Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | JPMORGAN CHASE & CO |
Entity Central Index Key | 19617 |
Document Type | 10-Q |
Document Period End Date | 31-Mar-15 |
Amendment Flag | FALSE |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | -19 |
Entity Well Known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock Shares Outstanding | 3,711,087,151 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Revenue | ||||
Investment banking fees | $1,794 | $1,420 | ||
Principal transactions | 3,655 | 3,322 | ||
Lending- and deposit-related fees | 1,363 | 1,405 | ||
Asset management, administration and commissions | 3,807 | 3,836 | ||
Securities gains | 52 | [1] | 30 | [1] |
Mortgage fees and related income | 705 | 514 | ||
Card income | 1,431 | 1,408 | ||
Other income | 582 | 613 | ||
Noninterest revenue | 13,389 | 12,548 | ||
Interest income | 12,565 | 12,793 | ||
Interest expense | 1,888 | 2,126 | ||
Net interest income | 10,677 | 10,667 | ||
Total net revenue | 24,066 | 23,215 | ||
Provision for credit losses | 959 | 850 | ||
Noninterest expense | ||||
Compensation expense | 8,043 | 7,859 | ||
Occupancy expense | 933 | 952 | ||
Technology, communications and equipment expense | 1,491 | 1,411 | ||
Professional and outside services | 1,634 | 1,786 | ||
Marketing | 591 | 564 | ||
Other expense | 2,191 | 2,064 | ||
Total noninterest expense | 14,883 | 14,636 | ||
Income before income tax expense | 8,224 | 7,729 | ||
Income tax expense | 2,310 | 2,460 | ||
Net income | 5,914 | 5,269 | ||
Net income applicable to common stockholders | 5,452 | 4,893 | ||
Net income per common share data | ||||
Basic earnings per share (in dollars per share) | $1.46 | $1.29 | ||
Diluted earnings per share (in dollars per share) | $1.45 | $1.28 | ||
Weighted-average basic shares (in shares) | 3,725.30 | 3,787.20 | ||
Weighted-average diluted shares (in shares) | 3,757.50 | 3,823.60 | ||
Cash dividends declared per common share (in dollars per share) | $0.40 | $0.38 | ||
Other-than-temporary impairment losses included in securities gains | ||||
Total credit losses recognized in income | $1 | $3 | ||
[1] | (a)The Firm recognized other-than-temporary impairment (“OTTIâ€) losses of $1 million and $3 million for the three months ended March 31, 2015, and 2014, respectively. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $5,914 | $5,269 |
Other comprehensive income/(loss), after–tax | ||
Unrealized gains/(losses) on investment securities | 89 | 994 |
Translation adjustments, net of hedges | -10 | -2 |
Cash flow hedges | 77 | 59 |
Defined benefit pension and OPEB plans | 85 | 26 |
Total other comprehensive income, after–tax | 241 | 1,077 |
Comprehensive income | $6,155 | $6,346 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Assets | ||||
Cash and due from banks | $22,821 | $27,831 | ||
Deposits with banks | 506,383 | 484,477 | ||
Federal funds sold and securities purchased under resale agreements (included $29,299 and $28,585 at fair value) | 219,344 | 215,803 | ||
Securities borrowed (included $792 and $992 at fair value) | 108,376 | 110,435 | ||
Trading assets (included assets pledged of $129,572 and $125,034) | 398,981 | 398,988 | ||
Securities (included $281,872 and $298,752 at fair value and assets pledged of $30,632 and $24,912) | 331,136 | 348,004 | ||
Loans (included $2,290 and $2,611 at fair value) | 764,185 | 757,336 | ||
Allowance for loan losses | -14,065 | -14,185 | ||
Loans, net of allowance for loan losses | 750,120 | 743,151 | ||
Accrued interest and accounts receivable | 70,006 | 70,079 | ||
Premises and equipment | 14,963 | 15,133 | ||
Goodwill | 47,453 | 47,647 | ||
Mortgage servicing rights | 6,641 | 7,436 | ||
Other intangible assets | 1,128 | 1,192 | ||
Other assets (included $9,119 and $11,909 at fair value and assets pledged of $1,196 and $1,399) | 99,796 | 102,597 | ||
Total assets | 2,577,148 | [1] | 2,572,773 | [1] |
Liabilities | ||||
Deposits (included $10,950 and $8,807 at fair value) | 1,367,887 | 1,363,427 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements (included $3,628 and $2,979 at fair value) | 196,578 | 192,101 | ||
Commercial paper | 55,655 | 66,344 | ||
Other borrowed funds (included $14,459 and $14,739 at fair value) | 29,035 | 30,222 | ||
Trading liabilities | 158,273 | 152,815 | ||
Accounts payable and other liabilities (included $23 and $26 at fair value) | 202,157 | 206,939 | ||
Beneficial interests issued by consolidated variable interest entities (included $1,281 and $2,162 at fair value) | 51,091 | 52,362 | ||
Long-term debt (included $30,633 and $30,226 at fair value) | 280,608 | 276,836 | ||
Total liabilities | 2,341,284 | [1] | 2,341,046 | [1] |
Commitments and contingencies (see Notes 21 and 23) | ||||
Stockholders’ equity | ||||
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,149,250 and 2,006,250 shares) | 21,493 | 20,063 | ||
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) | 4,105 | 4,105 | ||
Additional paid-in capital | 92,245 | 93,270 | ||
Retained earnings | 134,048 | 129,977 | ||
Accumulated other comprehensive income | 2,430 | 2,189 | ||
Shares held in RSU Trust, at cost (472,953 shares) | -21 | -21 | ||
Treasury stock, at cost (393,846,744 and 390,144,630 shares) | -18,436 | -17,856 | ||
Total stockholders’ equity | 235,864 | 231,727 | ||
Total liabilities and stockholders’ equity | 2,577,148 | 2,572,773 | ||
Assets and liabilities related to VIEs that are consolidated by the Firm | ||||
Assets | ||||
Trading assets (included assets pledged of $129,572 and $125,034) | 7,703 | 9,090 | ||
Loans (included $2,290 and $2,611 at fair value) | 67,184 | 68,880 | ||
Other assets (included $9,119 and $11,909 at fair value and assets pledged of $1,196 and $1,399) | 2,350 | 1,815 | ||
Total assets | 77,237 | 79,785 | ||
Liabilities | ||||
Beneficial interests issued by consolidated variable interest entities (included $1,281 and $2,162 at fair value) | 51,091 | 52,362 | ||
All other liabilities | 911 | 949 | ||
Total liabilities | $52,002 | $53,311 | ||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2015, and December 31, 2014. The difference between total VIE assets and liabilities represents the Firm’s interests in those entities, which were eliminated in consolidation.(in millions)Mar 31, 2015 Dec 31, 2014Assets Trading assets$7,703 $9,090Loans67,184 68,880All other assets2,350 1,815Total assets$77,237 $79,785Liabilities Beneficial interests issued by consolidated variable interest entities$51,091 $52,362All other liabilities911 949Total liabilities$52,002 $53,311The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. At March 31, 2015, and December 31, 2014, the Firm provided limited program-wide credit enhancement of $2.0 billion and $2.0 billion, respectively, related to its Firm-administered multi-seller conduits, which are eliminated in consolidation. For further discussion, see Note 15. |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Available-for-sale securities | $281,872,000,000 | $298,752,000,000 |
Stockholders' equity | ||
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, shares issued (in shares) | 2,149,250 | 2,006,250 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized (in shares) | 9,000,000,000 | 9,000,000,000 |
Common stock, shares issued (in shares) | 4,104,933,895 | 4,104,933,895 |
Shares held in Trust, shares (in shares) | 472,953 | 472,953 |
Treasury stock, shares (in shares) | 393,846,744 | 390,144,630 |
Limited program wide credit enhancement | 2,000,000,000 | 2,000,000,000 |
Trading assets | ||
Assets | ||
Assets Pledged | 129,572,000,000 | 125,034,000,000 |
Securities | ||
Assets | ||
Assets Pledged | 30,632,000,000 | 24,912,000,000 |
Other assets | ||
Assets | ||
Assets Pledged | 1,196,000,000 | 1,399,000,000 |
Recurring | ||
Assets | ||
Federal funds sold and securities purchased under resale agreements | 29,299,000,000 | 28,585,000,000 |
Securities borrowed | 792,000,000 | 992,000,000 |
Available-for-sale securities | 281,872,000,000 | 298,752,000,000 |
Loans, at fair value | 2,290,000,000 | 2,611,000,000 |
Liabilities | ||
Deposits | 10,950,000,000 | 8,807,000,000 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 3,628,000,000 | 2,979,000,000 |
Other borrowed funds | 14,459,000,000 | 14,739,000,000 |
Accounts payable and other liabilities | 23,000,000 | 26,000,000 |
Beneficial interests issued by consolidated VIEs, at fair value | 1,281,000,000 | 2,162,000,000 |
Long-term debt | 30,633,000,000 | 30,226,000,000 |
Recurring | Other assets | ||
Assets | ||
Other assets at fair value | $9,119,000,000 | $11,909,000,000 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (USD $) | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Shares held in RSU Trust, at cost | Treasury stock, at cost |
In Millions, unless otherwise specified | ||||||||
Cumulative effect of change in accounting principle at Dec. 31, 2013 | ($321) | |||||||
Beginning balance at Dec. 31, 2013 | 11,158 | 4,105 | 93,828 | 115,756 | 1,199 | -21 | -14,847 | |
Balance at beginning of year, adjusted at Dec. 31, 2013 | 115,435 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of preferred stock | 3,925 | |||||||
Shares issued and commitments to issue common stock for employee stock-based compensation awards, and related tax effects | -1,179 | |||||||
Other | -26 | |||||||
Net income | 5,269 | 5,269 | ||||||
Dividends declared: | ||||||||
Preferred stock | -227 | |||||||
Common stock ($0.40 and $0.38 per share) | -1,485 | |||||||
Other comprehensive income | 1,077 | 1,077 | ||||||
Purchase of treasury stock | -386 | |||||||
Reissuance from treasury stock | 1,504 | |||||||
Ending balance at Mar. 31, 2014 | 219,329 | 15,083 | 4,105 | 92,623 | 118,992 | 2,276 | -21 | -13,729 |
Cumulative effect of change in accounting principle at Dec. 31, 2014 | 0 | |||||||
Beginning balance at Dec. 31, 2014 | 20,063 | 4,105 | 93,270 | 129,977 | 2,189 | -21 | -17,856 | |
Balance at beginning of year, adjusted at Dec. 31, 2014 | 129,977 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of preferred stock | 1,430 | |||||||
Shares issued and commitments to issue common stock for employee stock-based compensation awards, and related tax effects | -987 | |||||||
Other | -38 | |||||||
Net income | 5,914 | 5,914 | ||||||
Dividends declared: | ||||||||
Preferred stock | -324 | |||||||
Common stock ($0.40 and $0.38 per share) | -1,519 | |||||||
Other comprehensive income | 241 | 241 | ||||||
Purchase of treasury stock | -1,900 | |||||||
Reissuance from treasury stock | 1,320 | |||||||
Ending balance at Mar. 31, 2015 | $235,864 | $21,493 | $4,015 | $92,245 | $134,048 | $2,430 | ($21) | ($18,436) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Dividends declared: | ||
Common stock, dividends, per share | $0.40 | $0.38 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net income | $5,914 | $5,269 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 959 | 850 |
Depreciation and amortization | 1,181 | 1,208 |
Deferred tax expense | 33 | 2,832 |
Investment securities gains | -52 | -30 |
Stock-based compensation | 565 | 618 |
Originations and purchases of loans held-for-sale | -8,856 | -12,926 |
Proceeds from sales, securitizations and paydowns of loans held-for-sale | 10,646 | 16,898 |
Net change in: | ||
Trading assets | 5,450 | 4,010 |
Securities borrowed | 2,057 | -10,559 |
Accrued interest and accounts receivable | -27 | -9,090 |
Other assets | -10,199 | 13,142 |
Trading liabilities | 17,349 | -1,951 |
Accounts payable and other liabilities | -6,482 | 2,271 |
Other operating adjustments | -3,659 | 2,125 |
Net cash provided by operating activities | 14,879 | 14,667 |
Investing activities | ||
Net change in deposits with banks | -21,906 | -56,480 |
Net change in federal funds sold and securities purchased under resale agreements | -3,468 | -17,092 |
Held-to-maturity securities: | ||
Proceeds from paydowns and maturities | 1,379 | 639 |
Purchases | -1,459 | -4,649 |
Available-for-sale securities: | ||
Proceeds from paydowns and maturities | 25,221 | 22,485 |
Proceeds from sales | 6,909 | 10,906 |
Purchases | -21,663 | -24,775 |
Proceeds from sales and securitizations of loans held-for-investment | 4,661 | 4,396 |
Other changes in loans, net | -15,768 | -3,260 |
Net cash provided by business acquisitions or dispositions | 1,272 | 0 |
All other investing activities, net | 672 | -580 |
Net cash used in investing activities | -24,150 | -68,410 |
Financing activities | ||
Net change in deposits | 8,967 | -5,320 |
Net change in federal funds purchased and securities loaned or sold under repurchase agreements | 4,468 | 36,263 |
Net change in commercial paper and other borrowed funds | -11,885 | 6,486 |
Net change in beneficial interests issued by consolidated variable interest entities | -510 | -3,246 |
Proceeds from long-term borrowings | 28,395 | 22,064 |
Payments of long-term borrowings | -22,183 | -17,000 |
Excess tax benefits related to stock-based compensation | 262 | 339 |
Proceeds from issuance of preferred stock | 1,392 | 3,895 |
Treasury stock purchased | -1,900 | -386 |
Dividends paid | -1,770 | -1,554 |
All other financing activities, net | -899 | -1,223 |
Net cash provided by financing activities | 4,337 | 40,318 |
Effect of exchange rate changes on cash and due from banks | -76 | -25 |
Net decrease in cash and due from banks | -5,010 | -13,450 |
Cash and due from banks at the beginning of the period | 27,831 | 39,771 |
Cash and due from banks at the end of the period | 22,821 | 26,321 |
Cash interest paid | 1,601 | 1,092 |
Cash income taxes paid, net | $608 | $270 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation |
JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading global financial services firm and one of the largest banking institutions in the United States of America (“U.S.”), with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small business, commercial banking, financial transaction processing and asset management. For a discussion of the Firm’s business segments, see Note 24. | |
The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to accounting principles generally accepted in the U.S. (“U.S. GAAP”). Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities. | |
The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information. | |
These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, included in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the U.S. Securities and Exchange Commission (the “2014 Annual Report”). | |
Certain amounts reported in prior periods have been reclassified to conform with the current presentation. | |
Investments in qualified affordable housing projects | |
Effective January 1, 2015, the Firm adopted new accounting guidance for investments in affordable housing projects that qualify for the low-income housing tax credit, which impacted the Corporate & Investment Bank (“CIB”). As a result of the adoption of this new guidance, the Firm made an accounting policy election to amortize the initial cost of its qualifying investments in proportion to the tax credits and other benefits received, and to present the amortization as a component of income tax expense (previously such amounts were predominantly presented in other income). The guidance was required to be applied retrospectively and accordingly, certain prior period amounts have been revised to conform with the current period presentation. The cumulative effect on retained earnings was a reduction of $321 million as of January 1, 2014. The adoption of this accounting guidance resulted in an increase of $222 million and $227 million in other income and income tax expense, respectively, which led to an increase of approximately 2% in the effective tax rate for the three months ended March 31, 2014. The impact on net income and earnings per share in prior periods was not material. | |
The Firm recognized $377 million and $379 million of tax credits and other tax benefits associated with these investments within Income tax expense for the three months ended March 31, 2015 and 2014, respectively. The amount of amortization of such investments reported in income tax expense under the current period presentation was $274 million and $264 million, for the three months ended March 31, 2015 and 2014, respectively. | |
The carrying value of investments in affordable housing projects was $7.1 billion and $7.3 billion at March 31, 2015 and December 31, 2014, respectively. These investments are reported in other assets on the Firm’s Consolidated balance sheets. The amount of commitments related to these investments was $1.7 billion and $1.8 billion at both March 31, 2015 and December 31, 2014. These commitments are reported in accounts payable and other liabilities on the Firm’s Consolidated balance sheets. | |
Offsetting assets and liabilities | |
U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the balance sheet when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities sold and purchased under repurchase agreements to be presented net when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances when the specified conditions are met. For further information on offsetting assets and liabilities, see Note 1 of JPMorgan Chase’s 2014 Annual Report. |
Business_Changes_and_Developme
Business Changes and Developments | 3 Months Ended |
Mar. 31, 2015 | |
Business Changes and Developments [Abstract] | |
Business changes and developments | Business changes and developments |
Business events and subsequent events | |
As part of the Firm’s business simplification agenda, the sale of a portion of the Private Equity Business (“Private Equity sale”) was completed on January 9, 2015. | |
Preferred stock issuances | |
During the three months ended March 31, 2015, the Firm issued $1.4 billion of noncumulative preferred stock, and on April 21, 2015, the Firm issued $2.0 billion of noncumulative preferred stock. For further information on the Firm’s preferred stock, see Note 22 of JPMorgan Chase’s 2014 Annual Report. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Fair value measurement | Fair value measurement | ||||||||||||||||||||||||||||||||
For a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy, see Note 3 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||
The following table presents the asset and liabilities reported at fair value as of March 31, 2015, and December 31, 2014, by major product category and fair value hierarchy. | |||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | |||||||||||||||||||||||||||||||||
Fair value hierarchy | Derivative netting adjustments | ||||||||||||||||||||||||||||||||
March 31, 2015 (in millions) | Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | — | $ | 29,299 | $ | — | $ | — | $ | 29,299 | |||||||||||||||||||||||
Securities borrowed | — | 792 | — | — | 792 | ||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. government agencies(a) | — | 23,873 | 888 | — | 24,761 | ||||||||||||||||||||||||||||
Residential – nonagency | — | 1,466 | 449 | — | 1,915 | ||||||||||||||||||||||||||||
Commercial – nonagency | — | 895 | 211 | — | 1,106 | ||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 26,234 | 1,548 | — | 27,782 | ||||||||||||||||||||||||||||
U.S. Treasury and government agencies(a) | 19,935 | 7,055 | — | — | 26,990 | ||||||||||||||||||||||||||||
Obligations of U.S. states and municipalities | — | 9,178 | 1,331 | — | 10,509 | ||||||||||||||||||||||||||||
Certificates of deposit, bankers’ acceptances and commercial paper | — | 1,570 | — | — | 1,570 | ||||||||||||||||||||||||||||
Non-U.S. government debt securities | 23,883 | 32,115 | 180 | — | 56,178 | ||||||||||||||||||||||||||||
Corporate debt securities | — | 28,579 | 2,759 | — | 31,338 | ||||||||||||||||||||||||||||
Loans(b) | — | 21,246 | 10,763 | — | 32,009 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 2,830 | 1,233 | — | 4,063 | ||||||||||||||||||||||||||||
Total debt instruments | 43,818 | 128,807 | 17,814 | — | 190,439 | ||||||||||||||||||||||||||||
Equity securities | 111,167 | 563 | 317 | — | 112,047 | ||||||||||||||||||||||||||||
Physical commodities(c) | 3,881 | 1,169 | — | — | 5,050 | ||||||||||||||||||||||||||||
Other | — | 8,830 | 1,041 | — | 9,871 | ||||||||||||||||||||||||||||
Total debt and equity instruments(d) | 158,866 | 139,369 | 19,172 | — | 317,407 | ||||||||||||||||||||||||||||
Derivative receivables: | |||||||||||||||||||||||||||||||||
Interest rate | 598 | 894,227 | 4,256 | (862,933 | ) | 36,148 | |||||||||||||||||||||||||||
Credit | — | 60,642 | 2,694 | (61,808 | ) | 1,528 | |||||||||||||||||||||||||||
Foreign exchange | 894 | 223,859 | 3,204 | (202,261 | ) | 25,696 | |||||||||||||||||||||||||||
Equity | — | 43,644 | 2,245 | (38,479 | ) | 7,410 | |||||||||||||||||||||||||||
Commodity | 199 | 38,537 | 452 | (28,396 | ) | 10,792 | |||||||||||||||||||||||||||
Total derivative receivables(e) | 1,691 | 1,260,909 | 12,851 | (1,193,877 | ) | 81,574 | |||||||||||||||||||||||||||
Total trading assets | 160,557 | 1,400,278 | 32,023 | (1,193,877 | ) | 398,981 | |||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. government agencies(a) | — | 65,556 | — | — | 65,556 | ||||||||||||||||||||||||||||
Residential – nonagency | — | 42,580 | 23 | — | 42,603 | ||||||||||||||||||||||||||||
Commercial – nonagency | — | 22,507 | 99 | — | 22,606 | ||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 130,643 | 122 | — | 130,765 | ||||||||||||||||||||||||||||
U.S. Treasury and government agencies(a) | 11,915 | 50 | — | — | 11,965 | ||||||||||||||||||||||||||||
Obligations of U.S. states and municipalities | — | 31,199 | — | — | 31,199 | ||||||||||||||||||||||||||||
Certificates of deposit | — | 1,023 | — | — | 1,023 | ||||||||||||||||||||||||||||
Non-U.S. government debt securities | 22,231 | 23,626 | — | — | 45,857 | ||||||||||||||||||||||||||||
Corporate debt securities | — | 17,191 | — | — | 17,191 | ||||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||||
Collateralized loan obligations | — | 28,913 | 770 | — | 29,683 | ||||||||||||||||||||||||||||
Other | — | 11,753 | 111 | — | 11,864 | ||||||||||||||||||||||||||||
Equity securities | 2,325 | — | — | — | 2,325 | ||||||||||||||||||||||||||||
Total available-for-sale securities | 36,471 | 244,398 | 1,003 | — | 281,872 | ||||||||||||||||||||||||||||
Loans | — | 68 | 2,222 | — | 2,290 | ||||||||||||||||||||||||||||
Mortgage servicing rights (“MSRs”) | — | — | 6,641 | — | 6,641 | ||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Private equity investments(f) | 383 | 254 | 2,314 | — | 2,951 | ||||||||||||||||||||||||||||
All other | 4,026 | 326 | 1,816 | — | 6,168 | ||||||||||||||||||||||||||||
Total other assets | 4,409 | 580 | 4,130 | — | 9,119 | ||||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 201,437 | $ | 1,675,415 | (g) | $ | 46,019 | (g) | $ | (1,193,877 | ) | $ | 728,994 | ||||||||||||||||||||
Deposits | $ | — | $ | 7,610 | $ | 3,340 | $ | — | $ | 10,950 | |||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | — | 3,628 | — | — | 3,628 | ||||||||||||||||||||||||||||
Other borrowed funds | — | 13,343 | 1,116 | — | 14,459 | ||||||||||||||||||||||||||||
Trading liabilities: | |||||||||||||||||||||||||||||||||
Debt and equity instruments(d) | 65,431 | 18,924 | 82 | — | 84,437 | ||||||||||||||||||||||||||||
Derivative payables: | |||||||||||||||||||||||||||||||||
Interest rate | 659 | 861,758 | 3,606 | (848,133 | ) | 17,890 | |||||||||||||||||||||||||||
Credit | — | 60,006 | 2,419 | (61,205 | ) | 1,220 | |||||||||||||||||||||||||||
Foreign exchange | 880 | 239,402 | 2,497 | (215,685 | ) | 27,094 | |||||||||||||||||||||||||||
Equity | — | 47,704 | 4,990 | (39,504 | ) | 13,190 | |||||||||||||||||||||||||||
Commodity | 124 | 40,649 | 1,187 | (27,518 | ) | 14,442 | |||||||||||||||||||||||||||
Total derivative payables(e) | 1,663 | 1,249,519 | 14,699 | (1,192,045 | ) | 73,836 | |||||||||||||||||||||||||||
Total trading liabilities | 67,094 | 1,268,443 | 14,781 | (1,192,045 | ) | 158,273 | |||||||||||||||||||||||||||
Accounts payable and other liabilities | — | — | 23 | — | 23 | ||||||||||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | — | 258 | 1,023 | — | 1,281 | ||||||||||||||||||||||||||||
Long-term debt | — | 18,630 | 12,003 | — | 30,633 | ||||||||||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 67,094 | $ | 1,311,912 | $ | 32,286 | $ | (1,192,045 | ) | $ | 219,247 | ||||||||||||||||||||||
Fair value hierarchy | Derivative netting adjustments | ||||||||||||||||||||||||||||||||
December 31, 2014 (in millions) | Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | — | $ | 28,585 | $ | — | $ | — | $ | 28,585 | |||||||||||||||||||||||
Securities borrowed | — | 992 | — | — | 992 | ||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. government agencies(a) | 14 | 31,904 | 922 | — | 32,840 | ||||||||||||||||||||||||||||
Residential – nonagency | — | 1,381 | 663 | — | 2,044 | ||||||||||||||||||||||||||||
Commercial – nonagency | — | 927 | 306 | — | 1,233 | ||||||||||||||||||||||||||||
Total mortgage-backed securities | 14 | 34,212 | 1,891 | — | 36,117 | ||||||||||||||||||||||||||||
U.S. Treasury and government agencies(a) | 17,816 | 8,460 | — | — | 26,276 | ||||||||||||||||||||||||||||
Obligations of U.S. states and municipalities | — | 9,298 | 1,273 | — | 10,571 | ||||||||||||||||||||||||||||
Certificates of deposit, bankers’ acceptances and commercial paper | — | 1,429 | — | — | 1,429 | ||||||||||||||||||||||||||||
Non-U.S. government debt securities | 25,854 | 27,294 | 302 | — | 53,450 | ||||||||||||||||||||||||||||
Corporate debt securities | — | 28,099 | 2,989 | — | 31,088 | ||||||||||||||||||||||||||||
Loans(b) | — | 23,080 | 13,287 | — | 36,367 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 3,088 | 1,264 | — | 4,352 | ||||||||||||||||||||||||||||
Total debt instruments | 43,684 | 134,960 | 21,006 | — | 199,650 | ||||||||||||||||||||||||||||
Equity securities | 104,890 | 748 | 431 | — | 106,069 | ||||||||||||||||||||||||||||
Physical commodities(c) | 2,739 | 1,741 | 2 | — | 4,482 | ||||||||||||||||||||||||||||
Other | — | 8,762 | 1,050 | — | 9,812 | ||||||||||||||||||||||||||||
Total debt and equity instruments(d) | 151,313 | 146,211 | 22,489 | — | 320,013 | ||||||||||||||||||||||||||||
Derivative receivables: | |||||||||||||||||||||||||||||||||
Interest rate | 473 | 945,635 | (h) | 4,149 | (916,532 | ) | (h) | 33,725 | |||||||||||||||||||||||||
Credit | — | 73,853 | 2,989 | (75,004 | ) | 1,838 | |||||||||||||||||||||||||||
Foreign exchange | 758 | 212,153 | (h) | 2,276 | (193,934 | ) | (h) | 21,253 | |||||||||||||||||||||||||
Equity | — | 39,937 | (h) | 2,552 | (34,312 | ) | (h) | 8,177 | |||||||||||||||||||||||||
Commodity | 247 | 42,807 | 599 | (29,671 | ) | 13,982 | |||||||||||||||||||||||||||
Total derivative receivables(e) | 1,478 | 1,314,385 | (h) | 12,565 | (1,249,453 | ) | (h) | 78,975 | |||||||||||||||||||||||||
Total trading assets | 152,791 | 1,460,596 | (h) | 35,054 | (1,249,453 | ) | (h) | 398,988 | |||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. government agencies(a) | — | 65,319 | — | — | 65,319 | ||||||||||||||||||||||||||||
Residential – nonagency | — | 50,865 | 30 | — | 50,895 | ||||||||||||||||||||||||||||
Commercial – nonagency | — | 21,009 | 99 | — | 21,108 | ||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 137,193 | 129 | — | 137,322 | ||||||||||||||||||||||||||||
U.S. Treasury and government agencies(a) | 13,591 | 54 | — | — | 13,645 | ||||||||||||||||||||||||||||
Obligations of U.S. states and municipalities | — | 30,068 | — | — | 30,068 | ||||||||||||||||||||||||||||
Certificates of deposit | — | 1,103 | — | — | 1,103 | ||||||||||||||||||||||||||||
Non-U.S. government debt securities | 24,074 | 28,669 | — | — | 52,743 | ||||||||||||||||||||||||||||
Corporate debt securities | — | 18,532 | — | — | 18,532 | ||||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||||
Collateralized loan obligations | — | 29,402 | 792 | — | 30,194 | ||||||||||||||||||||||||||||
Other | — | 12,499 | 116 | — | 12,615 | ||||||||||||||||||||||||||||
Equity securities | 2,530 | — | — | — | 2,530 | ||||||||||||||||||||||||||||
Total available-for-sale securities | 40,195 | 257,520 | 1,037 | — | 298,752 | ||||||||||||||||||||||||||||
Loans | — | 70 | 2,541 | — | 2,611 | ||||||||||||||||||||||||||||
Mortgage servicing rights | — | — | 7,436 | — | 7,436 | ||||||||||||||||||||||||||||
Other assets: | — | ||||||||||||||||||||||||||||||||
Private equity investments(f) | 648 | 2,624 | 2,475 | — | 5,747 | ||||||||||||||||||||||||||||
All other | 4,018 | 230 | 1,914 | — | 6,162 | ||||||||||||||||||||||||||||
Total other assets | 4,666 | 2,854 | 4,389 | — | 11,909 | ||||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 197,652 | $ | 1,750,617 | (g)(h) | $ | 50,457 | (g) | $ | (1,249,453 | ) | (h) | $ | 749,273 | |||||||||||||||||||
Deposits | $ | — | $ | 5,948 | $ | 2,859 | $ | — | $ | 8,807 | |||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | — | 2,979 | — | — | 2,979 | ||||||||||||||||||||||||||||
Other borrowed funds | — | 13,286 | 1,453 | — | 14,739 | ||||||||||||||||||||||||||||
Trading liabilities: | |||||||||||||||||||||||||||||||||
Debt and equity instruments(d) | 62,914 | 18,713 | 72 | — | 81,699 | ||||||||||||||||||||||||||||
Derivative payables: | — | ||||||||||||||||||||||||||||||||
Interest rate | 499 | 914,357 | (h) | 3,523 | (900,634 | ) | (h) | 17,745 | |||||||||||||||||||||||||
Credit | — | 73,095 | 2,800 | (74,302 | ) | 1,593 | |||||||||||||||||||||||||||
Foreign exchange | 746 | 221,066 | (h) | 2,802 | (201,644 | ) | (h) | 22,970 | |||||||||||||||||||||||||
Equity | — | 41,925 | (h) | 4,337 | (34,522 | ) | (h) | 11,740 | |||||||||||||||||||||||||
Commodity | 141 | 44,318 | 1,164 | (28,555 | ) | 17,068 | |||||||||||||||||||||||||||
Total derivative payables(e) | 1,386 | 1,294,761 | (h) | 14,626 | (1,239,657 | ) | (h) | 71,116 | |||||||||||||||||||||||||
Total trading liabilities | 64,300 | 1,313,474 | (h) | 14,698 | (1,239,657 | ) | (h) | 152,815 | |||||||||||||||||||||||||
Accounts payable and other liabilities | — | — | 26 | — | 26 | ||||||||||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | — | 1,016 | 1,146 | — | 2,162 | ||||||||||||||||||||||||||||
Long-term debt | — | 18,349 | 11,877 | — | 30,226 | ||||||||||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 64,300 | $ | 1,355,052 | (h) | $ | 32,059 | $ | (1,239,657 | ) | (h) | $ | 211,754 | ||||||||||||||||||||
(a) | At March 31, 2015, and December 31, 2014, included total U.S. government-sponsored enterprise obligations of $75.2 billion and $84.1 billion, respectively, which were predominantly mortgage-related. | ||||||||||||||||||||||||||||||||
(b) | At March 31, 2015, and December 31, 2014, included within trading loans were $13.3 billion and $17.0 billion, respectively, of residential first-lien mortgages, and $4.4 billion and $5.8 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. government agencies of $6.0 billion and $7.7 billion, respectively, and reverse mortgages of $2.9 billion and $3.4 billion, respectively. | ||||||||||||||||||||||||||||||||
(c) | Physical commodities inventories are generally accounted for at the lower of cost or market. “Market” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, market approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when market is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. For a further discussion of the Firm’s hedge accounting relationships, see Note 5. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented. | ||||||||||||||||||||||||||||||||
(d) | Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). | ||||||||||||||||||||||||||||||||
(e) | As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. For purposes of the tables above, the Firm does not reduce derivative receivables and derivative payables balances for this netting adjustment, either within or across the levels of the fair value hierarchy, as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset or liability. Therefore, the balances reported in the fair value hierarchy table are gross of any counterparty netting adjustments. However, if the Firm were to net such balances within level 3, the reduction in the level 3 derivative receivables and payables balances would be $2.3 billion and $2.5 billion at March 31, 2015, and December 31, 2014, respectively; this is exclusive of the netting benefit associated with cash collateral, which would further reduce the level 3 balances. | ||||||||||||||||||||||||||||||||
(f) | Private equity instruments represent investments within the Corporate line of business. The cost basis of the private equity investment portfolio totaled $4.2 billion and $6.0 billion at March 31, 2015, and December 31, 2014, respectively. | ||||||||||||||||||||||||||||||||
(g) | Includes investments in hedge funds, private equity funds, real estate and other funds that do not have readily determinable fair values. The Firm uses net asset value per share when measuring the fair value of these investments. At March 31, 2015, and December 31, 2014, the fair values of these investments were $1.8 billion and $1.8 billion, respectively, of which $374 million and $337 million, respectively, were classified in level 2, and $1.4 billion and $1.4 billion, respectively, in level 3. | ||||||||||||||||||||||||||||||||
(h) | The prior period amounts have been revised to conform with the current period presentation. This revision had no impact on the Firm's Consolidated balance sheets or its results of operations. | ||||||||||||||||||||||||||||||||
Transfers between levels for instruments carried at fair value on a recurring basis | |||||||||||||||||||||||||||||||||
For the three months ended March 31, 2015 and 2014, there were no individually significant transfers between levels 1, 2 and 3. | |||||||||||||||||||||||||||||||||
All transfers are assumed to occur at the beginning of the quarterly reporting period in which they occur. | |||||||||||||||||||||||||||||||||
Level 3 valuations | |||||||||||||||||||||||||||||||||
For further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments, see Note 3 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||
The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and, for certain instruments, the weighted averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||
The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value. | |||||||||||||||||||||||||||||||||
In the Firm’s view, the input range and the weighted average value do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted average values will therefore vary from period-to period and parameter to parameter based on the characteristics of the instruments held by the Firm at each balance sheet date. | |||||||||||||||||||||||||||||||||
For the Firm’s derivatives and structured notes positions classified within level 3, the equity and interest rate correlation inputs used in estimating fair value were concentrated at the upper end of the range presented, while the credit correlation inputs were distributed across the range presented and the foreign exchange correlation inputs were concentrated at the top end of the range presented. In addition, the interest rate volatility inputs used in estimating fair value were concentrated at the upper end of the range presented and the foreign exchange correlation inputs were concentrated at the top end of the range presented. The equity volatilities are concentrated at the lower half end of the range. The forward commodity prices used in estimating the fair value of commodity derivatives were concentrated within the lower end of the range presented. | |||||||||||||||||||||||||||||||||
Level 3 inputs(a) | |||||||||||||||||||||||||||||||||
March 31, 2015 (in millions, except for ratios and basis points) | |||||||||||||||||||||||||||||||||
Product/Instrument | Fair value | Principal valuation technique | Unobservable inputs | Range of input values | Weighted average | ||||||||||||||||||||||||||||
Residential mortgage-backed securities and loans | $ | 6,816 | Discounted cash flows | Yield | 1 | % | – | 24% | 5 | % | |||||||||||||||||||||||
Prepayment speed | 0 | % | – | 20% | 7 | % | |||||||||||||||||||||||||||
Conditional default rate | 0 | % | – | 100% | 10 | % | |||||||||||||||||||||||||||
Loss severity | 0 | % | – | 100% | 27 | % | |||||||||||||||||||||||||||
Commercial mortgage-backed securities and loans(b) | 4,634 | Discounted cash flows | Yield | 1 | % | – | 34% | 4 | % | ||||||||||||||||||||||||
Conditional default rate | 0 | % | – | 100% | 7 | % | |||||||||||||||||||||||||||
Loss severity | 0 | % | – | 40% | 28 | % | |||||||||||||||||||||||||||
Corporate debt securities, obligations of U.S. states and municipalities, and other(c) | 6,434 | Discounted cash flows | Credit spread | 60 bps | – | 350 bps | 158 bps | ||||||||||||||||||||||||||
Yield | 2 | % | – | 16% | 5 | % | |||||||||||||||||||||||||||
5,268 | Market comparables | Price | $ | — | – | $139 | $ | 105 | |||||||||||||||||||||||||
Net interest rate derivatives | 650 | Option pricing | Interest rate correlation | (75 | )% | – | 93% | ||||||||||||||||||||||||||
Interest rate spread volatility | 0 | % | – | 60% | |||||||||||||||||||||||||||||
Net credit derivatives(b)(c) | 275 | Discounted cash flows | Credit correlation | 40 | % | – | 90% | ||||||||||||||||||||||||||
Net foreign exchange derivatives | 707 | Option pricing | Foreign exchange correlation | 0 | % | – | 60% | ||||||||||||||||||||||||||
Net equity derivatives | (2,745 | ) | Option pricing | Equity volatility | 15 | % | – | 60% | |||||||||||||||||||||||||
Net commodity derivatives | (735 | ) | Discounted cash flows | Forward commodity price | $ | 50 | – | $90 per barrel | |||||||||||||||||||||||||
Collateralized loan obligations | 770 | Discounted cash flows | Credit spread | 275 bps | – | 445 bps | 296 bps | ||||||||||||||||||||||||||
