Cover
Cover | 6 Months Ended |
Jun. 30, 2024 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2024 |
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) | 737,957,499 |
Amendment Flag | false |
Document Fiscal Year Focus | 2024 |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||||
Fee and other revenue | |||||||||
Investment services fees | $ 2,359 | $ 2,278 | $ 2,252 | $ 4,637 | $ 4,371 | ||||
Investment management and performance fees | 761 | 776 | 762 | 1,537 | 1,538 | ||||
Foreign exchange revenue | 184 | 152 | 158 | 336 | 334 | ||||
Financing-related fees | 53 | 57 | 50 | 110 | 102 | ||||
Distribution and servicing fees | 41 | 42 | 35 | 83 | 68 | ||||
Total fee revenue | 3,398 | 3,305 | 3,257 | 6,703 | 6,413 | ||||
Investment and other revenue | [1] | 169 | 182 | 147 | 351 | 278 | |||
Total fee and other revenue | [1] | 3,567 | 3,487 | 3,404 | 7,054 | 6,691 | |||
Net interest income | |||||||||
Interest income | 6,392 | 6,096 | 5,224 | 12,488 | 9,166 | ||||
Interest expense | 5,362 | 5,056 | 4,124 | 10,418 | 6,938 | ||||
Net interest income | 1,030 | 1,040 | 1,100 | 2,070 | 2,228 | ||||
Total revenue | 4,597 | 4,527 | 4,504 | 9,124 | 8,919 | ||||
Provision for credit losses | 0 | 27 | 5 | 27 | 32 | ||||
Noninterest expense | |||||||||
Staff | 1,720 | 1,857 | 1,718 | 3,577 | 3,509 | ||||
Software and equipment | 476 | 475 | 450 | 951 | 879 | ||||
Professional, legal and other purchased services | 374 | 349 | 378 | 723 | 753 | ||||
Net occupancy | 134 | 124 | 121 | 258 | 240 | ||||
Sub-custodian and clearing | 134 | 119 | 119 | 253 | 237 | ||||
Distribution and servicing | 88 | 96 | 93 | 184 | 178 | ||||
Business development | 50 | 36 | 47 | 86 | 86 | ||||
Bank assessment charges | (7) | 17 | 41 | 10 | 81 | ||||
Amortization of intangible assets | 13 | 12 | 14 | 25 | 28 | ||||
Other | 88 | 91 | 130 | 179 | 220 | ||||
Total noninterest expense | 3,070 | 3,176 | 3,111 | 6,246 | 6,211 | ||||
Income | |||||||||
Income before income taxes | [1] | 1,527 | 1,324 | 1,388 | 2,851 | 2,676 | |||
Provision for income taxes | [1] | 357 | 297 | 315 | 654 | 621 | |||
Net income | [1],[2] | 1,170 | 1,027 | 1,073 | [3] | 2,197 | [4] | 2,055 | [4] |
Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | (2) | (1) | (4) | (1) | ||||
Net income applicable to shareholders of The Bank of New York Mellon Corporation | [1] | 1,168 | 1,025 | 1,072 | 2,193 | [4] | 2,054 | [4] | |
Preferred stock dividends | (25) | (72) | (36) | (97) | (107) | ||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 1,143 | 953 | 1,036 | 2,096 | 1,947 | ||||
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 | 1,143 | 953 | 1,036 | 2,096 | 1,947 | ||||
Less: Earnings allocated to participating securities, basic | 0 | 0 | 0 | 0 | 0 | ||||
Less: Earnings allocated to participating securities, diluted | 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 earnings per common share | 1,143 | 953 | 1,036 | 2,096 | 1,947 | ||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of diluted earnings per common share | $ 1,143 | $ 953 | $ 1,036 | $ 2,096 | $ 1,947 | ||||
Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation | |||||||||
Basic (shares) | 746,904 | 756,937 | 787,718 | 751,961 | 795,512 | ||||
Common stock equivalents (shares) | 4,692 | 5,331 | 3,097 | 4,909 | 3,738 | ||||
Less: Participating securities (shares) | 0 | 0 | (90) | 0 | (93) | ||||
Diluted (shares) | 751,596 | 762,268 | 790,725 | 756,870 | 799,157 | ||||
Anti-dilutive securities (shares) | [5] | 578 | 1,604 | 7,059 | 1,266 | 5,824 | |||
Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation | |||||||||
Basic (usd per share) | [6] | $ 1.53 | $ 1.26 | $ 1.32 | $ 2.79 | $ 2.45 | |||
Diluted (usd per share) | [6] | $ 1.52 | $ 1.25 | $ 1.31 | $ 2.77 | $ 2.44 | |||
[1]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information[2]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[3]Retained earnings and net income were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[4]Information for the six months ended June 30, 2023 was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[5]Represents 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.[6]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information. |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income Statement (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||||
Statement of Comprehensive Income [Abstract] | |||||||||
Net income | [1],[2] | $ 1,170 | $ 1,027 | $ 1,073 | [3] | $ 2,197 | [4] | $ 2,055 | [4] |
Other comprehensive income (loss), net of tax: | |||||||||
Foreign currency translation adjustments | (30) | (91) | 97 | (121) | 200 | ||||
Unrealized gain (loss) on assets available-for-sale: | |||||||||
Unrealized gain arising during the period | (11) | 103 | (157) | 92 | 160 | ||||
Reclassification adjustment | 13 | 1 | 0 | 14 | 1 | ||||
Total unrealized gain on assets available-for-sale | 2 | 104 | (157) | 106 | 161 | ||||
Defined benefit plans: | |||||||||
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | 3 | 3 | (2) | 6 | (5) | ||||
Total defined benefit plans | 3 | 3 | (2) | 6 | (5) | ||||
Net unrealized gain (loss) on cash flow hedges | 1 | 1 | 3 | 2 | 8 | ||||
Total other comprehensive (loss), net of tax | [5] | (24) | 17 | (59) | (7) | 364 | |||
Total comprehensive income | 1,146 | 1,044 | 1,014 | 2,190 | 2,419 | ||||
Net (income) loss attributable to noncontrolling interests | (2) | (2) | (1) | (4) | (1) | ||||
Other comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | ||||
Comprehensive income applicable to shareholders of The Bank of New York Mellon Corporation | $ 1,144 | $ 1,042 | $ 1,013 | $ 2,186 | $ 2,418 | ||||
[1]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information[2]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[3]Retained earnings and net income were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[4]Information for the six months ended June 30, 2023 was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[5]Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(24) million for the quarter ended June 30, 2024, $17 million for the quarter ended March 31, 2024, $(59) million for the quarter ended June 30, 2023, $(7) million for the six months ended June 30, 2024 and $364 million for the six months ended June 30, 2023. |
Consolidated Comprehensive In_2
Consolidated Comprehensive Income Statement (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | |||||
Other comprehensive income (loss) | $ (24) | $ 17 | $ (59) | $ (7) | $ 364 |
Consolidated Balance Sheet (una
Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |||
Assets | |||||
Cash and due from banks, net of allowance for credit losses of $27 and $18 | $ 5,311 | $ 4,922 | |||
Interest-bearing deposits with the Federal Reserve and other central banks | 116,139 | 111,550 | |||
Interest-bearing deposits with banks, net of allowance for credit losses of $1 and $2 (includes restricted of $2,026 and $3,420) | 11,488 | 12,139 | |||
Federal funds sold and securities purchased under resale agreements | 29,723 | 28,900 | |||
Securities: | |||||
Held-to-maturity, at amortized cost, net of allowance for credit losses of $1 and $1 (fair value of $41,287 and $44,711) | 46,429 | 49,578 | |||
Available-for-sale, at fair value (amortized cost of $94,566 and $80,678, net of allowance for credit losses of $5 and less than $1) | 90,421 | 76,817 | |||
Total securities | 136,850 | 126,395 | |||
Trading assets | 9,609 | 10,058 | |||
Loans | 70,642 | 66,879 | |||
Allowance for credit losses | (286) | (303) | |||
Net loans | 70,356 | 66,576 | |||
Premises and equipment | 3,267 | 3,163 | |||
Accrued interest receivable | 1,253 | 1,150 | |||
Goodwill | 16,217 | 16,261 | |||
Intangible assets | 2,826 | 2,854 | |||
Other asset, net of allowance for credit losses on accounts receivable of $3 and $3 (includes $1,437 and $1,261, at fair value) | 25,500 | 25,909 | |||
Total assets | 428,539 | 409,877 | |||
Deposits: | |||||
Noninterest-bearing deposits (principally U.S. offices) | 58,029 | 58,274 | |||
Interest-bearing deposits in U.S. offices | 149,115 | 132,616 | |||
Interest-bearing deposits in non-U.S. offices | 97,167 | 92,779 | |||
Total deposits | 304,311 | 283,669 | |||
Federal funds purchased and securities sold under repurchase agreements | 15,701 | 14,507 | |||
Trading liabilities | 3,372 | 6,226 | |||
Payables to customers and broker-dealers | 17,569 | 18,395 | |||
Commercial paper | 301 | 0 | |||
Other borrowed funds | 280 | 479 | |||
Accrued taxes and other expenses | 4,729 | 5,411 | |||
Other liabilities (including allowance for credit losses on lending-related commitments of $81 and $87, also includes $70 and $195, at fair value) | 10,208 | 9,028 | |||
Long-term debt | 30,947 | 31,257 | |||
Total liabilities | 387,418 | 368,972 | |||
Temporary equity | |||||
Redeemable noncontrolling interests | 92 | 85 | |||
Permanent equity | |||||
Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 43,826 and 43,826 shares | 4,343 | 4,343 | |||
Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,409,173,568 and 1,402,429,447 shares | 14 | 14 | |||
Additional paid-in capital | 29,139 | 28,908 | |||
Retained earnings | 40,999 | 39,549 | |||
Accumulated other comprehensive loss, net of tax | (4,900) | (4,893) | |||
Less: Treasury stock of 671,216,069 and 643,085,355 common shares, at cost | (28,752) | (27,151) | |||
Shareholders' equity | 40,843 | 40,770 | |||
Nonredeemable noncontrolling interests of consolidated investment management funds | 186 | 50 | |||
Total permanent equity | [2] | 41,029 | [1] | 40,820 | [3] |
Total liabilities, temporary equity and permanent equity | $ 428,539 | $ 409,877 | |||
[1]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $36,226 million at March 31, 2024 and $36,500 million at June 30, 2024.[2]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $36,427 million at Dec. 31, 2023 and $36,500 million at June 30, 2024.[3]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $36,427 million at Dec. 31, 2023 and $36,226 million at March 31, 2024. |
Consolidated Balance Sheet (u_2
Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Cash and due from banks, allowance for credit loss | $ 27 | $ 18 |
Interest-bearing deposits with banks, allowance for credit loss | 1 | 2 |
Restricted cash, interest-bearing deposits in banks and other financial institutions | 2,026 | 3,420 |
Debt securities, held-to-maturity, allowance for credit loss (less than) | 1 | 1 |
Held-to-maturity, fair value | 41,287 | 44,711 |
Debt securities, available-for-sale, amortized cost, after allowance for credit loss | 94,566 | 80,678 |
Debt securities, available-for-sale, allowance for credit loss | 5 | 1 |
Other assets, allowance for credit loss on accounts receivable | 3 | 3 |
Other assets | 1,577 | 1,261 |
Allowance for credit losses on lending related commitments | 73 | 87 |
Other liabilities, fair value | $ 63 | $ 195 |
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) | 43,826 | 43,826 |
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) | 1,409,173,568 | 1,402,429,447 |
Treasury stock (in shares) | 671,216,069 | 643,085,355 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (unaudited) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Operating activities | |||
Net income | [1],[2],[3] | $ 2,197 | $ 2,055 |
Net (income) attributable to noncontrolling interests | (4) | (1) | |
Net income applicable to shareholders of The Bank of New York Mellon Corporation | [1],[2] | 2,193 | 2,054 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
Provision for credit losses | 27 | 32 | |
Pension plan contributions | (3) | (3) | |
Depreciation and amortization | 924 | 800 | |
Deferred tax (benefit) expense | (32) | 53 | |
Net securities losses | 18 | 1 | |
Change in trading assets and liabilities | (2,502) | 91 | |
Change in accruals and other, net | [1] | (1,176) | (88) |
Net cash (used for) provided by operating activities | (551) | 2,940 | |
Investing activities | |||
Change in interest-bearing deposits with banks | (1,031) | 2,144 | |
Change in interest-bearing deposits with the Federal Reserve and other central banks | (6,180) | (26,819) | |
Purchases of securities held-to-maturity | (301) | (273) | |
Paydowns of securities held-to-maturity | 2,040 | 2,298 | |
Maturities of securities held-to-maturity | 1,578 | 934 | |
Purchases of securities available-for-sale | (26,130) | (12,922) | |
Sales of securities available-for-sale | 2,558 | 7,947 | |
Paydowns of securities available-for-sale | 2,779 | 1,834 | |
Maturities of securities available-for-sale | 8,249 | 10,072 | |
Net change in loans | (3,861) | 1,591 | |
Change in federal funds sold and securities purchased under resale agreements | (835) | (11,076) | |
Net change in seed capital investments | 50 | 13 | |
Purchases of premises and equipment/capitalized software | (681) | (615) | |
Other, net | 451 | (223) | |
Net cash (used for) investing activities | (21,314) | (25,095) | |
Financing activities | |||
Change in deposits | 22,943 | 12,808 | |
Change in federal funds purchased and securities sold under repurchase agreements | 1,218 | 8,992 | |
Change in payables to customers and broker-dealers | (826) | (2,341) | |
Change in other borrowed funds | (180) | 986 | |
Change in commercial paper | 301 | 0 | |
Net proceeds from the issuance of long-term debt | 2,494 | 4,493 | |
Repayments, redemptions and repurchases of long-term debt | (2,613) | (2,503) | |
Issuance of common stock | 8 | 8 | |
Treasury stock acquired | (1,589) | (1,704) | |
Common cash dividends paid | (646) | (601) | |
Preferred cash dividends paid | (97) | (107) | |
Other, net | 7 | (4) | |
Net cash provided by financing activities | 21,020 | 20,027 | |
Effect of exchange rate changes on cash | (160) | 211 | |
Change in cash and due from banks and restricted cash | |||
Change in cash and due from banks and restricted cash | (1,005) | (1,917) | |
Cash and due from banks and restricted cash at beginning of period | 8,342 | 11,529 | |
Cash and due from banks and restricted cash at end of period | 7,337 | 9,612 | |
Cash and due from banks at end of period (unrestricted cash) | 5,311 | 5,720 | |
Restricted cash at end of period | 2,026 | 3,892 | |
Cash and due from banks and restricted cash at end of period | 7,337 | 9,612 | |
Supplemental disclosures | |||
Interest paid | 10,376 | 6,691 | |
Income taxes paid | 640 | 403 | |
Income taxes refunded | $ 17 | $ 8 | |
[1]Information for the six months ended June 30, 2023 was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[2]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information[3]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information. |
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, 2022 | [2] | $ 40,620 | [1] | $ 4,838 | $ 14 | $ 28,508 | $ 37,743 | $ (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 | 2,055 | [3],[4],[5] | 2,054 | 1 | |||||||
Other comprehensive income (loss) | 364 | 364 | |||||||||
Other comprehensive (loss) | 0 | ||||||||||
Dividends: | |||||||||||
Common stock | [6] | (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 | 214 | |||||||||
Excise tax on share repurchases | (14) | (14) | |||||||||
Other | 1 | 4 | |||||||||
Ending Balance at Jun. 30, 2023 | [8] | 40,889 | [1],[7] | 4,838 | 14 | 28,726 | 39,090 | (5,602) | (26,242) | 65 | 104 |
Beginning Balance at Mar. 31, 2023 | [8] | 40,591 | [7] | 4,838 | 14 | 28,650 | 38,350 | (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 | [8] | 1,073 | [4],[5] | 1,072 | 1 | ||||||
Other comprehensive income (loss) | (59) | (59) | |||||||||
Other comprehensive (loss) | 0 | ||||||||||
Dividends: | |||||||||||
Common stock | [9] | (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 | 1 | 1 | 2 | ||||||||
Ending Balance at Jun. 30, 2023 | [8] | 40,889 | [1],[7] | 4,838 | 14 | 28,726 | 39,090 | (5,602) | (26,242) | 65 | 104 |
Beginning Balance at Dec. 31, 2023 | 40,820 | [10],[11] | 4,343 | 14 | 28,908 | 39,549 | (4,893) | (27,151) | 50 | 85 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares issued to shareholders of noncontrolling interests | 10 | ||||||||||
Redemption of subsidiary shares from noncontrolling interests | (17) | ||||||||||
Other net changes in noncontrolling interests | 54 | (5) | 59 | 5 | |||||||
Net income | 1,027 | [4],[5] | 1,025 | 2 | |||||||
Other comprehensive income (loss) | 17 | 17 | |||||||||
Other comprehensive (loss) | 0 | ||||||||||
Dividends: | |||||||||||
Common stock | [12] | (324) | (324) | ||||||||
Preferred stock | (72) | (72) | |||||||||
Repurchase of common stock | (988) | (988) | |||||||||
Common stock issued under employee benefit plans | 7 | 7 | |||||||||
Stock-based compensation | 168 | 168 | |||||||||
Excise tax on share repurchases | (6) | (6) | |||||||||
Other | (23) | (23) | (1) | ||||||||
Ending Balance at Mar. 31, 2024 | 40,680 | [10],[13] | 4,343 | 14 | 29,055 | 40,178 | (4,876) | (28,145) | 111 | 82 | |
Beginning Balance at Dec. 31, 2023 | 40,820 | [10],[11] | 4,343 | 14 | 28,908 | 39,549 | (4,893) | (27,151) | 50 | 85 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares issued to shareholders of noncontrolling interests | 22 | ||||||||||
Redemption of subsidiary shares from noncontrolling interests | (18) | ||||||||||
Other net changes in noncontrolling interests | 129 | (3) | 132 | 3 | |||||||
Net income | 2,197 | [3],[4],[5] | 2,193 | 4 | |||||||
Other comprehensive income (loss) | (7) | (7) | |||||||||
Other comprehensive (loss) | 0 | ||||||||||
Dividends: | |||||||||||
Common stock | [14] | (646) | (646) | ||||||||
Preferred stock | (97) | (97) | |||||||||
Repurchase of common stock | (1,589) | (1,589) | |||||||||
Common stock issued under employee benefit plans | 12 | 12 | |||||||||
Stock-based compensation | 245 | 245 | |||||||||
Excise tax on share repurchases | (12) | (12) | |||||||||
Other | (23) | (23) | |||||||||
Ending Balance at Jun. 30, 2024 | 41,029 | [11],[13] | 4,343 | 14 | 29,139 | 40,999 | (4,900) | (28,752) | 186 | 92 | |
Beginning Balance at Mar. 31, 2024 | 40,680 | [10],[13] | 4,343 | 14 | 29,055 | 40,178 | (4,876) | (28,145) | 111 | 82 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares issued to shareholders of noncontrolling interests | 12 | ||||||||||
Redemption of subsidiary shares from noncontrolling interests | (1) | ||||||||||
Other net changes in noncontrolling interests | 75 | 2 | 73 | (2) | |||||||
Net income | 1,170 | [4],[5] | 1,168 | 2 | |||||||
Other comprehensive income (loss) | (24) | (24) | |||||||||
Other comprehensive (loss) | 0 | ||||||||||
Dividends: | |||||||||||
Common stock | [15] | (322) | (322) | ||||||||
Preferred stock | (25) | (25) | |||||||||
Repurchase of common stock | (601) | (601) | |||||||||
Common stock issued under employee benefit plans | 5 | 5 | |||||||||
Stock-based compensation | 77 | 77 | |||||||||
Excise tax on share repurchases | (6) | (6) | |||||||||
Other | 1 | ||||||||||
Ending Balance at Jun. 30, 2024 | $ 41,029 | [11],[13] | $ 4,343 | $ 14 | $ 29,139 | $ 40,999 | $ (4,900) | $ (28,752) | $ 186 | $ 92 | |
[1]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,775 million at Dec. 31, 2022 and $35,986 million at June 30, 2023.[2]Retained earnings and net income were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[3]Information for the six months ended June 30, 2023 was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[4]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information[5]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[6]Includes dividend equivalents on share-based awards.[7]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $35,681 million at March 31, 2023 and $35,986 million at June 30, 2023.[8]Retained earnings and net income were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[9]Includes dividend equivalents on share-based awards.[10]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $36,427 million at Dec. 31, 2023 and $36,226 million at March 31, 2024.[11]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $36,427 million at Dec. 31, 2023 and $36,500 million at June 30, 2024.[12]Includes dividend equivalents on share-based awards.[13]Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $36,226 million at March 31, 2024 and $36,500 million at June 30, 2024.[14]Includes dividend equivalents on share-based awards.[15]Includes dividend equivalents on share-based awards. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Dividends on common stock, cash paid (usd per share) | $ 0.42 | $ 0.42 | $ 0.37 | $ 0.84 | $ 0.74 | |||
The Bank of New York Mellon Corporation shareholders’ equity | $ 40,843 | $ 40,843 | $ 40,770 | |||||
Common stock | ||||||||
The Bank of New York Mellon Corporation shareholders’ equity | $ 36,500 | $ 36,226 | $ 35,986 | $ 36,500 | $ 35,986 | $ 36,427 | $ 35,681 | $ 35,775 |
Basis of presentation
Basis of presentation | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation In this Quarterly Report on Form 10-Q, references to “our,” “we,” “us,” “BNY,” 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, 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, 2023 (the “2023 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 2023 Annual Report. On Jan. 1, 2024, we adopted Accounting Standards Update (“ASU”) 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method on a retrospective basis for our investments in renewable energy projects that have met the eligibility criteria, and restated prior period financial statements. See Note 2 for additional information. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates based upon assumptions about future economic and market conditions which affect reported amounts and related disclosures in our |
New accounting guidance
New accounting guidance | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
New accounting guidance | New accounting guidance The following accounting guidance was adopted on Jan. 1, 2024. ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method In March 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method , which permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received, and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of the provision for income taxes. We adopted this guidance on Jan.1, 2024. The impact of adopting this new guidance for our renewable energy investments that met the eligibility criteria was an increase in investment and other revenue and an increase in the provision for income taxes on the consolidated income statement. Renewable energy investments are recorded in other assets on the balance sheet. In the first quarter of 2024, we restated the prior period financial statements to reflect the impact of the retrospective application of the new accounting guidance. The required disclosures are included in Note 7. The table below presents the impact of the new accounting guidance on our previously reported income statement amounts. Consolidated Income Statement Previously reported Adjustment Restated (in millions) 2Q23 YTD23 2Q23 YTD23 2Q23 YTD23 Investment and other revenue $ 97 $ 176 $ 50 $ 102 $ 147 $ 278 Total fee and other revenue 3,354 6,589 50 102 3,404 6,691 Total revenue 4,454 8,817 50 102 4,504 8,919 Income before income taxes 1,338 2,574 50 102 1,388 2,676 Provision for income taxes 270 530 45 91 315 621 Net income 1,068 2,044 5 11 1,073 2,055 Net income applicable to shareholders of The Bank of New York Mellon Corporation 1,067 2,043 5 11 1,072 2,054 Net income applicable to common shareholders of The Bank of New York Mellon Corporation 1,031 1,936 5 11 1,036 1,947 The table below presents the impact of the new accounting guidance on our previously reported earnings per share applicable to common shareholders. Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation Previously reported Restated (in dollars) 2Q23 YTD23 2Q23 YTD23 Basic $ 1.31 $ 2.43 $ 1.32 $ 2.45 Diluted 1.30 2.42 1.31 2.44 The table below presents the impact of the new accounting guidance on our previously reported retained earnings. Retained Earnings Previously Reported Adjustment Restated (in millions) Dec. 31, 2022 $ 37,864 $ (121) $ 37,743 March 31, 2023 38,465 (115) 38,350 June 30, 2023 39,199 (109) 39,090 See Note 2 of the Notes to Consolidated Financial Statements in our first quarter 2024 Form 10-Q for the impacts to the first quarter 2023 and fourth quarter 2023 income statement amounts and earnings per share and the impacts to the Dec. 31, 2023 balance sheet amounts. |
Acquisitions and dispositions
Acquisitions and dispositions | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [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. At June 30, 2024, we are potentially obligated to pay additional consideration which is recorded at fair value totaling approximately $20 million and, using reasonable assumptions and estimates, could range from $15 million to $20 million over the next year . Contingent payments totaled $5 million in the first six months of 2024 and we recorded $1 million of increases to contingent earnout payables reflected in other expense. At June 30, 2024, we could potentially receive additional consideration which is recorded at fair value totaling approximately $30 million and, using reasonable assumptions and estimates, could range from $20 million to $40 million over the next four years . There were no contingent receipts in the first six months of 2024. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2024 | |
Securities [Abstract] | |
Securities | Securities The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of securities at June 30, 2024 and Dec. 31, 2023. Securities at June 30, 2024 Gross Fair Amortized cost (in millions) Gains Losses Available-for-sale: Non-U.S. government (a) $ 25,643 $ 15 $ 707 $ 24,951 U.S. Treasury 21,254 45 1,809 19,490 Agency residential mortgage-backed securities (“RMBS”) 17,319 99 527 16,891 Agency commercial mortgage-backed securities (“MBS”) 8,045 58 555 7,548 Foreign covered bonds 7,484 12 167 7,329 Collateralized loan obligations (“CLOs”) 6,355 15 — 6,370 Non-agency commercial MBS 3,096 1 278 2,819 U.S. government agencies 2,678 34 160 2,552 Non-agency RMBS 1,799 28 180 1,647 Other asset-backed securities (“ABS”) 892 — 69 823 Other debt securities 1 — — 1 Total securities available-for-sale (b)(c) $ 94,566 $ 307 $ 4,452 $ 90,421 Held-to-maturity: Agency RMBS $ 27,816 $ 1 $ 3,827 $ 23,990 U.S. Treasury 8,161 — 567 7,594 U.S. government agencies 4,141 — 395 3,746 Agency commercial MBS 3,506 — 296 3,210 Non-U.S. government (a) 1,788 — 58 1,730 CLOs 983 1 — 984 Non-agency RMBS 23 1 1 23 Other debt securities 11 — 1 10 Total securities held-to-maturity $ 46,429 $ 3 $ 5,145 $ 41,287 Total securities $ 140,995 $ 310 $ 9,597 $ 131,708 (a) Includes supranational securities. (b) The amortized cost of available-for-sale securities is net of the allowance for credit losses of $5 million. The allowance for credit loss relates to non-agency commercial MBS and non-agency RMBS. (c) Includes gross unrealized gains of $210 million and gross unrealized losses of $130 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, agency commercial MBS and U.S. Treasury securities. The unrealized losses primarily relate to agency RMBS and U.S. Treasury securities. The unrealized gains and losses will be amortized into net interest income over the contractual lives of the securities. Securities at Dec. 31, 2023 Gross Amortized cost Fair (in millions) Gains Losses Available-for-sale: Non-U.S. government (a) $ 18,998 $ 68 $ 684 $ 18,382 U.S. Treasury 18,193 63 1,652 16,604 Agency RMBS 13,457 119 465 13,111 Agency commercial MBS 8,191 69 531 7,729 Foreign covered bonds 6,489 25 180 6,334 CLOs 6,142 5 10 6,137 Non-agency commercial MBS 3,245 1 311 2,935 U.S. government agencies 3,053 42 194 2,901 Non-agency RMBS 1,883 32 175 1,740 Other ABS 1,026 1 84 943 Other debt securities 1 — — 1 Total securities available-for-sale (b)(c) $ 80,678 $ 425 $ 4,286 $ 76,817 Held-to-maturity: Agency RMBS $ 29,740 $ 1 $ 3,493 $ 26,248 U.S. Treasury 9,123 — 612 8,511 U.S. government agencies 4,146 — 401 3,745 Agency commercial MBS 3,411 1 296 3,116 Non-U.S. government (a) 2,137 3 67 2,073 CLOs 983 — 1 982 Non-agency RMBS 26 1 1 26 Other debt securities 12 — 2 10 Total securities held-to-maturity $ 49,578 $ 6 $ 4,873 $ 44,711 Total securities $ 130,256 $ 431 $ 9,159 $ 121,528 (a) Includes supranational securities. (b) The amortized cost of available-for-sale securities is net of the allowance for credit losses of less than $1 million. The allowance for credit loss primarily relates to non-agency RMBS. (c) Includes gross unrealized gains of $250 million and gross unrealized losses of $146 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, agency commercial MBS and U.S. Treasury securities. The unrealized losses primarily relate to agency RMBS and U.S. Treasury securities. The unrealized gains and losses will be amortized into net interest income 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) 2Q24 1Q24 2Q23 YTD24 YTD23 Realized gross gains $ 6 $ 4 $ 4 $ 10 $ 18 Realized gross losses (23) (5) (4) (28) (19) Total net securities (losses) $ (17) $ (1) $ — $ (18) $ (1) The following table presents pre-tax net securities gains (losses) by type. Net securities gains (losses) (in millions) 2Q24 1Q24 2Q23 YTD24 YTD23 U.S. Treasury $ (11) $ (1) $ — $ (12) $ (8) Non-agency RMBS — — — — 2 Other (6) — — (6) 5 Total net securities (losses) $ (17) $ (1) $ — $ (18) $ (1) Allowance for credit losses – Securities The allowance for credit losses related to securities was $6 million at June 30, 2024 and relates to non-agency commercial MBS and non-agency RMBS securities. The allowance for credit losses related to securities was $1 million at Dec. 31, 2023 and relates to non-agency RMBS and other debt securities. Credit quality indicators – Securities At June 30, 2024, 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, $130 million of the unrealized losses at June 30, 2024 and $146 million at Dec. 31, 2023 reflected in the tables below relate to certain securities that were previously transferred from available-for-sale to held-to-maturity. As the transfers created a new cost basis for the securities, 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. 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, 2024 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in millions) Non-U.S. government (a) $ 9,816 $ 71 $ 11,529 $ 636 $ 21,345 $ 707 U.S. Treasury 4,662 59 14,580 1,750 19,242 1,809 Agency RMBS 5,812 69 8,123 458 13,935 527 Agency commercial MBS 210 1 6,958 554 7,168 555 Foreign covered bonds 1,886 9 2,731 158 4,617 167 Non-agency commercial MBS 163 1 2,456 277 2,619 278 U.S. government agencies 394 4 1,726 156 2,120 160 Non-agency RMBS 93 — 1,159 180 1,252 180 Other ABS — — 749 69 749 69 Total securities available-for-sale (b) $ 23,036 $ 214 $ 50,011 $ 4,238 $ 73,047 $ 4,452 (a) Includes supranational securities . (b) Includes $130 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 income 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, 2023 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in millions) U.S. Treasury $ 694 $ 48 $ 14,862 $ 1,604 $ 15,556 $ 1,652 Non-U.S. government (a) 2,756 24 11,767 660 14,523 684 Agency RMBS 2,753 27 6,793 438 9,546 465 Agency commercial MBS 328 5 7,060 526 7,388 531 CLOs 784 — 3,158 10 3,942 10 Foreign covered bonds 268 1 3,603 179 3,871 180 Non-agency commercial MBS 187 2 2,607 309 2,794 311 U.S. government agencies 573 4 1,779 190 2,352 194 Non-agency RMBS 30 1 1,300 174 1,330 175 Other ABS — — 832 84 832 84 Total securities available-for-sale (b) $ 8,373 $ 112 $ 53,761 $ 4,174 $ 62,134 $ 4,286 (a) Includes supranational securities. (b) Includes $146 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 income 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, 2024 Ratings (a) Net unrealized gain (loss) BB+ (dollars in millions) Amortized AAA/ A+/ BBB+/ Not Agency RMBS $ 27,816 $ (3,826) 100 % — % — % — % — % U.S. Treasury 8,161 (567) 100 — — — — U.S. government agencies 4,141 (395) 100 — — — — Agency commercial MBS 3,506 (296) 100 — — — — Non-U.S. government (b)(c) 1,788 (58) 100 — — — — CLOs 983 1 100 — — — — Non-agency RMBS 23 — 24 53 2 17 4 Other debt securities 11 (1) — — — — 100 Total held-to-maturity securities $ 46,429 $ (5,142) 100 % — % — % — % — % (a) Represents ratings by Standard & Poor’s (“S&P”) or the equivalent. (b) Includes supranational securities. (c) Primarily consists of exposure to Germany, UK, the Netherlands and France. Held-to-maturity securities portfolio at Dec. 31, 2023 Ratings (a) Net unrealized gain (loss) BB+ (dollars in millions) Amortized AAA/ A+/ BBB+/ Not Agency RMBS $ 29,740 $ (3,492) 100 % — % — % — % — % U.S. Treasury 9,123 (612) 100 — — — — U.S. government agencies 4,146 (401) 100 — — — — Agency commercial MBS 3,411 (295) 100 — — — — Non-U.S. government (b)(c) 2,137 (64) 100 — — — — CLOs 983 (1) 100 — — — — Non-agency RMBS 26 — 25 54 2 17 2 Other debt securities 12 (2) — — — — 100 Total held-to-maturity securities $ 49,578 $ (4,867) 100 % — % — % — % — % (a) Represents ratings by S&P or the equivalent. (b) Includes supranational securities. (c) Primarily consists of exposure to Germany, France, UK and the Netherlands. 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, 2024 Within 1 year 1-5 years 5-10 years After 10 years Total (dollars in millions) Amount Yield (a) Amount Yield (a) Amount Yield (a) Amount Yield (a) Amount Yield (a) Available-for-sale: U.S. Treasury $ 1,956 1.01 % $ 13,336 1.89 % $ 2,275 2.93 % $ 1,923 2.92 % $ 19,490 2.04 % Non-U.S. government (b) 5,002 2.26 16,303 3.09 3,333 2.45 313 3.48 24,951 2.84 Foreign covered bonds 1,082 3.26 5,780 3.40 467 2.36 — — 7,329 3.31 U.S. government agencies 69 1.47 1,625 3.86 858 2.78 — — 2,552 3.41 Other debt securities — — — — — — 1 4.94 1 4.94 Mortgage-backed securities: Agency RMBS 16,891 5.17 Non-agency RMBS 1,647 4.41 Agency commercial MBS 7,548 3.06 Non-agency commercial MBS 2,819 3.41 CLOs 6,370 6.79 Other ABS 823 2.24 Total securities available-for-sale $ 8,109 2.09 % $ 37,044 2.72 % $ 6,933 2.65 % $ 2,237 2.98 % $ 90,421 3.47 % Held-to-maturity: U.S. Treasury $ 2,215 1.29 % $ 5,215 1.22 % $ 731 0.95 % $ — — % $ 8,161 1.22 % U.S. government agencies 903 1.20 2,549 1.57 476 1.51 213 1.99 4,141 1.50 Non-U.S. government (b) 878 0.96 834 1.45 76 0.59 — — 1,788 1.17 Other debt securities — — — — 11 3.76 — — 11 3.76 Mortgage-backed securities: Agency RMBS 27,816 2.33 Non-agency RMBS 23 4.36 Agency commercial MBS 3,506 2.59 CLOs 983 6.73 Total securities held-to-maturity $ 3,996 1.20 % $ 8,598 1.35 % $ 1,294 1.16 % $ 213 1.99 % $ 46,429 2.13 % Total securities $ 12,105 1.79 % $ 45,642 2.47 % $ 8,227 2.43 % $ 2,450 2.91 % $ 136,850 3.03 % (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. (b) Includes supranational securities. Pledged assets At June 30, 2024, BNY had pledged assets of $140 billion, including $93 billion pledged as collateral for potential borrowings at the Federal Reserve Discount Window and $9 billion pledged as collateral for borrowing at the Federal Home Loan Bank. The components of the assets pledged at June 30, 2024 included $122 billion of securities, $13 billion of loans, $4 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 regularly moves assets in and out of its pledged assets account at the Federal Reserve as there have been no borrowings. At Dec. 31, 2023, BNY had pledged assets of $134 billion, including $93 billion pledged as collateral for potential borrowing at the Federal Reserve Discount Window and $9 billion pledged as collateral for borrowing at the Federal Home Loan Bank. The components of the assets pledged at Dec. 31, 2023 included $116 billion of securities, $13 billion of loans, $4 billion of trading assets and $1 billion of interest-bearing deposits with banks. At June 30, 2024 and Dec. 31, 2023, pledged assets included $24 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, 2024 and Dec. 31, 2023, the market value of the securities received that can be sold or repledged was $226 billion and $212 billion, respectively. We routinely sell or repledge these securities through delivery to third parties. As of June 30, 2024 and Dec. 31, 2023, the market value of securities collateral sold or repledged was $200 billion and $180 billion, respectively. Restricted cash and securities |
Loans and asset quality
