 781 677 71 3,111 Income (loss) before income taxes $ 642 $ 657 $ 129 (a) $ (91) $ 1,337 (a) Pre-tax operating margin (b) 29 % 46 % 16 % N/M 30 % Average assets $ 202,207 $ 131,657 $ 27,260 $ 60,050 $ 421,174 (a) Total fee and other revenue, total revenue and income before income taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $1 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the quarter ended March 31, 2023 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 1,450 $ 1,014 $ 782 (a) $ (11) $ 3,235 (a) Net interest revenue (expense) 666 453 45 (36) 1,128 Total revenue (loss) 2,116 1,467 827 (a) (47) 4,363 (a) Provision for credit losses — — — 27 27 Noninterest expense 1,556 769 734 41 3,100 Income (loss) before income taxes $ 560 $ 698 $ 93 (a) $ (115) $ 1,236 (a) Pre-tax operating margin (b) 26 % 48 % 11 % N/M 28 % Average assets $ 196,560 $ 132,143 $ 28,232 $ 50,566 $ 407,501 (a) Total fee and other revenue, total revenue and income before income taxes are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds of $— million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the quarter ended June 30, 2022 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 1,549 $ 974 $ 837 (a) $ 75 $ 3,435 (a) Net interest revenue (expense) 457 340 62 (35) 824 Total revenue 2,006 1,314 899 (a) 40 4,259 (a) Provision for credit losses 13 4 — 30 47 Noninterest expense 1,656 702 691 63 3,112 Income (loss) before income taxes $ 337 $ 608 $ 208 (a) $ (53) $ 1,100 (a) Pre-tax operating margin (b) 17 % 46 % 23 % N/M 26 % Average assets $ 219,797 $ 141,952 $ 33,668 $ 42,206 $ 437,623 (a) Total fee and other revenue, total revenue and income before income taxes are net of loss attributable to noncontrolling interests related to consolidated investment management funds of $5 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the six months ended June 30, 2023 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 3,022 $ 2,039 $ 1,556 (a) $ (29) $ 6,588 (a) Net interest revenue (expense) 1,334 873 84 (63) 2,228 Total revenue (loss) 4,356 2,912 1,640 (a) (92) 8,816 (a) Provision for credit losses 16 7 7 2 32 Noninterest expense 3,138 1,550 1,411 112 6,211 Income (loss) before income taxes $ 1,202 $ 1,355 $ 222 (a) $ (206) $ 2,573 (a) Pre-tax operating margin (b) 28 % 47 % 14 % N/M 29 % Average assets $ 199,399 $ 131,899 $ 27,744 $ 55,333 $ 414,375 (a) Total fee and other revenue, total revenue and income before income taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $1 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the six months ended June 30, 2022 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 2,952 $ 1,880 $ 1,744 (a) $ 95 $ 6,671 (a) Net interest revenue (expense) 834 636 119 (67) 1,522 Total revenue 3,786 2,516 1,863 (a) 28 8,193 (a) Provision for credit losses 3 2 (3) 47 49 Noninterest expense 3,166 1,410 1,446 96 6,118 Income (loss) before income taxes $ 617 $ 1,104 $ 420 (a) $ (115) $ 2,026 (a) Pre-tax operating margin (b) 16 % 44 % 23 % N/M 25 % Average assets $ 220,340 $ 141,570 $ 34,643 $ 42,371 $ 438,924 (a) Total fee and other revenue, total revenue and income before income taxes are net of loss attributable to noncontrolling interests related to consolidated investment management funds of $13 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. |
Supplemental information to t_2
Supplemental information to the Consolidated Statement of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 Six months ended June 30, (in millions) 2023 2022 Transfers from loans to other assets for other real estate owned $ 1 $ 2 Change in assets of consolidated investment management funds 290 266 Change in liabilities of consolidated investment management funds 7 2 Change in nonredeemable noncontrolling interests of consolidated investment management funds 58 189 Securities purchased not settled 164 323 Securities sold not settled 41 64 Available-for-sale securities transferred to held-to-maturity securities — 906 Premises and equipment/operating lease obligations 183 67 Excise tax on share repurchases 14 — |
Acquisitions and dispositions -
Acquisitions and dispositions - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Business Acquisition [Line Items] | |
Contingent payments | $ 5,000,000 |
Contingent receipts | 0 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dispositions 2023 | |
Business Acquisition [Line Items] | |
Contingent consideration to be received | $ 390,000,000 |
Contingent consideration period | 5 years |
Acquisitions In 2023 | |
Business Acquisition [Line Items] | |
Potential obligation to pay additional consideration, lower range | $ 25,000,000 |
Potential obligation to pay additional consideration, upper range | $ 40,000,000 |
Contingent consideration payment period | 2 years |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Available-for-sale: | ||
Amortized cost | $ 86,486 | $ 92,484 |
Gross unrealized, Gain | 344 | 404 |
Gross unrealized, Loss | 5,759 | 6,266 |
Available-for-sale, amount | 81,071 | 86,622 |
Held-to-maturity: | ||
Amortized cost | 53,162 | 56,194 |
Gross unrealized, Gains | 2 | 3 |
Gross unrealized, Losses | 5,922 | 6,205 |
Securities held-to-maturity | 47,242 | 49,992 |
Amortized cost, Total | 139,648 | 148,678 |
Gross unrealized, Gain, Total | 346 | 407 |
Gross unrealized, Losses, Total | 11,681 | 12,471 |
Fair value, Total | 128,313 | 136,614 |
Debt securities, available-for-sale, allowance for credit loss | 1 | 1 |
Debt securities, held-to-maturity, allowance for credit loss (less than) | 1 | 1 |
Debt securities, available-for-sale and held-to-maturity, allowance for credit loss | 1 | 1 |
AOCI, transfers from AFS to HTM Securities, gross unrealized gains | 297 | 347 |
AOCI, transfers from AFS to HTM Securities, gross unrealized losses | (162) | 179 |
U.S. Treasury | ||
Available-for-sale: | ||
Amortized cost | 25,106 | 32,103 |
Gross unrealized, Gain | 76 | 93 |
Gross unrealized, Loss | 2,174 | 2,663 |
Available-for-sale, amount | 23,008 | 29,533 |
Held-to-maturity: | ||
Amortized cost | 9,980 | 10,863 |
Gross unrealized, Gains | 0 | 0 |
Gross unrealized, Losses | 833 | 895 |
Securities held-to-maturity | 9,147 | 9,968 |
Agency residential mortgage-backed securities (“RMBS”) | ||
Available-for-sale: | ||
Amortized cost | 10,647 | 9,388 |
Gross unrealized, Gain | 100 | 113 |
Gross unrealized, Loss | 564 | 544 |
Available-for-sale, amount | 10,183 | 8,957 |
Held-to-maturity: | ||
Amortized cost | 31,935 | 34,188 |
Gross unrealized, Gains | 1 | 1 |
Gross unrealized, Losses | 4,066 | 4,229 |
Securities held-to-maturity | 27,870 | 29,960 |
Sovereign debt/sovereign guaranteed | ||
Available-for-sale: | ||
Amortized cost | 9,698 | 10,906 |
Gross unrealized, Gain | 3 | 5 |
Gross unrealized, Loss | 556 | 547 |
Available-for-sale, amount | 9,145 | 10,364 |
Held-to-maturity: | ||
Amortized cost | 1,519 | 1,388 |
Gross unrealized, Gains | 0 | 0 |
Gross unrealized, Losses | 86 | 76 |
Securities held-to-maturity | 1,433 | 1,312 |
Supranational | ||
Available-for-sale: | ||
Amortized cost | 8,447 | 8,129 |
Gross unrealized, Gain | 2 | 4 |
Gross unrealized, Loss | 420 | 399 |
Available-for-sale, amount | 8,029 | 7,734 |
Held-to-maturity: | ||
Amortized cost | 578 | 443 |
Gross unrealized, Gains | 0 | 0 |
Gross unrealized, Losses | 28 | 25 |
Securities held-to-maturity | 550 | 418 |
Agency commercial mortgage-backed securities (“MBS”) | ||
Available-for-sale: | ||
Amortized cost | 8,329 | 8,656 |
Gross unrealized, Gain | 77 | 89 |
Gross unrealized, Loss | 665 | 685 |
Available-for-sale, amount | 7,741 | 8,060 |
Held-to-maturity: | ||
Amortized cost | 3,859 | 4,014 |
Gross unrealized, Gains | 0 | 0 |
Gross unrealized, Losses | 384 | 411 |
Securities held-to-maturity | 3,475 | 3,603 |
Foreign covered bonds | ||
Available-for-sale: | ||
Amortized cost | 6,382 | 6,041 |
Gross unrealized, Gain | 3 | 3 |
Gross unrealized, Loss | 275 | 286 |
Available-for-sale, amount | 6,110 | 5,758 |
Collateralized loan obligations (“CLOs”) | ||
Available-for-sale: | ||
Amortized cost | 5,870 | 5,446 |
Gross unrealized, Gain | 2 | 1 |
Gross unrealized, Loss | 71 | 104 |
Available-for-sale, amount | 5,801 | 5,343 |
Held-to-maturity: | ||
Amortized cost | 983 | 983 |
Gross unrealized, Gains | 0 | 0 |
Gross unrealized, Losses | 19 | 26 |
Securities held-to-maturity | 964 | 957 |
Non-agency commercial MBS | ||
Available-for-sale: | ||
Amortized cost | 3,329 | 3,334 |
Gross unrealized, Gain | 0 | 0 |
Gross unrealized, Loss | 377 | 357 |
Available-for-sale, amount | 2,952 | 2,977 |
U.S. government agencies | ||
Available-for-sale: | ||
Amortized cost | 3,061 | 2,465 |
Gross unrealized, Gain | 46 | 52 |
Gross unrealized, Loss | 225 | 223 |
Available-for-sale, amount | 2,882 | 2,294 |
Held-to-maturity: | ||
Amortized cost | 4,201 | 4,206 |
Gross unrealized, Gains | 0 | 0 |
Gross unrealized, Losses | 499 | 534 |
Securities held-to-maturity | 3,702 | 3,672 |
Foreign government agencies | ||
Available-for-sale: | ||
Amortized cost | 2,433 | 2,363 |
Gross unrealized, Gain | 0 | 1 |
Gross unrealized, Loss | 124 | 123 |
Available-for-sale, amount | 2,309 | 2,241 |
Held-to-maturity: | ||
Amortized cost | 67 | 66 |
Gross unrealized, Gains | 0 | 0 |
Gross unrealized, Losses | 5 | 6 |
Securities held-to-maturity | 62 | 60 |
Non-agency RMBS | ||
Available-for-sale: | ||
Amortized cost | 2,030 | 2,197 |
Gross unrealized, Gain | 35 | 43 |
Gross unrealized, Loss | 198 | 211 |
Available-for-sale, amount | 1,867 | 2,029 |
Held-to-maturity: | ||
Amortized cost | 28 | 30 |
Gross unrealized, Gains | 1 | 2 |
Gross unrealized, Losses | 1 | 1 |
Securities held-to-maturity | 28 | 31 |
Other asset-backed securities (“ABS”) | ||
Available-for-sale: | ||
Amortized cost | 1,153 | 1,443 |
Gross unrealized, Gain | 0 | 0 |
Gross unrealized, Loss | 110 | 124 |
Available-for-sale, amount | 1,043 | 1,319 |
Other debt securities | ||
Available-for-sale: | ||
Amortized cost | 1 | 1 |
Gross unrealized, Gain | 0 | 0 |
Gross unrealized, Loss | 0 | 0 |
Available-for-sale, amount | 1 | 1 |
State and political subdivisions | ||
Available-for-sale: | ||
Amortized cost | 12 | |
Gross unrealized, Gain | 0 | |
Gross unrealized, Loss | 0 | |
Available-for-sale, amount | 12 | |
Held-to-maturity: | ||
Amortized cost | 12 | 13 |
Gross unrealized, Gains | 0 | 0 |
Gross unrealized, Losses | 1 | 2 |
Securities held-to-maturity | $ 11 | $ 11 |
Securities - Net Securities Gai
Securities - Net Securities Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Securities [Abstract] | |||||
Realized gross gains | $ 4 | $ 14 | $ 7 | $ 18 | $ 80 |
Realized gross losses | (4) | (15) | (7) | (19) | (76) |
Total net securities (losses) gains | $ 0 | $ (1) | $ 0 | $ (1) | $ 4 |
Securities - Pre-Tax Net Securi
Securities - Pre-Tax Net Securities Gains (Losses) by Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Total net securities (losses) gains | $ 0 | $ (1) | $ 0 | $ (1) | $ 4 |
Non-agency RMBS | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Total net securities (losses) gains | 0 | 2 | 0 | 2 | 49 |
U.S. Treasury | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Total net securities (losses) gains | 0 | (8) | 1 | (8) | 12 |
State and political subdivisions | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Total net securities (losses) gains | 0 | 0 | 0 | 0 | (13) |
Corporate bonds | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Total net securities (losses) gains | 0 | 0 | (4) | 0 | (51) |
Other | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Total net securities (losses) gains | $ 0 | $ 5 | $ 3 | $ 5 | $ 7 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Securities [Abstract] | ||
Debt securities, available-for-sale and held-to-maturity, allowance for credit loss | $ 1 | $ 1 |
AOCI, transfers from AFS to HTM Securities, gross unrealized losses | $ (162) | $ 179 |
Securities - Fair Value of Inve
Securities - Fair Value of Investments with Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | $ 16,514 | $ 49,031 |
Less than 12 months, Unrealized losses | 540 | 2,523 |
12 months or more, Fair value | 59,390 | 30,831 |
12 months or more, Unrealized losses | 5,218 | 3,741 |
Total, Fair value | 75,904 | 79,862 |
Total, Unrealized losses | 5,758 | 6,264 |
Debt securities, available-for-sale, unrealized loss position | 75,904 | 79,862 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 5,758 | 6,264 |
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, less than 12 months | 0 | 120 |
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, greater than 12 months | 162 | 59 |
U.S. Treasury | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 2,250 | 14,058 |
Less than 12 months, Unrealized losses | 204 | 824 |
12 months or more, Fair value | 20,758 | 15,236 |
12 months or more, Unrealized losses | 1,970 | 1,839 |
Total, Fair value | 23,008 | 29,294 |
Total, Unrealized losses | 2,174 | 2,663 |
Debt securities, available-for-sale, unrealized loss position | 23,008 | 29,294 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 2,174 | 2,663 |
Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 3,650 | 7,929 |
Less than 12 months, Unrealized losses | 67 | 376 |
12 months or more, Fair value | 6,477 | 789 |
12 months or more, Unrealized losses | 497 | 168 |
Total, Fair value | 10,127 | 8,718 |
Total, Unrealized losses | 564 | 544 |
Debt securities, available-for-sale, unrealized loss position | 10,127 | 8,718 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 564 | 544 |
Sovereign debt/sovereign guaranteed | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 2,425 | 4,176 |
Less than 12 months, Unrealized losses | 72 | 184 |
12 months or more, Fair value | 5,493 | 3,788 |
12 months or more, Unrealized losses | 484 | 363 |
Total, Fair value | 7,918 | 7,964 |
Total, Unrealized losses | 556 | 547 |
Debt securities, available-for-sale, unrealized loss position | 7,918 | 7,964 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 556 | 547 |
Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 1,547 | 6,088 |
Less than 12 months, Unrealized losses | 61 | 389 |
12 months or more, Fair value | 6,050 | 1,878 |
12 months or more, Unrealized losses | 604 | 296 |
Total, Fair value | 7,597 | 7,966 |
Total, Unrealized losses | 665 | 685 |
Debt securities, available-for-sale, unrealized loss position | 7,597 | 7,966 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 665 | 685 |
Supranational | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 3,035 | 3,451 |
Less than 12 months, Unrealized losses | 73 | 109 |
12 months or more, Fair value | 4,054 | 2,571 |
12 months or more, Unrealized losses | 347 | 290 |
Total, Fair value | 7,089 | 6,022 |
Total, Unrealized losses | 420 | 399 |
Debt securities, available-for-sale, unrealized loss position | 7,089 | 6,022 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 420 | 399 |
Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 488 | 4,806 |
Less than 12 months, Unrealized losses | 1 | 94 |
12 months or more, Fair value | 4,603 | 403 |
12 months or more, Unrealized losses | 70 | 10 |
Total, Fair value | 5,091 | 5,209 |
Total, Unrealized losses | 71 | 104 |
Debt securities, available-for-sale, unrealized loss position | 5,091 | 5,209 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 71 | 104 |
Foreign covered bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 1,452 | 2,830 |
Less than 12 months, Unrealized losses | 32 | 83 |
12 months or more, Fair value | 3,664 | 1,977 |
12 months or more, Unrealized losses | 243 | 203 |
Total, Fair value | 5,116 | 4,807 |
Total, Unrealized losses | 275 | 286 |
Debt securities, available-for-sale, unrealized loss position | 5,116 | 4,807 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 275 | 286 |
Non-agency commercial MBS | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 145 | 1,914 |
Less than 12 months, Unrealized losses | 2 | 201 |
12 months or more, Fair value | 2,661 | 932 |
12 months or more, Unrealized losses | 375 | 156 |
Total, Fair value | 2,806 | 2,846 |
Total, Unrealized losses | 377 | 357 |
Debt securities, available-for-sale, unrealized loss position | 2,806 | 2,846 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 377 | 357 |
Foreign government agencies | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 585 | 1,148 |
Less than 12 months, Unrealized losses | 9 | 43 |
12 months or more, Fair value | 1,644 | 1,013 |
12 months or more, Unrealized losses | 115 | 80 |
Total, Fair value | 2,229 | 2,161 |
Total, Unrealized losses | 124 | 123 |
Debt securities, available-for-sale, unrealized loss position | 2,229 | 2,161 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 124 | 123 |
Non-agency RMBS | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 41 | 588 |
Less than 12 months, Unrealized losses | 2 | 16 |
12 months or more, Fair value | 1,437 | 1,148 |
12 months or more, Unrealized losses | 195 | 193 |
Total, Fair value | 1,478 | 1,736 |
Total, Unrealized losses | 197 | 209 |
Debt securities, available-for-sale, unrealized loss position | 1,478 | 1,736 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 197 | 209 |
State and political subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 0 | |
Less than 12 months, Unrealized losses | 0 | |
12 months or more, Fair value | 12 | |
12 months or more, Unrealized losses | 0 | |
Total, Fair value | 12 | |
Total, Unrealized losses | 0 | |
Debt securities, available-for-sale, unrealized loss position | 12 | |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 0 | |
U.S. government agencies | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 890 | 1,710 |
Less than 12 months, Unrealized losses | 17 | 186 |
12 months or more, Fair value | 1,574 | 208 |
12 months or more, Unrealized losses | 208 | 37 |
Total, Fair value | 2,464 | 1,918 |
Total, Unrealized losses | 225 | 223 |
Debt securities, available-for-sale, unrealized loss position | 2,464 | 1,918 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | 225 | 223 |
Other asset-backed securities (“ABS”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 6 | 333 |
Less than 12 months, Unrealized losses | 0 | 18 |
12 months or more, Fair value | 975 | 876 |
12 months or more, Unrealized losses | 110 | 106 |
Total, Fair value | 981 | 1,209 |
Total, Unrealized losses | 110 | 124 |
Debt securities, available-for-sale, unrealized loss position | 981 | 1,209 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 110 | $ 124 |
Securities - Debt Securities, H
Securities - Debt Securities, Held-to-maturity, Credit Quality Indicator (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 53,162 | $ 56,194 |
Unrealized gain (loss) | $ (5,920) | $ (6,202) |
Ratings (percent) | 0% | 0% |
Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 31,935 | $ 34,188 |
Unrealized gain (loss) | $ (4,065) | $ (4,228) |
Ratings (percent) | 0% | 0% |
U.S. Treasury | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 9,980 | $ 10,863 |
Unrealized gain (loss) | $ (833) | $ (895) |
Ratings (percent) | 0% | 0% |
Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 3,859 | $ 4,014 |
Unrealized gain (loss) | $ (384) | $ (411) |
Ratings (percent) | 0% | 0% |
U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 4,201 | $ 4,206 |
Unrealized gain (loss) | $ (499) | $ (534) |
Ratings (percent) | 0% | 0% |
Sovereign debt/sovereign guaranteed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 1,519 | $ 1,388 |
Unrealized gain (loss) | $ (86) | $ (76) |
Ratings (percent) | 0% | 0% |
Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 983 | $ 983 |
Unrealized gain (loss) | $ (19) | $ (26) |
Ratings (percent) | 0% | 0% |
Supranational | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 578 | $ 443 |
Unrealized gain (loss) | $ (28) | $ (25) |
Ratings (percent) | 0% | 0% |
Foreign government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 67 | $ 66 |
Unrealized gain (loss) | $ (5) | $ (6) |
Ratings (percent) | 0% | 0% |
Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 28 | $ 30 |
Unrealized gain (loss) | $ 0 | $ 1 |
Ratings (percent) | 2% | 1% |
State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 12 | $ 13 |
Unrealized gain (loss) | $ (1) | $ (2) |
Ratings (percent) | 95% | 93% |
AAA/ AA- | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100% | 100% |
AAA/ AA- | Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100% | 100% |
AAA/ AA- | U.S. Treasury | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100% | 100% |
AAA/ AA- | Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100% | 100% |
AAA/ AA- | U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100% | 100% |
AAA/ AA- | Sovereign debt/sovereign guaranteed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100% | 100% |
AAA/ AA- | Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100% | 100% |
AAA/ AA- | Supranational | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100% | 100% |
AAA/ AA- | Foreign government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 100% | 100% |
AAA/ AA- | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 27% | 22% |
AAA/ AA- | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 1% | 2% |
A+/ A- | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
A+/ A- | Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
A+/ A- | U.S. Treasury | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
A+/ A- | Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
A+/ A- | U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
A+/ A- | Sovereign debt/sovereign guaranteed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
A+/ A- | Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
A+/ A- | Supranational | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
A+/ A- | Foreign government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
A+/ A- | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 53% | 58% |
A+/ A- | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 2% | 2% |
BBB+/ BBB- | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BBB+/ BBB- | Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BBB+/ BBB- | U.S. Treasury | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BBB+/ BBB- | Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BBB+/ BBB- | U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BBB+/ BBB- | Sovereign debt/sovereign guaranteed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BBB+/ BBB- | Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BBB+/ BBB- | Supranational | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BBB+/ BBB- | Foreign government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BBB+/ BBB- | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 2% | 2% |
BBB+/ BBB- | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 2% | 3% |
BB+ and lower | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BB+ and lower | Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BB+ and lower | U.S. Treasury | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BB+ and lower | Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BB+ and lower | U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BB+ and lower | Sovereign debt/sovereign guaranteed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BB+ and lower | Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BB+ and lower | Supranational | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BB+ and lower | Foreign government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
BB+ and lower | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 16% | 17% |
BB+ and lower | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
Securities - Maturity Distribut
Securities - Maturity Distribution and Yield of Investment Securities Portfolio (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Securities available-for-sale, Amount: | ||
Within 1 year | $ 11,683 | |
1-5 years | 31,641 | |
5-10 years | 5,850 | |
After 10 years | 2,310 | |
Available-for-sale, amount | $ 81,071 | $ 86,622 |
Securities available-for-sale (Yield): | ||
Within 1 year | 1.46% | |
1-5 years | 2% | |
5-10 years | 2.03% | |
After 10 years | 2.94% | |
Total | 2.81% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 2,208 | |
1-5 years | 11,860 | |
5-10 years | 2,020 | |
After 10 years | 269 | |
Available-for-sale, amount | $ 53,162 | 56,194 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 1.65% | |
1-5 years | 1.27% | |
5-10 years | 1.35% | |
After 10 years | 1.98% | |
Total | 2.10% | |
Total securities | $ 13,891 | |
Total securities (percent) | 1.49% | |
Total securities | $ 43,501 | |
Total securities (percent) | 1.81% | |
Total securities | $ 7,870 | |
Total securities (percent) | 1.87% | |
Total securities | $ 2,579 | |
Total securities (percent) | 2.85% | |
Total securities | $ 134,233 | |
Total securities (percent) | 2.54% | |
U.S. Treasury | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 6,706 | |
1-5 years | 12,694 | |
5-10 years | 1,562 | |
After 10 years | 2,046 | |
Available-for-sale, amount | $ 23,008 | 29,533 |
Securities available-for-sale (Yield): | ||
Within 1 year | 1.07% | |
1-5 years | 1.10% | |
5-10 years | 1.28% | |
After 10 years | 2.92% | |
Total | 1.28% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 1,807 | |
1-5 years | 7,260 | |
5-10 years | 913 | |
After 10 years | 0 | |
Available-for-sale, amount | $ 9,980 | 10,863 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 1.83% | |
1-5 years | 1.21% | |
5-10 years | 1.24% | |
After 10 years | 0% | |
Total | 1.33% | |
Sovereign debt/sovereign guaranteed | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 2,983 | |
1-5 years | 5,195 | |
5-10 years | 872 | |
After 10 years | 95 | |
Available-for-sale, amount | $ 9,145 | |
Securities available-for-sale (Yield): | ||
Within 1 year | 2.27% | |
1-5 years | 1.84% | |
5-10 years | 1.12% | |
After 10 years | 3.41% | |
Total | 1.92% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 299 | |
1-5 years | 1,131 | |
5-10 years | 89 | |
After 10 years | 0 | |
Available-for-sale, amount | $ 1,519 | |
Securities held-to-maturity (Yield): | ||
Within 1 year | 0.94% | |
1-5 years | 1.11% | |
5-10 years | 0.83% | |
After 10 years | 0% | |
Total | 1.06% | |
Supranational | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 871 | |
1-5 years | 5,568 | |
5-10 years | 1,557 | |
After 10 years | 33 | |
Available-for-sale, amount | $ 8,029 | 7,734 |
Securities available-for-sale (Yield): | ||
Within 1 year | 1.61% | |
1-5 years | 2.88% | |
5-10 years | 2.91% | |
After 10 years | 3.42% | |
Total | 2.76% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 51 | |
1-5 years | 527 | |
5-10 years | 0 | |
After 10 years | 0 | |
Available-for-sale, amount | $ 578 | 443 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 0.54% | |
1-5 years | 1.42% | |
5-10 years | 0% | |
After 10 years | 0% | |
Total | 1.34% | |
Foreign covered bonds | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 769 | |
1-5 years | 4,821 | |
5-10 years | 520 | |
After 10 years | 0 | |
Available-for-sale, amount | $ 6,110 | 5,758 |
Securities available-for-sale (Yield): | ||
Within 1 year | 1.56% | |
1-5 years | 3.16% | |
5-10 years | 1.09% | |
After 10 years | 0% | |
Total | 2.77% | |
Foreign government agencies | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 334 | |
1-5 years | 1,881 | |
5-10 years | 77 | |
After 10 years | 17 | |
Available-for-sale, amount | $ 2,309 | |
Securities available-for-sale (Yield): | ||
Within 1 year | 1.62% | |
1-5 years | 2.28% | |
5-10 years | 2.40% | |
After 10 years | 4.21% | |
Total | 2.20% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 0 | |
1-5 years | 67 | |
5-10 years | 0 | |
After 10 years | 0 | |
Available-for-sale, amount | $ 67 | |
Securities held-to-maturity (Yield): | ||
Within 1 year | 0% | |
1-5 years | 0.79% | |
5-10 years | 0% | |
After 10 years | 0% | |
Total | 0.79% | |
State and political subdivisions | ||
Securities available-for-sale, Amount: | ||
Available-for-sale, amount | 12 | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 1 | |
1-5 years | 0 | |
5-10 years | 3 | |
After 10 years | 8 | |
Available-for-sale, amount | $ 12 | 13 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 5.72% | |
1-5 years | 0% | |
5-10 years | 4.65% | |
After 10 years | 4.80% | |
Total | 4.81% | |
U.S. government agencies | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 20 | |
1-5 years | 1,482 | |
5-10 years | 1,262 | |
After 10 years | 118 | |
Available-for-sale, amount | $ 2,882 | 2,294 |
Securities available-for-sale (Yield): | ||
Within 1 year | 3% | |
1-5 years | 3.32% | |
5-10 years | 3.02% | |
After 10 years | 2.72% | |
Total | 3.15% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 50 | |
1-5 years | 2,875 | |
5-10 years | 1,015 | |
After 10 years | 261 | |
Available-for-sale, amount | $ 4,201 | 4,206 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 0.74% | |
1-5 years | 1.47% | |
5-10 years | 1.48% | |
After 10 years | 1.90% | |
Total | 1.49% | |
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, amount | $ 1 | 1 |
Securities available-for-sale (Yield): | ||
Within 1 year | 0% | |
1-5 years | 0% | |
5-10 years | 0% | |
After 10 years | 4.38% | |
Total | 4.38% | |
Agency residential mortgage-backed securities (“RMBS”) | ||
Securities available-for-sale, Amount: | ||
Available-for-sale, amount | $ 10,183 | 8,957 |
Securities available-for-sale (Yield): | ||
Total | 4.73% | |
Securities held-to-maturity, Amount: | ||
Available-for-sale, amount | $ 31,935 | 34,188 |
Securities held-to-maturity (Yield): | ||
Total | 2.31% | |
Non-agency RMBS | ||
Securities available-for-sale, Amount: | ||
Available-for-sale, amount | $ 1,867 | 2,029 |
Securities available-for-sale (Yield): | ||
Total | 4.39% | |
Securities held-to-maturity, Amount: | ||
Available-for-sale, amount | $ 28 | 30 |
Securities held-to-maturity (Yield): | ||
Total | 2.60% | |
Agency commercial mortgage-backed securities (“MBS”) | ||
Securities available-for-sale, Amount: | ||
Available-for-sale, amount | $ 7,741 | 8,060 |
Securities available-for-sale (Yield): | ||
Total | 2.98% | |
Securities held-to-maturity, Amount: | ||
Available-for-sale, amount | $ 3,859 | 4,014 |
Securities held-to-maturity (Yield): | ||
Total | 2.38% | |
Non-agency commercial MBS | ||
Securities available-for-sale, Amount: | ||
Available-for-sale, amount | $ 2,952 | 2,977 |
Securities available-for-sale (Yield): | ||
Total | 3.47% | |
Collateralized loan obligations (“CLOs”) | ||
Securities available-for-sale, Amount: | ||
Available-for-sale, amount | $ 5,801 | 5,343 |
Securities available-for-sale (Yield): | ||
Total | 6.54% | |
Securities held-to-maturity, Amount: | ||
Available-for-sale, amount | $ 983 | 983 |
Securities held-to-maturity (Yield): | ||
Total | 6.40% | |
Other asset-backed securities (“ABS”) | ||
Securities available-for-sale, Amount: | ||
Available-for-sale, amount | $ 1,043 | $ 1,319 |
Securities available-for-sale (Yield): | ||
Total | 2.17% |
Securities - Pledged assets (De
Securities - Pledged assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Pledged Assets [Line Items] | ||
Assets | $ 430,382 | $ 405,783 |
Securities | 134,233 | 142,816 |
Loans | 64,469 | 66,063 |
Trading assets | 10,562 | 9,908 |
Interest-bearing deposits with banks | 12,316 | 17,169 |
Pledged assets permitted to be sold or repledged | 199,000 | 115,000 |
Market value of securities received as collateral that have been sold or repledged | 161,000 | 78,000 |
Cash segregated under federal or other regulations | 4,000 | 7,000 |
Securities segregated under federal or other regulations | 4,000 | 3,000 |
Asset Pledged as Collateral | ||
Pledged Assets [Line Items] | ||
Assets | 133,000 | 138,000 |
Securities | 114,000 | 121,000 |
Loans | 13,000 | 12,000 |
Trading assets | 5,000 | 4,000 |
Interest-bearing deposits with banks | 1,000 | 1,000 |
Financial instruments, owned, at fair value | 30,000 | 24,000 |
Asset Pledged as Collateral | Federal Home Loan Bank Advances | ||
Pledged Assets [Line Items] | ||
Assets | 8,000 | 8,000 |
Asset Pledged as Collateral | Federal Reserve Discount Window Borrowings | ||
Pledged Assets [Line Items] | ||
Assets | $ 93,000 | $ 106,000 |
Loans and asset quality - Loan
Loans and asset quality - Loan Distribution and Industry Concentrations (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 64,469 | $ 66,063 |
Unearned income on lease financings | 266 | 225 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,719 | 1,732 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,519 | 6,226 |
Financial institutions | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 11,006 | 9,684 |
Lease financings | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 640 | 657 |
Wealth management loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 9,964 | 10,302 |
Wealth management mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 9,067 | 8,966 |
Other residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 989 | 345 |
Capital call financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,270 | 3,438 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,918 | 2,941 |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,738 | 4,839 |
Margin loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 15,639 | $ 16,933 |
Loans and asset quality - Allow
Loans and asset quality - Allowance for Credit Losses Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | $ 253 | $ 254 | $ 224 | $ 254 | $ 241 | |
Charge-offs | (3) | 0 | 0 | (3) | 0 | |
Recoveries | 2 | 1 | 1 | 3 | 2 | |
Net charge-offs | (1) | 1 | 1 | 0 | 2 | |
Provision | 30 | (2) | 18 | 28 | 0 | |
Ending balance | 282 | 253 | 243 | 282 | 243 | |
Allowance for loan losses | 191 | 170 | 181 | 191 | 181 | $ 176 |
Allowance for lending-related commitments | 91 | 83 | 62 | 91 | 62 | $ 78 |
Individually evaluated for impairment: | ||||||
Loan balance | 113 | 68 | 136 | 113 | 136 | |
Allowance for loan losses | 3 | 0 | 1 | 3 | 1 | |
Provision for other credit losses | (25) | 29 | 29 | 4 | 49 | |
Fair value of collateral | 167 | 103 | 179 | 167 | 179 | |
Asset Pledged as Collateral | ||||||
Individually evaluated for impairment: | ||||||
Loan balance | 113 | 68 | 136 | 113 | 136 | |
Commercial | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 21 | 18 | 12 | 18 | 12 | |
Charge-offs | 0 | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 1 | 0 | 1 | 0 | |
Net charge-offs | 0 | 1 | 0 | 1 | 0 | |
Provision | 0 | 2 | 4 | 2 | 4 | |
Ending balance | 21 | 21 | 16 | 21 | 16 | |
Allowance for loan losses | 4 | 4 | 4 | 4 | 4 | |
Allowance for lending-related commitments | 17 | 17 | 12 | 17 | 12 | |
Individually evaluated for impairment: | ||||||
Loan balance | 0 | 0 | 0 | 0 | 0 | |
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | |
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 177 | 184 | 176 | 184 | 199 | |
Charge-offs | 0 | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | 0 | |
Net charge-offs | 0 | 0 | 0 | 0 | 0 | |
Provision | 22 | (7) | 8 | 15 | (15) | |
Ending balance | 199 | 177 | 184 | 199 | 184 | |
Allowance for loan losses | 143 | 130 | 147 | 143 | 147 | |
Allowance for lending-related commitments | 56 | 47 | 37 | 56 | 37 | |
Individually evaluated for impairment: | ||||||
Loan balance | 101 | 54 | 121 | 101 | 121 | |
Allowance for loan losses | 3 | 0 | 1 | 3 | 1 | |
Financial institutions | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 24 | 24 | 15 | 24 | 13 | |
Charge-offs | 0 | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | 0 | |
Net charge-offs | 0 | 0 | 0 | 0 | 0 | |
Provision | 8 | 0 | 6 | 8 | 8 | |
Ending balance | 32 | 24 | 21 | 32 | 21 | |
Allowance for loan losses | 17 | 8 | 10 | 17 | 10 | |
Allowance for lending-related commitments | 15 | 16 | 11 | 15 | 11 | |
Individually evaluated for impairment: | ||||||
Loan balance | 0 | 0 | 0 | 0 | 0 | |
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | |
Lease financings | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 1 | 1 | 1 | 1 | 1 | |
Charge-offs | 0 | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | 0 | |
Net charge-offs | 0 | 0 | 0 | 0 | 0 | |
Provision | 0 | 0 | 0 | 0 | 0 | |
Ending balance | 1 | 1 | 1 | 1 | 1 | |
Allowance for loan losses | 1 | 1 | 1 | 1 | 1 | |
Allowance for lending-related commitments | 0 | 0 | 0 | 0 | 0 | |
Individually evaluated for impairment: | ||||||
Loan balance | 0 | 0 | 0 | 0 | 0 | |
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | |
Wealth management loans | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 1 | 1 | 1 | 1 | 1 | |
Charge-offs | 0 | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | 0 | |
Net charge-offs | 0 | 0 | 0 | 0 | 0 | |
Provision | 0 | 0 | 0 | 0 | 0 | |
Ending balance | 1 | 1 | 1 | 1 | 1 | |
Allowance for loan losses | 1 | 1 | 1 | 1 | 1 | |
Allowance for lending-related commitments | 0 | 0 | 0 | 0 | 0 | |
Individually evaluated for impairment: | ||||||
Loan balance | 0 | 0 | 0 | 0 | 0 | |
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | |
Wealth management mortgages | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 14 | 12 | 9 | 12 | 6 | |
Charge-offs | 0 | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | 0 | |
Net charge-offs | 0 | 0 | 0 | 0 | 0 | |
Provision | 1 | 2 | (2) | 3 | 1 | |
Ending balance | 15 | 14 | 7 | 15 | 7 | |
Allowance for loan losses | 14 | 13 | 6 | 14 | 6 | |
Allowance for lending-related commitments | 1 | 1 | 1 | 1 | 1 | |
Individually evaluated for impairment: | ||||||
Loan balance | 11 | 13 | 14 | 11 | 14 | |
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | |
Other residential mortgages | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 9 | 8 | 7 | 8 | 7 | |
Charge-offs | (3) | 0 | 0 | (3) | 0 | |
Recoveries | 2 | 0 | 1 | 2 | 2 | |
Net charge-offs | (1) | 0 | 1 | (1) | 2 | |
Provision | 1 | 1 | (1) | 2 | (2) | |
Ending balance | 9 | 9 | 7 | 9 | 7 | |
Allowance for loan losses | 9 | 9 | 7 | 9 | 7 | |
Allowance for lending-related commitments | 0 | 0 | 0 | 0 | 0 | |
Individually evaluated for impairment: | ||||||