Prepayment speed | 20% | 20 | % | ||||||||||||||||||||||||||||||
Conditional default rate | 2% | 2 | % | ||||||||||||||||||||||||||||||
Loss severity | 40% | 40 | % | ||||||||||||||||||||||||||||||
291 | Market comparables | Price | $ | — | – | $140 | $ | 83 | |||||||||||||||||||||||||
Mortgage servicing rights (“MSRs”) | 6,641 | Discounted cash flows | Refer to Note 16 | ||||||||||||||||||||||||||||||
Private equity direct investments | 1,897 | Market comparables | EBITDA multiple | 6.9x | – | 11.8x | 8.5x | ||||||||||||||||||||||||||
Liquidity adjustment | 0 | % | – | 15% | 10 | % | |||||||||||||||||||||||||||
Private equity fund investments | 417 | Net asset value | Net asset value(e) | ||||||||||||||||||||||||||||||
Long-term debt, other borrowed funds, and deposits(d) | 15,195 | Option pricing | Interest rate correlation | (75 | )% | – | 93% | ||||||||||||||||||||||||||
Interest rate spread volatility | 0 | % | – | 60% | |||||||||||||||||||||||||||||
Foreign exchange correlation | 0 | % | – | 60% | |||||||||||||||||||||||||||||
Equity correlation | (50 | )% | – | 85% | |||||||||||||||||||||||||||||
1,264 | Discounted cash flows | Credit correlation | 40 | % | – | 90% | |||||||||||||||||||||||||||
(a) | The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. | ||||||||||||||||||||||||||||||||
(b) | The unobservable inputs and associated input ranges for approximately $465 million of credit derivative receivables and $408 million of credit derivative payables with underlying commercial mortgage risk have been included in the inputs and ranges provided for commercial mortgage-backed securities (“MBS”) and loans. | ||||||||||||||||||||||||||||||||
(c) | The unobservable inputs and associated input ranges for approximately $746 million of credit derivative receivables and $654 million of credit derivative payables with underlying asset-backed securities (“ABS”) risk have been included in the inputs and ranges provided for corporate debt securities, obligations of U.S. states and municipalities and other. | ||||||||||||||||||||||||||||||||
(d) | Long-term debt, other borrowed funds and deposits include structured notes issued by the Firm that are predominantly financial instruments containing embedded derivatives. The estimation of the fair value of structured notes is predominantly based on the derivative features embedded within the instruments. The significant unobservable inputs are broadly consistent with those presented for derivative receivables. | ||||||||||||||||||||||||||||||||
(e) | The range has not been disclosed due to the wide range of possible values given the diverse nature of the underlying investments. | ||||||||||||||||||||||||||||||||
Changes in and ranges of unobservable inputs | |||||||||||||||||||||||||||||||||
For a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions see Note 3 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||
Changes in level 3 recurring fair value measurements | |||||||||||||||||||||||||||||||||
The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three months ended March 31, 2015 and 2014. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable parameters to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments. | |||||||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||
Three months ended | Fair value at January 1, 2015 | Total realized/unrealized gains/(losses) | Transfers into and/or out of level 3(h) | Fair value at | Change in unrealized gains/(losses) related | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-15 | to financial instruments held at March 31, 2015 | |||||||||||||||||||||||||||||||
(in millions) | Purchases(g) | Sales | Settlements | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. government agencies | $ | 922 | $ | (53 | ) | $ | 74 | $ | (17 | ) | $ | (40 | ) | $ | 2 | $ | 888 | $ | (52 | ) | |||||||||||||
Residential – nonagency | 663 | (10 | ) | 152 | (347 | ) | (6 | ) | (3 | ) | 449 | (34 | ) | ||||||||||||||||||||
Commercial – nonagency | 306 | (11 | ) | 82 | (151 | ) | (8 | ) | (7 | ) | 211 | (16 | ) | ||||||||||||||||||||
Total mortgage-backed securities | 1,891 | (74 | ) | 308 | (515 | ) | (54 | ) | (8 | ) | 1,548 | (102 | ) | ||||||||||||||||||||
Obligations of U.S. states and municipalities | 1,273 | 10 | 144 | (71 | ) | (25 | ) | — | 1,331 | 8 | |||||||||||||||||||||||
Non-U.S. government debt securities | 302 | 1 | 101 | (92 | ) | (31 | ) | (101 | ) | 180 | 1 | ||||||||||||||||||||||
Corporate debt securities | 2,989 | (55 | ) | 533 | (496 | ) | (92 | ) | (120 | ) | 2,759 | (26 | ) | ||||||||||||||||||||
Loans | 13,287 | (285 | ) | 736 | (1,997 | ) | (469 | ) | (509 | ) | 10,763 | (275 | ) | ||||||||||||||||||||
Asset-backed securities | 1,264 | (37 | ) | 559 | (521 | ) | 32 | (64 | ) | 1,233 | (44 | ) | |||||||||||||||||||||
Total debt instruments | 21,006 | (440 | ) | 2,381 | (3,692 | ) | (639 | ) | (802 | ) | 17,814 | (438 | ) | ||||||||||||||||||||
Equity securities | 431 | 38 | 29 | (110 | ) | (3 | ) | (68 | ) | 317 | 31 | ||||||||||||||||||||||
Other | 1,052 | 8 | 661 | (584 | ) | (79 | ) | (17 | ) | 1,041 | 15 | ||||||||||||||||||||||
Total trading assets – debt and equity instruments | 22,489 | (394 | ) | (c) | 3,071 | (4,386 | ) | (721 | ) | (887 | ) | 19,172 | (392 | ) | (c) | ||||||||||||||||||
Net derivative receivables:(a) | |||||||||||||||||||||||||||||||||
Interest rate | 626 | 142 | 309 | (74 | ) | (255 | ) | (98 | ) | 650 | 308 | ||||||||||||||||||||||
Credit | 189 | 77 | 9 | (3 | ) | 19 | (16 | ) | 275 | 75 | |||||||||||||||||||||||
Foreign exchange | (526 | ) | 827 | 5 | (3 | ) | 201 | 203 | 707 | 779 | |||||||||||||||||||||||
Equity | (1,785 | ) | (476 | ) | 208 | (289 | ) | (355 | ) | (48 | ) | (2,745 | ) | (484 | ) | ||||||||||||||||||
Commodity | (565 | ) | (40 | ) | — | — | (98 | ) | (32 | ) | (735 | ) | (49 | ) | |||||||||||||||||||
Total net derivative receivables | (2,061 | ) | 530 | (c) | 531 | (369 | ) | (488 | ) | 9 | (1,848 | ) | 629 | (c) | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Asset-backed securities | 908 | (9 | ) | 49 | (43 | ) | (24 | ) | — | 881 | (4 | ) | |||||||||||||||||||||
Other | 129 | — | — | — | (7 | ) | — | 122 | — | ||||||||||||||||||||||||
Total available-for-sale securities | 1,037 | (9 | ) | (d) | 49 | (43 | ) | (31 | ) | — | 1,003 | (4 | ) | (d) | |||||||||||||||||||
Loans | 2,541 | (205 | ) | (c) | 120 | (83 | ) | (151 | ) | — | 2,222 | (205 | ) | (c) | |||||||||||||||||||
Mortgage servicing rights | 7,436 | (579 | ) | (e) | 156 | (157 | ) | (215 | ) | — | 6,641 | (579 | ) | (e) | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Private equity investments | 2,475 | 36 | (c) | — | — | (71 | ) | (126 | ) | 2,314 | 21 | (c) | |||||||||||||||||||||
All other | 1,914 | 19 | (f) | 95 | (88 | ) | (124 | ) | — | 1,816 | 2 | (f) | |||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||
Three months ended | Fair value at January 1, 2015 | Total realized/unrealized (gains)/losses | Transfers into and/or out of level 3(h) | Fair value at | Change in unrealized (gains)/losses related | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-15 | to financial instruments held at March 31, 2015 | |||||||||||||||||||||||||||||||
(in millions) | Purchases | Sales | Issuances | Settlements | |||||||||||||||||||||||||||||
Liabilities:(b) | |||||||||||||||||||||||||||||||||
Deposits | $ | 2,859 | $ | 92 | (c) | $ | — | $ | — | $ | 775 | $ | (115 | ) | $ | (271 | ) | $ | 3,340 | $ | 88 | (c) | |||||||||||
Other borrowed funds | 1,453 | (119 | ) | (c) | — | — | 1,048 | (981 | ) | (285 | ) | 1,116 | (110 | ) | (c) | ||||||||||||||||||
Trading liabilities – debt and equity instruments | 72 | 3 | (c) | (108 | ) | 126 | — | (9 | ) | (2 | ) | 82 | 2 | (c) | |||||||||||||||||||
Accounts payable and other liabilities | 26 | — | (c) | — | — | — | (3 | ) | — | 23 | — | (c) | |||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | 1,146 | (53 | ) | (c) | — | — | 2 | (72 | ) | — | 1,023 | (47 | ) | (c) | |||||||||||||||||||
Long-term debt | 11,877 | (105 | ) | (c) | — | (12 | ) | 2,837 | (2,371 | ) | (223 | ) | 12,003 | (96 | ) | (c) | |||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||
Three months ended | Fair value at January 1, 2014 | Total realized/unrealized gains/(losses) | Transfers into and/or out of level 3(h) | Fair value at | Change in unrealized gains/(losses) related | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-14 | to financial instruments held at March 31, 2014 | |||||||||||||||||||||||||||||||
(in millions) | Purchases(g) | Sales | Settlements | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. government agencies | $ | 1,005 | $ | 3 | $ | 331 | $ | (162 | ) | $ | (27 | ) | $ | — | $ | 1,150 | $ | 5 | |||||||||||||||
Residential – nonagency | 726 | 24 | 192 | (200 | ) | (12 | ) | (15 | ) | 715 | 14 | ||||||||||||||||||||||
Commercial – nonagency | 432 | 20 | 321 | (294 | ) | (14 | ) | — | 465 | 10 | |||||||||||||||||||||||
Total mortgage-backed securities | 2,163 | 47 | 844 | (656 | ) | (53 | ) | (15 | ) | 2,330 | 29 | ||||||||||||||||||||||
Obligations of U.S. states and municipalities | 1,382 | 22 | — | (185 | ) | — | — | 1,219 | 9 | ||||||||||||||||||||||||
Non-U.S. government debt securities | 143 | 16 | 410 | (516 | ) | (1 | ) | — | 52 | 22 | |||||||||||||||||||||||
Corporate debt securities | 5,920 | 238 | 1,197 | (1,352 | ) | (841 | ) | (289 | ) | 4,873 | 213 | ||||||||||||||||||||||
Loans | 13,455 | 319 | 2,158 | (1,794 | ) | (1,546 | ) | (71 | ) | 12,521 | 295 | ||||||||||||||||||||||
Asset-backed securities | 1,272 | 24 | 550 | (556 | ) | (20 | ) | (114 | ) | 1,156 | 19 | ||||||||||||||||||||||
Total debt instruments | 24,335 | 666 | 5,159 | (5,059 | ) | (2,461 | ) | (489 | ) | 22,151 | 587 | ||||||||||||||||||||||
Equity securities | 885 | 81 | 36 | (19 | ) | (9 | ) | (89 | ) | 885 | 70 | ||||||||||||||||||||||
Physical commodities | 4 | — | — | — | (1 | ) | — | 3 | — | ||||||||||||||||||||||||
Other | 2,000 | (97 | ) | 54 | (51 | ) | (28 | ) | (594 | ) | 1,284 | (19 | ) | ||||||||||||||||||||
Total trading assets – debt and equity instruments | 27,224 | 650 | (c) | 5,249 | (5,129 | ) | (2,499 | ) | (1,172 | ) | 24,323 | 638 | (c) | ||||||||||||||||||||
Net derivative receivables:(a) | |||||||||||||||||||||||||||||||||
Interest rate | 2,379 | 24 | 48 | (43 | ) | (338 | ) | 20 | 2,090 | (342 | ) | ||||||||||||||||||||||
Credit | 95 | (115 | ) | 58 | — | 206 | — | 244 | (97 | ) | |||||||||||||||||||||||
Foreign exchange | (1,200 | ) | (199 | ) | 61 | (16 | ) | 49 | 23 | (1,282 | ) | (349 | ) | ||||||||||||||||||||
Equity | (1,063 | ) | 71 | 801 | (1,033 | ) | 125 | 39 | (1,060 | ) | 582 | ||||||||||||||||||||||
Commodity | 115 | (154 | ) | 1 | — | (42 | ) | 22 | (58 | ) | (60 | ) | |||||||||||||||||||||
Total net derivative receivables | 326 | (373 | ) | (c) | 969 | (1,092 | ) | — | 104 | (66 | ) | (266 | ) | (c) | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Asset-backed securities | 1,088 | (2 | ) | — | (2 | ) | (20 | ) | 63 | 1,127 | (2 | ) | |||||||||||||||||||||
Other | 1,234 | (3 | ) | — | — | (41 | ) | — | 1,190 | (3 | ) | ||||||||||||||||||||||
Total available-for-sale securities | 2,322 | (5 | ) | (d) | — | (2 | ) | (61 | ) | 63 | 2,317 | (5 | ) | (d) | |||||||||||||||||||
Loans | 1,931 | 32 | (c) | 684 | (142 | ) | (234 | ) | — | 2,271 | 28 | (c) | |||||||||||||||||||||
Mortgage servicing rights | 9,614 | (822 | ) | (e) | 195 | (188 | ) | (247 | ) | — | 8,552 | (822 | ) | (e) | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Private equity investments | 6,474 | 96 | (c) | 87 | (1,018 | ) | (304 | ) | — | 5,335 | (3 | ) | (c) | ||||||||||||||||||||
All other | 2,589 | (34 | ) | (f) | 73 | (37 | ) | (155 | ) | — | 2,436 | (44 | ) | (f) | |||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||
Three months ended | Fair value at January 1, 2014 | Total realized/unrealized (gains)/losses | Transfers into and/or out of level 3(h) | Fair value at March 31, 2014 | Change in unrealized (gains)/ | ||||||||||||||||||||||||||||
31-Mar-14 | losses related | ||||||||||||||||||||||||||||||||
(in millions) | Purchases | Sales | Issuances | Settlements | to financial instruments held at March 31, 2014 | ||||||||||||||||||||||||||||
Liabilities:(b) | |||||||||||||||||||||||||||||||||
Deposits | $ | 2,255 | $ | 37 | (c) | $ | — | $ | — | $ | 290 | $ | (42 | ) | $ | (154 | ) | $ | 2,386 | $ | 28 | (c) | |||||||||||
Other borrowed funds | 2,074 | 39 | (c) | — | — | 1,333 | (2,107 | ) | 196 | 1,535 | 113 | (c) | |||||||||||||||||||||
Trading liabilities – debt and equity instruments | 113 | — | (216 | ) | 208 | — | (4 | ) | — | 101 | — | ||||||||||||||||||||||
Accounts payable and other liabilities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | 1,240 | 47 | (c) | — | — | 78 | (205 | ) | — | 1,160 | 50 | (c) | |||||||||||||||||||||
Long-term debt | 10,008 | 102 | (c) | — | — | 1,832 | (1,010 | ) | 271 | 11,203 | 129 | (c) | |||||||||||||||||||||
(a) | All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty. | ||||||||||||||||||||||||||||||||
(b) | Level 3 liabilities as a percentage of total Firm liabilities accounted for at fair value (including liabilities measured at fair value on a nonrecurring basis) was 15% at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||
(c) | Predominantly reported in principal transactions revenue, except for changes in fair value for Consumer & Community Banking mortgage loans, lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income. | ||||||||||||||||||||||||||||||||
(d) | Realized gains/(losses) on available-for-sale (“AFS”) securities, as well as other-than-temporary impairment losses that are recorded in earnings, are reported in securities gains. Unrealized gains/(losses) are reported in OCI. Realized gains/(losses) and foreign exchange remeasurement adjustments recorded in income on AFS securities were $(7) million and $(1) million for the three months ended March 31, 2015 and 2014, respectively. Unrealized gains/(losses) recorded on AFS securities in OCI were $(2) million and $(4) million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||
(e) | Changes in fair value for CCB mortgage servicing rights are reported in mortgage fees and related income. | ||||||||||||||||||||||||||||||||
(f) | Predominantly reported in other income. | ||||||||||||||||||||||||||||||||
(g) | Loan originations are included in purchases. | ||||||||||||||||||||||||||||||||
(h) | All transfers into and/or out of level 3 are assumed to occur at the beginning of the quarterly reporting period in which they occur. | ||||||||||||||||||||||||||||||||
Level 3 analysis | |||||||||||||||||||||||||||||||||
Consolidated balance sheets changes | |||||||||||||||||||||||||||||||||
Level 3 assets (including assets measured at fair value on a nonrecurring basis) were 1.9% of total Firm assets at March 31, 2015. The following describes significant changes to level 3 assets since December 31, 2014, for those items measured at fair value on a recurring basis. For further information on changes impacting items measured at fair value on a nonrecurring basis, see Assets and liabilities measured at fair value on a nonrecurring basis on page 87. | |||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||||||||||||||
Level 3 assets were $46.0 billion at March 31, 2015, reflecting a decrease of $4.4 billion from December 31, 2014, largely due to the following: | |||||||||||||||||||||||||||||||||
• | $3.3 billion decrease in trading assets, debt and equity securities predominantly driven by a decrease in trading loans due to sales and a number of transfers from Level 3 to Level 2 as a result of an increase in observability of certain valuation inputs. | ||||||||||||||||||||||||||||||||
Gains and losses | |||||||||||||||||||||||||||||||||
The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. For further information on these instruments, see Changes in level 3 recurring fair value measurements rollforward tables on pages 84–85. | |||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||||||||||||||
• | $602 million of net losses and $182 million of net gains on assets and liabilities, respectively, measured at fair value on a recurring basis, none of which were individually significant. | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||||||||||
• | $456 million and $225 million of net losses on assets and liabilities, respectively, measured at fair value on a recurring basis, none of which were individually significant. | ||||||||||||||||||||||||||||||||
Credit & funding adjustments | |||||||||||||||||||||||||||||||||
The following table provides the credit and funding adjustments, excluding the effect of any associated hedging activities, reflected within the Consolidated balance sheets as of the dates indicated. | |||||||||||||||||||||||||||||||||
(in millions) | Mar 31, 2015 | Dec 31, 2014 | |||||||||||||||||||||||||||||||
Derivative receivables balance(a) | $ | 81,574 | $ | 78,975 | |||||||||||||||||||||||||||||
Derivative payables balance(a) | 73,836 | 71,116 | |||||||||||||||||||||||||||||||
Derivatives CVA(b) | (2,493 | ) | (2,674 | ) | |||||||||||||||||||||||||||||
Derivatives DVA and FVA(b)(c) | (521 | ) | (380 | ) | |||||||||||||||||||||||||||||
Structured notes balance(a)(d) | 56,042 | 53,772 | |||||||||||||||||||||||||||||||
Structured notes DVA and FVA(b)(e) | 1,300 | 1,152 | |||||||||||||||||||||||||||||||
(a) | Balances are presented net of applicable credit valuation adjustments (“CVA”) and debit valuation adjustments (“DVA”)/funding valuation adjustments (“FVA”). | ||||||||||||||||||||||||||||||||
(b) | Positive CVA and DVA/FVA represent amounts that increased receivable balances or decreased payable balances; negative CVA and DVA/FVA represent amounts that decreased receivable balances or increased payable balances. | ||||||||||||||||||||||||||||||||
(c) | At March 31, 2015, and December 31, 2014, included derivatives DVA of $727 million and $714 million, respectively. | ||||||||||||||||||||||||||||||||
(d) | Structured notes are predominantly financial instruments containing embedded derivatives that are measured at fair value based on the Firm’s election under the fair value option. At March 31, 2015, and December 31, 2014, included $943 million and $943 million, respectively, of financial instruments with no embedded derivative for which the fair value option has also been elected. For further information on these elections, see Note 4. | ||||||||||||||||||||||||||||||||
(e) | At March 31, 2015, and December 31, 2014 included structured notes DVA of $1.5 billion and $1.4 billion, respectively. | ||||||||||||||||||||||||||||||||
The following table provides the impact of credit and funding adjustments on Principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. | |||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||||||||||||
Credit adjustments: | |||||||||||||||||||||||||||||||||
Derivatives CVA | $ | 181 | $ | (19 | ) | ||||||||||||||||||||||||||||
Derivatives DVA and FVA(a) | (141 | ) | (125 | ) | |||||||||||||||||||||||||||||
Structured notes DVA and FVA(b) | 148 | 17 | |||||||||||||||||||||||||||||||
(a) | Included derivatives DVA of $13 million and $(94) million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||
(b) | Included structured notes DVA of $108 million and $(115) million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a nonrecurring basis | |||||||||||||||||||||||||||||||||
At March 31, 2015 and 2014, assets measured at fair value on a nonrecurring basis were $3.5 billion and $3.8 billion, respectively, which predominantly consisted of loans that had fair value adjustments for the three months ended March 31, 2015 and 2014. At March 31, 2015, $1.3 billion and $2.2 billion of these assets were classified in levels 2 and 3 of the fair value hierarchy, respectively. At March 31, 2014, $333 million and $3.5 billion of these assets were classified in levels 2 and 3 of the fair value hierarchy, respectively. Liabilities measured at fair value on a nonrecurring basis were not significant at March 31, 2015 and 2014. For the three months ended March 31, 2015 and 2014, there were no significant transfers between levels 1, 2, and 3. | |||||||||||||||||||||||||||||||||
Of the $2.2 billion of level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2015: | |||||||||||||||||||||||||||||||||
• | $1.3 billion related to consumer credit card loans that were reclassified to held-for-sale during the fourth quarter of 2014 subject to a lower of cost or fair value adjustment. These loans were classified as level 3, as they are valued based on the Firm’s internal valuation methodology; | ||||||||||||||||||||||||||||||||
• | $495 million related to trade finance loans that were reclassified to held-for-sale during the fourth quarter of 2013 and subject to a lower of cost or fair value adjustment. These loans were classified as level 3 as they are valued based on the indicative pricing received from external investors, with a spread and weighted average of 58 bps. | ||||||||||||||||||||||||||||||||
• | $186 million related to residential real estate loans measured at the net realizable value of the underlying collateral (i.e., collateral-dependent loans and other loans charged off in accordance with regulatory guidance). These amounts are classified as level 3 as they are valued using a broker’s price opinion and discounted based upon the Firm’s experience with actual liquidation values. These discounts to the broker price opinions ranged from 8% to 59%, with a weighted average of 22%. | ||||||||||||||||||||||||||||||||
The total change in the recorded value of assets and liabilities for which a fair value adjustment has been included in the Consolidated Statements of Income for the three months ended March 31, 2015 and 2014, related to financial instruments held at those dates, was a reduction of $88 million and $226 million, respectively. | |||||||||||||||||||||||||||||||||
For information about the measurement of impaired collateral-dependent loans, and other loans where the carrying value is based on the fair value of the underlying collateral (e.g., residential mortgage loans charged off in accordance with regulatory guidance), see Note 14 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||
Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value | |||||||||||||||||||||||||||||||||
The following table presents the carrying values and estimated fair values at March 31, 2015, and December 31, 2014, of financial assets and liabilities, excluding financial instruments which are carried at fair value on a recurring basis, and information is provided on their classification within the fair value hierarchy. For additional information regarding the financial instruments within the scope of this disclosure, and the methods and significant assumptions used to estimate their fair value, see Note 3 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||
Estimated fair value hierarchy | Estimated fair value hierarchy | ||||||||||||||||||||||||||||||||
(in billions) | Carrying | Level 1 | Level 2 | Level 3 | Total estimated | Carrying | Level 1 | Level 2 | Level 3 | Total estimated | |||||||||||||||||||||||
value | fair value | value | fair value | ||||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 22.8 | $ | 22.8 | $ | — | $ | — | $ | 22.8 | $ | 27.8 | $ | 27.8 | $ | — | $ | — | $ | 27.8 | |||||||||||||
Deposits with banks | 506.4 | 502.8 | 3.6 | — | 506.4 | 484.5 | 480.4 | 4.1 | — | 484.5 | |||||||||||||||||||||||
Accrued interest and accounts receivable | 70 | — | 70 | 0.1 | 70.1 | 70.1 | — | 70 | 0.1 | 70.1 | |||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 190 | — | 190 | — | 190 | 187.2 | — | 187.2 | — | 187.2 | |||||||||||||||||||||||
Securities borrowed | 107.6 | — | 107.6 | — | 107.6 | 109.4 | — | 109.4 | — | 109.4 | |||||||||||||||||||||||
Securities, held-to-maturity(a) | 49.3 | — | 51.4 | — | 51.4 | 49.3 | — | 51.2 | — | 51.2 | |||||||||||||||||||||||
Loans, net of allowance for loan losses(b) | 747.8 | — | 18.3 | 734.4 | 752.7 | 740.5 | — | 21.8 | 723.1 | 744.9 | |||||||||||||||||||||||
Other | 65.8 | — | 56.5 | 13.3 | 69.8 | 64.7 | — | 55.7 | 13.3 | 69 | |||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||||||
Deposits | $ | 1,356.90 | $ | — | $ | 1,356.00 | $ | 1.2 | $ | 1,357.20 | $ | 1,354.60 | $ | — | $ | 1,353.60 | $ | 1.2 | $ | 1,354.80 | |||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 193 | — | 193 | — | 193 | 189.1 | — | 189.1 | — | 189.1 | |||||||||||||||||||||||
Commercial paper | 55.7 | — | 55.7 | — | 55.7 | 66.3 | — | 66.3 | — | 66.3 | |||||||||||||||||||||||
Other borrowed funds | 14.6 | — | 14.6 | — | 14.6 | 15.5 | 15.5 | — | 15.5 | ||||||||||||||||||||||||
Accounts payable and other liabilities | 174.5 | — | 172 | 2.4 | 174.4 | 176.7 | — | 173.7 | 2.9 | 176.6 | |||||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | 49.8 | — | 47.9 | 2 | 49.9 | 50.2 | — | 48.2 | 2 | 50.2 | |||||||||||||||||||||||
Long-term debt and junior subordinated deferrable interest debentures(c) | 250 | — | 255.9 | 3.8 | 259.7 | 246.6 | — | 251.6 | 3.8 | 255.4 | |||||||||||||||||||||||
(a) | Carrying value includes unamortized discount or premium. | ||||||||||||||||||||||||||||||||
(b) | Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. The difference between the estimated fair value and carrying value of a financial asset or liability is the result of the different methodologies used to determine fair value as compared with carrying value. For example, credit losses are estimated for a financial asset’s remaining life in a fair value calculation but are estimated for a loss emergence period in the allowance for loan loss calculation; future loan income (interest and fees) is incorporated in a fair value calculation but is generally not considered in the allowance for loan losses. For a further discussion of the Firm’s methodologies for estimating the fair value of loans and lending-related commitments, see Valuation hierarchy on pages 181–184 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||||
(c) | Carrying value includes unamortized original issue discount and other valuation adjustments. | ||||||||||||||||||||||||||||||||
The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated Balance Sheets, nor are they actively traded. The carrying value and estimated fair value of the Firm’s wholesale lending-related commitments were as follows for the periods indicated. | |||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||
Estimated fair value hierarchy | Estimated fair value hierarchy | ||||||||||||||||||||||||||||||||
(in billions) | Carrying value(a) | Level 1 | Level 2 | Level 3 | Total estimated fair value | Carrying value(a) | Level 1 | Level 2 | Level 3 | Total estimated fair value | |||||||||||||||||||||||
Wholesale lending-related commitments | $ | 0.6 | $ | — | $ | — | $ | 1.3 | $ | 1.3 | $ | 0.6 | $ | — | $ | — | $ | 1.6 | $ | 1.6 | |||||||||||||
(a) | Represents the allowance for wholesale lending-related commitments. Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which are recognized at fair value at the inception of guarantees. | ||||||||||||||||||||||||||||||||
The Firm does not estimate the fair value of consumer lending-related commitments. In many cases, the Firm can reduce or cancel these commitments by providing the borrower notice or, in some cases as permitted by law, without notice. For a further discussion of the valuation of lending-related commitments, see page 182 of JPMorgan Chase’s 2014 Annual Report. |
Fair_Value_Option
Fair Value Option | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Fair Value Option [Abstract] | ||||||||||||||||||||||||||
Fair value option | Fair value option | |||||||||||||||||||||||||
For a discussion of the primary financial instruments for which the fair value option was previously elected, including the basis for those elections and the determination of instrument-specific credit risk, where relevant, see Note 4 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||
Changes in fair value under the fair value option election | ||||||||||||||||||||||||||
The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended March 31, 2015 and 2014, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table. | ||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
(in millions) | Principal transactions | All other income | Total changes in fair | Principal transactions | All other income | Total changes in fair value recorded | ||||||||||||||||||||
value recorded | ||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | 73 | $ | — | $ | 73 | $ | (40 | ) | $ | — | $ | (40 | ) | ||||||||||||
Securities borrowed | (2 | ) | — | (2 | ) | (3 | ) | — | (3 | ) | ||||||||||||||||
Trading assets: | ||||||||||||||||||||||||||
Debt and equity instruments, excluding loans | 380 | — | 380 | 230 | (2 | ) | (c) | 228 | ||||||||||||||||||
Loans reported as trading assets: | ||||||||||||||||||||||||||
Changes in instrument-specific credit risk | 152 | 3 | (c) | 155 | 363 | 9 | (c) | 372 | ||||||||||||||||||
Other changes in fair value | 127 | 280 | (c) | 407 | 64 | 292 | (c) | 356 | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||||
Changes in instrument-specific credit risk | 1 | — | 1 | 8 | — | 8 | ||||||||||||||||||||
Other changes in fair value | — | — | — | 7 | — | 7 | ||||||||||||||||||||
Other assets | 60 | 6 | (d) | 66 | 5 | (73 | ) | (d) | (68 | ) | ||||||||||||||||
Deposits(a) | (125 | ) | — | (125 | ) | (104 | ) | — | (104 | ) | ||||||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | (9 | ) | — | (9 | ) | (16 | ) | — | (16 | ) | ||||||||||||||||
Other borrowed funds(a) | (9 | ) | — | (9 | ) | (260 | ) | — | (260 | ) | ||||||||||||||||
Trading liabilities | (2 | ) | — | (2 | ) | (6 | ) | — | (6 | ) | ||||||||||||||||
Beneficial interests issued by consolidated VIEs | 18 | — | 18 | (89 | ) | — | (89 | ) | ||||||||||||||||||
Other liabilities | — | — | — | — | — | — | ||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||||||
Changes in instrument-specific credit risk(a) | 116 | — | 116 | (77 | ) | — | (77 | ) | ||||||||||||||||||
Other changes in fair value(b) | (378 | ) | — | (378 | ) | (18 | ) | — | (18 | ) | ||||||||||||||||
(a) | Total changes in instrument-specific credit risk (DVA) related to structured notes were $108 million and $(115) million for the three months ended March 31, 2015 and 2014, respectively. These totals include such changes for structured notes classified within deposits and other borrowed funds, as well as long-term debt. | |||||||||||||||||||||||||
(b) | Structured notes are predominantly financial instruments containing embedded derivatives. Where present, the embedded derivative is the primary driver of risk. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk. | |||||||||||||||||||||||||
(c) | Reported in mortgage fees and related income. | |||||||||||||||||||||||||
(d) | Reported in other income. | |||||||||||||||||||||||||
Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding | ||||||||||||||||||||||||||
The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of March 31, 2015, and December 31, 2014, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(in millions) | Contractual principal outstanding | Fair value | Fair value over/(under) contractual principal outstanding | Contractual principal outstanding | Fair value | Fair value over/(under) contractual principal outstanding | ||||||||||||||||||||
Loans(a) | ||||||||||||||||||||||||||
Nonaccrual loans | ||||||||||||||||||||||||||
Loans reported as trading assets | $ | 3,718 | $ | 858 | $ | (2,860 | ) | $ | 3,847 | $ | 905 | $ | (2,942 | ) | ||||||||||||
Loans | 7 | 7 | — | 7 | 7 | — | ||||||||||||||||||||
Subtotal | 3,725 | 865 | (2,860 | ) | 3,854 | 912 | (2,942 | ) | ||||||||||||||||||
All other performing loans | ||||||||||||||||||||||||||
Loans reported as trading assets | 32,983 | 31,151 | (1,832 | ) | 37,608 | 35,462 | (2,146 | ) | ||||||||||||||||||
Loans | 2,111 | 2,104 | (7 | ) | 2,397 | 2,389 | (8 | ) | ||||||||||||||||||
Total loans | $ | 38,819 | $ | 34,120 | $ | (4,699 | ) | $ | 43,859 | $ | 38,763 | $ | (5,096 | ) | ||||||||||||
Long-term debt | ||||||||||||||||||||||||||
Principal-protected debt | $ | 14,613 | (c) | $ | 15,357 | $ | 744 | $ | 14,660 | (c) | $ | 15,484 | $ | 824 | ||||||||||||
Nonprincipal-protected debt(b) | NA | 15,276 | NA | NA | 14,742 | NA | ||||||||||||||||||||
Total long-term debt | NA | $ | 30,633 | NA | NA | $ | 30,226 | NA | ||||||||||||||||||
Long-term beneficial interests | ||||||||||||||||||||||||||
Nonprincipal-protected debt(b) | NA | $ | 1,281 | NA | NA | $ | 2,162 | NA | ||||||||||||||||||
Total long-term beneficial interests | NA | $ | 1,281 | NA | NA | $ | 2,162 | NA | ||||||||||||||||||
(a) | There were no performing loans that were ninety days or more past due as of March 31, 2015, and December 31, 2014, respectively. | |||||||||||||||||||||||||
(b) | Remaining contractual principal is not applicable to nonprincipal-protected notes. Unlike principal-protected structured notes, for which the Firm is obligated to return a stated amount of principal at the maturity of the note, nonprincipal-protected structured notes do not obligate the Firm to return a stated amount of principal at maturity, but to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal protected notes. | |||||||||||||||||||||||||
(c) | Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflected as the remaining contractual principal is the final principal payment at maturity. | |||||||||||||||||||||||||
At March 31, 2015, and December 31, 2014, the contractual amount of letters of credit for which the fair value option was elected was $4.4 billion and $4.5 billion, respectively, with a corresponding fair value of $(139) million and $(147) million, respectively. For further information regarding off-balance sheet lending-related financial instruments, see Note 29 of JPMorgan Chase’s 2014 Annual Report, and Note 21. | ||||||||||||||||||||||||||
Structured note products by balance sheet classification and risk component | ||||||||||||||||||||||||||
The table below presents the fair value of the structured notes issued by the Firm, by balance sheet classification and the primary risk to which the structured notes’ embedded derivative relates. | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(in millions) | Long-term debt | Other borrowed funds | Deposits | Total | Long-term debt | Other borrowed funds | Deposits | Total | ||||||||||||||||||
Risk exposure | ||||||||||||||||||||||||||
Interest rate | $ | 10,942 | $ | 154 | $ | 3,216 | $ | 14,312 | $ | 10,858 | $ | 460 | $ | 2,119 | $ | 13,437 | ||||||||||
Credit | 4,120 | 426 | — | 4,546 | 4,023 | 450 | — | 4,473 | ||||||||||||||||||
Foreign exchange | 2,113 | 242 | 18 | 2,373 | 2,150 | 211 | 17 | 2,378 | ||||||||||||||||||
Equity | 12,430 | 12,464 | 4,596 | 29,490 | 12,348 | 12,412 | 4,415 | 29,175 | ||||||||||||||||||
Commodity | 763 | 764 | 2,851 | 4,378 | 710 | 644 | 2,012 | 3,366 | ||||||||||||||||||
Total structured notes | $ | 30,368 | $ | 14,050 | $ | 10,681 | $ | 55,099 | $ | 30,089 | $ | 14,177 | $ | 8,563 | $ | 52,829 | ||||||||||
Derivative_Instruments
Derivative Instruments | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | |||||||||||||||||||||||||||||
JPMorgan Chase makes markets in derivatives for customers and also uses derivatives to hedge or manage its own risk exposures. For a further discussion of the Firm’s use of and accounting policies regarding derivative instruments, see Note 6 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||
The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in hedge accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage certain risks associated with specified assets or liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes. | ||||||||||||||||||||||||||||||
The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category. | ||||||||||||||||||||||||||||||
Type of Derivative | Use of Derivative | Designation and disclosure | Affected | 10-Q page reference | ||||||||||||||||||||||||||
segment or unit | ||||||||||||||||||||||||||||||
Manage specifically identified risk exposures in qualifying hedge accounting relationships: | ||||||||||||||||||||||||||||||
◦ Interest rate | Hedge fixed rate assets and liabilities | Fair value hedge | Corporate | 97 | ||||||||||||||||||||||||||
◦ Interest rate | Hedge floating rate assets and liabilities | Cash flow hedge | Corporate | 98 | ||||||||||||||||||||||||||
◦ | Hedge foreign currency-denominated assets and liabilities | Fair value hedge | Corporate | 97 | ||||||||||||||||||||||||||
Foreign exchange | ||||||||||||||||||||||||||||||
◦ | Hedge forecasted revenue and expense | Cash flow hedge | Corporate | 98 | ||||||||||||||||||||||||||
Foreign exchange | ||||||||||||||||||||||||||||||
◦ | Hedge the value of the Firm’s investments in non-U.S. subsidiaries | Net investment hedge | Corporate | 99 | ||||||||||||||||||||||||||
Foreign exchange | ||||||||||||||||||||||||||||||
◦ | Hedge commodity inventory | Fair value hedge | CIB | 97 | ||||||||||||||||||||||||||
Commodity | ||||||||||||||||||||||||||||||
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: | ||||||||||||||||||||||||||||||
◦ | Manage the risk of the mortgage pipeline, warehouse loans and MSRs | Specified risk management | CCB | 99 | ||||||||||||||||||||||||||
Interest rate | ||||||||||||||||||||||||||||||
◦ | Manage the credit risk of wholesale lending exposures | Specified risk management | CIB | 99 | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||
◦ | Manage the risk of certain commodities-related contracts and investments | Specified risk management | CIB | 99 | ||||||||||||||||||||||||||
Commodity | ||||||||||||||||||||||||||||||