Loans and asset quality | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Loans and asset quality | Loans and asset quality Loans The table below provides the details of our loan portfolio. Loans June 30, 2024 Dec. 31, 2023 (in millions) Commercial $ 2,247 $ 2,112 Commercial real estate 6,942 6,760 Financial institutions 12,169 10,521 Lease financings 600 599 Wealth management loans 8,823 9,109 Wealth management mortgages 9,018 9,131 Other residential mortgages 1,119 1,166 Capital call financing 4,106 3,700 Other 2,837 2,717 Overdrafts 3,193 3,053 Margin loans 19,588 18,011 Total loans (a) $ 70,642 $ 66,879 (a) Net of unearned income of $251 million at June 30, 2024 and $268 million at Dec. 31, 2023 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, 2024 Wealth management loans Wealth management mortgages Other Capital call financing (in millions) Commercial Commercial Financial Lease Total Beginning balance $ 24 $ 347 $ 17 $ — $ 1 $ 7 $ 3 $ 4 $ 403 Charge-offs — (43) — — — — — — (43) Recoveries — — — — — — — — — Net (charge-offs) — (43) — — — — — — (43) Provision (a)(b) 3 (6) 4 — — (1) — (1) (1) Ending balance $ 27 $ 298 $ 21 $ — $ 1 $ 6 $ 3 $ 3 $ 359 Allowance for: Loan losses $ 16 $ 247 $ 12 $ — $ 1 $ 5 $ 3 $ 2 $ 286 Lending-related commitments 11 51 9 — — 1 — 1 73 Individually evaluated for impairment: Loan balance (c) $ — $ 287 $ — $ — $ — $ 13 $ 1 $ — $ 301 Allowance for loan losses — 73 — — — — — — 73 (a) Does not include the provision for credit losses related to other financial instruments of $1 million for the quarter ended June 30, 2024. (b) The methodology used to allocate the qualitative reserves was modified in the second quarter of 2024 to align certain specifically identifiable qualitative reserves with the respective class of financing receivables. The methodology change primarily impacted the reserve for commercial real estate portfolio (decreased $10 million) and the reserve for financial institutions (increased $10 million). (c) Includes collateral-dependent loans of $301 million with $265 million of collateral value. Allowance for credit losses activity for the quarter ended March 31, 2024 Wealth management loans Wealth management mortgages Other Capital call financing (in millions) Commercial Commercial Financial Lease Total Beginning balance $ 27 $ 325 $ 19 $ 1 $ 1 $ 9 $ 4 $ 4 $ 390 Charge-offs — — — — — (1) — — (1) Recoveries — — — — — — — — — Net (charge-offs) — — — — — (1) — — (1) Provision (a) (3) 22 (2) (1) — (1) (1) — 14 Ending balance $ 24 $ 347 $ 17 $ — $ 1 $ 7 $ 3 $ 4 $ 403 Allowance for: Loan losses $ 14 $ 287 $ 8 $ — $ 1 $ 6 $ 3 $ 3 $ 322 Lending-related commitments 10 60 9 — — 1 — 1 81 Individually evaluated for impairment: Loan balance (b) $ — $ 331 $ — $ — $ — $ 16 $ 1 $ — $ 348 Allowance for loan losses — 107 — — — — — — 107 (a) Does not include the provision for credit losses related to other financial instruments of $13 million for the quarter ended March 31, 2024. (b) Includes collateral-dependent loans of $348 million with $303 million of collateral value. Allowance for credit losses activity for the quarter ended June 30, 2023 Wealth management loans Wealth management mortgages Other Capital call financing Total (in millions) Commercial Commercial Financial Lease 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 six months ended June 30, 2024 Other Capital call financing Total (in millions) Commercial Commercial Financial Lease Wealth management loans Wealth management mortgages Beginning balance $ 27 $ 325 $ 19 $ 1 $ 1 $ 9 $ 4 $ 4 $ 390 Charge-offs — (43) — — — (1) — — (44) Recoveries — — — — — — — — — Net (charge-offs) — (43) — — — (1) — — (44) Provision (a) — 16 2 (1) — (2) (1) (1) 13 Ending balance $ 27 $ 298 $ 21 $ — $ 1 $ 6 $ 3 $ 3 $ 359 (a) Does not include provision for credit losses related to other financial instruments of $14 million for the six months ended June 30, 2024. 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. Nonperforming assets The table below presents our nonperforming assets. Nonperforming assets June 30, 2024 Dec. 31, 2023 Recorded investment Recorded investment With an Without an allowance With an Without an allowance (in millions) Total Total Nonperforming loans: Commercial real estate $ 185 $ — $ 185 $ 189 $ — $ 189 Other residential mortgages 20 1 21 23 1 24 Wealth management mortgages 6 14 20 7 12 19 Total nonperforming loans 211 15 226 219 13 232 Other assets owned — 1 1 — 5 5 Total nonperforming assets $ 211 $ 16 $ 227 $ 219 $ 18 $ 237 Past due loans The table below presents our past due loans. Past due loans and still accruing interest June 30, 2024 Dec. 31, 2023 Days past due Total Days past due Total (in millions) 30-59 60-89 ≥90 30-59 60-89 ≥90 Wealth management loans $ 45 $ — $ — $ 45 $ 52 $ — $ — $ 52 Commercial real estate 16 — — 16 9 3 — 12 Other residential mortgages 11 1 — 12 7 1 — 8 Wealth management mortgages — 8 — 8 26 3 — 29 Financial institutions — — — — 339 (a) — — 339 Total past due loans $ 72 $ 9 $ — $ 81 $ 433 $ 7 $ — $ 440 (a) Past due financial institution loans have been collected since Dec. 31, 2023. 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 2024, we modified one commercial real estate exposure, with a recorded investment of $59 million and an unfunded lending commitment of $1 million, by extending the maturity date. At June 30, 2024, other residential mortgage loans that were modified in the previous 12 months and that are now past due by more than 90 days totaled $1 million. In the first quarter of 2024, 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 dates. We also modified one residential mortgage loan, with an aggregate recorded investment of less than $1 million, by providing payment modifications and extending the maturity date. In the second quarter of 2023, we modified one commercial real estate loan, with a recorded investment of $59 million and an unfunded lending commitment of $15 million, by extending the maturity date. We also modified two residential mortgage loans, with an aggregate recorded investment of less than $1 million, by extending the maturity dates and reducing the interest rates. 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, 2024 Revolving loans Originated, at amortized cost Amortized cost Converted to term loans – Amortized cost Accrued (in millions) YTD24 2023 2022 2021 2020 Prior to 2020 Total (a) Commercial: Investment grade $ 16 $ 125 $ 33 $ 58 $ — $ 116 $ 1,816 $ — $ 2,164 Non-investment grade 2 — — 24 — — 57 — 83 Total commercial 18 125 33 82 — 116 1,873 — 2,247 $ 2 Commercial real estate: (b) Investment grade 168 534 719 475 561 1,661 228 22 4,368 Non-investment grade 210 268 869 429 271 438 89 — 2,574 Total commercial real estate 378 802 1,588 904 832 2,099 317 22 6,942 32 Financial institutions: Investment grade 342 393 24 26 72 8 9,954 — 10,819 Non-investment grade 55 — 10 — — — 1,285 — 1,350 Total financial institutions 397 393 34 26 72 8 11,239 — 12,169 124 Wealth management loans: Investment grade 6 30 31 109 29 145 8,347 100 8,797 Non-investment grade — — — — — — 26 — 26 Total wealth management loans 6 30 31 109 29 145 8,373 100 8,823 63 Wealth management mortgages (b) 222 829 1,621 1,871 841 3,616 18 — 9,018 24 Lease financings — — — 12 35 553 — — 600 — Other residential mortgages (b) — 174 543 197 5 200 — — 1,119 4 Capital call financing 41 10 — — — — 4,055 — 4,106 14 Other loans — — — — — — 2,837 — 2,837 6 Margin loans 8,546 — — — — — 11,042 — 19,588 39 Total loans $ 9,608 $ 2,363 $ 3,850 $ 3,201 $ 1,814 $ 6,737 $ 39,754 $ 122 $ 67,449 $ 308 (a) Excludes overdrafts of $3,193 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two (b) In the first six months of 2024, the gross write-offs related to commercial real estate loans were $46 million, other residential mortgage loans were less than $1 million and wealth management mortgage loans were less than $1 million. Credit profile of the loan portfolio Dec. 31, 2023 Revolving loans Originated, at amortized cost Amortized cost Converted to term loans – Amortized cost Accrued (in millions) 2023 2022 2021 2020 2019 Prior to 2019 Total (a) Commercial: Investment grade $ 193 $ 114 $ 70 $ — $ — $ 45 $ 1,483 $ — $ 1,905 Non-investment grade 52 18 — — — — 137 — 207 Total commercial 245 132 70 — — 45 1,620 — 2,112 $ 3 Commercial real estate: Investment grade 1,518 864 585 152 271 875 136 22 4,423 Non-investment grade 1,172 685 154 43 47 152 84 — 2,337 Total commercial real estate 2,690 1,549 739 195 318 1,027 220 22 6,760 30 Financial institutions: Investment grade 616 74 57 — — 10 6,948 — 7,705 Non-investment grade 134 10 — — — — 2,672 — 2,816 Total financial institutions 750 84 57 — — 10 9,620 — 10,521 120 Wealth management loans: Investment grade 39 30 110 26 7 167 8,542 101 9,022 Non-investment grade — 2 — — — — 85 — 87 Total wealth management loans 39 32 110 26 7 167 8,627 101 9,109 57 Wealth management mortgages 850 1,689 1,909 863 736 3,066 18 — 9,131 22 Lease financings 230 — — 40 7 322 — — 599 — Other residential mortgages (b) 184 561 200 5 — 216 — — 1,166 5 Capital call financing 10 — — — — — 3,690 — 3,700 15 Other loans — — — — — — 2,717 — 2,717 7 Margin loans 7,283 — — — — — 10,728 — 18,011 41 Total loans $ 12,281 $ 4,047 $ 3,085 $ 1,129 $ 1,068 $ 4,853 $ 37,240 $ 123 $ 63,826 $ 300 (a) Excludes overdrafts of $3,053 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 2023. 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 97% of the exposures meeting the investment grade equivalent criteria of our internal credit rating classification at June 30, 2024. 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, 2024, less than 1% of the mortgages were past due. At June 30, 2024, the wealth management mortgage portfolio consisted of the following geographic concentrations: California – 21%; New York – 14%; Florida – 11%; Massachusetts – 8%; and other – 46%. Lease financings At June 30, 2024, nearly all of the leasing exposure was investment grade, or investment grade equivalent, and consisted of exposures backed by well-diversified assets. The largest components of our lease residual value exposure relate to real estate and large-ticket transportation equipment. 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 $1.1 billion at June 30, 2024 and $1.2 billion at Dec. 31, 2023. 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 $19.6 billion of secured margin loans at June 30, 2024, compared with $18.0 billion at Dec. 31, 2023. 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 $3.2 billion at June 30, 2024 and $3.1 billion at Dec. 31, 2023. 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, 2024 | |
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, 2023 Goodwill $ 7,004 $ 1,429 $ 8,508 $ 16,941 Accumulated impairment losses — — (680) (680) Net goodwill $ 7,004 $ 1,429 $ 7,828 $ 16,261 Business realignment (a) (51) 48 3 — Foreign currency translation (22) (1) (21) (44) Balance at June 30, 2024 Goodwill $ 6,931 $ 1,476 $ 8,490 $ 16,897 Accumulated impairment losses — — (680) (680) Net goodwill $ 6,931 $ 1,476 $ 7,810 $ 16,217 (a) In the first quarter of 2024, we made certain realignments of similar products and services within our lines of business. See Note 19 for additional information. 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) Net goodwill $ 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) Net goodwill $ 6,995 $ 1,428 $ 7,823 $ 16,246 Goodwill impairment testing The goodwill impairment test is performed at least annually at the reporting unit level. An interim goodwill impairment 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 2024, due to the results of the first quarter 2024 interim and annual goodwill 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 2024, we also performed our annual goodwill impairment test on the remaining 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, 2023 $ 164 $ 378 $ 1,463 $ 849 $ 2,854 Amortization (14) (2) (9) — (25) Foreign currency translation (2) — (1) — (3) Balance at June 30, 2024 $ 148 $ 376 $ 1,453 $ 849 $ 2,826 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 The table below provides a breakdown of intangible assets by type. Intangible assets June 30, 2024 Dec. 31, 2023 (dollars in millions) Gross Accumulated Net Remaining Gross Accumulated Net Subject to amortization: (a) Customer contracts – Securities Services $ 728 $ (580) $ 148 9 years $ 731 $ (567) $ 164 Customer contracts – Market and Wealth Services 280 (275) 5 2 years 280 (273) 7 Customer relationships – Investment and Wealth Management 553 (487) 66 8 years 553 (479) 74 Other 41 (13) 28 13 years 41 (12) 29 Total subject to amortization $ 1,602 $ (1,355) $ 247 9 years $ 1,605 $ (1,331) $ 274 Not subject to amortization: (b) Tradenames $ 1,292 N/A $ 1,292 N/A $ 1,292 N/A $ 1,292 Customer relationships 1,287 N/A 1,287 N/A 1,288 N/A 1,288 Total not subject to amortization $ 2,579 N/A $ 2,579 N/A $ 2,580 N/A $ 2,580 Total intangible assets $ 4,181 $ (1,355) $ 2,826 N/A $ 4,185 $ (1,331) $ 2,854 (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) 2024 $ 50 2025 43 2026 34 2027 28 2028 24 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, 2024 | |
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, 2024 Dec. 31, 2023 (in millions) Corporate/bank-owned life insurance $ 5,504 $ 5,480 Accounts receivable (a) 5,200 6,567 Software 2,497 2,430 Tax credit investments 2,159 2,186 Fails to deliver 2,083 1,514 Prepaid pension assets 2,050 1,818 Equity method investments 896 873 Prepaid expense 799 737 Other equity investments (b) 769 741 Assets of consolidated investment management funds 674 526 Federal Reserve Bank stock 474 480 Fair value of hedging derivatives 402 236 Income taxes receivable 378 270 Cash collateral receivable on derivative transactions 259 621 Seed capital (c) 202 232 Other (d) 1,154 1,198 Total other assets $ 25,500 $ 25,909 (a) Includes receivables for securities sold or matured that have not yet settled. (b) Includes strategic equity, private equity and other investments. (c) Includes investments in BNY funds that hedge deferred incentive awards. (d) At June 30, 2024 and Dec. 31, 2023, other assets include $57 million and $7 million, respectively, of Federal Home Loan Bank stock, at cost. Non-readily marketable equity securities Non-readily marketable equity securities do not have readily determinable fair values. These investments are valued using a measurement alternative where the investments are carried at cost, less any impairment, and plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The observable price changes are recorded in investment and other revenue on the consolidated income statement. Our non-readily marketable equity securities totaled $494 million at June 30, 2024 and $479 million at Dec. 31, 2023, 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- (in millions) 2Q24 1Q24 2Q23 YTD24 YTD23 Upward adjustments $ 1 $ — $ 5 $ 1 $ 5 $ 336 Downward adjustments — — (1) — (19) (53) Net adjustments $ 1 $ — $ 4 $ 1 $ (14) $ 283 Tax credit investments Tax credit investments include affordable housing projects and renewable energy investments. We invest in affordable housing projects primarily to satisfy the Company’s requirements under the Community Reinvestment Act. On Jan. 1, 2024, we adopted ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method for our renewable energy projects that met the eligibility criteria. See Note 2 for additional information. Our tax credit investments totaled $2.2 billion at June 30, 2024 and $2.2 billion at Dec. 31, 2023. Commitments to fund future investments totaled $846 million at June 30, 2024 and $780 million at Dec. 31, 2023 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 2024 – $245 million; 2025 – $258 million; 2026 – $101 million; 2027 – $61 million; 2028 – $66 million; and 2029 and thereafter – $115 million. Tax credits and other tax benefits recognized were $115 million in the second quarter of 2024, $114 million in the first quarter of 2024, $94 million in the second quarter of 2023, $229 million in the first six months of 2024 and $184 million in the first six months of 2023. Amortization expense included in the provision for income taxes was $92 million in the second quarter of 2024, $92 million in the first quarter of 2024, $73 million in the second quarter of 2023, $184 million in the first six months of 2024 and $146 million in the first six months of 2023. 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, 2024 Dec. 31, 2023 (in millions) Fair value Unfunded Fair value Unfunded Seed capital (a)(b) $ 7 $ — $ 3 $ — Private equity investments (c) 152 40 143 42 Other 7 — 7 — Total $ 166 $ 40 $ 153 $ 42 ( a) Seed capital investments at June 30, 2024 are generally redeemable on request. Distributions are received as the underlying investments in the funds, which have redemption notice periods of up to 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, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Contract revenue | Contract revenue Fee and other revenue in the Securities Services, Market and Wealth Services and Investment and Wealth Management business segments is primarily variable, based on levels of assets under custody and/or administration, 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 2023 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 2023 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, 2024 June 30, 2023 (a) (in millions) Securities Services Market and Wealth Services Investment and Wealth Management Other Total Securities Services Market and Wealth Services Investment and Wealth Management Other Total Fee and other revenue – contract revenue: Investment services fees $ 1,327 $ 1,009 $ 23 $ (19) $ 2,340 $ 1,288 $ 943 $ 23 $ (14) $ 2,240 Investment management and performance fees — 2 766 (3) 765 — 2 763 (4) 761 Financing-related fees 12 5 1 — 18 10 4 — 1 15 Distribution and servicing fees — (30) 69 2 41 1 (23) 58 (1) 35 Investment and other revenue 62 61 (92) — 31 60 50 (79) — 31 Total fee and other revenue – contract revenue 1,401 1,047 767 (20) 3,195 1,359 976 765 (18) 3,082 Fee and other revenue – not in scope of Accounting Standards Codification (“ASC”) 606 (b)(c)(d) 243 71 11 45 370 202 57 12 50 321 Total fee and other revenue $ 1,644 $ 1,118 $ 778 $ 25 $ 3,565 $ 1,561 $ 1,033 $ 777 $ 32 $ 3,403 (a) Results for the quarter ended June 30, 2023 were revised to reflect certain realignments of similar products and services within our lines of business in the first quarter of 2024. See Note 19 for additional information. (b) 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. (c) The Investment and Wealth Management business segment is net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds of $2 million in the second quarter of 2024 and $1 million in the second quarter of 2023. (d) Fee and other revenue – not in scope of ASC 606 for the Other segment was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 for additional information. Disaggregation of contract revenue by business segment Quarter ended March 31, 2024 (in millions) Securities Services Market and Wealth Services Investment and Wealth Management Other Total Fee and other revenue – contract revenue: Investment services fees $ 1,260 $ 992 $ 26 $ (16) $ 2,262 Investment management and performance fees — 2 774 (4) 772 Financing-related fees 15 8 — — 23 Distribution and servicing fees 1 (29) 70 — 42 Investment and other revenue 57 60 (90) 1 28 Total fee and other revenue – contract revenue 1,333 1,033 780 (19) 3,127 Fee and other revenue – not in scope of ASC 606 (a)(b) 223 61 25 49 358 Total fee and other revenue $ 1,556 $ 1,094 $ 805 $ 30 $ 3,485 (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 $2 million in the first quarter of 2024. Disaggregation of contract revenue by business segment Year-to-date June 30, 2024 June 30, 2023 (a) (in millions) Securities Services Market and Wealth Services Investment and Wealth Management Other Total Securities Services Market and Wealth Services Investment and Wealth Management Other Total Fee and other revenue – contract revenue: Investment services fees $ 2,587 $ 2,001 $ 49 $ (35) $ 4,602 $ 2,457 $ 1,875 $ 47 $ (29) $ 4,350 Investment management and performance fees — 4 1,540 (7) 1,537 — 4 1,547 (7) 1,544 Financing-related fees 27 13 1 — 41 23 9 — 1 33 Distribution and servicing fees 1 (59) 139 2 83 1 (46) 113 — 68 Investment and other revenue 119 121 (182) 1 59 120 100 (159) 1 62 Total fee and other revenue – contract revenue 2,734 2,080 1,547 (39) 6,322 2,601 1,942 1,548 (34) 6,057 Fee and other revenue – not in scope of ASC 606 (b)(c)(d) 466 132 36 94 728 403 109 14 107 633 Total fee and other revenue $ 3,200 $ 2,212 $ 1,583 $ 55 $ 7,050 $ 3,004 $ 2,051 $ 1,562 $ 73 $ 6,690 (a) Results for the first six months of 2023 were revised to reflect certain realignments of similar products and services within our lines of business in the first quarter of 2024. See Note 19 for additional information. (b) 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. (c) The Investment and Wealth Management business segment is net of income (loss) income attributable to noncontrolling interests related to consolidated investment management funds of $4 million in the first six months of 2024 and $1 million in the first six months of 2023. (d) Fee and other revenue – not in scope of ASC 606 for the Other segment was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 for additional information. Contract balances Our clients are billed based on fee schedules that are agreed upon in each customer contract. Receivables from customers were $2.6 billion at June 30, 2024 and Dec. 31, 2023. 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 $71 million at June 30, 2024 and $27 million at Dec. 31, 2023. 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 $225 million at June 30, 2024 and $172 million at Dec. 31, 2023. Contract liabilities are included in other liabilities on the consolidated balance sheet. Revenue recognized in the first six months of 2024 relating to contract liabilities as of Dec. 31, 2023 was $85 million. Revenue recognized in the second quarter of 2024 relating to contract liabilities as of March 31, 2024 was $69 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 $49 million at June 30, 2024 and $46 million at Dec. 31, 2023. 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 2024, $4 million in the second quarter of 2023, $3 million in the first quarter of 2024, $7 million in the first six months of 2024 and $8 million in the first six months of 2023. 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 $93 million at June 30, 2024 and $90 million at Dec. 31, 2023. 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 income
Net interest income | 6 Months Ended |
Jun. 30, 2024 | |
Interest Income (Expense), Operating and Nonoperating [Abstract] | |
Net interest income | Net interest income The following table provides the components of net interest income presented on the consolidated income statement. Net interest income Quarter ended Year-to-date (in millions) June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest income Deposits with the Federal Reserve and other central banks $ 1,201 $ 1,219 $ 1,241 $ 2,420 $ 2,094 Deposits with banks 110 121 128 231 268 Federal funds sold and securities purchased under resale agreements 2,631 2,433 1,776 5,064 2,767 Loans 1,119 1,061 957 2,180 1,823 Securities: Taxable 1,256 1,193 1,042 2,449 2,064 Exempt from federal income taxes — — — — — Total securities 1,256 1,193 1,042 2,449 2,064 Trading securities 75 69 80 144 150 Total interest income 6,392 6,096 5,224 12,488 9,166 Interest expense Deposits 2,255 2,187 1,739 4,442 3,105 Federal funds purchased and securities sold under repurchase agreements 2,433 2,243 1,729 4,676 2,621 Trading liabilities 23 21 43 44 73 Other borrowed funds 8 4 32 12 35 Commercial paper 13 — — 13 — Customer payables 161 146 143 307 271 Long-term debt 469 455 438 924 833 Total interest expense 5,362 5,056 4,124 10,418 6,938 Net interest income 1,030 1,040 1,100 2,070 2,228 Provision for credit losses — 27 5 27 32 Net interest income after provision for credit losses $ 1,030 $ 1,013 $ 1,095 $ 2,043 $ 2,196 |
Employee benefit plans
Employee benefit plans | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 March 31, 2024 June 30, 2023 (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 $ — $ 3 $ — $ — $ 3 $ — $ — $ 2 $ — Interest cost 46 9 1 45 10 1 47 9 2 Expected return on assets (95) (19) (2) (95) (20) (2) (95) (22) (3) Other 6 (1) (2) 6 (1) (2) 3 (4) (3) Net periodic benefit (credit) $ (43) $ (8) $ (3) $ (44) $ (8) $ (3) $ (45) $ (15) $ (4) Net periodic benefit (credit) cost Year-to-date June 30, 2024 June 30, 2023 (in millions) Domestic pension benefits Foreign pension benefits Health care benefits Domestic pension benefits Foreign pension benefits Health care benefits Service cost $ — $ 6 $ — $ — $ 5 $ — Interest cost 91 19 2 95 17 3 Expected return on assets (190) (39) (4) (190) (44) (5) Other 12 (2) (4) 5 (7) (6) Net periodic benefit (credit) $ (87) $ (16) $ (6) $ (90) $ (29) $ (8) |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes BNY recorded an income tax provision of $357 million (23.4% effective tax rate) in the second quarter of 2024, $315 million (22.7% effective tax rate) in the second quarter of 2023 and $297 million (22.4% effective tax rate) in the first quarter of 2024. In accordance with ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method , we elected to account for investments in renewable energy projects that met the eligibility requirement using the proportional amortization method on a retrospective basis. Prior to 2024, we used the hypothetical liquidation at book value (“HLBV”) methodology to determine the pre-tax loss that is recognized in each period. This change resulted in an increase in investment and other revenue and an increase in the provision for income taxes on the consolidated income statement beginning in the first quarter of 2024. For additional information, see Note 2 and Note 7. Our total tax reserves as of June 30, 2024 were $107 million, compared with $109 million at Dec. 31, 2023. 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, 2024 is accrued interest, where applicable, of $36 million. The tax benefit related to interest for the six months ended June 30, 2024 was $3 million, compared with $1 million of tax expense for the six months ended June 30, 2023. 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. Our federal income tax returns are closed to examination through 2016. Our New York State and New York City income tax returns are closed to examination through 2014. Our UK income tax returns are closed to examination through 2020. |
Variable interest entities
Variable interest entities | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and Dec. 31, 2023. 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, 2024 Dec. 31, 2023 (in millions) Trading assets $ 652 $ 510 Other assets 22 16 Total assets (a) $ 674 $ 526 Other liabilities $ 5 $ 1 Total liabilities (b) $ 5 $ 1 Nonredeemable noncontrolling interests (c) $ 186 $ 50 (a) Includes voting model entities (“VMEs”) with assets of $51 million at June 30, 2024 and $91 million at Dec. 31, 2023. (b) Includes VMEs with liabilities of $1 million at June 30, 2024 and $1 million at Dec. 31, 2023. (c) Includes VMEs with nonredeemable noncontrolling interests of $3 million at June 30, 2024 and $12 million at Dec. 31, 2023. 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. Non-consolidated VIEs As of June 30, 2024 and Dec. 31, 2023, 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, 2024 Dec. 31, 2023 (in millions) Other assets $ 2,242 $ 2,261 Other liabilities 846 780 Maximum loss exposure 3,088 3,041 |
Preferred stock
Preferred stock | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and Dec. 31, 2023. Preferred stock summary (a) Total shares issued and outstanding Carrying value (b) (in millions) June 30, 2024 Dec. 31, 2023 June 30, 2024 Dec. 31, 2023 Per annum dividend rate (c) Series A Greater of (i) SOFR plus 0.565% and (ii) 4.000% 5,001 5,001 $ 500 $ 500 Series F 4.625% to but excluding Sept. 20, 2026, then SOFR 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 5,825 576 576 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 43,826 43,826 $ 4,343 $ 4,343 (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 F, Series G, Series H and Series I preferred stock is recorded net of issuance costs. (c) References to SOFR are to a floating rate equal to the three-month CME Term SOFR (plus a spread adjustment of 0.26161% per annum). The table below presents the Parent’s preferred dividends. Preferred dividends (dollars in millions, except per share amounts) Depositary shares 2Q24 1Q24 2Q23 YTD24 YTD23 Per share Total Per share Total Per share Total Per share Total Per share Total Series A 100 (a) $ 1,574.00 $ 8 $ 1,566.46 $ 8 $ 1,412.60 $ 7 $ 3,140.46 $ 16 $ 2,740.32 $ 14 Series D 100 N/A N/A N/A N/A 2,250.00 11 N/A N/A 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 5 925.00 5 925.00 6 1,850.00 10 1,850.00 11 Series I 100 937.50 12 937.50 12 937.50 12 1,875.00 24 1,875.00 24 Total $ 25 $ 72 $ 36 $ 97 $ 107 (a) Represents Normal Preferred Capital Securities. N/A - Not applicable. In December 2023, all of the outstanding shares of the Series D preferred stock were redeemed. All of the outstanding shares of the Series A preferred stock are owned by Mellon Capital IV, a 100% owned finance subsidiary of the Parent, which will pass through any dividend on the Series A preferred stock to the holders of its Normal Preferred Capital Securities. The Parent’s obligations under the trust and other agreements relating to Mellon Capital IV have the effect of providing a full and unconditional guarantee, on a subordinated basis, of payments due on the Normal Preferred Capital Securities. No other subsidiary of the Parent guarantees the securities of Mellon Capital IV. |
Other comprehensive income (los
Other comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Other comprehensive income (loss) | Other comprehensive income (loss) Components of other comprehensive income (loss) Quarter ended June 30, 2024 March 31, 2024 June 30, 2023 (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) $ (9) $ (21) $ (30) $ (44) $ (47) $ (91) $ 61 $ 36 $ 97 Total foreign currency translation (9) (21) (30) (44) (47) (91) 61 36 97 Unrealized gain on assets available-for-sale: Unrealized (loss) gain arising during period (13) 2 (11) 137 (34) 103 (202) 45 (157) Reclassification adjustment (b) 17 (4) 13 1 — 1 — — — Net unrealized gain (loss) on assets available-for-sale 4 (2) 2 138 (34) 104 (202) 45 (157) Defined benefit plans: Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) 4 (1) 3 3 — 3 (4) 2 (2) Total defined benefit plans 4 (1) 3 3 — 3 (4) 2 (2) Unrealized gain (loss) on cash flow hedges: Unrealized hedge gain arising during period 3 (1) 2 4 (1) 3 3 (1) 2 Reclassification of net (gain) loss to net income: Foreign exchange (“FX”) contracts – staff expense (2) 1 (1) (2) — (2) — — — FX contracts – investment and other revenue — — — — — — 1 — 1 Total reclassifications to net income (2) 1 (1) (2) — (2) 1 — 1 Net unrealized gain on cash flow hedges 1 — 1 2 (1) 1 4 (1) 3 Total other comprehensive income (loss) $ — $ (24) $ (24) $ 99 $ (82) $ 17 $ (141) $ 82 $ (59) (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, 2024 June 30, 2023 (in millions) Pre-tax Tax After-tax Pre-tax Tax After-tax Foreign currency translation: Foreign currency translation adjustments arising during the period (a) $ (53) $ (68) $ (121) $ 138 $ 62 $ 200 Total foreign currency translation (53) (68) (121) 138 62 200 Unrealized gain on assets available-for-sale: Unrealized gain arising during period 124 (32) 92 217 (57) 160 Reclassification adjustment (b) 18 (4) 14 1 — 1 Net unrealized gain on assets available-for-sale 142 (36) 106 218 (57) 161 Defined benefit plans: Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) 7 (1) 6 (8) 3 (5) Total defined benefit plans 7 (1) 6 (8) 3 (5) Unrealized gain on cash flow hedges: Unrealized hedge gain arising during period 7 (2) 5 7 (2) 5 Reclassification of net loss to net income: FX contracts – staff expense (4) 1 (3) 3 (1) 2 FX contracts – investment and other revenue — — — 1 — 1 Total reclassifications to net income (4) 1 (3) 4 (1) 3 Net unrealized gain on cash flow hedges 3 (1) 2 11 (3) 8 Total other comprehensive income (loss) $ 99 $ (106) $ (7) $ 359 $ 5 $ 364 (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, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | Fair value measurement Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy for fair value measurements is utilized based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. BNY’s own creditworthiness is considered when valuing liabilities. See Note 20 of the Notes to Consolidated Financial Statements in our 2023 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, 2024 and Dec. 31, 2023, 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 and liabilities measured at fair value on a recurring basis at June 30, 2024 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Assets: Available-for-sale securities: Non-U.S. government (b) $ 4,031 $ 20,920 $ — $ — $ 24,951 U.S. Treasury 19,490 — — — 19,490 Agency RMBS — 16,891 — — 16,891 Agency commercial MBS — 7,548 — — 7,548 Foreign covered bonds — 7,329 — — 7,329 CLOs — 6,370 — — 6,370 Non-agency commercial MBS — 2,819 — — 2,819 U.S. government agencies — 2,552 — — 2,552 Non-agency RMBS — 1,647 — — 1,647 Other ABS — 823 — — 823 Other debt securities — 1 — — 1 Total available-for-sale securities 23,521 66,900 — — 90,421 Trading assets: Debt instruments 1,407 2,016 — — 3,423 Equity instruments 5,202 — — — 5,202 Derivative assets not designated as hedging: Interest rate 6 870 — (861) 15 Foreign exchange — 4,935 — (3,966) 969 Equity and other contracts — 15 — (15) — Total derivative assets not designated as hedging 6 5,820 — (4,842) 984 Total trading assets 6,615 7,836 — (4,842) 9,609 Other assets: Derivative assets designated as hedging: Interest rate — 295 — — 295 Foreign exchange — 107 — — 107 Total derivative assets designated as hedging — 402 — — 402 Other assets (c) 454 555 — — 1,009 Total other assets 454 957 — — 1,411 Assets measured at NAV (c) 166 Total assets $ 30,590 $ 75,693 $ — $ (4,842) $ 101,607 Percentage of total assets prior to netting 29 % 71 % — % Liabilities: Trading liabilities: Debt instruments $ 1,465 $ 31 $ — $ — $ 1,496 Equity instruments 18 — — — 18 Derivative liabilities not designated as hedging: Interest rate 3 1,289 — (519) 773 Foreign exchange — 4,938 — (3,893) 1,045 Equity and other contracts 1 102 — (63) 40 Total derivative liabilities not designated as hedging 4 6,329 — (4,475) 1,858 Total trading liabilities 1,487 6,360 — (4,475) 3,372 Other liabilities: Derivative liabilities designated as hedging: Foreign exchange — 41 — — 41 Total derivative liabilities designated as hedging — 41 — — 41 Other liabilities — 22 — — 22 Total other liabilities — 63 — — 63 Total liabilities $ 1,487 $ 6,423 $ — $ (4,475) $ 3,435 Percentage of total liabilities prior to netting 19 % 81 % — % (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 supranational securities. (c) Includes seed capital, private equity investments and other assets. Assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2023 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Assets: Available-for-sale securities: Non-U.S. government (b) $ 2,439 $ 15,943 $ — $ — $ 18,382 U.S. Treasury 16,604 — — — 16,604 Agency RMBS — 13,111 — — 13,111 Agency commercial MBS — 7,729 — — 7,729 Foreign covered bonds — 6,334 — — 6,334 CLOs — 6,137 — — 6,137 Non-agency commercial MBS — 2,935 — — 2,935 U.S. government agencies — 2,901 — — 2,901 Non-agency RMBS — 1,740 — — 1,740 Other ABS — 943 — — 943 Other debt securities — 1 — — 1 Total available-for-sale securities 19,043 57,774 — — 76,817 Trading assets: Debt instruments 1,246 2,255 — — 3,501 Equity instruments 4,518 — — — 4,518 Derivative assets not designated as hedging: Interest rate 7 1,053 — (751) 309 Foreign exchange — 9,227 — (7,498) 1,729 Equity and other contracts — 8 — (7) 1 Total derivative assets not designated as hedging 7 10,288 — (8,256) 2,039 Total trading assets 5,771 12,543 — (8,256) 10,058 Other assets : Derivative assets designated as hedging: Interest rate — 214 — — 214 Foreign exchange — 22 — — 22 Total derivative assets designated as hedging — 236 — — 236 Other assets (c) 486 386 — — 872 Total other assets 486 622 — — 1,108 Assets measured at NAV (c) 153 Total assets $ 25,300 $ 70,939 $ — $ (8,256) $ 88,136 Percentage of total assets prior to netting 26 % 74 % — % Liabilities: Trading liabilities: Debt instruments $ 2,508 $ 12 $ — $ — $ 2,520 Equity instruments 23 — — — 23 Derivative liabilities not designated as hedging: Interest rate 8 1,339 — (635) 712 Foreign exchange — 9,282 — (6,341) 2,941 Equity and other contracts 9 135 — (114) 30 Total derivative liabilities not designated as hedging 17 10,756 — (7,090) 3,683 Total trading liabilities 2,548 10,768 — (7,090) 6,226 Other liabilities: Derivative liabilities designated as hedging: Foreign exchange — 173 — — 173 Total derivative liabilities designated as hedging — 173 — — 173 Other liabilities — 22 — — 22 Total other liabilities — 195 — — 195 Total liabilities $ 2,548 $ 10,963 $ — $ (7,090) $ 6,421 Percentage of total liabilities prior to netting 19 % 81 % — % (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 supranational securities. (c) 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, 2024 Dec. 31, 2023 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: 2008-2024 $ 1,414 100 % — % — % — % — % $ 1,487 100 % — % — % — % — % 2007 and earlier 233 5 12 — 39 44 253 5 13 1 40 41 Total non-agency RMBS $ 1,647 86 % 2 % — % 6 % 6 % $ 1,740 86 % 2 % — % 6 % 6 % Non-agency commercial MBS originated in: 2009-2023 $ 2,819 100 % — % — % — % — % $ 2,935 100 % — % — % — % — % Foreign covered bonds: Canada $ 2,346 100 % — % — % — % — % $ 2,473 100 % — % — % — % — % UK 1,014 100 — — — — 1,035 100 — — — — Germany 662 100 — — — — 664 100 — — — — Australia 636 100 — — — — 689 100 — — — — Other 2,671 100 — — — — 1,473 100 — — — — Total foreign covered bonds $ 7,329 100 % — % — % — % — % $ 6,334 100 % — % — % — % — % Non-U.S. government: Germany $ 2,737 100 % — % — % — % — % $ 2,658 100 % — % — % — % — % UK 2,353 100 — — — — 1,316 100 — — — — France 1,697 100 — — — — 1,562 100 — — — — Canada 1,604 91 9 — — — 1,336 95 5 — — — Belgium 891 100 — — — — 511 100 — — — — Finland 648 100 — — — — 282 100 — — — — Spain 623 — 8 92 — — 293 — 17 83 — — Netherlands 532 100 — — — — 334 100 — — — — Singapore 387 100 — — — — 302 100 — — — — Japan 384 — 100 — — — 410 — 100 — — — Norway 351 100 — — — — 374 100 — — — — Other (c) 1,697 63 17 12 8 — 1,348 70 3 17 10 — Supranational 11,047 100 — — — — 7,656 100 — — — — Total non-U.S. government: $ 24,951 93 % 3 % 3 % 1 % — % $ 18,382 94 % 3 % 2 % 1 % — % (a) Represents ratings by S&P or the equivalent. (b) At June 30, 2024 and Dec. 31, 2023, non-U.S. government 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 non-U.S. securities related to Brazil of $136 million at June 30, 2024 and $140 million at Dec. 31, 2023. 