Loan balance | 1 | 1 | 1 | 1 | 1 | |
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | |
Capital call financing | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 6 | 6 | 3 | 6 | 2 | |
Charge-offs | 0 | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | 0 | |
Net charge-offs | 0 | 0 | 0 | 0 | 0 | |
Provision | (2) | 0 | 3 | (2) | 4 | |
Ending balance | 4 | 6 | 6 | 4 | 6 | |
Allowance for loan losses | 2 | 4 | 5 | 2 | 5 | |
Allowance for lending-related commitments | 2 | 2 | 1 | 2 | 1 | |
Individually evaluated for impairment: | ||||||
Loan balance | 0 | 0 | 0 | 0 | 0 | |
Allowance for loan losses | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and asset quality - Nonpe
Loans and asset quality - Nonperforming Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Nonperforming Assets [Line Items] | ||
With an allowance | $ 30 | $ 38 |
Without an allowance | 55 | 69 |
Total nonperforming loans | 85 | 107 |
With an allowance, Other assets owned | 0 | 0 |
Without an allowance, Other assets owned | 3 | 2 |
Other assets owned | 3 | 2 |
With an allowance, Total nonperforming assets | 30 | 38 |
Without an allowance, Total nonperforming assets | 58 | 71 |
Total nonperforming assets | 88 | 109 |
Commercial real estate | ||
Nonperforming Assets [Line Items] | ||
With an allowance | 0 | 0 |
Without an allowance | 42 | 54 |
Total nonperforming loans | 42 | 54 |
Other residential mortgages | ||
Nonperforming Assets [Line Items] | ||
With an allowance | 24 | 30 |
Without an allowance | 1 | 1 |
Total nonperforming loans | 25 | 31 |
Wealth management mortgages | ||
Nonperforming Assets [Line Items] | ||
With an allowance | 6 | 8 |
Without an allowance | 12 | 14 |
Total nonperforming loans | $ 18 | $ 22 |
Loans and asset quality - Infor
Loans and asset quality - Information about Past Due Loans (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | $ 64,469 | $ 66,063 |
Total past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 100 | 115 |
Total past due | Wealth management loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 69 | 44 |
Total past due | Wealth management mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 2 | 55 |
Total past due | Other residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 21 | 5 |
Total past due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 8 | 11 |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 96 | 113 |
30 to 59 Days Past Due | Wealth management loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 69 | 43 |
30 to 59 Days Past Due | Wealth management mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 54 |
30 to 59 Days Past Due | Other residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 19 | 5 |
30 to 59 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 8 | 11 |
60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 4 | 2 |
60 to 89 Days Past Due | Wealth management loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 1 |
60 to 89 Days Past Due | Wealth management mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 2 | 1 |
60 to 89 Days Past Due | Other residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 2 | 0 |
60 to 89 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 | ||
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 | Wealth management mortgages | ||
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 |
Equal to Greater than 90 Days Past Due | Commercial real estate | ||
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) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 USD ($) loan | Mar. 31, 2023 USD ($) loan | Jun. 30, 2022 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing receivable, modifications, CARES Act | 0 | ||
Commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified (in loans) | loan | 1 | 1 | |
Financing receivable modifications post modification recorded investment | $ 59,000,000 | $ 12,000,000 | |
Commercial real estate | Lending-related commitments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing receivable modifications post modification recorded investment | $ 15,000,000 | ||
Other residential mortgages | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified (in loans) | loan | 2 | ||
Financing receivable modifications post modification recorded investment | $ 1,000,000 |
Loans and asset quality - Credi
Loans and asset quality - Credit Risk Profile by Grade (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | $ 8,955 | $ 8,955 | $ 10,147 | |
Originated, at amortized cost, fiscal year before current fiscal year | 4,032 | 4,032 | 4,130 | |
Originated, at amortized cost, two years before current fiscal year | 3,229 | 3,229 | 1,541 | |
Originated, at amortized cost, three years before current fiscal year | 1,235 | 1,235 | 1,893 | |
Originated, at amortized cost, four years before current fiscal year | 1,184 | 1,184 | 832 | |
Originated, at amortized cost, more than five years before current fiscal year | 5,287 | 5,287 | 5,030 | |
Amortized cost | 37,687 | 37,687 | 37,617 | |
Converted to term loans – Amortized cost | 122 | 122 | 34 | |
Total | 61,731 | 61,731 | 61,224 | |
Accrued interest receivable | 264 | 264 | 231 | |
Loans | 64,469 | 64,469 | 66,063 | |
Total wealth management loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 38 | 38 | 45 | |
Originated, at amortized cost, fiscal year before current fiscal year | 35 | 35 | 57 | |
Originated, at amortized cost, two years before current fiscal year | 66 | 66 | 22 | |
Originated, at amortized cost, three years before current fiscal year | 22 | 22 | 45 | |
Originated, at amortized cost, four years before current fiscal year | 8 | 8 | 0 | |
Originated, at amortized cost, more than five years before current fiscal year | 194 | 194 | 217 | |
Amortized cost | 9,501 | 9,501 | 9,916 | |
Converted to term loans – Amortized cost | 100 | 100 | 0 | |
Total | 9,964 | 9,964 | 10,302 | |
Accrued interest receivable | 65 | 65 | 49 | |
Total wealth management loans | Wealth management mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 474 | 474 | 1,775 | |
Originated, at amortized cost, fiscal year before current fiscal year | 1,711 | 1,711 | 1,976 | |
Originated, at amortized cost, two years before current fiscal year | 1,949 | 1,949 | 918 | |
Originated, at amortized cost, three years before current fiscal year | 889 | 889 | 775 | |
Originated, at amortized cost, four years before current fiscal year | 749 | 749 | 485 | |
Originated, at amortized cost, more than five years before current fiscal year | 3,274 | 3,274 | 3,012 | |
Amortized cost | 21 | 21 | 25 | |
Converted to term loans – Amortized cost | 0 | 0 | 0 | |
Total | 9,067 | 9,067 | 8,966 | |
Accrued interest receivable | 20 | 20 | 20 | |
Other residential mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 1 | 1 | 27 | |
Originated, at amortized cost, fiscal year before current fiscal year | 556 | 556 | 70 | |
Originated, at amortized cost, two years before current fiscal year | 198 | 198 | 0 | |
Originated, at amortized cost, three years before current fiscal year | 5 | 5 | 0 | |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, more than five years before current fiscal year | 229 | 229 | 248 | |
Amortized cost | 0 | 0 | 0 | |
Converted to term loans – Amortized cost | 0 | 0 | 0 | |
Total | 989 | 989 | 345 | |
Accrued interest receivable | 3 | 3 | 1 | |
Capital call financing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, fiscal year before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, two years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, more than five years before current fiscal year | 0 | 0 | 0 | |
Amortized cost | 3,270 | 3,270 | 3,438 | |
Converted to term loans – Amortized cost | 0 | 0 | 0 | |
Total | 3,270 | 3,270 | 3,438 | |
Accrued interest receivable | 14 | 14 | 17 | |
Loans | 3,270 | 3,270 | 3,438 | |
Other | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, fiscal year before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, two years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, more than five years before current fiscal year | 0 | 0 | 0 | |
Amortized cost | 2,918 | 2,918 | 2,941 | |
Converted to term loans – Amortized cost | 0 | 0 | 0 | |
Total | 2,918 | 2,918 | 2,941 | |
Accrued interest receivable | 6 | 6 | 6 | |
Loans | 2,918 | 2,918 | 2,941 | |
Margin loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 5,490 | 5,490 | 5,984 | |
Originated, at amortized cost, fiscal year before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, two years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, more than five years before current fiscal year | 0 | 0 | 0 | |
Amortized cost | 10,149 | 10,149 | 10,949 | |
Converted to term loans – Amortized cost | 0 | 0 | 0 | |
Total | 15,639 | 15,639 | 16,933 | |
Accrued interest receivable | 34 | 34 | 33 | |
Loans | 15,639 | 15,639 | 16,933 | |
Overdrafts | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Loans | 2,738 | $ 2,738 | $ 4,839 | |
Overdraft repayment period | 2 days | 2 days | 2 days | |
Overdrafts | Overdrafts | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Loans | 2,738 | $ 2,738 | $ 4,839 | |
Other residential mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Loans | 989 | 989 | 345 | |
Writeoff | 3 | |||
Investment grade | Total wealth management loans | Loans receivable | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 38 | 38 | 45 | |
Originated, at amortized cost, fiscal year before current fiscal year | 33 | 33 | 57 | |
Originated, at amortized cost, two years before current fiscal year | 66 | 66 | 22 | |
Originated, at amortized cost, three years before current fiscal year | 22 | 22 | 45 | |
Originated, at amortized cost, four years before current fiscal year | 8 | 8 | 0 | |
Originated, at amortized cost, more than five years before current fiscal year | 194 | 194 | 217 | |
Amortized cost | 9,458 | 9,458 | 9,887 | |
Converted to term loans – Amortized cost | 100 | 100 | 0 | |
Total | 9,919 | 9,919 | 10,273 | |
Non-investment grade | Total wealth management loans | Loans receivable | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, fiscal year before current fiscal year | 2 | 2 | 0 | |
Originated, at amortized cost, two years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, more than five years before current fiscal year | 0 | 0 | 0 | |
Amortized cost | 43 | 43 | 29 | |
Converted to term loans – Amortized cost | 0 | 0 | 0 | |
Total | 45 | 45 | 29 | |
Commercial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 169 | 169 | 457 | |
Originated, at amortized cost, fiscal year before current fiscal year | 168 | 168 | 154 | |
Originated, at amortized cost, two years before current fiscal year | 75 | 75 | 0 | |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 | 43 | |
Originated, at amortized cost, more than five years before current fiscal year | 45 | 45 | 45 | |
Amortized cost | 1,262 | 1,262 | 1,033 | |
Converted to term loans – Amortized cost | 0 | 0 | 0 | |
Total | 1,719 | 1,719 | 1,732 | |
Accrued interest receivable | 2 | 2 | 2 | |
Commercial | Investment grade | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 115 | 115 | 379 | |
Originated, at amortized cost, fiscal year before current fiscal year | 149 | 149 | 148 | |
Originated, at amortized cost, two years before current fiscal year | 69 | 69 | 0 | |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 | 43 | |
Originated, at amortized cost, more than five years before current fiscal year | 45 | 45 | 45 | |
Amortized cost | 1,235 | 1,235 | 963 | |
Converted to term loans – Amortized cost | 0 | 0 | 0 | |
Total | 1,613 | 1,613 | 1,578 | |
Commercial | Non-investment grade | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 54 | 54 | 78 | |
Originated, at amortized cost, fiscal year before current fiscal year | 19 | 19 | 6 | |
Originated, at amortized cost, two years before current fiscal year | 6 | 6 | 0 | |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, more than five years before current fiscal year | 0 | 0 | 0 | |
Amortized cost | 27 | 27 | 70 | |
Converted to term loans – Amortized cost | 0 | 0 | 0 | |
Total | 106 | 106 | 154 | |
Commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 2,187 | 2,187 | 1,696 | |
Originated, at amortized cost, fiscal year before current fiscal year | 1,448 | 1,448 | 1,484 | |
Originated, at amortized cost, two years before current fiscal year | 831 | 831 | 552 | |
Originated, at amortized cost, three years before current fiscal year | 275 | 275 | 1,062 | |
Originated, at amortized cost, four years before current fiscal year | 418 | 418 | 297 | |
Originated, at amortized cost, more than five years before current fiscal year | 1,106 | 1,106 | 910 | |
Amortized cost | 232 | 232 | 203 | |
Converted to term loans – Amortized cost | 22 | 22 | 22 | |
Total | 6,519 | 6,519 | 6,226 | |
Accrued interest receivable | 28 | 28 | 25 | |
Commercial real estate | Investment grade | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 1,283 | 1,283 | 1,265 | |
Originated, at amortized cost, fiscal year before current fiscal year | 880 | 880 | 973 | |
Originated, at amortized cost, two years before current fiscal year | 489 | 489 | 407 | |
Originated, at amortized cost, three years before current fiscal year | 232 | 232 | 739 | |
Originated, at amortized cost, four years before current fiscal year | 290 | 290 | 204 | |
Originated, at amortized cost, more than five years before current fiscal year | 892 | 892 | 904 | |
Amortized cost | 210 | 210 | 183 | |
Converted to term loans – Amortized cost | 22 | 22 | 0 | |
Total | 4,298 | 4,298 | 4,675 | |
Commercial real estate | Non-investment grade | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 904 | 904 | 431 | |
Originated, at amortized cost, fiscal year before current fiscal year | 568 | 568 | 511 | |
Originated, at amortized cost, two years before current fiscal year | 342 | 342 | 145 | |
Originated, at amortized cost, three years before current fiscal year | 43 | 43 | 323 | |
Originated, at amortized cost, four years before current fiscal year | 128 | 128 | 93 | |
Originated, at amortized cost, more than five years before current fiscal year | 214 | 214 | 6 | |
Amortized cost | 22 | 22 | 20 | |
Converted to term loans – Amortized cost | 0 | 0 | 22 | |
Total | 2,221 | 2,221 | 1,551 | |
Financial institutions | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 430 | 430 | 146 | |
Originated, at amortized cost, fiscal year before current fiscal year | 114 | 114 | 389 | |
Originated, at amortized cost, two years before current fiscal year | 110 | 110 | 0 | |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, more than five years before current fiscal year | 18 | 18 | 25 | |
Amortized cost | 10,334 | 10,334 | 9,112 | |
Converted to term loans – Amortized cost | 0 | 0 | 12 | |
Total | 11,006 | 11,006 | 9,684 | |
Accrued interest receivable | 92 | 92 | 78 | |
Financial institutions | Investment grade | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 365 | 365 | 126 | |
Originated, at amortized cost, fiscal year before current fiscal year | 104 | 104 | 389 | |
Originated, at amortized cost, two years before current fiscal year | 110 | 110 | 0 | |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, more than five years before current fiscal year | 18 | 18 | 25 | |
Amortized cost | 8,161 | 8,161 | 7,216 | |
Converted to term loans – Amortized cost | 0 | 0 | 0 | |
Total | 8,758 | 8,758 | 7,756 | |
Financial institutions | Non-investment grade | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 65 | 65 | 20 | |
Originated, at amortized cost, fiscal year before current fiscal year | 10 | 10 | 0 | |
Originated, at amortized cost, two years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, more than five years before current fiscal year | 0 | 0 | 0 | |
Amortized cost | 2,173 | 2,173 | 1,896 | |
Converted to term loans – Amortized cost | 0 | 0 | 12 | |
Total | 2,248 | 2,248 | 1,928 | |
Lease financings | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated, at amortized cost, current fiscal year | 166 | 166 | 17 | |
Originated, at amortized cost, fiscal year before current fiscal year | 0 | 0 | 0 | |
Originated, at amortized cost, two years before current fiscal year | 0 | 0 | 49 | |
Originated, at amortized cost, three years before current fiscal year | 44 | 44 | 11 | |
Originated, at amortized cost, four years before current fiscal year | 9 | 9 | 7 | |
Originated, at amortized cost, more than five years before current fiscal year | 421 | 421 | 573 | |
Amortized cost | 0 | 0 | 0 | |
Converted to term loans – Amortized cost | 0 | 0 | 0 | |
Total | 640 | 640 | 657 | |
Accrued interest receivable | $ 0 | $ 0 | $ 0 |
Loans and asset quality - Cre_2
Loans and asset quality - Credit Risk Indicators Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of exposure to investment grade securities | 94% | ||
Percentage of financial institution exposure secured | 65% | ||
Percent of financial institution exposure expiring within one year | 84% | ||
Loans | $ 64,469,000,000 | $ 66,063,000,000 | |
Reverse repurchase agreements, allowance for credit loss | $ 0 | 0 | |
Wealth management mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan to value ratio at origination (percent) | 61% | ||
Loans | $ 9,067,000,000 | 8,966,000,000 | |
Wealth management mortgages | California | Geographic Concentration Risk | Revenue Benchmark | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Geographic concentrations (percent) | 21% | ||
Wealth management mortgages | New York | Geographic Concentration Risk | Revenue Benchmark | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Geographic concentrations (percent) | 15% | ||
Wealth management mortgages | Florida | Geographic Concentration Risk | Revenue Benchmark | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Geographic concentrations (percent) | 11% | ||
Wealth management mortgages | Massachusetts | Geographic Concentration Risk | Revenue Benchmark | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Geographic concentrations (percent) | 8% | ||
Wealth management mortgages | Other | Geographic Concentration Risk | Revenue Benchmark | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Geographic concentrations (percent) | 45% | ||
Total wealth management loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of past due mortgages (less than) | 1% | ||
Other residential mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 989,000,000 | 345,000,000 | |
Fixed-Rate Jumbo Mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan to value ratio at origination (percent) | 73% | ||
Loans | $ 760,000,000 | ||
Margin loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 15,639,000,000 | 16,933,000,000 | |
Minimum collateral margin | 1 | ||
Overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 2,700,000,000 | ||
Overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 2,738,000,000 | $ 4,839,000,000 | |
Overdraft repayment period | 2 days | 2 days | 2 days |