◦ | Manage the risk of certain other specified assets and liabilities | Specified risk management | Corporate | 99 | ||||||||||||||||||||||||||
Interest rate and foreign exchange | ||||||||||||||||||||||||||||||
Market-making derivatives and other activities: | ||||||||||||||||||||||||||||||
◦ | Market-making and related risk management | Market-making and other | CIB | 99 | ||||||||||||||||||||||||||
Various | ||||||||||||||||||||||||||||||
◦ | Other derivatives | Market-making and other | CIB, Corporate | 99 | ||||||||||||||||||||||||||
Various | ||||||||||||||||||||||||||||||
Notional amount of derivative contracts | ||||||||||||||||||||||||||||||
The following table summarizes the notional amount of derivative contracts outstanding as of March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||||||||
Notional amounts(b) | ||||||||||||||||||||||||||||||
(in billions) | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||||||
Swaps | $ | 24,446 | $ | 29,734 | ||||||||||||||||||||||||||
Futures and forwards | 9,572 | 10,189 | ||||||||||||||||||||||||||||
Written options | 3,618 | 3,903 | ||||||||||||||||||||||||||||
Purchased options | 3,968 | 4,259 | ||||||||||||||||||||||||||||
Total interest rate contracts | 41,604 | 48,085 | ||||||||||||||||||||||||||||
Credit derivatives(a) | 3,991 | 4,249 | ||||||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||||||
Cross-currency swaps | 3,184 | 3,346 | ||||||||||||||||||||||||||||
Spot, futures and forwards | 4,809 | 4,669 | ||||||||||||||||||||||||||||
Written options | 811 | 790 | ||||||||||||||||||||||||||||
Purchased options | 803 | 780 | ||||||||||||||||||||||||||||
Total foreign exchange contracts | 9,607 | 9,585 | ||||||||||||||||||||||||||||
Equity contracts | ||||||||||||||||||||||||||||||
Swaps | 199 | 206 | ||||||||||||||||||||||||||||
Futures and forwards | 69 | 50 | ||||||||||||||||||||||||||||
Written options | 416 | 432 | ||||||||||||||||||||||||||||
Purchased options | 363 | 375 | ||||||||||||||||||||||||||||
Total equity contracts | 1,047 | 1,063 | ||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||
Swaps | 126 | 126 | ||||||||||||||||||||||||||||
Spot, futures and forwards | 178 | 193 | ||||||||||||||||||||||||||||
Written options | 180 | 181 | ||||||||||||||||||||||||||||
Purchased options | 190 | 180 | ||||||||||||||||||||||||||||
Total commodity contracts | 674 | 680 | ||||||||||||||||||||||||||||
Total derivative notional amounts | $ | 56,923 | $ | 63,662 | ||||||||||||||||||||||||||
(a) | For more information on volumes and types of credit derivative contracts, see the Credit derivatives discussion on pages 100–101 of this Note. | |||||||||||||||||||||||||||||
(b) | Represents the sum of gross long and gross short third-party notional derivative contracts. | |||||||||||||||||||||||||||||
While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative transactions, the notional amount is not exchanged; it is used simply as a reference to calculate payments. | ||||||||||||||||||||||||||||||
Impact of derivatives on the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||
The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of March 31, 2015 and December 31, 2014, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type. | ||||||||||||||||||||||||||||||
Free-standing derivative receivables and payables(a) | ||||||||||||||||||||||||||||||
Gross derivative receivables | Gross derivative payables | |||||||||||||||||||||||||||||
31-Mar-15 | Not designated as hedges | Designated as hedges | Total derivative receivables | Net derivative receivables(b) | Not designated as hedges | Designated | Total derivative payables | Net derivative payables(b) | ||||||||||||||||||||||
(in millions) | as hedges | |||||||||||||||||||||||||||||
Trading assets and liabilities | ||||||||||||||||||||||||||||||
Interest rate | $ | 892,648 | $ | 6,433 | $ | 899,081 | $ | 36,148 | $ | 862,785 | $ | 3,238 | $ | 866,023 | $ | 17,890 | ||||||||||||||
Credit | 63,336 | — | 63,336 | 1,528 | 62,425 | — | 62,425 | 1,220 | ||||||||||||||||||||||
Foreign exchange | 224,698 | 3,259 | 227,957 | 25,696 | 241,606 | 1,173 | 242,779 | 27,094 | ||||||||||||||||||||||
Equity | 45,889 | — | 45,889 | 7,410 | 52,694 | — | 52,694 | 13,190 | ||||||||||||||||||||||
Commodity | 38,849 | 339 | 39,188 | 10,792 | 41,892 | 68 | 41,960 | 14,442 | ||||||||||||||||||||||
Total fair value of trading assets and liabilities | $ | 1,265,420 | $ | 10,031 | $ | 1,275,451 | $ | 81,574 | $ | 1,261,402 | $ | 4,479 | $ | 1,265,881 | $ | 73,836 | ||||||||||||||
Gross derivative receivables | Gross derivative payables | |||||||||||||||||||||||||||||
31-Dec-14 | Not designated as hedges | Designated as hedges | Total derivative receivables | Net derivative receivables(b) | Not designated as hedges | Designated | Total derivative payables | Net derivative payables(b) | ||||||||||||||||||||||
(in millions) | as hedges | |||||||||||||||||||||||||||||
Trading assets and liabilities | ||||||||||||||||||||||||||||||
Interest rate | $ | 944,885 | (c) | $ | 5,372 | $ | 950,257 | (c) | $ | 33,725 | $ | 915,368 | (c) | $ | 3,011 | $ | 918,379 | (c) | $ | 17,745 | ||||||||||
Credit | 76,842 | — | 76,842 | 1,838 | 75,895 | — | 75,895 | 1,593 | ||||||||||||||||||||||
Foreign exchange | 211,537 | (c) | 3,650 | 215,187 | (c) | 21,253 | 223,988 | (c) | 626 | 224,614 | (c) | 22,970 | ||||||||||||||||||
Equity | 42,489 | (c) | — | 42,489 | (c) | 8,177 | 46,262 | (c) | — | 46,262 | (c) | 11,740 | ||||||||||||||||||
Commodity | 43,151 | 502 | 43,653 | 13,982 | 45,455 | 168 | 45,623 | 17,068 | ||||||||||||||||||||||
Total fair value of trading assets and liabilities | $ | 1,318,904 | (c) | $ | 9,524 | $ | 1,328,428 | (c) | $ | 78,975 | $ | 1,306,968 | (c) | $ | 3,805 | $ | 1,310,773 | (c) | $ | 71,116 | ||||||||||
(a) | Balances exclude structured notes for which the fair value option has been elected. See Note 4 for further information. | |||||||||||||||||||||||||||||
(b) | As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists. | |||||||||||||||||||||||||||||
(c) | The prior period amounts have been revised to conform with the current period presentation. These revisions had no impact on the Firm's Consolidated balance sheets or its results of operations. | |||||||||||||||||||||||||||||
The following table presents, as of March 31, 2015 and December 31, 2014, the gross and net derivative receivables by contract and settlement type. Derivative receivables have been netted on the Consolidated balance sheets against derivative payables and cash collateral payables to the same counterparty with respect to derivative contracts for which the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, the receivables are not eligible under U.S. GAAP for netting on the Consolidated balance sheets, and are shown separately in the table below. | ||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||
(in millions) | Gross derivative receivables | Amounts netted on the Consolidated balance sheets | Net derivative receivables | Gross derivative receivables | Amounts netted | Net derivative receivables | ||||||||||||||||||||||||
on the Consolidated balance sheets | ||||||||||||||||||||||||||||||
U.S. GAAP nettable derivative receivables | ||||||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||||||
OTC | $ | 557,852 | $ | (528,790 | ) | $ | 29,062 | $ | 542,107 | (c) | $ | (514,914 | ) | (c) | $ | 27,193 | ||||||||||||||
OTC–cleared | 334,188 | (334,143 | ) | 45 | 401,656 | (401,618 | ) | 38 | ||||||||||||||||||||||
Exchange-traded(a) | — | — | — | — | — | — | ||||||||||||||||||||||||
Total interest rate contracts | 892,040 | (862,933 | ) | 29,107 | 943,763 | (c) | (916,532 | ) | (c) | 27,231 | ||||||||||||||||||||
Credit contracts: | ||||||||||||||||||||||||||||||
OTC | 51,432 | (50,822 | ) | 610 | 66,636 | (65,720 | ) | 916 | ||||||||||||||||||||||
OTC–cleared | 11,017 | (10,986 | ) | 31 | 9,320 | (9,284 | ) | 36 | ||||||||||||||||||||||
Total credit contracts | 62,449 | (61,808 | ) | 641 | 75,956 | (75,004 | ) | 952 | ||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||
OTC | 220,375 | (202,176 | ) | 18,199 | 208,803 | (c) | (193,900 | ) | (c) | 14,903 | ||||||||||||||||||||
OTC–cleared | 85 | (85 | ) | — | 36 | (34 | ) | 2 | ||||||||||||||||||||||
Exchange-traded(a) | — | — | — | — | — | — | ||||||||||||||||||||||||
Total foreign exchange contracts | 220,460 | (202,261 | ) | 18,199 | 208,839 | (c) | (193,934 | ) | (c) | 14,905 | ||||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||||||||
OTC | 25,632 | (24,554 | ) | 1,078 | 23,258 | (22,826 | ) | 432 | ||||||||||||||||||||||
OTC–cleared | — | — | — | — | — | — | ||||||||||||||||||||||||
Exchange-traded(a) | 16,516 | (13,925 | ) | 2,591 | 13,840 | (c) | (11,486 | ) | (c) | 2,354 | ||||||||||||||||||||
Total equity contracts | 42,148 | (38,479 | ) | 3,669 | 37,098 | (c) | (34,312 | ) | (c) | 2,786 | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||
OTC | 19,526 | (10,757 | ) | 8,769 | 22,555 | (14,327 | ) | 8,228 | ||||||||||||||||||||||
OTC–cleared | — | — | — | — | — | — | ||||||||||||||||||||||||
Exchange-traded(a) | 18,501 | (17,639 | ) | 862 | 19,500 | (15,344 | ) | 4,156 | ||||||||||||||||||||||
Total commodity contracts | 38,027 | (28,396 | ) | 9,631 | 42,055 | (29,671 | ) | 12,384 | ||||||||||||||||||||||
Derivative receivables with appropriate legal opinion | $ | 1,255,124 | $ | (1,193,877 | ) | (b) | $ | 61,247 | $ | 1,307,711 | (c) | $ | (1,249,453 | ) | (b)(c) | $ | 58,258 | |||||||||||||
Derivative receivables where an appropriate legal opinion has not been either sought or obtained | 20,327 | 20,327 | 20,717 | 20,717 | ||||||||||||||||||||||||||
Total derivative receivables recognized on the Consolidated balance sheets | $ | 1,275,451 | $ | 81,574 | $ | 1,328,428 | (c) | $ | 78,975 | |||||||||||||||||||||
(a) | Exchange-traded derivative amounts that relate to futures contracts are settled daily. | |||||||||||||||||||||||||||||
(b) | Included cash collateral netted of $78.2 billion and $74.0 billion at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||||
(c) | The prior period amounts have been revised to conform with the current period presentation with a corresponding impact to the table below. These revisions had no impact on the Firm's Consolidated balance sheets or its results of operations. | |||||||||||||||||||||||||||||
The following table presents, as of March 31, 2015 and December 31, 2014, the gross and net derivative payables by contract and settlement type. Derivative payables have been netted on the Consolidated balance sheets against derivative receivables and cash collateral receivables from the same counterparty with respect to derivative contracts for which the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, the payables are not eligible under U.S. GAAP for netting on the Consolidated balance sheets, and are shown separately in the table below. | ||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||
(in millions) | Gross derivative payables | Amounts netted on the Consolidated balance sheets | Net derivative payables | Gross derivative payables | Amounts netted | Net derivative payables | ||||||||||||||||||||||||
on the Consolidated balance sheets | ||||||||||||||||||||||||||||||
U.S. GAAP nettable derivative payables | ||||||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||||||
OTC | $ | 533,216 | $ | (518,203 | ) | $ | 15,013 | $ | 515,904 | (c) | $ | (503,384 | ) | (c) | $ | 12,520 | ||||||||||||||
OTC–cleared | 331,073 | (329,930 | ) | 1,143 | 398,518 | (397,250 | ) | 1,268 | ||||||||||||||||||||||
Exchange-traded(a) | — | — | — | — | — | — | ||||||||||||||||||||||||
Total interest rate contracts | 864,289 | (848,133 | ) | 16,156 | 914,422 | (c) | (900,634 | ) | (c) | 13,788 | ||||||||||||||||||||
Credit contracts: | ||||||||||||||||||||||||||||||
OTC | 50,278 | (50,021 | ) | 257 | 65,432 | (64,904 | ) | 528 | ||||||||||||||||||||||
OTC–cleared | 11,184 | (11,184 | ) | — | 9,398 | (9,398 | ) | — | ||||||||||||||||||||||
Total credit contracts | 61,462 | (61,205 | ) | 257 | 74,830 | (74,302 | ) | 528 | ||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||
OTC | 236,193 | (215,560 | ) | 20,633 | 217,998 | (c) | (201,578 | ) | (c) | 16,420 | ||||||||||||||||||||
OTC–cleared | 125 | (125 | ) | — | 66 | (66 | ) | — | ||||||||||||||||||||||
Exchange-traded(a) | — | — | — | — | — | — | ||||||||||||||||||||||||
Total foreign exchange contracts | 236,318 | (215,685 | ) | 20,633 | 218,064 | (c) | (201,644 | ) | (c) | 16,420 | ||||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||||||||
OTC | 32,341 | (25,579 | ) | 6,762 | 27,908 | (23,036 | ) | 4,872 | ||||||||||||||||||||||
OTC–cleared | — | — | — | — | — | — | ||||||||||||||||||||||||
Exchange-traded(a) | 15,097 | (13,925 | ) | 1,172 | 12,864 | (c) | (11,486 | ) | (c) | 1,378 | ||||||||||||||||||||
Total equity contracts | 47,438 | (39,504 | ) | 7,934 | 40,772 | (c) | (34,522 | ) | (c) | 6,250 | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||
OTC | 22,060 | (9,879 | ) | 12,181 | 25,129 | (13,211 | ) | 11,918 | ||||||||||||||||||||||
OTC–cleared | — | — | — | — | — | — | ||||||||||||||||||||||||
Exchange-traded(a) | 17,933 | (17,639 | ) | 294 | 18,486 | (15,344 | ) | 3,142 | ||||||||||||||||||||||
Total commodity contracts | 39,993 | (27,518 | ) | 12,475 | 43,615 | (28,555 | ) | 15,060 | ||||||||||||||||||||||
Derivative payables with appropriate legal opinions | $ | 1,249,500 | $ | (1,192,045 | ) | (b) | $ | 57,455 | $ | 1,291,703 | (c) | $ | (1,239,657 | ) | (b)(c) | $ | 52,046 | |||||||||||||
Derivative payables where an appropriate legal opinion has not been either sought or obtained | 16,381 | 16,381 | 19,070 | 19,070 | ||||||||||||||||||||||||||
Total derivative payables recognized on the Consolidated balance sheets | $ | 1,265,881 | $ | 73,836 | $ | 1,310,773 | (c) | $ | 71,116 | |||||||||||||||||||||
(a) | Exchange-traded derivative balances that relate to futures contracts are settled daily. | |||||||||||||||||||||||||||||
(b) | Included cash collateral netted of $76.3 billion and $64.2 billion related to OTC and OTC-cleared derivatives at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||||
(c) | The prior period amounts have been revised to conform with the current period presentation with a corresponding impact to the table above. These revisions had no impact on the Firm's Consolidated balance sheets or its results of operations. | |||||||||||||||||||||||||||||
In addition to the cash collateral received and transferred that is presented on a net basis with net derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments but are not eligible for net presentation, because (a) the collateral is comprised of non-cash financial instruments (generally U.S. government and agency securities and other G7 government bonds), (b) the amount of collateral held or transferred exceeds the fair value exposure, at the individual counterparty level, as of the date presented, or (c) the collateral relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained. | ||||||||||||||||||||||||||||||
The following tables present information regarding certain financial instrument collateral received and transferred as of March 31, 2015 and December 31, 2014, that is not eligible for net presentation under U.S. GAAP. The collateral included in these tables relates only to the derivative instruments for which appropriate legal opinions have been obtained; excluded are (i) additional collateral that exceeds the fair value exposure and (ii) all collateral related to derivative instruments where an appropriate legal opinion has not been either sought or obtained. | ||||||||||||||||||||||||||||||
Derivative receivable collateral | ||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||
(in millions) | Net derivative receivables | Collateral not nettable on the Consolidated balance sheets | Net exposure | Net derivative receivables | Collateral not nettable on the Consolidated balance sheets | Net exposure | ||||||||||||||||||||||||
Derivative receivables with appropriate legal opinions | $ | 61,247 | $ | (15,630 | ) | (a) | $ | 45,617 | $ | 58,258 | $ | (16,194 | ) | (a) | $ | 42,064 | ||||||||||||||
Derivative payable collateral(b) | ||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||
(in millions) | Net derivative payables | Collateral not nettable on the Consolidated balance sheets | Net amount(c) | Net derivative payables | Collateral not nettable on the Consolidated balance sheets | Net amount(c) | ||||||||||||||||||||||||
Derivative payables with appropriate legal opinions | $ | 57,455 | $ | (12,983 | ) | (a) | $ | 44,472 | $ | 52,046 | $ | (10,505 | ) | (a) | $ | 41,541 | ||||||||||||||
(a) | Represents liquid security collateral as well as cash collateral held at third party custodians. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty. | |||||||||||||||||||||||||||||
(b) | Derivative payable collateral relates only to OTC and OTC-cleared derivative instruments. Amounts exclude collateral transferred related to exchange-traded derivative instruments. | |||||||||||||||||||||||||||||
(c) | Net amount represents exposure of counterparties to the Firm. | |||||||||||||||||||||||||||||
Liquidity risk and credit-related contingent features | ||||||||||||||||||||||||||||||
For a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts, see Note 6 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||
The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||||||||
OTC and OTC-cleared derivative payables containing downgrade triggers | ||||||||||||||||||||||||||||||
(in millions) | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Aggregate fair value of net derivative payables | $ | 37,439 | $ | 32,303 | ||||||||||||||||||||||||||
Collateral posted | 31,256 | 27,585 | ||||||||||||||||||||||||||||
The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), at March 31, 2015 and December 31, 2014, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral, except in certain instances in which additional initial margin may be required upon a ratings downgrade, or in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract. | ||||||||||||||||||||||||||||||
Liquidity impact of downgrade triggers on OTC and | ||||||||||||||||||||||||||||||
OTC-cleared derivatives | ||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||
(in millions) | Single-notch downgrade | Two-notch downgrade | Single-notch downgrade | Two-notch downgrade | ||||||||||||||||||||||||||
Amount of additional collateral to be posted upon downgrade(a) | $ | 1,037 | $ | 3,750 | $ | 1,046 | $ | 3,331 | ||||||||||||||||||||||
Amount required to settle contracts with termination triggers upon downgrade(b) | 291 | 1,144 | 366 | 1,388 | ||||||||||||||||||||||||||
(a) | Includes the additional collateral to be posted for initial margin. | |||||||||||||||||||||||||||||
(b) | Amounts represent fair values of derivative payables, and do not reflect collateral posted. | |||||||||||||||||||||||||||||
Derivatives executed in contemplation of a sale of the underlying financial asset | ||||||||||||||||||||||||||||||
In certain instances the Firm enters into transactions where it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 12, but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. The amount of such transfers accounted for as a sale where the associated derivative was outstanding at March 31, 2015 was not material. | ||||||||||||||||||||||||||||||
Impact of derivatives on the Consolidated statements of income | ||||||||||||||||||||||||||||||
The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose. | ||||||||||||||||||||||||||||||
Fair value hedge gains and losses | ||||||||||||||||||||||||||||||
The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pretax gains/(losses) recorded on such derivatives and the related hedged items for the three months ended March 31, 2015, and 2014, respectively. | ||||||||||||||||||||||||||||||
Gains/(losses) recorded in income | Income statement impact due to: | |||||||||||||||||||||||||||||
Three months ended March 31, 2015 (in millions) | Derivatives | Hedged items | Total income statement impact | Hedge ineffectiveness(d) | Excluded components(e) | |||||||||||||||||||||||||
Contract type | ||||||||||||||||||||||||||||||
Interest rate(a) | $ | 606 | $ | (248 | ) | $ | 358 | $ | 17 | $ | 341 | |||||||||||||||||||
Foreign exchange(b) | 6,475 | (6,459 | ) | 16 | — | 16 | ||||||||||||||||||||||||
Commodity(c) | 322 | (308 | ) | 14 | (6 | ) | 20 | |||||||||||||||||||||||
Total | $ | 7,403 | $ | (7,015 | ) | $ | 388 | $ | 11 | $ | 377 | |||||||||||||||||||
Gains/(losses) recorded in income | Income statement impact due to: | |||||||||||||||||||||||||||||
Three months ended March 31, 2014 (in millions) | Derivatives | Hedged items | Total income statement impact | Hedge ineffectiveness(d) | Excluded components(e) | |||||||||||||||||||||||||
Contract type | ||||||||||||||||||||||||||||||
Interest rate(a) | $ | 743 | $ | (407 | ) | $ | 336 | $ | 29 | $ | 307 | |||||||||||||||||||
Foreign exchange(b) | (398 | ) | 324 | (74 | ) | — | (74 | ) | ||||||||||||||||||||||
Commodity(c) | 180 | (138 | ) | 42 | 15 | 27 | ||||||||||||||||||||||||
Total | $ | 525 | $ | (221 | ) | $ | 304 | $ | 44 | $ | 260 | |||||||||||||||||||
(a) | Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income. | |||||||||||||||||||||||||||||
(b) | Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items, due to changes in foreign currency rates, were recorded in principal transactions revenue and net interest income. | |||||||||||||||||||||||||||||
(c) | Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or market (market approximates fair value). Gains and losses were recorded in principal transactions revenue. | |||||||||||||||||||||||||||||
(d) | Hedge ineffectiveness is the amount by which the gain or loss on the designated derivative instrument does not exactly offset the gain or loss on the hedged item attributable to the hedged risk. | |||||||||||||||||||||||||||||
(e) | The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts and time values. | |||||||||||||||||||||||||||||
Cash flow hedge gains and losses | ||||||||||||||||||||||||||||||
The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pretax gains/(losses) recorded on such derivatives, for the three months ended March 31, 2015, and 2014, respectively. | ||||||||||||||||||||||||||||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||||||||||||||||||
Three months ended March 31, 2015 (in millions) | Derivatives – effective portion reclassified from AOCI to income | Hedge ineffectiveness recorded directly in income(c) | Total income statement impact | Derivatives – effective portion recorded in OCI | Total change | |||||||||||||||||||||||||
in OCI | ||||||||||||||||||||||||||||||
for period | ||||||||||||||||||||||||||||||
Contract type | ||||||||||||||||||||||||||||||
Interest rate(a) | $ | (149 | ) | $ | — | $ | (149 | ) | $ | 3 | $ | 152 | ||||||||||||||||||
Foreign exchange(b) | (26 | ) | — | (26 | ) | (52 | ) | (26 | ) | |||||||||||||||||||||
Total | $ | (175 | ) | $ | — | $ | (175 | ) | $ | (49 | ) | $ | 126 | |||||||||||||||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||||||||||||||||||
Three months ended March 31, 2014 (in millions) | Derivatives – effective portion reclassified from AOCI to income | Hedge ineffectiveness recorded directly in income(c) | Total income statement impact | Derivatives – effective portion recorded in OCI | Total change | |||||||||||||||||||||||||
in OCI | ||||||||||||||||||||||||||||||
for period | ||||||||||||||||||||||||||||||
Contract type | ||||||||||||||||||||||||||||||
Interest rate(a) | $ | (26 | ) | $ | — | $ | (26 | ) | $ | 63 | $ | 89 | ||||||||||||||||||
Foreign exchange(b) | (1 | ) | — | (1 | ) | 9 | 10 | |||||||||||||||||||||||
Total | $ | (27 | ) | $ | — | $ | (27 | ) | $ | 72 | $ | 99 | ||||||||||||||||||
(a) | Primarily consists of benchmark interest rate hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income, and for forecasted transactions that the Firm determined during the three months ended March 31, 2015, were probable of not occurring, in other income. | |||||||||||||||||||||||||||||
(b) | Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense. | |||||||||||||||||||||||||||||
(c) | Hedge ineffectiveness is the amount by which the cumulative gain or loss on the designated derivative instrument exceeds the present value of the cumulative expected change in cash flows on the hedged item attributable to the hedged risk. | |||||||||||||||||||||||||||||
In February, 2015, the Firm announced its plan to reduce non-operating deposits by up to $100 billion by the end of 2015. A portion of these deposits had been designated in cash flow hedges of forecasted interest payments. In the first quarter of 2015, the Firm reclassified approximately $150 million of net losses from accumulated other comprehensive income (“AOCI”) to other income because the Firm determined that it is probable that the forecasted interest payment cash flows will not occur. The Firm did not experience any forecasted transactions that failed to occur for the three months ended March 31, 2014. | ||||||||||||||||||||||||||||||
Over the next 12 months, the Firm expects that $4 million (after-tax) of net losses recorded in AOCI at March 31, 2015, related to cash flow hedges will be recognized in income. The maximum length of time over which forecasted transactions are hedged is 9 years, and such transactions primarily relate to core lending and borrowing activities. | ||||||||||||||||||||||||||||||
Net investment hedge gains and losses | ||||||||||||||||||||||||||||||
The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pretax gains/(losses) recorded on such instruments for the three months ended March 31, 2015, and 2014. | ||||||||||||||||||||||||||||||
Gains/(losses) recorded in income and | ||||||||||||||||||||||||||||||
other comprehensive income/(loss) | ||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||
Three months ended March 31 (in millions) | Excluded components recorded directly | Effective portion recorded in OCI | Excluded components | Effective portion recorded in OCI | ||||||||||||||||||||||||||
in income(a) | recorded directly | |||||||||||||||||||||||||||||
in income(a) | ||||||||||||||||||||||||||||||
Foreign exchange derivatives | $ | (99 | ) | $ | 993 | $ | (105 | ) | $ | (154 | ) | |||||||||||||||||||
(a)Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. Amounts related to excluded components are recorded in other income. The Firm measures the ineffectiveness of net investment hedge accounting relationships based on changes in spot foreign currency rates, and therefore there was no significant ineffectiveness for net investment hedge accounting relationships during the three months ended March 31, 2015, and 2014. | ||||||||||||||||||||||||||||||
Gains and losses on derivatives used for specified risk management purposes | ||||||||||||||||||||||||||||||
The following table presents pretax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from the mortgage pipeline, warehouse loans, MSRs, wholesale lending exposures, AFS securities, foreign currency-denominated liabilities, and commodities-related contracts and investments. | ||||||||||||||||||||||||||||||
Derivatives gains/(losses) | ||||||||||||||||||||||||||||||
recorded in income | ||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||||||||||||||||||
Contract type | ||||||||||||||||||||||||||||||
Interest rate(a) | $ | 683 | $ | 518 | ||||||||||||||||||||||||||
Credit(b) | (14 | ) | (17 | ) | ||||||||||||||||||||||||||
Foreign exchange(c) | (12 | ) | — | |||||||||||||||||||||||||||
Commodity(d) | (36 | ) | 183 | |||||||||||||||||||||||||||
Total | $ | 621 | $ | 684 | ||||||||||||||||||||||||||
(a) | Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in the mortgage pipeline, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income. | |||||||||||||||||||||||||||||
(b) | Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue. | |||||||||||||||||||||||||||||
(c) | Primarily relates to hedges of the foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue. | |||||||||||||||||||||||||||||
(d) | Primarily relates to commodity derivatives used to mitigate energy price risk associated with energy-related contracts and investments. Gains and losses were recorded in principal transactions revenue. | |||||||||||||||||||||||||||||
Gains and losses on derivatives related to market-making activities and other derivatives | ||||||||||||||||||||||||||||||
The Firm makes markets in derivatives in order to meet the needs of customers and uses derivatives to manage certain risks associated with net open risk positions from the Firm’s market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. See Note 6 for information on principal transactions revenue. | ||||||||||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||||||||||
For a more detailed discussion of credit derivatives, see Note 6 of JPMorgan Chase’s 2014 Annual Report. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives. | ||||||||||||||||||||||||||||||
Total credit derivatives and credit-related notes | ||||||||||||||||||||||||||||||
Maximum payout/Notional amount | ||||||||||||||||||||||||||||||
March 31, 2015 (in millions) | Protection sold | Protection | Net protection (sold)/purchased(c) | Other protection purchased(d) | ||||||||||||||||||||||||||
purchased with | ||||||||||||||||||||||||||||||
identical underlyings(b) | ||||||||||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||||||||||
Credit default swaps | $ | (1,923,729 | ) | $ | 1,950,481 | $ | 26,752 | $ | 17,202 | |||||||||||||||||||||
Other credit derivatives(a) | (46,485 | ) | 33,036 | (13,449 | ) | 20,114 | ||||||||||||||||||||||||
Total credit derivatives | (1,970,214 | ) | 1,983,517 | 13,303 | 37,316 | |||||||||||||||||||||||||
Credit-related notes | (20 | ) | — | (20 | ) | 4,342 | ||||||||||||||||||||||||
Total | $ | (1,970,234 | ) | $ | 1,983,517 | $ | 13,283 | $ | 41,658 | |||||||||||||||||||||
Maximum payout/Notional amount | ||||||||||||||||||||||||||||||
December 31, 2014 (in millions) | Protection sold | Protection | Net protection (sold)/purchased(c) | Other protection purchased(d) | ||||||||||||||||||||||||||
purchased with | ||||||||||||||||||||||||||||||
identical underlyings(b) | ||||||||||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||||||||||
Credit default swaps | $ | (2,056,982 | ) | $ | 2,078,096 | $ | 21,114 | $ | 18,631 | |||||||||||||||||||||
Other credit derivatives(a) | (43,281 | ) | 32,048 | (11,233 | ) | 19,475 | ||||||||||||||||||||||||
Total credit derivatives | (2,100,263 | ) | 2,110,144 | 9,881 | 38,106 | |||||||||||||||||||||||||
Credit-related notes | (40 | ) | — | (40 | ) | 3,704 | ||||||||||||||||||||||||
Total | $ | (2,100,303 | ) | $ | 2,110,144 | $ | 9,841 | $ | 41,810 | |||||||||||||||||||||
(a) | Other credit derivatives predominantly consists of credit swap options. | |||||||||||||||||||||||||||||
(b) | Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold. | |||||||||||||||||||||||||||||
(c) | Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value. | |||||||||||||||||||||||||||||
(d) | Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. | |||||||||||||||||||||||||||||
The following tables summarize the notional amounts by the ratings and maturity profile, and the total fair value, of credit derivatives and credit-related notes as of March 31, 2015, and December 31, 2014, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives and credit-related notes where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below. | ||||||||||||||||||||||||||||||
Protection sold – credit derivatives and credit-related notes ratings(a)/maturity profile | ||||||||||||||||||||||||||||||
31-Mar-15 | <1 year | 1–5 years | >5 years | Total | Fair value of receivables(b) | Fair | Net fair value | |||||||||||||||||||||||
(in millions) | notional amount | value of payables(b) | ||||||||||||||||||||||||||||
Risk rating of reference entity | ||||||||||||||||||||||||||||||
Investment-grade | $ | (301,079 | ) | $ | (1,012,598 | ) | $ | (101,819 | ) | $ | (1,415,496 | ) | $ | 23,831 | $ | (3,289 | ) | $ | 20,542 | |||||||||||
Noninvestment-grade | (140,357 | ) | (381,359 | ) | (33,022 | ) | (554,738 | ) | 20,453 | (14,374 | ) | 6,079 | ||||||||||||||||||
Total | $ | (441,436 | ) | $ | (1,393,957 | ) | $ | (134,841 | ) | $ | (1,970,234 | ) | $ | 44,284 | $ | (17,663 | ) | $ | 26,621 | |||||||||||
31-Dec-14 | <1 year | 1–5 years | >5 years | Total | Fair value of receivables(b) | Fair | Net fair value | |||||||||||||||||||||||
(in millions) | notional amount | value of payables(b) | ||||||||||||||||||||||||||||
Risk rating of reference entity | ||||||||||||||||||||||||||||||
Investment-grade | $ | (323,398 | ) | $ | (1,118,293 | ) | $ | (79,486 | ) | $ | (1,521,177 | ) | $ | 25,767 | $ | (6,314 | ) | $ | 19,453 | |||||||||||
Noninvestment-grade | (157,281 | ) | (396,798 | ) | (25,047 | ) | (579,126 | ) | 20,677 | (22,455 | ) | (1,778 | ) | |||||||||||||||||
Total | $ | (480,679 | ) | $ | (1,515,091 | ) | $ | (104,533 | ) | $ | (2,100,303 | ) | $ | 46,444 | $ | (28,769 | ) | $ | 17,675 | |||||||||||
(a) | The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s. | |||||||||||||||||||||||||||||
(b) | Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements and cash collateral received by the Firm. |
Noninterest_Revenue
Noninterest Revenue | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Noninterest Income [Abstract] | ||||||||
Noninterest revenue | Noninterest revenue | |||||||
For a discussion of the components of and accounting policies for the Firm’s noninterest revenue, see Note 7 of JPMorgan Chase’s 2014 Annual Report. | ||||||||
The following table presents the components of investment banking fees. | ||||||||
Three months ended March 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Underwriting | ||||||||
Equity | $ | 399 | $ | 353 | ||||
Debt | 853 | 683 | ||||||
Total underwriting | 1,252 | 1,036 | ||||||
Advisory | 542 | 384 | ||||||
Total investment banking fees | $ | 1,794 | $ | 1,420 | ||||
The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities. See Note 7 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual line of business. | ||||||||
Three months ended March 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Trading revenue by instrument type | ||||||||
Interest rate | $ | 886 | $ | 355 | ||||
Credit | 415 | 526 | ||||||
Foreign exchange | 844 | 526 | ||||||
Equity | 1,048 | 805 | ||||||
Commodity(a) | 339 | 688 | ||||||
Total trading revenue | 3,532 | 2,900 | ||||||
Private equity gains(b) | 123 | 422 | ||||||
Principal transactions | $ | 3,655 | $ | 3,322 | ||||
(a) | Commodity derivatives are frequently used to manage the Firm’s risk exposure to its physical commodities inventories. For gains/(losses) related to commodity fair value hedges, see Note 5. | |||||||
(b) | Includes revenue on private equity investments held in the Private Equity business within Corporate, as well as those held in other business segments. | |||||||
The following table presents the components of firmwide asset management, administration and commissions. | ||||||||
Three months ended March 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Asset management fees | ||||||||
Investment management fees(a) | $ | 2,274 | $ | 2,096 | ||||
All other asset management fees(b) | 99 | 123 | ||||||
Total asset management fees | 2,373 | 2,219 | ||||||
Total administration fees(c) | 507 | 527 | ||||||
Commission and other fees | ||||||||
Brokerage commissions | 594 | 632 | ||||||
All other commissions and fees | 333 | 458 | ||||||
Total commissions and fees | 927 | 1,090 | ||||||
Total asset management, administration and commissions | $ | 3,807 | $ | 3,836 | ||||
(a) | Represents fees earned from managing assets on behalf of Firm clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts. | |||||||
(b) | Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients. | |||||||
(c) | Predominantly includes fees for custody, securities lending, funds services and securities clearance. | |||||||
Other income | ||||||||
Included in other income is operating lease income of $469 million and $398 million for the three months ended March 31, 2015 and 2014, respectively. |
Interest_Income_and_Interest_E
Interest Income and Interest Expense | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Interest Income (Expense), Net [Abstract] | |||||||||
Interest income and interest expense | Interest income and Interest expense | ||||||||
For a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense, see Note 8 of JPMorgan Chase’s 2014 Annual Report. | |||||||||
Details of interest income and interest expense were as follows. | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
(in millions) | 2015 | 2014 | |||||||
Interest income | |||||||||
Loans | $ | 7,947 | $ | 8,039 | |||||
Taxable securities | 1,724 | 1,902 | |||||||
Nontaxable securities(a) | 398 | 315 | |||||||
Total securities | 2,122 | 2,217 | |||||||
Trading assets | 1,734 | 1,771 | |||||||
Federal funds sold and securities purchased under resale agreements | 396 | 436 | |||||||
Securities borrowed(b) | (120 | ) | (88 | ) | |||||
Deposits with banks | 341 | 256 | |||||||
Other assets(c) | 145 | 162 | |||||||
Total interest income | 12,565 | 12,793 | |||||||
Interest expense | |||||||||
Interest-bearing deposits | 364 | 426 | |||||||
Short-term and other liabilities(d) | 332 | 428 | |||||||
Long-term debt | 1,094 | 1,167 | |||||||
Beneficial interests issued by consolidated VIEs | 98 | 105 | |||||||
Total interest expense | 1,888 | 2,126 | |||||||
Net interest income | 10,677 | 10,667 | |||||||
Provision for credit losses | 959 | 850 | |||||||