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, 2024 and Dec. 31, 2023 of financial instruments for which nonrecurring adjustments to fair value have been recorded during 2024 and/or 2023 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, 2024 Dec. 31, 2023 Total carrying Total carrying (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Loans (a) $ — $ 27 $ — $ 27 $ — $ 28 $ — $ 28 Other assets (b) — 494 — 494 — 481 — 481 Total assets at fair value on a nonrecurring basis $ — $ 521 $ — $ 521 $ — $ 509 $ — $ 509 (a) The fair value of these loans decreased $1 million in the second quarter of 2024 and was unchanged in the fourth quarter of 2023, 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, 2024 and Dec. 31, 2023, by caption on the consolidated balance sheet and by the valuation hierarchy. Summary of financial instruments June 30, 2024 (in millions) Level 1 Level 2 Level 3 Total Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 116,139 $ — $ 116,139 $ 116,139 Interest-bearing deposits with banks — 11,494 — 11,494 11,488 Federal funds sold and securities purchased under resale agreements — 29,723 — 29,723 29,723 Securities held-to-maturity 8,345 32,942 — 41,287 46,429 Loans (a) — 68,641 — 68,641 69,757 Other financial assets 5,311 2,307 — 7,618 7,618 Total $ 13,656 $ 261,246 $ — $ 274,902 $ 281,154 Liabilities: Noninterest-bearing deposits $ — $ 58,029 $ — $ 58,029 $ 58,029 Interest-bearing deposits — 241,568 — 241,568 246,282 Federal funds purchased and securities sold under repurchase agreements — 15,701 — 15,701 15,701 Payables to customers and broker-dealers — 17,569 — 17,569 17,569 Commercial paper — 301 — 301 301 Borrowings — 1,117 — 1,117 1,117 Long-term debt — 30,037 — 30,037 30,947 Total $ — $ 364,322 $ — $ 364,322 $ 369,946 (a) Does not include the leasing portfolio. Summary of financial instruments Dec. 31, 2023 (in millions) Level 1 Level 2 Level 3 Total estimated Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 111,550 $ — $ 111,550 $ 111,550 Interest-bearing deposits with banks — 12,134 — 12,134 12,139 Federal funds sold and securities purchased under resale agreements — 28,900 — 28,900 28,900 Securities held-to-maturity 9,545 35,166 — 44,711 49,578 Loans (a) — 65,026 — 65,026 65,977 Other financial assets 4,922 2,149 — 7,071 7,071 Total $ 14,467 $ 254,925 $ — $ 269,392 $ 275,215 Liabilities: Noninterest-bearing deposits $ — $ 58,274 $ — $ 58,274 $ 58,274 Interest-bearing deposits — 221,463 — 221,463 225,395 Federal funds purchased and securities sold under repurchase agreements — 14,507 — 14,507 14,507 Payables to customers and broker-dealers — 18,395 — 18,395 18,395 Borrowings — 1,274 — 1,274 1,274 Long-term debt — 30,596 — 30,596 31,257 Total $ — $ 344,509 $ — $ 344,509 $ 349,102 (a) Does not include the leasing portfolio. |
Fair value option
Fair value option | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Dec. 31, 2023 (in millions) Assets of consolidated investment management funds: Trading assets $ 652 $ 510 Other assets 22 16 Total assets of consolidated investment management funds $ 674 $ 526 Liabilities of consolidated investment management funds: Other liabilities $ 5 $ 1 Total liabilities of consolidated investment management funds $ 5 $ 1 The assets and liabilities of the consolidated investment management funds are included in other assets and other liabilities, respectively, 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 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 $16 million at June 30, 2024 and $4 million at Dec. 31, 2023. 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, 2024 | |
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 2024. 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, loans 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, non-U.S. government and foreign covered bonds. At June 30, 2024, $34.3 billion par value of available-for-sale securities was hedged with interest rate swaps designated as fair value hedges that had notional values of $34.3 billion. At June 30, 2024, $1.4 billion of interest rate swaps was designated as portfolio layer method fair value hedges of loans against a closed portfolio of fixed rate loans of $3.3 billion, essentially converting $1.4 billion of such fixed rate loans to a floating rate. 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, 2024, the hedged forecasted foreign currency transactions and designated forward foreign exchange contract hedges were $741 million (notional), with a net pre-tax gain of $6 million recorded in accumulated other comprehensive income (“OCI”). Over the next 12 months, a gain of $6 million will be reclassified into earnings. From time to time, we have utilized forward foreign exchange contracts as fair value hedges of the foreign exchange risk associated with available-for-sale securities. Forward points are designated as an excluded component and amortized into earnings over the hedge period. At June 30, 2024, there were no remaining foreign exchange contracts. 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, 2024, forward foreign exchange contracts with notional amounts totaling $10.5 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, 2024, 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) 2Q24 1Q24 2Q23 YTD24 YTD23 Interest rate fair value hedges of available-for-sale securities Derivative Interest income $ 79 $ 449 $ 388 $ 528 $ (47) Hedged item Interest income (77) (449) (389) (526) 45 Interest rate fair value hedges of long-term debt Derivative Interest expense 13 (221) (277) (208) 2 Hedged item Interest expense (13) 221 278 208 (1) Interest rate fair value hedges of loans Derivative Interest expense (14) (1) — (15) — Hedged item Interest expense 14 1 — 15 — Cash flow hedges of forecasted FX exposures Gain (loss) reclassified from OCI into income Staff expense 2 2 — 4 (3) (Loss) reclassified from OCI into income Investment and other revenue — — (1) — (1) Gain (loss) recognized in the consolidated income statement due to fair value and cash flow hedging relationships $ 4 $ 2 $ (1) $ 6 $ (5) 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 Location of gain or (loss) reclassified from accumulated OCI into income Gain or (loss) reclassified from 2Q24 1Q24 2Q23 YTD24 YTD23 2Q24 1Q24 2Q23 YTD24 YTD23 FX contracts $ 87 $ 198 $ (152) $ 285 $ (263) Net interest income $ — $ — $ — $ — $ — 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, 2024 Dec. 31, 2023 June 30, 2024 Dec. 31, 2023 Available-for-sale securities (b)(c) $ 33,988 $ 29,941 $ (2,163) $ (1,767) Loans (d) $ 1,407 $ — $ 15 $ — Long-term debt $ 21,807 $ 21,854 $ (1,043) $ (846) (a) Includes $371 million and $434 million of basis adjustment decreases on discontinued hedges associated with available-for-sale securities at June 30, 2024 and Dec. 31, 2023, respectively, and $15 million and $26 million of basis adjustment decreases on discontinued hedges associated with long-term debt at June 30, 2024 and Dec. 31, 2023, respectively. (b) Carrying amount represents the amortized cost. (c) At June 30, 2024, the amortized cost of the available-for-sale securities included in closed portfolios subject to portfolio layer method hedging was $5.9 billion, of which $2.5 billion was designated as hedged. The cumulative basis adjustments for active hedging relationships associated with such hedges as of June 30, 2024 was a decrease of $21 million. (d) At June 30, 2024, loans included in closed portfolios subject to portfolio layer method hedging was $3.3 billion, of which $1.4 billion was designated as hedged. The cumulative basis adjustment for active hedging relationships associated with such hedges as of June 30, 2024 was an increase of $15 million. 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, 2024 Dec. 31, 2023 June 30, 2024 Dec. 31, 2023 June 30, 2024 Dec. 31, 2023 (in millions) Derivatives designated as hedging instruments: (a)(b) Interest rate contracts $ 58,561 $ 52,808 $ 295 $ 214 $ — $ — Foreign exchange contracts 11,254 11,099 107 22 41 173 Total derivatives designated as hedging instruments $ 402 $ 236 $ 41 $ 173 Derivatives not designated as hedging instruments: (b)(c) Interest rate contracts $ 156,069 $ 155,535 $ 876 $ 1,060 $ 1,292 $ 1,347 Foreign exchange contracts 994,914 944,241 4,935 9,227 4,938 9,282 Equity contracts 4,584 3,886 15 8 99 138 Credit contracts 255 220 — — 4 6 Total derivatives not designated as hedging instruments $ 5,826 $ 10,295 $ 6,333 $ 10,773 Total derivatives fair value (d) $ 6,228 $ 10,531 $ 6,374 $ 10,946 Effect of master netting agreements (e) (4,842) (8,256) (4,475) (7,090) Fair value after effect of master netting agreements $ 1,386 $ 2,275 $ 1,899 $ 3,856 (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 $1,253 million and $886 million, respectively, at June 30, 2024, and $2,353 million and $1,187 million, respectively, at Dec. 31, 2023. 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) 2Q24 1Q24 2Q23 YTD24 YTD23 Foreign exchange revenue $ 184 $ 152 $ 158 $ 336 $ 334 Other trading revenue 77 69 53 146 98 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. There was no impact in the second quarter of 2024. We recorded a gain of $8 million in the second quarter of 2023, $11 million in the first quarter of 2024, $11 million in the first six months of 2024 and $15 million in the first six months of 2023. 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, 2024 Dec. 31, 2023 (in millions) Aggregate fair value of OTC derivatives in net liability positions (a) $ 1,100 $ 1,003 Collateral posted $ 1,190 $ 1,001 (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, 2024 Dec. 31, 2023 (in millions) If The Bank of New York Mellon’s rating changed to: (b) A3/A- $ 28 $ 115 Baa2/BBB $ 341 $ 792 Ba1/BB+ $ 1,179 $ 1,920 (a) The amounts represent potential total close-out values if The Bank of New York Mellon’s long-term issuer rating were to immediately drop to the indicated levels, and do not reflect collateral posted. (b) Represents ratings by Moody’s/S&P. If The Bank of New York Mellon’s debt rating had fallen below investment grade on June 30, 2024 and Dec. 31, 2023, existing collateral arrangements would have required us to post additional collateral of $281 million and $235 million, respectively. Offsetting assets and liabilities The following tables present derivative and financial instruments and their related offsets. There were no derivative instruments or financial instruments subject to a legally enforceable netting agreement for which we are not currently netting. Offsetting of derivative assets and financial assets at June 30, 2024 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 $ 1,013 $ 861 $ 152 $ 36 $ — $ 116 Foreign exchange contracts 4,812 3,966 846 83 — 763 Equity and other contracts 15 15 — — — — Total derivatives subject to netting arrangements 5,840 4,842 998 119 — 879 Total derivatives not subject to netting arrangements 388 — 388 — — 388 Total derivatives 6,228 4,842 1,386 119 — 1,267 Reverse repurchase agreements 183,313 167,863 (b) 15,450 15,414 — 36 Securities borrowing 14,273 — 14,273 13,488 — 785 Total $ 203,814 $ 172,705 $ 31,109 $ 29,021 $ — $ 2,088 (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, 2023 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 $ 979 $ 751 $ 228 $ 60 $ — $ 168 Foreign exchange contracts 8,552 7,498 1,054 320 — 734 Equity and other contracts 7 7 — — — — Total derivatives subject to netting arrangements 9,538 8,256 1,282 380 — 902 Total derivatives not subject to netting arrangements 993 — 993 — — 993 Total derivatives 10,531 8,256 2,275 380 — 1,895 Reverse repurchase agreements 169,092 150,667 (b) 18,425 18,422 — 3 Securities borrowing 10,475 — 10,475 10,011 — 464 Total $ 190,098 $ 158,923 $ 31,175 $ 28,813 $ — $ 2,362 (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, 2024 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 $ 993 $ 519 $ 474 $ 50 $ — $ 424 Foreign exchange contracts 4,578 3,893 685 211 — 474 Equity and other contracts 98 63 35 24 — 11 Total derivatives subject to netting arrangements 5,669 4,475 1,194 285 — 909 Total derivatives not subject to netting arrangements 705 — 705 — — 705 Total derivatives 6,374 4,475 1,899 285 — 1,614 Repurchase agreements 180,502 167,863 (b) 12,639 12,622 16 1 Securities lending 3,062 — 3,062 2,941 — 121 Total $ 189,938 $ 172,338 $ 17,600 $ 15,848 $ 16 $ 1,736 (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, 2023 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 $ 1,118 $ 635 $ 483 $ 78 $ — $ 405 Foreign exchange contracts 8,454 6,341 2,113 93 — 2,020 Equity and other contracts 128 114 14 — — 14 Total derivatives subject to netting arrangements 9,700 7,090 2,610 171 — 2,439 Total derivatives not subject to netting arrangements 1,246 — 1,246 — — 1,246 Total derivatives 10,946 7,090 3,856 171 — 3,685 Repurchase agreements 162,661 150,667 (b) 11,994 11,966 28 — Securities lending 2,513 — 2,513 2,404 — 109 Total $ 176,120 $ 157,757 $ 18,363 $ 14,541 $ 28 $ 3,794 (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, 2024 Dec. 31, 2023 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 $ 139,392 $ — $ 1,392 $ 461 $ 141,245 $ 128,304 $ 15 $ 1,409 $ 510 $ 130,238 Agency RMBS 30,489 20 1,007 375 31,891 25,815 — 896 120 26,831 Sovereign debt/sovereign guaranteed 943 1,369 — — 2,312 1,049 — — — 1,049 Corporate bonds 88 158 1,325 698 2,269 103 72 1,315 590 2,080 State and political subdivisions 52 20 521 256 849 37 38 449 257 781 U.S. government agencies 94 — 75 75 244 44 — 61 32 137 Other debt securities 422 154 61 1 638 4 180 73 24 281 Equity securities — 6 594 454 1,054 — 10 1,172 82 1,264 Total $ 171,480 $ 1,727 $ 4,975 $ 2,320 $ 180,502 $ 155,356 $ 315 $ 5,375 $ 1,615 $ 162,661 Securities lending: Agency RMBS $ 121 $ — $ — $ — $ 121 $ 111 $ — $ — $ — $ 111 Other debt securities 66 — — — 66 25 — — — 25 Equity securities 2,875 — — — 2,875 2,377 — — — 2,377 Total $ 3,062 $ — $ — $ — $ 3,062 $ 2,513 $ — $ — $ — $ 2,513 Total secured borrowings $ 174,542 $ 1,727 $ 4,975 $ 2,320 $ 183,564 $ 157,869 $ 315 $ 5,375 $ 1,615 $ 165,174 BNY’s repurchase agreements and securities lending transactions primarily encounter risk associated with liquidity. We are required to pledge collateral based on predetermined terms within the agreements. If we were to experience a decline in the fair value of the collateral pledged for these transactions, we could be required to provide additional collateral to the counterparty, therefore decreasing the amount of assets available for other liquidity needs that may arise. BNY also offers tri-party collateral agency services in the tri-party repo market where we are exposed to credit risk. In order to mitigate this risk, we require dealers to fully secure intraday credit. |
Commitments and contingent liab
Commitments and contingent liabilities | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Dec. 31, 2023 (in millions) Lending commitments $ 50,158 $ 46,518 Standby letters of credit (“SBLC”) (a) 1,731 1,816 Commercial letters of credit 41 41 Securities lending indemnifications (b)(c) 539,559 492,739 (a) Net of participations totaling $195 million at June 30, 2024 and $163 million at Dec. 31, 2023. (b) Excludes the indemnification for securities for which BNY acts as an agent on behalf of CIBC Mellon clients, which totaled $66 billion at June 30, 2024 and $59 billion at Dec. 31, 2023. (c) Includes cash collateral, invested in indemnified repurchase agreements, held by us as securities lending agent of $61 billion at June 30, 2024 and $45 billion at Dec. 31, 2023. 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: $31.2 billion in less than one year, $18.5 billion in one to five years and $380 million over five years. SBLCs principally support obligations of corporate clients and were collateralized with cash and securities of $179 million at June 30, 2024 and $158 million at Dec. 31, 2023. At June 30, 2024, $1.3 billion of the SBLCs will expire within one year and $455 million in one to five years. No SBLCs expire in 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’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, 2024 Dec. 31, 2023 Investment grade 68 % 74 % Non-investment grade 32 % 26 % 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 $41 million at June 30, 2024 and $41 million at Dec. 31, 2023. 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 $73 million at June 30, 2024 and $87 million at Dec. 31, 2023. 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 $566 billion at June 30, 2024 and $518 billion at Dec. 31, 2023. CIBC Mellon, a joint venture between BNY and the Canadian Imperial Bank of Commerce (“CIBC”), engages in securities lending activities. CIBC Mellon, BNY and CIBC jointly and severally indemnify securities lenders against specific types of borrower default. At June 30, 2024 and Dec. 31, 2023, $66 billion and $59 billion, respectively, of borrowings at CIBC Mellon, for which BNY acts as agent on behalf of CIBC Mellon clients, were secured by collateral of $70 billion and $62 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 receives cash from and provides securities as collateral to a counterparty at settlement. In reverse repurchase agreements, BNY 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, 2024, we had no unsettled repurchase agreements and $78.9 billion of unsettled reverse repurchase agreements. At Dec. 31, 2023, we had no unsettled repurchase agreements and $77.9 billion of unsettled reverse repurchase agreements. Industry concentrations We have significant industry concentrations related to credit exposure at June 30, 2024. The tables below present our credit exposure in the financial institutions and commercial portfolios. Financial institutions portfolio exposure (in billions) June 30, 2024 Loans Unfunded Total exposure Securities industry $ 2.4 $ 17.8 $ 20.2 Asset managers 1.6 8.2 9.8 Banks 7.9 1.4 9.3 Insurance 0.1 4.1 4.2 Government — 0.3 0.3 Other 0.2 0.6 0.8 Total $ 12.2 $ 32.4 $ 44.6 Commercial portfolio exposure (in billions) June 30, 2024 Loans Unfunded Total exposure Services and other $ 1.4 $ 3.6 $ 5.0 Manufacturing 0.6 3.7 4.3 Energy and utilities 0.2 4.0 4.2 Media and telecom — 0.7 0.7 Total $ 2.2 $ 12.0 $ 14.2 Major concentrations in securities lending are primarily to broker-dealers and are generally collateralized with cash and/or securities. Sponsored member repo program BNY 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 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, 2024 and Dec. 31, 2023, 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, 2024 and Dec. 31, 2023, 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, 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, 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 is currently unable to estimate a range of reasonably possible loss. For those matters described here where BNY is able to estimate a reasonably possible loss, the aggregate range of such reasonably possible loss is up to $600 million in excess of the accrued liability (if any) related to those matters. For matters where a reasonably possible loss is denominated in a foreign currency, our estimate is adjusted quarterly based on prevailing exchange rates. We do not consider potential recoveries when estimating reasonably possible losses. The following describes certain judicial, regulatory and arbitration proceedings involving BNY: Mortgage-Securitization Trusts Proceedings BNY 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. 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 have been consolidated in Texas federal court for discovery purposes. On June 28, 2024, an unincorporated association that claims to represent the interests of Stanford investors filed a lawsuit in New Jersey federal court against The Bank of New York Mellon, making the same allegations as prior cases, and we expect that lawsuit to be consolidated with the others in Texas federal court. Various alleged Stanford CD purchasers asserted similar claims in Financial Industry Regulatory Authority, Inc. (“FINRA”) arbitration proceedings. Brazilian Postalis Litigation BNY 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 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 Oct. 24, 2023, Postalis’s appeal was denied. Postalis further appealed on June 27, 2024. On Feb. 4, 2016, Postalis filed a lawsuit in Brasilia against DTVM, Ativos and BNY 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 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. On Aug. 21, 2023, DTVM’s appeal was denied. In addition, the Tribunal de Contas da União (“TCU”), an administrative tribunal, has initiated proceedings with the purpose of determining liability for losses to four 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, and Postalis and the other pension fund have appealed. On Sept. 21, 2023, the São Paulo court issued an order suspending the arbitration; the Arbitration Court implemented the suspension on Oct. 6, 2023. On April 8, 2024, the appellate court reversed the São Paulo court’s decision and found that the Arbitration Court did have jurisdiction. DTVM plans to further appeal. 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 April 30, 2024, the appeals court reversed the finding against DTVM and Alocação de Patrimônio. Postalis has further appealed that reversal. 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. On March 21, 2024, the São Paulo court issued a decision finding DTVM, Deutsche Bank and Silverado Gestão e Investimentos jointly liable for losses to the Fund in an amount to be determined during a later calculation phase. DTVM plans to appeal. 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 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 in advanced discussions with the SEC to resolve this investigation. In April 2023, the Company received a similar request from the Commodity Futures Trading Commission and is cooperating with that inquiry. Pershing Rule 15c3-3 Matter The Company has been responding to investigative requests for information and records from the SEC concerning Pershing LLC’s compliance with its obligations under SEC Rule 15c3-3, among other regulatory rules and statutes. The Company continues to cooperate with the inquiry. |
Business segments
Business segments | 6 Months Ended |
Jun. 30, 2024 | |
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 2023 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 reclassifications or organizational changes in the second quarter of 2024. In the first quarter of 2024, we made certain realignments of similar products and services within our lines of business. The largest change was the movement of Institutional Solutions from Pershing to Clearance and Collateral Management, both in the Market and Wealth Services business segment. We made other smaller changes that moved activity from Asset Servicing in the Securities Services business segment to Treasury Services in the Market and Wealth Services business segment, and from Wealth Management in the Investment and Wealth Management business segment and Pershing in the Market and Wealth Services business segment to Investment Management in the Investment and Wealth Management business segment. The Other segment was not impacted by the changes. Business segment results for the three- and six-months ended June 30, 2023 have been revised to reflect these changes. The accounting policies of the businesses are the same as those described in Note 1 of the Notes to Consolidated Financial Statements in our 2023 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 income 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 restricted stock units 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 income to the businesses generating the deposits. • 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, 2024 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 1,644 $ 1,118 $ 778 (a) $ 25 $ 3,565 (a) Net interest income (expense) 595 417 43 (25) 1,030 Total revenue 2,239 1,535 821 (a) — 4,595 (a) Provision for credit losses (3) (2) 4 1 — Noninterest expense 1,554 833 668 15 3,070 Income (loss) before income taxes $ 688 $ 704 $ 149 (a) $ (16) $ 1,525 (a) Pre-tax operating margin (b) 31 % 46 % 18 % N/M 33 % Average assets $ 196,015 $ 124,790 $ 26,031 $ 65,663 $ 412,499 (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 $2 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the quarter ended March 31, 2024 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 1,556 $ 1,094 $ 805 (a) $ 30 $ 3,485 (a) Net interest income (expense) 583 423 41 (7) 1,040 Total revenue 2,139 1,517 846 (a) 23 4,525 (a) Provision for credit losses 11 5 (1) 12 27 Noninterest expense 1,537 834 740 65 3,176 Income (loss) before income taxes $ 591 $ 678 $ 107 (a) $ (54) $ 1,322 (a) Pre-tax operating margin (b) 28 % 45 % 13 % N/M 29 % Average assets $ 191,544 $ 123,552 $ 26,272 $ 62,617 $ 403,985 (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 $2 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the quarter ended June 30, 2023 Securities Market and Wealth Services Investment Other (a) Consolidated (a) (dollars in millions) Total fee and other revenue $ 1,561 $ 1,033 $ 777 (b) $ 32 $ 3,403 (b) Net interest income (expense) 668 420 39 (27) 1,100 Total revenue 2,229 1,453 816 (b) 5 4,503 (b) Provision for credit losses 16 7 7 (25) 5 Noninterest expense 1,567 794 679 71 3,111 Income (loss) before income taxes $ 646 $ 652 $ 130 (b) $ (41) $ 1,387 (b) Pre-tax operating margin (c) 29 % 45 % 16 % N/M 31 % Average assets $ 202,207 $ 131,519 $ 27,399 $ 59,836 $ 420,961 (a) The prior period was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 for additional information. (b) 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. (c) Income before income taxes divided by total revenue. N/M – Not meaningful. For the six months ended June 30, 2024 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 3,200 $ 2,212 $ 1,583 (a) $ 55 $ 7,050 (a) Net interest income (expense) 1,178 840 84 (32) 2,070 Total revenue 4,378 3,052 1,667 (a) 23 9,120 (a) Provision for credit losses 8 3 3 13 27 Noninterest expense 3,091 1,667 1,408 80 6,246 Income (loss) before income taxes $ 1,279 $ 1,382 $ 256 (a) $ (70) $ 2,847 (a) Pre-tax operating margin (b) 29 % 45 % 15 % N/M 31 % Average assets $ 193,780 $ 124,171 $ 26,151 $ 64,140 $ 408,242 (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 $4 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 (a) Consolidated (a) (dollars in millions) Total fee and other revenue $ 3,004 $ 2,051 $ 1,562 (b) $ 73 $ 6,690 (b) Net interest income (expense) 1,334 873 84 (63) 2,228 Total revenue 4,338 2,924 1,646 (b) 10 8,918 (b) Provision for credit losses 16 7 7 2 32 Noninterest expense 3,107 1,576 1,416 112 6,211 Income (loss) before income taxes $ 1,215 $ 1,341 $ 223 (b) $ (104) $ 2,675 (b) Pre-tax operating margin (c) 28 % 46 % 14 % N/M 30 % Average assets $ 199,399 $ 131,761 $ 27,882 $ 55,115 $ 414,157 (a) The prior period was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 for additional information. (b) 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. (c) 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, 2024 | |
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) 2024 2023 Transfers from loans to other assets for other real estate owned $ — $ 1 Change in assets of consolidated investment management funds 148 290 Change in liabilities of consolidated investment management funds 4 7 Change in nonredeemable noncontrolling interests of consolidated investment management funds 136 58 Securities purchased not settled 521 164 Securities sold not settled 87 41 Securities matured not settled 25 — Premises and equipment/operating lease obligations 166 183 Excise tax on share repurchases 12 14 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||||
Pay vs Performance Disclosure | ||||||||
Net income applicable to shareholders of The Bank of New York Mellon Corporation | [1] | $ 1,168 | $ 1,025 | $ 1,072 | $ 2,193 | [2] | $ 2,054 | [2] |
[1]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information[2]Information for the six months ended June 30, 2023 was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
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, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accounting and financial reporting policies of BNY, 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, 2023 (the “2023 Annual Report”). |
Reclassifications | On Jan. 1, 2024, we adopted Accounting Standards Update (“ASU”) 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates based upon assumptions about future economic and market conditions which affect reported amounts and related disclosures in our |
New accounting guidance | New accounting guidance The following accounting guidance was adopted on Jan. 1, 2024. ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method In March 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method , which permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received, and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of the provision for income taxes. |
Fair value measurement | Fair value measurement Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy for fair value measurements is utilized based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. BNY’s own creditworthiness is considered when valuing liabilities. See Note 20 of the Notes to Consolidated Financial Statements in our 2023 Annual Report for |
New accounting guidance (Tables
New accounting guidance (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The table below presents the impact of the new accounting guidance on our previously reported income statement amounts. Consolidated Income Statement Previously reported Adjustment Restated (in millions) 2Q23 YTD23 2Q23 YTD23 2Q23 YTD23 Investment and other revenue $ 97 $ 176 $ 50 $ 102 $ 147 $ 278 Total fee and other revenue 3,354 6,589 50 102 3,404 6,691 Total revenue 4,454 8,817 50 102 4,504 8,919 Income before income taxes 1,338 2,574 50 102 1,388 2,676 Provision for income taxes 270 530 45 91 315 621 Net income 1,068 2,044 5 11 1,073 2,055 Net income applicable to shareholders of The Bank of New York Mellon Corporation 1,067 2,043 5 11 1,072 2,054 Net income applicable to common shareholders of The Bank of New York Mellon Corporation 1,031 1,936 5 11 1,036 1,947 The table below presents the impact of the new accounting guidance on our previously reported earnings per share applicable to common shareholders. Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation Previously reported Restated (in dollars) 2Q23 YTD23 2Q23 YTD23 Basic $ 1.31 $ 2.43 $ 1.32 $ 2.45 Diluted 1.30 2.42 1.31 2.44 The table below presents the impact of the new accounting guidance on our previously reported retained earnings. Retained Earnings Previously Reported Adjustment Restated (in millions) Dec. 31, 2022 $ 37,864 $ (121) $ 37,743 March 31, 2023 38,465 (115) 38,350 June 30, 2023 39,199 (109) 39,090 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and Dec. 31, 2023. Securities at June 30, 2024 Gross Fair Amortized cost (in millions) Gains Losses Available-for-sale: Non-U.S. government (a) $ 25,643 $ 15 $ 707 $ 24,951 U.S. Treasury 21,254 45 1,809 19,490 Agency residential mortgage-backed securities (“RMBS”) 17,319 99 527 16,891 Agency commercial mortgage-backed securities (“MBS”) 8,045 58 555 7,548 Foreign covered bonds 7,484 12 167 7,329 Collateralized loan obligations (“CLOs”) 6,355 15 — 6,370 Non-agency commercial MBS 3,096 1 278 2,819 U.S. government agencies 2,678 34 160 2,552 Non-agency RMBS 1,799 28 180 1,647 Other asset-backed securities (“ABS”) 892 — 69 823 Other debt securities 1 — — 1 Total securities available-for-sale (b)(c) $ 94,566 $ 307 $ 4,452 $ 90,421 Held-to-maturity: Agency RMBS $ 27,816 $ 1 $ 3,827 $ 23,990 U.S. Treasury 8,161 — 567 7,594 U.S. government agencies 4,141 — 395 3,746 Agency commercial MBS 3,506 — 296 3,210 Non-U.S. government (a) 1,788 — 58 1,730 CLOs 983 1 — 984 Non-agency RMBS 23 1 1 23 Other debt securities 11 — 1 10 Total securities held-to-maturity $ 46,429 $ 3 $ 5,145 $ 41,287 Total securities $ 140,995 $ 310 $ 9,597 $ 131,708 (a) Includes supranational securities. (b) The amortized cost of available-for-sale securities is net of the allowance for credit losses of $5 million. The allowance for credit loss relates to non-agency commercial MBS and non-agency RMBS. (c) Includes gross unrealized gains of $210 million and gross unrealized losses of $130 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, agency commercial MBS and U.S. Treasury securities. The unrealized losses primarily relate to agency RMBS and U.S. Treasury securities. The unrealized gains and losses will be amortized into net interest income over the contractual lives of the securities. Securities at Dec. 31, 2023 Gross Amortized cost Fair (in millions) Gains Losses Available-for-sale: Non-U.S. government (a) $ 18,998 $ 68 $ 684 $ 18,382 U.S. Treasury 18,193 63 1,652 16,604 Agency RMBS 13,457 119 465 13,111 Agency commercial MBS 8,191 69 531 7,729 Foreign covered bonds 6,489 25 180 6,334 CLOs 6,142 5 10 6,137 Non-agency commercial MBS 3,245 1 311 2,935 U.S. government agencies 3,053 42 194 2,901 Non-agency RMBS 1,883 32 175 1,740 Other ABS 1,026 1 84 943 Other debt securities 1 — — 1 Total securities available-for-sale (b)(c) $ 80,678 $ 425 $ 4,286 $ 76,817 Held-to-maturity: Agency RMBS $ 29,740 $ 1 $ 3,493 $ 26,248 U.S. Treasury 9,123 — 612 8,511 U.S. government agencies 4,146 — 401 3,745 Agency commercial MBS 3,411 1 296 3,116 Non-U.S. government (a) 2,137 3 67 2,073 CLOs 983 — 1 982 Non-agency RMBS 26 1 1 26 Other debt securities 12 — 2 10 Total securities held-to-maturity $ 49,578 $ 6 $ 4,873 $ 44,711 Total securities $ 130,256 $ 431 $ 9,159 $ 121,528 (a) Includes supranational securities. (b) The amortized cost of available-for-sale securities is net of the allowance for credit losses of less than $1 million. The allowance for credit loss primarily relates to non-agency RMBS. (c) Includes gross unrealized gains of $250 million and gross unrealized losses of $146 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, agency commercial MBS and U.S. Treasury securities. The unrealized losses primarily relate to agency RMBS and U.S. Treasury securities. The unrealized gains and losses will be amortized into net interest income 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) 2Q24 1Q24 2Q23 YTD24 YTD23 Realized gross gains $ 6 $ 4 $ 4 $ 10 $ 18 Realized gross losses (23) (5) (4) (28) (19) Total net securities (losses) $ (17) $ (1) $ — $ (18) $ (1) |