Goodwill and intangible asset_2
Goodwill and intangible assets - Goodwill (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) Segment | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Goodwill [Roll Forward] | ||||
Beginning balance | $ 16,150,000,000 | $ 17,512,000,000 | ||
Foreign currency translation | 96,000,000 | (241,000,000) | ||
Goodwill | $ 16,926,000,000 | 16,926,000,000 | $ 16,830,000,000 | |
Accumulated impairment losses | (680,000,000) | (680,000,000) | (680,000,000) | |
Ending balance | 16,246,000,000 | 16,246,000,000 | 17,271,000,000 | |
Securities Services | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 6,973,000,000 | 7,062,000,000 | ||
Foreign currency translation | 22,000,000 | (87,000,000) | ||
Goodwill | 6,995,000,000 | 6,995,000,000 | 6,973,000,000 | |
Accumulated impairment losses | 0 | 0 | 0 | |
Ending balance | 6,995,000,000 | 6,995,000,000 | 6,975,000,000 | |
Market and Wealth Services | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 1,424,000,000 | 1,435,000,000 | ||
Foreign currency translation | 4,000,000 | (10,000,000) | ||
Goodwill | 1,428,000,000 | 1,428,000,000 | 1,424,000,000 | |
Accumulated impairment losses | 0 | 0 | 0 | |
Ending balance | 1,428,000,000 | 1,428,000,000 | 1,425,000,000 | |
Investment and Wealth Management | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 7,753,000,000 | 9,015,000,000 | ||
Foreign currency translation | 70,000,000 | (144,000,000) | ||
Goodwill | 8,503,000,000 | 8,503,000,000 | 8,433,000,000 | |
Accumulated impairment losses | (680,000,000) | (680,000,000) | $ (680,000,000) | |
Ending balance | 7,823,000,000 | 7,823,000,000 | $ 8,871,000,000 | |
Allocated goodwill | 6,100,000,000 | $ 6,100,000,000 | ||
Goodwill impairment | 0 | |||
Reporting Units, Excluding Investment And Wealth Management | ||||
Goodwill [Roll Forward] | ||||
Goodwill impairment | $ 0 | |||
Additional goodwill impairment testing, number of reporting units included | Segment | 5 |
Goodwill and intangible asset_3
Goodwill and intangible assets - Intangible Assets by Business Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Intangible Assets [Roll Forward] | |||||
Beginning Balance | $ 2,901 | $ 2,901 | $ 2,991 | ||
Amortization | $ (14) | (14) | $ (17) | (28) | (34) |
Foreign currency translation | 8 | (23) | |||
Ending Balance | 2,881 | 2,934 | 2,881 | 2,934 | |
Securities Services | |||||
Intangible Assets [Roll Forward] | |||||
Beginning Balance | 193 | 193 | 230 | ||
Amortization | (15) | (17) | |||
Foreign currency translation | 1 | (6) | |||
Ending Balance | 179 | 207 | 179 | 207 | |
Market and Wealth Services | |||||
Intangible Assets [Roll Forward] | |||||
Beginning Balance | 384 | 384 | 392 | ||
Amortization | (3) | (4) | |||
Foreign currency translation | 0 | 0 | |||
Ending Balance | 381 | 388 | 381 | 388 | |
Investment and Wealth Management | |||||
Intangible Assets [Roll Forward] | |||||
Beginning Balance | 1,475 | 1,475 | 1,520 | ||
Amortization | (10) | (13) | |||
Foreign currency translation | 7 | (17) | |||
Ending Balance | 1,472 | 1,490 | 1,472 | 1,490 | |
Other | |||||
Intangible Assets [Roll Forward] | |||||
Beginning Balance | $ 849 | 849 | 849 | ||
Amortization | 0 | 0 | |||
Foreign currency translation | 0 | 0 | |||
Ending Balance | $ 849 | $ 849 | $ 849 | $ 849 |
Goodwill and intangible asset_4
Goodwill and intangible assets - Intangible Assets by Type (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | $ 4,183 | $ 4,177 | ||
Accumulated amortization | (1,302) | (1,276) | ||
Net carrying amount | 2,881 | 2,901 | $ 2,934 | $ 2,991 |
Securities Services | ||||
Intangible Assets by Major Class [Line Items] | ||||
Net carrying amount | 179 | 193 | 207 | 230 |
Market and Wealth Services | ||||
Intangible Assets by Major Class [Line Items] | ||||
Net carrying amount | 381 | 384 | $ 388 | $ 392 |
Finite-lived Intangible Assets | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | 1,604 | 1,605 | ||
Accumulated amortization | (1,302) | (1,276) | ||
Net carrying amount | $ 302 | 329 | ||
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—Investment Services | Securities Services | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | $ 730 | 731 | ||
Accumulated amortization | (552) | (539) | ||
Net carrying amount | 178 | 192 | ||
Finite-lived Intangible Assets | Customer contracts—Investment Services | Market and Wealth Services | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | 280 | 280 | ||
Accumulated amortization | (270) | (267) | ||
Net carrying amount | $ 10 | 13 | ||
Finite-lived Intangible Assets | Customer contracts—Investment Services | Weighted Average | Securities Services | ||||
Intangible Assets by Major Class [Line Items] | ||||
Remaining weighted- average amortization period | 10 years | |||
Finite-lived Intangible Assets | Customer contracts—Investment Services | Weighted Average | Market and Wealth Services | ||||
Intangible Assets by Major Class [Line Items] | ||||
Remaining weighted- average amortization period | 3 years | |||
Finite-lived Intangible Assets | Customer relationships | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | $ 553 | 553 | ||
Accumulated amortization | (470) | (461) | ||
Net carrying amount | $ 83 | 92 | ||
Finite-lived Intangible Assets | Customer relationships | Weighted Average | ||||
Intangible Assets by Major Class [Line Items] | ||||
Remaining weighted- average amortization period | 8 years | |||
Finite-lived Intangible Assets | Other | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | $ 41 | 41 | ||
Accumulated amortization | (10) | (9) | ||
Net carrying amount | $ 31 | 32 | ||
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 | $ 2,579 | 2,572 | ||
Net carrying amount | 2,579 | 2,572 | ||
Indefinite-lived Intangible Assets | Tradenames | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | 1,292 | 1,290 | ||
Net carrying amount | 1,292 | 1,290 | ||
Indefinite-lived Intangible Assets | Customer relationships | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | 1,287 | 1,282 | ||
Net carrying amount | $ 1,287 | $ 1,282 |
Goodwill and intangible asset_5
Goodwill and intangible assets - Estimated Annual Amortization Expense (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2023 | $ 57 |
2024 | 49 |
2025 | 43 |
2026 | 34 |
2027 | $ 28 |
Other assets - Components of Ot
Other assets - Components of Other Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Corporate/bank-owned life insurance | $ 5,433 | $ 5,417 |
Accounts receivable | 4,627 | 4,924 |
Fails to deliver | 2,712 | 2,569 |
Software | 2,357 | 2,260 |
Prepaid pension assets | 1,885 | 1,651 |
Qualified affordable housing project investments | 1,233 | 1,298 |
Prepaid expense | 919 | 764 |
Equity method investments | 873 | 803 |
Other equity investments | 709 | 695 |
Renewable energy investments | 758 | 871 |
Cash collateral receivable on derivative transactions | 640 | 1,014 |
Assets of consolidated investment management funds | 499 | 209 |
Federal Reserve Bank stock | 484 | 478 |
Income taxes receivable | 451 | 481 |
Seed capital | 233 | 218 |
Fair value of hedging derivatives | 223 | 319 |
Other | 1,620 | 1,884 |
Total other assets | 25,656 | 25,855 |
Federal Home Loan Bank stock, at cost | $ 47 | $ 6 |
Other assets - Non-Readily Mark
Other assets - Non-Readily Marketable Equity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Other Assets [Abstract] | ||||||
Equity securities without readily determinable fair value, amount | $ 443 | $ 443 | $ 445 | |||
Equity securities without readily determinable fair value, upward price adjustment, annual amount | 5 | $ 0 | $ 76 | 5 | $ 122 | |
Equity securities without readily determinable fair value, downward price adjustment, annual amount | (1) | (18) | (7) | (19) | (7) | |
Equity securities without readily determinable fair value, net adjustment, annual amount | 4 | $ (18) | $ 69 | (14) | $ 115 | |
Equity securities without readily determinable fair value, upward price adjustment, cumulative amount amount | 288 | 288 | ||||
Equity securities without readily determinable fair value, downward price adjustment, cumulative amount | (31) | (31) | ||||
Equity securities without readily determinable fair value, net price adjustment, cumulative amount | $ 257 | $ 257 |
Other assets - Qualified Afford
Other assets - Qualified Affordable Housing Project Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Other Assets [Abstract] | ||||||
Qualified affordable housing project investments | $ 1,233 | $ 1,233 | $ 1,298 | |||
Qualified affordable housing project investments, commitment | 570 | 570 | $ 614 | |||
Qualified affordable housing project commitment - remainder of 2023 | 184 | 184 | ||||
Qualified affordable housing project commitment - 2024 | 145 | 145 | ||||
Qualified affordable housing project commitment - 2025 | 173 | 173 | ||||
Qualified affordable housing project commitment - 2026 | 24 | 24 | ||||
Qualified affordable housing project commitment - 2027 | 1 | 1 | ||||
Qualified affordable housing project commitment - 2028 and thereafter | 43 | 43 | ||||
Tax credits and other tax benefits | 45 | $ 45 | $ 38 | 90 | $ 76 | |
Amortization expense included in the provision for income taxes | $ 38 | $ 38 | $ 33 | $ 76 | $ 65 |
Other assets - Seed Capital and
Other assets - Seed Capital and Private Equity Investments (Details) - Other Assets - NAV - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Fair value | $ 147 | $ 138 | |
Unfunded commitments | 50 | 53 | |
Seed capital | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Fair value | 3 | 3 | |
Unfunded commitments | $ 0 | 0 | |
Fair value, investments, entities that calculate net asset value per share, liquidating investment, remaining period | 7 days | 7 days | |
Private equity investments | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Fair value | $ 137 | 130 | |
Unfunded commitments | $ 50 | 53 | |
Fair value, investments, entities that calculate net asset value per share, liquidating investment, remaining period | 10 years | ||
Other | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Fair value | $ 7 | 5 | |
Unfunded commitments | $ 0 | $ 0 |
Contract revenue - Disaggregati
Contract revenue - Disaggregation of Contract Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Total fee and other revenue | $ 3,354 | $ 3,235 | $ 3,430 | $ 6,589 | $ 6,658 |
Net income (loss) attributable to noncontrolling interests | 1 | 0 | (5) | 1 | (13) |
Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 3,082 | 2,975 | 3,101 | 6,057 | 6,047 |
Fee and other revenue - not in scope of ASC 606 | 271 | 260 | 334 | 531 | 624 |
Total fee and other revenue | 3,353 | 3,235 | 3,435 | 6,588 | 6,671 |
Investment services fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 2,240 | 2,110 | 2,199 | 4,350 | 4,183 |
Investment management and performance fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 761 | 783 | 826 | 1,544 | 1,713 |
Financing-related fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 15 | 18 | 15 | 33 | 32 |
Distribution and servicing | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 35 | 33 | 34 | 68 | 64 |
Investment and other income | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 31 | 31 | 27 | 62 | 55 |
Securities Services | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 1,370 | 1,249 | 1,360 | 2,619 | 2,541 |
Fee and other revenue - not in scope of ASC 606 | 202 | 201 | 189 | 403 | 411 |
Total fee and other revenue | 1,572 | 1,450 | 1,549 | 3,022 | 2,952 |
Securities Services | Investment services fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 1,299 | 1,176 | 1,294 | 2,475 | 2,424 |
Securities Services | Investment management and performance fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 0 | 0 | 0 | 0 | 0 |
Securities Services | Financing-related fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 10 | 13 | 11 | 23 | 14 |
Securities Services | Distribution and servicing | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 1 | 0 | 1 | 1 | 2 |
Securities Services | Investment and other income | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 60 | 60 | 54 | 120 | 101 |
Market and Wealth Services | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 968 | 962 | 929 | 1,930 | 1,800 |
Fee and other revenue - not in scope of ASC 606 | 57 | 52 | 45 | 109 | 80 |
Total fee and other revenue | 1,025 | 1,014 | 974 | 2,039 | 1,880 |
Market and Wealth Services | Investment services fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 932 | 925 | 898 | 1,857 | 1,744 |
Market and Wealth Services | Investment management and performance fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 5 | 5 | 6 | 10 | 12 |
Market and Wealth Services | Financing-related fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 4 | 5 | 4 | 9 | 18 |
Market and Wealth Services | Distribution and servicing | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | (23) | (23) | (17) | (46) | (21) |
Market and Wealth Services | Investment and other income | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 50 | 50 | 38 | 100 | 47 |
Investment and Wealth Management | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 762 | 780 | 831 | 1,542 | 1,748 |
Fee and other revenue - not in scope of ASC 606 | 12 | 2 | 6 | 14 | (4) |
Total fee and other revenue | 774 | 782 | 837 | 1,556 | 1,744 |
Net income (loss) attributable to noncontrolling interests | 1 | 0 | (5) | 1 | (13) |
Investment and Wealth Management | Investment services fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 23 | 24 | 24 | 47 | 49 |
Investment and Wealth Management | Investment management and performance fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 760 | 781 | 822 | 1,541 | 1,709 |
Investment and Wealth Management | Financing-related fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 0 | 0 | 0 | 0 | 0 |
Investment and Wealth Management | Distribution and servicing | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 58 | 55 | 51 | 113 | 83 |
Investment and Wealth Management | Investment and other income | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | (79) | (80) | (66) | (159) | (93) |
Other | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | (18) | (16) | (19) | (34) | (42) |
Fee and other revenue - not in scope of ASC 606 | 0 | 5 | 94 | 5 | 137 |
Total fee and other revenue | (18) | (11) | 75 | (29) | 95 |
Other | Investment services fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | (14) | (15) | (17) | (29) | (34) |
Other | Investment management and performance fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | (4) | (3) | (2) | (7) | (8) |
Other | Financing-related fees | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | 1 | 0 | 0 | 1 | 0 |
Other | Distribution and servicing | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | (1) | 1 | (1) | 0 | 0 |
Other | Investment and other income | Operating segments | |||||
Disaggregation of Revenue [Line Items] | |||||
Total fee revenue and other revenue - contract revenue | $ 0 | $ 1 | $ 1 | $ 1 | $ 0 |
Contract revenue - Narrative (D
Contract revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Capitalized Contract Cost [Line Items] | ||||||
Contract with customer, asset | $ 2,700 | $ 2,700 | $ 2,600 | |||
Contract assets representing accrued revenues not yet billed | 70 | 70 | 48 | |||
Contract with customer, liability | 217 | 217 | 164 | |||
Contract with customer, liability, revenue recognized | 66 | 84 | ||||
Incremental costs for obtaining contracts | ||||||
Capitalized Contract Cost [Line Items] | ||||||
Capitalized contract costs | 53 | 53 | 58 | |||
Capitalized contract cost, amortization | 4 | $ 4 | $ 4 | 8 | $ 9 | |
Costs to fulfill contract | ||||||
Capitalized Contract Cost [Line Items] | ||||||
Capitalized contract costs | $ 85 | $ 85 | $ 77 |
Net interest revenue (Details)
Net interest revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest revenue | |||||
Deposits with the Federal Reserve and other central banks | $ 1,241 | $ 853 | $ 99 | $ 2,094 | $ 101 |
Deposits with banks | 128 | 140 | 33 | 268 | 47 |
Federal funds sold and securities purchased under resale agreements | 1,776 | 991 | 116 | 2,767 | 153 |
Loans | 957 | 866 | 370 | 1,823 | 630 |
Securities: | |||||
Taxable | 1,042 | 1,022 | 509 | 2,064 | 943 |
Exempt from federal income taxes | 0 | 0 | 10 | 0 | 20 |
Total securities | 1,042 | 1,022 | 519 | 2,064 | 963 |
Trading securities | 80 | 70 | 22 | 150 | 43 |
Total interest revenue | 5,224 | 3,942 | 1,159 | 9,166 | 1,937 |
Interest expense | |||||
Deposits | 1,739 | 1,366 | 90 | 3,105 | 53 |
Federal funds purchased and securities sold under repurchase agreements | 1,729 | 892 | 77 | 2,621 | 89 |
Trading liabilities | 43 | 30 | 10 | 73 | 14 |
Other borrowed funds | 32 | 3 | 2 | 35 | 5 |
Customer payables | 143 | 128 | 9 | 271 | 9 |
Long-term debt | 438 | 395 | 147 | 833 | 245 |
Total interest expense | 4,124 | 2,814 | 335 | 6,938 | 415 |
Net interest revenue | 1,100 | 1,128 | 824 | 2,228 | 1,522 |
Provision for credit losses | 5 | 27 | 47 | 32 | 49 |
Net interest revenue after provision for credit losses | $ 1,095 | $ 1,101 | $ 777 | $ 2,196 | $ 1,473 |
Employee benefit plans (Details
Employee benefit plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Health care benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 2 | 1 | 1 | 3 | 2 |
Expected return on assets | (3) | (2) | (1) | (5) | (3) |
Other | (3) | (3) | (1) | (6) | (2) |
Net periodic benefit (credit) cost | (4) | (4) | (1) | (8) | (3) |
Domestic | Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 0 | 0 | 0 | 0 | 0 |
Interest cost | 47 | 48 | 35 | 95 | 70 |
Expected return on assets | (95) | (95) | (78) | (190) | (156) |
Other | 3 | 2 | 17 | 5 | 34 |
Net periodic benefit (credit) cost | (45) | (45) | (26) | (90) | (52) |
Foreign | Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 2 | 3 | 3 | 5 | 6 |
Interest cost | 9 | 8 | 7 | 17 | 15 |
Expected return on assets | (22) | (22) | (9) | (44) | (19) |
Other | (4) | (3) | 1 | (7) | 2 |
Net periodic benefit (credit) cost | $ (15) | $ (14) | $ 2 | $ (29) | $ 4 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||||
Provision for income taxes | $ 270 | $ 260 | $ 231 | $ 530 | $ 384 | |
Effective tax rate | 20.20% | 21% | 21.10% | |||
Tax reserves | $ 107 | 107 | $ 106 | |||
Impact on effective tax rate if tax reserves were unnecessary | 107 | 107 | ||||
Accrued interest, related to income taxes in the balance sheet | 34 | 34 | ||||
Additional tax benefit (expense) related to interest | (1) | $ (4) | ||||
Reasonably possible decrease in uncertain tax positions within the next 12 months, if a re-evaluation is required | $ 10 | $ 10 |
Variable interest entities - As
Variable interest entities - Assets and Liabilities of VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Trading assets | $ 10,562 | $ 9,908 |
Other assets | 1,188 | 971 |
Other liabilities | 297 | 221 |
Nonredeemable noncontrolling interests | 65 | 7 |