Net interest income after provision for credit losses | $ | 9,718 | $ | 9,817 | |||||
(a) | Represents securities which are tax exempt for U.S. federal income tax purposes. | ||||||||
(b) | Negative interest income for the three months ended March 31, 2015, and 2014, is a result of increased client-driven demand for certain securities combined with the impact of low interest rates. This is matched book activity and the negative interest expense on the corresponding securities loaned is recognized in interest expense and reported within short-term and other liabilities. | ||||||||
(c) | Largely margin loans. | ||||||||
(d) | Includes brokerage customer payables. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Employee Benefit Plans | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||
Pension and other postretirement employee benefit plans | Pension and other postretirement employee benefit plans | ||||||||||||||||||||
For a discussion of JPMorgan Chase’s pension and other postretirement employee benefit (“OPEB”) plans, see Note 9 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||
The following table presents the components of net periodic benefit costs reported in the Consolidated Statements of Income for the Firm’s U.S. and non-U.S. defined benefit pension, defined contribution and OPEB plans. | |||||||||||||||||||||
Pension plans | |||||||||||||||||||||
U.S. | Non-U.S. | OPEB plans | |||||||||||||||||||
Three months ended March 31, (in millions) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||
Benefits earned during the period | $ | 85 | $ | 70 | $ | 9 | $ | 9 | $ | — | $ | — | |||||||||
Interest cost on benefit obligations | 125 | 134 | 28 | 34 | 8 | 9 | |||||||||||||||
Expected return on plan assets | (232 | ) | (246 | ) | (38 | ) | (44 | ) | (26 | ) | (25 | ) | |||||||||
Amortization: | |||||||||||||||||||||
Net (gain)/loss | 62 | 6 | 9 | 12 | — | — | |||||||||||||||
Prior service cost/(credit) | (9 | ) | (10 | ) | — | — | — | — | |||||||||||||
Net periodic defined benefit cost | 31 | (46 | ) | 8 | 11 | (18 | ) | (16 | ) | ||||||||||||
Other defined benefit pension plans(a) | 3 | 3 | 5 | 2 | NA | NA | |||||||||||||||
Total defined benefit plans | 34 | (43 | ) | 13 | 13 | (18 | ) | (16 | ) | ||||||||||||
Total defined contribution plans | 89 | 108 | 83 | 80 | NA | NA | |||||||||||||||
Total pension and OPEB cost included in compensation expense | $ | 123 | $ | 65 | $ | 96 | $ | 93 | $ | (18 | ) | $ | (16 | ) | |||||||
(a) | Includes various defined benefit pension plans which are individually immaterial. | ||||||||||||||||||||
The fair values of plan assets for the U.S. defined benefit pension and OPEB plans and for the material non-U.S. defined benefit pension plans were $16.7 billion and $3.7 billion, as of March 31, 2015, and $16.5 billion and $3.7 billion respectively, as of December 31, 2014. See Note 19 for further information on unrecognized amounts (i.e., net loss and prior service costs/(credit)) reflected in AOCI for the three months periods ended March 31, 2015, and 2014. | |||||||||||||||||||||
The Firm does not anticipate any contribution to the U.S. defined benefit pension plan in 2015 at this time. For 2015, the cost associated with funding benefits under the Firm’s U.S. non-qualified defined benefit pension plans is expected to total $33 million. The 2015 contributions to the non-U.S. defined benefit pension and OPEB plans are expected to be $47 million and $2 million, respectively. |
Employee_Stock_Based_Incentive
Employee Stock Based Incentives | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Employee stock-based incentives | Employee stock-based incentives | |||||||
For a discussion of the accounting policies and other information relating to employee stock-based incentives, see Note 10 of JPMorgan Chase’s 2014 Annual Report. | ||||||||
The Firm recognized the following noncash compensation expense related to its various employee stock-based incentive plans in its Consolidated Statements of Income. | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Cost of prior grants of restricted stock units (“RSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods | $ | 292 | $ | 410 | ||||
Accrual of estimated costs of stock awards to be granted in future periods including those to full-career eligible employees | 273 | 208 | ||||||
Total noncash compensation expense related to employee stock-based incentive plans | $ | 565 | $ | 618 | ||||
In the first quarter of 2015, in connection with its annual incentive grant for the 2014 performance year, the Firm granted 34 million RSUs with a weighted-average grant date fair value of $55.91 per RSU. |
Noninterest_Expense
Noninterest Expense | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Noninterest Expense [Abstract] | ||||||||
Noninterest expense | Noninterest expense | |||||||
The following table presents the components of noninterest expense. | ||||||||
Three months ended March 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Compensation expense | $ | 8,043 | $ | 7,859 | ||||
Noncompensation expense: | ||||||||
Occupancy expense | 933 | 952 | ||||||
Technology, communications and equipment expense | 1,491 | 1,411 | ||||||
Professional and outside services | 1,634 | 1,786 | ||||||
Marketing | 591 | 564 | ||||||
Other expense(a)(b) | 2,191 | 2,064 | ||||||
Total noncompensation expense | 6,840 | 6,777 | ||||||
Total noninterest expense | $ | 14,883 | $ | 14,636 | ||||
(a) | Included firmwide legal expense of $687 million for the three months ended March 31, 2015. Firmwide legal expense was not material for the three months ended March 31, 2014. | |||||||
(b) | Included Federal Deposit Insurance Corporation-related (“FDIC”) expense of $318 million and $293 million for the three months ended March 31, 2015, and 2014, respectively. |
Securities
Securities | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||||||
Securities are classified as trading, AFS or held-to-maturity (“HTM”). Securities classified as trading assets are discussed in Note 3. Predominantly all of the Firm’s AFS and HTM investment securities (the “investment securities portfolio”) are held by the Chief Investment Office (“CIO”) in connection with its asset-liability management objectives. At March 31, 2015, the average credit rating of the debt securities comprising the investment securities portfolio was AA+ (based upon external ratings where available, and where not available, based primarily upon internal ratings which correspond to ratings as defined by S&P and Moody’s). For additional information regarding the investment securities portfolio, see Note 12 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||
Securities gains and losses | ||||||||||||||||||||||||||||
The following table presents realized gains and losses and other-than-temporary impairment losses (“OTTI”) from AFS securities that were recognized in income. | ||||||||||||||||||||||||||||
Three months | ||||||||||||||||||||||||||||
ended March 31, | ||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||||||||||||||||
Realized gains | $ | 92 | $ | 148 | ||||||||||||||||||||||||
Realized losses | (39 | ) | (115 | ) | ||||||||||||||||||||||||
OTTI losses | (1 | ) | (3 | ) | ||||||||||||||||||||||||
Net securities gains | $ | 52 | $ | 30 | ||||||||||||||||||||||||
OTTI losses | ||||||||||||||||||||||||||||
Credit-related losses recognized in income | (1 | ) | — | |||||||||||||||||||||||||
Securities the Firm intends to sell | — | (3 | ) | |||||||||||||||||||||||||
Total OTTI losses recognized in income | $ | (1 | ) | $ | (3 | ) | ||||||||||||||||||||||
The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated. | ||||||||||||||||||||||||||||
31-Mar-15 | December 31, 2014 | |||||||||||||||||||||||||||
(in millions) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||
Available-for-sale debt securities | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
U.S. government agencies(a) | $ | 63,165 | $ | 2,443 | $ | 52 | $ | 65,556 | $ | 63,089 | $ | 2,302 | $ | 72 | $ | 65,319 | ||||||||||||
Residential: | ||||||||||||||||||||||||||||
Prime and Alt-A | 6,433 | 83 | 22 | 6,494 | 5,595 | 78 | 29 | 5,644 | ||||||||||||||||||||
Subprime | 633 | 13 | — | 646 | 677 | 14 | — | 691 | ||||||||||||||||||||
Non-U.S. | 34,555 | 909 | 1 | 35,463 | 43,550 | 1,010 | — | 44,560 | ||||||||||||||||||||
Commercial | 22,157 | 461 | 12 | 22,606 | 20,687 | 438 | 17 | 21,108 | ||||||||||||||||||||
Total mortgage-backed securities | 126,943 | 3,909 | 87 | 130,765 | 133,598 | 3,842 | 118 | 137,322 | ||||||||||||||||||||
U.S. Treasury and government agencies(a) | 11,952 | 29 | 16 | 11,965 | 13,603 | 56 | 14 | 13,645 | ||||||||||||||||||||
Obligations of U.S. states and municipalities | 28,922 | 2,302 | 25 | 31,199 | 27,841 | 2,243 | 16 | 30,068 | ||||||||||||||||||||
Certificates of deposit | 1,021 | 3 | 1 | 1,023 | 1,103 | 1 | 1 | 1,103 | ||||||||||||||||||||
Non-U.S. government debt securities | 44,543 | 1,330 | 16 | 45,857 | 51,492 | 1,272 | 21 | 52,743 | ||||||||||||||||||||
Corporate debt securities | 16,850 | 369 | 28 | 17,191 | 18,158 | 398 | 24 | 18,532 | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Collateralized loan obligations | 29,664 | 131 | 112 | 29,683 | 30,229 | 147 | 182 | 30,194 | ||||||||||||||||||||
Other | 11,713 | 157 | 6 | 11,864 | 12,442 | 184 | 11 | 12,615 | ||||||||||||||||||||
Total available-for-sale debt securities | 271,608 | 8,230 | 291 | 279,547 | 288,466 | 8,143 | 387 | 296,222 | ||||||||||||||||||||
Available-for-sale equity securities | 2,309 | 16 | — | 2,325 | 2,513 | 17 | — | 2,530 | ||||||||||||||||||||
Total available-for-sale securities | $ | 273,917 | $ | 8,246 | $ | 291 | $ | 281,872 | $ | 290,979 | $ | 8,160 | $ | 387 | $ | 298,752 | ||||||||||||
Total held-to-maturity securities(b) | $ | 49,264 | $ | 2,118 | $ | 12 | $ | 51,370 | $ | 49,252 | $ | 1,902 | $ | — | $ | 51,154 | ||||||||||||
(a) | Included total U.S. government-sponsored enterprise obligations with fair values of $55.0 billion and $59.3 billion at March 31, 2015, and December 31, 2014, respectively. | |||||||||||||||||||||||||||
(b) | As of March 31, 2015, consists of MBS issued by U. S. government-sponsored enterprises with an amortized cost of $34.2 billion, MBS issued by U.S. government agencies with an amortized cost of $3.4 billion and obligations of U.S. states and municipalities with an amortized cost of $11.6 billion. As of December 31, 2014, consists of MBS issued by U.S. government-sponsored enterprises with an amortized cost of $35.3 billion, MBS issued by U.S. government agencies with an amortized cost of $3.7 billion and obligations of U.S. states and municipalities with an amortized cost of $10.2 billion. | |||||||||||||||||||||||||||
Securities impairment | ||||||||||||||||||||||||||||
The following tables present the fair value and gross unrealized losses for investment securities by aging category at March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||||||
Securities with gross unrealized losses | ||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | |||||||||||||||||||||||||||
March 31, 2015 (in millions) | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Total fair value | Total gross unrealized losses | ||||||||||||||||||||||
Available-for-sale debt securities | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
U.S. government agencies | $ | 858 | $ | 23 | $ | 2,994 | $ | 29 | $ | 3,852 | $ | 52 | ||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Prime and Alt-A | 914 | 7 | 436 | 15 | 1,350 | 22 | ||||||||||||||||||||||
Subprime | — | — | — | — | — | — | ||||||||||||||||||||||
Non-U.S. | 597 | 1 | — | — | 597 | 1 | ||||||||||||||||||||||
Commercial | 4,726 | 12 | — | — | 4,726 | 12 | ||||||||||||||||||||||
Total mortgage-backed securities | 7,095 | 43 | 3,430 | 44 | 10,525 | 87 | ||||||||||||||||||||||
U.S. Treasury and government agencies | 6,941 | 16 | — | — | 6,941 | 16 | ||||||||||||||||||||||
Obligations of U.S. states and municipalities | 1,729 | 22 | 172 | 3 | 1,901 | 25 | ||||||||||||||||||||||
Certificates of deposit | 740 | 1 | — | — | 740 | 1 | ||||||||||||||||||||||
Non-U.S. government debt securities | 2,018 | 7 | 721 | 9 | 2,739 | 16 | ||||||||||||||||||||||
Corporate debt securities | 2,028 | 26 | 241 | 2 | 2,269 | 28 | ||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Collateralized loan obligations | 9,803 | 28 | 9,886 | 84 | 19,689 | 112 | ||||||||||||||||||||||
Other | 2,400 | 6 | — | — | 2,400 | 6 | ||||||||||||||||||||||
Total available-for-sale debt securities | 32,754 | 149 | 14,450 | 142 | 47,204 | 291 | ||||||||||||||||||||||
Available-for-sale equity securities | — | — | — | — | — | — | ||||||||||||||||||||||
Held-to-maturity securities | 878 | 12 | — | — | 878 | 12 | ||||||||||||||||||||||
Total securities with gross unrealized losses | $ | 33,632 | $ | 161 | $ | 14,450 | $ | 142 | $ | 48,082 | $ | 303 | ||||||||||||||||
Securities with gross unrealized losses | ||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | |||||||||||||||||||||||||||
December 31, 2014 (in millions) | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Total fair value | Total gross unrealized losses | ||||||||||||||||||||||
Available-for-sale debt securities | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
U.S. government agencies | $ | 1,118 | $ | 5 | $ | 4,989 | $ | 67 | $ | 6,107 | $ | 72 | ||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Prime and Alt-A | 1,840 | 10 | 405 | 19 | 2,245 | 29 | ||||||||||||||||||||||
Subprime | — | — | — | — | — | — | ||||||||||||||||||||||
Non-U.S. | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | 4,803 | 15 | 92 | 2 | 4,895 | 17 | ||||||||||||||||||||||
Total mortgage-backed securities | 7,761 | 30 | 5,486 | 88 | 13,247 | 118 | ||||||||||||||||||||||
U.S. Treasury and government agencies | 8,412 | 14 | — | — | 8,412 | 14 | ||||||||||||||||||||||
Obligations of U.S. states and municipalities | 1,405 | 15 | 130 | 1 | 1,535 | 16 | ||||||||||||||||||||||
Certificates of deposit | 1,050 | 1 | — | — | 1,050 | 1 | ||||||||||||||||||||||
Non-U.S. government debt securities | 4,433 | 4 | 906 | 17 | 5,339 | 21 | ||||||||||||||||||||||
Corporate debt securities | 2,492 | 22 | 80 | 2 | 2,572 | 24 | ||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Collateralized loan obligations | 13,909 | 76 | 9,012 | 106 | 22,921 | 182 | ||||||||||||||||||||||
Other | 2,258 | 11 | — | — | 2,258 | 11 | ||||||||||||||||||||||
Total available-for-sale debt securities | 41,720 | 173 | 15,614 | 214 | 57,334 | 387 | ||||||||||||||||||||||
Available-for-sale equity securities | — | — | — | — | — | — | ||||||||||||||||||||||
Held-to-maturity securities | — | — | — | — | — | — | ||||||||||||||||||||||
Total securities with gross unrealized losses | $ | 41,720 | $ | 173 | $ | 15,614 | $ | 214 | $ | 57,334 | $ | 387 | ||||||||||||||||
Changes in the credit loss component of credit-impaired debt securities | ||||||||||||||||||||||||||||
The following table presents a rollforward for the three months ended March 31, 2015 and 2014, of the credit loss component of OTTI losses that have been recognized in income related to AFS debt securities that the Firm does not intend to sell. | ||||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 3 | $ | 1 | ||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||
Newly credit-impaired securities | 1 | — | ||||||||||||||||||||||||||
Balance, end of period | $ | 4 | $ | 1 | ||||||||||||||||||||||||
Gross unrealized losses | ||||||||||||||||||||||||||||
Gross unrealized losses have generally decreased since December 31, 2014. The Firm has recognized the unrealized losses on securities it intends to sell. As of March 31, 2015, the Firm does not intend to sell any securities with a loss position in AOCI, and it is not likely that the Firm will be required to sell these securities before recovery of their amortized cost basis. Except for the securities reported in the table above, for which credit losses have been recognized in income, the Firm believes that the securities with an unrealized loss in AOCI are not other-than-temporarily impaired as of March 31, 2015. | ||||||||||||||||||||||||||||
Contractual maturities and yields | ||||||||||||||||||||||||||||
The following table presents the amortized cost and estimated fair value at March 31, 2015, of JPMorgan Chase’s investment securities portfolio by contractual maturity. | ||||||||||||||||||||||||||||
By remaining maturity | Due in one | Due after one year through five years | Due after five years through 10 years | Due after | Total | |||||||||||||||||||||||
31-Mar-15 | year or less | 10 years(c) | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Available-for-sale debt securities | ||||||||||||||||||||||||||||
Mortgage-backed securities(a) | ||||||||||||||||||||||||||||
Amortized cost | $ | 876 | $ | 13,327 | $ | 5,423 | $ | 107,317 | $ | 126,943 | ||||||||||||||||||
Fair value | 882 | 13,628 | 5,635 | 110,620 | 130,765 | |||||||||||||||||||||||
Average yield(b) | 2.38 | % | 1.73 | % | 3.28 | % | 3.03 | % | 2.9 | % | ||||||||||||||||||
U.S. Treasury and government agencies | ||||||||||||||||||||||||||||
Amortized cost | $ | 600 | $ | — | $ | 10,169 | $ | 1,183 | $ | 11,952 | ||||||||||||||||||
Fair value | 603 | — | 10,162 | 1,200 | 11,965 | |||||||||||||||||||||||
Average yield(b) | 1.54 | % | — | % | 0.21 | % | 0.38 | % | 0.29 | % | ||||||||||||||||||
Obligations of U.S. states and municipalities | ||||||||||||||||||||||||||||
Amortized cost | $ | 55 | $ | 516 | $ | 1,468 | $ | 26,883 | $ | 28,922 | ||||||||||||||||||
Fair value | 55 | 533 | 1,551 | 29,060 | 31,199 | |||||||||||||||||||||||
Average yield(b) | 2.96 | % | 5.05 | % | 4.88 | % | 6.68 | % | 6.56 | % | ||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||||
Amortized cost | $ | 969 | $ | 52 | $ | — | $ | — | $ | 1,021 | ||||||||||||||||||
Fair value | 970 | 53 | — | — | 1,023 | |||||||||||||||||||||||
Average yield(b) | 3 | % | 3.28 | % | — | % | — | % | 3.02 | % | ||||||||||||||||||
Non-U.S. government debt securities | ||||||||||||||||||||||||||||
Amortized cost | $ | 10,455 | $ | 13,934 | $ | 17,842 | $ | 2,312 | $ | 44,543 | ||||||||||||||||||
Fair value | 10,481 | 14,282 | 18,598 | 2,496 | 45,857 | |||||||||||||||||||||||
Average yield(b) | 3.24 | % | 1.81 | % | 1.07 | % | 0.99 | % | 1.81 | % | ||||||||||||||||||
Corporate debt securities | ||||||||||||||||||||||||||||
Amortized cost | $ | 3,661 | $ | 8,991 | $ | 4,066 | $ | 132 | $ | 16,850 | ||||||||||||||||||
Fair value | 3,684 | 9,208 | 4,165 | 134 | 17,191 | |||||||||||||||||||||||
Average yield(b) | 2.2 | % | 2.28 | % | 2.6 | % | 4.26 | % | 2.36 | % | ||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 1,689 | $ | 18,859 | $ | 20,829 | $ | 41,377 | ||||||||||||||||||
Fair value | — | 1,700 | 18,935 | 20,912 | 41,547 | |||||||||||||||||||||||
Average yield(b) | — | % | 1.62 | % | 1.73 | % | 1.77 | % | 1.74 | % | ||||||||||||||||||
Total available-for-sale debt securities | ||||||||||||||||||||||||||||
Amortized cost | $ | 16,616 | $ | 38,509 | $ | 57,827 | $ | 158,656 | $ | 271,608 | ||||||||||||||||||
Fair value | 16,675 | 39,404 | 59,046 | 164,422 | 279,547 | |||||||||||||||||||||||
Average yield(b) | 2.89 | % | 1.93 | % | 1.55 | % | 3.44 | % | 2.79 | % | ||||||||||||||||||
Available-for-sale equity securities | ||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 2,309 | $ | 2,309 | ||||||||||||||||||
Fair value | — | — | — | 2,325 | 2,325 | |||||||||||||||||||||||
Average yield(b) | — | % | — | % | — | % | 0.24 | % | 0.24 | % | ||||||||||||||||||
Total available-for-sale securities | ||||||||||||||||||||||||||||
Amortized cost | $ | 16,616 | $ | 38,509 | $ | 57,827 | $ | 160,965 | $ | 273,917 | ||||||||||||||||||
Fair value | 16,675 | 39,404 | 59,046 | 166,747 | 281,872 | |||||||||||||||||||||||
Average yield(b) | 2.89 | % | 1.93 | % | 1.55 | % | 3.39 | % | 2.76 | % | ||||||||||||||||||
Total held-to-maturity securities | ||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 53 | $ | 603 | $ | 48,608 | $ | 49,264 | ||||||||||||||||||
Fair value | — | 53 | 634 | 50,683 | 51,370 | |||||||||||||||||||||||
Average yield(b) | — | 4.39 | % | 4.94 | % | 4.01 | % | 4.02% | ||||||||||||||||||||
(a) | U.S. government-sponsored enterprises were the only issuers whose securities exceeded 10% of JPMorgan Chase’s total stockholders’ equity at March 31, 2015. | |||||||||||||||||||||||||||
(b) | Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. | |||||||||||||||||||||||||||
(c) | Includes securities with no stated maturity. Substantially all of the Firm’s residential mortgage-backed securities and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated duration, which reflects anticipated future prepayments, is approximately five years for agency residential mortgage-backed securities, three years for agency residential collateralized mortgage obligations and five years for U.S. nonagency residential collateralized mortgage obligations. |
Securities_Financing_Activitie
Securities Financing Activities | 3 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||
Securities Financing Transactions Disclosures [Abstract] | |||||||||||||||||||||||||||||||
Securities financing activities | Securities financing activities | ||||||||||||||||||||||||||||||
For a discussion of accounting policies relating to securities financing activities, see Note 13 of JPMorgan Chase’s 2014 Annual Report. For further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected, see Note 4. For further information regarding assets pledged and collateral received in securities financing agreements, see Note 22. Certain prior period amounts for both securities purchased under resale agreements and securities borrowed; and securities sold under repurchase agreements and securities loaned have been revised to conform with the current period presentation. These revisions had no impact on the Firm's Consolidated balance sheets or its results of operations. | |||||||||||||||||||||||||||||||
The following table presents as of March 31, 2015, and December 31, 2014, the gross and net securities purchased under resale agreements and securities borrowed. Securities purchased under resale agreements have been presented on the Consolidated balance sheets net of securities sold under repurchase agreements where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement, and where the other relevant criteria have been met. Where such a legal opinion has not been either sought or obtained, the securities purchased under resale agreements are not eligible for netting and are shown separately in the table below. Securities borrowed are presented on a gross basis on the Consolidated balance sheets. | |||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
(in millions) | Gross asset balance | Amounts netted on the Consolidated Balance Sheets | Net asset balance | Gross asset balance | Amounts netted on the Consolidated Balance Sheets | Net asset balance | |||||||||||||||||||||||||
Securities purchased under resale agreements | |||||||||||||||||||||||||||||||
Securities purchased under resale agreements with an appropriate legal opinion | $ | 372,595 | $ | (159,758 | ) | $ | 212,837 | $ | 347,142 | $ | (142,719 | ) | $ | 204,423 | |||||||||||||||||
Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained | 6,127 | 6,127 | 10,598 | 10,598 | |||||||||||||||||||||||||||
Total securities purchased under resale agreements | $ | 378,722 | $ | (159,758 | ) | $ | 218,964 | (a) | $ | 357,740 | $ | (142,719 | ) | $ | 215,021 | (a) | |||||||||||||||
Securities borrowed | $ | 108,376 | NA | $ | 108,376 | (b)(c) | $ | 110,435 | NA | $ | 110,435 | (b)(c) | |||||||||||||||||||
(a) | At March 31, 2015, and December 31, 2014, included securities purchased under resale agreements of $29.3 billion and $28.6 billion, respectively, accounted for at fair value. | ||||||||||||||||||||||||||||||
(b) | At March 31, 2015, and December 31, 2014, included securities borrowed of $792 million and $992 million, respectively, accounted for at fair value. | ||||||||||||||||||||||||||||||
(c) | Included $23.6 billion and $27.7 billion at March 31, 2015, and December 31, 2014, respectively, of securities borrowed where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement. | ||||||||||||||||||||||||||||||
The following table presents information as of March 31, 2015, and December 31, 2014, regarding the securities purchased under resale agreements and securities borrowed for which an appropriate legal opinion has been obtained with respect to the master netting agreement. The table below excludes information related to resale agreements and securities borrowed where such a legal opinion has not been either sought or obtained. | |||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||
Amounts not nettable on the Consolidated balance sheets(a) | Amounts not nettable on | ||||||||||||||||||||||||||||||
the Consolidated balance sheets(a) | |||||||||||||||||||||||||||||||
(in millions) | Net asset balance | Financial instruments(b) | Cash collateral | Net exposure | Net asset balance | Financial instruments(b) | Cash collateral | Net exposure | |||||||||||||||||||||||
Securities purchased under resale agreements with an appropriate legal opinion | $ | 212,837 | $ | (209,548 | ) | $ | (207 | ) | $ | 3,082 | $ | 204,423 | $ | (201,375 | ) | $ | (246 | ) | $ | 2,802 | |||||||||||
Securities borrowed | $ | 84,744 | $ | (81,603 | ) | $ | — | $ | 3,141 | $ | 82,748 | $ | (80,338 | ) | $ | — | $ | 2,410 | |||||||||||||
(a) | For some counterparties, the sum of the financial instruments and cash collateral not nettable on the Consolidated balance sheets may exceed the net asset balance. Where this is the case the total amounts reported in these two columns are limited to the balance of the net reverse repurchase agreement or securities borrowed asset with that counterparty. As a result a net exposure amount is reported even though the Firm, on an aggregate basis for its securities purchased under resale agreements and securities borrowed, has received securities collateral with a total fair value that is greater than the funds provided to counterparties. | ||||||||||||||||||||||||||||||
(b) | Includes financial instrument collateral received, repurchase liabilities and securities loaned liabilities with an appropriate legal opinion with respect to the master netting agreement; these amounts are not presented net on the Consolidated balance sheets because other U.S. GAAP netting criteria are not met. | ||||||||||||||||||||||||||||||
The following table presents as of March 31, 2015, and December 31, 2014, the gross and net securities sold under repurchase agreements and securities loaned. Securities sold under repurchase agreements have been presented on the Consolidated balance sheets net of securities purchased under resale agreements where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement, and where the other relevant criteria have been met. Where such a legal opinion has not been either sought or obtained, the securities sold under repurchase agreements are not eligible for netting and are shown separately in the table below. Securities loaned are presented on a gross basis on the Consolidated balance sheets. | |||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
(in millions) | Gross liability balance | Amounts netted | Net liability balance | Gross liability balance | Amounts netted | Net liability balance | |||||||||||||||||||||||||
on the Consolidated balance sheets | on the Consolidated balance sheets | ||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | |||||||||||||||||||||||||||||||
Securities sold under repurchase agreements with an appropriate legal opinion | $ | 318,721 | $ | (159,758 | ) | $ | 158,963 | $ | 290,529 | $ | (142,719 | ) | $ | 147,810 | |||||||||||||||||
Securities sold under repurchase agreements where an appropriate legal opinion has not been either sought or obtained(a) | 17,654 | 17,654 | 21,996 | 21,996 | |||||||||||||||||||||||||||
Total securities sold under repurchase agreements | $ | 336,375 | $ | (159,758 | ) | $ | 176,617 | (c) | $ | 312,525 | $ | (142,719 | ) | $ | 169,806 | (c) | |||||||||||||||
Securities loaned(b) | $ | 25,179 | NA | $ | 25,179 | (d)(e) | $ | 25,927 | NA | $ | 25,927 | (d)(e) | |||||||||||||||||||
(a) | Includes repurchase agreements that are not subject to a master netting agreement but do provide rights to collateral. | ||||||||||||||||||||||||||||||
(b) | Included securities-for-securities lending transactions of $5.7 billion and $4.1 billion at March 31, 2015, and December 31, 2014, respectively, where the Firm is acting as lender. These amounts are presented within other liabilities in the Consolidated balance sheets. | ||||||||||||||||||||||||||||||
(c) | At March 31, 2015, and December 31, 2014, included securities sold under repurchase agreements of $3.6 billion and $3.0 billion, respectively, accounted for at fair value. | ||||||||||||||||||||||||||||||
(d) | There were no securities loaned accounted for at fair value as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||
(e) | Included $30 million and $271 million at March 31, 2015, and December 31, 2014, respectively, of securities loaned where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement. | ||||||||||||||||||||||||||||||
The following table presents information as of March 31, 2015, and December 31, 2014, regarding the securities sold under repurchase agreements and securities loaned for which an appropriate legal opinion has been obtained with respect to the master netting agreement. The table below excludes information related to repurchase agreements and securities loaned where such a legal opinion has not been either sought or obtained. | |||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||
Amounts not nettable | Amounts not nettable | ||||||||||||||||||||||||||||||
on the Consolidated balance sheets(a) | on the Consolidated | ||||||||||||||||||||||||||||||
balance sheets(a) | |||||||||||||||||||||||||||||||
(in millions) | Net liability balance | Financial instruments(b) | Cash collateral | Net amount(c) | Net liability balance | Financial instruments(b) | Cash collateral | Net amount(c) | |||||||||||||||||||||||
Securities sold under repurchase agreements with an appropriate legal opinion | $ | 158,963 | $ | (157,232 | ) | $ | (362 | ) | $ | 1,369 | $ | 147,810 | $ | (145,732 | ) | $ | (497 | ) | $ | 1,581 | |||||||||||
Securities loaned | $ | 25,149 | $ | (24,866 | ) | $ | — | $ | 283 | $ | 25,656 | $ | (25,287 | ) | $ | — | $ | 369 | |||||||||||||
(a) | For some counterparties the sum of the financial instruments and cash collateral not nettable on the Consolidated Balance Sheets may exceed the net liability balance. Where this is the case the total amounts reported in these two columns are limited to the balance of the net repurchase agreement or securities loaned liability with that counterparty. | ||||||||||||||||||||||||||||||
(b) | Includes financial instrument collateral transferred, reverse repurchase assets and securities borrowed assets with an appropriate legal opinion with respect to the master netting agreement; these amounts are not presented net on the Consolidated balance sheets because other U.S. GAAP netting criteria are not met. | ||||||||||||||||||||||||||||||
(c) | Net amount represents exposure of counterparties to the Firm. | ||||||||||||||||||||||||||||||
Transfers not qualifying for sale accounting | |||||||||||||||||||||||||||||||
At both March 31, 2015 and December 31, 2014, the Firm held $13.8 billion of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. | |||||||||||||||||||||||||||||||
The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded predominantly in other borrowed funds on the | |||||||||||||||||||||||||||||||
Consolidated balance sheets. |
Loans
Loans | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||||||||||||||||||||
Loan accounting framework | |||||||||||||||||||||||||||||||||||||||||||
The accounting for a loan depends on management’s strategy for the loan, and on whether the loan was credit-impaired at the date of acquisition. The Firm accounts for loans based on the following categories: | |||||||||||||||||||||||||||||||||||||||||||
• | Originated or purchased loans held-for-investment (i.e., “retained”), other than purchased credit-impaired (“PCI”) loans | ||||||||||||||||||||||||||||||||||||||||||
• | Loans held-for-sale | ||||||||||||||||||||||||||||||||||||||||||
• | Loans at fair value | ||||||||||||||||||||||||||||||||||||||||||
• | PCI loans held-for-investment | ||||||||||||||||||||||||||||||||||||||||||
For a detailed discussion of loans, including accounting policies, see Note 14 of JPMorgan Chase’s 2014 Annual Report. See Note 4 of this Form 10-Q for further information on the Firm’s elections of fair value accounting under the fair value option. See Note 3 of this Form 10-Q for further information on loans carried at fair value and classified as trading assets. | |||||||||||||||||||||||||||||||||||||||||||
Loan portfolio | |||||||||||||||||||||||||||||||||||||||||||
The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment, the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class: | |||||||||||||||||||||||||||||||||||||||||||
Consumer, excluding | Credit card | Wholesale(c) | |||||||||||||||||||||||||||||||||||||||||
credit card(a) | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate – excluding PCI | • Credit card loans | • Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||
• Home equity – senior lien | • Real estate | ||||||||||||||||||||||||||||||||||||||||||
• Home equity – junior lien | • Financial institutions | ||||||||||||||||||||||||||||||||||||||||||
• Prime mortgage, including | • Government agencies | ||||||||||||||||||||||||||||||||||||||||||
option ARMs | • Other(d) | ||||||||||||||||||||||||||||||||||||||||||
• Subprime mortgage | |||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||||||
• Auto(b) | |||||||||||||||||||||||||||||||||||||||||||
• Business banking(b) | |||||||||||||||||||||||||||||||||||||||||||
• Student and other | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate – PCI | |||||||||||||||||||||||||||||||||||||||||||
• Home equity | |||||||||||||||||||||||||||||||||||||||||||
• Prime mortgage | |||||||||||||||||||||||||||||||||||||||||||
• Subprime mortgage | |||||||||||||||||||||||||||||||||||||||||||
• Option ARMs | |||||||||||||||||||||||||||||||||||||||||||
(a) | Includes loans held in CCB, prime mortgage and home equity loans held in AM and prime mortgage loans held in Corporate. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Includes certain business banking and auto dealer risk-rated loans that apply the wholesale methodology for determining the allowance for loan losses; these loans are managed by CCB, and therefore, for consistency in presentation, are included with the other consumer loan classes. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Includes loans held in CIB, CB, AM and Corporate. Excludes prime mortgage and home equity loans held in AM and prime mortgage loans held in Corporate. Classes are internally defined and may not align with regulatory definitions. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Other primarily includes loans to SPEs and loans to private banking clients. See Note 1 of JPMorgan Chase’s 2014 Annual Report for additional information on special-purpose entities (“SPEs”). | ||||||||||||||||||||||||||||||||||||||||||
The following tables summarize the Firm’s loan balances by portfolio segment. | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Consumer, excluding credit card | Credit card(a) | Wholesale | Total | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Retained | $ | 304,917 | $ | 120,835 | $ | 331,219 | $ | 756,971 | (b) | ||||||||||||||||||||||||||||||||||
Held-for-sale | 298 | 2,422 | 2,204 | 4,924 | |||||||||||||||||||||||||||||||||||||||
At fair value | — | — | 2,290 | 2,290 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 305,215 | $ | 123,257 | $ | 335,713 | $ | 764,185 | |||||||||||||||||||||||||||||||||||
31-Dec-14 | Consumer, excluding credit card | Credit card(a) | Wholesale | Total | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Retained | $ | 294,979 | $ | 128,027 | $ | 324,502 | $ | 747,508 | (b) | ||||||||||||||||||||||||||||||||||
Held-for-sale | 395 | 3,021 | 3,801 | 7,217 | |||||||||||||||||||||||||||||||||||||||
At fair value | — | — | 2,611 | 2,611 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 295,374 | $ | 131,048 | $ | 330,914 | $ | 757,336 | |||||||||||||||||||||||||||||||||||
(a) | Includes billed finance charges and fees net of an allowance for uncollectible amounts. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Loans (other than PCI loans and those for which the fair value option has been elected) are presented net of unearned income, unamortized discounts and premiums, and net deferred loan costs of $1.2 billion and $1.3 billion at March 31, 2015, and December 31, 2014, respectively. | ||||||||||||||||||||||||||||||||||||||||||
The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. These tables exclude loans recorded at fair value. The Firm manages its exposure to credit risk on an ongoing basis. Selling loans is one way that the Firm reduces its credit exposures. | |||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | |||||||||||||||||||||||||||||||||||
Purchases | $ | 1,608 | (a)(b) | $ | — | $ | 208 | $ | 1,816 | $ | 1,582 | (a)(b) | $ | — | $ | 121 | $ | 1,703 | |||||||||||||||||||||||||
Sales | 1,736 | 177 | 2,449 | 4,362 | 891 | — | 2,356 | 3,247 | |||||||||||||||||||||||||||||||||||
Retained loans reclassified to held-for-sale | 18 | — | 320 | 338 | — | — | 297 | 297 | |||||||||||||||||||||||||||||||||||