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) 2Q24 1Q24 2Q23 YTD24 YTD23 U.S. Treasury $ (11) $ (1) $ — $ (12) $ (8) Non-agency RMBS — — — — 2 Other (6) — — (6) 5 Total net securities (losses) $ (17) $ (1) $ — $ (18) $ (1) |
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, 2024 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in millions) Non-U.S. government (a) $ 9,816 $ 71 $ 11,529 $ 636 $ 21,345 $ 707 U.S. Treasury 4,662 59 14,580 1,750 19,242 1,809 Agency RMBS 5,812 69 8,123 458 13,935 527 Agency commercial MBS 210 1 6,958 554 7,168 555 Foreign covered bonds 1,886 9 2,731 158 4,617 167 Non-agency commercial MBS 163 1 2,456 277 2,619 278 U.S. government agencies 394 4 1,726 156 2,120 160 Non-agency RMBS 93 — 1,159 180 1,252 180 Other ABS — — 749 69 749 69 Total securities available-for-sale (b) $ 23,036 $ 214 $ 50,011 $ 4,238 $ 73,047 $ 4,452 (a) Includes supranational securities . (b) Includes $130 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 income 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, 2023 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in millions) U.S. Treasury $ 694 $ 48 $ 14,862 $ 1,604 $ 15,556 $ 1,652 Non-U.S. government (a) 2,756 24 11,767 660 14,523 684 Agency RMBS 2,753 27 6,793 438 9,546 465 Agency commercial MBS 328 5 7,060 526 7,388 531 CLOs 784 — 3,158 10 3,942 10 Foreign covered bonds 268 1 3,603 179 3,871 180 Non-agency commercial MBS 187 2 2,607 309 2,794 311 U.S. government agencies 573 4 1,779 190 2,352 194 Non-agency RMBS 30 1 1,300 174 1,330 175 Other ABS — — 832 84 832 84 Total securities available-for-sale (b) $ 8,373 $ 112 $ 53,761 $ 4,174 $ 62,134 $ 4,286 (a) Includes supranational securities. |
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, 2024 Ratings (a) Net unrealized gain (loss) BB+ (dollars in millions) Amortized AAA/ A+/ BBB+/ Not Agency RMBS $ 27,816 $ (3,826) 100 % — % — % — % — % U.S. Treasury 8,161 (567) 100 — — — — U.S. government agencies 4,141 (395) 100 — — — — Agency commercial MBS 3,506 (296) 100 — — — — Non-U.S. government (b)(c) 1,788 (58) 100 — — — — CLOs 983 1 100 — — — — Non-agency RMBS 23 — 24 53 2 17 4 Other debt securities 11 (1) — — — — 100 Total held-to-maturity securities $ 46,429 $ (5,142) 100 % — % — % — % — % (a) Represents ratings by Standard & Poor’s (“S&P”) or the equivalent. (b) Includes supranational securities. (c) Primarily consists of exposure to Germany, UK, the Netherlands and France. Held-to-maturity securities portfolio at Dec. 31, 2023 Ratings (a) Net unrealized gain (loss) BB+ (dollars in millions) Amortized AAA/ A+/ BBB+/ Not Agency RMBS $ 29,740 $ (3,492) 100 % — % — % — % — % U.S. Treasury 9,123 (612) 100 — — — — U.S. government agencies 4,146 (401) 100 — — — — Agency commercial MBS 3,411 (295) 100 — — — — Non-U.S. government (b)(c) 2,137 (64) 100 — — — — CLOs 983 (1) 100 — — — — Non-agency RMBS 26 — 25 54 2 17 2 Other debt securities 12 (2) — — — — 100 Total held-to-maturity securities $ 49,578 $ (4,867) 100 % — % — % — % — % (a) Represents ratings by S&P or the equivalent. (b) Includes supranational securities. (c) Primarily consists of exposure to Germany, France, UK and the Netherlands. |
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, 2024 Within 1 year 1-5 years 5-10 years After 10 years Total (dollars in millions) Amount Yield (a) Amount Yield (a) Amount Yield (a) Amount Yield (a) Amount Yield (a) Available-for-sale: U.S. Treasury $ 1,956 1.01 % $ 13,336 1.89 % $ 2,275 2.93 % $ 1,923 2.92 % $ 19,490 2.04 % Non-U.S. government (b) 5,002 2.26 16,303 3.09 3,333 2.45 313 3.48 24,951 2.84 Foreign covered bonds 1,082 3.26 5,780 3.40 467 2.36 — — 7,329 3.31 U.S. government agencies 69 1.47 1,625 3.86 858 2.78 — — 2,552 3.41 Other debt securities — — — — — — 1 4.94 1 4.94 Mortgage-backed securities: Agency RMBS 16,891 5.17 Non-agency RMBS 1,647 4.41 Agency commercial MBS 7,548 3.06 Non-agency commercial MBS 2,819 3.41 CLOs 6,370 6.79 Other ABS 823 2.24 Total securities available-for-sale $ 8,109 2.09 % $ 37,044 2.72 % $ 6,933 2.65 % $ 2,237 2.98 % $ 90,421 3.47 % Held-to-maturity: U.S. Treasury $ 2,215 1.29 % $ 5,215 1.22 % $ 731 0.95 % $ — — % $ 8,161 1.22 % U.S. government agencies 903 1.20 2,549 1.57 476 1.51 213 1.99 4,141 1.50 Non-U.S. government (b) 878 0.96 834 1.45 76 0.59 — — 1,788 1.17 Other debt securities — — — — 11 3.76 — — 11 3.76 Mortgage-backed securities: Agency RMBS 27,816 2.33 Non-agency RMBS 23 4.36 Agency commercial MBS 3,506 2.59 CLOs 983 6.73 Total securities held-to-maturity $ 3,996 1.20 % $ 8,598 1.35 % $ 1,294 1.16 % $ 213 1.99 % $ 46,429 2.13 % Total securities $ 12,105 1.79 % $ 45,642 2.47 % $ 8,227 2.43 % $ 2,450 2.91 % $ 136,850 3.03 % (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. (b) Includes supranational securities. |
Loans and asset quality (Tables
Loans and asset quality (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Dec. 31, 2023 (in millions) Commercial $ 2,247 $ 2,112 Commercial real estate 6,942 6,760 Financial institutions 12,169 10,521 Lease financings 600 599 Wealth management loans 8,823 9,109 Wealth management mortgages 9,018 9,131 Other residential mortgages 1,119 1,166 Capital call financing 4,106 3,700 Other 2,837 2,717 Overdrafts 3,193 3,053 Margin loans 19,588 18,011 Total loans (a) $ 70,642 $ 66,879 (a) Net of unearned income of $251 million at June 30, 2024 and $268 million at Dec. 31, 2023 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, 2024 Wealth management loans Wealth management mortgages Other Capital call financing (in millions) Commercial Commercial Financial Lease Total Beginning balance $ 24 $ 347 $ 17 $ — $ 1 $ 7 $ 3 $ 4 $ 403 Charge-offs — (43) — — — — — — (43) Recoveries — — — — — — — — — Net (charge-offs) — (43) — — — — — — (43) Provision (a)(b) 3 (6) 4 — — (1) — (1) (1) Ending balance $ 27 $ 298 $ 21 $ — $ 1 $ 6 $ 3 $ 3 $ 359 Allowance for: Loan losses $ 16 $ 247 $ 12 $ — $ 1 $ 5 $ 3 $ 2 $ 286 Lending-related commitments 11 51 9 — — 1 — 1 73 Individually evaluated for impairment: Loan balance (c) $ — $ 287 $ — $ — $ — $ 13 $ 1 $ — $ 301 Allowance for loan losses — 73 — — — — — — 73 (a) Does not include the provision for credit losses related to other financial instruments of $1 million for the quarter ended June 30, 2024. (b) The methodology used to allocate the qualitative reserves was modified in the second quarter of 2024 to align certain specifically identifiable qualitative reserves with the respective class of financing receivables. The methodology change primarily impacted the reserve for commercial real estate portfolio (decreased $10 million) and the reserve for financial institutions (increased $10 million). (c) Includes collateral-dependent loans of $301 million with $265 million of collateral value. Allowance for credit losses activity for the quarter ended March 31, 2024 Wealth management loans Wealth management mortgages Other Capital call financing (in millions) Commercial Commercial Financial Lease Total Beginning balance $ 27 $ 325 $ 19 $ 1 $ 1 $ 9 $ 4 $ 4 $ 390 Charge-offs — — — — — (1) — — (1) Recoveries — — — — — — — — — Net (charge-offs) — — — — — (1) — — (1) Provision (a) (3) 22 (2) (1) — (1) (1) — 14 Ending balance $ 24 $ 347 $ 17 $ — $ 1 $ 7 $ 3 $ 4 $ 403 Allowance for: Loan losses $ 14 $ 287 $ 8 $ — $ 1 $ 6 $ 3 $ 3 $ 322 Lending-related commitments 10 60 9 — — 1 — 1 81 Individually evaluated for impairment: Loan balance (b) $ — $ 331 $ — $ — $ — $ 16 $ 1 $ — $ 348 Allowance for loan losses — 107 — — — — — — 107 (a) Does not include the provision for credit losses related to other financial instruments of $13 million for the quarter ended March 31, 2024. (b) Includes collateral-dependent loans of $348 million with $303 million of collateral value. Allowance for credit losses activity for the quarter ended June 30, 2023 Wealth management loans Wealth management mortgages Other Capital call financing Total (in millions) Commercial Commercial Financial Lease 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 six months ended June 30, 2024 Other Capital call financing Total (in millions) Commercial Commercial Financial Lease Wealth management loans Wealth management mortgages Beginning balance $ 27 $ 325 $ 19 $ 1 $ 1 $ 9 $ 4 $ 4 $ 390 Charge-offs — (43) — — — (1) — — (44) Recoveries — — — — — — — — — Net (charge-offs) — (43) — — — (1) — — (44) Provision (a) — 16 2 (1) — (2) (1) (1) 13 Ending balance $ 27 $ 298 $ 21 $ — $ 1 $ 6 $ 3 $ 3 $ 359 (a) Does not include provision for credit losses related to other financial instruments of $14 million for the six months ended June 30, 2024. 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. |
Distribution of Nonperforming Assets | The table below presents our nonperforming assets. Nonperforming assets June 30, 2024 Dec. 31, 2023 Recorded investment Recorded investment With an Without an allowance With an Without an allowance (in millions) Total Total Nonperforming loans: Commercial real estate $ 185 $ — $ 185 $ 189 $ — $ 189 Other residential mortgages 20 1 21 23 1 24 Wealth management mortgages 6 14 20 7 12 19 Total nonperforming loans 211 15 226 219 13 232 Other assets owned — 1 1 — 5 5 Total nonperforming assets $ 211 $ 16 $ 227 $ 219 $ 18 $ 237 |
Information about Past Due Loans | The table below presents our past due loans. Past due loans and still accruing interest June 30, 2024 Dec. 31, 2023 Days past due Total Days past due Total (in millions) 30-59 60-89 ≥90 30-59 60-89 ≥90 Wealth management loans $ 45 $ — $ — $ 45 $ 52 $ — $ — $ 52 Commercial real estate 16 — — 16 9 3 — 12 Other residential mortgages 11 1 — 12 7 1 — 8 Wealth management mortgages — 8 — 8 26 3 — 29 Financial institutions — — — — 339 (a) — — 339 Total past due loans $ 72 $ 9 $ — $ 81 $ 433 $ 7 $ — $ 440 (a) Past due financial institution loans have been collected since Dec. 31, 2023. |
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, 2024 Revolving loans Originated, at amortized cost Amortized cost Converted to term loans – Amortized cost Accrued (in millions) YTD24 2023 2022 2021 2020 Prior to 2020 Total (a) Commercial: Investment grade $ 16 $ 125 $ 33 $ 58 $ — $ 116 $ 1,816 $ — $ 2,164 Non-investment grade 2 — — 24 — — 57 — 83 Total commercial 18 125 33 82 — 116 1,873 — 2,247 $ 2 Commercial real estate: (b) Investment grade 168 534 719 475 561 1,661 228 22 4,368 Non-investment grade 210 268 869 429 271 438 89 — 2,574 Total commercial real estate 378 802 1,588 904 832 2,099 317 22 6,942 32 Financial institutions: Investment grade 342 393 24 26 72 8 9,954 — 10,819 Non-investment grade 55 — 10 — — — 1,285 — 1,350 Total financial institutions 397 393 34 26 72 8 11,239 — 12,169 124 Wealth management loans: Investment grade 6 30 31 109 29 145 8,347 100 8,797 Non-investment grade — — — — — — 26 — 26 Total wealth management loans 6 30 31 109 29 145 8,373 100 8,823 63 Wealth management mortgages (b) 222 829 1,621 1,871 841 3,616 18 — 9,018 24 Lease financings — — — 12 35 553 — — 600 — Other residential mortgages (b) — 174 543 197 5 200 — — 1,119 4 Capital call financing 41 10 — — — — 4,055 — 4,106 14 Other loans — — — — — — 2,837 — 2,837 6 Margin loans 8,546 — — — — — 11,042 — 19,588 39 Total loans $ 9,608 $ 2,363 $ 3,850 $ 3,201 $ 1,814 $ 6,737 $ 39,754 $ 122 $ 67,449 $ 308 (a) Excludes overdrafts of $3,193 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two (b) In the first six months of 2024, the gross write-offs related to commercial real estate loans were $46 million, other residential mortgage loans were less than $1 million and wealth management mortgage loans were less than $1 million. Credit profile of the loan portfolio Dec. 31, 2023 Revolving loans Originated, at amortized cost Amortized cost Converted to term loans – Amortized cost Accrued (in millions) 2023 2022 2021 2020 2019 Prior to 2019 Total (a) Commercial: Investment grade $ 193 $ 114 $ 70 $ — $ — $ 45 $ 1,483 $ — $ 1,905 Non-investment grade 52 18 — — — — 137 — 207 Total commercial 245 132 70 — — 45 1,620 — 2,112 $ 3 Commercial real estate: Investment grade 1,518 864 585 152 271 875 136 22 4,423 Non-investment grade 1,172 685 154 43 47 152 84 — 2,337 Total commercial real estate 2,690 1,549 739 195 318 1,027 220 22 6,760 30 Financial institutions: Investment grade 616 74 57 — — 10 6,948 — 7,705 Non-investment grade 134 10 — — — — 2,672 — 2,816 Total financial institutions 750 84 57 — — 10 9,620 — 10,521 120 Wealth management loans: Investment grade 39 30 110 26 7 167 8,542 101 9,022 Non-investment grade — 2 — — — — 85 — 87 Total wealth management loans 39 32 110 26 7 167 8,627 101 9,109 57 Wealth management mortgages 850 1,689 1,909 863 736 3,066 18 — 9,131 22 Lease financings 230 — — 40 7 322 — — 599 — Other residential mortgages (b) 184 561 200 5 — 216 — — 1,166 5 Capital call financing 10 — — — — — 3,690 — 3,700 15 Other loans — — — — — — 2,717 — 2,717 7 Margin loans 7,283 — — — — — 10,728 — 18,011 41 Total loans $ 12,281 $ 4,047 $ 3,085 $ 1,129 $ 1,068 $ 4,853 $ 37,240 $ 123 $ 63,826 $ 300 (a) Excludes overdrafts of $3,053 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 2023. |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 Goodwill $ 7,004 $ 1,429 $ 8,508 $ 16,941 Accumulated impairment losses — — (680) (680) Net goodwill $ 7,004 $ 1,429 $ 7,828 $ 16,261 Business realignment (a) (51) 48 3 — Foreign currency translation (22) (1) (21) (44) Balance at June 30, 2024 Goodwill $ 6,931 $ 1,476 $ 8,490 $ 16,897 Accumulated impairment losses — — (680) (680) Net goodwill $ 6,931 $ 1,476 $ 7,810 $ 16,217 (a) In the first quarter of 2024, we made certain realignments of similar products and services within our lines of business. See Note 19 for additional information. 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) Net goodwill $ 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) Net goodwill $ 6,995 $ 1,428 $ 7,823 $ 16,246 |
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, 2023 $ 164 $ 378 $ 1,463 $ 849 $ 2,854 Amortization (14) (2) (9) — (25) Foreign currency translation (2) — (1) — (3) Balance at June 30, 2024 $ 148 $ 376 $ 1,453 $ 849 $ 2,826 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 |
Breakdown of Intangible Assets by Type | The table below provides a breakdown of intangible assets by type. Intangible assets June 30, 2024 Dec. 31, 2023 (dollars in millions) Gross Accumulated Net Remaining Gross Accumulated Net Subject to amortization: (a) Customer contracts – Securities Services $ 728 $ (580) $ 148 9 years $ 731 $ (567) $ 164 Customer contracts – Market and Wealth Services 280 (275) 5 2 years 280 (273) 7 Customer relationships – Investment and Wealth Management 553 (487) 66 8 years 553 (479) 74 Other 41 (13) 28 13 years 41 (12) 29 Total subject to amortization $ 1,602 $ (1,355) $ 247 9 years $ 1,605 $ (1,331) $ 274 Not subject to amortization: (b) Tradenames $ 1,292 N/A $ 1,292 N/A $ 1,292 N/A $ 1,292 Customer relationships 1,287 N/A 1,287 N/A 1,288 N/A 1,288 Total not subject to amortization $ 2,579 N/A $ 2,579 N/A $ 2,580 N/A $ 2,580 Total intangible assets $ 4,181 $ (1,355) $ 2,826 N/A $ 4,185 $ (1,331) $ 2,854 (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) 2024 $ 50 2025 43 2026 34 2027 28 2028 24 |
Other assets (Tables)
Other assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Dec. 31, 2023 (in millions) Corporate/bank-owned life insurance $ 5,504 $ 5,480 Accounts receivable (a) 5,200 6,567 Software 2,497 2,430 Tax credit investments 2,159 2,186 Fails to deliver 2,083 1,514 Prepaid pension assets 2,050 1,818 Equity method investments 896 873 Prepaid expense 799 737 Other equity investments (b) 769 741 Assets of consolidated investment management funds 674 526 Federal Reserve Bank stock 474 480 Fair value of hedging derivatives 402 236 Income taxes receivable 378 270 Cash collateral receivable on derivative transactions 259 621 Seed capital (c) 202 232 Other (d) 1,154 1,198 Total other assets $ 25,500 $ 25,909 (a) Includes receivables for securities sold or matured that have not yet settled. (b) Includes strategic equity, private equity and other investments. (c) Includes investments in BNY funds that hedge deferred incentive awards. (d) At June 30, 2024 and Dec. 31, 2023, other assets include $57 million and $7 million, respectively, of Federal Home Loan Bank stock, at cost. |
Equity Securities without Readily Determinable Fair Value | The following table presents the adjustments on the non-readily marketable equity securities. Adjustments on non-readily marketable equity securities Life-to- (in millions) 2Q24 1Q24 2Q23 YTD24 YTD23 Upward adjustments $ 1 $ — $ 5 $ 1 $ 5 $ 336 Downward adjustments — — (1) — (19) (53) Net adjustments $ 1 $ — $ 4 $ 1 $ (14) $ 283 |
Summary of Investments Valued Using NAV | The table below presents information on our investments valued using NAV. Investments valued using NAV June 30, 2024 Dec. 31, 2023 (in millions) Fair value Unfunded Fair value Unfunded Seed capital (a)(b) $ 7 $ — $ 3 $ — Private equity investments (c) 152 40 143 42 Other 7 — 7 — Total $ 166 $ 40 $ 153 $ 42 ( a) Seed capital investments at June 30, 2024 are generally redeemable on request. Distributions are received as the underlying investments in the funds, which have redemption notice periods of up to 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, 2024 | |
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, 2024 June 30, 2023 (a) (in millions) Securities Services Market and Wealth Services Investment and Wealth Management Other Total Securities Services Market and Wealth Services Investment and Wealth Management Other Total Fee and other revenue – contract revenue: Investment services fees $ 1,327 $ 1,009 $ 23 $ (19) $ 2,340 $ 1,288 $ 943 $ 23 $ (14) $ 2,240 Investment management and performance fees — 2 766 (3) 765 — 2 763 (4) 761 Financing-related fees 12 5 1 — 18 10 4 — 1 15 Distribution and servicing fees — (30) 69 2 41 1 (23) 58 (1) 35 Investment and other revenue 62 61 (92) — 31 60 50 (79) — 31 Total fee and other revenue – contract revenue 1,401 1,047 767 (20) 3,195 1,359 976 765 (18) 3,082 Fee and other revenue – not in scope of Accounting Standards Codification (“ASC”) 606 (b)(c)(d) 243 71 11 45 370 202 57 12 50 321 Total fee and other revenue $ 1,644 $ 1,118 $ 778 $ 25 $ 3,565 $ 1,561 $ 1,033 $ 777 $ 32 $ 3,403 (a) Results for the quarter ended June 30, 2023 were revised to reflect certain realignments of similar products and services within our lines of business in the first quarter of 2024. See Note 19 for additional information. (b) 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. (c) The Investment and Wealth Management business segment is net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds of $2 million in the second quarter of 2024 and $1 million in the second quarter of 2023. (d) Fee and other revenue – not in scope of ASC 606 for the Other segment was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 for additional information. Disaggregation of contract revenue by business segment Quarter ended March 31, 2024 (in millions) Securities Services Market and Wealth Services Investment and Wealth Management Other Total Fee and other revenue – contract revenue: Investment services fees $ 1,260 $ 992 $ 26 $ (16) $ 2,262 Investment management and performance fees — 2 774 (4) 772 Financing-related fees 15 8 — — 23 Distribution and servicing fees 1 (29) 70 — 42 Investment and other revenue 57 60 (90) 1 28 Total fee and other revenue – contract revenue 1,333 1,033 780 (19) 3,127 Fee and other revenue – not in scope of ASC 606 (a)(b) 223 61 25 49 358 Total fee and other revenue $ 1,556 $ 1,094 $ 805 $ 30 $ 3,485 (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 $2 million in the first quarter of 2024. Disaggregation of contract revenue by business segment Year-to-date June 30, 2024 June 30, 2023 (a) (in millions) Securities Services Market and Wealth Services Investment and Wealth Management Other Total Securities Services Market and Wealth Services Investment and Wealth Management Other Total Fee and other revenue – contract revenue: Investment services fees $ 2,587 $ 2,001 $ 49 $ (35) $ 4,602 $ 2,457 $ 1,875 $ 47 $ (29) $ 4,350 Investment management and performance fees — 4 1,540 (7) 1,537 — 4 1,547 (7) 1,544 Financing-related fees 27 13 1 — 41 23 9 — 1 33 Distribution and servicing fees 1 (59) 139 2 83 1 (46) 113 — 68 Investment and other revenue 119 121 (182) 1 59 120 100 (159) 1 62 Total fee and other revenue – contract revenue 2,734 2,080 1,547 (39) 6,322 2,601 1,942 1,548 (34) 6,057 Fee and other revenue – not in scope of ASC 606 (b)(c)(d) 466 132 36 94 728 403 109 14 107 633 Total fee and other revenue $ 3,200 $ 2,212 $ 1,583 $ 55 $ 7,050 $ 3,004 $ 2,051 $ 1,562 $ 73 $ 6,690 (a) Results for the first six months of 2023 were revised to reflect certain realignments of similar products and services within our lines of business in the first quarter of 2024. See Note 19 for additional information. (b) 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. (c) The Investment and Wealth Management business segment is net of income (loss) income attributable to noncontrolling interests related to consolidated investment management funds of $4 million in the first six months of 2024 and $1 million in the first six months of 2023. (d) Fee and other revenue – not in scope of ASC 606 for the Other segment was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 for additional information. |
Net interest income (Tables)
Net interest income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Interest Income (Expense), Operating and Nonoperating [Abstract] | |
Components of Net Interest Income | The following table provides the components of net interest income presented on the consolidated income statement. Net interest income Quarter ended Year-to-date (in millions) June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest income Deposits with the Federal Reserve and other central banks $ 1,201 $ 1,219 $ 1,241 $ 2,420 $ 2,094 Deposits with banks 110 121 128 231 268 Federal funds sold and securities purchased under resale agreements 2,631 2,433 1,776 5,064 2,767 Loans 1,119 1,061 957 2,180 1,823 Securities: Taxable 1,256 1,193 1,042 2,449 2,064 Exempt from federal income taxes — — — — — Total securities 1,256 1,193 1,042 2,449 2,064 Trading securities 75 69 80 144 150 Total interest income 6,392 6,096 5,224 12,488 9,166 Interest expense Deposits 2,255 2,187 1,739 4,442 3,105 Federal funds purchased and securities sold under repurchase agreements 2,433 2,243 1,729 4,676 2,621 Trading liabilities 23 21 43 44 73 Other borrowed funds 8 4 32 12 35 Commercial paper 13 — — 13 — Customer payables 161 146 143 307 271 Long-term debt 469 455 438 924 833 Total interest expense 5,362 5,056 4,124 10,418 6,938 Net interest income 1,030 1,040 1,100 2,070 2,228 Provision for credit losses — 27 5 27 32 Net interest income after provision for credit losses $ 1,030 $ 1,013 $ 1,095 $ 2,043 $ 2,196 |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 March 31, 2024 June 30, 2023 (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 $ — $ 3 $ — $ — $ 3 $ — $ — $ 2 $ — Interest cost 46 9 1 45 10 1 47 9 2 Expected return on assets (95) (19) (2) (95) (20) (2) (95) (22) (3) Other 6 (1) (2) 6 (1) (2) 3 (4) (3) Net periodic benefit (credit) $ (43) $ (8) $ (3) $ (44) $ (8) $ (3) $ (45) $ (15) $ (4) Net periodic benefit (credit) cost Year-to-date June 30, 2024 June 30, 2023 (in millions) Domestic pension benefits Foreign pension benefits Health care benefits Domestic pension benefits Foreign pension benefits Health care benefits Service cost $ — $ 6 $ — $ — $ 5 $ — Interest cost 91 19 2 95 17 3 Expected return on assets (190) (39) (4) (190) (44) (5) Other 12 (2) (4) 5 (7) (6) Net periodic benefit (credit) $ (87) $ (16) $ (6) $ (90) $ (29) $ (8) |
Variable interest entities (Tab
Variable interest entities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and Dec. 31, 2023. 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, 2024 Dec. 31, 2023 (in millions) Trading assets $ 652 $ 510 Other assets 22 16 Total assets (a) $ 674 $ 526 Other liabilities $ 5 $ 1 Total liabilities (b) $ 5 $ 1 Nonredeemable noncontrolling interests (c) $ 186 $ 50 (a) Includes voting model entities (“VMEs”) with assets of $51 million at June 30, 2024 and $91 million at Dec. 31, 2023. (b) Includes VMEs with liabilities of $1 million at June 30, 2024 and $1 million at Dec. 31, 2023. (c) Includes VMEs with nonredeemable noncontrolling interests of $3 million at June 30, 2024 and $12 million at Dec. 31, 2023. |
Schedule of Variable Interest Entities | 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, 2024 Dec. 31, 2023 (in millions) Other assets $ 2,242 $ 2,261 Other liabilities 846 780 Maximum loss exposure 3,088 3,041 |
Preferred stock (Tables)
Preferred stock (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock Summary | The following table summarizes the Parent’s preferred stock issued and outstanding at June 30, 2024 and Dec. 31, 2023. Preferred stock summary (a) Total shares issued and outstanding Carrying value (b) (in millions) June 30, 2024 Dec. 31, 2023 June 30, 2024 Dec. 31, 2023 Per annum dividend rate (c) Series A Greater of (i) SOFR plus 0.565% and (ii) 4.000% 5,001 5,001 $ 500 $ 500 Series F 4.625% to but excluding Sept. 20, 2026, then SOFR 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 5,825 576 576 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 43,826 43,826 $ 4,343 $ 4,343 (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 F, Series G, Series H and Series I preferred stock is recorded net of issuance costs. (c) References to SOFR are to a floating rate equal to the three-month CME Term SOFR (plus a spread adjustment of 0.26161% per annum). |
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 2Q24 1Q24 2Q23 YTD24 YTD23 Per share Total Per share Total Per share Total Per share Total Per share Total Series A 100 (a) $ 1,574.00 $ 8 $ 1,566.46 $ 8 $ 1,412.60 $ 7 $ 3,140.46 $ 16 $ 2,740.32 $ 14 Series D 100 N/A N/A N/A N/A 2,250.00 11 N/A N/A 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 5 925.00 5 925.00 6 1,850.00 10 1,850.00 11 Series I 100 937.50 12 937.50 12 937.50 12 1,875.00 24 1,875.00 24 Total $ 25 $ 72 $ 36 $ 97 $ 107 (a) Represents Normal Preferred Capital Securities. N/A - Not applicable. |
Other comprehensive income (l_2
Other comprehensive income (loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | Components of other comprehensive income (loss) Quarter ended June 30, 2024 March 31, 2024 June 30, 2023 (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) $ (9) $ (21) $ (30) $ (44) $ (47) $ (91) $ 61 $ 36 $ 97 Total foreign currency translation (9) (21) (30) (44) (47) (91) 61 36 97 Unrealized gain on assets available-for-sale: Unrealized (loss) gain arising during period (13) 2 (11) 137 (34) 103 (202) 45 (157) Reclassification adjustment (b) 17 (4) 13 1 — 1 — — — Net unrealized gain (loss) on assets available-for-sale 4 (2) 2 138 (34) 104 (202) 45 (157) Defined benefit plans: Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) 4 (1) 3 3 — 3 (4) 2 (2) Total defined benefit plans 4 (1) 3 3 — 3 (4) 2 (2) Unrealized gain (loss) on cash flow hedges: Unrealized hedge gain arising during period 3 (1) 2 4 (1) 3 3 (1) 2 Reclassification of net (gain) loss to net income: Foreign exchange (“FX”) contracts – staff expense (2) 1 (1) (2) — (2) — — — FX contracts – investment and other revenue — — — — — — 1 — 1 Total reclassifications to net income (2) 1 (1) (2) — (2) 1 — 1 Net unrealized gain on cash flow hedges 1 — 1 2 (1) 1 4 (1) 3 Total other comprehensive income (loss) $ — $ (24) $ (24) $ 99 $ (82) $ 17 $ (141) $ 82 $ (59) (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, 2024 June 30, 2023 (in millions) Pre-tax Tax After-tax Pre-tax Tax After-tax Foreign currency translation: Foreign currency translation adjustments arising during the period (a) $ (53) $ (68) $ (121) $ 138 $ 62 $ 200 Total foreign currency translation (53) (68) (121) 138 62 200 Unrealized gain on assets available-for-sale: Unrealized gain arising during period 124 (32) 92 217 (57) 160 Reclassification adjustment (b) 18 (4) 14 1 — 1 Net unrealized gain on assets available-for-sale 142 (36) 106 218 (57) 161 Defined benefit plans: Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) 7 (1) 6 (8) 3 (5) Total defined benefit plans 7 (1) 6 (8) 3 (5) Unrealized gain on cash flow hedges: Unrealized hedge gain arising during period 7 (2) 5 7 (2) 5 Reclassification of net loss to net income: FX contracts – staff expense (4) 1 (3) 3 (1) 2 FX contracts – investment and other revenue — — — 1 — 1 Total reclassifications to net income (4) 1 (3) 4 (1) 3 Net unrealized gain on cash flow hedges 3 (1) 2 11 (3) 8 Total other comprehensive income (loss) $ 99 $ (106) $ (7) $ 359 $ 5 $ 364 (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, 2024 | |
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, 2024 and Dec. 31, 2023, 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 and liabilities measured at fair value on a recurring basis at June 30, 2024 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Assets: Available-for-sale securities: Non-U.S. government (b) $ 4,031 $ 20,920 $ — $ — $ 24,951 U.S. Treasury 19,490 — — — 19,490 Agency RMBS — 16,891 — — 16,891 Agency commercial MBS — 7,548 — — 7,548 Foreign covered bonds — 7,329 — — 7,329 CLOs — 6,370 — — 6,370 Non-agency commercial MBS — 2,819 — — 2,819 U.S. government agencies — 2,552 — — 2,552 Non-agency RMBS — 1,647 — — 1,647 Other ABS — 823 — — 823 Other debt securities — 1 — — 1 Total available-for-sale securities 23,521 66,900 — — 90,421 Trading assets: Debt instruments 1,407 2,016 — — 3,423 Equity instruments 5,202 — — — 5,202 Derivative assets not designated as hedging: Interest rate 6 870 — (861) 15 Foreign exchange — 4,935 — (3,966) 969 Equity and other contracts — 15 — (15) — Total derivative assets not designated as hedging 6 5,820 — (4,842) 984 Total trading assets 6,615 7,836 — (4,842) 9,609 Other assets: Derivative assets designated as hedging: Interest rate — 295 — — 295 Foreign exchange — 107 — — 107 Total derivative assets designated as hedging — 402 — — 402 Other assets (c) 454 555 — — 1,009 Total other assets 454 957 — — 1,411 Assets measured at NAV (c) 166 Total assets $ 30,590 $ 75,693 $ — $ (4,842) $ 101,607 Percentage of total assets prior to netting 29 % 71 % — % Liabilities: Trading liabilities: Debt instruments $ 1,465 $ 31 $ — $ — $ 1,496 Equity instruments 18 — — — 18 Derivative liabilities not designated as hedging: Interest rate 3 1,289 — (519) 773 Foreign exchange — 4,938 — (3,893) 1,045 Equity and other contracts 1 102 — (63) 40 Total derivative liabilities not designated as hedging 4 6,329 — (4,475) 1,858 Total trading liabilities 1,487 6,360 — (4,475) 3,372 Other liabilities: Derivative liabilities designated as hedging: Foreign exchange — 41 — — 41 Total derivative liabilities designated as hedging — 41 — — 41 Other liabilities — 22 — — 22 Total other liabilities — 63 — — 63 Total liabilities $ 1,487 $ 6,423 $ — $ (4,475) $ 3,435 Percentage of total liabilities prior to netting 19 % 81 % — % (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 supranational securities. (c) Includes seed capital, private equity investments and other assets. Assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2023 Total carrying (dollars in millions) Level 1 Level 2 Level 3 Netting (a) Assets: Available-for-sale securities: Non-U.S. government (b) $ 2,439 $ 15,943 $ — $ — $ 18,382 U.S. Treasury 16,604 — — — 16,604 Agency RMBS — 13,111 — — 13,111 Agency commercial MBS — 7,729 — — 7,729 Foreign covered bonds — 6,334 — — 6,334 CLOs — 6,137 — — 6,137 Non-agency commercial MBS — 2,935 — — 2,935 U.S. government agencies — 2,901 — — 2,901 Non-agency RMBS — 1,740 — — 1,740 Other ABS — 943 — — 943 Other debt securities — 1 — — 1 Total available-for-sale securities 19,043 57,774 — — 76,817 Trading assets: Debt instruments 1,246 2,255 — — 3,501 Equity instruments 4,518 — — — 4,518 Derivative assets not designated as hedging: Interest rate 7 1,053 — (751) 309 Foreign exchange — 9,227 — (7,498) 1,729 Equity and other contracts — 8 — (7) 1 Total derivative assets not designated as hedging 7 10,288 — (8,256) 2,039 Total trading assets 5,771 12,543 — (8,256) 10,058 Other assets : Derivative assets designated as hedging: Interest rate — 214 — — 214 Foreign exchange — 22 — — 22 Total derivative assets designated as hedging — 236 — — 236 Other assets (c) 486 386 — — 872 Total other assets 486 622 — — 1,108 Assets measured at NAV (c) 153 Total assets $ 25,300 $ 70,939 $ — $ (8,256) $ 88,136 Percentage of total assets prior to netting 26 % 74 % — % Liabilities: Trading liabilities: Debt instruments $ 2,508 $ 12 $ — $ — $ 2,520 Equity instruments 23 — — — 23 Derivative liabilities not designated as hedging: Interest rate 8 1,339 — (635) 712 Foreign exchange — 9,282 — (6,341) 2,941 Equity and other contracts 9 135 — (114) 30 Total derivative liabilities not designated as hedging 17 10,756 — (7,090) 3,683 Total trading liabilities 2,548 10,768 — (7,090) 6,226 Other liabilities: Derivative liabilities designated as hedging: Foreign exchange — 173 — — 173 Total derivative liabilities designated as hedging — 173 — — 173 Other liabilities — 22 — — 22 Total other liabilities — 195 — — 195 Total liabilities $ 2,548 $ 10,963 $ — $ (7,090) $ 6,421 Percentage of total liabilities prior to netting 19 % 81 % — % (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 supranational securities. (c) 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, 2024 Dec. 31, 2023 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: 2008-2024 $ 1,414 100 % — % — % — % — % $ 1,487 100 % — % — % — % — % 2007 and earlier 233 5 12 — 39 44 253 5 13 1 40 41 Total non-agency RMBS $ 1,647 86 % 2 % — % 6 % 6 % $ 1,740 86 % 2 % — % 6 % 6 % Non-agency commercial MBS originated in: 2009-2023 $ 2,819 100 % — % — % — % — % $ 2,935 100 % — % — % — % — % Foreign covered bonds: Canada $ 2,346 100 % — % — % — % — % $ 2,473 100 % — % — % — % — % UK 1,014 100 — — — — 1,035 100 — — — — Germany 662 100 — — — — 664 100 — — — — Australia 636 100 — — — — 689 100 — — — — Other 2,671 100 — — — — 1,473 100 — — — — Total foreign covered bonds $ 7,329 100 % — % — % — % — % $ 6,334 100 % — % — % — % — % Non-U.S. government: Germany $ 2,737 100 % — % — % — % — % $ 2,658 100 % — % — % — % — % UK 2,353 100 — — — — 1,316 100 — — — — France 1,697 100 — — — — 1,562 100 — — — — Canada 1,604 91 9 — — — 1,336 95 5 — — — Belgium 891 100 — — — — 511 100 — — — — Finland 648 100 — — — — 282 100 — — — — Spain 623 — 8 92 — — 293 — 17 83 — — Netherlands 532 100 — — — — 334 100 — — — — Singapore 387 100 — — — — 302 100 — — — — Japan 384 — 100 — — — 410 — 100 — — — Norway 351 100 — — — — 374 100 — — — — Other (c) 1,697 63 17 12 8 — 1,348 70 3 17 10 — Supranational 11,047 100 — — — — 7,656 100 — — — — Total non-U.S. government: $ 24,951 93 % 3 % 3 % 1 % — % $ 18,382 94 % 3 % 2 % 1 % — % (a) Represents ratings by S&P or the equivalent. (b) At June 30, 2024 and Dec. 31, 2023, non-U.S. government 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 non-U.S. securities related to Brazil of $136 million at June 30, 2024 and $140 million at Dec. 31, 2023. |
Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the carrying value as of June 30, 2024 and Dec. 31, 2023 of financial instruments for which nonrecurring adjustments to fair value have been recorded during 2024 and/or 2023 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, 2024 Dec. 31, 2023 Total carrying Total carrying (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Loans (a) $ — $ 27 $ — $ 27 $ — $ 28 $ — $ 28 Other assets (b) — 494 — 494 — 481 — 481 Total assets at fair value on a nonrecurring basis $ — $ 521 $ — $ 521 $ — $ 509 $ — $ 509 (a) The fair value of these loans decreased $1 million in the second quarter of 2024 and was unchanged in the fourth quarter of 2023, 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, 2024 and Dec. 31, 2023, by caption on the consolidated balance sheet and by the valuation hierarchy. Summary of financial instruments June 30, 2024 (in millions) Level 1 Level 2 Level 3 Total Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 116,139 $ — $ 116,139 $ 116,139 Interest-bearing deposits with banks — 11,494 — 11,494 11,488 Federal funds sold and securities purchased under resale agreements — 29,723 — 29,723 29,723 Securities held-to-maturity 8,345 32,942 — 41,287 46,429 Loans (a) — 68,641 — 68,641 69,757 Other financial assets 5,311 2,307 — 7,618 7,618 Total $ 13,656 $ 261,246 $ — $ 274,902 $ 281,154 Liabilities: Noninterest-bearing deposits $ — $ 58,029 $ — $ 58,029 $ 58,029 Interest-bearing deposits — 241,568 — 241,568 246,282 Federal funds purchased and securities sold under repurchase agreements — 15,701 — 15,701 15,701 Payables to customers and broker-dealers — 17,569 — 17,569 17,569 Commercial paper — 301 — 301 301 Borrowings — 1,117 — 1,117 1,117 Long-term debt — 30,037 — 30,037 30,947 Total $ — $ 364,322 $ — $ 364,322 $ 369,946 (a) Does not include the leasing portfolio. Summary of financial instruments Dec. 31, 2023 (in millions) Level 1 Level 2 Level 3 Total estimated Carrying Assets: Interest-bearing deposits with the Federal Reserve and other central banks $ — $ 111,550 $ — $ 111,550 $ 111,550 Interest-bearing deposits with banks — 12,134 — 12,134 12,139 Federal funds sold and securities purchased under resale agreements — 28,900 — 28,900 28,900 Securities held-to-maturity 9,545 35,166 — 44,711 49,578 Loans (a) — 65,026 — 65,026 65,977 Other financial assets 4,922 2,149 — 7,071 7,071 Total $ 14,467 $ 254,925 $ — $ 269,392 $ 275,215 Liabilities: Noninterest-bearing deposits $ — $ 58,274 $ — $ 58,274 $ 58,274 Interest-bearing deposits — 221,463 — 221,463 225,395 Federal funds purchased and securities sold under repurchase agreements — 14,507 — 14,507 14,507 Payables to customers and broker-dealers — 18,395 — 18,395 18,395 Borrowings — 1,274 — 1,274 1,274 Long-term debt — 30,596 — 30,596 31,257 Total $ — $ 344,509 $ — $ 344,509 $ 349,102 (a) Does not include the leasing portfolio. |
Fair value option (Tables)
Fair value option (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Dec. 31, 2023 (in millions) Assets of consolidated investment management funds: Trading assets $ 652 $ 510 Other assets 22 16 Total assets of consolidated investment management funds $ 674 $ 526 Liabilities of consolidated investment management funds: Other liabilities $ 5 $ 1 Total liabilities of consolidated investment management funds $ 5 $ 1 |
Derivative instruments (Tables)
Derivative instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) 2Q24 1Q24 2Q23 YTD24 YTD23 Interest rate fair value hedges of available-for-sale securities Derivative Interest income $ 79 $ 449 $ 388 $ 528 $ (47) Hedged item Interest income (77) (449) (389) (526) 45 Interest rate fair value hedges of long-term debt Derivative Interest expense 13 (221) (277) (208) 2 Hedged item Interest expense (13) 221 278 208 (1) Interest rate fair value hedges of loans Derivative Interest expense (14) (1) — (15) — Hedged item Interest expense 14 1 — 15 — Cash flow hedges of forecasted FX exposures Gain (loss) reclassified from OCI into income Staff expense 2 2 — 4 (3) (Loss) reclassified from OCI into income Investment and other revenue — — (1) — (1) Gain (loss) recognized in the consolidated income statement due to fair value and cash flow hedging relationships $ 4 $ 2 $ (1) $ 6 $ (5) |
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 Location of gain or (loss) reclassified from accumulated OCI into income Gain or (loss) reclassified from 2Q24 1Q24 2Q23 YTD24 YTD23 2Q24 1Q24 2Q23 YTD24 YTD23 FX contracts $ 87 $ 198 $ (152) $ 285 $ (263) Net interest income $ — $ — $ — $ — $ — |
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, 2024 Dec. 31, 2023 June 30, 2024 Dec. 31, 2023 Available-for-sale securities (b)(c) $ 33,988 $ 29,941 $ (2,163) $ (1,767) Loans (d) $ 1,407 $ — $ 15 $ — Long-term debt $ 21,807 $ 21,854 $ (1,043) $ (846) (a) Includes $371 million and $434 million of basis adjustment decreases on discontinued hedges associated with available-for-sale securities at June 30, 2024 and Dec. 31, 2023, respectively, and $15 million and $26 million of basis adjustment decreases on discontinued hedges associated with long-term debt at June 30, 2024 and Dec. 31, 2023, respectively. (b) Carrying amount represents the amortized cost. (c) At June 30, 2024, the amortized cost of the available-for-sale securities included in closed portfolios subject to portfolio layer method hedging was $5.9 billion, of which $2.5 billion was designated as hedged. The cumulative basis adjustments for active hedging relationships associated with such hedges as of June 30, 2024 was a decrease of $21 million. |
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, 2024 Dec. 31, 2023 June 30, 2024 Dec. 31, 2023 June 30, 2024 Dec. 31, 2023 (in millions) Derivatives designated as hedging instruments: (a)(b) Interest rate contracts $ 58,561 $ 52,808 $ 295 $ 214 $ — $ — Foreign exchange contracts 11,254 11,099 107 22 41 173 Total derivatives designated as hedging instruments $ 402 $ 236 $ 41 $ 173 Derivatives not designated as hedging instruments: (b)(c) Interest rate contracts $ 156,069 $ 155,535 $ 876 $ 1,060 $ 1,292 $ 1,347 Foreign exchange contracts 994,914 944,241 4,935 9,227 4,938 9,282 Equity contracts 4,584 3,886 15 8 99 138 Credit contracts 255 220 — — 4 6 Total derivatives not designated as hedging instruments $ 5,826 $ 10,295 $ 6,333 $ 10,773 Total derivatives fair value (d) $ 6,228 $ 10,531 $ 6,374 $ 10,946 Effect of master netting agreements (e) (4,842) (8,256) (4,475) (7,090) Fair value after effect of master netting agreements $ 1,386 $ 2,275 $ 1,899 $ 3,856 (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 $1,253 million and $886 million, respectively, at June 30, 2024, and $2,353 million and $1,187 million, respectively, at Dec. 31, 2023. |
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) 2Q24 1Q24 2Q23 YTD24 YTD23 Foreign exchange revenue $ 184 $ 152 $ 158 $ 336 $ 334 Other trading revenue 77 69 53 146 98 |
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, 2024 Dec. 31, 2023 (in millions) Aggregate fair value of OTC derivatives in net liability positions (a) $ 1,100 $ 1,003 Collateral posted $ 1,190 $ 1,001 (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, 2024 Dec. 31, 2023 (in millions) If The Bank of New York Mellon’s rating changed to: (b) A3/A- $ 28 $ 115 Baa2/BBB $ 341 $ 792 Ba1/BB+ $ 1,179 $ 1,920 (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, 2024 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 $ 1,013 $ 861 $ 152 $ 36 $ — $ 116 Foreign exchange contracts 4,812 3,966 846 83 — 763 Equity and other contracts 15 15 — — — — Total derivatives subject to netting arrangements 5,840 4,842 998 119 — 879 Total derivatives not subject to netting arrangements 388 — 388 — — 388 Total derivatives 6,228 4,842 1,386 119 — 1,267 Reverse repurchase agreements 183,313 167,863 (b) 15,450 15,414 — 36 Securities borrowing 14,273 — 14,273 13,488 — 785 Total $ 203,814 $ 172,705 $ 31,109 $ 29,021 $ — $ 2,088 (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, 2023 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 $ 979 $ 751 $ 228 $ 60 $ — $ 168 Foreign exchange contracts 8,552 7,498 1,054 320 — 734 Equity and other contracts 7 7 — — — — Total derivatives subject to netting arrangements 9,538 8,256 1,282 380 — 902 Total derivatives not subject to netting arrangements 993 — 993 — — 993 Total derivatives 10,531 8,256 2,275 380 — 1,895 Reverse repurchase agreements 169,092 150,667 (b) 18,425 18,422 — 3 Securities borrowing 10,475 — 10,475 10,011 — 464 Total $ 190,098 $ 158,923 $ 31,175 $ 28,813 $ — $ 2,362 (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, 2024 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 $ 993 $ 519 $ 474 $ 50 $ — $ 424 Foreign exchange contracts 4,578 3,893 685 211 — 474 Equity and other contracts 98 63 35 24 — 11 Total derivatives subject to netting arrangements 5,669 4,475 1,194 285 — 909 Total derivatives not subject to netting arrangements 705 — 705 — — 705 Total derivatives 6,374 4,475 1,899 285 — 1,614 Repurchase agreements 180,502 167,863 (b) 12,639 12,622 16 1 Securities lending 3,062 — 3,062 2,941 — 121 Total $ 189,938 $ 172,338 $ 17,600 $ 15,848 $ 16 $ 1,736 (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, 2023 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 $ 1,118 $ 635 $ 483 $ 78 $ — $ 405 Foreign exchange contracts 8,454 6,341 2,113 93 — 2,020 Equity and other contracts 128 114 14 — — 14 Total derivatives subject to netting arrangements 9,700 7,090 2,610 171 — 2,439 Total derivatives not subject to netting arrangements 1,246 — 1,246 — — 1,246 Total derivatives 10,946 7,090 3,856 171 — 3,685 Repurchase agreements 162,661 150,667 (b) 11,994 11,966 28 — Securities lending 2,513 — 2,513 2,404 — 109 Total $ 176,120 $ 157,757 $ 18,363 $ 14,541 $ 28 $ 3,794 (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, 2024 Dec. 31, 2023 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 $ 139,392 $ — $ 1,392 $ 461 $ 141,245 $ 128,304 $ 15 $ 1,409 $ 510 $ 130,238 Agency RMBS 30,489 20 1,007 375 31,891 25,815 — 896 120 26,831 Sovereign debt/sovereign guaranteed 943 1,369 — — 2,312 1,049 — — — 1,049 Corporate bonds 88 158 1,325 698 2,269 103 72 1,315 590 2,080 State and political subdivisions 52 20 521 256 849 37 38 449 257 781 U.S. government agencies 94 — 75 75 244 44 — 61 32 137 Other debt securities 422 154 61 1 638 4 180 73 24 281 Equity securities — 6 594 454 1,054 — 10 1,172 82 1,264 Total $ 171,480 $ 1,727 $ 4,975 $ 2,320 $ 180,502 $ 155,356 $ 315 $ 5,375 $ 1,615 $ 162,661 Securities lending: Agency RMBS $ 121 $ — $ — $ — $ 121 $ 111 $ — $ — $ — $ 111 Other debt securities 66 — — — 66 25 — — — 25 Equity securities 2,875 — — — 2,875 2,377 — — — 2,377 Total $ 3,062 $ — $ — $ — $ 3,062 $ 2,513 $ — $ — $ — $ 2,513 Total secured borrowings $ 174,542 $ 1,727 $ 4,975 $ 2,320 $ 183,564 $ 157,869 $ 315 $ 5,375 $ 1,615 $ 165,174 |
Commitments and contingent li_2
Commitments and contingent liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Dec. 31, 2023 (in millions) Lending commitments $ 50,158 $ 46,518 Standby letters of credit (“SBLC”) (a) 1,731 1,816 Commercial letters of credit 41 41 Securities lending indemnifications (b)(c) 539,559 492,739 (a) Net of participations totaling $195 million at June 30, 2024 and $163 million at Dec. 31, 2023. (b) Excludes the indemnification for securities for which BNY acts as an agent on behalf of CIBC Mellon clients, which totaled $66 billion at June 30, 2024 and $59 billion at Dec. 31, 2023. (c) |
Standby Letters of Credits by Investment Grade | The table below shows SBLCs by investment grade: Standby letters of credit June 30, 2024 Dec. 31, 2023 Investment grade 68 % 74 % Non-investment grade 32 % 26 % |
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, 2024 Loans Unfunded Total exposure Securities industry $ 2.4 $ 17.8 $ 20.2 Asset managers 1.6 8.2 9.8 Banks 7.9 1.4 9.3 Insurance 0.1 4.1 4.2 Government — 0.3 0.3 Other 0.2 0.6 0.8 Total $ 12.2 $ 32.4 $ 44.6 Commercial portfolio exposure (in billions) June 30, 2024 Loans Unfunded Total exposure Services and other $ 1.4 $ 3.6 $ 5.0 Manufacturing 0.6 3.7 4.3 Energy and utilities 0.2 4.0 4.2 Media and telecom — 0.7 0.7 Total $ 2.2 $ 12.0 $ 14.2 |
Business segments (Tables)
Business segments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 1,644 $ 1,118 $ 778 (a) $ 25 $ 3,565 (a) Net interest income (expense) 595 417 43 (25) 1,030 Total revenue 2,239 1,535 821 (a) — 4,595 (a) Provision for credit losses (3) (2) 4 1 — Noninterest expense 1,554 833 668 15 3,070 Income (loss) before income taxes $ 688 $ 704 $ 149 (a) $ (16) $ 1,525 (a) Pre-tax operating margin (b) 31 % 46 % 18 % N/M 33 % Average assets $ 196,015 $ 124,790 $ 26,031 $ 65,663 $ 412,499 (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 $2 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the quarter ended March 31, 2024 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 1,556 $ 1,094 $ 805 (a) $ 30 $ 3,485 (a) Net interest income (expense) 583 423 41 (7) 1,040 Total revenue 2,139 1,517 846 (a) 23 4,525 (a) Provision for credit losses 11 5 (1) 12 27 Noninterest expense 1,537 834 740 65 3,176 Income (loss) before income taxes $ 591 $ 678 $ 107 (a) $ (54) $ 1,322 (a) Pre-tax operating margin (b) 28 % 45 % 13 % N/M 29 % Average assets $ 191,544 $ 123,552 $ 26,272 $ 62,617 $ 403,985 (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 $2 million. (b) Income before income taxes divided by total revenue. N/M – Not meaningful. For the quarter ended June 30, 2023 Securities Market and Wealth Services Investment Other (a) Consolidated (a) (dollars in millions) Total fee and other revenue $ 1,561 $ 1,033 $ 777 (b) $ 32 $ 3,403 (b) Net interest income (expense) 668 420 39 (27) 1,100 Total revenue 2,229 1,453 816 (b) 5 4,503 (b) Provision for credit losses 16 7 7 (25) 5 Noninterest expense 1,567 794 679 71 3,111 Income (loss) before income taxes $ 646 $ 652 $ 130 (b) $ (41) $ 1,387 (b) Pre-tax operating margin (c) 29 % 45 % 16 % N/M 31 % Average assets $ 202,207 $ 131,519 $ 27,399 $ 59,836 $ 420,961 (a) The prior period was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 for additional information. (b) 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. (c) Income before income taxes divided by total revenue. N/M – Not meaningful. For the six months ended June 30, 2024 Securities Market and Wealth Services Investment Other Consolidated (dollars in millions) Total fee and other revenue $ 3,200 $ 2,212 $ 1,583 (a) $ 55 $ 7,050 (a) Net interest income (expense) 1,178 840 84 (32) 2,070 Total revenue 4,378 3,052 1,667 (a) 23 9,120 (a) Provision for credit losses 8 3 3 13 27 Noninterest expense 3,091 1,667 1,408 80 6,246 Income (loss) before income taxes $ 1,279 $ 1,382 $ 256 (a) $ (70) $ 2,847 (a) Pre-tax operating margin (b) 29 % 45 % 15 % N/M 31 % Average assets $ 193,780 $ 124,171 $ 26,151 $ 64,140 $ 408,242 (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 $4 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 (a) Consolidated (a) (dollars in millions) Total fee and other revenue $ 3,004 $ 2,051 $ 1,562 (b) $ 73 $ 6,690 (b) Net interest income (expense) 1,334 873 84 (63) 2,228 Total revenue 4,338 2,924 1,646 (b) 10 8,918 (b) Provision for credit losses 16 7 7 2 32 Noninterest expense 3,107 1,576 1,416 112 6,211 Income (loss) before income taxes $ 1,215 $ 1,341 $ 223 (b) $ (104) $ 2,675 (b) Pre-tax operating margin (c) 28 % 46 % 14 % N/M 30 % Average assets $ 199,399 $ 131,761 $ 27,882 $ 55,115 $ 414,157 (a) The prior period was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 for additional information. (b) 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. (c) 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, 2024 | |
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) 2024 2023 Transfers from loans to other assets for other real estate owned $ — $ 1 Change in assets of consolidated investment management funds 148 290 Change in liabilities of consolidated investment management funds 4 7 Change in nonredeemable noncontrolling interests of consolidated investment management funds 136 58 Securities purchased not settled 521 164 Securities sold not settled 87 41 Securities matured not settled 25 — Premises and equipment/operating lease obligations 166 183 Excise tax on share repurchases 12 14 |
New accounting guidance (Detail
New accounting guidance (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |||||
Consolidated Income Statement | ||||||||||||
Investment and other revenue | [1] | $ 169 | $ 182 | $ 147 | $ 351 | $ 278 | ||||||
Total fee and other revenue | [1] | 3,567 | 3,487 | 3,404 | 7,054 | 6,691 | ||||||
Total revenue | 4,597 | 4,527 | 4,504 | 9,124 | 8,919 | |||||||
Income before income taxes | [1] | 1,527 | 1,324 | 1,388 | 2,851 | 2,676 | ||||||
Provision for income taxes | [1] | 357 | 297 | 315 | 654 | 621 | ||||||
Net income | [1],[2] | 1,170 | 1,027 | 1,073 | [3] | 2,197 | [4] | 2,055 | [4] | |||
Net income applicable to shareholders of The Bank of New York Mellon Corporation | [1] | 1,168 | 1,025 | 1,072 | 2,193 | [4] | 2,054 | [4] | ||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ 1,143 | $ 953 | $ 1,036 | $ 2,096 | $ 1,947 | |||||||
Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation | ||||||||||||
Basic (usd per share) | [5] | $ 1.53 | $ 1.26 | $ 1.32 | $ 2.79 | $ 2.45 | ||||||
Diluted (usd per share) | [5] | $ 1.52 | $ 1.25 | $ 1.31 | $ 2.77 | $ 2.44 | ||||||
Retained Earnings (Accumulated Deficit) [Abstract] | ||||||||||||
Retained earnings | $ 40,999 | $ 39,090 | $ 40,999 | $ 39,090 | $ 39,549 | $ 38,350 | $ 37,743 | |||||
Previously reported | ||||||||||||
Consolidated Income Statement | ||||||||||||
Investment and other revenue | 97 | 176 | ||||||||||
Total fee and other revenue | 3,354 | 6,589 | ||||||||||
Total revenue | 4,454 | 8,817 | ||||||||||
Income before income taxes | 1,338 | 2,574 | ||||||||||
Provision for income taxes | 270 | 530 | ||||||||||
Net income | 1,068 | 2,044 | ||||||||||
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 1,067 | 2,043 | ||||||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ 1,031 | $ 1,936 | ||||||||||
Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation | ||||||||||||
Basic (usd per share) | $ 1.31 | $ 2.43 | ||||||||||
Diluted (usd per share) | $ 1.30 | $ 2.42 | ||||||||||
Retained Earnings (Accumulated Deficit) [Abstract] | ||||||||||||
Retained earnings | $ 39,199 | $ 39,199 | 38,465 | 37,864 | ||||||||
Adjustment | ||||||||||||
Consolidated Income Statement | ||||||||||||
Investment and other revenue | 50 | 102 | ||||||||||
Total fee and other revenue | 50 | 102 | ||||||||||
Total revenue | 50 | 102 | ||||||||||
Income before income taxes | 50 | 102 | ||||||||||
Provision for income taxes | 45 | 91 | ||||||||||
Net income | 5 | 11 | ||||||||||
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 5 | 11 | ||||||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 5 | 11 | ||||||||||
Retained Earnings (Accumulated Deficit) [Abstract] | ||||||||||||
Retained earnings | $ (109) | $ (109) | $ (115) | $ (121) | ||||||||
[1]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information[2]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[3]Retained earnings and net income were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[4]Information for the six months ended June 30, 2023 was restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.[5]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information. |
Acquisitions and dispositions (
Acquisitions and dispositions (Details) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Business Acquisition [Line Items] | |
Contingent payments | $ 5,000,000 |
Increase in contingent consideration liability | 1,000,000 |
Contingent consideration receivable, lower range | 20,000,000 |
Contingent consideration receivable, upper range | 40,000,000 |
Contingent receipts | 0 |
Dispositions 2024 | |
Business Acquisition [Line Items] | |
Contingent consideration receivable | $ 30,000,000 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dispositions 2024 | |
Business Acquisition [Line Items] | |
Contingent consideration period | 4 years |
Acquisitions In 2024 | |
Business Acquisition [Line Items] | |
Contingent consideration payable | $ 20,000,000 |
Potential obligation to pay additional consideration, lower range | 15,000,000 |
Potential obligation to pay additional consideration, upper range | $ 20,000,000 |
Contingent consideration payment period | 1 year |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Available-for-sale: | ||
Amortized cost | $ 94,566 | $ 80,678 |
Gains | 307 | 425 |
Losses | 4,452 | 4,286 |
Fair value | 90,421 | 76,817 |
Held-to-maturity: | ||
Amortized cost | 46,429 | 49,578 |
Gains | 3 | 6 |
Losses | 5,145 | 4,873 |
Securities held-to-maturity | 41,287 | 44,711 |
Amortized cost, Total | 140,995 | 130,256 |
Gross unrealized, Gain, Total | 310 | 431 |
Gross unrealized, Losses, Total | 9,597 | 9,159 |
Fair value, Total | 131,708 | 121,528 |
Debt securities, available-for-sale, allowance for credit loss | 5 | 1 |
Debt securities, available-for-sale and held-to-maturity, allowance for credit loss | 6 | 1 |
AOCI, transfers from AFS to HTM Securities, gross unrealized gains | 210 | 250 |
AOCI, transfers from AFS to HTM Securities, gross unrealized losses | 130 | 146 |
Non-U.S. Government | ||
Available-for-sale: | ||
Amortized cost | 25,643 | 18,998 |
Gains | 15 | 68 |
Losses | 707 | 684 |
Fair value | 24,951 | 18,382 |
Held-to-maturity: | ||
Amortized cost | 1,788 | 2,137 |
Gains | 0 | 3 |
Losses | 58 | 67 |
Securities held-to-maturity | 1,730 | 2,073 |
U.S. Treasury | ||
Available-for-sale: | ||
Amortized cost | 21,254 | 18,193 |
Gains | 45 | 63 |
Losses | 1,809 | 1,652 |
Fair value | 19,490 | 16,604 |
Held-to-maturity: | ||
Amortized cost | 8,161 | 9,123 |
Gains | 0 | 0 |
Losses | 567 | 612 |
Securities held-to-maturity | 7,594 | 8,511 |
Agency residential mortgage-backed securities (“RMBS”) | ||
Available-for-sale: | ||
Amortized cost | 17,319 | 13,457 |
Gains | 99 | 119 |
Losses | 527 | 465 |
Fair value | 16,891 | 13,111 |
Held-to-maturity: | ||
Amortized cost | 27,816 | 29,740 |
Gains | 1 | 1 |
Losses | 3,827 | 3,493 |
Securities held-to-maturity | 23,990 | 26,248 |
Agency commercial mortgage-backed securities (“MBS”) | ||
Available-for-sale: | ||
Amortized cost | 8,045 | 8,191 |
Gains | 58 | 69 |
Losses | 555 | 531 |
Fair value | 7,548 | 7,729 |
Held-to-maturity: | ||
Amortized cost | 3,506 | 3,411 |
Gains | 0 | 1 |
Losses | 296 | 296 |
Securities held-to-maturity | 3,210 | 3,116 |
Foreign covered bonds | ||
Available-for-sale: | ||
Amortized cost | 7,484 | 6,489 |
Gains | 12 | 25 |
Losses | 167 | 180 |
Fair value | 7,329 | 6,334 |
Collateralized loan obligations (“CLOs”) | ||
Available-for-sale: | ||
Amortized cost | 6,355 | 6,142 |
Gains | 15 | 5 |
Losses | 0 | 10 |
Fair value | 6,370 | 6,137 |
Held-to-maturity: | ||
Amortized cost | 983 | 983 |
Gains | 1 | 0 |
Losses | 0 | 1 |
Securities held-to-maturity | 984 | 982 |
Non-agency commercial MBS | ||
Available-for-sale: | ||
Amortized cost | 3,096 | 3,245 |
Gains | 1 | 1 |
Losses | 278 | 311 |
Fair value | 2,819 | 2,935 |
U.S. government agencies | ||
Available-for-sale: | ||
Amortized cost | 2,678 | 3,053 |
Gains | 34 | 42 |
Losses | 160 | 194 |
Fair value | 2,552 | 2,901 |
Held-to-maturity: | ||
Amortized cost | 4,141 | 4,146 |
Gains | 0 | 0 |
Losses | 395 | 401 |
Securities held-to-maturity | 3,746 | 3,745 |
Non-agency RMBS | ||
Available-for-sale: | ||
Amortized cost | 1,799 | 1,883 |
Gains | 28 | 32 |
Losses | 180 | 175 |
Fair value | 1,647 | 1,740 |
Held-to-maturity: | ||
Amortized cost | 23 | 26 |
Gains | 1 | 1 |
Losses | 1 | 1 |
Securities held-to-maturity | 23 | 26 |
Other asset-backed securities (“ABS”) | ||
Available-for-sale: | ||
Amortized cost | 892 | 1,026 |
Gains | 0 | 1 |
Losses | 69 | 84 |
Fair value | 823 | 943 |
Other debt securities | ||
Available-for-sale: | ||
Amortized cost | 1 | 1 |
Gains | 0 | 0 |
Losses | 0 | 0 |
Fair value | 1 | 1 |
Held-to-maturity: | ||
Amortized cost | 11 | 12 |
Gains | 0 | 0 |
Losses | 1 | 2 |
Securities held-to-maturity | $ 10 | $ 10 |
Securities - Net Securities Gai
Securities - Net Securities Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Securities [Abstract] | |||||
Realized gross gains | $ 6 | $ 4 | $ 4 | $ 10 | $ 18 |
Realized gross losses | (23) | (5) | (4) | (28) | (19) |
Total net securities (losses) | $ (17) | $ (1) | $ 0 | $ (18) | $ (1) |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Total net securities (losses) | $ (17) | $ (1) | $ 0 | $ (18) | $ (1) |
U.S. Treasury | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Total net securities (losses) | (11) | (1) | 0 | (12) | (8) |
Non-agency RMBS | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Total net securities (losses) | 0 | 0 | 0 | 0 | 2 |
Other | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Total net securities (losses) | $ (6) | $ 0 | $ 0 | $ (6) | $ 5 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Securities [Abstract] | ||
Debt securities, available-for-sale and held-to-maturity, allowance for credit loss | $ 6 | $ 1 |
AOCI, transfers from AFS to HTM Securities, gross unrealized losses | $ 130 | $ 146 |
Securities - Fair Value of Inve
Securities - Fair Value of Investments with Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | $ 23,036 | $ 8,373 |
Less than 12 months, Unrealized losses | 214 | 112 |
12 months or more, Fair value | 50,011 | 53,761 |
12 months or more, Unrealized losses | 4,238 | 4,174 |
Total, Fair value | 73,047 | 62,134 |
Total, Unrealized losses | 4,452 | 4,286 |
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, greater than 12 months | 130 | 146 |
AOCI, transfers from AFS to HTM Securities, gross unrealized losses, less than 12 months | 0 | 0 |
U.S. Treasury | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 4,662 | 694 |
Less than 12 months, Unrealized losses | 59 | 48 |
12 months or more, Fair value | 14,580 | 14,862 |
12 months or more, Unrealized losses | 1,750 | 1,604 |
Total, Fair value | 19,242 | 15,556 |
Total, Unrealized losses | 1,809 | 1,652 |
Non-U.S. Government | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 9,816 | 2,756 |
Less than 12 months, Unrealized losses | 71 | 24 |
12 months or more, Fair value | 11,529 | 11,767 |
12 months or more, Unrealized losses | 636 | 660 |
Total, Fair value | 21,345 | 14,523 |
Total, Unrealized losses | 707 | 684 |
Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 5,812 | 2,753 |
Less than 12 months, Unrealized losses | 69 | 27 |
12 months or more, Fair value | 8,123 | 6,793 |
12 months or more, Unrealized losses | 458 | 438 |
Total, Fair value | 13,935 | 9,546 |
Total, Unrealized losses | 527 | 465 |
Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 210 | 328 |
Less than 12 months, Unrealized losses | 1 | 5 |
12 months or more, Fair value | 6,958 | 7,060 |
12 months or more, Unrealized losses | 554 | 526 |
Total, Fair value | 7,168 | 7,388 |
Total, Unrealized losses | 555 | 531 |
Foreign covered bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 1,886 | 268 |
Less than 12 months, Unrealized losses | 9 | 1 |
12 months or more, Fair value | 2,731 | 3,603 |
12 months or more, Unrealized losses | 158 | 179 |
Total, Fair value | 4,617 | 3,871 |
Total, Unrealized losses | 167 | 180 |
Non-agency commercial MBS | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 163 | 187 |
Less than 12 months, Unrealized losses | 1 | 2 |
12 months or more, Fair value | 2,456 | 2,607 |
12 months or more, Unrealized losses | 277 | 309 |
Total, Fair value | 2,619 | 2,794 |
Total, Unrealized losses | 278 | 311 |
U.S. government agencies | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 394 | 573 |
Less than 12 months, Unrealized losses | 4 | 4 |
12 months or more, Fair value | 1,726 | 1,779 |
12 months or more, Unrealized losses | 156 | 190 |
Total, Fair value | 2,120 | 2,352 |
Total, Unrealized losses | 160 | 194 |
Non-agency RMBS | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 93 | 30 |
Less than 12 months, Unrealized losses | 0 | 1 |
12 months or more, Fair value | 1,159 | 1,300 |
12 months or more, Unrealized losses | 180 | 174 |
Total, Fair value | 1,252 | 1,330 |
Total, Unrealized losses | 180 | 175 |
Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 784 | |
Less than 12 months, Unrealized losses | 0 | |
12 months or more, Fair value | 3,158 | |
12 months or more, Unrealized losses | 10 | |
Total, Fair value | 3,942 | |
Total, Unrealized losses | 10 | |
Other asset-backed securities (“ABS”) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Fair value | 0 | 0 |
Less than 12 months, Unrealized losses | 0 | 0 |
12 months or more, Fair value | 749 | 832 |
12 months or more, Unrealized losses | 69 | 84 |
Total, Fair value | 749 | 832 |
Total, Unrealized losses | $ 69 | $ 84 |
Securities - Debt Securities, H
Securities - Debt Securities, Held-to-maturity, Credit Quality Indicator (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 46,429 | $ 49,578 |
Unrealized gain (loss) | $ (5,142) | $ (4,867) |
Ratings (percent) | 0% | 0% |
Agency residential mortgage-backed securities (“RMBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 27,816 | $ 29,740 |
Unrealized gain (loss) | $ (3,826) | $ (3,492) |
Ratings (percent) | 0% | 0% |
U.S. Treasury | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 8,161 | $ 9,123 |
Unrealized gain (loss) | $ (567) | $ (612) |
Ratings (percent) | 0% | 0% |
U.S. government agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 4,141 | $ 4,146 |
Unrealized gain (loss) | $ (395) | $ (401) |
Ratings (percent) | 0% | 0% |
Agency commercial mortgage-backed securities (“MBS”) | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 3,506 | $ 3,411 |
Unrealized gain (loss) | $ (296) | $ (295) |
Ratings (percent) | 0% | 0% |
Non-U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 1,788 | $ 2,137 |
Unrealized gain (loss) | $ (58) | $ (64) |
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) | $ 1 | $ (1) |
Ratings (percent) | 0% | 0% |
Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 23 | $ 26 |
Unrealized gain (loss) | $ 0 | $ 0 |
Ratings (percent) | 4% | 2% |
Other debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 11 | $ 12 |
Unrealized gain (loss) | $ (1) | $ (2) |
Ratings (percent) | 100% | 100% |
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- | U.S. government agencies | ||
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- | Non-U.S. Government | ||
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- | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 24% | 25% |
AAA/ AA- | Other debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
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- | U.S. government agencies | ||
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- | Non-U.S. Government | ||
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- | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 53% | 54% |
A+/ A- | Other debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
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- | U.S. government agencies | ||
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- | Non-U.S. Government | ||
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- | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 2% | 2% |
BBB+/ BBB- | Other debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 0% | 0% |
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 | U.S. government agencies | ||
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 | Non-U.S. Government | ||
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 | Non-agency RMBS | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Ratings (percent) | 17% | 17% |
BB+ and lower | Other debt securities | ||
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, 2024 | Dec. 31, 2023 |
Securities available-for-sale, Amount: | ||
Within 1 year | $ 8,109 | |
1-5 years | 37,044 | |
5-10 years | 6,933 | |
After 10 years | 2,237 | |
Fair value | $ 90,421 | $ 76,817 |
Securities available-for-sale (Yield): | ||
Within 1 year | 2.09% | |
1-5 years | 2.72% | |
5-10 years | 2.65% | |
After 10 years | 2.98% | |
Total | 3.47% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 3,996 | |
1-5 years | 8,598 | |
5-10 years | 1,294 | |
After 10 years | 213 | |
Available-for-sale, amount | $ 46,429 | 49,578 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 1.20% | |
1-5 years | 1.35% | |
5-10 years | 1.16% | |
After 10 years | 1.99% | |
Total | 2.13% | |
Total securities | $ 12,105 | |
Total securities (percent) | 1.79% | |
Total securities | $ 45,642 | |
Total securities (percent) | 2.47% | |
Total securities | $ 8,227 | |
Total securities (percent) | 2.43% | |
Total securities | $ 2,450 | |
Total securities (percent) | 2.91% | |
Total securities | $ 136,850 | |
Total securities (percent) | 3.03% | |
U.S. Treasury | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 1,956 | |
1-5 years | 13,336 | |
5-10 years | 2,275 | |
After 10 years | 1,923 | |
Fair value | $ 19,490 | 16,604 |
Securities available-for-sale (Yield): | ||
Within 1 year | 1.01% | |
1-5 years | 1.89% | |
5-10 years | 2.93% | |
After 10 years | 2.92% | |
Total | 2.04% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 2,215 | |
1-5 years | 5,215 | |
5-10 years | 731 | |
After 10 years | 0 | |
Available-for-sale, amount | $ 8,161 | 9,123 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 1.29% | |
1-5 years | 1.22% | |
5-10 years | 0.95% | |
After 10 years | 0% | |
Total | 1.22% | |
Non-U.S. Government | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 5,002 | |
1-5 years | 16,303 | |
5-10 years | 3,333 | |
After 10 years | 313 | |
Fair value | $ 24,951 | 18,382 |
Securities available-for-sale (Yield): | ||
Within 1 year | 2.26% | |
1-5 years | 3.09% | |
5-10 years | 2.45% | |
After 10 years | 3.48% | |
Total | 2.84% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 878 | |
1-5 years | 834 | |
5-10 years | 76 | |
After 10 years | 0 | |
Available-for-sale, amount | $ 1,788 | 2,137 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 0.96% | |
1-5 years | 1.45% | |
5-10 years | 0.59% | |
After 10 years | 0% | |
Total | 1.17% | |
Foreign covered bonds | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 1,082 | |
1-5 years | 5,780 | |
5-10 years | 467 | |
After 10 years | 0 | |
Fair value | $ 7,329 | 6,334 |
Securities available-for-sale (Yield): | ||
Within 1 year | 3.26% | |
1-5 years | 3.40% | |
5-10 years | 2.36% | |
After 10 years | 0% | |
Total | 3.31% | |
U.S. government agencies | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 69 | |
1-5 years | 1,625 | |
5-10 years | 858 | |
After 10 years | 0 | |
Fair value | $ 2,552 | 2,901 |
Securities available-for-sale (Yield): | ||
Within 1 year | 1.47% | |
1-5 years | 3.86% | |
5-10 years | 2.78% | |
After 10 years | 0% | |
Total | 3.41% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 903 | |
1-5 years | 2,549 | |
5-10 years | 476 | |
After 10 years | 213 | |
Available-for-sale, amount | $ 4,141 | 4,146 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 1.20% | |
1-5 years | 1.57% | |
5-10 years | 1.51% | |
After 10 years | 1.99% | |
Total | 1.50% | |
Other debt securities | ||
Securities available-for-sale, Amount: | ||
Within 1 year | $ 0 | |
1-5 years | 0 | |
5-10 years | 0 | |
After 10 years | 1 | |
Fair value | $ 1 | 1 |
Securities available-for-sale (Yield): | ||
Within 1 year | 0% | |
1-5 years | 0% | |
5-10 years | 0% | |
After 10 years | 4.94% | |
Total | 4.94% | |
Securities held-to-maturity, Amount: | ||
Within 1 year | $ 0 | |
1-5 years | 0 | |
5-10 years | 11 | |
After 10 years | 0 | |
Available-for-sale, amount | $ 11 | 12 |
Securities held-to-maturity (Yield): | ||
Within 1 year | 0% | |
1-5 years | 0% | |
5-10 years | 3.76% | |
After 10 years | 0% | |
Total | 3.76% | |
Agency residential mortgage-backed securities (“RMBS”) | ||
Securities available-for-sale, Amount: | ||
Fair value | $ 16,891 | 13,111 |
Securities available-for-sale (Yield): | ||
Total | 5.17% | |
Securities held-to-maturity, Amount: | ||
Available-for-sale, amount | $ 27,816 | 29,740 |
Securities held-to-maturity (Yield): | ||
Total | 2.33% | |
Non-agency RMBS | ||
Securities available-for-sale, Amount: | ||
Fair value | $ 1,647 | 1,740 |
Securities available-for-sale (Yield): | ||
Total | 4.41% | |
Securities held-to-maturity, Amount: | ||
Available-for-sale, amount | $ 23 | 26 |
Securities held-to-maturity (Yield): | ||
Total | 4.36% | |
Agency commercial mortgage-backed securities (“MBS”) | ||
Securities available-for-sale, Amount: | ||
Fair value | $ 7,548 | 7,729 |
Securities available-for-sale (Yield): | ||
Total | 3.06% | |
Securities held-to-maturity, Amount: | ||
Available-for-sale, amount | $ 3,506 | 3,411 |
Securities held-to-maturity (Yield): | ||
Total | 2.59% | |
Non-agency commercial MBS | ||
Securities available-for-sale, Amount: | ||
Fair value | $ 2,819 | 2,935 |