VME classification of carrying amount, assets | 118 | 86 |
VME classification of carrying amount, liabilities | 1 | 1 |
Noncontrolling interest in VME | 17 | 7 |
Investment Management funds | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Trading assets | 484 | 203 |
Other assets | 15 | 6 |
Total assets | 499 | 209 |
Other liabilities | 8 | 1 |
Total liabilities | 8 | 1 |
Nonredeemable noncontrolling interests | $ 65 | $ 7 |
Variable interest entities - No
Variable interest entities - Non-consolidated VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Other assets | $ 430,382 | $ 405,783 |
Other liabilities | 389,280 | 364,933 |
Other liabilities | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Other assets | 2,065 | 2,235 |
Other liabilities | 570 | 614 |
Maximum loss exposure | $ 2,635 | $ 2,850 |
Preferred stock - Narrative (De
Preferred stock - Narrative (Details) | Jul. 03, 2023 | Jun. 30, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares |
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (shares) | shares | 100,000,000 | 100,000,000 | |
Preferred stock, par value (usd per share) | $ / shares | $ 0.01 | $ 0.01 | |
Preferred stock, percentage ownership by subsidiary | 1 | ||
Secured Overnight Financing Rate (SOFR) | Series A Noncumulative Perpetual Preferred Stock | Subsequent Event | |||
Class of Stock [Line Items] | |||
Preferred stock, basis spread on variable rate | 0.26161% | ||
Secured Overnight Financing Rate (SOFR) | Series D Preferred Stock | Subsequent Event | |||
Class of Stock [Line Items] | |||
Preferred stock, basis spread on variable rate | 0.26161% | ||
Secured Overnight Financing Rate (SOFR) | Series F Noncumulative Perpetual Preferred Stock | Subsequent Event | |||
Class of Stock [Line Items] | |||
Preferred stock, basis spread on variable rate | 0.26161% |
Preferred stock - Summary (Deta
Preferred stock - Summary (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||
Total shares issued and outstanding (shares) | 48,826 | 48,826 |
Carrying value | $ 4,838 | $ 4,838 |
Series A Noncumulative Perpetual Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 4% | |
Total shares issued and outstanding (shares) | 5,001 | 5,001 |
Carrying value | $ 500 | $ 500 |
Liquidation preference per share (usd per share) | $ 100,000 | |
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 | |
Series D Noncumulative Perpetual Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, basis spread on variable rate | 2.46% | |
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 | |
Series F Noncumulative Perpetual Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, basis spread on variable rate | 3.131% | |
Series G 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 | |
Series G Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, basis spread on variable rate | 4.358% | |
Series H 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 | |
Series H Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, basis spread on variable rate | 3.352% | |
Series I Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 3.75% | |
Total shares issued and outstanding (shares) | 13,000 | 13,000 |
Carrying value | $ 1,287 | $ 1,287 |
Liquidation preference per share (usd per share) | $ 100,000 | |
Series I Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, basis spread on variable rate | 2.63% |
Preferred stock - Summary of Pr
Preferred stock - Summary of Preferred Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Class of Stock [Line Items] | |||||
Preferred dividends paid | $ 36 | $ 71 | $ 34 | $ 107 | $ 108 |
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend paid per share (usd per share) | $ 1,412.6 | $ 1,327.72 | $ 1,022.22 | $ 2,740.32 | $ 2,033.33 |
Preferred dividends paid | $ 7 | $ 7 | $ 5 | $ 14 | $ 10 |
Depositary shares per share | 1% | 1% | |||
Series D Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend paid per share (usd per share) | $ 2,250 | $ 0 | $ 2,250 | $ 2,250 | $ 2,250 |
Preferred dividends paid | $ 11 | $ 0 | $ 11 | $ 11 | $ 11 |
Depositary shares per share | 1% | 1% | |||
Series F Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend paid per share (usd per share) | $ 0 | $ 2,312.5 | $ 0 | $ 2,312.5 | $ 2,312.5 |
Preferred dividends paid | $ 0 | $ 23 | $ 0 | $ 23 | $ 23 |
Depositary shares per share | 1% | 1% | |||
Series G Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend paid per share (usd per share) | $ 0 | $ 2,350 | $ 0 | $ 2,350 | $ 2,350 |
Preferred dividends paid | $ 0 | $ 24 | $ 0 | $ 24 | $ 24 |
Depositary shares per share | 1% | 1% | |||
Series H Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend paid per share (usd per share) | $ 925 | $ 925 | $ 925 | $ 1,850 | $ 1,850 |
Preferred dividends paid | $ 6 | $ 5 | $ 6 | $ 11 | $ 11 |
Depositary shares per share | 1% | 1% | |||
Series I Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend paid per share (usd per share) | $ 937.50 | $ 937.50 | $ 937.50 | $ 1,875 | $ 2,208.33 |
Preferred dividends paid | $ 12 | $ 12 | $ 12 | $ 24 | $ 29 |
Depositary shares per share | 1% | 1% |
Other comprehensive income (l_3
Other comprehensive income (loss) - Components (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Pre-tax amount | ||||||
Total other comprehensive income (loss), Pre-tax amount | $ (141) | $ 500 | $ (1,593) | $ 359 | $ (3,724) | |
Tax (expense) benefit | ||||||
Total other comprehensive income (loss), Tax (expense) benefit | 82 | (77) | 164 | 5 | 624 | |
After-tax amount | ||||||
Total other comprehensive (loss), net of tax | [1] | (59) | 423 | (1,429) | 364 | (3,100) |
Foreign currency translation | ||||||
Pre-tax amount | ||||||
Other comprehensive income (loss), Pre-tax amount | 61 | 77 | (436) | 138 | (556) | |
Total other comprehensive income (loss), Pre-tax amount | 61 | 77 | (436) | 138 | (556) | |
Tax (expense) benefit | ||||||
Other comprehensive income (loss), Tax (expense) benefit | 36 | 26 | (119) | 62 | (152) | |
Total other comprehensive income (loss), Tax (expense) benefit | 36 | 26 | (119) | 62 | (152) | |
After-tax amount | ||||||
Other comprehensive income (loss), After-tax amount | 97 | 103 | (555) | 200 | (708) | |
Total other comprehensive (loss), net of tax | 97 | 103 | (555) | 200 | (708) | |
Unrealized (loss) on assets available-for-sale | ||||||
Pre-tax amount | ||||||
Other comprehensive income (loss), Pre-tax amount | (202) | 419 | (1,167) | 217 | (3,188) | |
Reclassification adjustment, Pre-tax amount | 0 | 1 | 0 | 1 | (4) | |
Total other comprehensive income (loss), Pre-tax amount | (202) | 420 | (1,167) | 218 | (3,192) | |
Tax (expense) benefit | ||||||
Other comprehensive income (loss), Tax (expense) benefit | 45 | (102) | 285 | (57) | 775 | |
Reclassification adjustment, Tax (expense) benefit | 0 | 0 | 0 | 0 | 1 | |
Total other comprehensive income (loss), Tax (expense) benefit | 45 | (102) | 285 | (57) | 776 | |
After-tax amount | ||||||
Other comprehensive income (loss), After-tax amount | (157) | 317 | (882) | 160 | (2,413) | |
Reclassification adjustment, After-tax amount | 0 | 1 | 0 | 1 | (3) | |
Total other comprehensive (loss), net of tax | (157) | 318 | (882) | 161 | (2,416) | |
Defined benefit plans | ||||||
Pre-tax amount | ||||||
Reclassification adjustment, Pre-tax amount | (4) | (4) | 17 | (8) | 34 | |
Total other comprehensive income (loss), Pre-tax amount | (4) | (4) | 17 | (8) | 34 | |
Tax (expense) benefit | ||||||
Reclassification adjustment, Tax (expense) benefit | 2 | 1 | (4) | 3 | (3) | |
Total other comprehensive income (loss), Tax (expense) benefit | 2 | 1 | (4) | 3 | (3) | |
After-tax amount | ||||||
Reclassification adjustment, After-tax amount | (2) | (3) | 13 | (5) | 31 | |
Total other comprehensive (loss), net of tax | (2) | (3) | 13 | (5) | 31 | |
Unrealized gain (loss) on cash flow hedges | ||||||
Pre-tax amount | ||||||
Other comprehensive income (loss), Pre-tax amount | 3 | 4 | (8) | 7 | (11) | |
Reclassification adjustment, Pre-tax amount | 1 | 3 | 1 | 4 | 1 | |
Total other comprehensive income (loss), Pre-tax amount | 4 | 7 | (7) | 11 | (10) | |
Tax (expense) benefit | ||||||
Other comprehensive income (loss), Tax (expense) benefit | (1) | (1) | 2 | (2) | 3 | |
Reclassification adjustment, Tax (expense) benefit | 0 | (1) | 0 | (1) | 0 | |
Total other comprehensive income (loss), Tax (expense) benefit | (1) | (2) | 2 | (3) | 3 | |
After-tax amount | ||||||
Other comprehensive income (loss), After-tax amount | 2 | 3 | (6) | 5 | (8) | |
Reclassification adjustment, After-tax amount | 1 | 2 | 1 | 3 | 1 | |
Total other comprehensive (loss), net of tax | 3 | 5 | (5) | 8 | (7) | |
Unrealized gain (loss) on cash flow hedges | Staff expense | ||||||
Pre-tax amount | ||||||
Reclassification adjustment, Pre-tax amount | 0 | 3 | 1 | 3 | 1 | |
Tax (expense) benefit | ||||||
Reclassification adjustment, Tax (expense) benefit | 0 | (1) | 0 | (1) | 0 | |
After-tax amount | ||||||
Reclassification adjustment, After-tax amount | 0 | 2 | 1 | 2 | 1 | |
Unrealized gain (loss) on cash flow hedges | Investments And Other Income | ||||||
Pre-tax amount | ||||||
Reclassification adjustment, Pre-tax amount | 1 | 0 | 0 | 1 | 0 | |
Tax (expense) benefit | ||||||
Reclassification adjustment, Tax (expense) benefit | 0 | 0 | 0 | 0 | 0 | |
After-tax amount | ||||||
Reclassification adjustment, After-tax amount | $ 1 | $ 0 | $ 0 | $ 1 | $ 0 | |
[1]Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(59) million for the quarter ended June 30, 2023, $423 million for the quarter ended March 31, 2023, $(1,426) million for the quarter ended June 30, 2022, $364 million for the six months ended June 30, 2023 and $(3,094) million for the six months ended June 30, 2022. |
Fair value measurement - Assets
Fair value measurement - Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | $ 81,071 | $ 86,622 |
Trading assets: | ||
Total derivatives fair value | 8,315 | 11,151 |
Effect of master netting agreements | (6,336) | (8,206) |
Total derivative assets | 1,979 | 2,945 |
Trading assets | 10,562 | 9,908 |
Other assets | 1,188 | 971 |
Trading liabilities: | ||
Total derivatives fair value | 8,905 | 11,277 |
Effect of master netting agreements | (5,972) | (8,243) |
Derivative liabilities | 2,933 | 3,034 |
Other liabilities | 297 | 221 |
Interest rate contracts | ||
Trading assets: | ||
Effect of master netting agreements | (870) | (986) |
Trading liabilities: | ||
Effect of master netting agreements | (664) | (798) |
Foreign exchange contracts | ||
Trading assets: | ||
Effect of master netting agreements | (5,452) | (7,215) |
Trading liabilities: | ||
Effect of master netting agreements | (5,235) | (7,444) |
Equity contracts | ||
Trading assets: | ||
Effect of master netting agreements | (14) | (5) |
Trading liabilities: | ||
Effect of master netting agreements | (73) | (1) |
U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 23,008 | 29,533 |
Sovereign debt/sovereign guaranteed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 9,145 | 10,364 |
Agency residential mortgage-backed securities (“RMBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 10,183 | 8,957 |
Agency commercial mortgage-backed securities (“MBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 7,741 | 8,060 |
Supranational | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 8,029 | 7,734 |
Foreign covered bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 6,110 | 5,758 |
Collateralized loan obligations (“CLOs”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 5,801 | 5,343 |
U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 2,882 | 2,294 |
Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 1,867 | 2,029 |
State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 12 | |
Other asset-backed securities (“ABS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 1,043 | 1,319 |
Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 1 | 1 |
Not designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 8,092 | 10,832 |
Trading liabilities: | ||
Total derivatives fair value | 8,616 | 11,057 |
Not designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 1,142 | 1,297 |
Trading liabilities: | ||
Total derivatives fair value | 1,438 | 1,584 |
Not designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 6,935 | 9,433 |
Trading liabilities: | ||
Total derivatives fair value | 7,052 | 9,456 |
Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivatives fair value | 15 | 102 |
Trading liabilities: | ||
Total derivatives fair value | 120 | 13 |
Designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 223 | 319 |
Trading liabilities: | ||
Total derivatives fair value | 289 | 220 |
Designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 209 | 205 |
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 14 | 114 |
Trading liabilities: | ||
Total derivatives fair value | 289 | 220 |
Measured at fair value on a recurring basis | Operating segments | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 81,071 | 86,622 |
Trading assets: | ||
Debt instruments | 4,350 | 3,491 |
Equity instruments | 4,456 | 3,791 |
Effect of master netting agreements | (6,336) | (8,206) |
Trading assets | 10,562 | 9,908 |
Other assets | 818 | 514 |
Total other assets | 1,041 | 833 |
Total assets | 92,821 | 97,501 |
Trading liabilities: | ||
Total trading liabilities | 6,319 | 5,385 |
Effect of master netting agreements | (5,972) | (8,243) |
Derivative liabilities | 289 | |
Other liabilities | 8 | 1 |
Total other liabilities | 297 | 221 |
Total liabilities | 6,616 | 5,606 |
Measured at fair value on a recurring basis | Operating segments | Interest rate contracts | ||
Trading assets: | ||
Effect of master netting agreements | (870) | (986) |
Trading liabilities: | ||
Effect of master netting agreements | (664) | (798) |
Measured at fair value on a recurring basis | Operating segments | Foreign exchange contracts | ||
Trading assets: | ||
Effect of master netting agreements | (5,452) | (7,215) |
Trading liabilities: | ||
Effect of master netting agreements | (5,235) | (7,444) |
Measured at fair value on a recurring basis | Operating segments | Equity contracts | ||
Trading assets: | ||
Effect of master netting agreements | (14) | (5) |
Trading liabilities: | ||
Effect of master netting agreements | (73) | (1) |
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, amount | 23,008 | 29,533 |
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, amount | 9,145 | 10,364 |
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, amount | 10,183 | 8,957 |
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, amount | 7,741 | 8,060 |
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, amount | 8,029 | 7,734 |
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, amount | 6,110 | 5,758 |
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, amount | 5,801 | 5,343 |
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, amount | 2,952 | 2,977 |
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, amount | 2,882 | 2,294 |
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, amount | 2,309 | 2,241 |
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, amount | 1,867 | 2,029 |
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, amount | 12 | |
Measured at fair value on a recurring basis | Operating segments | Other asset-backed securities (“ABS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 1,043 | 1,319 |
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, amount | 1 | 1 |
Measured at fair value on a recurring basis | Operating segments | Not designated as hedging | ||
Trading assets: | ||
Total derivative assets | 1,756 | 2,626 |
Trading liabilities: | ||
Derivative liabilities | 2,644 | 2,814 |
Measured at fair value on a recurring basis | Operating segments | Not designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivative assets | 272 | 311 |
Trading liabilities: | ||
Derivative liabilities | 774 | 786 |
Measured at fair value on a recurring basis | Operating segments | Not designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivative assets | 1,483 | 2,218 |
Trading liabilities: | ||
Derivative liabilities | 1,817 | 2,012 |
Measured at fair value on a recurring basis | Operating segments | Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivative assets | 1 | 97 |
Trading liabilities: | ||
Derivative liabilities | 53 | 16 |
Measured at fair value on a recurring basis | Operating segments | Designated as hedging | ||
Trading assets: | ||
Total derivative assets | 223 | 319 |
Trading liabilities: | ||
Derivative liabilities | 220 | |
Measured at fair value on a recurring basis | Operating segments | Designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivative assets | 209 | 205 |
Measured at fair value on a recurring basis | Operating segments | Designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivative assets | 14 | 114 |
Trading liabilities: | ||
Derivative liabilities | 289 | 220 |
Measured at fair value on a recurring basis | Operating segments | Debt instruments | ||
Trading liabilities: | ||
Total trading liabilities | 3,670 | 2,474 |
Measured at fair value on a recurring basis | Operating segments | Equity instruments | ||
Trading liabilities: | ||
Total trading liabilities | 5 | 97 |
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, amount | 26,005 | 33,770 |
Trading assets: | ||
Debt instruments | 2,436 | 1,590 |
Equity instruments | 4,456 | 3,791 |
Trading assets | 6,909 | 5,395 |
Other assets | 496 | 294 |
Total other assets | 496 | 294 |
Total assets | $ 33,410 | $ 39,459 |
Percentage of total assets prior to netting | 34% | 37% |
Trading liabilities: | ||
Total trading liabilities | $ 3,642 | $ 2,476 |
Total derivatives fair value | 0 | |
Other liabilities | 0 | 0 |
Total other liabilities | 0 | 0 |
Total liabilities | $ 3,642 | $ 2,476 |
Percentage of total liabilities prior to netting | 29% | 18% |
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, amount | $ 23,008 | $ 29,533 |
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, amount | 2,997 | 4,237 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | |
Measured at fair value on a recurring basis | Operating segments | Level 1 | Other asset-backed securities (“ABS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 0 | 0 |
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, amount | 0 | 0 |
Measured at fair value on a recurring basis | Operating segments | Level 1 | Not designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 17 | 14 |
Trading liabilities: | ||
Total derivatives fair value | 14 | 6 |
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 | 16 | 10 |
Trading liabilities: | ||
Total derivatives fair value | 7 | 6 |
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 | 2 | 0 |
Measured at fair value on a recurring basis | Operating segments | Level 1 | Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivatives fair value | 1 | 4 |
Trading liabilities: | ||
Total derivatives fair value | 5 | 0 |
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 | |