(a) | Purchases predominantly represent the Firm’s voluntary repurchase of certain delinquent loans from loan pools as permitted by Ginnie Mae guidelines. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, the Federal Housing Administration (“FHA”), Rural Housing Services (“RHS”) and/or the U.S. Department of Veterans Affairs (“VA”). | ||||||||||||||||||||||||||||||||||||||||||
(b) | Excluded retained loans purchased from correspondents that were originated in accordance with the Firm’s underwriting standards. Such purchases were $11.2 billion and $1.7 billion for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||||||||||||
The following table provides information about gains and losses, including lower of cost or fair value adjustments, on loan sales by portfolio segment. | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||
Net gains/(losses) on sales of loans (including lower of cost or fair value adjustments)(a) | |||||||||||||||||||||||||||||||||||||||||||
Consumer, excluding credit card | $ | 91 | $ | 42 | |||||||||||||||||||||||||||||||||||||||
Credit card | 16 | — | |||||||||||||||||||||||||||||||||||||||||
Wholesale | (6 | ) | 24 | ||||||||||||||||||||||||||||||||||||||||
Total net gains/(losses) on sales of loans (including lower of cost or fair value adjustments) | $ | 101 | $ | 66 | |||||||||||||||||||||||||||||||||||||||
(a) | Excludes sales related to loans accounted for at fair value. | ||||||||||||||||||||||||||||||||||||||||||
Consumer, excluding credit card | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Loans | Consumer, excluding credit card loan portfolio | ||||||||||||||||||||||||||||||||||||||||||
Consumer loans, excluding credit card loans, consist primarily of residential mortgages, home equity loans and lines of credit, auto loans, business banking loans, and student and other loans, with a focus on serving the prime consumer credit market. The portfolio also includes home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period, and certain payment-option loans originated by Washington Mutual that may result in negative amortization. | |||||||||||||||||||||||||||||||||||||||||||
The table below provides information about retained consumer loans, excluding credit card, by class. | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Residential real estate – | |||||||||||||||||||||||||||||||||||||||||||
excluding PCI | |||||||||||||||||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||||||||||||||||
Senior lien | $ | 15,922 | $ | 16,367 | |||||||||||||||||||||||||||||||||||||||
Junior lien | 34,968 | 36,375 | |||||||||||||||||||||||||||||||||||||||||
Mortgages: | |||||||||||||||||||||||||||||||||||||||||||
Prime, including option ARMs | 117,275 | 104,921 | |||||||||||||||||||||||||||||||||||||||||
Subprime | 4,826 | 5,056 | |||||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||||||
Auto | 55,455 | 54,536 | |||||||||||||||||||||||||||||||||||||||||
Business banking | 20,375 | 20,058 | |||||||||||||||||||||||||||||||||||||||||
Student and other | 10,740 | 10,970 | |||||||||||||||||||||||||||||||||||||||||
Residential real estate – PCI | |||||||||||||||||||||||||||||||||||||||||||
Home equity | 16,638 | 17,095 | |||||||||||||||||||||||||||||||||||||||||
Prime mortgage | 9,916 | 10,220 | |||||||||||||||||||||||||||||||||||||||||
Subprime mortgage | 3,559 | 3,673 | |||||||||||||||||||||||||||||||||||||||||
Option ARMs | 15,243 | 15,708 | |||||||||||||||||||||||||||||||||||||||||
Total retained loans | $ | 304,917 | $ | 294,979 | |||||||||||||||||||||||||||||||||||||||
For further information on consumer credit quality indicators, see Note 14 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate – excluding PCI loans | |||||||||||||||||||||||||||||||||||||||||||
The following table provides information by class for residential real estate – excluding retained PCI loans in the consumer, excluding credit card, portfolio segment. | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate – excluding PCI loans | |||||||||||||||||||||||||||||||||||||||||||
Home equity | Mortgages | ||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Senior lien | Junior lien | Prime, including | Subprime | Total residential real estate – excluding PCI | ||||||||||||||||||||||||||||||||||||||
option ARMs | |||||||||||||||||||||||||||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Loan delinquency(a) | |||||||||||||||||||||||||||||||||||||||||||
Current | $ | 15,315 | $ | 15,730 | $ | 34,235 | $ | 35,575 | $ | 106,791 | $ | 93,951 | $ | 4,122 | $ | 4,296 | $ | 160,463 | $ | 149,552 | |||||||||||||||||||||||
30–149 days past due | 243 | 275 | 469 | 533 | 3,568 | 4,091 | 433 | 489 | 4,713 | 5,388 | |||||||||||||||||||||||||||||||||
150 or more days past due | 364 | 362 | 264 | 267 | 6,916 | 6,879 | 271 | 271 | 7,815 | 7,779 | |||||||||||||||||||||||||||||||||
Total retained loans | $ | 15,922 | $ | 16,367 | $ | 34,968 | $ | 36,375 | $ | 117,275 | $ | 104,921 | $ | 4,826 | $ | 5,056 | $ | 172,991 | $ | 162,719 | |||||||||||||||||||||||
% of 30+ days past due to | 3.81 | % | 3.89 | % | 2.1 | % | 2.2 | % | 1.23 | % | 1.42 | % | 14.59 | % | 15.03 | % | 2.02 | % | 2.27 | % | |||||||||||||||||||||||
total retained loans(b) | |||||||||||||||||||||||||||||||||||||||||||
90 or more days past due and | — | — | — | — | 7,291 | 7,544 | — | — | 7,291 | 7,544 | |||||||||||||||||||||||||||||||||
government guaranteed(c) | |||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | 930 | 938 | 1,539 | 1,590 | 2,119 | 2,190 | 1,010 | 1,036 | 5,598 | 5,754 | |||||||||||||||||||||||||||||||||
Current estimated LTV ratios(d)(e)(f) | |||||||||||||||||||||||||||||||||||||||||||
Greater than 125% and refreshed | |||||||||||||||||||||||||||||||||||||||||||
FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | $ | 19 | $ | 21 | $ | 375 | $ | 467 | $ | 103 | $ | 120 | $ | 9 | $ | 10 | $ | 506 | $ | 618 | |||||||||||||||||||||||
Less than 660 | 9 | 10 | 112 | 138 | 95 | 103 | 40 | 51 | 256 | 302 | |||||||||||||||||||||||||||||||||
101% to 125% and refreshed | |||||||||||||||||||||||||||||||||||||||||||
FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 118 | 134 | 2,762 | 3,149 | 564 | 648 | 96 | 118 | 3,540 | 4,049 | |||||||||||||||||||||||||||||||||
Less than 660 | 59 | 69 | 791 | 923 | 297 | 340 | 241 | 298 | 1,388 | 1,630 | |||||||||||||||||||||||||||||||||
80% to 100% and refreshed FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 549 | 633 | 6,032 | 6,481 | 3,353 | 3,863 | 376 | 432 | 10,310 | 11,409 | |||||||||||||||||||||||||||||||||
Less than 660 | 209 | 226 | 1,698 | 1,780 | 951 | 1,026 | 720 | 770 | 3,578 | 3,802 | |||||||||||||||||||||||||||||||||
Less than 80% and refreshed FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 12,760 | 13,048 | 19,780 | 20,030 | 94,768 | 81,805 | 1,540 | 1,586 | 128,848 | 116,469 | |||||||||||||||||||||||||||||||||
Less than 660 | 2,199 | 2,226 | 3,418 | 3,407 | 5,089 | 4,906 | 1,804 | 1,791 | 12,510 | 12,330 | |||||||||||||||||||||||||||||||||
U.S. government-guaranteed | — | — | — | — | 12,055 | 12,110 | — | — | 12,055 | 12,110 | |||||||||||||||||||||||||||||||||
Total retained loans | $ | 15,922 | $ | 16,367 | $ | 34,968 | $ | 36,375 | $ | 117,275 | $ | 104,921 | $ | 4,826 | $ | 5,056 | $ | 172,991 | $ | 162,719 | |||||||||||||||||||||||
Geographic region | |||||||||||||||||||||||||||||||||||||||||||
California | $ | 2,176 | $ | 2,232 | $ | 7,846 | $ | 8,144 | $ | 32,022 | $ | 28,133 | $ | 678 | $ | 718 | $ | 42,722 | $ | 39,227 | |||||||||||||||||||||||
New York | 2,745 | 2,805 | 7,383 | 7,685 | 17,483 | 16,550 | 650 | 677 | 28,261 | 27,717 | |||||||||||||||||||||||||||||||||
Illinois | 1,266 | 1,306 | 2,515 | 2,605 | 7,657 | 6,654 | 199 | 207 | 11,637 | 10,772 | |||||||||||||||||||||||||||||||||
Florida | 870 | 861 | 1,854 | 1,923 | 5,376 | 5,106 | 602 | 632 | 8,702 | 8,522 | |||||||||||||||||||||||||||||||||
Texas | 1,754 | 1,845 | 1,057 | 1,087 | 5,720 | 4,935 | 171 | 177 | 8,702 | 8,044 | |||||||||||||||||||||||||||||||||
New Jersey | 661 | 654 | 2,147 | 2,233 | 3,751 | 3,361 | 218 | 227 | 6,777 | 6,475 | |||||||||||||||||||||||||||||||||
Arizona | 893 | 927 | 1,533 | 1,595 | 2,112 | 1,805 | 107 | 112 | 4,645 | 4,439 | |||||||||||||||||||||||||||||||||
Washington | 487 | 506 | 1,168 | 1,216 | 2,706 | 2,410 | 104 | 109 | 4,465 | 4,241 | |||||||||||||||||||||||||||||||||
Michigan | 722 | 736 | 810 | 848 | 1,336 | 1,203 | 115 | 121 | 2,983 | 2,908 | |||||||||||||||||||||||||||||||||
Ohio | 1,117 | 1,150 | 741 | 778 | 735 | 615 | 107 | 112 | 2,700 | 2,655 | |||||||||||||||||||||||||||||||||
All other(g) | 3,231 | 3,345 | 7,914 | 8,261 | 38,377 | 34,149 | 1,875 | 1,964 | 51,397 | 47,719 | |||||||||||||||||||||||||||||||||
Total retained loans | $ | 15,922 | $ | 16,367 | $ | 34,968 | $ | 36,375 | $ | 117,275 | $ | 104,921 | $ | 4,826 | $ | 5,056 | $ | 172,991 | $ | 162,719 | |||||||||||||||||||||||
(a) | Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $3.0 billion and $2.6 billion; 30–149 days past due included $3.0 billion and $3.5 billion; and 150 or more days past due included $6.1 billion and $6.0 billion at March 31, 2015, and December 31, 2014, respectively. | ||||||||||||||||||||||||||||||||||||||||||
(b) | At March 31, 2015, and December 31, 2014, Prime, including option ARMs loans excluded mortgage loans insured by U.S. government agencies of $9.0 billion and $9.5 billion, respectively. These amounts have been excluded from nonaccrual loans based upon the government guarantee. | ||||||||||||||||||||||||||||||||||||||||||
(c) | These balances, which are 90 days or more past due but insured by U.S. government agencies, were excluded from nonaccrual loans. In predominantly all cases, 100% of the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. These amounts have been excluded from nonaccrual loans based upon the government guarantee. At March 31, 2015, and December 31, 2014, these balances included $4.0 billion and $4.2 billion, respectively, of loans that are no longer accruing interest because interest has been curtailed by the U.S. government agencies although, in predominantly all cases, 100% of the principal is still insured. For the remaining balance, interest is being accrued at the guaranteed reimbursement rate. There were no loans not insured by U.S. government agencies that are 90 or more days past due and still accruing at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. | ||||||||||||||||||||||||||||||||||||||||||
(e) | Junior lien represents combined loan-to-value (“LTV”), which considers all available lien positions, as well as unused lines, related to the property. All other products are presented without consideration of subordinate liens on the property. | ||||||||||||||||||||||||||||||||||||||||||
(f) | Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. | ||||||||||||||||||||||||||||||||||||||||||
(g) | At both March 31, 2015, and December 31, 2014, included mortgage loans insured by U.S. government agencies of $12.1 billion. | ||||||||||||||||||||||||||||||||||||||||||
The following tables represent the Firm’s delinquency statistics for junior lien home equity loans and lines as of March 31, 2015, and December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||
Delinquencies | Total 30+ day delinquency rate | ||||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 30–89 days past due | 90–149 days past due | 150+ days | Total loans | |||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | past due | ||||||||||||||||||||||||||||||||||||||||||
HELOCs:(a) | |||||||||||||||||||||||||||||||||||||||||||
Within the revolving period(b) | $ | 191 | $ | 60 | $ | 134 | $ | 23,335 | 1.65 | % | |||||||||||||||||||||||||||||||||
Beyond the revolving period | 108 | 41 | 110 | 8,654 | 2.99 | ||||||||||||||||||||||||||||||||||||||
HELOANs | 52 | 17 | 20 | 2,979 | 2.99 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 351 | $ | 118 | $ | 264 | $ | 34,968 | 2.1 | % | |||||||||||||||||||||||||||||||||
Delinquencies | Total 30+ day delinquency rate | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | 30–89 days past due | 90–149 days past due | 150+ days | Total loans | |||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | past due | ||||||||||||||||||||||||||||||||||||||||||
HELOCs:(a) | |||||||||||||||||||||||||||||||||||||||||||
Within the revolving period(b) | $ | 233 | $ | 69 | $ | 141 | $ | 25,252 | 1.75 | % | |||||||||||||||||||||||||||||||||
Beyond the revolving period | 108 | 37 | 107 | 7,979 | 3.16 | ||||||||||||||||||||||||||||||||||||||
HELOANs | 66 | 20 | 19 | 3,144 | 3.34 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 407 | $ | 126 | $ | 267 | $ | 36,375 | 2.2 | % | |||||||||||||||||||||||||||||||||
(a) | These HELOCs are predominantly revolving loans for a 10-year period, after which time the HELOC converts to a loan with a 20-year amortization period, but also include HELOCs originated by Washington Mutual that require interest-only payments beyond the revolving period. | ||||||||||||||||||||||||||||||||||||||||||
(b) | The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are experiencing financial difficulty or when the collateral does not support the loan amount. | ||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit (“HELOCs”) beyond the revolving period and home equity loans (“HELOANs”) have higher delinquency rates than do HELOCs within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options | |||||||||||||||||||||||||||||||||||||||||||
available for HELOCs within the revolving period. The higher delinquency rates associated with amortizing HELOCs and HELOANs are factored into the loss estimates produced by the Firm’s delinquency roll-rate methodology, which estimates defaults based on the current delinquency status of a portfolio. | |||||||||||||||||||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||||||||||||
The table below sets forth information about the Firm’s residential real estate impaired loans, excluding PCI loans. These loans are considered to be impaired as they have been modified in a troubled debt restructuring (“TDR”). All impaired loans are evaluated for an asset-specific allowance as described in Note 15 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||||||||||||
Home equity | Mortgages | Total residential | |||||||||||||||||||||||||||||||||||||||||
real estate | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | Senior lien | Junior lien | Prime, including | Subprime | – excluding PCI | ||||||||||||||||||||||||||||||||||||||
option ARMs | |||||||||||||||||||||||||||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||||||||||||
With an allowance | $ | 553 | $ | 552 | $ | 724 | $ | 722 | $ | 4,596 | $ | 4,949 | $ | 2,092 | $ | 2,239 | $ | 7,965 | $ | 8,462 | |||||||||||||||||||||||
Without an allowance(a) | 534 | 549 | 569 | 582 | 1,142 | 1,196 | 613 | 639 | 2,858 | 2,966 | |||||||||||||||||||||||||||||||||
Total impaired loans(b)(c) | $ | 1,087 | $ | 1,101 | $ | 1,293 | $ | 1,304 | $ | 5,738 | $ | 6,145 | $ | 2,705 | $ | 2,878 | $ | 10,823 | $ | 11,428 | |||||||||||||||||||||||
Allowance for loan losses related to impaired loans | $ | 85 | $ | 84 | $ | 145 | $ | 147 | $ | 120 | $ | 127 | $ | 63 | $ | 64 | $ | 413 | $ | 422 | |||||||||||||||||||||||
Unpaid principal balance of impaired loans(d) | 1,426 | 1,451 | 2,546 | 2,603 | 7,331 | 7,813 | 3,968 | 4,200 | 15,271 | 16,067 | |||||||||||||||||||||||||||||||||
Impaired loans on nonaccrual status(e) | 623 | 628 | 620 | 632 | 1,517 | 1,559 | 898 | 931 | 3,658 | 3,750 | |||||||||||||||||||||||||||||||||
(a) | Represents collateral-dependent residential mortgage loans that are charged off to the fair value of the underlying collateral less cost to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At March 31, 2015, Chapter 7 residential real estate loans included approximately 18% of senior lien home equity, 11% of junior lien home equity, 23% of prime mortgages, including option ARMs, and 15% of subprime mortgages that were 30 days or more past due. | ||||||||||||||||||||||||||||||||||||||||||
(b) | At March 31, 2015, and December 31, 2014, $4.8 billion and $4.9 billion, respectively, of loans modified subsequent to repurchase from Government National Mortgage Association (“Ginnie Mae”) in accordance with the standards of the appropriate government agency (i.e., FHA, VA, RHS) are not included in the table above. When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools. Modified loans that do not re-perform become subject to foreclosure. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Predominantly all residential real estate impaired loans, excluding PCI loans, are in the U.S. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Represents the contractual amount of principal owed at March 31, 2015, and December 31, 2014. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs, net deferred loan fees or costs; and unamortized discounts or premiums on purchased loans. | ||||||||||||||||||||||||||||||||||||||||||
(e) | As of March 31, 2015, and December 31, 2014, nonaccrual loans included $2.8 billion and $2.9 billion, respectively, of TDRs for which the borrowers were less than 90 days past due. For additional information about loans modified in a TDR that are on nonaccrual status refer to the Loan accounting framework in Note 14 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||||||||||||||
The following table present average impaired loans and the related interest income reported by the Firm. | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | Average impaired loans | Interest income on | Interest income on impaired | ||||||||||||||||||||||||||||||||||||||||
impaired loans(a) | loans on a cash basis(a) | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||||||||||
Senior lien | $ | 1,095 | $ | 1,143 | $ | 13 | $ | 14 | $ | 9 | $ | 9 | |||||||||||||||||||||||||||||||
Junior lien | 1,298 | 1,321 | 20 | 21 | 13 | 14 | |||||||||||||||||||||||||||||||||||||
Mortgages | |||||||||||||||||||||||||||||||||||||||||||
Prime, including option ARMs | 6,054 | 6,956 | 59 | 68 | 12 | 13 | |||||||||||||||||||||||||||||||||||||
Subprime | 2,822 | 3,667 | 37 | 49 | 11 | 13 | |||||||||||||||||||||||||||||||||||||
Total residential real estate – excluding PCI | $ | 11,269 | $ | 13,087 | $ | 129 | $ | 152 | $ | 45 | $ | 49 | |||||||||||||||||||||||||||||||
(a) | Generally, interest income on loans modified in TDRs is recognized on a cash basis until such time as the borrower has made a minimum of six payments under the new terms. | ||||||||||||||||||||||||||||||||||||||||||
Loan modifications | |||||||||||||||||||||||||||||||||||||||||||
The Firm is required to provide borrower relief under the terms of certain Consent Orders and settlements entered into by the Firm related to its mortgage servicing, originations and residential mortgage-backed securities activities. This borrower relief includes reductions of principal and forbearance. | |||||||||||||||||||||||||||||||||||||||||||
Modifications of residential real estate loans, excluding PCI loans, are generally accounted for and reported as TDRs. There were no additional commitments to lend to borrowers whose residential real estate loans, excluding PCI loans, have been modified in TDRs. | |||||||||||||||||||||||||||||||||||||||||||
The following table presents new TDRs reported by the Firm. | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||||||||||||||||
Senior lien | $ | 26 | $ | 27 | |||||||||||||||||||||||||||||||||||||||
Junior lien | 46 | 58 | |||||||||||||||||||||||||||||||||||||||||
Mortgages: | |||||||||||||||||||||||||||||||||||||||||||
Prime, including option ARMs | 63 | 67 | |||||||||||||||||||||||||||||||||||||||||
Subprime | 19 | 28 | |||||||||||||||||||||||||||||||||||||||||
Total residential real estate – excluding PCI | $ | 154 | $ | 180 | |||||||||||||||||||||||||||||||||||||||
Nature and extent of modifications | |||||||||||||||||||||||||||||||||||||||||||
Making Home Affordable (“MHA”), as well as the Firm’s proprietary modification programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and deferral of principal and/or interest payments that would otherwise have been required under the terms of the original agreement. | |||||||||||||||||||||||||||||||||||||||||||
The following table provides information about how residential real estate loans, excluding PCI loans, were modified under the Firm’s loss mitigation programs during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt. | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | Home equity | Mortgages | Total residential | ||||||||||||||||||||||||||||||||||||||||
real estate - | |||||||||||||||||||||||||||||||||||||||||||
Senior lien | Junior lien | Prime, including option ARMs | Subprime | excluding PCI | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Number of loans approved for a trial modification | 356 | 201 | 154 | 184 | 245 | 255 | 422 | 499 | 1,177 | 1,139 | |||||||||||||||||||||||||||||||||
Number of loans permanently modified | 262 | 295 | 508 | 958 | 361 | 531 | 489 | 767 | 1,620 | 2,551 | |||||||||||||||||||||||||||||||||
Concession granted:(a) | |||||||||||||||||||||||||||||||||||||||||||
Interest rate reduction | 75 | % | 65 | % | 77 | % | 84 | % | 64 | % | 60 | % | 71 | % | 60 | % | 72 | % | 70 | % | |||||||||||||||||||||||
Term or payment extension | 81 | 80 | 86 | 83 | 84 | 88 | 81 | 72 | 83 | 80 | |||||||||||||||||||||||||||||||||
Principal and/or interest deferred | 31 | 15 | 28 | 21 | 37 | 33 | 26 | 20 | 30 | 22 | |||||||||||||||||||||||||||||||||
Principal forgiveness | 8 | 30 | 4 | 28 | 28 | 31 | 32 | 41 | 18 | 32 | |||||||||||||||||||||||||||||||||
Other(b) | — | 1 | — | — | 8 | 17 | 11 | 13 | 5 | 7 | |||||||||||||||||||||||||||||||||
(a) | Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. A significant portion of trial modifications include interest rate reductions and/or term or payment extensions. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Represents variable interest rate to fixed interest rate modifications. | ||||||||||||||||||||||||||||||||||||||||||
Financial effects of modifications and redefaults | |||||||||||||||||||||||||||||||||||||||||||
The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans, excluding PCI, under the Firm’s loss mitigation programs and about redefaults of certain loans modified in TDRs for the periods presented. Because the specific types and amounts of concessions offered to borrowers frequently change between the trial modification and the permanent modification, the following table presents only the financial effects of permanent modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt. | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | Home equity | Mortgages | Total residential real estate – excluding PCI | ||||||||||||||||||||||||||||||||||||||||
(in millions, except weighted-average | Senior lien | Junior lien | Prime, including option ARMs | Subprime | |||||||||||||||||||||||||||||||||||||||
data and number of loans) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 6.11 | % | 6.67 | % | 4.97 | % | 4.75 | % | 5.03 | % | 5.22 | % | 6.8 | % | 7.57 | % | 5.68 | % | 5.91 | % | |||||||||||||||||||||||
Weighted-average interest rate of loans with interest rate reductions – after TDR | 2.72 | 3.02 | 2.21 | 1.81 | 2.38 | 2.76 | 3.22 | 3.41 | 2.64 | 2.77 | |||||||||||||||||||||||||||||||||
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 18 | 18 | 18 | 20 | 25 | 24 | 24 | 25 | 23 | 23 | |||||||||||||||||||||||||||||||||
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 31 | 31 | 34 | 35 | 38 | 37 | 36 | 36 | 36 | 36 | |||||||||||||||||||||||||||||||||
Charge-offs recognized upon permanent modification | $ | — | $ | 1 | $ | 1 | $ | 14 | $ | 1 | $ | 2 | $ | 1 | $ | 1 | $ | 3 | $ | 18 | |||||||||||||||||||||||
Principal deferred | 3 | 1 | 3 | 3 | 11 | 13 | 7 | 7 | 24 | 24 | |||||||||||||||||||||||||||||||||
Principal forgiven | 1 | 3 | — | 11 | 9 | 17 | 10 | 21 | 20 | 52 | |||||||||||||||||||||||||||||||||
Balance of loans that redefaulted within one year of permanent modification(a) | $ | 3 | $ | 6 | $ | 2 | $ | 3 | $ | 18 | $ | 30 | $ | 17 | $ | 18 | $ | 40 | $ | 57 | |||||||||||||||||||||||
(a) | Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it is probable that the loan will ultimately be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last 12 months may not be representative of ultimate redefault levels. | ||||||||||||||||||||||||||||||||||||||||||
At March 31, 2015, the weighted-average estimated remaining lives of residential real estate loans, excluding PCI loans, permanently modified in TDRs were 6 years for senior lien home equity, 8 years for junior lien home equity, 9 years for prime mortgages, including option ARMs, and 8 years for subprime mortgages. The estimated remaining lives of these loans reflect estimated prepayments, both voluntary and involuntary (i.e., foreclosures and other forced liquidations). | |||||||||||||||||||||||||||||||||||||||||||
Active and suspended foreclosure | |||||||||||||||||||||||||||||||||||||||||||
At March 31, 2015, and December 31, 2014, the Firm had non-PCI residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $1.4 billion and $1.5 billion, respectively, that were not included in REO, but were in the process of active or suspended foreclosure. | |||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||||||
The table below provides information for other consumer retained loan classes, including auto, business banking and student loans. | |||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Auto | Business banking | Student and other | Total other consumer | |||||||||||||||||||||||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Loan delinquency(a) | |||||||||||||||||||||||||||||||||||||||||||
Current | $ | 54,956 | $ | 53,866 | $ | 20,038 | $ | 19,710 | $ | 9,968 | $ | 10,080 | $ | 84,962 | $ | 83,656 | |||||||||||||||||||||||||||
30–119 days past due | 492 | 663 | 199 | 208 | 466 | 576 | 1,157 | 1,447 | |||||||||||||||||||||||||||||||||||
120 or more days past due | 7 | 7 | 138 | 140 | 306 | 314 | 451 | 461 | |||||||||||||||||||||||||||||||||||
Total retained loans | $ | 55,455 | $ | 54,536 | $ | 20,375 | $ | 20,058 | $ | 10,740 | $ | 10,970 | $ | 86,570 | $ | 85,564 | |||||||||||||||||||||||||||
% of 30+ days past due to total retained loans | 0.9 | % | 1.23 | % | 1.65 | % | 1.73 | % | 1.64 | % | (d) | 2.15 | % | (d) | 1.17 | % | (d) | 1.47 | % | (d) | |||||||||||||||||||||||
90 or more days past due and still accruing (b) | $ | — | $ | — | $ | — | $ | — | $ | 346 | $ | 367 | $ | 346 | $ | 367 | |||||||||||||||||||||||||||
Nonaccrual loans | 95 | 115 | 268 | 279 | 264 | 270 | 627 | 664 | |||||||||||||||||||||||||||||||||||
Geographic region | |||||||||||||||||||||||||||||||||||||||||||
California | $ | 6,469 | $ | 6,294 | $ | 3,059 | $ | 3,008 | $ | 1,128 | $ | 1,143 | $ | 10,656 | $ | 10,445 | |||||||||||||||||||||||||||
New York | 3,703 | 3,662 | 3,171 | 3,187 | 1,235 | 1,259 | 8,109 | 8,108 | |||||||||||||||||||||||||||||||||||
Illinois | 3,365 | 3,175 | 1,387 | 1,373 | 716 | 729 | 5,468 | 5,277 | |||||||||||||||||||||||||||||||||||
Florida | 2,428 | 2,301 | 861 | 827 | 521 | 521 | 3,810 | 3,649 | |||||||||||||||||||||||||||||||||||
Texas | 5,804 | 5,608 | 2,610 | 2,626 | 849 | 868 | 9,263 | 9,102 | |||||||||||||||||||||||||||||||||||
New Jersey | 1,947 | 1,945 | 530 | 451 | 391 | 378 | 2,868 | 2,774 | |||||||||||||||||||||||||||||||||||
Arizona | 1,879 | 2,003 | 1,148 | 1,083 | 234 | 239 | 3,261 | 3,325 | |||||||||||||||||||||||||||||||||||
Washington | 1,042 | 1,019 | 274 | 258 | 224 | 235 | 1,540 | 1,512 | |||||||||||||||||||||||||||||||||||
Michigan | 1,634 | 1,633 | 1,344 | 1,375 | 453 | 466 | 3,431 | 3,474 | |||||||||||||||||||||||||||||||||||
Ohio | 2,261 | 2,157 | 1,455 | 1,354 | 607 | 629 | 4,323 | 4,140 | |||||||||||||||||||||||||||||||||||
All other | 24,923 | 24,739 | 4,536 | 4,516 | 4,382 | 4,503 | 33,841 | 33,758 | |||||||||||||||||||||||||||||||||||
Total retained loans | $ | 55,455 | $ | 54,536 | $ | 20,375 | $ | 20,058 | $ | 10,740 | $ | 10,970 | $ | 86,570 | $ | 85,564 | |||||||||||||||||||||||||||
Loans by risk ratings(c) | |||||||||||||||||||||||||||||||||||||||||||
Noncriticized | $ | 10,061 | $ | 9,822 | $ | 14,842 | $ | 14,619 | NA | NA | $ | 24,903 | $ | 24,441 | |||||||||||||||||||||||||||||
Criticized performing | 83 | 35 | 714 | 708 | NA | NA | 797 | 743 | |||||||||||||||||||||||||||||||||||
Criticized nonaccrual | — | — | 212 | 213 | NA | NA | 212 | 213 | |||||||||||||||||||||||||||||||||||
(a) | Individual delinquency classifications included loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) as follows: current included $4.2 billion and $4.3 billion; 30-119 days past due included $317 million and $364 million; and 120 or more days past due included $279 million and $290 million at March 31, 2015, and December 31, 2014, respectively. | ||||||||||||||||||||||||||||||||||||||||||
(b) | These amounts represent student loans, which are insured by U.S. government agencies under the FFELP. These amounts were accruing as reimbursement of insured amounts is proceeding normally. | ||||||||||||||||||||||||||||||||||||||||||
(c) | For risk-rated business banking and auto loans, the primary credit quality indicator is the risk rating of the loan, including whether the loans are considered to be criticized and/or nonaccrual. | ||||||||||||||||||||||||||||||||||||||||||
(d) | March 31, 2015, and December 31, 2014, excluded loans 30 days or more past due and still accruing, which are insured by U.S. government agencies under the FFELP, of $596 million and $654 million, respectively. These amounts were excluded as reimbursement of insured amounts is proceeding normally. | ||||||||||||||||||||||||||||||||||||||||||
Other consumer impaired loans and loan modifications | |||||||||||||||||||||||||||||||||||||||||||
The table below sets forth information about the Firm’s other consumer impaired loans, including risk-rated business banking and auto loans that have been placed on nonaccrual status, and loans that have been modified in TDRs. | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||||||||||||
With an allowance | $ | 557 | $ | 557 | |||||||||||||||||||||||||||||||||||||||
Without an allowance(a) | 34 | 35 | |||||||||||||||||||||||||||||||||||||||||
Total impaired loans(b)(c) | $ | 591 | $ | 592 | |||||||||||||||||||||||||||||||||||||||
Allowance for loan losses related to | $ | 124 | $ | 117 | |||||||||||||||||||||||||||||||||||||||
impaired loans | |||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance of impaired loans(d) | 711 | 719 | |||||||||||||||||||||||||||||||||||||||||
Impaired loans on nonaccrual status | 464 | 456 | |||||||||||||||||||||||||||||||||||||||||
(a) | When discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged off and/or there have been interest payments received and applied to the loan balance. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Predominantly all other consumer impaired loans are in the U.S. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Other consumer average impaired loans were $587 million and $600 million for the three months ended March 31, 2015 and 2014, respectively. The related interest income on impaired loans, including those on a cash basis, was not material for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Represents the contractual amount of principal owed at March 31, 2015, and December 31, 2014. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs; interest payments received and applied to the principal balance; net deferred loan fees or costs; and unamortized discounts or premiums on purchased loans. | ||||||||||||||||||||||||||||||||||||||||||
Loan modifications | |||||||||||||||||||||||||||||||||||||||||||
Certain other consumer loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. All of these TDRs are reported as impaired loans in the table above. See Note 14 of JPMorgan Chase’s 2014 Annual Report for further information on other consumer loans modified in TDRs. | |||||||||||||||||||||||||||||||||||||||||||
The following table provides information about the Firm’s other consumer loans modified in TDRs. New TDRs were not material as of March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Loans modified in TDRs(a)(b) | $ | 428 | $ | 442 | |||||||||||||||||||||||||||||||||||||||
TDRs on nonaccrual status | 301 | 306 | |||||||||||||||||||||||||||||||||||||||||
(a) | The impact of these modifications was not material to the Firm for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Additional commitments to lend to borrowers whose loans have been modified in TDRs as of March 31, 2015, and December 31, 2014, were immaterial. | ||||||||||||||||||||||||||||||||||||||||||
Purchased credit-impaired loans | |||||||||||||||||||||||||||||||||||||||||||
For a detailed discussion of PCI loans, including the related accounting policies, see Note 14 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate – PCI loans | |||||||||||||||||||||||||||||||||||||||||||
The table below sets forth information about the Firm’s consumer, excluding credit card, PCI loans. | |||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Home equity | Prime mortgage | Subprime mortgage | Option ARMs | Total PCI | ||||||||||||||||||||||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Carrying value(a) | $ | 16,638 | $ | 17,095 | $ | 9,916 | $ | 10,220 | $ | 3,559 | $ | 3,673 | $ | 15,243 | $ | 15,708 | $ | 45,356 | $ | 46,696 | |||||||||||||||||||||||
Related allowance for loan losses(b) | 1,758 | 1,758 | 1,138 | 1,193 | 180 | 180 | 194 | 194 | 3,270 | 3,325 | |||||||||||||||||||||||||||||||||
Loan delinquency (based on unpaid principal balance) | |||||||||||||||||||||||||||||||||||||||||||
Current | $ | 15,903 | $ | 16,295 | $ | 8,722 | $ | 8,912 | $ | 3,521 | $ | 3,565 | $ | 13,506 | $ | 13,814 | $ | 41,652 | $ | 42,586 | |||||||||||||||||||||||
30–149 days past due | 368 | 445 | 444 | 500 | 460 | 536 | 795 | 858 | 2,067 | 2,339 | |||||||||||||||||||||||||||||||||
150 or more days past due | 815 | 1,000 | 777 | 837 | 509 | 551 | 1,645 | 1,824 | 3,746 | 4,212 | |||||||||||||||||||||||||||||||||
Total loans | $ | 17,086 | $ | 17,740 | $ | 9,943 | $ | 10,249 | $ | 4,490 | $ | 4,652 | $ | 15,946 | $ | 16,496 | $ | 47,465 | $ | 49,137 | |||||||||||||||||||||||
% of 30+ days past due to total loans | 6.92 | % | 8.15 | % | 12.28 | % | 13.05 | % | 21.58 | % | 23.37 | % | 15.3 | % | 16.26 | % | 12.25 | % | 13.33 | % | |||||||||||||||||||||||
Current estimated LTV ratios (based on unpaid principal balance)(c)(d) | |||||||||||||||||||||||||||||||||||||||||||
Greater than 125% and refreshed FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | $ | 423 | $ | 513 | $ | 34 | $ | 45 | $ | 27 | $ | 34 | $ | 72 | $ | 89 | $ | 556 | $ | 681 | |||||||||||||||||||||||
Less than 660 | 217 | 273 | 68 | 97 | 125 | 160 | 113 | 150 | 523 | 680 | |||||||||||||||||||||||||||||||||
101% to 125% and refreshed FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 1,985 | 2,245 | 373 | 456 | 180 | 215 | 471 | 575 | 3,009 | 3,491 | |||||||||||||||||||||||||||||||||
Less than 660 | 928 | 1,073 | 337 | 402 | 430 | 509 | 634 | 771 | 2,329 | 2,755 | |||||||||||||||||||||||||||||||||
80% to 100% and refreshed FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 3,995 | 4,171 | 1,924 | 2,154 | 482 | 519 | 2,198 | 2,418 | 8,599 | 9,262 | |||||||||||||||||||||||||||||||||
Less than 660 | 1,590 | 1,647 | 1,184 | 1,316 | 954 | 1,006 | 1,784 | 1,996 | 5,512 | 5,965 | |||||||||||||||||||||||||||||||||
Lower than 80% and refreshed FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 5,923 | 5,824 | 3,821 | 3,663 | 760 | 719 | 6,750 | 6,593 | 17,254 | 16,799 | |||||||||||||||||||||||||||||||||
Less than 660 | 2,025 | 1,994 | 2,202 | 2,116 | 1,532 | 1,490 | 3,924 | 3,904 | 9,683 | 9,504 | |||||||||||||||||||||||||||||||||
Total unpaid principal balance | $ | 17,086 | $ | 17,740 | $ | 9,943 | $ | 10,249 | $ | 4,490 | $ | 4,652 | $ | 15,946 | $ | 16,496 | $ | 47,465 | $ | 49,137 | |||||||||||||||||||||||
Geographic region (based on unpaid principal balance) | |||||||||||||||||||||||||||||||||||||||||||
California | $ | 10,267 | $ | 10,671 | $ | 5,811 | $ | 5,965 | $ | 1,108 | $ | 1,138 | $ | 8,935 | $ | 9,190 | $ | 26,121 | $ | 26,964 | |||||||||||||||||||||||
New York | 855 | 876 | 648 | 672 | 440 | 463 | 895 | 933 | 2,838 | 2,944 | |||||||||||||||||||||||||||||||||
Illinois | 393 | 405 | 290 | 301 | 219 | 229 | 371 | 397 | 1,273 | 1,332 | |||||||||||||||||||||||||||||||||
Florida | 1,630 | 1,696 | 657 | 689 | 416 | 432 | 1,370 | 1,440 | 4,073 | 4,257 | |||||||||||||||||||||||||||||||||
Texas | 261 | 273 | 90 | 92 | 270 | 281 | 84 | 85 | 705 | 731 | |||||||||||||||||||||||||||||||||
New Jersey | 338 | 348 | 261 | 279 | 155 | 165 | 527 | 553 | 1,281 | 1,345 | |||||||||||||||||||||||||||||||||
Arizona | 312 | 323 | 164 | 167 | 84 | 85 | 223 | 227 | 783 | 802 | |||||||||||||||||||||||||||||||||
Washington | 926 | 959 | 217 | 225 | 91 | 95 | 379 | 395 | 1,613 | 1,674 | |||||||||||||||||||||||||||||||||
Michigan | 50 | 53 | 162 | 166 | 125 | 130 | 176 | 182 | 513 | 531 | |||||||||||||||||||||||||||||||||
Ohio | 19 | 20 | 47 | 48 | 70 | 72 | 66 | 69 | 202 | 209 | |||||||||||||||||||||||||||||||||
All other | 2,035 | 2,116 | 1,596 | 1,645 | 1,512 | 1,562 | 2,920 | 3,025 | 8,063 | 8,348 | |||||||||||||||||||||||||||||||||
Total unpaid principal balance | $ | 17,086 | $ | 17,740 | $ | 9,943 | $ | 10,249 | $ | 4,490 | $ | 4,652 | $ | 15,946 | $ | 16,496 | $ | 47,465 | $ | 49,137 | |||||||||||||||||||||||