Securities available-for-sale (Yield): | ||
Total | 3.41% | |
Collateralized loan obligations (“CLOs”) | ||
Securities available-for-sale, Amount: | ||
Fair value | $ 6,370 | 6,137 |
Securities available-for-sale (Yield): | ||
Total | 6.79% | |
Securities held-to-maturity, Amount: | ||
Available-for-sale, amount | $ 983 | 983 |
Securities held-to-maturity (Yield): | ||
Total | 6.73% | |
Other asset-backed securities (“ABS”) | ||
Securities available-for-sale, Amount: | ||
Fair value | $ 823 | $ 943 |
Securities available-for-sale (Yield): | ||
Total | 2.24% |
Securities - Pledged assets (De
Securities - Pledged assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Pledged Assets [Line Items] | ||
Total assets | $ 428,539 | $ 409,877 |
Securities | 136,850 | 126,395 |
Loans | 70,642 | 66,879 |
Trading assets | 9,609 | 10,058 |
Interest-bearing deposits with banks | 11,488 | 12,139 |
Pledged assets permitted to be sold or repledged | 226,000 | 212,000 |
Market value of securities received as collateral that have been sold or repledged | 200,000 | 180,000 |
Cash segregated under federal or other regulations | 2,000 | 3,000 |
Securities segregated under federal or other regulations | 3,000 | 3,000 |
Asset Pledged as Collateral | ||
Pledged Assets [Line Items] | ||
Total assets | 140,000 | 134,000 |
Securities | 122,000 | 116,000 |
Loans | 13,000 | 13,000 |
Trading assets | 4,000 | 4,000 |
Interest-bearing deposits with banks | 1,000 | 1,000 |
Financial instruments, owned, at fair value | 24,000 | 24,000 |
Asset Pledged as Collateral | Federal Home Loan Bank Advances | ||
Pledged Assets [Line Items] | ||
Total assets | 9,000 | 9,000 |
Asset Pledged as Collateral | Federal Reserve Discount Window Borrowings | ||
Pledged Assets [Line Items] | ||
Total assets | $ 93,000 | $ 93,000 |
Loans and asset quality - Loan
Loans and asset quality - Loan Distribution and Industry Concentrations (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 70,642 | $ 66,879 |
Unearned income on lease financings | 251 | 268 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,247 | 2,112 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,942 | 6,760 |
Financial institutions | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 12,169 | 10,521 |
Lease financings | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 600 | 599 |
Wealth management loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 8,823 | 9,109 |
Wealth management mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 9,018 | 9,131 |
Other residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,119 | 1,166 |
Capital call financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,106 | 3,700 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,837 | 2,717 |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,193 | 3,053 |
Margin loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 19,588 | $ 18,011 |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | $ 403 | $ 390 | $ 253 | $ 390 | $ 254 | |
Charge-offs | (43) | (1) | (3) | (44) | (3) | |
Recoveries | 0 | 0 | 2 | 0 | 3 | |
Net (charge-offs) | (43) | (1) | (1) | (44) | 0 | |
Provision | (1) | 14 | 30 | 13 | 28 | |
Ending balance | 359 | 403 | 282 | 359 | 282 | |
Allowance for loan losses | 286 | 322 | 191 | 286 | 191 | $ 303 |
Allowance for lending-related commitments | 73 | 81 | 91 | 73 | 91 | $ 87 |
Individually evaluated for impairment: | ||||||
Loan balance | 301 | 348 | 113 | 301 | 113 | |
Allowance for loan losses | 73 | 107 | 3 | 73 | 3 | |
Provision (benefit) for other credit losses | 1 | 13 | (25) | 14 | 4 | |
Fair value of collateral | 265 | 303 | 167 | 265 | 167 | |
Asset Pledged as Collateral | ||||||
Individually evaluated for impairment: | ||||||
Loan balance | 301 | 348 | 113 | 301 | 113 | |
Commercial | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 24 | 27 | 21 | 27 | 18 | |
Charge-offs | 0 | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | 1 | |
Net (charge-offs) | 0 | 0 | 0 | 0 | 1 | |
Provision | 3 | (3) | 0 | 0 | 2 | |
Ending balance | 27 | 24 | 21 | 27 | 21 | |
Allowance for loan losses | 16 | 14 | 4 | 16 | 4 | |
Allowance for lending-related commitments | 11 | 10 | 17 | 11 | 17 | |
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 | 347 | 325 | 177 | 325 | 184 | |
Charge-offs | (43) | 0 | 0 | (43) | 0 | |
Recoveries | 0 | 0 | 0 | 0 | 0 | |
Net (charge-offs) | (43) | 0 | 0 | (43) | 0 | |
Provision | (6) | 22 | 22 | 16 | 15 | |
Ending balance | 298 | 347 | 199 | 298 | 199 | |
Allowance for loan losses | 247 | 287 | 143 | 247 | 143 | |
Allowance for lending-related commitments | 51 | 60 | 56 | 51 | 56 | |
Individually evaluated for impairment: | ||||||
Loan balance | 287 | 331 | 101 | 287 | 101 | |
Allowance for loan losses | 73 | 107 | 3 | 73 | 3 | |
Increase (decrease) due to change in methodology | (10) | |||||
Financial institutions | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 17 | 19 | 24 | 19 | 24 | |
Charge-offs | 0 | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | 0 | |
Net (charge-offs) | 0 | 0 | 0 | 0 | 0 | |
Provision | 4 | (2) | 8 | 2 | 8 | |
Ending balance | 21 | 17 | 32 | 21 | 32 | |
Allowance for loan losses | 12 | 8 | 17 | 12 | 17 | |
Allowance for lending-related commitments | 9 | 9 | 15 | 9 | 15 | |
Individually evaluated for impairment: | ||||||
Loan balance | 0 | 0 | 0 | 0 | 0 | |
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | |
Increase (decrease) due to change in methodology | 10 | |||||
Lease financings | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 0 | 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 | (1) | 0 | (1) | 0 | |
Ending balance | 0 | 0 | 1 | 0 | 1 | |
Allowance for loan losses | 0 | 0 | 1 | 0 | 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 | 7 | 9 | 14 | 9 | 12 | |
Charge-offs | 0 | (1) | 0 | (1) | 0 | |
Recoveries | 0 | 0 | 0 | 0 | 0 | |
Net (charge-offs) | 0 | (1) | 0 | (1) | 0 | |
Provision | (1) | (1) | 1 | (2) | 3 | |
Ending balance | 6 | 7 | 15 | 6 | 15 | |
Allowance for loan losses | 5 | 6 | 14 | 5 | 14 | |
Allowance for lending-related commitments | 1 | 1 | 1 | 1 | 1 | |
Individually evaluated for impairment: | ||||||
Loan balance | 13 | 16 | 11 | 13 | 11 | |
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | |
Other residential mortgages | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 3 | 4 | 9 | 4 | 8 | |
Charge-offs | 0 | 0 | (3) | 0 | (3) | |
Recoveries | 0 | 0 | 2 | 0 | 2 | |
Net (charge-offs) | 0 | 0 | (1) | 0 | (1) | |
Provision | 0 | (1) | 1 | (1) | 2 | |
Ending balance | 3 | 3 | 9 | 3 | 9 | |
Allowance for loan losses | 3 | 3 | 9 | 3 | 9 | |
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 | 4 | 4 | 6 | 4 | 6 | |
Charge-offs | 0 | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | 0 | |
Net (charge-offs) | 0 | 0 | 0 | 0 | 0 | |
Provision | (1) | 0 | (2) | (1) | (2) | |
Ending balance | 3 | 4 | 4 | 3 | 4 | |
Allowance for loan losses | 2 | 3 | 2 | 2 | 2 | |
Allowance for lending-related commitments | 1 | 1 | 2 | 1 | 2 | |
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, 2024 | Dec. 31, 2023 |
Nonperforming Assets [Line Items] | ||
With an allowance | $ 211 | $ 219 |
Without an allowance | 15 | 13 |
Total nonperforming loans | 226 | 232 |
With an allowance, Other assets owned | 0 | 0 |
Without an allowance, Other assets owned | 1 | 5 |
Other assets owned | 1 | 5 |
With an allowance, Total nonperforming assets | 211 | 219 |
Without an allowance, Total nonperforming assets | 16 | 18 |
Total nonperforming assets | 227 | 237 |
Commercial real estate | ||
Nonperforming Assets [Line Items] | ||
With an allowance | 185 | 189 |
Without an allowance | 0 | 0 |
Total nonperforming loans | 185 | 189 |
Other residential mortgages | ||
Nonperforming Assets [Line Items] | ||
With an allowance | 20 | 23 |
Without an allowance | 1 | 1 |
Total nonperforming loans | 21 | 24 |
Wealth management mortgages | ||
Nonperforming Assets [Line Items] | ||
With an allowance | 6 | 7 |
Without an allowance | 14 | 12 |
Total nonperforming loans | $ 20 | $ 19 |
Loans and asset quality - Infor
Loans and asset quality - Information about Past Due Loans (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | $ 70,642 | $ 66,879 |
Total past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 81 | 440 |
Total past due | Wealth management loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 45 | 52 |
Total past due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 16 | 12 |
Total past due | Other residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 12 | 8 |
Total past due | Wealth management mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 8 | 29 |
Total past due | Financial institutions | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 339 |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 72 | 433 |
30 to 59 Days Past Due | Wealth management loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 45 | 52 |
30 to 59 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 16 | 9 |
30 to 59 Days Past Due | Other residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 11 | 7 |
30 to 59 Days Past Due | Wealth management mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 26 |
30 to 59 Days Past Due | Financial institutions | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 339 |
60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 9 | 7 |
60 to 89 Days Past Due | Wealth management loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
60 to 89 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 3 |
60 to 89 Days Past Due | Other residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 1 | 1 |
60 to 89 Days Past Due | Wealth management mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 8 | 3 |
60 to 89 Days Past Due | Financial institutions | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
Equal to Greater than 90 Days Past Due | Wealth management loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
Equal to Greater than 90 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
Equal to Greater than 90 Days Past Due | Other residential mortgages | ||
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 | Financial institutions | ||
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) $ in Millions | 3 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) loan | Mar. 31, 2024 USD ($) loan | Jun. 30, 2023 USD ($) loan | |
Commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified | loan | 1 | 1 | 1 | |
Outstanding recorded investment Post- modification | $ 59 | $ 59 | $ 59 | |
Commercial real estate | Lending-related commitments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Outstanding recorded investment Post- modification | $ 1 | $ 15 | $ 15 | |
Other residential mortgages | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified | loan | 1 | 2 | ||
Outstanding recorded investment Post- modification | $ 1 | $ 1 | $ 1 |
Loans and asset quality - Credi
Loans and asset quality - Credit Risk Profile by Grade (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | $ 9,608 | $ 12,281 |
Originated, at amortized cost, fiscal year before current fiscal year | 2,363 | 4,047 |
Originated, at amortized cost, two years before current fiscal year | 3,850 | 3,085 |
Originated, at amortized cost, three years before current fiscal year | 3,201 | 1,129 |
Originated, at amortized cost, four years before current fiscal year | 1,814 | 1,068 |
Originated, at amortized cost, more than five years before current fiscal year | 6,737 | 4,853 |
Amortized cost | 39,754 | 37,240 |
Converted to term loans – Amortized cost | 122 | 123 |
Total | 67,449 | 63,826 |
Accrued interest receivable | 308 | 300 |
Loans | 70,642 | 66,879 |
Total wealth management loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 6 | 39 |
Originated, at amortized cost, fiscal year before current fiscal year | 30 | 32 |
Originated, at amortized cost, two years before current fiscal year | 31 | 110 |
Originated, at amortized cost, three years before current fiscal year | 109 | 26 |
Originated, at amortized cost, four years before current fiscal year | 29 | 7 |
Originated, at amortized cost, more than five years before current fiscal year | 145 | 167 |
Amortized cost | 8,373 | 8,627 |
Converted to term loans – Amortized cost | 100 | 101 |
Total | 8,823 | 9,109 |
Accrued interest receivable | 63 | 57 |
Writeoff | 1 | |
Total wealth management loans | Wealth management mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 222 | 850 |
Originated, at amortized cost, fiscal year before current fiscal year | 829 | 1,689 |
Originated, at amortized cost, two years before current fiscal year | 1,621 | 1,909 |
Originated, at amortized cost, three years before current fiscal year | 1,871 | 863 |
Originated, at amortized cost, four years before current fiscal year | 841 | 736 |
Originated, at amortized cost, more than five years before current fiscal year | 3,616 | 3,066 |
Amortized cost | 18 | 18 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 9,018 | 9,131 |
Accrued interest receivable | 24 | 22 |
Other residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 0 | 184 |
Originated, at amortized cost, fiscal year before current fiscal year | 174 | 561 |
Originated, at amortized cost, two years before current fiscal year | 543 | 200 |
Originated, at amortized cost, three years before current fiscal year | 197 | 5 |
Originated, at amortized cost, four years before current fiscal year | 5 | 0 |
Originated, at amortized cost, more than five years before current fiscal year | 200 | 216 |
Amortized cost | 0 | 0 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 1,119 | 1,166 |
Accrued interest receivable | 4 | 5 |
Capital call financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 41 | 10 |
Originated, at amortized cost, fiscal year before current fiscal year | 10 | 0 |
Originated, at amortized cost, two years before current fiscal year | 0 | 0 |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 |
Originated, at amortized cost, more than five years before current fiscal year | 0 | 0 |
Amortized cost | 4,055 | 3,690 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 4,106 | 3,700 |
Accrued interest receivable | 14 | 15 |
Loans | 4,106 | 3,700 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 0 | 0 |
Originated, at amortized cost, fiscal year before current fiscal year | 0 | 0 |
Originated, at amortized cost, two years before current fiscal year | 0 | 0 |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 |
Originated, at amortized cost, more than five years before current fiscal year | 0 | 0 |
Amortized cost | 2,837 | 2,717 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 2,837 | 2,717 |
Accrued interest receivable | 6 | 7 |
Loans | 2,837 | 2,717 |
Margin loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 8,546 | 7,283 |
Originated, at amortized cost, fiscal year before current fiscal year | 0 | 0 |
Originated, at amortized cost, two years before current fiscal year | 0 | 0 |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 |
Originated, at amortized cost, more than five years before current fiscal year | 0 | 0 |
Amortized cost | 11,042 | 10,728 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 19,588 | 18,011 |
Accrued interest receivable | 39 | 41 |
Loans | 19,588 | 18,011 |
Overdrafts | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 3,193 | $ 3,053 |
Overdraft repayment period | 2 days | 2 days |
Overdrafts | Overdrafts | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 3,193 | $ 3,053 |
Other residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,119 | 1,166 |
Writeoff | 1 | 3 |
Investment grade | Total wealth management loans | Loans receivable | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 6 | 39 |
Originated, at amortized cost, fiscal year before current fiscal year | 30 | 30 |
Originated, at amortized cost, two years before current fiscal year | 31 | 110 |
Originated, at amortized cost, three years before current fiscal year | 109 | 26 |
Originated, at amortized cost, four years before current fiscal year | 29 | 7 |
Originated, at amortized cost, more than five years before current fiscal year | 145 | 167 |
Amortized cost | 8,347 | 8,542 |
Converted to term loans – Amortized cost | 100 | 101 |
Total | 8,797 | 9,022 |
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 |
Originated, at amortized cost, fiscal year before current fiscal year | 0 | 2 |
Originated, at amortized cost, two years before current fiscal year | 0 | 0 |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 |
Originated, at amortized cost, more than five years before current fiscal year | 0 | 0 |
Amortized cost | 26 | 85 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 26 | 87 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 18 | 245 |
Originated, at amortized cost, fiscal year before current fiscal year | 125 | 132 |
Originated, at amortized cost, two years before current fiscal year | 33 | 70 |
Originated, at amortized cost, three years before current fiscal year | 82 | 0 |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 |
Originated, at amortized cost, more than five years before current fiscal year | 116 | 45 |
Amortized cost | 1,873 | 1,620 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 2,247 | 2,112 |
Accrued interest receivable | 2 | 3 |
Commercial | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 16 | 193 |
Originated, at amortized cost, fiscal year before current fiscal year | 125 | 114 |
Originated, at amortized cost, two years before current fiscal year | 33 | 70 |
Originated, at amortized cost, three years before current fiscal year | 58 | 0 |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 |
Originated, at amortized cost, more than five years before current fiscal year | 116 | 45 |
Amortized cost | 1,816 | 1,483 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 2,164 | 1,905 |
Commercial | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 2 | 52 |
Originated, at amortized cost, fiscal year before current fiscal year | 0 | 18 |
Originated, at amortized cost, two years before current fiscal year | 0 | 0 |
Originated, at amortized cost, three years before current fiscal year | 24 | 0 |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 |
Originated, at amortized cost, more than five years before current fiscal year | 0 | 0 |
Amortized cost | 57 | 137 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 83 | 207 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 378 | 2,690 |
Originated, at amortized cost, fiscal year before current fiscal year | 802 | 1,549 |
Originated, at amortized cost, two years before current fiscal year | 1,588 | 739 |
Originated, at amortized cost, three years before current fiscal year | 904 | 195 |
Originated, at amortized cost, four years before current fiscal year | 832 | 318 |
Originated, at amortized cost, more than five years before current fiscal year | 2,099 | 1,027 |
Amortized cost | 317 | 220 |
Converted to term loans – Amortized cost | 22 | 22 |
Total | 6,942 | 6,760 |
Accrued interest receivable | 32 | 30 |
Writeoff | 46 | |
Commercial real estate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 168 | 1,518 |
Originated, at amortized cost, fiscal year before current fiscal year | 534 | 864 |
Originated, at amortized cost, two years before current fiscal year | 719 | 585 |
Originated, at amortized cost, three years before current fiscal year | 475 | 152 |
Originated, at amortized cost, four years before current fiscal year | 561 | 271 |
Originated, at amortized cost, more than five years before current fiscal year | 1,661 | 875 |
Amortized cost | 228 | 136 |
Converted to term loans – Amortized cost | 22 | 22 |
Total | 4,368 | 4,423 |
Commercial real estate | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 210 | 1,172 |
Originated, at amortized cost, fiscal year before current fiscal year | 268 | 685 |
Originated, at amortized cost, two years before current fiscal year | 869 | 154 |
Originated, at amortized cost, three years before current fiscal year | 429 | 43 |
Originated, at amortized cost, four years before current fiscal year | 271 | 47 |
Originated, at amortized cost, more than five years before current fiscal year | 438 | 152 |
Amortized cost | 89 | 84 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 2,574 | 2,337 |
Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 397 | 750 |
Originated, at amortized cost, fiscal year before current fiscal year | 393 | 84 |
Originated, at amortized cost, two years before current fiscal year | 34 | 57 |
Originated, at amortized cost, three years before current fiscal year | 26 | 0 |
Originated, at amortized cost, four years before current fiscal year | 72 | 0 |
Originated, at amortized cost, more than five years before current fiscal year | 8 | 10 |
Amortized cost | 11,239 | 9,620 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 12,169 | 10,521 |
Accrued interest receivable | 124 | 120 |
Financial institutions | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 342 | 616 |
Originated, at amortized cost, fiscal year before current fiscal year | 393 | 74 |
Originated, at amortized cost, two years before current fiscal year | 24 | 57 |
Originated, at amortized cost, three years before current fiscal year | 26 | 0 |
Originated, at amortized cost, four years before current fiscal year | 72 | 0 |
Originated, at amortized cost, more than five years before current fiscal year | 8 | 10 |
Amortized cost | 9,954 | 6,948 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 10,819 | 7,705 |
Financial institutions | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 55 | 134 |
Originated, at amortized cost, fiscal year before current fiscal year | 0 | 10 |
Originated, at amortized cost, two years before current fiscal year | 10 | 0 |
Originated, at amortized cost, three years before current fiscal year | 0 | 0 |
Originated, at amortized cost, four years before current fiscal year | 0 | 0 |
Originated, at amortized cost, more than five years before current fiscal year | 0 | 0 |
Amortized cost | 1,285 | 2,672 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 1,350 | 2,816 |
Lease financings | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated, at amortized cost, current fiscal year | 0 | 230 |
Originated, at amortized cost, fiscal year before current fiscal year | 0 | 0 |
Originated, at amortized cost, two years before current fiscal year | 0 | 0 |
Originated, at amortized cost, three years before current fiscal year | 12 | 40 |
Originated, at amortized cost, four years before current fiscal year | 35 | 7 |
Originated, at amortized cost, more than five years before current fiscal year | 553 | 322 |
Amortized cost | 0 | 0 |
Converted to term loans – Amortized cost | 0 | 0 |
Total | 600 | 599 |
Accrued interest receivable | $ 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, 2024 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of exposure to investment grade securities | 97% | |
Percentage of financial institution exposure secured | 65% | |
Percent of financial institution exposure expiring within one year | 84% | |
Loans | $ 70,642,000,000 | $ 66,879,000,000 |
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 | $ 9,018,000,000 | 9,131,000,000 |
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) | 14% | |
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) | 46% | |
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 | $ 1,119,000,000 | 1,166,000,000 |
Margin loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 19,588,000,000 | 18,011,000,000 |
Minimum collateral margin | 1 | |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 3,200,000,000 | |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 3,193,000,000 | $ 3,053,000,000 |
Overdraft repayment period | 2 days | 2 days |
Goodwill and intangible asset_2
Goodwill and intangible assets - Goodwill (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||||||
Beginning balance | $ 16,261,000,000 | $ 16,261,000,000 | $ 16,150,000,000 | |||
Business realignment | 0 | |||||
Foreign currency translation | (44,000,000) | 96,000,000 | ||||
Goodwill | $ 16,897,000,000 | 16,897,000,000 | 16,926,000,000 | $ 16,941,000,000 | $ 16,830,000,000 | |
Accumulated impairment losses | (680,000,000) | (680,000,000) | (680,000,000) | (680,000,000) | (680,000,000) | |
Ending balance | 16,217,000,000 | 16,217,000,000 | 16,246,000,000 | |||
Goodwill impairment | 0 | |||||
Securities Services | ||||||
Goodwill [Roll Forward] | ||||||
Beginning balance | 7,004,000,000 | 7,004,000,000 | 6,973,000,000 | |||
Business realignment | (51,000,000) | |||||
Foreign currency translation | (22,000,000) | 22,000,000 | ||||
Goodwill | 6,931,000,000 | 6,931,000,000 | 6,995,000,000 | 7,004,000,000 | 6,973,000,000 | |
Accumulated impairment losses | 0 | 0 | 0 | 0 | 0 | |
Ending balance | 6,931,000,000 | 6,931,000,000 | 6,995,000,000 | |||
Market and Wealth Services | ||||||
Goodwill [Roll Forward] | ||||||
Beginning balance | 1,429,000,000 | 1,429,000,000 | 1,424,000,000 | |||
Business realignment | 48,000,000 | |||||
Foreign currency translation | (1,000,000) | 4,000,000 | ||||
Goodwill | 1,476,000,000 | 1,476,000,000 | 1,428,000,000 | 1,429,000,000 | 1,424,000,000 | |
Accumulated impairment losses | 0 | 0 | 0 | 0 | 0 | |
Ending balance | 1,476,000,000 | 1,476,000,000 | 1,428,000,000 | |||
Investment and Wealth Management | ||||||
Goodwill [Roll Forward] | ||||||
Beginning balance | 7,828,000,000 | 7,828,000,000 | 7,753,000,000 | |||
Business realignment | 3,000,000 | |||||
Foreign currency translation | (21,000,000) | 70,000,000 | ||||
Goodwill | 8,490,000,000 | 8,490,000,000 | 8,503,000,000 | 8,508,000,000 | 8,433,000,000 | |
Accumulated impairment losses | (680,000,000) | (680,000,000) | (680,000,000) | $ (680,000,000) | $ (680,000,000) | |
Ending balance | $ 7,810,000,000 | $ 7,810,000,000 | $ 7,823,000,000 | |||
Allocated goodwill | 6,100,000,000 | |||||
Goodwill impairment | $ 0 |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Intangible Assets [Roll Forward] | |||||
Beginning Balance | $ 2,854 | $ 2,854 | $ 2,901 | ||
Amortization | $ (13) | (12) | $ (14) | (25) | (28) |
Foreign currency translation | (3) | 8 | |||
Ending Balance | 2,826 | 2,881 | 2,826 | 2,881 | |
Securities Services | Operating segments | |||||
Intangible Assets [Roll Forward] | |||||
Beginning Balance | 164 | 164 | 193 | ||
Amortization | (14) | (15) | |||
Foreign currency translation | (2) | 1 | |||
Ending Balance | 148 | 179 | 148 | 179 | |
Market and Wealth Services | Operating segments | |||||
Intangible Assets [Roll Forward] | |||||
Beginning Balance | 378 | 378 | 384 | ||
Amortization | (2) | (3) | |||
Foreign currency translation | 0 | 0 | |||
Ending Balance | 376 | 381 | 376 | 381 | |
Investment and Wealth Management | Operating segments | |||||
Intangible Assets [Roll Forward] | |||||
Beginning Balance | 1,463 | 1,463 | 1,475 | ||
Amortization | (9) | (10) | |||
Foreign currency translation | (1) | 7 | |||
Ending Balance | 1,453 | 1,472 | 1,453 | 1,472 | |
Other | Operating segments | |||||
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, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | $ 4,181 | $ 4,185 | ||
Accumulated amortization | (1,355) | (1,331) | ||
Net carrying amount | 2,826 | 2,854 | $ 2,881 | $ 2,901 |
Finite-lived Intangible Assets | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | 1,602 | 1,605 | ||
Accumulated amortization | (1,355) | (1,331) | ||
Net carrying amount | $ 247 | 274 | ||
Finite-lived Intangible Assets | Weighted Average | ||||
Intangible Assets by Major Class [Line Items] | ||||
Remaining weighted- average amortization period | 9 years | |||
Finite-lived Intangible Assets | Customer contracts—Investment Services | Securities Services | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | $ 728 | 731 | ||
Accumulated amortization | (580) | (567) | ||
Net carrying amount | 148 | 164 | ||
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 | (275) | (273) | ||
Net carrying amount | $ 5 | 7 | ||
Finite-lived Intangible Assets | Customer contracts—Investment Services | Weighted Average | Securities Services | ||||
Intangible Assets by Major Class [Line Items] | ||||
Remaining weighted- average amortization period | 9 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 | 2 years | |||
Finite-lived Intangible Assets | Customer relationships | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | $ 553 | 553 | ||
Accumulated amortization | (487) | (479) | ||
Net carrying amount | $ 66 | 74 | ||
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 | (13) | (12) | ||
Net carrying amount | $ 28 | 29 | ||
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 | 2,580 | ||
Net carrying amount | 2,579 | 2,580 | ||
Indefinite-lived Intangible Assets | Tradenames | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | 1,292 | 1,292 | ||
Net carrying amount | 1,292 | 1,292 | ||
Indefinite-lived Intangible Assets | Customer relationships | ||||
Intangible Assets by Major Class [Line Items] | ||||
Gross carrying amount | 1,287 | 1,288 | ||
Net carrying amount | $ 1,287 | $ 1,288 |
Goodwill and intangible asset_5
Goodwill and intangible assets - Estimated Annual Amortization Expense (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2024 | $ 50 |
2025 | 43 |
2026 | 34 |
2027 | 28 |
2028 | $ 24 |
Other assets - Components of Ot
Other assets - Components of Other Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Other Assets [Abstract] | ||
Corporate/bank-owned life insurance | $ 5,504 | $ 5,480 |
Accounts receivable | 5,200 | 6,567 |
Software | 2,497 | 2,430 |
Tax credit investments | 2,159 | 2,186 |
Fails to deliver | 2,083 | 1,514 |
Prepaid pension assets | 2,050 | 1,818 |
Equity method investments | 896 | 873 |
Prepaid expense | 799 | 737 |
Other equity investments | 769 | 741 |
Assets of consolidated investment management funds | 674 | 526 |
Federal Reserve Bank stock | 474 | 480 |
Fair value of hedging derivatives | 402 | 236 |
Income taxes receivable | 378 | 270 |
Cash collateral receivable on derivative transactions | 259 | 621 |
Seed capital | 202 | 232 |
Other | 1,154 | 1,198 |
Total other assets | 25,500 | 25,909 |
Federal Home Loan Bank stock, at cost | $ 57 | $ 7 |
Other assets - Non-Readily Mark
Other assets - Non-Readily Marketable Equity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Other Assets [Abstract] | ||||||
Equity securities without readily determinable fair value, amount | $ 494 | $ 494 | $ 479 | |||
Equity securities without readily determinable fair value, upward price adjustment, annual amount | 1 | $ 0 | $ 5 | 1 | $ 5 | |
Equity securities without readily determinable fair value, downward price adjustment, annual amount | 0 | 0 | (1) | 0 | (19) | |
Equity securities without readily determinable fair value, net adjustment, annual amount | 1 | $ 0 | $ 4 | 1 | $ (14) | |
Equity securities without readily determinable fair value, upward price adjustment, cumulative amount | 336 | 336 | ||||
Equity securities without readily determinable fair value, downward price adjustment, cumulative amount | (53) | (53) | ||||
Equity securities without readily determinable fair value, net price adjustment, cumulative amount | $ 283 | $ 283 |
Other assets - Tax Credit Inves
Other assets - Tax Credit Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Other Assets [Abstract] | ||||||
Tax credit investments | $ 2,159 | $ 2,159 | $ 2,186 | |||
Tax credit investments, commitment | 846 | 846 | $ 780 | |||
Tax credit investments, commitment - remainder of 2024 | 245 | 245 | ||||
Tax credit investments, commitment - 2025 | 258 | 258 | ||||
Tax credit investments, commitment - 2026 | 101 | 101 | ||||
Tax credit investments, commitment - 2027 | 61 | 61 | ||||
Tax credit investments, commitment - 2028 | 66 | 66 | ||||
Tax credit investments, commitment - 2029 and thereafter | 115 | 115 | ||||
Tax credits and other tax benefits | 115 | $ 114 | $ 94 | 229 | $ 184 | |
Amortization expense included in the provision for income taxes | $ 92 | $ 92 | $ 73 | $ 184 | $ 146 |
Other assets - Seed Capital and
Other assets - Seed Capital and Private Equity Investments (Details) - Other Assets - NAV - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Fair value | $ 166 | $ 153 |
Unfunded commitments | 40 | 42 |
Seed capital | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Fair value | 7 | 3 |
Unfunded commitments | $ 0 | 0 |
Fair value, investments, entities that calculate net asset value per share, liquidating investment, remaining period | 7 days | |
Private equity investments | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Fair value | $ 152 | 143 |
Unfunded commitments | $ 40 | 42 |
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 | 7 |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Disaggregation of Revenue [Line Items] | ||||||
Total fee and other revenue | [1] | $ 3,567 | $ 3,487 | $ 3,404 | $ 7,054 | $ 6,691 |
Net income (loss) attributable to noncontrolling interests | 2 | 2 | 1 | 4 | 1 | |
Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 3,195 | 3,127 | 3,082 | 6,322 | 6,057 | |
Fee and other revenue - not in scope of ASC 606 | 370 | 358 | 321 | 728 | 633 | |
Total fee and other revenue | 3,565 | 3,485 | 3,403 | 7,050 | 6,690 | |
Investment services fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 2,340 | 2,262 | 2,240 | 4,602 | 4,350 | |
Investment management and performance fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 765 | 772 | 761 | 1,537 | 1,544 | |
Financing-related fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 18 | 23 | 15 | 41 | 33 | |
Distribution and servicing | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 41 | 42 | 35 | 83 | 68 | |
Investment and other income | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 31 | 28 | 31 | 59 | 62 | |
Securities Services | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 1,401 | 1,333 | 1,359 | 2,734 | 2,601 | |
Fee and other revenue - not in scope of ASC 606 | 243 | 223 | 202 | 466 | 403 | |
Total fee and other revenue | 1,644 | 1,556 | 1,561 | 3,200 | 3,004 | |
Securities Services | Investment services fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 1,327 | 1,260 | 1,288 | 2,587 | 2,457 | |
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 | 12 | 15 | 10 | 27 | 23 | |
Securities Services | Distribution and servicing | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 0 | 1 | 1 | 1 | 1 | |
Securities Services | Investment and other income | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 62 | 57 | 60 | 119 | 120 | |
Market and Wealth Services | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 1,047 | 1,033 | 976 | 2,080 | 1,942 | |
Fee and other revenue - not in scope of ASC 606 | 71 | 61 | 57 | 132 | 109 | |
Total fee and other revenue | 1,118 | 1,094 | 1,033 | 2,212 | 2,051 | |
Market and Wealth Services | Investment services fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 1,009 | 992 | 943 | 2,001 | 1,875 | |
Market and Wealth Services | Investment management and performance fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 2 | 2 | 2 | 4 | 4 | |
Market and Wealth Services | Financing-related fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 5 | 8 | 4 | 13 | 9 | |
Market and Wealth Services | Distribution and servicing | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | (30) | (29) | (23) | (59) | (46) | |
Market and Wealth Services | Investment and other income | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 61 | 60 | 50 | 121 | 100 | |
Investment and Wealth Management | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 767 | 780 | 765 | 1,547 | 1,548 | |
Fee and other revenue - not in scope of ASC 606 | 11 | 25 | 12 | 36 | 14 | |
Total fee and other revenue | 778 | 805 | 777 | 1,583 | 1,562 | |
Net income (loss) attributable to noncontrolling interests | 2 | 2 | 1 | 4 | 1 | |
Investment and Wealth Management | Investment services fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 23 | 26 | 23 | 49 | 47 | |
Investment and Wealth Management | Investment management and performance fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 766 | 774 | 763 | 1,540 | 1,547 | |
Investment and Wealth Management | Financing-related fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 1 | 0 | 0 | 1 | 0 | |
Investment and Wealth Management | Distribution and servicing | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 69 | 70 | 58 | 139 | 113 | |