Measured at fair value on a recurring basis | Operating segments | Level 1 | Designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
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 |
Measured at fair value on a recurring basis | Operating segments | Level 1 | Debt instruments | ||
Trading liabilities: | ||
Total trading liabilities | 3,623 | 2,373 |
Measured at fair value on a recurring basis | Operating segments | Level 1 | Equity instruments | ||
Trading liabilities: | ||
Total trading liabilities | 5 | 97 |
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, amount | 55,066 | 52,852 |
Trading assets: | ||
Debt instruments | 1,914 | 1,901 |
Equity instruments | 0 | 0 |
Trading assets | 9,989 | 12,719 |
Other assets | 322 | 220 |
Total other assets | 545 | 539 |
Total assets | $ 65,600 | $ 66,110 |
Percentage of total assets prior to netting | 66% | 63% |
Trading liabilities: | ||
Total trading liabilities | $ 8,649 | $ 11,152 |
Total derivatives fair value | 289 | |
Other liabilities | 8 | 1 |
Total other liabilities | 297 | 221 |
Total liabilities | $ 8,946 | $ 11,373 |
Percentage of total liabilities prior to netting | 71% | 82% |
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, amount | $ 0 | $ 0 |
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, amount | 6,148 | 6,127 |
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, amount | 10,183 | 8,957 |
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, amount | 7,741 | 8,060 |
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, amount | 8,029 | 7,734 |
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, amount | 6,110 | 5,758 |
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, amount | 5,801 | 5,343 |
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, amount | 2,952 | 2,977 |
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, amount | 2,882 | 2,294 |
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, amount | 2,309 | 2,241 |
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, amount | 1,867 | 2,029 |
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, amount | 12 | |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Other asset-backed securities (“ABS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 1,043 | 1,319 |
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, amount | 1 | 1 |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Not designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 8,075 | 10,818 |
Trading liabilities: | ||
Total derivatives fair value | 8,602 | 11,051 |
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 | 1,126 | 1,287 |
Trading liabilities: | ||
Total derivatives fair value | 1,431 | 1,578 |
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 | 6,935 | 9,433 |
Trading liabilities: | ||
Total derivatives fair value | 7,050 | 9,456 |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivatives fair value | 14 | 98 |
Trading liabilities: | ||
Total derivatives fair value | 121 | 17 |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 223 | 319 |
Trading liabilities: | ||
Total derivatives fair value | 220 | |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 209 | 205 |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 14 | 114 |
Trading liabilities: | ||
Total derivatives fair value | 289 | 220 |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Debt instruments | ||
Trading liabilities: | ||
Total trading liabilities | 47 | 101 |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Equity instruments | ||
Trading liabilities: | ||
Total trading liabilities | 0 | 0 |
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, amount | 0 | 0 |
Trading assets: | ||
Debt instruments | 0 | 0 |
Equity instruments | 0 | 0 |
Trading assets | 0 | 0 |
Other assets | 0 | 0 |
Total other assets | 0 | 0 |
Total assets | $ 0 | $ 0 |
Percentage of total assets prior to netting | 0% | 0% |
Trading liabilities: | ||
Total trading liabilities | $ 0 | $ 0 |
Total derivatives fair value | 0 | |
Other liabilities | 0 | 0 |
Total other liabilities | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Percentage of total liabilities prior to netting | 0% | 0% |
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, amount | $ 0 | $ 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | 0 |
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, amount | 0 | |
Measured at fair value on a recurring basis | Operating segments | Level 3 | Other asset-backed securities (“ABS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale, amount | 0 | 0 |
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, amount | 0 | 0 |
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 |
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 |
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 |
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 |
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 | |
Measured at fair value on a recurring basis | Operating segments | Level 3 | Designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
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 |
Measured at fair value on a recurring basis | Operating segments | Level 3 | Debt instruments | ||
Trading liabilities: | ||
Total trading liabilities | 0 | 0 |
Measured at fair value on a recurring basis | Operating segments | Level 3 | Equity instruments | ||
Trading liabilities: | ||
Total trading liabilities | 0 | 0 |
Measured at fair value on a recurring basis | Operating segments | NAV | ||
Trading assets: | ||
Assets measured at NAV | $ 147 | $ 138 |
Fair value measurement - Certai
Fair value measurement - Certain Items on Recurring Basis (Details) - Measured at fair value on a recurring basis - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,867 | $ 2,029 |
Non-agency RMBS | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 86% | 86% |
Non-agency RMBS | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 2% | 2% |
Non-agency RMBS | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-agency RMBS | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 6% | 7% |
Non-agency RMBS | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 6% | 5% |
Non-agency RMBS | 2008-2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,596 | $ 1,728 |
Non-agency RMBS | 2008-2023 | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Non-agency RMBS | 2008-2023 | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-agency RMBS | 2008-2023 | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-agency RMBS | 2008-2023 | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-agency RMBS | 2008-2023 | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-agency RMBS | 2007 and earlier | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 271 | $ 301 |
Non-agency RMBS | 2007 and earlier | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 4% | 5% |
Non-agency RMBS | 2007 and earlier | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 14% | 13% |
Non-agency RMBS | 2007 and earlier | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 1% | 1% |
Non-agency RMBS | 2007 and earlier | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 42% | 45% |
Non-agency RMBS | 2007 and earlier | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 39% | 36% |
Non-agency commercial MBS | 2009-2023 | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 2,952 | $ 2,977 |
Non-agency commercial MBS | 2009-2023 | AAA/ AA- | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Non-agency commercial MBS | 2009-2023 | A/ A- | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-agency commercial MBS | 2009-2023 | BBB/ BBB- | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-agency commercial MBS | 2009-2023 | BB and lower | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-agency commercial MBS | 2009-2023 | Not Rated | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 6,110 | $ 5,758 |
Foreign covered bonds | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Foreign covered bonds | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Canada | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 2,503 | $ 2,384 |
Foreign covered bonds | Canada | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Foreign covered bonds | Canada | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Canada | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Canada | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Canada | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | UK | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,056 | $ 1,215 |
Foreign covered bonds | UK | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Foreign covered bonds | UK | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | UK | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | UK | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | UK | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Australia | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 731 | $ 696 |
Foreign covered bonds | Australia | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Foreign covered bonds | Australia | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Australia | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Australia | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Australia | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Germany | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 595 | $ 542 |
Foreign covered bonds | Germany | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Foreign covered bonds | Germany | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Germany | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Germany | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Germany | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Norway | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 274 | $ 377 |
Foreign covered bonds | Norway | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Foreign covered bonds | Norway | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Norway | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Norway | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Norway | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 951 | $ 544 |
Foreign covered bonds | Other | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Foreign covered bonds | Other | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Other | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Other | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign covered bonds | Other | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 9,145 | $ 10,364 |
Sovereign debt/sovereign guaranteed | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 87% | 88% |
Sovereign debt/sovereign guaranteed | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 7% | 6% |
Sovereign debt/sovereign guaranteed | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 5% | 5% |
Sovereign debt/sovereign guaranteed | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 1% | 1% |
Sovereign debt/sovereign guaranteed | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Canada | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 617 | $ 702 |
Sovereign debt/sovereign guaranteed | Canada | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Sovereign debt/sovereign guaranteed | Canada | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Canada | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Canada | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Canada | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | UK | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,575 | $ 2,225 |
Sovereign debt/sovereign guaranteed | UK | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Sovereign debt/sovereign guaranteed | UK | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | UK | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | UK | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | UK | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Germany | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 2,839 | $ 3,103 |
Sovereign debt/sovereign guaranteed | Germany | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Sovereign debt/sovereign guaranteed | Germany | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Germany | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Germany | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Germany | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 433 | $ 343 |
Sovereign debt/sovereign guaranteed | Other | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 62% | 55% |
Sovereign debt/sovereign guaranteed | Other | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 10% | 9% |
Sovereign debt/sovereign guaranteed | Other | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Other | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 28% | 36% |
Sovereign debt/sovereign guaranteed | Other | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | France | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,647 | $ 1,665 |
Sovereign debt/sovereign guaranteed | France | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Sovereign debt/sovereign guaranteed | France | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | France | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | France | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | France | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Singapore | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 567 | $ 797 |
Sovereign debt/sovereign guaranteed | Singapore | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Sovereign debt/sovereign guaranteed | Singapore | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Singapore | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Singapore | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Singapore | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Japan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 474 | $ 475 |
Sovereign debt/sovereign guaranteed | Japan | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Japan | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Sovereign debt/sovereign guaranteed | Japan | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Japan | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Japan | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Spain | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 299 | $ 214 |
Sovereign debt/sovereign guaranteed | Spain | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Spain | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 27% | 40% |
Sovereign debt/sovereign guaranteed | Spain | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 73% | 60% |
Sovereign debt/sovereign guaranteed | Spain | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Spain | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Hong Kong | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 251 | $ 273 |
Sovereign debt/sovereign guaranteed | Hong Kong | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Sovereign debt/sovereign guaranteed | Hong Kong | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Hong Kong | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Hong Kong | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Hong Kong | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Austria | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 226 | $ 177 |
Sovereign debt/sovereign guaranteed | Austria | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Sovereign debt/sovereign guaranteed | Austria | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Austria | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Austria | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Austria | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Italy | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 217 | $ 390 |
Sovereign debt/sovereign guaranteed | Italy | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Italy | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Italy | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Sovereign debt/sovereign guaranteed | Italy | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Italy | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 2,309 | $ 2,241 |
Foreign government agencies | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 95% | 95% |
Foreign government agencies | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 5% | 5% |
Foreign government agencies | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Canada | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 743 | $ 652 |
Foreign government agencies | Canada | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 85% | 83% |
Foreign government agencies | Canada | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 15% | 17% |
Foreign government agencies | Canada | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Canada | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Canada | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Norway | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 430 | $ 427 |
Foreign government agencies | Norway | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Foreign government agencies | Norway | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Norway | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Norway | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Norway | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 376 | $ 299 |
Foreign government agencies | Other | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Foreign government agencies | Other | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Other | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Other | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Other | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | France | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 231 | $ 240 |
Foreign government agencies | France | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Foreign government agencies | France | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | France | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | France | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | France | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Netherlands | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 300 | $ 363 |
Foreign government agencies | Netherlands | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Foreign government agencies | Netherlands | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Netherlands | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Netherlands | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Netherlands | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Sweden | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 229 | $ 260 |