(a) | Carrying value includes the effect of fair value adjustments that were applied to the consumer PCI portfolio at the date of acquisition. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Management concluded as part of the Firm’s regular assessment of the PCI loan pools that it was probable that higher expected credit losses would result in a decrease in expected cash flows. As a result, an allowance for loan losses for impairment of these pools has been recognized. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. | ||||||||||||||||||||||||||||||||||||||||||
Approximately 20% of the PCI home equity portfolio are senior lien loans; the remaining balance are junior lien HELOANs or HELOCs. The following tables set forth delinquency statistics for PCI junior lien home equity loans and lines of credit based on unpaid principal balance as of March 31, 2015, and December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||
Delinquencies | Total 30+ day delinquency rate | ||||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 30–89 days past due | 90–149 days past due | 150+ days | Total loans | |||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | past due | ||||||||||||||||||||||||||||||||||||||||||
HELOCs:(a) | |||||||||||||||||||||||||||||||||||||||||||
Within the revolving period(b) | $ | 118 | $ | 39 | $ | 236 | $ | 8,373 | 4.69 | % | |||||||||||||||||||||||||||||||||
Beyond the revolving period(c) | 72 | 21 | 154 | 4,741 | 5.21 | ||||||||||||||||||||||||||||||||||||||
HELOANs | 16 | 5 | 21 | 713 | 5.89 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 206 | $ | 65 | $ | 411 | $ | 13,827 | 4.93 | % | |||||||||||||||||||||||||||||||||
Delinquencies | Total 30+ day delinquency rate | ||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | 30–89 days past due | 90–149 days past due | 150+ days | Total loans | |||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | past due | ||||||||||||||||||||||||||||||||||||||||||
HELOCs:(a) | |||||||||||||||||||||||||||||||||||||||||||
Within the revolving period(b) | $ | 155 | $ | 50 | $ | 371 | $ | 8,972 | 6.42 | % | |||||||||||||||||||||||||||||||||
Beyond the revolving period(c) | 76 | 24 | 166 | 4,143 | 6.42 | ||||||||||||||||||||||||||||||||||||||
HELOANs | 20 | 7 | 38 | 736 | 8.83 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 251 | $ | 81 | $ | 575 | $ | 13,851 | 6.55 | % | |||||||||||||||||||||||||||||||||
(a) | In general, these HELOCs are revolving loans for a 10-year period, after which time the HELOC converts to an interest-only loan with a balloon payment at the end of the loan’s term. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Substantially all undrawn HELOCs within the revolving period have been closed. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Includes loans modified into fixed rate amortizing loans. | ||||||||||||||||||||||||||||||||||||||||||
The table below sets forth the accretable yield activity for the Firm’s PCI consumer loans for the three months ended March 31, 2015 and 2014, and represents the Firm’s estimate of gross interest income expected to be earned over the remaining life of the PCI loan portfolios. The table excludes the cost to fund the PCI portfolios, and therefore the accretable yield does not represent net interest income expected to be earned on these portfolios. | |||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Total PCI | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 14,592 | $ | 16,167 | |||||||||||||||||||||||||||||||||||||||
Accretion into interest income | (436 | ) | (514 | ) | |||||||||||||||||||||||||||||||||||||||
Changes in interest rates on variable-rate loans | 6 | (21 | ) | ||||||||||||||||||||||||||||||||||||||||
Other changes in expected cash flows(a) | (128 | ) | 150 | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31 | $ | 14,034 | $ | 15,782 | |||||||||||||||||||||||||||||||||||||||
Accretable yield percentage | 4.14 | % | 4.32 | % | |||||||||||||||||||||||||||||||||||||||
(a) | Other changes in expected cash flows may vary from period to period as the Firm continues to refine its cash flow model and periodically updates model assumptions. For the three months ended March 31, 2015 and 2014, other changes in expected cash flows were driven by changes in prepayment assumptions. | ||||||||||||||||||||||||||||||||||||||||||
The factors that most significantly affect estimates of gross cash flows expected to be collected, and accordingly the accretable yield balance, include: (i) changes in the benchmark interest rate indices for variable-rate products such as option adjustable-rate mortgage (“ARM”) and home equity loans; and (ii) changes in prepayment assumptions. | |||||||||||||||||||||||||||||||||||||||||||
Active and suspended foreclosure | |||||||||||||||||||||||||||||||||||||||||||
At March 31, 2015, and December 31, 2014, the Firm had PCI residential real estate loans with an unpaid principal balance of $2.9 billion and $3.2 billion, respectively, that were not included in REO, but were in the process of active or suspended foreclosure. | |||||||||||||||||||||||||||||||||||||||||||
Credit card | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Loans | Credit card loan portfolio | ||||||||||||||||||||||||||||||||||||||||||
The table below sets forth information about the Firm’s credit card loans. | |||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Loan delinquency | |||||||||||||||||||||||||||||||||||||||||||
Current and less than 30 days | $ | 119,132 | $ | 126,189 | |||||||||||||||||||||||||||||||||||||||
past due and still accruing | |||||||||||||||||||||||||||||||||||||||||||
30–89 days past due and still accruing | 826 | 943 | |||||||||||||||||||||||||||||||||||||||||
90 or more days past due and still accruing | 877 | 895 | |||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | — | — | |||||||||||||||||||||||||||||||||||||||||
Total retained credit card loans | $ | 120,835 | $ | 128,027 | |||||||||||||||||||||||||||||||||||||||
Loan delinquency ratios | |||||||||||||||||||||||||||||||||||||||||||
% of 30+ days past due to total retained loans | 1.41 | % | 1.44 | % | |||||||||||||||||||||||||||||||||||||||
% of 90+ days past due to total retained loans | 0.73 | 0.7 | |||||||||||||||||||||||||||||||||||||||||
Credit card loans by geographic region | |||||||||||||||||||||||||||||||||||||||||||
California | $ | 17,133 | $ | 17,940 | |||||||||||||||||||||||||||||||||||||||
Texas | 10,605 | 11,088 | |||||||||||||||||||||||||||||||||||||||||
New York | 10,414 | 10,940 | |||||||||||||||||||||||||||||||||||||||||
Florida | 7,126 | 7,398 | |||||||||||||||||||||||||||||||||||||||||
Illinois | 7,058 | 7,497 | |||||||||||||||||||||||||||||||||||||||||
New Jersey | 5,427 | 5,750 | |||||||||||||||||||||||||||||||||||||||||
Ohio | 4,389 | 4,707 | |||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 4,197 | 4,489 | |||||||||||||||||||||||||||||||||||||||||
Michigan | 3,340 | 3,552 | |||||||||||||||||||||||||||||||||||||||||
Virginia | 2,958 | 3,263 | |||||||||||||||||||||||||||||||||||||||||
All other | 48,188 | 51,403 | |||||||||||||||||||||||||||||||||||||||||
Total retained credit card loans | $ | 120,835 | $ | 128,027 | |||||||||||||||||||||||||||||||||||||||
Percentage of portfolio based on carrying value with estimated refreshed FICO scores | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 85.2 | % | 85.7 | % | |||||||||||||||||||||||||||||||||||||||
Less than 660 | 14.8 | 14.3 | |||||||||||||||||||||||||||||||||||||||||
Credit card impaired loans and loan modifications | |||||||||||||||||||||||||||||||||||||||||||
For a detailed discussion of impaired credit card loans, including credit card loan modifications, see Note 14 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||||||||||||
The table below sets forth information about the Firm’s impaired credit card loans. All of these loans are considered to be impaired as they have been modified in TDRs. | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Impaired credit card loans with an allowance(a)(b) | |||||||||||||||||||||||||||||||||||||||||||
Credit card loans with modified payment terms(c) | $ | 1,627 | $ | 1,775 | |||||||||||||||||||||||||||||||||||||||
Modified credit card loans that have reverted to pre-modification payment terms(d) | 225 | 254 | |||||||||||||||||||||||||||||||||||||||||
Total impaired credit card loans(e) | $ | 1,852 | $ | 2,029 | |||||||||||||||||||||||||||||||||||||||
Allowance for loan losses related to impaired credit card loans | $ | 458 | $ | 500 | |||||||||||||||||||||||||||||||||||||||
(a) | The carrying value and the unpaid principal balance are the same for credit card impaired loans. | ||||||||||||||||||||||||||||||||||||||||||
(b) | There were no impaired loans without an allowance. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Represents credit card loans outstanding to borrowers enrolled in a credit card modification program as of the date presented. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Represents credit card loans that were modified in TDRs but that have subsequently reverted back to the loans’ pre-modification payment terms. | ||||||||||||||||||||||||||||||||||||||||||
At March 31, 2015, and December 31, 2014, $139 million and $159 million, respectively, of loans have reverted back to the pre-modification payment terms of the loans due to noncompliance with the terms of the modified loans. The remaining $86 million and $95 million at March 31, 2015, and December 31, 2014, respectively, of these loans are to borrowers who have successfully completed a short-term modification program. The Firm continues to report these loans as TDRs since the borrowers’ credit lines remain closed. | |||||||||||||||||||||||||||||||||||||||||||
(e) | Predominantly all impaired credit card loans are in the U.S. | ||||||||||||||||||||||||||||||||||||||||||
The following table presents average balances of impaired credit card loans and interest income recognized on those loans. | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||
Average impaired | $ | 1,940 | $ | 2,938 | |||||||||||||||||||||||||||||||||||||||
credit card loans | |||||||||||||||||||||||||||||||||||||||||||
Interest income on | 23 | 36 | |||||||||||||||||||||||||||||||||||||||||
impaired credit card loans | |||||||||||||||||||||||||||||||||||||||||||
Loan modifications | |||||||||||||||||||||||||||||||||||||||||||
The Firm may modify loans to credit card borrowers who are experiencing financial difficulty. Most of these loans have been modified under programs that involve placing the customer on a fixed payment plan with a reduced interest rate, generally for 60 months. All of these credit card loan modifications are considered to be TDRs. New enrollments in these loan modification programs for the three months ended March 31, 2015 and 2014, were $178 million and $233 million, respectively. For additional information about credit card loan modifications, see Note 14 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||||||||||||
Financial effects of modifications and redefaults | |||||||||||||||||||||||||||||||||||||||||||
The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented. | |||||||||||||||||||||||||||||||||||||||||||
(in millions, except | Three months | ||||||||||||||||||||||||||||||||||||||||||
weighted-average data) | ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Weighted-average interest rate of loans – before TDR | 15.16 | % | 15.03 | % | |||||||||||||||||||||||||||||||||||||||
Weighted-average interest rate of loans – after TDR | 4.29 | 4.43 | |||||||||||||||||||||||||||||||||||||||||
Loans that redefaulted within one year of modification(a) | $ | 22 | $ | 34 | |||||||||||||||||||||||||||||||||||||||
(a) | Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted. | ||||||||||||||||||||||||||||||||||||||||||
For credit card loans modified in TDRs, payment default is deemed to have occurred when the loans become two payments past due. A substantial portion of these loans is expected to be charged-off in accordance with the Firm’s standard charge-off policy. Based on historical experience, the estimated weighted-average default rate for credit card loans modified was expected to be 27.34%and 27.91% as of March 31, 2015, and December 31, 2014, respectively. | |||||||||||||||||||||||||||||||||||||||||||
Wholesale | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Loans | Wholesale loan portfolio | ||||||||||||||||||||||||||||||||||||||||||
Wholesale loans include loans made to a variety of customers, ranging from large corporate and institutional clients to high-net-worth individuals. The primary credit quality indicator for wholesale loans is the risk rating assigned each loan. For further information on these risk ratings, see Note 14 and Note 15 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||||||||||||
The table below provides information by class of receivable for the retained loans in the Wholesale portfolio segment. | |||||||||||||||||||||||||||||||||||||||||||
Commercial | Real estate | Financial | Government agencies | Other(d) | Total | ||||||||||||||||||||||||||||||||||||||
and industrial | institutions | retained loans | |||||||||||||||||||||||||||||||||||||||||
(in millions, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | |||||||||||||||||||||||||||||||
except ratios) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||||
Loans by risk ratings | |||||||||||||||||||||||||||||||||||||||||||
Investment-grade | $ | 66,973 | $ | 63,069 | $ | 64,382 | $ | 61,006 | $ | 28,091 | $ | 27,111 | $ | 8,718 | $ | 8,393 | $ | 80,709 | $ | 82,087 | $ | 248,873 | $ | 241,666 | |||||||||||||||||||
Noninvestment-grade: | |||||||||||||||||||||||||||||||||||||||||||
Noncriticized | 43,838 | 44,117 | 16,470 | 16,541 | 7,037 | 7,085 | 332 | 300 | 9,613 | 10,075 | 77,290 | 78,118 | |||||||||||||||||||||||||||||||
Criticized performing | 2,581 | 2,251 | 1,296 | 1,313 | 303 | 316 | 8 | 3 | 172 | 236 | 4,360 | 4,119 | |||||||||||||||||||||||||||||||
Criticized nonaccrual | 332 | 188 | 259 | 253 | 15 | 18 | — | — | 90 | 140 | 696 | 599 | |||||||||||||||||||||||||||||||
Total noninvestment- | 46,751 | 46,556 | 18,025 | 18,107 | 7,355 | 7,419 | 340 | 303 | 9,875 | 10,451 | 82,346 | 82,836 | |||||||||||||||||||||||||||||||
grade | |||||||||||||||||||||||||||||||||||||||||||
Total retained loans | $ | 113,724 | $ | 109,625 | $ | 82,407 | $ | 79,113 | $ | 35,446 | $ | 34,530 | $ | 9,058 | $ | 8,696 | $ | 90,584 | $ | 92,538 | $ | 331,219 | $ | 324,502 | |||||||||||||||||||
% of total criticized to | 2.56 | % | 2.22 | % | 1.89 | % | 1.98 | % | 0.9 | % | 0.97 | % | 0.09 | % | 0.03 | % | 0.29 | % | 0.41 | % | 1.53 | % | 1.45 | % | |||||||||||||||||||
total retained loans | |||||||||||||||||||||||||||||||||||||||||||
% of nonaccrual loans | 0.29 | 0.17 | 0.31 | 0.32 | 0.04 | 0.05 | — | — | 0.1 | 0.15 | 0.21 | 0.18 | |||||||||||||||||||||||||||||||
to total retained loans | |||||||||||||||||||||||||||||||||||||||||||
Loans by geographic | |||||||||||||||||||||||||||||||||||||||||||
distribution(a) | |||||||||||||||||||||||||||||||||||||||||||
Total non-U.S. | $ | 33,627 | $ | 33,739 | $ | 2,274 | $ | 2,099 | $ | 19,450 | $ | 20,944 | $ | 1,153 | $ | 1,122 | $ | 42,366 | $ | 42,961 | $ | 98,870 | $ | 100,865 | |||||||||||||||||||
Total U.S. | 80,097 | 75,886 | 80,133 | 77,014 | 15,996 | 13,586 | 7,905 | 7,574 | 48,218 | 49,577 | 232,349 | 223,637 | |||||||||||||||||||||||||||||||
Total retained loans | $ | 113,724 | $ | 109,625 | $ | 82,407 | $ | 79,113 | $ | 35,446 | $ | 34,530 | $ | 9,058 | $ | 8,696 | $ | 90,584 | $ | 92,538 | $ | 331,219 | $ | 324,502 | |||||||||||||||||||
Loan delinquency(b) | |||||||||||||||||||||||||||||||||||||||||||
Current and less than | $ | 113,177 | $ | 108,857 | $ | 82,058 | $ | 78,552 | $ | 35,397 | $ | 34,408 | $ | 9,000 | $ | 8,627 | $ | 89,334 | $ | 91,168 | $ | 328,966 | $ | 321,612 | |||||||||||||||||||
30 days past due and | |||||||||||||||||||||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||||||||||||||||||||
30–89 days past due | 215 | 566 | 84 | 275 | 34 | 104 | 58 | 69 | 1,098 | 1,201 | 1,489 | 2,215 | |||||||||||||||||||||||||||||||
and still accruing | |||||||||||||||||||||||||||||||||||||||||||
90 or more days | — | 14 | 6 | 33 | — | — | — | — | 62 | 29 | 68 | 76 | |||||||||||||||||||||||||||||||
past due and | |||||||||||||||||||||||||||||||||||||||||||
still accruing(c) | |||||||||||||||||||||||||||||||||||||||||||
Criticized nonaccrual | 332 | 188 | 259 | 253 | 15 | 18 | — | — | 90 | 140 | 696 | 599 | |||||||||||||||||||||||||||||||
Total retained loans | $ | 113,724 | $ | 109,625 | $ | 82,407 | $ | 79,113 | $ | 35,446 | $ | 34,530 | $ | 9,058 | $ | 8,696 | $ | 90,584 | $ | 92,538 | $ | 331,219 | $ | 324,502 | |||||||||||||||||||
(a) | The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower. | ||||||||||||||||||||||||||||||||||||||||||
(b) | The credit quality of wholesale loans is assessed primarily through ongoing review and monitoring of an obligor’s ability to meet contractual obligations rather than relying on the past due status, which is generally a lagging indicator of credit quality. For a discussion of more significant risk factors, see Note 14 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Represents loans that are considered well-collateralized and therefore still accruing interest. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Other primarily includes loans to SPEs and loans to private banking clients. See Note 1 of JPMorgan Chase’s 2014 Annual Report for additional information on SPEs. | ||||||||||||||||||||||||||||||||||||||||||
The following table presents additional information on the real estate class of loans within the Wholesale portfolio segment for the periods indicated. For further information on real estate loans, see Note 14 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Multifamily | Commercial lessors | Commercial construction and development | Other | Total real estate loans | ||||||||||||||||||||||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Real estate retained loans | $ | 53,319 | $ | 51,049 | $ | 17,394 | $ | 17,438 | $ | 4,542 | $ | 4,264 | $ | 7,152 | $ | 6,362 | $ | 82,407 | $ | 79,113 | |||||||||||||||||||||||
Criticized exposure | 665 | 652 | 796 | 841 | 28 | 42 | 66 | 31 | 1,555 | 1,566 | |||||||||||||||||||||||||||||||||
% of criticized exposure to | 1.25 | % | 1.28 | % | 4.58 | % | 4.82 | % | 0.62 | % | 0.98 | % | 0.92 | % | 0.49 | % | 1.89 | % | 1.98 | % | |||||||||||||||||||||||
total real estate retained loans | |||||||||||||||||||||||||||||||||||||||||||
Criticized nonaccrual | $ | 127 | $ | 126 | $ | 88 | $ | 110 | $ | — | $ | — | $ | 44 | $ | 17 | $ | 259 | $ | 253 | |||||||||||||||||||||||
% of criticized nonaccrual to | 0.24 | % | 0.25 | % | 0.51 | % | 0.63 | % | — | % | — | % | 0.62 | % | 0.27 | % | 0.31 | % | 0.32 | % | |||||||||||||||||||||||
total real estate retained loans | |||||||||||||||||||||||||||||||||||||||||||
Wholesale impaired loans and loan modifications | |||||||||||||||||||||||||||||||||||||||||||
Wholesale impaired loans are comprised of loans that have been placed on nonaccrual status and/or that have been modified in a TDR. All impaired loans are evaluated for an asset-specific allowance as described in Note 15 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||||||||||||||||||||||
The table below sets forth information about the Firm’s wholesale impaired loans. | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | Commercial | Real estate | Financial | Government | Other | Total | |||||||||||||||||||||||||||||||||||||
and industrial | institutions | agencies | retained loans | ||||||||||||||||||||||||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||||||||||||
With an allowance | $ | 306 | $ | 174 | $ | 155 | $ | 193 | $ | 12 | $ | 15 | $ | — | $ | — | $ | 64 | $ | 89 | $ | 537 | $ | 471 | |||||||||||||||||||
Without an allowance(a) | 39 | 24 | 138 | 87 | 2 | 3 | — | — | 27 | 52 | 206 | 166 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 345 | $ | 198 | $ | 293 | $ | 280 | $ | 14 | $ | 18 | $ | — | $ | — | $ | 91 | $ | 141 | $ | 743 | (c) | $ | 637 | ||||||||||||||||||
Allowance for loan losses related to impaired loans | $ | 57 | $ | 34 | $ | 18 | $ | 36 | $ | 4 | $ | 4 | $ | — | $ | — | $ | 36 | $ | 13 | $ | 115 | $ | 87 | |||||||||||||||||||
Unpaid principal balance of impaired loans(b) | 378 | 266 | 421 | 345 | 15 | 22 | — | — | 95 | 202 | 909 | 835 | |||||||||||||||||||||||||||||||
(a) | When the discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged-off and/or there have been interest payments received and applied to the loan balance. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Represents the contractual amount of principal owed at March 31, 2015, and December 31, 2014. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs; interest payments received and applied to the carrying value; net deferred loan fees or costs; and unamortized discount or premiums on purchased loans. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Based upon the domicile of the borrower, predominantly all wholesale impaired loans are in the U.S. | ||||||||||||||||||||||||||||||||||||||||||
The following table presents the Firm’s average impaired loans for the periods indicated. | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 251 | $ | 291 | |||||||||||||||||||||||||||||||||||||||
Real estate | 268 | 355 | |||||||||||||||||||||||||||||||||||||||||
Financial institutions | 16 | 22 | |||||||||||||||||||||||||||||||||||||||||
Government agencies | — | — | |||||||||||||||||||||||||||||||||||||||||
Other | 107 | 169 | |||||||||||||||||||||||||||||||||||||||||
Total(a) | $ | 642 | $ | 837 | |||||||||||||||||||||||||||||||||||||||
(a) | The related interest income on accruing impaired loans and interest income recognized on a cash basis were not material for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||||||||||||
Certain loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. All TDRs are reported as impaired loans in the tables above. TDRs were not material as of March 31, 2015 and 2014. |
Allowance_for_Credit_Losses
Allowance for Credit Losses | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||
Allowance for Credit Losses [Abstract] | ||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | |||||||||||||||||||||||||||||
For detailed discussion of the allowance for credit losses and the related accounting policies, see Note 15 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||
Allowance for credit losses and loans and lending-related commitments by impairment methodology | ||||||||||||||||||||||||||||||
The table below summarizes information about the allowance for loan losses, loans by impairment methodology, the allowance for lending-related commitments and lending-related commitments by impairment methodology. | ||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||
Three months ended March 31, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | ||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||
Beginning balance at January 1, | $ | 7,050 | $ | 3,439 | $ | 3,696 | $ | 14,185 | 8,456 | $ | 3,795 | $ | 4,013 | $ | 16,264 | |||||||||||||||
Gross charge-offs | 440 | 883 | 29 | 1,352 | 569 | 995 | 68 | 1,632 | ||||||||||||||||||||||
Gross recoveries | (176 | ) | (94 | ) | (30 | ) | (300 | ) | (201 | ) | (107 | ) | (55 | ) | (363 | ) | ||||||||||||||
Net charge-offs/(recoveries) | 264 | 789 | (1 | ) | 1,052 | 368 | 888 | 13 | 1,269 | |||||||||||||||||||||
Write-offs of PCI loans(a) | 55 | — | — | 55 | 61 | — | — | 61 | ||||||||||||||||||||||
Provision for loan losses | 141 | 789 | 58 | 988 | 119 | 688 | 110 | 917 | ||||||||||||||||||||||
Other | — | (5 | ) | 4 | (1 | ) | 1 | (4 | ) | (1 | ) | (4 | ) | |||||||||||||||||
Ending balance at March 31, | $ | 6,872 | $ | 3,434 | $ | 3,759 | $ | 14,065 | $ | 8,147 | $ | 3,591 | $ | 4,109 | $ | 15,847 | ||||||||||||||
Allowance for loan losses by impairment methodology | ||||||||||||||||||||||||||||||
Asset-specific(b) | $ | 537 | $ | 458 | (c) | $ | 115 | $ | 1,110 | $ | 607 | $ | 606 | (c) | $ | 144 | $ | 1,357 | ||||||||||||
Formula-based | 3,065 | 2,976 | 3,644 | 9,685 | 3,443 | 2,985 | 3,965 | 10,393 | ||||||||||||||||||||||
PCI | 3,270 | — | — | 3,270 | 4,097 | — | — | 4,097 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 6,872 | $ | 3,434 | $ | 3,759 | $ | 14,065 | $ | 8,147 | $ | 3,591 | $ | 4,109 | $ | 15,847 | ||||||||||||||
Loans by impairment methodology | ||||||||||||||||||||||||||||||
Asset-specific | $ | 11,414 | $ | 1,852 | $ | 743 | $ | 14,009 | $ | 13,546 | $ | 2,768 | $ | 763 | $ | 17,077 | ||||||||||||||
Formula-based | 248,147 | 118,983 | 330,472 | 697,602 | 222,778 | 118,744 | 310,949 | 652,471 | ||||||||||||||||||||||
PCI | 45,356 | — | 4 | 45,360 | 51,606 | — | 6 | 51,612 | ||||||||||||||||||||||
Total retained loans | $ | 304,917 | $ | 120,835 | $ | 331,219 | $ | 756,971 | $ | 287,930 | $ | 121,512 | $ | 311,718 | $ | 721,160 | ||||||||||||||
Impaired collateral-dependent loans | ||||||||||||||||||||||||||||||
Net charge-offs | $ | 16 | $ | — | $ | 1 | $ | 17 | $ | 51 | $ | — | $ | — | $ | 51 | ||||||||||||||
Loans measured at fair value of collateral less cost to sell | 2,912 | — | 269 | 3,181 | 3,333 | — | 331 | 3,664 | ||||||||||||||||||||||
Allowance for lending-related commitments | ||||||||||||||||||||||||||||||
Beginning balance at January 1, | $ | 13 | $ | — | $ | 609 | $ | 622 | $ | 8 | $ | — | $ | 697 | $ | 705 | ||||||||||||||
Provision for lending-related commitments | 1 | — | (30 | ) | (29 | ) | — | — | (67 | ) | (67 | ) | ||||||||||||||||||
Other | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Ending balance at March 31, | $ | 14 | $ | — | $ | 579 | $ | 593 | $ | 8 | $ | — | $ | 630 | $ | 638 | ||||||||||||||
Allowance for lending-related commitments by impairment methodology | ||||||||||||||||||||||||||||||
Asset-specific | $ | — | $ | — | $ | 55 | $ | 55 | $ | — | $ | — | $ | 30 | $ | 30 | ||||||||||||||
Formula-based | 14 | — | 524 | 538 | 8 | — | 600 | 608 | ||||||||||||||||||||||
Total allowance for lending-related commitments | $ | 14 | $ | — | $ | 579 | $ | 593 | $ | 8 | $ | — | $ | 630 | $ | 638 | ||||||||||||||
Lending-related commitments by impairment methodology | ||||||||||||||||||||||||||||||
Asset-specific | $ | — | $ | — | $ | 131 | $ | 131 | $ | — | $ | — | $ | 95 | $ | 95 | ||||||||||||||
Formula-based | 60,151 | 533,511 | 355,373 | 949,035 | 56,541 | 535,614 | 353,797 | 945,952 | ||||||||||||||||||||||
Total lending-related commitments | $ | 60,151 | $ | 533,511 | $ | 355,504 | $ | 949,166 | $ | 56,541 | $ | 535,614 | $ | 353,892 | $ | 946,047 | ||||||||||||||
(a) | Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool (e.g., upon liquidation). | |||||||||||||||||||||||||||||
(b) | Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a TDR. | |||||||||||||||||||||||||||||
(c) | The asset-specific credit card allowance for loan losses is related to loans that have been modified in a TDR; such allowance is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||||||||
Variable interest entities | Variable interest entities | ||||||||||||||||||||||
For a further description of JPMorgan Chase’s accounting policies regarding consolidation of variable interest entities (“VIEs”), see Note 1 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||
The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. | |||||||||||||||||||||||
Line-of-Business | Transaction Type | Activity | Form 10-Q page reference | ||||||||||||||||||||
CCB | Credit card securitization trusts | Securitization of both originated and purchased credit card receivables | 127 | ||||||||||||||||||||
Mortgage securitization trusts | Servicing and securitization of both originated and purchased residential mortgages | 127-129 | |||||||||||||||||||||
CIB | Mortgage and other securitization trusts | Securitization of both originated and purchased residential and commercial mortgages, and student loans | 127-129 | ||||||||||||||||||||
Multi-seller conduits | Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs | 129 | |||||||||||||||||||||
Investor intermediation activities: | |||||||||||||||||||||||
Municipal bond vehicles | 129-130 | ||||||||||||||||||||||
Credit-related note and asset swap vehicles | 130 | ||||||||||||||||||||||
The Firm also invests in and provides financing and other services to VIEs sponsored by third parties, as described on page 130 of this Note. | |||||||||||||||||||||||
Significant Firm-sponsored variable interest entities | |||||||||||||||||||||||
Credit card securitizations | |||||||||||||||||||||||
For a more detailed discussion of JPMorgan Chase’s involvement with credit card securitizations, see Note 16 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||
As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trusts. This includes the Firm’s primary card securitization trust, Chase Issuance Trust. See the table on page 131 of this Note for further information on consolidated VIE assets and liabilities. | |||||||||||||||||||||||
Firm-sponsored mortgage and other securitization trusts | |||||||||||||||||||||||
The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans (including student loans) primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interest in the securitization trusts. | |||||||||||||||||||||||
For a detailed discussion of the Firm’s involvement with Firm-sponsored mortgage and other securitization trusts, as well as the accounting treatment relating to such trusts, see Note 16 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||
The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans; holding senior interests or subordinated interests; recourse or guarantee arrangements; and derivative transactions. In certain instances, the Firm’s only continuing involvement is servicing the loans. See Securitization activity on page 132 of this Note for further information regarding the Firm’s cash flows with and interests retained in nonconsolidated VIEs, and page 132 of this Note for information on the Firm’s loan sales to U.S. government agencies. | |||||||||||||||||||||||
Principal amount outstanding | JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e) | ||||||||||||||||||||||
March 31, 2015(a) (in billions) | Total assets held by securitization VIEs | Assets | Assets held in nonconsolidated securitization VIEs with continuing involvement | Trading assets | AFS securities | Total interests held by JPMorgan | |||||||||||||||||
held in consolidated securitization VIEs | Chase | ||||||||||||||||||||||
Securitization-related | |||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||
Prime/Alt-A and Option ARMs | $ | 95.5 | $ | 2 | $ | 77.4 | $ | 0.6 | $ | 1.6 | $ | 2.2 | |||||||||||
Subprime | 26.4 | 0.1 | 24.6 | 0.1 | — | 0.1 | |||||||||||||||||
Commercial and other(b) | 130.5 | 0.2 | 93.3 | 0.3 | 3.5 | 3.8 | |||||||||||||||||
Total | $ | 252.4 | $ | 2.3 | $ | 195.3 | $ | 1 | $ | 5.1 | $ | 6.1 | |||||||||||
Principal amount outstanding | JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e) | ||||||||||||||||||||||
December 31, 2014(a) (in billions) | Total assets held by securitization VIEs | Assets | Assets held in nonconsolidated securitization VIEs with continuing involvement | Trading assets | AFS securities | Total interests held by | |||||||||||||||||
held in consolidated securitization VIEs | JPMorgan | ||||||||||||||||||||||
Chase | |||||||||||||||||||||||
Securitization-related | |||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||
Prime/Alt-A and Option ARMs | $ | 96.3 | $ | 2.7 | $ | 78.3 | $ | 0.5 | $ | 0.7 | $ | 1.2 | |||||||||||
Subprime | 28.4 | 0.8 | 25.7 | 0.1 | — | 0.1 | |||||||||||||||||
Commercial and other(b) | 129.6 | 0.2 | 94.4 | 0.4 | 3.5 | 3.9 | |||||||||||||||||
Total | $ | 254.3 | $ | 3.7 | $ | 198.4 | $ | 1 | $ | 4.2 | $ | 5.2 | |||||||||||
(a) | Excludes U.S. government agency securitizations. See page 132 of this Note for information on the Firm’s loan sales to U.S. government agencies. | ||||||||||||||||||||||
(b) | Consists of securities backed by commercial loans (predominantly real estate) and non-mortgage-related consumer receivables purchased from third parties. The Firm generally does not retain a residual interest in its sponsored commercial mortgage securitization transactions. | ||||||||||||||||||||||
(c) | The table above excludes the following: retained servicing (see Note 16 for a discussion of MSRs); securities retained from loan sales to U.S. government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities (See Note 5 for further information on derivatives); senior and subordinated securities of $28 million and $129 million, respectively, at March 31, 2015, and $136 million and $34 million, respectively, at December 31, 2014, which the Firm purchased in connection with CIB’s secondary market-making activities. | ||||||||||||||||||||||
(d) | Includes interests held in re-securitization transactions. | ||||||||||||||||||||||
(e) | As of March 31, 2015, and December 31, 2014, 83% and 77%, respectively, of the Firm’s retained securitization interests, which are carried at fair value, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $2.1 billion and $1.1 billion of investment-grade and $125 million and $185 million of noninvestment-grade retained interests at March 31, 2015, and December 31, 2014, respectively. The retained interests in commercial and other securitizations trusts consisted of $3.7 billion and $3.7 billion of investment-grade and $113 million and $194 million of noninvestment-grade retained interests at March 31, 2015, and December 31, 2014, respectively. | ||||||||||||||||||||||
Residential mortgages | |||||||||||||||||||||||
For a more detailed description of the Firm’s involvement with residential mortgage securitizations, see Note 16 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||
At March 31, 2015, and December 31, 2014, the Firm did not consolidate the assets of certain Firm-sponsored residential mortgage securitization VIEs, in which the Firm had continuing involvement, primarily due to the fact that the Firm did not hold an interest in these trusts that could potentially be significant to the trusts. See the table on page 131 of this Note for more information on the consolidated residential mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated residential mortgage securitizations. | |||||||||||||||||||||||
Commercial mortgages and other consumer securitizations | |||||||||||||||||||||||
CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts. For a more detailed description of the Firm’s involvement with commercial mortgage and other consumer securitizations, see Note 16 of JPMorgan Chase’s 2014 Annual Report. See the table on page 131 of this Note for more information on the consolidated commercial mortgage securitizations, and the table on the previous page of this Note for more information on interests held in nonconsolidated securitizations. | |||||||||||||||||||||||
Re-securitizations | |||||||||||||||||||||||
For a more detailed description of JPMorgan Chase’s | |||||||||||||||||||||||
participation in re-securitization transactions, see Note 16 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||
During the three months ended March 31, 2015 and 2014, the Firm transferred $3.9 billion and $5.3 billion respectively of securities to agency VIEs, and $472 million and $169 million, respectively, of securities to private-label VIEs. | |||||||||||||||||||||||
As of March 31, 2015, and December 31, 2014, the Firm did not consolidate any agency re-securitizations. As of March 31, 2015, and December 31, 2014, the Firm consolidated $73 million and $77 million, respectively, of assets, and $19 million and $21 million, respectively, of liabilities of private-label re-securitizations. See the table on page 131 of this Note for more information on consolidated re-securitization transactions. | |||||||||||||||||||||||
As of March 31, 2015, and December 31, 2014, total assets (including the notional amount of interest-only securities) of nonconsolidated Firm-sponsored private-label re-securitization entities in which the Firm has continuing involvement were $2.3 billion and $2.9 billion, respectively. At March 31, 2015, and December 31, 2014, the Firm held approximately $1.6 billion and $2.4 billion, respectively, of interests in nonconsolidated agency re-securitization entities, and $14 million and $36 million, respectively, of senior and subordinated interests in nonconsolidated private-label re-securitization entities. See the table on page 128 of this Note for further information on interests held in nonconsolidated securitizations. | |||||||||||||||||||||||
Multi-seller conduits | |||||||||||||||||||||||
For a more detailed description of JPMorgan Chase’s principal involvement with Firm-administered multi-seller conduits, see Note 16 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||
In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper, including commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $4.9 billion and $5.7 billion of the commercial paper issued by the Firm-administered multi-seller conduits at March 31, 2015, and December 31, 2014, respectively, which was eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. The Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits. | |||||||||||||||||||||||
Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm to the multi-seller conduits have been eliminated in consolidation. Unfunded lending-related commitments made to clients of the Firm-administered multi-seller conduits were $10.2 billion and $9.9 billion at March 31, 2015, and December 31, 2014, respectively, and are reported as off-balance sheet lending-related commitments. For more information on off-balance sheet lending-related commitments, see Note 21. | |||||||||||||||||||||||