Investment and Wealth Management | Investment and other income | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | (92) | (90) | (79) | (182) | (159) | |
Other | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | (20) | (19) | (18) | (39) | (34) | |
Fee and other revenue - not in scope of ASC 606 | 45 | 49 | 50 | 94 | 107 | |
Total fee and other revenue | 25 | 30 | 32 | 55 | 73 | |
Other | Investment services fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | (19) | (16) | (14) | (35) | (29) | |
Other | Investment management and performance fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | (3) | (4) | (4) | (7) | (7) | |
Other | Financing-related fees | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 0 | 0 | 1 | 0 | 1 | |
Other | Distribution and servicing | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | 2 | 0 | (1) | 2 | 0 | |
Other | Investment and other income | Operating segments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total fee revenue and other revenue - contract revenue | $ 0 | $ 1 | $ 0 | $ 1 | $ 1 | |
[1]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information |
Contract revenue - Narrative (D
Contract revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Capitalized Contract Cost [Line Items] | ||||||
Contract with customer, asset | $ 2,600 | $ 2,600 | $ 2,600 | |||
Contract assets representing accrued revenues not yet billed | 71 | 71 | 27 | |||
Contract with customer, liability | 225 | 225 | 172 | |||
Contract with customer, liability, revenue recognized | 69 | 85 | ||||
Incremental costs for obtaining contracts | ||||||
Capitalized Contract Cost [Line Items] | ||||||
Capitalized contract costs | 49 | 49 | 46 | |||
Capitalized contract cost, amortization | 4 | $ 3 | $ 4 | 7 | $ 8 | |
Costs to fulfill contract | ||||||
Capitalized Contract Cost [Line Items] | ||||||
Capitalized contract costs | $ 93 | $ 93 | $ 90 |
Net interest income (Details)
Net interest income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest income | |||||
Deposits with the Federal Reserve and other central banks | $ 1,201 | $ 1,219 | $ 1,241 | $ 2,420 | $ 2,094 |
Deposits with banks | 110 | 121 | 128 | 231 | 268 |
Federal funds sold and securities purchased under resale agreements | 2,631 | 2,433 | 1,776 | 5,064 | 2,767 |
Loans | 1,119 | 1,061 | 957 | 2,180 | 1,823 |
Securities: | |||||
Taxable | 1,256 | 1,193 | 1,042 | 2,449 | 2,064 |
Exempt from federal income taxes | 0 | 0 | 0 | 0 | 0 |
Total securities | 1,256 | 1,193 | 1,042 | 2,449 | 2,064 |
Trading securities | 75 | 69 | 80 | 144 | 150 |
Total interest income | 6,392 | 6,096 | 5,224 | 12,488 | 9,166 |
Interest expense | |||||
Deposits | 2,255 | 2,187 | 1,739 | 4,442 | 3,105 |
Federal funds purchased and securities sold under repurchase agreements | 2,433 | 2,243 | 1,729 | 4,676 | 2,621 |
Trading liabilities | 23 | 21 | 43 | 44 | 73 |
Other borrowed funds | 8 | 4 | 32 | 12 | 35 |
Commercial paper | 13 | 0 | 0 | 13 | 0 |
Customer payables | 161 | 146 | 143 | 307 | 271 |
Long-term debt | 469 | 455 | 438 | 924 | 833 |
Total interest expense | 5,362 | 5,056 | 4,124 | 10,418 | 6,938 |
Net interest income | 1,030 | 1,040 | 1,100 | 2,070 | 2,228 |
Provision for credit losses | 0 | 27 | 5 | 27 | 32 |
Net interest income after provision for credit losses | $ 1,030 | $ 1,013 | $ 1,095 | $ 2,043 | $ 2,196 |
Employee benefit plans (Details
Employee benefit plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Health care benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 1 | 1 | 2 | 2 | 3 |
Expected return on assets | (2) | (2) | (3) | (4) | (5) |
Other | (2) | (2) | (3) | (4) | (6) |
Net periodic benefit (credit) cost | (3) | (3) | (4) | (6) | (8) |
Domestic | Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 0 | 0 | 0 | 0 | 0 |
Interest cost | 46 | 45 | 47 | 91 | 95 |
Expected return on assets | (95) | (95) | (95) | (190) | (190) |
Other | 6 | 6 | 3 | 12 | 5 |
Net periodic benefit (credit) cost | (43) | (44) | (45) | (87) | (90) |
Foreign | Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 3 | 3 | 2 | 6 | 5 |
Interest cost | 9 | 10 | 9 | 19 | 17 |
Expected return on assets | (19) | (20) | (22) | (39) | (44) |
Other | (1) | (1) | (4) | (2) | (7) |
Net periodic benefit (credit) cost | $ (8) | $ (8) | $ (15) | $ (16) | $ (29) |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Income Tax Disclosure [Abstract] | |||||||
Provision for income taxes | [1] | $ 357 | $ 297 | $ 315 | $ 654 | $ 621 | |
Effective tax rate | 23.40% | 22.40% | 22.70% | ||||
Tax reserves | $ 107 | 107 | $ 109 | ||||
Impact on effective tax rate if tax reserves were unnecessary | 107 | 107 | |||||
Accrued interest, related to income taxes in the balance sheet | 36 | 36 | |||||
Additional tax benefit (expense) related to interest | 3 | $ (1) | |||||
Reasonably possible decrease in uncertain tax positions within the next 12 months, if a re-evaluation is required | $ 10 | $ 10 | |||||
[1]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information |
Variable interest entities - As
Variable interest entities - Assets and Liabilities of VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Trading assets | $ 9,609 | $ 10,058 |
Other assets | 1,577 | 1,261 |
Other liabilities | 63 | 195 |
Nonredeemable noncontrolling interests | 186 | 50 |
VME classification of carrying amount, assets | 51 | 91 |
VME classification of carrying amount, liabilities | 1 | 1 |
Noncontrolling interest in VME | 3 | 12 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Trading assets | 652 | 510 |
Other assets | 22 | 16 |
Total assets | 674 | 526 |
Other liabilities | 5 | 1 |
Total liabilities | 5 | 1 |
Nonredeemable noncontrolling interests | $ 186 | $ 50 |
Variable interest entities - No
Variable interest entities - Non-consolidated VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Other assets | $ 428,539 | $ 409,877 |
Other liabilities | 387,418 | 368,972 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Other assets | 2,242 | 2,261 |
Other liabilities | 846 | 780 |
Maximum loss exposure | $ 3,088 | $ 3,041 |
Preferred stock - Narrative (De
Preferred stock - Narrative (Details) | Jun. 30, 2024 $ / shares shares | Dec. 31, 2023 $ / shares shares |
Stockholders' Equity Note [Abstract] | ||
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 |
Preferred stock - Summary (Deta
Preferred stock - Summary (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||
Total shares issued and outstanding (shares) | 43,826 | 43,826 |
Carrying value | $ 4,343 | $ 4,343 |
Series A Noncumulative Perpetual Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 4% | |
Preferred stock, basis spread on variable rate | 0.565% | |
Total shares issued and outstanding (shares) | 5,001 | 5,001 |
Carrying value | $ 500 | $ 500 |
Liquidation preference per share (usd per share) | $ 100,000 | |
Series F Noncumulative Perpetual Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 4.625% | |
Preferred stock, basis spread on variable rate | 3.131% | |
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 | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 4.70% | |
Preferred stock, basis spread on variable rate | 4.358% | |
Total shares issued and outstanding (shares) | 10,000 | 10,000 |
Carrying value | $ 990 | $ 990 |
Liquidation preference per share (usd per share) | $ 100,000 | |
Series H Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 3.70% | |
Preferred stock, basis spread on variable rate | 3.352% | |
Total shares issued and outstanding (shares) | 5,825 | 5,825 |
Carrying value | $ 576 | $ 576 |
Liquidation preference per share (usd per share) | $ 100,000 | |
Series I Preferred Stock | ||
Class of Stock [Line Items] | ||
Per annum dividend rate | 3.75% | |
Preferred stock, basis spread on variable rate | 2.63% | |
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 |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class of Stock [Line Items] | |||||
Preferred dividends paid | $ 25 | $ 72 | $ 36 | $ 97 | $ 107 |
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend paid per share (usd per share) | $ 1,574 | $ 1,566.46 | $ 1,412.6 | $ 3,140.46 | $ 2,740.32 |
Preferred dividends paid | $ 8 | $ 8 | $ 7 | $ 16 | $ 14 |
Depositary shares per share | 1% | 1% | |||
Series D Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend paid per share (usd per share) | $ 2,250 | $ 2,250 | |||
Preferred dividends paid | $ 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 | $ 5 | $ 5 | $ 6 | $ 10 | $ 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 | $ 1,875 |
Preferred dividends paid | $ 12 | $ 12 | $ 12 | $ 24 | $ 24 |
Depositary shares per share | 1% | 1% |
Other comprehensive income (l_3
Other comprehensive income (loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Pre-tax amount | ||||||
Total other comprehensive income (loss), Pre-tax amount | $ 0 | $ 99 | $ (141) | $ 99 | $ 359 | |
Tax (expense) benefit | ||||||
Total other comprehensive income (loss), Tax (expense) benefit | (24) | (82) | 82 | (106) | 5 | |
After-tax amount | ||||||
Total other comprehensive (loss), net of tax | [1] | (24) | 17 | (59) | (7) | 364 |
Foreign currency translation | ||||||
Pre-tax amount | ||||||
Other comprehensive income (loss), Pre-tax amount | (9) | (44) | 61 | (53) | 138 | |
Total other comprehensive income (loss), Pre-tax amount | (9) | (44) | 61 | (53) | 138 | |
Tax (expense) benefit | ||||||
Other comprehensive income (loss), Tax (expense) benefit | (21) | (47) | 36 | (68) | 62 | |
Total other comprehensive income (loss), Tax (expense) benefit | (21) | (47) | 36 | (68) | 62 | |
After-tax amount | ||||||
Other comprehensive income (loss), After-tax amount | (30) | (91) | 97 | (121) | 200 | |
Total other comprehensive (loss), net of tax | (30) | (91) | 97 | (121) | 200 | |
Unrealized (loss) on assets available-for-sale | ||||||
Pre-tax amount | ||||||
Other comprehensive income (loss), Pre-tax amount | (13) | 137 | (202) | 124 | 217 | |
Reclassification adjustment, Pre-tax amount | 17 | 1 | 0 | 18 | 1 | |
Total other comprehensive income (loss), Pre-tax amount | 4 | 138 | (202) | 142 | 218 | |
Tax (expense) benefit | ||||||
Other comprehensive income (loss), Tax (expense) benefit | 2 | (34) | 45 | (32) | (57) | |
Reclassification adjustment, Tax (expense) benefit | (4) | 0 | 0 | (4) | 0 | |
Total other comprehensive income (loss), Tax (expense) benefit | (2) | (34) | 45 | (36) | (57) | |
After-tax amount | ||||||
Other comprehensive income (loss), After-tax amount | (11) | 103 | (157) | 92 | 160 | |
Reclassification adjustment, After-tax amount | 13 | 1 | 0 | 14 | 1 | |
Total other comprehensive (loss), net of tax | 2 | 104 | (157) | 106 | 161 | |
Defined benefit plans | ||||||
Pre-tax amount | ||||||
Reclassification adjustment, Pre-tax amount | 4 | 3 | (4) | 7 | (8) | |
Total other comprehensive income (loss), Pre-tax amount | 4 | 3 | (4) | 7 | (8) | |
Tax (expense) benefit | ||||||
Reclassification adjustment, Tax (expense) benefit | (1) | 0 | 2 | (1) | 3 | |
Total other comprehensive income (loss), Tax (expense) benefit | (1) | 0 | 2 | (1) | 3 | |
After-tax amount | ||||||
Reclassification adjustment, After-tax amount | 3 | 3 | (2) | 6 | (5) | |
Total other comprehensive (loss), net of tax | 3 | 3 | (2) | 6 | (5) | |
Unrealized gain (loss) on cash flow hedges | ||||||
Pre-tax amount | ||||||
Other comprehensive income (loss), Pre-tax amount | 3 | 4 | 3 | 7 | 7 | |
Reclassification adjustment, Pre-tax amount | (2) | (2) | 1 | (4) | 4 | |
Total other comprehensive income (loss), Pre-tax amount | 1 | 2 | 4 | 3 | 11 | |
Tax (expense) benefit | ||||||
Other comprehensive income (loss), Tax (expense) benefit | (1) | (1) | (1) | (2) | (2) | |
Reclassification adjustment, Tax (expense) benefit | 1 | 0 | 0 | 1 | (1) | |
Total other comprehensive income (loss), Tax (expense) benefit | 0 | (1) | (1) | (1) | (3) | |
After-tax amount | ||||||
Other comprehensive income (loss), After-tax amount | 2 | 3 | 2 | 5 | 5 | |
Reclassification adjustment, After-tax amount | (1) | (2) | 1 | (3) | 3 | |
Total other comprehensive (loss), net of tax | 1 | 1 | 3 | 2 | 8 | |
Unrealized gain (loss) on cash flow hedges | Investments And Other Income | ||||||
Pre-tax amount | ||||||
Reclassification adjustment, Pre-tax amount | 0 | 0 | 1 | 0 | 1 | |
Tax (expense) benefit | ||||||
Reclassification adjustment, Tax (expense) benefit | 0 | 0 | 0 | 0 | 0 | |
After-tax amount | ||||||
Reclassification adjustment, After-tax amount | 0 | 0 | 1 | 0 | 1 | |
Unrealized gain (loss) on cash flow hedges | Staff expense | ||||||
Pre-tax amount | ||||||
Reclassification adjustment, Pre-tax amount | (2) | (2) | 0 | (4) | 3 | |
Tax (expense) benefit | ||||||
Reclassification adjustment, Tax (expense) benefit | 1 | 0 | 0 | 1 | (1) | |
After-tax amount | ||||||
Reclassification adjustment, After-tax amount | $ (1) | $ (2) | $ 0 | $ (3) | $ 2 | |
[1]Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(24) million for the quarter ended June 30, 2024, $17 million for the quarter ended March 31, 2024, $(59) million for the quarter ended June 30, 2023, $(7) million for the six months ended June 30, 2024 and $364 million for the six months ended June 30, 2023. |
Fair value measurement - Assets
Fair value measurement - Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | $ 90,421 | $ 76,817 |
Trading assets: | ||
Total derivatives fair value | 6,228 | 10,531 |
Effect of master netting agreements | (4,842) | (8,256) |
Total derivative assets | 1,386 | 2,275 |
Trading assets | 9,609 | 10,058 |
Other assets | 1,577 | 1,261 |
Trading liabilities: | ||
Total derivatives fair value | 6,374 | 10,946 |
Effect of master netting agreements | (4,475) | (7,090) |
Derivative liabilities | 1,899 | 3,856 |
Other liabilities | 63 | 195 |
Interest rate contracts | ||
Trading assets: | ||
Effect of master netting agreements | (861) | (751) |
Trading liabilities: | ||
Effect of master netting agreements | (519) | (635) |
Foreign exchange contracts | ||
Trading assets: | ||
Effect of master netting agreements | (3,966) | (7,498) |
Trading liabilities: | ||
Effect of master netting agreements | (3,893) | (6,341) |
Equity contracts | ||
Trading assets: | ||
Effect of master netting agreements | (15) | (7) |
Trading liabilities: | ||
Effect of master netting agreements | (63) | (114) |
Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 24,951 | 18,382 |
U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 19,490 | 16,604 |
Agency residential mortgage-backed securities (“RMBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 16,891 | 13,111 |
Agency commercial mortgage-backed securities (“MBS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 7,548 | 7,729 |
Foreign covered bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 7,329 | 6,334 |
Collateralized loan obligations (“CLOs”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 6,370 | 6,137 |
U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 2,552 | 2,901 |
Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 1,647 | 1,740 |
Other asset-backed securities (“ABS”) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 823 | 943 |
Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 1 | 1 |
Not designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 5,826 | 10,295 |
Trading liabilities: | ||
Total derivatives fair value | 6,333 | 10,773 |
Not designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 876 | 1,060 |
Trading liabilities: | ||
Total derivatives fair value | 1,292 | 1,347 |
Not designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 4,935 | 9,227 |
Trading liabilities: | ||
Total derivatives fair value | 4,938 | 9,282 |
Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivatives fair value | 15 | 8 |
Trading liabilities: | ||
Total derivatives fair value | 99 | 138 |
Designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 402 | 236 |
Trading liabilities: | ||
Total derivatives fair value | 41 | 173 |
Designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 295 | 214 |
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 107 | 22 |
Trading liabilities: | ||
Total derivatives fair value | 41 | 173 |
Measured at fair value on a recurring basis | Operating segments | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 90,421 | 76,817 |
Trading assets: | ||
Debt instruments | 3,423 | 3,501 |
Equity instruments | 5,202 | 4,518 |
Effect of master netting agreements | (4,842) | (8,256) |
Trading assets | 9,609 | 10,058 |
Other assets | 1,009 | 872 |
Total other assets | 1,411 | 1,108 |
Total assets | 101,607 | 88,136 |
Trading liabilities: | ||
Total trading liabilities | 3,372 | 6,226 |
Effect of master netting agreements | (4,475) | (7,090) |
Derivative liabilities | 41 | |
Other liabilities | 22 | 22 |
Total other liabilities | 63 | 195 |
Total liabilities | 3,435 | 6,421 |
Measured at fair value on a recurring basis | Operating segments | Interest rate contracts | ||
Trading assets: | ||
Effect of master netting agreements | (861) | (751) |
Trading liabilities: | ||
Effect of master netting agreements | (519) | (635) |
Measured at fair value on a recurring basis | Operating segments | Foreign exchange contracts | ||
Trading assets: | ||
Effect of master netting agreements | (3,966) | (7,498) |
Trading liabilities: | ||
Effect of master netting agreements | (3,893) | (6,341) |
Measured at fair value on a recurring basis | Operating segments | Equity contracts | ||
Trading assets: | ||
Effect of master netting agreements | (15) | (7) |
Trading liabilities: | ||
Effect of master netting agreements | (63) | (114) |
Measured at fair value on a recurring basis | Operating segments | Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 24,951 | 18,382 |
Measured at fair value on a recurring basis | Operating segments | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 19,490 | 16,604 |
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] | ||
Fair value | 16,891 | 13,111 |
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] | ||
Fair value | 7,548 | 7,729 |
Measured at fair value on a recurring basis | Operating segments | Foreign covered bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 7,329 | 6,334 |
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] | ||
Fair value | 6,370 | 6,137 |
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] | ||
Fair value | 2,819 | 2,935 |
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] | ||
Fair value | 2,552 | 2,901 |
Measured at fair value on a recurring basis | Operating segments | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 1,647 | 1,740 |
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] | ||
Fair value | 823 | 943 |
Measured at fair value on a recurring basis | Operating segments | Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 1 | 1 |
Measured at fair value on a recurring basis | Operating segments | Not designated as hedging | ||
Trading assets: | ||
Total derivative assets | 984 | 2,039 |
Trading liabilities: | ||
Derivative liabilities | 1,858 | 3,683 |
Measured at fair value on a recurring basis | Operating segments | Not designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivative assets | 15 | 309 |
Trading liabilities: | ||
Derivative liabilities | 773 | 712 |
Measured at fair value on a recurring basis | Operating segments | Not designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivative assets | 969 | 1,729 |
Trading liabilities: | ||
Derivative liabilities | 1,045 | 2,941 |
Measured at fair value on a recurring basis | Operating segments | Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivative assets | 0 | 1 |
Trading liabilities: | ||
Derivative liabilities | 40 | 30 |
Measured at fair value on a recurring basis | Operating segments | Designated as hedging | ||
Trading assets: | ||
Total derivative assets | 402 | 236 |
Trading liabilities: | ||
Derivative liabilities | 173 | |
Measured at fair value on a recurring basis | Operating segments | Designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivative assets | 295 | 214 |
Measured at fair value on a recurring basis | Operating segments | Designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivative assets | 107 | 22 |
Trading liabilities: | ||
Derivative liabilities | 41 | 173 |
Measured at fair value on a recurring basis | Operating segments | Debt instruments | ||
Trading liabilities: | ||
Total trading liabilities | 1,496 | 2,520 |
Measured at fair value on a recurring basis | Operating segments | Equity instruments | ||
Trading liabilities: | ||
Total trading liabilities | 18 | 23 |
Measured at fair value on a recurring basis | Operating segments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 23,521 | 19,043 |
Trading assets: | ||
Debt instruments | 1,407 | 1,246 |
Equity instruments | 5,202 | 4,518 |
Trading assets | 6,615 | 5,771 |
Other assets | 454 | 486 |
Total other assets | 454 | 486 |
Total assets | $ 30,590 | $ 25,300 |
Percentage of total assets prior to netting | 29% | 26% |
Trading liabilities: | ||
Total trading liabilities | $ 1,487 | $ 2,548 |
Total derivatives fair value | 0 | |
Other liabilities | 0 | 0 |
Total other liabilities | 0 | 0 |
Total liabilities | $ 1,487 | $ 2,548 |
Percentage of total liabilities prior to netting | 19% | 19% |
Measured at fair value on a recurring basis | Operating segments | Level 1 | Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | $ 4,031 | $ 2,439 |
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] | ||
Fair value | 19,490 | 16,604 |
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] | ||
Fair value | 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] | ||
Fair value | 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] | ||
Fair value | 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] | ||
Fair value | 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] | ||
Fair value | 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] | ||
Fair value | 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] | ||
Fair value | 0 | 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] | ||
Fair value | 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] | ||
Fair value | 0 | 0 |
Measured at fair value on a recurring basis | Operating segments | Level 1 | Not designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 6 | 7 |
Trading liabilities: | ||
Total derivatives fair value | 4 | 17 |
Measured at fair value on a recurring basis | Operating segments | Level 1 | Not designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 6 | 7 |
Trading liabilities: | ||
Total derivatives fair value | 3 | 8 |
Measured at fair value on a recurring basis | Operating segments | Level 1 | Not designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 0 | 0 |
Measured at fair value on a recurring basis | Operating segments | Level 1 | Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivatives fair value | 0 | 0 |
Trading liabilities: | ||
Total derivatives fair value | 1 | 9 |
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 | 1,465 | 2,508 |
Measured at fair value on a recurring basis | Operating segments | Level 1 | Equity instruments | ||
Trading liabilities: | ||
Total trading liabilities | 18 | 23 |
Measured at fair value on a recurring basis | Operating segments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | 66,900 | 57,774 |
Trading assets: | ||
Debt instruments | 2,016 | 2,255 |
Equity instruments | 0 | 0 |
Trading assets | 7,836 | 12,543 |
Other assets | 555 | 386 |
Total other assets | 957 | 622 |
Total assets | $ 75,693 | $ 70,939 |
Percentage of total assets prior to netting | 71% | 74% |
Trading liabilities: | ||
Total trading liabilities | $ 6,360 | $ 10,768 |
Total derivatives fair value | 41 | |
Other liabilities | 22 | 22 |
Total other liabilities | 63 | 195 |
Total liabilities | $ 6,423 | $ 10,963 |
Percentage of total liabilities prior to netting | 81% | 81% |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | $ 20,920 | $ 15,943 |
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] | ||
Fair value | 0 | 0 |
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] | ||
Fair value | 16,891 | 13,111 |
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] | ||
Fair value | 7,548 | 7,729 |
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] | ||
Fair value | 7,329 | 6,334 |
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] | ||
Fair value | 6,370 | 6,137 |
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] | ||
Fair value | 2,819 | 2,935 |
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] | ||
Fair value | 2,552 | 2,901 |
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] | ||
Fair value | 1,647 | 1,740 |
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] | ||
Fair value | 823 | 943 |
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] | ||
Fair value | 1 | 1 |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Not designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 5,820 | 10,288 |
Trading liabilities: | ||
Total derivatives fair value | 6,329 | 10,756 |
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 | 870 | 1,053 |
Trading liabilities: | ||
Total derivatives fair value | 1,289 | 1,339 |
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 | 4,935 | 9,227 |
Trading liabilities: | ||
Total derivatives fair value | 4,938 | 9,282 |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Not designated as hedging | Equity contracts | ||
Trading assets: | ||
Total derivatives fair value | 15 | 8 |
Trading liabilities: | ||
Total derivatives fair value | 102 | 135 |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Designated as hedging | ||
Trading assets: | ||
Total derivatives fair value | 402 | 236 |
Trading liabilities: | ||
Total derivatives fair value | 173 | |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Designated as hedging | Interest rate contracts | ||
Trading assets: | ||
Total derivatives fair value | 295 | 214 |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Designated as hedging | Foreign exchange contracts | ||
Trading assets: | ||
Total derivatives fair value | 107 | 22 |
Trading liabilities: | ||
Total derivatives fair value | 41 | 173 |
Measured at fair value on a recurring basis | Operating segments | Level 2 | Debt instruments | ||
Trading liabilities: | ||
Total trading liabilities | 31 | 12 |
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] | ||
Fair value | 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 | Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value | $ 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] | ||
Fair value | 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] | ||
Fair value | 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] | ||
Fair value | 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] | ||
Fair value | 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] | ||
Fair value | 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] | ||
Fair value | 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] | ||
Fair value | 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] | ||
Fair value | 0 | 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] | ||
Fair value | 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] | ||
Fair value | 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 | $ 166 | $ 153 |
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, 2024 | Dec. 31, 2023 |
Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,647 | $ 1,740 |
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% | 6% |
Non-agency RMBS | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 6% | 6% |
Non-agency RMBS | 2008-2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,414 | $ 1,487 |
Non-agency RMBS | 2008-2024 | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Non-agency RMBS | 2008-2024 | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-agency RMBS | 2008-2024 | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-agency RMBS | 2008-2024 | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-agency RMBS | 2008-2024 | 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 | $ 233 | $ 253 |
Non-agency RMBS | 2007 and earlier | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 5% | 5% |
Non-agency RMBS | 2007 and earlier | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 12% | 13% |
Non-agency RMBS | 2007 and earlier | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 1% |
Non-agency RMBS | 2007 and earlier | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 39% | 40% |
Non-agency RMBS | 2007 and earlier | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 44% | 41% |
Non-agency commercial MBS | 2009-2023 | Domestic | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 2,819 | $ 2,935 |
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 | $ 7,329 | $ 6,334 |
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 | $ 2,346 | $ 2,473 |
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 | $ 1,014 | $ 1,035 |
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 | Germany | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 662 | $ 664 |
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 | Australia | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 636 | $ 689 |
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 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 2,671 | $ 1,473 |
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% |
Non-U.S. Government | Canada | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,604 | $ 1,336 |
Non-U.S. Government | Canada | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 91% | 95% |
Non-U.S. Government | Canada | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 9% | 5% |
Non-U.S. Government | Canada | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Canada | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Canada | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | UK | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 2,353 | $ 1,316 |
Non-U.S. Government | UK | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Non-U.S. Government | UK | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | UK | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | UK | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | UK | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Germany | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 2,737 | $ 2,658 |
Non-U.S. Government | Germany | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Non-U.S. Government | Germany | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Germany | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Germany | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Germany | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,697 | $ 1,348 |
Non-U.S. Government | Other | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 63% | 70% |
Non-U.S. Government | Other | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 17% | 3% |
Non-U.S. Government | Other | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 12% | 17% |
Non-U.S. Government | Other | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 8% | 10% |
Non-U.S. Government | Other | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | France | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 1,697 | $ 1,562 |
Non-U.S. Government | France | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Non-U.S. Government | France | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | France | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | France | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | France | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Belgium | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 891 | $ 511 |
Non-U.S. Government | Belgium | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Non-U.S. Government | Belgium | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Belgium | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Belgium | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Belgium | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Finland | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 648 | $ 282 |
Non-U.S. Government | Finland | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Non-U.S. Government | Finland | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Finland | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Finland | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Finland | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Spain | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 623 | $ 293 |
Non-U.S. Government | Spain | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Spain | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 8% | 17% |
Non-U.S. Government | Spain | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 92% | 83% |
Non-U.S. Government | Spain | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Spain | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Netherlands | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 532 | $ 334 |
Non-U.S. Government | Netherlands | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Non-U.S. Government | Netherlands | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Netherlands | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Netherlands | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Netherlands | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Singapore | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 387 | $ 302 |
Non-U.S. Government | Singapore | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Non-U.S. Government | Singapore | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Singapore | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Singapore | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Singapore | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Japan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 384 | $ 410 |
Non-U.S. Government | Japan | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Japan | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Non-U.S. Government | Japan | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Japan | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Japan | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Norway | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 351 | $ 374 |
Non-U.S. Government | Norway | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Non-U.S. Government | Norway | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Norway | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Norway | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Norway | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Non-U.S. Government | Sovereign debt/sovereign guaranteed | Brazil | Carrying amount | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 136 | $ 140 |
Supranational | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 11,047 | $ 7,656 |
Supranational | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 100% | 100% |
Supranational | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Supranational | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Supranational | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Supranational | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Total non-U.S. government: | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total carrying value | $ 24,951 | $ 18,382 |
Total non-U.S. government: | AAA/ AA- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 93% | 94% |
Total non-U.S. government: | A/ A- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 3% | 3% |
Total non-U.S. government: | BBB/ BBB- | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 3% | 2% |
Total non-U.S. government: | BB and lower | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 1% | 1% |
Total non-U.S. government: | Not Rated | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Ratings | 0% | 0% |
Fair value measurement - Asse_2
Fair value measurement - Assets on Nonrecurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | $ 1,577 | $ 1,261 |
Decrease in fair value of loans | 1 | |
Measured at fair value on a nonrecurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 27 | 28 |
Other assets | 494 | 481 |
Total assets | 521 | 509 |
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 | 27 | 28 |
Other assets | 494 | 481 |
Total assets | 521 | 509 |
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, 2024 | Dec. 31, 2023 |
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | $ 116,139 | $ 111,550 |