Foreign government agencies | Sweden | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Foreign government agencies | Sweden | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Sweden | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Sweden | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Foreign government agencies | Sweden | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Sovereign debt/sovereign guaranteed | Sovereign debt/sovereign guaranteed | Brazil | Carrying amount | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 123 | $ 123 |
Fair value measurement - Asse_2
Fair value measurement - Assets on Nonrecurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | $ 1,188 | $ 971 |
Decrease in fair value of loans | 3 | |
Measured at fair value on a nonrecurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 29 | 33 |
Other assets | 450 | 448 |
Total assets | 479 | 481 |
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 | 29 | 33 |
Other assets | 450 | 448 |
Total assets | 479 | 481 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | $ 118,908 | $ 91,655 |
Interest-bearing deposits with banks | 12,316 | 17,169 |
Securities held-to-maturity | 47,242 | 49,992 |
Other financial assets | 1,188 | 971 |
Liabilities: | ||
Noninterest-bearing deposits | 67,678 | 78,017 |
Payables to customers and broker-dealers | 21,084 | 23,435 |
Estimated fair value | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 118,908 | 91,655 |
Interest-bearing deposits with banks | 12,309 | 17,167 |
Federal funds sold and securities purchased under resale agreements | 35,378 | 24,298 |
Securities held-to-maturity | 47,242 | 49,992 |
Loans | 62,768 | 64,668 |
Other financial assets | 7,689 | 6,847 |
Total assets | 284,294 | 254,627 |
Liabilities: | ||
Noninterest-bearing deposits | 67,678 | 78,017 |
Interest-bearing deposits | 219,154 | 196,258 |
Federal funds purchased and securities sold under repurchase agreements | 21,285 | 12,335 |
Payables to customers and broker-dealers | 21,084 | 23,435 |
Borrowings | 2,131 | 911 |
Long-term debt | 30,963 | 28,977 |
Total liabilities | 362,295 | 339,933 |
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 | 10,148 | 10,948 |
Loans | 0 | 0 |
Other financial assets | 5,720 | 5,030 |
Total assets | 15,868 | 15,978 |
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 | 118,908 | 91,655 |
Interest-bearing deposits with banks | 12,309 | 17,167 |
Federal funds sold and securities purchased under resale agreements | 35,378 | 24,298 |
Securities held-to-maturity | 37,094 | 39,044 |
Loans | 62,768 | 64,668 |
Other financial assets | 1,969 | 1,817 |
Total assets | 268,426 | 238,649 |
Liabilities: | ||
Noninterest-bearing deposits | 67,678 | 78,017 |
Interest-bearing deposits | 219,154 | 196,258 |
Federal funds purchased and securities sold under repurchase agreements | 21,285 | 12,335 |
Payables to customers and broker-dealers | 21,084 | 23,435 |
Borrowings | 2,131 | 911 |
Long-term debt | 30,963 | 28,977 |
Total liabilities | 362,295 | 339,933 |
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 financial assets | 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 | 118,908 | 91,655 |
Interest-bearing deposits with banks | 12,316 | 17,169 |
Federal funds sold and securities purchased under resale agreements | 35,378 | 24,298 |
Securities held-to-maturity | 53,162 | 56,194 |
Loans | 63,638 | 65,230 |
Other financial assets | 7,689 | 6,847 |
Total assets | 291,091 | 261,393 |
Liabilities: | ||
Noninterest-bearing deposits | 67,678 | 78,017 |
Interest-bearing deposits | 224,367 | 200,953 |
Federal funds purchased and securities sold under repurchase agreements | 21,285 | 12,335 |
Payables to customers and broker-dealers | 21,084 | 23,435 |
Borrowings | 2,131 | 911 |
Long-term debt | 32,463 | 30,458 |
Total liabilities | $ 369,008 | $ 346,109 |
Fair value option - Assets and
Fair value option - Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets of consolidated investment management funds: | ||
Trading assets | $ 10,562 | $ 9,908 |
Other assets | 1,188 | 971 |
Liabilities of consolidated investment management funds: | ||
Other liabilities | 297 | 221 |
Investment Management funds | ||
Assets of consolidated investment management funds: | ||
Trading assets | 484 | 203 |
Other assets | 15 | 6 |
Total assets | 499 | 209 |
Liabilities of consolidated investment management funds: | ||
Other liabilities | 8 | 1 |
Total liabilities | $ 8 | $ 1 |
Fair value option - Narrative (
Fair value option - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Subordinated notes, fair value | $ 8 | $ 10 |
Derivative instruments - Narrat
Derivative instruments - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
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 | (1,000,000) | $ (4,000,000) | $ 7,000,000 | $ (5,000,000) | $ 10,000,000 | |
Value-at-risk methodology assumed holding period for instruments | 1 day | |||||
Value-at-risk methodology confidence level percentage | 99% | |||||
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 | 243,000,000 | $ 243,000,000 | $ 214,000,000 | |||
Foreign exchange contracts | Net investment hedging | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Hedged financial instruments, notional amount of derivative | 10,300,000,000 | 10,300,000,000 | ||||
Foreign exchange contracts | Forecasted Foreign Currency | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Gain to be reclassified in next 12 months from AOCI to earnings | 5,000,000 | |||||
Foreign exchange contracts | Forecasted Foreign Currency | Cash flow hedges | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Hedged financial instruments, notional amount of derivative | $ 589,000,000 | $ 589,000,000 | ||||
Original maturities, maximum, of hedged instruments | 15 months | |||||
Pre-tax gain recognized in OCI related to cash flow hedges | $ 5,000,000 | |||||
Foreign Exchange Forward | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Hedging derivatives, maturities, maximum | 1 year | 1 year | ||||
Securities – Available-for-sale | Interest rate swap | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Hedged financial instruments | $ 29,400,000,000 | $ 29,400,000,000 | ||||
Hedged financial instruments, notional amount of derivative | 29,700,000,000 | 29,700,000,000 | ||||
Securities – Available-for-sale | Foreign Exchange Forward | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Hedged financial instruments | 0 | 0 | ||||
Long-term debt | Interest rate swap | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Hedged financial instruments | 24,200,000,000 | 24,200,000,000 | ||||
Hedged financial instruments, notional amount of derivative | 24,200,000,000 | $ 24,200,000,000 | ||||
Original maturities, minimum, of hedged instruments | 5 years | |||||
Original maturities, maximum, of hedged instruments | 30 years | |||||
Not Designated as Hedging Instrument, Economic Hedge | Equity Swap | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Gain or (loss) recognized in income on derivatives | $ 8,000,000 | $ 7,000,000 | $ (30,000,000) | $ 15,000,000 | $ (43,000,000) |
Derivative instruments - Gains
Derivative instruments - Gains (Losses) Related to Hedging Derivative Portfolio Recognized in the Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
(Loss) gain recognized in the consolidated income statement due to fair value and cash flow hedging relationships | $ (1) | $ (4) | $ 7 | $ (5) | $ 10 |
Interest rate contracts | Securities – Available-for-sale | Interest revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized on derivatives | 388 | (435) | 866 | (47) | 2,350 |
Gain or (loss) recognized on hedged item | (389) | 434 | (858) | 45 | (2,338) |
Interest rate contracts | Long-term debt | Interest expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized on derivatives | (277) | 279 | (292) | 2 | (1,033) |
Gain or (loss) recognized on hedged item | 278 | (279) | 291 | (1) | 1,031 |
FX contracts | Staff expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Loss (gain) on cash flow hedges | 0 | (3) | (1) | (3) | (1) |
FX contracts | Investment and other income | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Loss (gain) on cash flow hedges | (1) | 0 | 0 | (1) | 0 |
FX contracts | Securities – Available-for-sale | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain from components excluded from assessment of fair value hedge effectiveness, net (less than) | 0 | 0 | 1 | 0 | 1 |
FX contracts | Securities – Available-for-sale | Foreign exchange revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized on derivatives | 0 | 0 | (1) | 0 | (2) |
Gain or (loss) recognized on hedged item | $ 0 | $ 0 | $ 2 | $ 0 | $ 3 |
Derivative instruments - Impact
Derivative instruments - Impact of Hedging Derivatives Used in Net Investment Hedging Relationships (Details) - FX contracts - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized in accumulated OCI on derivatives | $ (152) | $ (111) | $ 505 | $ (263) | $ 648 |
Securities – Available-for-sale | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain from components excluded from assessment of fair value hedge effectiveness, net (less than) | 0 | 0 | 1 | 0 | 1 |
Net interest revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) reclassified from accumulated OCI into income | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative instruments - Hedged
Derivative instruments - Hedged Items in Fair Value Hedging Relationships (Details) - Fair value hedging - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Securities – Available-for-sale | ||
Derivative [Line Items] | ||
Carrying amount of hedged asset or liability, Available-for-sale securities | $ 29,310 | $ 31,370 |
Hedge accounting basis adjustment increase (decrease), Available-for-sale securities | (2,406) | (2,678) |
Hedge accounting basis adjustment increase (decrease), discontinued hedges | 440 | (1) |
Long-term debt | ||
Derivative [Line Items] | ||
Carrying amount of hedged asset or liability, Long-term debt | 23,014 | 23,510 |
Hedge accounting basis adjustment increase (decrease), Long-term debt | (1,221) | (1,232) |
Hedged liability, discontinued fair value hedge, cumulative increase (decrease) | $ (55) | $ (48) |
Derivative instruments - Impa_2
Derivative instruments - Impact of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Asset derivatives fair value | ||
Total derivatives fair value | $ 8,315 | $ 11,151 |
Effect of master netting agreements | (6,336) | (8,206) |
Fair value after effect of master netting agreements | 1,979 | 2,945 |
Liability derivatives fair value | ||
Total derivatives fair value | 8,905 | 11,277 |
Effect of master netting agreements | (5,972) | (8,243) |
Fair value after effect of master netting agreements | 2,933 | 3,034 |
Derivative asset, collateral, obligation to return cash, offset | 1,468 | 1,786 |
Derivative liability, collateral, right to reclaim cash, offset | 1,104 | 1,823 |
Interest rate contracts | ||
Asset derivatives fair value | ||
Effect of master netting agreements | (870) | (986) |
Liability derivatives fair value | ||
Effect of master netting agreements | (664) | (798) |
Foreign exchange contracts | ||
Asset derivatives fair value | ||
Effect of master netting agreements | (5,452) | (7,215) |
Liability derivatives fair value | ||
Effect of master netting agreements | (5,235) | (7,444) |
Equity contracts | ||
Asset derivatives fair value | ||
Effect of master netting agreements | (14) | (5) |
Liability derivatives fair value | ||
Effect of master netting agreements | (73) | (1) |
Designated as hedging | ||
Asset derivatives fair value | ||
Total derivatives fair value | 223 | 319 |
Liability derivatives fair value | ||
Total derivatives fair value | 289 | 220 |
Designated as hedging | Interest rate contracts | ||
Notional value | ||
Notional amount of hedge | 53,907 | 56,142 |
Asset derivatives fair value | ||
Total derivatives fair value | 209 | 205 |
Liability derivatives fair value | ||
Total derivatives fair value | 0 | 0 |
Designated as hedging | Foreign exchange contracts | ||
Notional value | ||
Notional amount of hedge | 10,876 | 10,096 |
Asset derivatives fair value | ||
Total derivatives fair value | 14 | 114 |
Liability derivatives fair value | ||
Total derivatives fair value | 289 | 220 |
Not designated as hedging | ||
Asset derivatives fair value | ||
Total derivatives fair value | 8,092 | 10,832 |
Liability derivatives fair value | ||
Total derivatives fair value | 8,616 | 11,057 |
Not designated as hedging | Interest rate contracts | ||
Notional value | ||
Notional amount of hedge | 244,712 | 190,917 |
Asset derivatives fair value | ||
Total derivatives fair value | 1,142 | 1,297 |
Liability derivatives fair value | ||
Total derivatives fair value | 1,438 | 1,584 |
Not designated as hedging | Foreign exchange contracts | ||
Notional value | ||
Notional amount of hedge | 962,813 | 880,948 |
Asset derivatives fair value | ||
Total derivatives fair value | 6,935 | 9,433 |
Liability derivatives fair value | ||
Total derivatives fair value | 7,052 | 9,456 |
Not designated as hedging | Equity contracts | ||
Notional value | ||
Notional amount of hedge | 3,754 | 2,993 |
Asset derivatives fair value | ||
Total derivatives fair value | 15 | 102 |
Liability derivatives fair value | ||
Total derivatives fair value | 120 | 13 |
Not designated as hedging | Credit contracts | ||
Notional value | ||
Notional amount of hedge | 220 | 200 |
Asset derivatives fair value | ||
Total derivatives fair value | 0 | 0 |
Liability derivatives fair value | ||
Total derivatives fair value | $ 6 | $ 4 |
Derivative instruments - Revenu
Derivative instruments - Revenue from Foreign Exchange and Other Trading (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Foreign exchange revenue | $ 158 | $ 176 | $ 222 | $ 334 | $ 429 |
Other trading revenue | 53 | 45 | 45 | 98 | 50 |
Gain or (loss) recognized in income on derivatives | $ (1) | $ (4) | $ 7 | $ (5) | $ 10 |
Derivative instruments - Contra
Derivative instruments - Contracts Falling under Early Termination Provisions (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Credit Derivatives [Line Items] | ||
Aggregate fair value of OTC derivatives in net liability positions | $ 2,006 | $ 3,069 |
Collateral posted | 2,680 | 3,484 |
A3 | A- | ||
Credit Derivatives [Line Items] | ||
Aggregate fair value of OTC derivatives in net liability positions | 162 | 20 |
Baa2 | BBB | ||
Credit Derivatives [Line Items] | ||
Aggregate fair value of OTC derivatives in net liability positions | 792 | 545 |
Ba1 | BB+ and lower | ||
Credit Derivatives [Line Items] | ||
Aggregate fair value of OTC derivatives in net liability positions | $ 1,411 | $ 1,803 |
Derivative instruments - Offset
Derivative instruments - Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Asset | ||
Derivatives subject to netting arrangements, Gross assets recognized | $ 7,380 | $ 10,223 |
Total derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 6,336 | 8,206 |
Derivatives subject to netting arrangements, Net assets recognized in the balance sheet | 1,044 | 2,017 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 180 | 347 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Total derivatives subject to netting arrangements, Net amount | 864 | 1,670 |
Total derivatives not subject to netting arrangements | 935 | 928 |
Total derivatives, Gross assets recognized | 8,315 | 11,151 |
Fair value after effect of master netting agreements | 1,979 | 2,945 |
Total derivatives, Net amount | 1,799 | 2,598 |
Reverse repurchase agreements, Gross assets recognized | 158,167 | 75,614 |
Reverse repurchase agreements, Gross amounts offset in the balance sheet | 132,196 | 60,322 |
Reverse repurchase agreements, Net assets recognized on the balance sheet | 25,971 | 15,292 |
Reverse repurchase agreements, Gross amounts not offset in the balance sheet, Financial instruments | 25,855 | 15,182 |
Reverse repurchase agreements, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Reverse repurchase agreements, Net amount | 116 | 110 |
Securities borrowing, Gross asset recognized | 9,407 | 9,006 |
Securities borrowing, Net assets recognized on the balance sheet | 9,407 | 9,006 |
Securities borrowing, Gross amounts not offset in the balance sheet, Financial instruments | 9,016 | 8,531 |
Securities borrowing, Net amount | 391 | 475 |
Total, Gross assets recognized | 175,889 | 95,771 |
Total, Gross amounts offset in the balance sheet | 138,532 | 68,528 |
Total, Net assets recognized on the balance sheet | 37,357 | 27,243 |
Total, Gross amounts not offset in the balance sheet, Financial instruments | 35,051 | 24,060 |
Total, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Total, Net amount | 2,306 | 3,183 |
Derivative Liability | ||
Derivatives subject to netting arrangements, Gross liabilities recognized | 8,075 | 10,582 |
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 5,972 | 8,243 |
Derivatives subject to netting arrangements, Net liabilities recognized in the balance sheet | 2,103 | 2,339 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 235 | 118 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 |
Total derivatives subject to netting arrangement, Net amount | 1,868 | 2,221 |
Total derivatives not subject to netting arrangements | 830 | 695 |
Total derivatives, Gross liabilities recognized | 8,905 | 11,277 |
Fair value after effect of master netting agreements | 2,933 | 3,034 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 2,698 | 2,916 |
Repurchase agreements, Gross liabilities recognized | 151,707 | 70,830 |
Repurchase agreements, Gross amounts offset in the balance sheet | 132,196 | 60,322 |
Repurchase agreements, Net liabilities recognized on the balance sheet | 19,511 | 10,508 |
Repurchase agreements, Gross amounts not offset in the balance sheet, Financial instruments | 19,417 | 10,476 |
Repurchase agreements, Gross amounts not offset in the balance sheet, Cash collateral pledged | 94 | 31 |
Repurchase agreements, Net amount | 0 | 1 |
Securities lending, Gross liabilities recognized | 1,774 | 1,827 |
Securities lending, Net liabilities recognized on the balance sheet | 1,774 | 1,827 |
Securities lending, Gross amounts not offset in the balance sheet, Financial instruments | 1,718 | 1,754 |
Securities lending, Net amount | 56 | 73 |
Total, Gross liabilities recognized | 162,386 | 83,934 |
Total, Gross amounts offset in the balance sheet | 138,168 | 68,565 |
Total, Net liabilities recognized on the balance sheet | 24,218 | 15,369 |
Total, Gross amounts not offset in the balance sheet, Financial instruments | 21,370 | 12,348 |
Total, Gross amounts not offset in the balance sheet, Cash collateral pledged | 94 | 31 |
Total, Net amount | 2,754 | 2,990 |
Interest rate contracts | ||
Derivative Asset | ||
Derivatives subject to netting arrangements, Gross assets recognized | 1,090 | 1,208 |
Total derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 870 | 986 |