VIEs associated with investor intermediation activities | |||||||||||||||||||||||
Municipal bond vehicles | |||||||||||||||||||||||
For a more detailed description of JPMorgan Chase’s principal involvement with municipal bond vehicles, see Note 16 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||
The Firm’s exposure to nonconsolidated municipal bond VIEs at March 31, 2015, and December 31, 2014, including the ratings profile of the VIEs’ assets, was as follows. | |||||||||||||||||||||||
(in billions) | Fair value of assets held by VIEs | Liquidity facilities | Excess/(deficit)(a) | Maximum exposure | |||||||||||||||||||
Nonconsolidated municipal bond vehicles | |||||||||||||||||||||||
31-Mar-15 | $ | 11.5 | $ | 6.3 | $ | 5.2 | $ | 6.3 | |||||||||||||||
31-Dec-14 | 11.5 | 6.3 | 5.2 | 6.3 | |||||||||||||||||||
Ratings profile of VIE assets(b) | Fair value of assets held by VIEs | Wt. avg. expected life of assets (years) | |||||||||||||||||||||
Investment-grade | Noninvestment- grade | ||||||||||||||||||||||
(in billions, except where otherwise noted) | AAA to AAA- | AA+ to AA- | A+ to A- | BBB+ to BBB- | BB+ and below | ||||||||||||||||||
31-Mar-15 | $ | 2.7 | $ | 8.4 | $ | 0.4 | $ | — | $ | — | $ | 11.5 | 4.9 | ||||||||||
31-Dec-14 | 2.7 | 8.4 | 0.4 | — | — | 11.5 | 4.9 | ||||||||||||||||
(a) | Represents the excess/(deficit) of the fair values of municipal bond assets available to repay the liquidity facilities, if drawn. | ||||||||||||||||||||||
(b) | The ratings scale is presented on an S&P-equivalent basis. | ||||||||||||||||||||||
Credit-related note and asset swap vehicles | |||||||||||||||||||||||
For a more detailed description of JPMorgan Chase’s principal involvement with credit-related note and asset swap vehicles, see Note 16 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||
VIEs sponsored by third parties | |||||||||||||||||||||||
The Firm enters into transactions with VIEs sponsored by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm records and reports these positions on its Consolidated balance sheets similarly to the way it would record and report positions in respect of any other third-party transaction. | |||||||||||||||||||||||
Consolidated VIE assets and liabilities | |||||||||||||||||||||||
The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of March 31, 2015, and December 31, 2014. | |||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||
March 31, 2015 (in billions)(a) | Trading assets | Loans | Other(c) | Total | Beneficial interests in | Other(f) | Total | ||||||||||||||||
assets(d) | VIE assets(e) | liabilities | |||||||||||||||||||||
VIE program type | |||||||||||||||||||||||
Firm-sponsored credit card trusts | $ | — | $ | 47.9 | $ | 0.8 | $ | 48.7 | $ | 31.4 | $ | — | $ | 31.4 | |||||||||
Firm-administered multi-seller conduits | — | 16.5 | — | 16.5 | 11.8 | — | 11.8 | ||||||||||||||||
Municipal bond vehicles | 5.2 | — | — | 5.2 | 4.7 | — | 4.7 | ||||||||||||||||
Mortgage securitization entities(b) | 2.1 | 0.7 | 0.1 | 2.9 | 1.1 | 0.8 | 1.9 | ||||||||||||||||
Student loan securitization entities | 0.1 | 2.1 | 0.1 | 2.3 | 2 | — | 2 | ||||||||||||||||
Other | 0.3 | — | 1.4 | 1.7 | 0.1 | 0.1 | 0.2 | ||||||||||||||||
Total | $ | 7.7 | $ | 67.2 | $ | 2.4 | $ | 77.3 | $ | 51.1 | $ | 0.9 | $ | 52 | |||||||||
Assets | Liabilities | ||||||||||||||||||||||
December 31, 2014 (in billions)(a) | Trading assets | Loans | Other(c) | Total | Beneficial interests in | Other(f) | Total | ||||||||||||||||
assets(d) | VIE assets(e) | liabilities | |||||||||||||||||||||
VIE program type | |||||||||||||||||||||||
Firm-sponsored credit card trusts | $ | — | $ | 48.3 | $ | 0.7 | $ | 49 | $ | 31.2 | $ | — | $ | 31.2 | |||||||||
Firm-administered multi-seller conduits | — | 17.7 | 0.1 | 17.8 | 12 | — | 12 | ||||||||||||||||
Municipal bond vehicles | 5.3 | — | — | 5.3 | 4.9 | — | 4.9 | ||||||||||||||||
Mortgage securitization entities(b) | 3.3 | 0.7 | — | 4 | 2.1 | 0.8 | 2.9 | ||||||||||||||||
Student loan securitization entities | 0.2 | 2.2 | — | 2.4 | 2.1 | — | 2.1 | ||||||||||||||||
Other | 0.3 | — | 1 | 1.3 | 0.1 | 0.1 | 0.2 | ||||||||||||||||
Total | $ | 9.1 | $ | 68.9 | $ | 1.8 | $ | 79.8 | $ | 52.4 | $ | 0.9 | $ | 53.3 | |||||||||
(a) | Excludes intercompany transactions which were eliminated in consolidation. | ||||||||||||||||||||||
(b) | Includes residential and commercial mortgage securitizations as well as re-securitizations. | ||||||||||||||||||||||
(c) | Includes assets classified as cash, AFS securities, and other assets within the Consolidated balance sheets. | ||||||||||||||||||||||
(d) | The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The difference between total assets and total liabilities recognized for consolidated VIEs represents the Firm’s interest in the consolidated VIEs for each program type. | ||||||||||||||||||||||
(e) | The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated variable interest entities.” The holders of these beneficial interests do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $34.7 billion and $35.4 billion at March 31, 2015, and December 31, 2014 respectively. The maturities of the long-term beneficial interests as of March 31, 2015, were as follows: $9.0 billion under one year, $21.1 billion between one and five years, and $4.6 billion over five years, all respectively. | ||||||||||||||||||||||
(f) | Includes liabilities classified as accounts payable and other liabilities in the Consolidated balance sheets. | ||||||||||||||||||||||
Loan securitizations | |||||||||||||||||||||||
The Firm securitizes (or has securitized) a variety of loans, including residential mortgage, credit card, student and commercial (primarily related to real estate) loans. For a | |||||||||||||||||||||||
further description of the Firm’s accounting policies regarding securitizations, see Note 16 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||
Securitization activity | |||||||||||||||||||||||
The following table provides information related to the Firm’s securitization activities for the three months ended March 31, 2015 and 2014, related to assets held in JPMorgan Chase-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved based on the accounting rules in effect at the time of the securitization. | |||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
(in millions)(a) | Residential mortgage(d) | Commercial and other(e) | Residential mortgage(d) | Commercial and other(e) | |||||||||||||||||||
Principal securitized | $ | 1,312 | $ | 3,375 | $ | 356 | $ | 2,027 | |||||||||||||||
All cash flows during the period: | |||||||||||||||||||||||
Proceeds from new securitizations(b) | $ | 1,317 | $ | 3,369 | $ | 351 | $ | 2,044 | |||||||||||||||
Servicing fees collected | 146 | 1 | 139 | 1 | |||||||||||||||||||
Purchases of previously transferred financial assets (or the underlying collateral)(c) | — | — | 3 | — | |||||||||||||||||||
Cash flows received on interests | 70 | 79 | 44 | 62 | |||||||||||||||||||
(a) | Excludes re-securitization transactions. | ||||||||||||||||||||||
(b) | For the three months ended March 31, 2015, $1.3 billion of proceeds from residential mortgage securitizations were received as securities classified in level 2 of the fair value hierarchy. For the three months ended March 31, 2015, $3.4 billion of proceeds from commercial mortgage securitizations were received as securities classified in level 2 of the fair value hierarchy. For the three months ended March 31, 2014, $330 million and $21 million of proceeds from residential mortgage securitizations were received as securities classified in level 2 and 3 of the fair value hierarchy, respectively. For the three months ended March 31, 2014, $2.0 billion of proceeds from commercial mortgage securitizations were received as securities classified in level 2 of the fair value hierarchy. | ||||||||||||||||||||||
(c) | Includes cash paid by the Firm to reacquire assets from off–balance sheet, nonconsolidated entities – for example, loan repurchases due to representation and warranties and servicer clean-up calls. | ||||||||||||||||||||||
(d) | Includes prime, Alt-A, subprime, and option ARMs. Excludes certain loan securitization transactions entered into with Ginnie Mae, Fannie Mae and | ||||||||||||||||||||||
Freddie Mac. | |||||||||||||||||||||||
(e) | Includes commercial and student loan securitizations. | ||||||||||||||||||||||
Loans and excess MSRs sold to the GSEs, loans in securitization transactions pursuant to Ginnie Mae guidelines, and other third-party-sponsored securitization entities | |||||||||||||||||||||||
In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to Fannie Mae and Freddie Mac (the “GSEs”). These loans and excess MSRs are sold primarily for the purpose of securitization by the GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying any of the transactions described above as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share a portion of the credit risk associated with the sold loans with the purchaser. See Note 29 of JPMorgan Chase’s 2014 Annual Report for additional information about the Firm’s loan sales- and securitization-related indemnifications. See Note 16 for additional information about the impact of the Firm’s sale of certain excess MSRs. | |||||||||||||||||||||||
The following table summarizes the activities related to loans sold to the GSEs, loans in securitization transactions pursuant to Ginnie Mae guidelines, and other third-party-sponsored securitization entities. | |||||||||||||||||||||||
Three months | |||||||||||||||||||||||
ended March 31, | |||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||
Carrying value of loans sold(a) | $ | 12,139 | $ | 13,920 | |||||||||||||||||||
Proceeds received from loan sales as cash | 51 | 39 | |||||||||||||||||||||
Proceeds from loans sales as securities(b) | 12,029 | 13,735 | |||||||||||||||||||||
Total proceeds received from loan sales(c) | $ | 12,080 | $ | 13,774 | |||||||||||||||||||
Gains on loan sales(d) | $ | 91 | $ | 37 | |||||||||||||||||||
(a) | Predominantly to the GSEs and in securitization transactions pursuant to Ginnie Mae guidelines. | ||||||||||||||||||||||
(b) | Predominantly includes securities from the GSEs and Ginnie Mae that are generally sold shortly after receipt. | ||||||||||||||||||||||
(c) | Excludes the value of MSRs retained upon the sale of loans. Gains on loan sales include the value of MSRs. | ||||||||||||||||||||||
(d) | The carrying value of the loans accounted for at fair value approximated the total proceeds received upon loan sale. | ||||||||||||||||||||||
Options to repurchase delinquent loans | |||||||||||||||||||||||
In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 21, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. As of March 31, 2015, and December 31, 2014, the Firm had recorded on its Consolidated balance sheets $12.3 billion and $12.4 billion, respectively, of loans that either had been repurchased or for which the Firm had an option to repurchase. Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools. Additionally, real estate owned resulting from voluntary repurchases of loans was $471 million and $464 million as of March 31, 2015, and December 31, 2014, respectively. Substantially all of these loans and real estate owned are insured or guaranteed by U.S. government agencies. For additional information, refer to Note 13 of this Form 10-Q and Note 14 of JPMorgan Chase’s 2014 Annual Report. | |||||||||||||||||||||||
Loan delinquencies and liquidation losses | |||||||||||||||||||||||
The table below includes information about components of nonconsolidated securitized financial assets, in which the Firm has continuing involvement, and delinquencies as of March 31, 2015, and December 31, 2014, respectively; and liquidation losses for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||
Liquidation losses | |||||||||||||||||||||||
Securitized assets | 90 days past due | Three months ended March 31, | |||||||||||||||||||||
(in millions) | Mar 31, | Dec 31, | Mar 31, | Dec 31, | 2015 | 2014 | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Securitized loans(a) | |||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||
Prime / Alt-A & Option ARMs | $ | 77,349 | $ | 78,294 | $ | 10,572 | $ | 11,363 | $ | 462 | $ | 659 | |||||||||||
Subprime | 24,601 | 25,659 | 6,150 | 6,473 | 354 | 739 | |||||||||||||||||
Commercial and other | 93,330 | 94,438 | 1,502 | 1,522 | 99 | 234 | |||||||||||||||||
Total loans securitized(b) | $ | 195,280 | $ | 198,391 | $ | 18,224 | $ | 19,358 | $ | 915 | $ | 1,632 | |||||||||||
(a) | Total assets held in securitization-related SPEs were $252.4 billion and $254.3 billion, respectively, at March 31, 2015 and December 31, 2014. The $195.3 billion and $198.4 billion, respectively, of loans securitized at March 31, 2015 and December 31, 2014, excluded: $54.8 billion and $52.2 billion, respectively, of securitized loans in which the Firm has no continuing involvement, and $2.3 billion and $3.7 billion, respectively, of loan securitizations consolidated on the Firm’s Consolidated balance sheets at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||
(b) | Includes securitized loans that were previously recorded at fair value and classified as trading assets. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill and other intangible assets | Goodwill and other intangible assets | ||||||||
For a discussion of the accounting policies related to goodwill and other intangible assets, see Note 17 of JPMorgan Chase’s 2014 Annual Report. | |||||||||
The following table presents goodwill attributed to the business segments. | |||||||||
(in millions) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Consumer & Community Banking | $ | 30,874 | $ | 30,941 | |||||
Corporate & Investment Bank | 6,776 | 6,780 | |||||||
Commercial Banking | 2,861 | 2,861 | |||||||
Asset Management | 6,942 | 6,964 | |||||||
Corporate | — | 101 | |||||||
Total goodwill | $ | 47,453 | $ | 47,647 | |||||
The following table presents changes in the carrying amount of goodwill. | |||||||||
Three months ended March 31, | |||||||||
(in millions) | 2015 | 2014 | |||||||
Balance at beginning of period | $ | 47,647 | $ | 48,081 | |||||
Changes during the period from: | |||||||||
Business combinations | 8 | 9 | |||||||
Dispositions(a) | (101 | ) | — | ||||||
Other(b) | (101 | ) | (25 | ) | |||||
Balance at March 31, | $ | 47,453 | $ | 48,065 | |||||
(a) | Represents Private Equity goodwill which was disposed of as part of the Private Equity sale completed in January 2015. | ||||||||
(b) | Includes foreign currency translation adjustments and other tax-related adjustments. | ||||||||
Impairment testing | |||||||||
For further description of the Firm’s goodwill impairment testing process, including the primary method used to estimate the fair value of the reporting units, and the assumptions used in the goodwill impairment test, see Impairment testing on pages 271–272 of JPMorgan Chase’s 2014 Annual Report. | |||||||||
Goodwill was not impaired at March 31, 2015, or December 31, 2014, nor was goodwill written off due to impairment during the three months ended March 31, 2015. | |||||||||
However, the Firm’s Mortgage Banking business in CCB remains at an elevated risk of goodwill impairment due to its exposure to U.S. economic conditions, such as increases in primary mortgage interest rates, lower mortgage origination volume, higher costs to resolve foreclosure-related matters or from deterioration in economic conditions, including decreases in home prices that result in increased credit losses. | |||||||||
Declines in business performance, increases in equity capital requirements, or increases in the estimated cost of equity, could cause the estimated fair values of the Firm’s reporting units or their associated goodwill to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill. | |||||||||
Mortgage servicing rights | |||||||||
MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. For a further description of the MSR asset, interest rate risk management, and the valuation of MSRs, see Note 17 of JPMorgan Chase’s 2014 Annual Report and Note 3 of this Form 10-Q. | |||||||||
The following table summarizes MSR activity for the three months ended March 31, 2015 and 2014. | |||||||||
As of or for the three months | |||||||||
ended March 31, | |||||||||
(in millions, except where otherwise noted) | 2015 | 2014 | |||||||
Fair value at beginning of period | $ | 7,436 | $ | 9,614 | |||||
MSR activity: | |||||||||
Originations of MSRs | 155 | 192 | |||||||
Purchase of MSRs | 1 | 3 | |||||||
Disposition of MSRs(a) | (157 | ) | (188 | ) | |||||
Net additions | (1 | ) | 7 | ||||||
Changes due to collection/realization of expected cash flows(b) | (215 | ) | (247 | ) | |||||
Changes in valuation due to inputs and assumptions: | |||||||||
Changes due to market interest rates and other(c) | (477 | ) | (362 | ) | |||||
Changes in valuation due to other inputs and assumptions: | |||||||||
Projected cash flows (e.g., cost to service) | (10 | ) | (11 | ) | |||||
Discount rates | (10 | ) | (449 | ) | (g) | ||||
Prepayment model changes and other(d) | (82 | ) | — | ||||||
Total changes in valuation due to other inputs and assumptions | (102 | ) | (460 | ) | |||||
Total changes in valuation due to inputs and assumptions(b) | (579 | ) | (822 | ) | |||||
Fair value at March 31,(e) | $ | 6,641 | $ | 8,552 | |||||
Change in unrealized gains/(losses) included in income related to MSRs held at March 31, | $ | (579 | ) | $ | (822 | ) | |||
Contractual service fees, late fees and other ancillary fees included in income | $ | 667 | $ | 757 | |||||
Third-party mortgage loans serviced at March 31, (in billions) | $ | 728 | $ | 809 | |||||
Net servicer advances at March 31, (in billions)(f) | $ | 7.9 | $ | 9.2 | |||||
(a) | For the three months ended March 31, 2014, predominantly represents excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage-backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired and has retained the remaining balance of those SMBS as trading securities. Also includes sales of MSRs for the three months ended March 31, 2015 and 2014. | ||||||||
(b) | Included changes related to commercial real estate of $(2) million for each of the three months ended March 31, 2015, and 2014, respectively. | ||||||||
(c) | Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. | ||||||||
(d) | Represents changes in prepayments other than those attributable to changes in market interest rates. | ||||||||
(e) | Included $9 million and $16 million related to commercial real estate at March 31, 2015 and 2014, respectively. | ||||||||
(f) | Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest to a trust, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements. | ||||||||
(g) | For the three months ended March 31, 2014, the decrease was primarily related to higher capital allocated to the Mortgage Servicing business, which, in turn, resulted in an increase in the option adjusted spread (“OAS”). The resulting OAS assumption continues to be consistent with capital and return requirements that the Firm believes a market participant would consider, taking into account factors such as the current operating risk environment and regulatory and economic capital requirements. | ||||||||
The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three months ended March 31, 2015 and 2014. | |||||||||
Three months ended March 31, | |||||||||
(in millions) | 2015 | 2014 | |||||||
CCB mortgage fees and related income | |||||||||
Net production revenue | $ | 237 | $ | 289 | |||||
Net mortgage servicing revenue | |||||||||
Operating revenue: | |||||||||
Loan servicing revenue | 749 | 870 | |||||||
Changes in MSR asset fair value due to collection/realization of expected cash flows | (214 | ) | (245 | ) | |||||
Total operating revenue | 535 | 625 | |||||||
Risk management: | |||||||||
Changes in MSR asset fair value due to market interest rates and other(a) | (476 | ) | (362 | ) | |||||
Other changes in MSR asset fair value due to other inputs and assumptions in model(b) | (102 | ) | (460 | ) | |||||
Change in derivative fair value and other | 510 | 422 | |||||||
Total risk management | (68 | ) | (400 | ) | |||||
Total CCB net mortgage servicing revenue | 467 | 225 | |||||||
All other | 1 | — | |||||||
Mortgage fees and related income | $ | 705 | $ | 514 | |||||
(a) | Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. | ||||||||
(b) | Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices). | ||||||||
The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at March 31, 2015, and December 31, 2014, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. | |||||||||
(in millions, except rates) | Mar 31, | Dec 31, | |||||||
2015 | 2014 | ||||||||
Weighted-average prepayment speed assumption (“CPR”) | 10.99 | % | 9.8 | % | |||||
Impact on fair value of 10% adverse change | $ | (423 | ) | $ | (337 | ) | |||
Impact on fair value of 20% adverse change | (738 | ) | (652 | ) | |||||
Weighted-average option adjusted spread | 9.79 | % | 9.43 | % | |||||
Impact on fair value of 100 basis points adverse change | $ | (254 | ) | $ | (300 | ) | |||
Impact on fair value of 200 basis points adverse change | (489 | ) | (578 | ) | |||||
CPR: Constant prepayment rate. | |||||||||
The sensitivity analysis in the preceding table is hypothetical and should be used with caution. Changes in fair value based on variation in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In this table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change. | |||||||||
Other intangible assets | |||||||||
For information regarding other intangible assets, see Note 17 of JPMorgan Chase’s 2014 Annual Report. |
Deposits
Deposits | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deposits [Abstract] | ||||||||
Deposits | Deposits | |||||||
For further discussion on deposits, see Note 19 of JPMorgan Chase’s 2014 Annual Report. | ||||||||
At March 31, 2015, and December 31, 2014, noninterest-bearing and interest-bearing deposits were as follows. | ||||||||
(in millions) | 31-Mar-15 | 31-Dec-14 | ||||||
U.S. offices | ||||||||
Noninterest-bearing | $ | 441,245 | $ | 437,558 | ||||
Interest-bearing: | ||||||||
Demand(a) | 83,043 | 90,319 | ||||||
Savings(b) | 478,922 | 466,730 | ||||||
Time (included $8,589 and $7,501 at fair value)(c) | 82,263 | 86,301 | ||||||
Total interest-bearing deposits | 644,228 | 643,350 | ||||||
Total deposits in U.S. offices | 1,085,473 | 1,080,908 | ||||||
Non-U.S. offices | ||||||||
Noninterest-bearing | 18,484 | 19,078 | ||||||
Interest-bearing: | ||||||||
Demand | 216,815 | 217,011 | ||||||
Savings | 1,999 | 2,673 | ||||||
Time (included $2,361 and $1,306 at fair value)(c) | 45,116 | 43,757 | ||||||
Total interest-bearing deposits | 263,930 | 263,441 | ||||||
Total deposits in non-U.S. offices | 282,414 | 282,519 | ||||||
Total deposits | $ | 1,367,887 | $ | 1,363,427 | ||||
(a) | Includes Negotiable Order of Withdrawal (“NOW”) accounts, and certain trust accounts. | |||||||
(b) | Includes Money Market Deposit Accounts (“MMDAs”). | |||||||
(c) | Includes structured notes classified as deposits for which the fair value option has been elected. For further discussion, see Note 4 of JPMorgan Chase’s 2014 Annual Report. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings per share | Earnings per share | ||||||
For a discussion of the computation of basic and diluted earnings per share (“EPS”), see Note 24 of JPMorgan Chase’s 2014 Annual Report. The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2015 and 2014. | |||||||
(in millions, except per share amounts) | Three months ended March 31, | ||||||
2015 | 2014 | ||||||
Basic earnings per share | |||||||
Net income | $ | 5,914 | $ | 5,269 | |||
Less: Preferred stock dividends | 324 | 227 | |||||
Net income applicable to common equity | 5,590 | 5,042 | |||||
Less: Dividends and undistributed earnings allocated to participating securities | 138 | 149 | |||||
Net income applicable to common stockholders | $ | 5,452 | $ | 4,893 | |||
Total weighted-average basic shares outstanding | 3,725.30 | 3,787.20 | |||||
Net income per share | $ | 1.46 | $ | 1.29 | |||
Diluted earnings per share | |||||||
Net income applicable to common stockholders | $ | 5,452 | $ | 4,893 | |||
Total weighted-average basic shares outstanding | 3,725.30 | 3,787.20 | |||||
Add: Employee stock options, SARs and | 32.2 | 36.4 | |||||
warrants(a) | |||||||
Total weighted-average diluted shares outstanding(b) | 3,757.50 | 3,823.60 | |||||
Net income per share | $ | 1.45 | $ | 1.28 | |||
(a) | Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans. The aggregate number of shares issuable upon the exercise of such options was 1 million for each of the three months ended March 31, 2015 and 2014, respectively. | ||||||
(b) | Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the calculation using the treasury stock method. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income/(Loss) | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) | Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||||||||
AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), cash flow hedging activities, and net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans. | ||||||||||||||||||||||||||||||
As of or for the three months ended | Unrealized gains/(losses) on investment securities(a) | Translation adjustments, net of hedges | Cash flow hedges | Defined benefit pension and OPEB plans | Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 4,773 | $ | (147 | ) | $ | (95 | ) | $ | (2,342 | ) | $ | 2,189 | |||||||||||||||||
Net change | 89 | (10 | ) | 77 | 85 | 241 | ||||||||||||||||||||||||
Balance at March 31, 2015 | $ | 4,862 | $ | (157 | ) | $ | (18 | ) | $ | (2,257 | ) | $ | 2,430 | |||||||||||||||||
As of or for the three months ended | Unrealized gains/(losses) on investment securities(a) | Translation adjustments, net of hedges | Cash flow hedges | Defined benefit pension and OPEB plans | Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 2,798 | $ | (136 | ) | $ | (139 | ) | $ | (1,324 | ) | $ | 1,199 | |||||||||||||||||
Net change | 994 | (2 | ) | 59 | 26 | 1,077 | ||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 3,792 | $ | (138 | ) | $ | (80 | ) | $ | (1,298 | ) | $ | 2,276 | |||||||||||||||||
(a) | Represents the after-tax difference between the fair value and amortized cost of securities accounted for as AFS; including, as of the date of transfer during the first quarter of 2014, $9 million of net unrealized losses related to AFS securities that were transferred to HTM. Subsequent to transfer, includes any net unamortized unrealized gains and losses related to the transferred securities. | |||||||||||||||||||||||||||||
The following table presents the pretax and after-tax changes in the components of other comprehensive income/(loss). | ||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||
Three months ended March 31, (in millions) | Pretax | Tax effect | After-tax | Pretax | Tax effect | After-tax | ||||||||||||||||||||||||
Unrealized gains/(losses) on investment securities: | ||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | $ | 225 | $ | (104 | ) | $ | 121 | $ | 1,621 | $ | (609 | ) | $ | 1,012 | ||||||||||||||||
Reclassification adjustment for realized (gains)/losses included in | (52 | ) | 20 | (32 | ) | (30 | ) | 12 | (18 | ) | ||||||||||||||||||||
net income(a) | ||||||||||||||||||||||||||||||
Net change | 173 | (84 | ) | 89 | 1,591 | (597 | ) | 994 | ||||||||||||||||||||||
Translation adjustments: | ||||||||||||||||||||||||||||||
Translation(b) | (1,000 | ) | 378 | (622 | ) | 154 | (63 | ) | 91 | |||||||||||||||||||||
Hedges(b) | 993 | (381 | ) | 612 | (154 | ) | 61 | (93 | ) | |||||||||||||||||||||
Net change | (7 | ) | (3 | ) | (10 | ) | — | (2 | ) | (2 | ) | |||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | (49 | ) | 18 | (31 | ) | 72 | (30 | ) | 42 | |||||||||||||||||||||
Reclassification adjustment for realized (gains)/losses included in | 175 | (67 | ) | 108 | 27 | (10 | ) | 17 | ||||||||||||||||||||||
net income(c) | ||||||||||||||||||||||||||||||
Net change | 126 | (49 | ) | 77 | 99 | (40 | ) | 59 | ||||||||||||||||||||||
Defined benefit pension and OPEB plans: | ||||||||||||||||||||||||||||||
Net gains/(losses) arising during the period | 60 | (24 | ) | 36 | 69 | (26 | ) | 43 | ||||||||||||||||||||||
Reclassification adjustments included in net income(d): | ||||||||||||||||||||||||||||||
Amortization of net loss | 71 | (27 | ) | 44 | 18 | (8 | ) | 10 | ||||||||||||||||||||||
Prior service costs/(credits) | (9 | ) | 3 | (6 | ) | (10 | ) | 4 | (6 | ) | ||||||||||||||||||||
Foreign exchange and other | 33 | (22 | ) | 11 | (4 | ) | (17 | ) | (21 | ) | ||||||||||||||||||||
Net change | 155 | (70 | ) | 85 | 73 | (47 | ) | 26 | ||||||||||||||||||||||
Total other comprehensive income/(loss) | $ | 447 | $ | (206 | ) | $ | 241 | $ | 1,763 | $ | (686 | ) | $ | 1,077 | ||||||||||||||||
(a) | The pretax amount is reported in securities gains in the Consolidated statements of income. | |||||||||||||||||||||||||||||
(b) | Reclassifications of pretax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. The amounts were not material for the periods presented. | |||||||||||||||||||||||||||||
(c) | The pretax amounts are predominantly recorded in net interest income in the Consolidated statements of income. In the first quarter of 2015, the Firm reclassified approximately $150 million of net losses from AOCI to other income because the Firm determined that it is probable that the forecasted interest payment cash flows will not occur. For additional information, see Note 5. | |||||||||||||||||||||||||||||
(d) | The pretax amount is reported in compensation expense in the Consolidated statements of income. |
Regulatory_Capital
Regulatory Capital | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||
Regulatory capital | Regulatory capital | |||||||||||||||
The Federal Reserve establishes capital requirements, including well-capitalized standards, for the consolidated financial holding company. The Office of the Comptroller of the Currency (“OCC”) establishes similar capital requirements and standards for the Firm’s national banks, including JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A. | ||||||||||||||||
Basel III, for large and internationally active U.S. bank holding companies and banks, including the Firm and its insured depository institution (“IDI”) subsidiaries, revised, among other things, the definition of capital and introduced a new common equity Tier 1 capital (“CET1 capital”) requirement; presents two comprehensive methodologies for calculating risk-weighted assets (“RWA”), a general (Standardized) approach, which replaced Basel I RWA effective January 1, 2015, (“Basel III Standardized”) and an advanced approach, which replaced Basel II RWA (“Basel III Advanced”); and sets out minimum capital ratios and overall capital adequacy standards. Certain of the requirements of Basel III are subject to phase-in periods that began on January 1, 2014 and continue through the end of 2018 (“Basel III Transitional”). | ||||||||||||||||
There are three categories of risk-based capital under the Basel III Transitional rules: Common equity Tier 1 capital (“CET1 capital”), as well as Tier 1 capital and Tier 2 capital. CET1 capital predominantly includes common stockholders’ equity (including capital for AOCI related to debt and equity securities classified as AFS as well as for defined benefit pension and OPEB plans), less certain deductions for goodwill, MSRs and deferred tax assets that arise from net operating loss (“NOL”) and tax credit carryforwards. Tier 1 capital is predominantly comprised of CET1 capital as well as perpetual preferred stock. Tier 2 capital includes long-term debt qualifying as Tier 2 and qualifying allowance for credit losses. Total capital is Tier 1 capital plus Tier 2 capital. | ||||||||||||||||
The capital adequacy of the Firm and its national bank subsidiaries is evaluated against the Basel III approach (Standardized or Advanced) which results in the lower ratio (the “Collins Floor”), as required by the Collins Amendment of the Dodd-Frank Act. | ||||||||||||||||
The following tables present the regulatory capital, assets and risk-based capital ratios for JPMorgan Chase and its significant national bank subsidiaries under both Basel III Standardized Transitional and Basel III Advanced Transitional. | ||||||||||||||||
JPMorgan Chase & Co.(e) | ||||||||||||||||
Basel III Standardized Transitional | Basel III Advanced Transitional | |||||||||||||||
(in millions, except ratios) | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Regulatory capital | ||||||||||||||||
CET1 capital | $ | 167,142 | $ | 164,426 | $ | 167,142 | $ | 164,426 | ||||||||
Tier 1 capital(a) | 188,791 | 186,294 | 188,791 | 186,294 | ||||||||||||
Total capital | 223,256 | 221,225 | 213,366 | 210,684 | ||||||||||||
Assets | ||||||||||||||||
Risk-weighted | 1,536,688 | 1,472,602 | 1,562,570 | 1,608,240 | ||||||||||||
Adjusted | 2,510,897 | 2,465,414 | 2,510,897 | 2,465,414 | ||||||||||||
average(b) | ||||||||||||||||
Capital ratios(c) | ||||||||||||||||
CET1 | 10.9 | % | 11.2 | % | 10.7 | % | 10.2 | % | ||||||||
Tier 1(a) | 12.3 | 12.7 | 12.1 | 11.6 | ||||||||||||
Total | 14.5 | 15 | 13.7 | 13.1 | ||||||||||||
Tier 1 leverage(d) | 7.5 | 7.6 | 7.5 | 7.6 | ||||||||||||
JPMorgan Chase Bank, N.A.(e) | ||||||||||||||||
Basel III Standardized Transitional | Basel III Advanced Transitional | |||||||||||||||
(in millions, except ratios) | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Regulatory capital | ||||||||||||||||
CET1 capital | $ | 161,912 | $ | 156,567 | $ | 161,912 | $ | 156,567 | ||||||||
Tier 1 capital(a) | 161,986 | 156,891 | 161,986 | 156,891 | ||||||||||||
Total capital | 178,185 | 173,328 | 171,232 | 166,331 | ||||||||||||
Assets | ||||||||||||||||
Risk-weighted | 1,275,482 | 1,230,358 | 1,304,984 | 1,330,175 | ||||||||||||
Adjusted | 2,033,143 | 1,968,131 | 2,033,143 | 1,968,131 | ||||||||||||
average(b) | ||||||||||||||||
Capital ratios(c) | ||||||||||||||||
CET1 | 12.7 | % | 12.7 | % | 12.4 | % | 11.8 | % | ||||||||
Tier 1(a) | 12.7 | 12.8 | 12.4 | 11.8 | ||||||||||||
Total | 14 | 14.1 | 13.1 | 12.5 | ||||||||||||
Tier 1 leverage(d) | 8 | 8 | 8 | 8 | ||||||||||||
Chase Bank USA, N.A.(e) | ||||||||||||||||
Basel III Standardized Transitional | Basel III Advanced Transitional | |||||||||||||||
(in millions, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||
except ratios) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Regulatory capital | ||||||||||||||||
CET1 capital | $ | 14,832 | $ | 14,556 | $ | 14,832 | $ | 14,556 | ||||||||
Tier 1 capital(a) | 14,832 | 14,556 | 14,832 | 14,556 | ||||||||||||
Total capital | 20,750 | 20,517 | 19,482 | 19,206 | ||||||||||||
Assets | ||||||||||||||||
Risk-weighted | 99,974 | 103,468 | 156,300 | 157,565 | ||||||||||||
Adjusted | 125,782 | 128,111 | 125,782 | 128,111 | ||||||||||||
average(b) | ||||||||||||||||
Capital ratios(c) | ||||||||||||||||
CET1 | 14.8 | % | 14.1 | % | 9.5 | % | 9.2 | % | ||||||||
Tier 1(a) | 14.8 | 14.1 | 9.5 | 9.2 | ||||||||||||
Total | 20.8 | 19.8 | 12.5 | 12.2 | ||||||||||||
Tier 1 leverage(d) | 11.8 | 11.4 | 11.8 | 11.4 | ||||||||||||
(a) | At March 31, 2015, trust preferred securities included in Basel III Tier 1 capital were $960 million and $150 million for JPMorgan Chase and JPMorgan Chase Bank, N.A., respectively. At March 31, 2015, Chase Bank USA, N.A. had no trust preferred securities. | |||||||||||||||
(b) | Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 Capital predominantly comprising disallowed goodwill and other intangible assets. | |||||||||||||||
(c) | For each risk-based capital ratio, the capital adequacy of the Firm and its national bank subsidiaries are evaluated against the Basel III approach, Standardized or Advanced, resulting in the lower ratio. | |||||||||||||||
(d) | As the Tier 1 leverage ratio is not a risk-based measure of capital, the ratios presented in the table reflect the same calculation. | |||||||||||||||
(e) | Asset and capital amounts for JPMorgan Chase’s national banking subsidiaries reflect intercompany transactions; whereas the respective amounts for JPMorgan Chase reflect the elimination of intercompany transactions. | |||||||||||||||
Note: | Rating agencies allow measures of capital to be adjusted upward for deferred tax liabilities, which have resulted from both nontaxable business combinations and from tax-deductible goodwill. The Firm had deferred tax liabilities resulting from nontaxable business combinations totaling $125 million and $130 million at March 31, 2015, and December 31, 2014, respectively; and deferred tax liabilities resulting from tax-deductible goodwill of $2.7 billion at both March 31, 2015, and December 31, 2014. | |||||||||||||||
Under the risk-based capital guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios of CET1 (beginning January 1, 2015), Tier 1 and total capital to risk-weighted assets, as well as a minimum leverage ratio (which is defined as Tier 1 capital divided by adjusted quarterly average assets). Failure to meet these minimum requirements could cause the Federal Reserve to take action. National bank subsidiaries also are subject to these capital requirements by their respective primary regulators. The following table presents the minimum ratios to which the Firm and its national bank subsidiaries are subject as of March 31, 2015. | ||||||||||||||||
Minimum capital ratios(a) | Well-capitalized ratios(a) | |||||||||||||||
Capital ratios | ||||||||||||||||
CET1 | 4.5 | % | 6.5 | % | ||||||||||||
Tier 1 | 6 | 8 | ||||||||||||||
Total | 8 | 10 | ||||||||||||||