Interest-bearing deposits with banks | 11,488 | 12,139 |
Securities held-to-maturity | 41,287 | 44,711 |
Other financial assets | 1,577 | 1,261 |
Liabilities: | ||
Noninterest-bearing deposits | 58,029 | 58,274 |
Payables to customers and broker-dealers | 17,569 | 18,395 |
Commercial paper | 301 | 0 |
Estimated fair value | ||
Assets: | ||
Interest-bearing deposits with the Federal Reserve and other central banks | 116,139 | 111,550 |
Interest-bearing deposits with banks | 11,494 | 12,134 |
Federal funds sold and securities purchased under resale agreements | 29,723 | 28,900 |
Securities held-to-maturity | 41,287 | 44,711 |
Loans | 68,641 | 65,026 |
Other financial assets | 7,618 | 7,071 |
Total assets | 274,902 | 269,392 |
Liabilities: | ||
Noninterest-bearing deposits | 58,029 | 58,274 |
Interest-bearing deposits | 241,568 | 221,463 |
Federal funds purchased and securities sold under repurchase agreements | 15,701 | 14,507 |
Payables to customers and broker-dealers | 17,569 | 18,395 |
Commercial paper | 301 | |
Borrowings | 1,117 | 1,274 |
Long-term debt | 30,037 | 30,596 |
Total liabilities | 364,322 | 344,509 |
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 | 8,345 | 9,545 |
Loans | 0 | 0 |
Other financial assets | 5,311 | 4,922 |
Total assets | 13,656 | 14,467 |
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 |
Commercial paper | 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 | 116,139 | 111,550 |
Interest-bearing deposits with banks | 11,494 | 12,134 |
Federal funds sold and securities purchased under resale agreements | 29,723 | 28,900 |
Securities held-to-maturity | 32,942 | 35,166 |
Loans | 68,641 | 65,026 |
Other financial assets | 2,307 | 2,149 |
Total assets | 261,246 | 254,925 |
Liabilities: | ||
Noninterest-bearing deposits | 58,029 | 58,274 |
Interest-bearing deposits | 241,568 | 221,463 |
Federal funds purchased and securities sold under repurchase agreements | 15,701 | 14,507 |
Payables to customers and broker-dealers | 17,569 | 18,395 |
Commercial paper | 301 | |
Borrowings | 1,117 | 1,274 |
Long-term debt | 30,037 | 30,596 |
Total liabilities | 364,322 | 344,509 |
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 |
Commercial paper | 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 | 116,139 | 111,550 |
Interest-bearing deposits with banks | 11,488 | 12,139 |
Federal funds sold and securities purchased under resale agreements | 29,723 | 28,900 |
Securities held-to-maturity | 46,429 | 49,578 |
Loans | 69,757 | 65,977 |
Other financial assets | 7,618 | 7,071 |
Total assets | 281,154 | 275,215 |
Liabilities: | ||
Noninterest-bearing deposits | 58,029 | 58,274 |
Interest-bearing deposits | 246,282 | 225,395 |
Federal funds purchased and securities sold under repurchase agreements | 15,701 | 14,507 |
Payables to customers and broker-dealers | 17,569 | 18,395 |
Commercial paper | 301 | |
Borrowings | 1,117 | 1,274 |
Long-term debt | 30,947 | 31,257 |
Total liabilities | $ 369,946 | $ 349,102 |
Fair value option - Assets and
Fair value option - Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets of consolidated investment management funds: | ||
Trading assets | $ 9,609 | $ 10,058 |
Other assets | 1,577 | 1,261 |
Liabilities of consolidated investment management funds: | ||
Other liabilities | 63 | 195 |
Investment Management funds | ||
Assets of consolidated investment management funds: | ||
Trading assets | 652 | 510 |
Other assets | 22 | 16 |
Total assets | 674 | 526 |
Liabilities of consolidated investment management funds: | ||
Other liabilities | 5 | 1 |
Total liabilities | $ 5 | $ 1 |
Fair value option - Narrative (
Fair value option - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Disclosures [Abstract] | ||
Subordinated notes, fair value | $ 16 | $ 4 |
Derivative instruments - Narrat
Derivative instruments - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
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 | 4,000,000 | $ 2,000,000 | $ (1,000,000) | $ 6,000,000 | $ (5,000,000) | |
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 | 281,000,000 | $ 281,000,000 | $ 235,000,000 | |||
Fair value hedging | Loans | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Interest rate swaps designated as portfolio layer method fair value hedges of loans | 3,300,000,000 | 3,300,000,000 | ||||
Interest rate swap | Fair value hedging | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Interest rate swaps designated as portfolio layer method fair value hedges of loans | 1,400,000,000 | 1,400,000,000 | ||||
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 | 6,000,000 | |||||
Foreign exchange contracts | Cash flow hedges | Forecasted Foreign Currency | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Hedged financial instruments, notional amount of derivative | 741,000,000 | $ 741,000,000 | ||||
Original maturities, maximum, of hedged instruments | 15 months | |||||
Pre-tax gain recognized in OCI related to cash flow hedges | $ 6,000,000 | |||||
Foreign exchange contracts | Net investment hedging | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Hedged financial instruments, notional amount of derivative | $ 10,500,000,000 | $ 10,500,000,000 | ||||
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 | $ 34,300,000,000 | $ 34,300,000,000 | ||||
Hedged financial instruments, notional amount of derivative | 34,300,000,000 | 34,300,000,000 | ||||
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 | 22,900,000,000 | 22,900,000,000 | ||||
Hedged financial instruments, notional amount of derivative | 22,900,000,000 | $ 22,900,000,000 | ||||
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 | 0 | $ 11,000,000 | $ 8,000,000 | $ 11,000,000 | $ 15,000,000 | |
Designated as hedging | Fair value hedging | Loans | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Interest rate swaps designated as portfolio layer method fair value hedges of loans | 1,400,000,000 | 1,400,000,000 | ||||
Designated as hedging | Foreign exchange contracts | ||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||
Hedged financial instruments, notional amount of derivative | $ 11,254,000,000 | $ 11,254,000,000 | $ 11,099,000,000 |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) recognized in the consolidated income statement due to fair value and cash flow hedging relationships | $ 4 | $ 2 | $ (1) | $ 6 | $ (5) |
Interest rate contracts | Securities – Available-for-sale | Interest income | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized on derivatives | 79 | 449 | 388 | 528 | (47) |
Gain or (loss) recognized on hedged item | (77) | (449) | (389) | (526) | 45 |
Interest rate contracts | Long-term debt | Interest expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized on derivatives | 13 | (221) | (277) | (208) | 2 |
Gain or (loss) recognized on hedged item | (13) | 221 | 278 | 208 | (1) |
Interest rate contracts | Loans | Interest expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized on derivatives | (14) | (1) | 0 | (15) | 0 |
Gain or (loss) recognized on hedged item | 14 | 1 | 0 | 15 | 0 |
FX contracts | Staff expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Loss (gain) on cash flow hedges | 2 | 2 | 0 | 4 | (3) |
FX contracts | Investment and other income | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Loss (gain) on cash flow hedges | $ 0 | $ 0 | $ (1) | $ 0 | $ (1) |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain or (loss) recognized in accumulated OCI on derivatives | $ 87 | $ 198 | $ (152) | $ 285 | $ (263) |
Net interest income | |||||
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, 2024 | Dec. 31, 2023 |
Securities – Available-for-sale | ||
Derivative [Line Items] | ||
Carrying amount of hedged asset or liability, Available-for-sale securities | $ 33,988 | $ 29,941 |
Hedge accounting basis adjustment increase (decrease), Available-for-sale securities | (2,163) | (1,767) |
Hedge accounting basis adjustment increase (decrease), discontinued hedges | (371) | (434) |
Available-for-sale securities included in closed portfolios, subject to portfolio layer method | 5,900 | |
Available-for-sale securities included in closed portfolios, subject to portfolio layer method, increase (decrease) | (21) | |
Securities – Available-for-sale | Designated as hedging | ||
Derivative [Line Items] | ||
Available-for-sale securities included in closed portfolios, subject to portfolio layer method | 2,500 | |
Loans | ||
Derivative [Line Items] | ||
Carrying amount of hedged asset or liability, Available-for-sale securities | 1,407 | 0 |
Hedge accounting basis adjustment increase (decrease), Available-for-sale securities | 15 | 0 |
Available-for-sale securities included in closed portfolios, subject to portfolio layer method | 3,300 | |
Available-for-sale securities included in closed portfolios, subject to portfolio layer method, increase (decrease) | 15 | |
Loans | Designated as hedging | ||
Derivative [Line Items] | ||
Available-for-sale securities included in closed portfolios, subject to portfolio layer method | 1,400 | |
Long-term debt | ||
Derivative [Line Items] | ||
Carrying amount of hedged asset or liability, Long-term debt | 21,807 | 21,854 |
Hedge accounting basis adjustment increase (decrease), Long-term debt | (1,043) | (846) |
Hedged liability, discontinued fair value hedge, cumulative increase (decrease) | $ (15) | $ (26) |
Derivative instruments - Impa_2
Derivative instruments - Impact of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Asset derivatives fair value | ||
Total derivatives fair value | $ 6,228 | $ 10,531 |
Effect of master netting agreements | (4,842) | (8,256) |
Fair value after effect of master netting agreements | 1,386 | 2,275 |
Liability derivatives fair value | ||
Total derivatives fair value | 6,374 | 10,946 |
Effect of master netting agreements | (4,475) | (7,090) |
Fair value after effect of master netting agreements | 1,899 | 3,856 |
Derivative asset, collateral, obligation to return cash, offset | 1,253 | 2,353 |
Derivative liability, collateral, right to reclaim cash, offset | 886 | 1,187 |
Interest rate contracts | ||
Asset derivatives fair value | ||
Effect of master netting agreements | (861) | (751) |
Liability derivatives fair value | ||
Effect of master netting agreements | (519) | (635) |
Foreign exchange contracts | ||
Asset derivatives fair value | ||
Effect of master netting agreements | (3,966) | (7,498) |
Liability derivatives fair value | ||
Effect of master netting agreements | (3,893) | (6,341) |
Equity contracts | ||
Asset derivatives fair value | ||
Effect of master netting agreements | (15) | (7) |
Liability derivatives fair value | ||
Effect of master netting agreements | (63) | (114) |
Designated as hedging | ||
Asset derivatives fair value | ||
Total derivatives fair value | 402 | 236 |
Liability derivatives fair value | ||
Total derivatives fair value | 41 | 173 |
Designated as hedging | Interest rate contracts | ||
Notional value | ||
Notional amount of hedge | 58,561 | 52,808 |
Asset derivatives fair value | ||
Total derivatives fair value | 295 | 214 |
Liability derivatives fair value | ||
Total derivatives fair value | 0 | 0 |
Designated as hedging | Foreign exchange contracts | ||
Notional value | ||
Notional amount of hedge | 11,254 | 11,099 |
Asset derivatives fair value | ||
Total derivatives fair value | 107 | 22 |
Liability derivatives fair value | ||
Total derivatives fair value | 41 | 173 |
Not designated as hedging | ||
Asset derivatives fair value | ||
Total derivatives fair value | 5,826 | 10,295 |
Liability derivatives fair value | ||
Total derivatives fair value | 6,333 | 10,773 |
Not designated as hedging | Interest rate contracts | ||
Notional value | ||
Notional amount of hedge | 156,069 | 155,535 |
Asset derivatives fair value | ||
Total derivatives fair value | 876 | 1,060 |
Liability derivatives fair value | ||
Total derivatives fair value | 1,292 | 1,347 |
Not designated as hedging | Foreign exchange contracts | ||
Notional value | ||
Notional amount of hedge | 994,914 | 944,241 |
Asset derivatives fair value | ||
Total derivatives fair value | 4,935 | 9,227 |
Liability derivatives fair value | ||
Total derivatives fair value | 4,938 | 9,282 |
Not designated as hedging | Equity contracts | ||
Notional value | ||
Notional amount of hedge | 4,584 | 3,886 |
Asset derivatives fair value | ||
Total derivatives fair value | 15 | 8 |
Liability derivatives fair value | ||
Total derivatives fair value | 99 | 138 |
Not designated as hedging | Credit contracts | ||
Notional value | ||
Notional amount of hedge | 255 | 220 |
Asset derivatives fair value | ||
Total derivatives fair value | 0 | 0 |
Liability derivatives fair value | ||
Total derivatives fair value | $ 4 | $ 6 |
Derivative instruments - Revenu
Derivative instruments - Revenue from Foreign Exchange and Other Trading (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Foreign exchange revenue | $ 184 | $ 152 | $ 158 | $ 336 | $ 334 |
Other trading revenue | 77 | 69 | 53 | 146 | 98 |
Gain or (loss) recognized in income on derivatives | $ 4 | $ 2 | $ (1) | $ 6 | $ (5) |
Derivative instruments - Contra
Derivative instruments - Contracts Falling under Early Termination Provisions (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Credit Derivatives [Line Items] | ||
Aggregate fair value of OTC derivatives in net liability positions | $ 1,100 | $ 1,003 |
Collateral posted | 1,190 | 1,001 |
A3 | A- | ||
Credit Derivatives [Line Items] | ||
Aggregate fair value of OTC derivatives in net liability positions | 28 | 115 |
Baa2 | BBB | ||
Credit Derivatives [Line Items] | ||
Aggregate fair value of OTC derivatives in net liability positions | 341 | 792 |
Ba1 | BB+ and lower | ||
Credit Derivatives [Line Items] | ||
Aggregate fair value of OTC derivatives in net liability positions | $ 1,179 | $ 1,920 |
Derivative instruments - Offset
Derivative instruments - Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Asset | ||
Derivatives subject to netting arrangements, Gross assets recognized | $ 5,840 | $ 9,538 |
Total derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 4,842 | 8,256 |
Derivatives subject to netting arrangements, Net assets recognized in the balance sheet | 998 | 1,282 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 119 | 380 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Total derivatives subject to netting arrangements, Net amount | 879 | 902 |
Total derivatives not subject to netting arrangements | 388 | 993 |
Total derivatives, Gross assets recognized | 6,228 | 10,531 |
Fair value after effect of master netting agreements | 1,386 | 2,275 |
Total derivatives, Net amount | 1,267 | 1,895 |
Reverse repurchase agreements, Gross assets recognized | 183,313 | 169,092 |
Reverse repurchase agreements, Gross amounts offset in the balance sheet | 167,863 | 150,667 |
Reverse repurchase agreements, Net assets recognized on the balance sheet | 15,450 | 18,425 |
Reverse repurchase agreements, Gross amounts not offset in the balance sheet, Financial instruments | 15,414 | 18,422 |
Reverse repurchase agreements, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Reverse repurchase agreements, Net amount | 36 | 3 |
Securities borrowing, Gross asset recognized | 14,273 | 10,475 |
Securities borrowing, Net assets recognized on the balance sheet | 14,273 | 10,475 |
Securities borrowing, Gross amounts not offset in the balance sheet, Financial instruments | 13,488 | 10,011 |
Securities borrowing, Net amount | 785 | 464 |
Total, Gross assets recognized | 203,814 | 190,098 |
Total, Gross amounts offset in the balance sheet | 172,705 | 158,923 |
Total, Net assets recognized on the balance sheet | 31,109 | 31,175 |
Total, Gross amounts not offset in the balance sheet, Financial instruments | 29,021 | 28,813 |
Total, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Total, Net amount | 2,088 | 2,362 |
Derivative Liability | ||
Derivatives subject to netting arrangements, Gross liabilities recognized | 5,669 | 9,700 |
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 4,475 | 7,090 |
Derivatives subject to netting arrangements, Net liabilities recognized in the balance sheet | 1,194 | 2,610 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 285 | 171 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 |
Total derivatives subject to netting arrangement, Net amount | 909 | 2,439 |
Total derivatives not subject to netting arrangements | 705 | 1,246 |
Total derivatives, Gross liabilities recognized | 6,374 | 10,946 |
Fair value after effect of master netting agreements | 1,899 | 3,856 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1,614 | 3,685 |
Repurchase agreements, Gross liabilities recognized | 180,502 | 162,661 |
Repurchase agreements, Gross amounts offset in the balance sheet | 167,863 | 150,667 |
Repurchase agreements, Net liabilities recognized on the balance sheet | 12,639 | 11,994 |
Repurchase agreements, Gross amounts not offset in the balance sheet, Financial instruments | 12,622 | 11,966 |
Repurchase agreements, Gross amounts not offset in the balance sheet, Cash collateral pledged | 16 | 28 |
Repurchase agreements, Net amount | 1 | 0 |
Securities lending, Gross liabilities recognized | 3,062 | 2,513 |
Securities lending, Net liabilities recognized on the balance sheet | 3,062 | 2,513 |
Securities lending, Gross amounts not offset in the balance sheet, Financial instruments | 2,941 | 2,404 |
Securities lending, Net amount | 121 | 109 |
Total, Gross liabilities recognized | 189,938 | 176,120 |
Total, Gross amounts offset in the balance sheet | 172,338 | 157,757 |
Total, Net liabilities recognized on the balance sheet | 17,600 | 18,363 |
Total, Gross amounts not offset in the balance sheet, Financial instruments | 15,848 | 14,541 |
Total, Gross amounts not offset in the balance sheet, Cash collateral pledged | 16 | 28 |
Total, Net amount | 1,736 | 3,794 |
Interest rate contracts | ||
Derivative Asset | ||
Derivatives subject to netting arrangements, Gross assets recognized | 1,013 | 979 |
Total derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 861 | 751 |
Derivatives subject to netting arrangements, Net assets recognized in the balance sheet | 152 | 228 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 36 | 60 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Total derivatives subject to netting arrangements, Net amount | 116 | 168 |
Derivative Liability | ||
Derivatives subject to netting arrangements, Gross liabilities recognized | 993 | 1,118 |
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 519 | 635 |
Derivatives subject to netting arrangements, Net liabilities recognized in the balance sheet | 474 | 483 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 50 | 78 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 |
Total derivatives subject to netting arrangement, Net amount | 424 | 405 |
Foreign exchange contracts | ||
Derivative Asset | ||
Derivatives subject to netting arrangements, Gross assets recognized | 4,812 | 8,552 |
Total derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 3,966 | 7,498 |
Derivatives subject to netting arrangements, Net assets recognized in the balance sheet | 846 | 1,054 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 83 | 320 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Total derivatives subject to netting arrangements, Net amount | 763 | 734 |
Derivative Liability | ||
Derivatives subject to netting arrangements, Gross liabilities recognized | 4,578 | 8,454 |
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 3,893 | 6,341 |
Derivatives subject to netting arrangements, Net liabilities recognized in the balance sheet | 685 | 2,113 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 211 | 93 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 |
Total derivatives subject to netting arrangement, Net amount | 474 | 2,020 |
Equity and other contracts | ||
Derivative Asset | ||
Derivatives subject to netting arrangements, Gross assets recognized | 15 | 7 |
Total derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 15 | 7 |
Derivatives subject to netting arrangements, Net assets recognized in the balance sheet | 0 | 0 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 0 | 0 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral received | 0 | 0 |
Total derivatives subject to netting arrangements, Net amount | 0 | 0 |
Derivative Liability | ||
Derivatives subject to netting arrangements, Gross liabilities recognized | 98 | 128 |
Derivatives subject to netting arrangements, Gross amounts offset in the balance sheet | 63 | 114 |
Derivatives subject to netting arrangements, Net liabilities recognized in the balance sheet | 35 | 14 |
Total derivatives, Gross amounts not offset in the balance sheet, Financial instruments | 24 | 0 |
Total derivatives, Gross amounts not offset in the balance sheet, Cash collateral pledged | 0 | 0 |
Total derivatives subject to netting arrangement, Net amount | $ 11 | $ 14 |
Derivative instruments - Secure
Derivative instruments - Secured Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 180,502 | $ 162,661 |
Securities lending | 3,062 | 2,513 |
Total borrowings | 183,564 | 165,174 |
Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 171,480 | 155,356 |
Securities lending | 3,062 | 2,513 |
Total borrowings | 174,542 | 157,869 |
Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,727 | 315 |
Securities lending | 0 | 0 |
Total borrowings | 1,727 | 315 |
30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 4,975 | 5,375 |
Securities lending | 0 | 0 |
Total borrowings | 4,975 | 5,375 |
Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 2,320 | 1,615 |
Securities lending | 0 | 0 |
Total borrowings | 2,320 | 1,615 |
U.S. Treasury | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 141,245 | 130,238 |
U.S. Treasury | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 139,392 | 128,304 |
U.S. Treasury | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 15 |
U.S. Treasury | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,392 | 1,409 |
U.S. Treasury | Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 461 | 510 |
Agency residential mortgage-backed securities (“RMBS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 31,891 | 26,831 |
Securities lending | 121 | 111 |
Agency residential mortgage-backed securities (“RMBS”) | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 30,489 | 25,815 |
Securities lending | 121 | 111 |
Agency residential mortgage-backed securities (“RMBS”) | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 20 | 0 |
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 | 1,007 | 896 |
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 | 375 | 120 |
Securities lending | 0 | 0 |
Sovereign debt/sovereign guaranteed | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 2,312 | 1,049 |
Sovereign debt/sovereign guaranteed | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 943 | 1,049 |
Sovereign debt/sovereign guaranteed | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,369 | 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 |
Corporate bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 2,269 | 2,080 |
Corporate bonds | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 88 | 103 |
Corporate bonds | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 158 | 72 |
Corporate bonds | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,325 | 1,315 |
Corporate bonds | Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 698 | 590 |
State and political subdivisions | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 849 | 781 |
State and political subdivisions | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 52 | 37 |
State and political subdivisions | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 20 | 38 |
State and political subdivisions | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 521 | 449 |
State and political subdivisions | Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 256 | 257 |
U.S. government agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 244 | 137 |
U.S. government agencies | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 94 | 44 |
U.S. government agencies | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
U.S. government agencies | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 75 | 61 |
U.S. government agencies | Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 75 | 32 |
Other debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 638 | 281 |
Securities lending | 66 | 25 |
Other debt securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 422 | 4 |
Securities lending | 66 | 25 |
Other debt securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 154 | 180 |
Securities lending | 0 | 0 |
Other debt securities | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 61 | 73 |
Securities lending | 0 | 0 |
Other debt securities | Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1 | 24 |
Securities lending | 0 | 0 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,054 | 1,264 |
Securities lending | 2,875 | 2,377 |
Equity securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending | 2,875 | 2,377 |
Equity securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 6 | 10 |
Securities lending | 0 | 0 |
Equity securities | 30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 594 | 1,172 |
Securities lending | 0 | 0 |
Equity securities | Over 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 454 | 82 |
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, 2024 | Dec. 31, 2023 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Securities lending indemnifications, joint venture | $ 66,000 | $ 59,000 |
Invested in reverse repurchase agreements | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Cash collateral invested in indemnified repurchase agreements | 61,000 | 45,000 |
Lending commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet credit risks | 50,158 | 46,518 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet credit risks | 1,731 | 1,816 |
Off-balance sheet credit risks participations | 195 | 163 |
Commercial letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet credit risks | 41 | 41 |
Securities lending indemnifications | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet credit risks | $ 539,559 | $ 492,739 |
Commitments and contingent li_4
Commitments and contingent liabilities - Narrative (Details) | 6 Months Ended | 28 Months Ended | |||||||||||||||||||
Jun. 07, 2022 USD ($) | May 09, 2022 USD ($) | May 20, 2021 USD ($) | Sep. 09, 2020 USD ($) | Dec. 17, 2015 lawsuit | Jun. 30, 2024 USD ($) claim | Feb. 28, 2023 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Aug. 21, 2023 investmentFund | Jun. 30, 2023 USD ($) | Oct. 31, 2022 claim | Feb. 28, 2022 claim | Dec. 31, 2021 claim | Oct. 31, 2021 claim | Sep. 30, 2021 claim | Feb. 28, 2017 claim | May 31, 2016 claim | Dec. 31, 2015 claim | Dec. 31, 2009 claim | Nov. 30, 2009 claim | |
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||
Lending commitment maturing in less than one year | $ 31,200,000,000 | ||||||||||||||||||||
Lending commitment maturing in one to five years | 18,500,000,000 | ||||||||||||||||||||
Lending commitment maturing over five years | 380,000,000 | ||||||||||||||||||||
Allowance for credit losses on lending related commitments | $ 73,000,000 | $ 81,000,000 | $ 87,000,000 | $ 91,000,000 | |||||||||||||||||
Collateralization percentage generally required for a securities lending transaction with indemnification against broker default | 102% | ||||||||||||||||||||
Securities lending indemnifications, secured amount of collateral | $ 566,000,000,000 | 518,000,000,000 | |||||||||||||||||||
Securities lending indemnifications, joint venture | 66,000,000,000 | 59,000,000,000 | |||||||||||||||||||
Securities lending indemnifications, collateral joint venture | 70,000,000,000 | 62,000,000,000 | |||||||||||||||||||
Unsettled Repurchase Agreements | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||
Unsettled repurchase and reverse repurchase agreements | 0 | 0 | |||||||||||||||||||
Unsettled Reverse Repurchase Agreements | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||
Unsettled repurchase and reverse repurchase agreements | $ 78,900,000,000 | 77,900,000,000 | |||||||||||||||||||
Mortgage-Securitization Trusts Proceedings | Federal Court | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||
Number of lawsuits or class actions (claim) | claim | 2 | 2 | |||||||||||||||||||
Mortgage-Securitization Trusts Proceedings | State Court | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||
Number of lawsuits or class actions (claim) | claim | 6 | 2 | 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 | 1 | 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 | 4 | ||||||||||||||||||||
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) | $ 600,000,000 | ||||||||||||||||||||
Standby letters of credit | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||
Standby letters of credit (SBLC) collateralized with cash and securities | 179,000,000 | 158,000,000 | |||||||||||||||||||
SBLC expiring within one year | 1,300,000,000 | ||||||||||||||||||||
SBLC expiring within one to five years | 455,000,000 | ||||||||||||||||||||
SBLC expiring over five years | 0 | ||||||||||||||||||||
Off-balance sheet credit risks | 1,731,000,000 | 1,816,000,000 | |||||||||||||||||||
Commercial letters of credit | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||
Off-balance sheet credit risks | $ 41,000,000 | $ 41,000,000 |
Commitments and contingent li_5
Commitments and contingent liabilities - Standby Letters of Credits by Investment Grade (Details) - Standby letters of credit | Jun. 30, 2024 | Dec. 31, 2023 |
Investment grade | ||
Concentration Risk [Line Items] | ||
Standby letters of credit by investment grade | 68% | 74% |
Non-investment grade | ||
Concentration Risk [Line Items] | ||
Standby letters of credit by investment grade | 32% | 26% |
Commitments and contingent li_6
Commitments and contingent liabilities - Significant Industry Concentrations Related to Credit Exposure (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | $ 70,642 | $ 66,879 |
Financial institutions | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 12,169 | $ 10,521 |
Unfunded commitments | 32,400 | |
Total exposure | 44,600 | |
Financial institutions | Securities industry | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 2,400 | |
Unfunded commitments | 17,800 | |
Total exposure | 20,200 | |
Financial institutions | Asset managers | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 1,600 | |
Unfunded commitments | 8,200 | |
Total exposure | 9,800 | |
Financial institutions | Banks | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 7,900 | |
Unfunded commitments | 1,400 | |
Total exposure | 9,300 | |
Financial institutions | Insurance | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 100 | |
Unfunded commitments | 4,100 | |
Total exposure | 4,200 | |
Financial institutions | Government | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 0 | |
Unfunded commitments | 300 | |
Total exposure | 300 | |
Financial institutions | Other | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 200 | |
Unfunded commitments | 600 | |
Total exposure | 800 | |
Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 2,200 | |
Unfunded commitments | 12,000 | |
Total exposure | 14,200 | |
Commercial | Services and other | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 1,400 | |
Unfunded commitments | 3,600 | |
Total exposure | 5,000 | |
Commercial | Manufacturing | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 600 | |
Unfunded commitments | 3,700 | |
Total exposure | 4,300 | |
Commercial | Energy and utilities | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 200 | |
Unfunded commitments | 4,000 | |
Total exposure | 4,200 | |
Commercial | Media and telecom | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loans | 0 | |
Unfunded commitments | 700 | |
Total exposure | $ 700 |
Business segments - Narrative (
Business segments - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Segment Reporting Information [Line Items] | ||||||
Total fee and other revenue | [1] | $ 3,567 | $ 3,487 | $ 3,404 | $ 7,054 | $ 6,691 |
Net interest income (expense) | 1,030 | 1,040 | 1,100 | 2,070 | 2,228 | |
Provision for credit losses | 0 | 27 | 5 | 27 | 32 | |
Noninterest expense | 3,070 | 3,176 | 3,111 | 6,246 | 6,211 | |
Net income (loss) attributable to noncontrolling interests | 2 | 2 | 1 | 4 | 1 | |
Operating segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total fee and other revenue | 3,565 | 3,485 | 3,403 | 7,050 | 6,690 | |
Operating segments | Total Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total fee and other revenue | 3,565 | 3,485 | 3,403 | 7,050 | 6,690 | |
Net interest income (expense) | 1,030 | 1,040 | 1,100 | 2,070 | 2,228 | |
Total revenue | 4,595 | 4,525 | 4,503 | 9,120 | 8,918 | |
Provision for credit losses | 0 | 27 | 5 | 27 | 32 | |
Noninterest expense | 3,070 | 3,176 | 3,111 | 6,246 | 6,211 | |
Income (loss) before income taxes | $ 1,525 | $ 1,322 | $ 1,387 | $ 2,847 | $ 2,675 | |
Pre-tax operating margin | 33% | 29% | 31% | 31% | 30% | |
Average assets | $ 412,499 | $ 403,985 | $ 420,961 | $ 408,242 | $ 414,157 | |
Operating segments | Securities Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Total fee and other revenue | 1,644 | 1,556 | 1,561 | 3,200 | 3,004 | |
Net interest income (expense) | 595 | 583 | 668 | 1,178 | 1,334 | |
Total revenue | 2,239 | 2,139 | 2,229 | 4,378 | 4,338 | |
Provision for credit losses | (3) | 11 | 16 | 8 | 16 | |
Noninterest expense | 1,554 | 1,537 | 1,567 | 3,091 | 3,107 | |
Income (loss) before income taxes | $ 688 | $ 591 | $ 646 | $ 1,279 | $ 1,215 | |
Pre-tax operating margin | 31% | 28% | 29% | 29% | 28% | |
Average assets | $ 196,015 | $ 191,544 | $ 202,207 | $ 193,780 | $ 199,399 | |
Operating segments | Market and Wealth Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Total fee and other revenue | 1,118 | 1,094 | 1,033 | 2,212 | 2,051 | |
Net interest income (expense) | 417 | 423 | 420 | 840 | 873 | |
Total revenue | 1,535 | 1,517 | 1,453 | 3,052 | 2,924 | |
Provision for credit losses | (2) | 5 | 7 | 3 | 7 | |
Noninterest expense | 833 | 834 | 794 | 1,667 | 1,576 | |
Income (loss) before income taxes | $ 704 | $ 678 | $ 652 | $ 1,382 | $ 1,341 | |
Pre-tax operating margin | 46% | 45% | 45% | 45% | 46% | |
Average assets | $ 124,790 | $ 123,552 | $ 131,519 | $ 124,171 | $ 131,761 | |
Operating segments | Investment and Wealth Management | ||||||
Segment Reporting Information [Line Items] | ||||||
Total fee and other revenue | 778 | 805 | 777 | 1,583 | 1,562 | |
Net interest income (expense) | 43 | 41 | 39 | 84 | 84 | |
Total revenue | 821 | 846 | 816 | 1,667 | 1,646 | |
Provision for credit losses | 4 | (1) | 7 | 3 | 7 | |
Noninterest expense | 668 | 740 | 679 | 1,408 | 1,416 | |
Income (loss) before income taxes | $ 149 | $ 107 | $ 130 | $ 256 | $ 223 | |
Pre-tax operating margin | 18% | 13% | 16% | 15% | 14% | |
Average assets | $ 26,031 | $ 26,272 | $ 27,399 | $ 26,151 | $ 27,882 | |
Net income (loss) attributable to noncontrolling interests | 2 | 2 | 1 | 4 | 1 | |
Operating segments | Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Total fee and other revenue | 25 | 30 | 32 | 55 | 73 | |
Net interest income (expense) | (25) | (7) | (27) | (32) | (63) | |
Total revenue | 0 | 23 | 5 | 23 | 10 | |
Provision for credit losses | 1 | 12 | (25) | 13 | 2 | |
Noninterest expense | 15 | 65 | 71 | 80 | 112 | |
Income (loss) before income taxes | (16) | (54) | (41) | (70) | (104) | |
Average assets | $ 65,663 | $ 62,617 | $ 59,836 | $ 64,140 | $ 55,115 | |
[1]Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |||||
Transfers from loans to other assets for other real estate owned | $ 0 | $ 1 | |||
Change in assets of consolidated investment management funds | 148 | 290 | |||
Change in liabilities of consolidated investment management funds | 4 | 7 | |||
Change in nonredeemable noncontrolling interests of consolidated investment management funds | 136 | 58 | |||
Securities purchased not settled | 521 | 164 | |||
Securities sold not settled | 87 | 41 | |||
Securities matured not settled | 25 | 0 | |||
Premises and equipment/operating lease obligations | 166 | 183 | |||
Excise tax on share repurchases | $ 6 | $ 6 | $ 4 | $ 12 | $ 14 |