Derivatives subject to netting arrangements, Net assets recognized in the balance sheet | 220 | 222 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 33 | 33 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Total derivatives subject to netting arrangements, Net amount | 187 | 189 |
Derivative Liability | ||
Derivatives subject to netting arrangements, Gross liabilities recognized | 1,187 | 1,306 |
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 664 | 798 |
Derivatives subject to netting arrangements, Net liabilities recognized in the balance sheet | 523 | 508 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 59 | 67 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 |
Total derivatives subject to netting arrangement, Net amount | 464 | 441 |
Foreign exchange contracts | ||
Derivative Asset | ||
Derivatives subject to netting arrangements, Gross assets recognized | 6,275 | 8,920 |
Total derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 5,452 | 7,215 |
Derivatives subject to netting arrangements, Net assets recognized in the balance sheet | 823 | 1,705 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 147 | 314 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Total derivatives subject to netting arrangements, Net amount | 676 | 1,391 |
Derivative Liability | ||
Derivatives subject to netting arrangements, Gross liabilities recognized | 6,777 | 9,261 |
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 5,235 | 7,444 |
Derivatives subject to netting arrangements, Net liabilities recognized in the balance sheet | 1,542 | 1,817 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 176 | 51 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 |
Total derivatives subject to netting arrangement, Net amount | 1,366 | 1,766 |
Equity and other contracts | ||
Derivative Asset | ||
Derivatives subject to netting arrangements, Gross assets recognized | 15 | 95 |
Total derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 14 | 5 |
Derivatives subject to netting arrangements, Net assets recognized in the balance sheet | 1 | 90 |
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 |
Total derivatives subject to netting arrangements, Net amount | 1 | 90 |
Derivative Liability | ||
Derivatives subject to netting arrangements, Gross liabilities recognized | 111 | 15 |
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 73 | 1 |
Derivatives subject to netting arrangements, Net liabilities recognized in the balance sheet | 38 | 14 |
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 pledged | 0 | 0 |
Total derivatives subject to netting arrangement, Net amount | $ 38 | $ 14 |
Derivative instruments - Secure
Derivative instruments - Secured Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 151,707 | $ 70,830 |
Securities lending | 1,774 | 1,827 |
Total borrowings | 153,481 | 72,657 |
Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 137,186 | 65,180 |
Securities lending | 1,774 | 1,827 |
Total borrowings | 138,960 | 67,007 |
Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,570 | 800 |
Securities lending | 0 | 0 |
Total borrowings | 1,570 | 800 |
30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 11,526 | 3,825 |
Securities lending | 0 | 0 |
Total borrowings | 11,526 | 3,825 |
Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,425 | 1,025 |
Securities lending | 0 | 0 |
Total borrowings | 1,425 | 1,025 |
U.S. Treasury | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 135,985 | 63,788 |
U.S. Treasury | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 133,632 | 62,401 |
U.S. Treasury | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 759 | 7 |
U.S. Treasury | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 911 | 827 |
U.S. Treasury | Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 683 | 553 |
Agency residential mortgage-backed securities (“RMBS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 9,834 | 1,953 |
Securities lending | 109 | 110 |
Agency residential mortgage-backed securities (“RMBS”) | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,939 | 1,460 |
Securities lending | 109 | 110 |
Agency residential mortgage-backed securities (“RMBS”) | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 511 | 493 |
Securities lending | 0 | 0 |
Agency residential mortgage-backed securities (“RMBS”) | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 7,357 | 0 |
Securities lending | 0 | 0 |
Agency residential mortgage-backed securities (“RMBS”) | Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 27 | 0 |
Securities lending | 0 | 0 |
Corporate bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,928 | 1,275 |
Corporate bonds | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 102 | 99 |
Corporate bonds | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 145 | 88 |
Corporate bonds | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,167 | 782 |
Corporate bonds | Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 514 | 306 |
State and political subdivisions | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 730 | 689 |
State and political subdivisions | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 31 | 38 |
State and political subdivisions | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 45 | 49 |
State and political subdivisions | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 460 | 443 |
State and political subdivisions | Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 194 | 159 |
U.S. government agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 113 | 161 |
U.S. government agencies | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 107 | 161 |
U.S. government agencies | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 3 | 0 |
U.S. government agencies | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 3 | 0 |
U.S. government agencies | Over 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 | 1,371 | 1,008 |
Sovereign debt/sovereign guaranteed | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,371 | 1,008 |
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 | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Sovereign debt/sovereign guaranteed | Over 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 | 142 | 214 |
Securities lending | 39 | 66 |
Other debt securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 4 | 13 |
Securities lending | 39 | 66 |
Other debt securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 87 | 102 |
Securities lending | 0 | 0 |
Other debt securities | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 44 | 92 |
Securities lending | 0 | 0 |
Other debt securities | Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 7 | 7 |
Securities lending | 0 | 0 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,604 | 1,742 |
Securities lending | 1,626 | 1,651 |
Equity securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending | 1,626 | 1,651 |
Equity securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 20 | 61 |
Securities lending | 0 | 0 |
Equity securities | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,584 | 1,681 |
Securities lending | 0 | 0 |
Equity securities | Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending | $ 0 | $ 0 |
Commitments and contingent li_3
Commitments and contingent liabilities - Summary of Off-Balance Sheet Credit Risks, Net of Participations (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Securities lending indemnifications, joint venture | $ 63,000 | $ 64,000 |
Invested in reverse repurchase agreements | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Cash collateral invested in indemnified repurchase agreements | 44,000 | 43,000 |
Lending commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet credit risks | 49,485 | 49,750 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet credit risks | 1,945 | 1,918 |
Off-balance sheet credit risks participations | 185 | 175 |
Commercial letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet credit risks | 46 | 19 |
Securities lending indemnifications | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet credit risks | $ 457,772 | $ 491,043 |
Commitments and contingent li_4
Commitments and contingent liabilities - Narrative (Details) | 2 Months Ended | 6 Months Ended | ||||||||||||||||
Jun. 07, 2022 USD ($) | May 09, 2022 USD ($) | May 20, 2021 USD ($) | Sep. 09, 2020 USD ($) | Dec. 17, 2015 lawsuit | Dec. 31, 2020 USD ($) | Jun. 30, 2023 USD ($) claim | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Feb. 28, 2022 claim | Dec. 31, 2021 claim | Oct. 31, 2021 claim | Sep. 30, 2021 claim | Aug. 04, 2021 investmentFund | May 31, 2016 claim | Dec. 31, 2010 claim | Nov. 30, 2009 claim | |
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||
Lending commitment maturing in less than one year | $ 29,500,000,000 | |||||||||||||||||
Lending commitment maturing in one to five years | 19,800,000,000 | |||||||||||||||||
Lending commitment maturing over five years | 253,000,000 | |||||||||||||||||
Allowance for credit losses on lending related commitments | $ 91,000,000 | $ 83,000,000 | $ 78,000,000 | $ 62,000,000 | ||||||||||||||
Collateralization percentage generally required for a securities lending transaction with indemnification against broker default | 102% | |||||||||||||||||
Securities lending indemnifications, secured amount of collateral | $ 481,000,000,000 | 515,000,000,000 | ||||||||||||||||
Securities lending indemnifications, joint venture | 63,000,000,000 | 64,000,000,000 | ||||||||||||||||
Securities lending indemnifications, collateral joint venture | 66,000,000,000 | 68,000,000,000 | ||||||||||||||||
Unsettled Repurchase Agreements | ||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||
Unsettled repurchase and reverse repurchase agreements | 0 | 4,000,000,000 | ||||||||||||||||
Unsettled Reverse Repurchase Agreements | ||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||
Unsettled repurchase and reverse repurchase agreements | $ 53,000,000,000 | 11,300,000,000 | ||||||||||||||||
Mortgage-Securitization Trusts Proceedings | Federal Court | ||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||
Number of lawsuits or class actions (claim) | claim | 2 | |||||||||||||||||
Mortgage-Securitization Trusts Proceedings | State Court | ||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||
Number of lawsuits or class actions (claim) | claim | 6 | 3 | 3 | 3 | 2 | 1 | ||||||||||||
Matters Related to R. Allen Stanford | ||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||
Number of lawsuits or class actions (claim) | claim | 2 | 1 | ||||||||||||||||
New claims filed, number (in claims) | claim | 3 | |||||||||||||||||
Brazilian Postalis Litigation | ||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||
New claims filed, number (in claims) | lawsuit | 3 | |||||||||||||||||
Damages awarded, value | $ 2,000,000 | $ 20,000,000 | $ 3,000,000 | $ 50,000,000 | ||||||||||||||
Number of investment funds | investmentFund | 3 | |||||||||||||||||
Damages sought, value | $ 2,000,000 | |||||||||||||||||
German Tax Matters | Foreign Tax Authority | ||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||
Damages sought, value | $ 150,000,000 | |||||||||||||||||
Maximum | ||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||
Loss contingency, aggregate range of reasonable loss (up to) | $ 620,000,000 | |||||||||||||||||
Standby letters of credit | ||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||
Standby letters of credit (SBLC) collateralized with cash and securities | 145,000,000 | 144,000,000 | ||||||||||||||||
SBLC expiring within one year | 1,400,000,000 | |||||||||||||||||
SBLC expiring within one to five years | 537,000,000 | |||||||||||||||||
SBLC expiring over five years | 8,000,000 | |||||||||||||||||
Off-balance sheet credit risks | 1,945,000,000 | 1,918,000,000 | ||||||||||||||||
Commercial letters of credit | ||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||
Off-balance sheet credit risks | $ 46,000,000 | $ 19,000,000 |
Commitments and contingent li_5
Commitments and contingent liabilities - Standby Letters of Credits by Investment Grade (Details) - Standby letters of credit | Jun. 30, 2023 | Dec. 31, 2022 |
Investment grade | ||
Concentration Risk [Line Items] | ||
Standby letters of credit by investment grade | 76% | 75% |
Non-investment grade | ||
Concentration Risk [Line Items] | ||
Standby letters of credit by investment grade | 24% | 25% |
Commitments and contingent li_6
Commitments and contingent liabilities - Significant Industry Concentrations Related to Credit Exposure (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | $ 64,469 | $ 66,063 |
Financial institutions | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 11,006 | $ 9,684 |
Unfunded commitments | 31,800 | |
Total exposure | 42,800 | |
Financial institutions | Securities industry | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 2,100 | |
Unfunded commitments | 17,300 | |
Total exposure | 19,400 | |
Financial institutions | Asset managers | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 1,500 | |
Unfunded commitments | 7,900 | |
Total exposure | 9,400 | |
Financial institutions | Banks | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 6,900 | |
Unfunded commitments | 1,600 | |
Total exposure | 8,500 | |
Financial institutions | Insurance | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 100 | |
Unfunded commitments | 3,800 | |
Total exposure | 3,900 | |
Financial institutions | Government | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 0 | |
Unfunded commitments | 200 | |
Total exposure | 200 | |
Financial institutions | Other | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 400 | |
Unfunded commitments | 1,000 | |
Total exposure | 1,400 | |
Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 1,700 | |
Unfunded commitments | 11,900 | |
Total exposure | 13,600 | |
Commercial | Manufacturing | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 600 | |
Unfunded commitments | 4,000 | |
Total exposure | 4,600 | |
Commercial | Services and other | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 800 | |
Unfunded commitments | 3,400 | |
Total exposure | 4,200 | |
Commercial | Energy and utilities | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 200 | |
Unfunded commitments | 3,800 | |
Total exposure | 4,000 | |
Commercial | Media and telecom | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 100 | |
Unfunded commitments | 700 | |
Total exposure | $ 800 |
Business segments - Narrative (
Business segments - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 business | |
Segment Reporting [Abstract] | |
Number of principal businesses (business) | 3 |
Business segments - Contributio
Business segments - Contribution of Segments to Overall Profitability (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | |||||
Total fee and other revenue | $ 3,354 | $ 3,235 | $ 3,430 | $ 6,589 | $ 6,658 |
Net interest revenue (expense) | 1,100 | 1,128 | 824 | 2,228 | 1,522 |
Provision for credit losses | 5 | 27 | 47 | 32 | 49 |
Noninterest expense | 3,111 | 3,100 | 3,112 | 6,211 | 6,118 |
Net income (loss) attributable to noncontrolling interests | 1 | 0 | (5) | 1 | (13) |
Operating segments | |||||
Segment Reporting Information [Line Items] | |||||
Total fee and other revenue | 3,353 | 3,235 | 3,435 | 6,588 | 6,671 |
Net interest revenue (expense) | 1,100 | 1,128 | 824 | 2,228 | 1,522 |
Total revenue (loss) | 4,453 | 4,363 | 4,259 | 8,816 | 8,193 |
Provision for credit losses | 5 | 27 | 47 | 32 | 49 |
Noninterest expense | 3,111 | 3,100 | 3,112 | 6,211 | 6,118 |
Income (loss) before income taxes | $ 1,337 | $ 1,236 | $ 1,100 | $ 2,573 | $ 2,026 |
Pre-tax operating margin | 30% | 28% | 26% | 29% | 25% |
Average assets | $ 421,174 | $ 407,501 | $ 437,623 | $ 414,375 | $ 438,924 |
Operating segments | Securities Services | |||||
Segment Reporting Information [Line Items] | |||||
Total fee and other revenue | 1,572 | 1,450 | 1,549 | 3,022 | 2,952 |
Net interest revenue (expense) | 668 | 666 | 457 | 1,334 | 834 |
Total revenue (loss) | 2,240 | 2,116 | 2,006 | 4,356 | 3,786 |
Provision for credit losses | 16 | 0 | 13 | 16 | 3 |
Noninterest expense | 1,582 | 1,556 | 1,656 | 3,138 | 3,166 |
Income (loss) before income taxes | $ 642 | $ 560 | $ 337 | $ 1,202 | $ 617 |
Pre-tax operating margin | 29% | 26% | 17% | 28% | 16% |
Average assets | $ 202,207 | $ 196,560 | $ 219,797 | $ 199,399 | $ 220,340 |
Operating segments | Market and Wealth Services | |||||
Segment Reporting Information [Line Items] | |||||
Total fee and other revenue | 1,025 | 1,014 | 974 | 2,039 | 1,880 |
Net interest revenue (expense) | 420 | 453 | 340 | 873 | 636 |
Total revenue (loss) | 1,445 | 1,467 | 1,314 | 2,912 | 2,516 |
Provision for credit losses | 7 | 0 | 4 | 7 | 2 |
Noninterest expense | 781 | 769 | 702 | 1,550 | 1,410 |
Income (loss) before income taxes | $ 657 | $ 698 | $ 608 | $ 1,355 | $ 1,104 |
Pre-tax operating margin | 46% | 48% | 46% | 47% | 44% |
Average assets | $ 131,657 | $ 132,143 | $ 141,952 | $ 131,899 | $ 141,570 |
Operating segments | Investment and Wealth Management | |||||
Segment Reporting Information [Line Items] | |||||
Total fee and other revenue | 774 | 782 | 837 | 1,556 | 1,744 |
Net interest revenue (expense) | 39 | 45 | 62 | 84 | 119 |
Total revenue (loss) | 813 | 827 | 899 | 1,640 | 1,863 |
Provision for credit losses | 7 | 0 | 0 | 7 | (3) |
Noninterest expense | 677 | 734 | 691 | 1,411 | 1,446 |
Income (loss) before income taxes | $ 129 | $ 93 | $ 208 | $ 222 | $ 420 |
Pre-tax operating margin | 16% | 11% | 23% | 14% | 23% |
Average assets | $ 27,260 | $ 28,232 | $ 33,668 | $ 27,744 | $ 34,643 |
Net income (loss) attributable to noncontrolling interests | 1 | 0 | (5) | 1 | (13) |
Operating segments | Other | |||||
Segment Reporting Information [Line Items] | |||||
Total fee and other revenue | (18) | (11) | 75 | (29) | 95 |
Net interest revenue (expense) | (27) | (36) | (35) | (63) | (67) |
Total revenue (loss) | (45) | (47) | 40 | (92) | 28 |
Provision for credit losses | (25) | 27 | 30 | 2 | 47 |
Noninterest expense | 71 | 41 | 63 | 112 | 96 |
Income (loss) before income taxes | (91) | (115) | (53) | (206) | (115) |
Average assets | $ 60,050 | $ 50,566 | $ 42,206 | $ 55,333 | $ 42,371 |
Supplemental information to t_3
Supplemental information to the Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | ||||
Transfers from loans to other assets for other real estate owned | $ 1 | $ 2 | ||
Change in assets of consolidated investment management funds | 290 | 266 | ||
Change in liabilities of consolidated investment management funds | 7 | 2 | ||
Change in nonredeemable noncontrolling interests of consolidated investment management funds | 58 | 189 | ||
Securities purchased not settled | 164 | 323 | ||
Securities sold not settled | 41 | 64 | ||
Available-for-sale securities transferred to held-to-maturity securities | 0 | 906 | ||
Premises and equipment/operating lease obligations | 183 | 67 | ||
Excise tax on share repurchases | $ 4 | $ 10 | $ 14 | $ 0 |