Tier 1 leverage | 4 | 5 | (b) | |||||||||||||
(a) | As defined by the regulations issued by the Federal Reserve, OCC and FDIC. | |||||||||||||||
(b) | Represents requirements for bank subsidiaries pursuant to regulations issued under the FDIC Improvement Act. There is no Tier 1 leverage component in the definition of a well-capitalized bank holding company. | |||||||||||||||
As of March 31, 2015, and December 31, 2014, JPMorgan Chase and all of its banking subsidiaries were well-capitalized and met all capital requirements to which each was subject. |
OffBalance_Sheet_LendingRelate
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | ||||||||||||||||||||||||||
Off-balance sheet lending-related financial instruments, guarantees, and other commitments | Off–balance sheet lending-related financial instruments, guarantees, and other commitments | |||||||||||||||||||||||||
JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to meet the financing needs of its customers. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the counterparty draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the counterparty subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees expire without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its actual future credit exposure or funding requirements. For further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies, see Note 29 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||
To provide for probable credit losses inherent in consumer (excluding credit card) and wholesale lending commitments, an allowance for credit losses on lending-related commitments is maintained. See Note 14 for further information regarding the allowance for credit losses on lending-related commitments. The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2015, and December 31, 2014. The amounts in the table below for credit card and home equity lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close home equity lines of credit when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower. | ||||||||||||||||||||||||||
Off–balance sheet lending-related financial instruments, guarantees and other commitments | ||||||||||||||||||||||||||
Contractual amount | Carrying value(j) | |||||||||||||||||||||||||
March 31, 2015 | Dec 31, | Mar 31, | Dec 31, | |||||||||||||||||||||||
2014 | 2015 | 2014 | ||||||||||||||||||||||||
By remaining maturity | Expires in 1 year or less | Expires after | Expires after | Expires after 5 years | Total | Total | ||||||||||||||||||||
(in millions) | 1 year through | 3 years through | ||||||||||||||||||||||||
3 years | 5 years | |||||||||||||||||||||||||
Lending-related | ||||||||||||||||||||||||||
Consumer, excluding credit card: | ||||||||||||||||||||||||||
Home equity – senior lien | $ | 2,061 | $ | 4,459 | $ | 1,472 | $ | 3,513 | $ | 11,505 | $ | 11,807 | $ | — | $ | — | ||||||||||
Home equity – junior lien | 3,272 | 5,642 | 1,560 | 3,583 | 14,057 | 14,859 | — | — | ||||||||||||||||||
Prime mortgage(a) | 11,813 | — | — | — | 11,813 | 8,579 | — | — | ||||||||||||||||||
Subprime mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||
Auto | 8,930 | 868 | 196 | 37 | 10,031 | 10,462 | 2 | 2 | ||||||||||||||||||
Business banking | 10,782 | 918 | 94 | 426 | 12,220 | 11,894 | 12 | 11 | ||||||||||||||||||
Student and other | 70 | 6 | — | 449 | 525 | 552 | — | — | ||||||||||||||||||
Total consumer, excluding credit card | 36,928 | 11,893 | 3,322 | 8,008 | 60,151 | 58,153 | 14 | 13 | ||||||||||||||||||
Credit card | 533,511 | — | — | — | 533,511 | 525,963 | — | — | ||||||||||||||||||
Total consumer(b) | 570,439 | 11,893 | 3,322 | 8,008 | 593,662 | 584,116 | 14 | 13 | ||||||||||||||||||
Wholesale: | ||||||||||||||||||||||||||
Other unfunded commitments to extend credit(c)(d) | 60,210 | 85,404 | 110,408 | 8,171 | 264,193 | 272,676 | 348 | 374 | ||||||||||||||||||
Standby letters of credit and other financial guarantees(c)(d)(e) | 21,505 | 29,698 | 33,401 | 2,457 | 87,061 | 89,874 | 769 | 788 | ||||||||||||||||||
Other letters of credit(c) | 3,353 | 809 | 88 | — | 4,250 | 4,331 | 1 | 1 | ||||||||||||||||||
Total wholesale(f)(g) | 85,068 | 115,911 | 143,897 | 10,628 | 355,504 | 366,881 | 1,118 | 1,163 | ||||||||||||||||||
Total lending-related | $ | 655,507 | $ | 127,804 | $ | 147,219 | $ | 18,636 | $ | 949,166 | $ | 950,997 | $ | 1,132 | $ | 1,176 | ||||||||||
Other guarantees and commitments | ||||||||||||||||||||||||||
Securities lending indemnification agreements and guarantees(h) | $ | 185,952 | $ | — | $ | — | $ | — | $ | 185,952 | $ | 171,059 | $ | — | $ | — | ||||||||||
Derivatives qualifying as guarantees | 2,221 | 177 | 11,922 | 38,308 | 52,628 | 53,589 | 45 | 80 | ||||||||||||||||||
Unsettled reverse repurchase and securities borrowing agreements | 46,534 | — | — | — | 46,534 | 40,993 | — | — | ||||||||||||||||||
Loan sale and securitization-related indemnifications: | ||||||||||||||||||||||||||
Mortgage repurchase liability | NA | NA | NA | NA | NA | NA | 252 | 275 | ||||||||||||||||||
Loans sold with recourse | NA | NA | NA | NA | 5,637 | 6,063 | 99 | 102 | ||||||||||||||||||
Other guarantees and commitments(i) | 486 | 473 | 3,309 | 1,312 | 5,580 | 5,720 | (116 | ) | (121 | ) | ||||||||||||||||
(a) | Includes certain commitments to purchase loans from correspondents. | |||||||||||||||||||||||||
(b) | Predominantly all consumer lending-related commitments are in the U.S. | |||||||||||||||||||||||||
(c) | At March 31, 2015, and December 31, 2014, reflects the contractual amount net of risk participations totaling $284 million and $243 million, respectively, for other unfunded commitments to extend credit; $12.7 billion and $13.0 billion, respectively, for standby letters of credit and other financial guarantees; and $424 million and $469 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. | |||||||||||||||||||||||||
(d) | At March 31, 2015, and December 31, 2014, included credit enhancements and bond and commercial paper liquidity commitments to U.S. states and municipalities, hospitals and other non-profit entities of $14.4 billion and $14.8 billion, respectively, within other unfunded commitments to extend credit; and $12.5 billion and $13.3 billion, respectively, within standby letters of credit and other financial guarantees. Other unfunded commitments to extend credit also include liquidity facilities to nonconsolidated municipal bond VIEs; for further information, see Note 15. | |||||||||||||||||||||||||
(e) | At March 31, 2015, and December 31, 2014, included unissued standby letters of credit commitments of $44.8 billion and $45.6 billion, respectively. | |||||||||||||||||||||||||
(f) | At March 31, 2015, and December 31, 2014, the U.S. portion of the contractual amount of total wholesale lending-related commitments was 77% and 73%, respectively. | |||||||||||||||||||||||||
(g) | Effective January 1, 2015, the Firm no longer includes within its disclosure of wholesale lending-related commitments the unused amount of advised uncommitted lines of credit as it is within the Firm’s discretion whether or not to make a loan under these lines, and the Firm’s approval is generally required prior to funding. Prior period amounts have been revised to conform with the current period presentation. | |||||||||||||||||||||||||
(h) | At March 31, 2015, and December 31, 2014, collateral held by the Firm in support of securities lending indemnification agreements was $192.6 billion and $177.1 billion, respectively. Securities lending collateral comprises primarily cash and securities issued by governments that are members of the Organisation for Economic Co-operation and Development (“OECD”) and U.S. government agencies. | |||||||||||||||||||||||||
(i) | At March 31, 2015, and December 31, 2014, included unfunded commitments of $142 million and $147 million, respectively, to third-party private equity funds; and $861 million and $961 million, at March 31, 2015, and December 31, 2014, respectively, to other equity investments. These commitments included $162 million and $150 million, respectively, related to investments that are generally fair valued at net asset value as discussed in Note 3. In addition, at March 31, 2015, and December 31, 2014, included letters of credit hedged by derivative transactions and managed on a market risk basis of $4.4 billion and $4.5 billion, respectively. | |||||||||||||||||||||||||
(j) | For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, the carrying value represents the fair value. | |||||||||||||||||||||||||
Other unfunded commitments to extend credit | ||||||||||||||||||||||||||
Other unfunded commitments to extend credit generally comprise commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. | ||||||||||||||||||||||||||
Also included in other unfunded commitments to extend credit are commitments to noninvestment-grade counterparties in connection with leveraged finance activities, which were $29.5 billion and $23.4 billion at March 31, 2015, and December 31, 2014, respectively. For further information, see Note 3 and Note 4. | ||||||||||||||||||||||||||
The Firm acts as a settlement and custody bank in the U.S. tri-party repurchase transaction market. In its role as settlement and custody bank, the Firm is exposed to the intra-day credit risk of its cash borrower clients, usually broker-dealers. This exposure arises under secured clearance advance facilities that the Firm extends to its clients (i.e. cash borrowers); these facilities contractually limit the Firm’s intra-day credit risk to the facility amount | ||||||||||||||||||||||||||
and must be repaid by the end of the day. As of March 31, 2015 and December 31, 2014, the secured clearance advance facility maximum outstanding commitment amount was $11.9 billion and $12.6 billion, respectively. | ||||||||||||||||||||||||||
Guarantees | ||||||||||||||||||||||||||
The Firm considers the following off–balance sheet lending-related arrangements to be guarantees under U.S. GAAP: standby letters of credit and financial guarantees, securities lending indemnifications, certain indemnification agreements included within third-party contractual arrangements and certain derivative contracts. For a further discussion of the off–balance sheet lending-related arrangements the Firm considers to be guarantees, and the related accounting policies, see Note 29 of JPMorgan Chase’s 2014 Annual Report. The recorded amounts of the liabilities related to guarantees and indemnifications at March 31, 2015, and December 31, 2014, excluding the allowance for credit losses on lending-related commitments, are discussed below. | ||||||||||||||||||||||||||
Standby letters of credit and other financial guarantees | ||||||||||||||||||||||||||
Standby letters of credit (“SBLC”) and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade and similar transactions. The carrying values of standby and other letters of credit were $770 million and $789 million at March 31, 2015, and December 31, 2014, respectively, which were classified in accounts payable and other liabilities on the Consolidated balance sheets; these carrying values included $231 million and $235 million, respectively, for the allowance for lending-related commitments, and $539 million and $554 million, respectively, for the guarantee liability and corresponding asset. | ||||||||||||||||||||||||||
The following table summarizes the types of facilities under which standby letters of credit and other letters of credit arrangements are outstanding by the ratings profiles of the Firm’s customers, as of March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||||
Standby letters of credit, other financial guarantees and other letters of credit | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(in millions) | Standby letters of | Other letters | Standby letters of | Other letters | ||||||||||||||||||||||
credit and other financial guarantees | of credit | credit and other financial guarantees | of credit | |||||||||||||||||||||||
Investment-grade(a) | $ | 64,311 | $ | 3,381 | $ | 66,856 | $ | 3,476 | ||||||||||||||||||
Noninvestment-grade(a) | 22,750 | 869 | 23,018 | 855 | ||||||||||||||||||||||
Total contractual amount | $ | 87,061 | $ | 4,250 | $ | 89,874 | $ | 4,331 | ||||||||||||||||||
Allowance for lending-related commitments | $ | 230 | $ | 1 | $ | 234 | $ | 1 | ||||||||||||||||||
Commitments with collateral | 38,290 | 1,274 | 39,726 | 1,509 | ||||||||||||||||||||||
(a) | The ratings scale is based on the Firm’s internal ratings which generally correspond to ratings as defined by S&P and Moody’s. | |||||||||||||||||||||||||
Derivatives qualifying as guarantees | ||||||||||||||||||||||||||
In addition to the contracts described above, the Firm transacts certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. For further information on these derivatives, see Note 29 of JPMorgan Chase’s 2014 Annual Report. The total notional value of the derivatives that the Firm deems to be guarantees was $52.6 billion and $53.6 billion at March 31, 2015, and December 31, 2014, respectively. The notional amount generally represents the Firm’s maximum exposure to derivatives qualifying as guarantees. However, exposure to certain stable value contracts is contractually limited to a substantially lower percentage of the notional amount; the notional amount on these stable value contracts was $27.6 billion and $27.5 billion at March 31, 2015, and December 31, 2014, respectively, and the maximum exposure to loss was $2.9 billion at both March 31, 2015, and December 31, 2014. The fair values of the contracts reflect the probability of whether the Firm will be required to perform under the contract. The fair value related to derivatives that the Firm deems to be guarantees were derivative payables of $67 million and $102 million and derivative receivables of $22 million at both March 31, 2015, and December 31, 2014. The Firm reduces exposures to these contracts by entering into offsetting transactions, or by entering into contracts that hedge the market risk related to the derivative guarantees. | ||||||||||||||||||||||||||
In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. For a further discussion of credit derivatives, see Note 5. | ||||||||||||||||||||||||||
Loan sales- and securitization-related indemnifications | ||||||||||||||||||||||||||
Mortgage repurchase liability | ||||||||||||||||||||||||||
In connection with the Firm’s mortgage loan sale and securitization activities with the GSEs, as described in Note 15 of this Form 10-Q, and Note 16 of JPMorgan Chase’s 2014 Annual Report, the Firm has made representations and warranties that the loans sold meet certain requirements. The Firm has been, and may be, required to repurchase loans and/or indemnify the GSEs (e.g., with “make-whole” payments to reimburse the GSEs for their realized losses on liquidated loans). To the extent that repurchase demands that are received relate to loans that the Firm purchased from third parties that remain viable, the Firm typically will have the right to seek a recovery of related repurchase losses from the third party. Generally, the maximum amount of future payments the Firm would be required to make for breaches of these representations and warranties would be equal to the unpaid principal balance of such loans that are deemed to have defects that were sold to purchasers (including securitization-related SPEs) plus, in certain circumstances, accrued interest on such loans and certain expense. | ||||||||||||||||||||||||||
For additional information, see Note 29 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||
The following table summarizes the change in the mortgage repurchase liability for each of the periods presented. | ||||||||||||||||||||||||||
Summary of changes in mortgage repurchase liability | ||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||||||||||||||
Repurchase liability at beginning of period | $ | 275 | $ | 681 | ||||||||||||||||||||||
Net realized gains/(losses)(a) | 10 | 11 | ||||||||||||||||||||||||
(Benefit)/provision for repurchase(b) | (33 | ) | (128 | ) | ||||||||||||||||||||||
Repurchase liability at end of period | $ | 252 | $ | 564 | ||||||||||||||||||||||
(a) | Presented net of third-party recoveries and include principal losses and accrued interest on repurchased loans, “make-whole” settlements, settlements with claimants, and certain related expense. Make-whole settlements were $2 million for each of the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
(b) | Included a provision related to new loan sales of $1 million for each of the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
Private label securitizations | ||||||||||||||||||||||||||
The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. | ||||||||||||||||||||||||||
For additional information regarding litigation, see Note 23 of this Form 10-Q and Note 31 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||
Loans sold with recourse | ||||||||||||||||||||||||||
The Firm provides servicing for mortgages and certain commercial lending products on both a recourse and nonrecourse basis. In nonrecourse servicing, the principal credit risk to the Firm is the cost of temporary servicing advances of funds (i.e., normal servicing advances). In recourse servicing, the servicer agrees to share credit risk with the owner of the mortgage loans, such as Fannie Mae or Freddie Mac or a private investor, insurer or guarantor. Losses on recourse servicing predominantly occur when foreclosure sales proceeds of the property underlying a defaulted loan are less than the sum of the outstanding principal balance, plus accrued interest on the loan and the cost of holding and disposing of the underlying property. The Firm’s securitizations are predominantly nonrecourse, thereby effectively transferring the risk of future credit losses to the purchaser of the mortgage-backed securities issued by the trust. At March 31, 2015, and December 31, 2014, the unpaid principal balance of loans sold with recourse totaled $5.6 billion and $6.1 billion, respectively. The carrying value of the related liability that the Firm has recorded, which is representative of the Firm’s view of the likelihood it will have to perform under its recourse obligations, was $99 million and $102 million at March 31, 2015, and December 31, 2014, respectively. |
Pledged_Assets_and_Collateral
Pledged Assets and Collateral | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Pledged Assets and Collateral | Pledged assets and collateral |
For a discussion of the Firm’s pledged assets and collateral, see Note 30 of JPMorgan Chase’s 2014 Annual Report. | |
Pledged assets | |
The Firm may pledge financial assets that it owns to maintain potential borrowing capacity with central banks and for other purposes, including to secure borrowings and public deposits, and to collateralize repurchase and other securities financing agreements. Certain of these pledged assets may be sold or repledged by the secured parties and are identified as financial assets owned (pledged to various parties) on the Consolidated balance sheets. At March 31, 2015, and December 31, 2014, the Firm had pledged assets of $342.8 billion and $324.5 billion, respectively, at Federal Reserve Banks and Federal Home Loan Banks (“FHLBs”). In addition, as of March 31, 2015, and December 31, 2014, the Firm had pledged $51.6 billion and $60.1 billion, respectively, of financial assets that may not be sold or repledged by the secured parties. Total assets pledged do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. See Note 15 for additional information on assets and liabilities of consolidated VIEs. For additional information on the Firm’s securities financing activities, see Note 12. For additional information on the Firm’s long-term debt, see Note 21 of JPMorgan Chase’s 2014 Annual Report. | |
Collateral | |
At March 31, 2015 and December 31, 2014, the Firm had accepted financial assets as collateral that it could sell or repledge, deliver or otherwise use with a fair value of approximately $779.3 billion and $761.7 billion, respectively. This collateral was generally obtained under resale agreements, securities borrowing agreements, customer margin loans and derivative agreements. Of the collateral received, approximately $609.3 billion and $596.8 billion, respectively, were sold or repledged, generally as collateral under repurchase agreements, securities lending agreements or to cover short sales and to collateralize deposits and derivative agreements. |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2015 | |
Litigation [Abstract] | |
Litigation | Litigation |
Contingencies | |
As of March 31, 2015, the Firm and its subsidiaries are defendants or putative defendants in numerous legal proceedings, including private, civil litigations and regulatory/government investigations. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business and geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories. | |
The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $5.5 billion at March 31, 2015. This estimated aggregate range of reasonably possible losses is based upon currently available information for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain cases, the Firm does not believe that such an estimate can be made. Moreover, the Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given the number, variety and varying stages of the proceedings (including the fact that many are in preliminary stages), the existence in many such proceedings of multiple defendants (including the Firm) whose share of liability has yet to be determined, the numerous yet-unresolved issues in many of the proceedings (including issues regarding class certification and the scope of many of the claims) and the attendant uncertainty of the various potential outcomes of such proceedings, particularly proceedings that could result from government investigations. Accordingly, the Firm’s estimate will change from time to time, and actual losses may vary. | |
Set forth below are descriptions of the Firm’s material legal proceedings. | |
Auto Dealer Regulatory Matter. The Firm is engaged in discussions with the U.S. Department of Justice (“DOJ”) about potential statistical disparities in markups charged to different races and ethnicities by automobile dealers on loans originated by those dealers and purchased by the Firm. | |
CIO Litigation. The Firm has been sued in a consolidated shareholder putative class action, a consolidated putative class action brought under the Employee Retirement Income Security Act (“ERISA”) and seven shareholder derivative actions brought in Delaware state court and in New York federal and state courts relating to 2012 losses in the synthetic credit portfolio managed by the Firm’s Chief Investment Office (“CIO”). Four of the shareholder derivative actions have been dismissed, and plaintiffs in three of those actions have appealed those dismissals. Motions to dismiss have also been filed in two other shareholder derivative actions. | |
Credit Default Swaps Investigations and Litigation. In July 2013, the European Commission (the “EC”) filed a Statement of Objections against the Firm (including various subsidiaries) and other industry members in connection with its ongoing investigation into the credit default swaps (“CDS”) marketplace. The EC asserts that between 2006 and 2009, a number of investment banks acted collectively through the International Swaps and Derivatives Association (“ISDA”) and Markit Group Limited (“Markit”) to foreclose exchanges from the potential market for exchange-traded credit derivatives. The Firm submitted a response to the Statement of Objections in January 2014, and the EC held a hearing in May 2014. DOJ also has an ongoing investigation into the CDS marketplace, which was initiated in July 2009. | |
Separately, the Firm and other industry members are defendants in a consolidated putative class action filed in the United States District Court for the Southern District of New York on behalf of purchasers and sellers of CDS. The complaint refers to the ongoing investigations by the EC and DOJ into the CDS market, and alleges that the defendant investment banks and dealers, including the Firm, as well as Markit and/or ISDA, collectively prevented new entrants into the market for exchange-traded CDS products. Defendants moved to dismiss this action, and in September 2014, the Court granted defendants’ motion in part, dismissing claims for damages based on transactions effected before the Autumn of 2008, as well as certain other claims. | |
Custody Assets Investigation. The U.K. Financial Conduct Authority ("FCA") is conducting an investigation concerning compliance by JPMorgan Chase Bank, N.A., London branch and J.P. Morgan Europe Limited with the FCA’s rules regarding the provision of custody services relating to the administration of client assets. JPMorgan Chase Bank, N.A., London branch and J.P. Morgan Europe Limited are responding to and cooperating with the investigation. | |
Foreign Exchange Investigations and Litigation. The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. FX-related investigations by other government authorities remain ongoing, including a criminal investigation by DOJ and a civil investigation by the Board of Governors of the Federal Reserve System (“Federal Reserve”), among others. The Firm's discussions with DOJ regarding resolution of potential charges are in advanced stages. The Firm's discussions with the Federal Reserve regarding resolution of its investigation are also in advanced stages. | |
Since November 2013, a number of class actions have been filed in the United States District Court for the Southern District of New York against a number of foreign exchange dealers, including the Firm, for alleged violations of federal and state antitrust laws and unjust enrichment based on an alleged conspiracy to manipulate foreign exchange rates reported on the WM/Reuters service. In March 2014, plaintiffs filed a consolidated amended U.S. class action complaint; two other class actions were brought by non-U.S.-based plaintiffs. The Court denied defendants’ motion to dismiss the U.S. class action and granted the motion to dismiss the two non-U.S. class actions. In January 2015, the Firm settled the U.S. class action, and this settlement is subject to court approval. In early 2015, two additional class actions were filed seeking damages for persons who transacted FX futures and options on futures. | |
General Motors Litigation. JPMorgan Chase Bank, N.A. participated in, and was the Administrative Agent on behalf of a syndicate of lenders on, a $1.5 billion syndicated Term Loan facility (“Term Loan”) for General Motors Corporation (“GM”). In July 2009, in connection with the GM bankruptcy proceedings, the Official Committee of Unsecured Creditors of Motors Liquidation Company (“Creditors Committee”) filed a lawsuit against JPMorgan Chase Bank, N.A., in its individual capacity and as Administrative Agent for other lenders on the Term Loan, seeking to hold the underlying lien invalid based on the filing of a UCC-3 termination statement relating to the Term Loan. In March 2013, the Bankruptcy Court granted JPMorgan Chase Bank, N.A.’s motion for summary judgment and dismissed the Creditors Committee’s complaint on the grounds that JPMorgan Chase Bank, N.A. did not authorize the filing of the UCC-3 termination statement at issue. The Creditors Committee appealed the Bankruptcy Court’s dismissal of its claim to the United States Court of Appeals for the Second Circuit. In January 2015, the Court of Appeals reversed the Bankruptcy Court’s dismissal of the Creditors Committee’s claim and remanded the case to the Bankruptcy Court with instructions to enter partial summary judgment for the Creditors Committee as to the termination statement. JPMorgan Chase Bank, N.A. then filed a petition requesting that the full Court of Appeals rehear the case en banc. In April 2015, the Court of Appeals issued an order denying the petition for rehearing en banc. Continued proceedings in the Bankruptcy Court are anticipated with respect to, among other things, additional defenses asserted by JPMorgan Chase Bank, N.A. and the value of additional collateral on the Term Loan, which was not the subject of the termination statement. | |
Interchange Litigation. A group of merchants and retail associations filed a series of class action complaints alleging that Visa and MasterCard, as well as certain banks, conspired to set the price of credit and debit card interchange fees, enacted respective rules in violation of antitrust laws, and engaged in tying/bundling and exclusive dealing. The parties have entered into an agreement to settle the cases for a cash payment of $6.1 billion to the class plaintiffs (of which the Firm’s share is approximately 20%) and an amount equal to ten basis points of credit card interchange for a period of eight months to be measured from a date within 60 days of the end of the opt-out period. The agreement also provides for modifications to each credit card network’s rules, including those that prohibit surcharging credit card transactions. In December 2013, the Court issued a decision granting final approval of the settlement. A number of merchants have appealed. Certain merchants that opted out of the class settlement have filed actions against Visa and MasterCard, as well as against the Firm and other banks. Defendants’ motion to dismiss the actions was denied in July 2014. | |
Investment Management Litigation. The Firm is defending two pending cases that allege that investment portfolios managed by J.P. Morgan Investment Management (“JPMIM”) were inappropriately invested in securities backed by residential real estate collateral. Plaintiffs Assured Guaranty (U.K.) and Ambac Assurance UK Limited claim that JPMIM is liable for losses of more than $1 billion in market value of these securities. Discovery is proceeding. | |
Lehman Brothers Bankruptcy Proceedings. In May 2010, Lehman Brothers Holdings Inc. (“LBHI”) and its Official Committee of Unsecured Creditors (the “Committee”) filed a complaint (and later an amended complaint) against JPMorgan Chase Bank, N.A. in the United States Bankruptcy Court for the Southern District of New York that asserts both federal bankruptcy law and state common law claims, and seeks, among other relief, to recover $7.9 billion in collateral that was transferred to JPMorgan Chase Bank, N.A. in the weeks preceding LBHI’s bankruptcy. The amended complaint also seeks unspecified damages on the grounds that JPMorgan Chase Bank, N.A.’s collateral requests hastened LBHI’s bankruptcy. The Court dismissed the counts of the amended complaint that sought to void the allegedly constructively fraudulent and preferential transfers made to the Firm during the months of August and September 2008. The Firm has filed counterclaims against LBHI alleging that LBHI fraudulently induced the Firm to make large extensions of credit against inappropriate collateral in connection with the Firm’s role as the clearing bank for Lehman Brothers Inc. (“LBI”), LBHI’s broker-dealer subsidiary. These extensions of credit left the Firm with more than $25 billion in claims against the estate of LBI. The case has been transferred from the Bankruptcy Court to the District Court, and the Firm has moved for summary judgment seeking the dismissal of all of LBHI’s claims. LBHI has also moved for summary judgment on certain of its claims and seeking the dismissal of the Firm’s counterclaims. | |
In the Bankruptcy Court proceedings, LBHI and several of its subsidiaries that had been Chapter 11 debtors have filed a separate complaint and objection to derivatives claims asserted by the Firm alleging that the amount of the derivatives claims had been overstated and challenging certain set-offs taken by JPMorgan Chase entities to recover on the claims. The Firm responded to this separate complaint and objection in February 2013. LBHI and the Committee have also filed an objection to the claims asserted by JPMorgan Chase Bank, N.A. against LBHI with respect to clearing advances made to LBI, principally on the grounds that the Firm had not conducted the sale of the securities collateral held for its claims in a commercially reasonable manner. Discovery regarding both objections is ongoing. In January 2015, LBHI filed additional objections relating to a variety of claims that the Firm had filed in the Bankruptcy Court proceedings. The bankruptcy claims and other claims of the Firm against Lehman entities have been paid in full, subject to potential adjustment depending on the outcome of the objections filed by LBHI and the Committee. | |
LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorgan Chase has received subpoenas and requests for documents and, in some cases, interviews, from federal and state agencies and entities, including DOJ, the U.S. Commodity Futures Trading Commission (“CFTC”), the U.S. Securities and Exchange Commission (“SEC”) and various state attorneys general, as well as the EC, the FCA, the Canadian Competition Bureau, the Swiss Competition Commission and other regulatory authorities and banking associations around the world relating primarily to the process by which interest rates were submitted to the British Bankers Association (“BBA”) in connection with the setting of the BBA’s London Interbank Offered Rate (“LIBOR”) for various currencies, principally in 2007 and 2008. Some of the inquiries also relate to similar processes by which information on rates is submitted to the European Banking Federation (“EBF”) in connection with the setting of the EBF’s Euro Interbank Offered Rates (“EURIBOR”) and to the Japanese Bankers’ Association for the setting of Tokyo Interbank Offered Rates (“TIBOR”) as well as to other processes for the setting of other reference rates in various parts of the world during similar time periods. The Firm is responding to and continuing to cooperate with these inquiries. In December 2013, JPMorgan Chase reached a settlement with the EC regarding its Japanese Yen LIBOR investigation and agreed to pay a fine of €80 million. In January 2014, the Canadian Competition Bureau announced that it has discontinued its investigation related to Yen LIBOR. In May 2014, the EC issued a Statement of Objections outlining its case against the Firm (and others) as to EURIBOR, to which the Firm has filed a response. In October 2014, JPMorgan Chase reached a settlement with the EC regarding the EC’s Swiss franc LIBOR investigation and agreed to pay a fine of €72 million. In January 2015, the FCA informed JPMorgan Chase that it has discontinued its investigation of the Firm concerning LIBOR and EURIBOR. | |
In addition, the Firm has been named as a defendant along with other banks in a series of individual and class actions filed in various United States District Courts, in which plaintiffs make varying allegations that in various periods, starting in 2000 or later, defendants either individually or collectively manipulated the U.S. dollar LIBOR, Yen LIBOR, Swiss franc LIBOR, Euroyen TIBOR and/or EURIBOR rates by submitting rates that were artificially low or high. Plaintiffs allege that they transacted in loans, derivatives or other financial instruments whose values are affected by changes in U.S. dollar LIBOR, Yen LIBOR, Swiss franc LIBOR, Euroyen TIBOR or EURIBOR and assert a variety of claims including antitrust claims seeking treble damages. | |
The U.S. dollar LIBOR-related putative class actions and most U.S. dollar LIBOR-related individual actions were consolidated for pre-trial purposes in the United States District Court for the Southern District of New York (“Multi-District Litigation”). In March 2013, the Court granted in part and denied in part the defendants’ motions to dismiss the claims in the three lead putative class actions, dismissing with prejudice the antitrust claims, and permitting certain claims under the Commodity Exchange Act and common law. In September 2013, class plaintiffs in two of the three lead putative class actions filed amended complaints, which defendants moved to dismiss. In June 2014, the Court granted in part and denied in part defendants’ motions to dismiss, further limiting the subset of Commodity Exchange Act and common law claims that may proceed. Plaintiffs in the third putative class action appealed the dismissal of the antitrust claims, and the United States Court of Appeals for the Second Circuit dismissed the appeal for lack of jurisdiction. In January 2015, the United States Supreme Court reversed the decision of the Court of Appeals, holding that plaintiffs have the jurisdictional right to appeal, and remanded the case to the Court of Appeals for further proceedings. Motions to dismiss are pending in the remaining individual actions and three additional putative class actions. A new putative class action, which overlaps with one of the lead actions, was filed in February 2015 in the United States District Court for the Southern District of New York. | |
The Firm is one of the defendants in a putative class action alleging manipulation of Euroyen TIBOR and Yen LIBOR which was filed in the United States District Court for the Southern District of New York on behalf of plaintiffs who purchased or sold exchange-traded Euroyen futures and options contracts. In March 2014, the Court granted in part and denied in part the defendants’ motions to dismiss, including dismissal of plaintiff’s antitrust and unjust enrichment claims. | |
The Firm is one of the defendants in a putative class action filed in the United States District Court for the Southern District of New York relating to the interest rate benchmark EURIBOR. The case is currently stayed. | |
The Firm is also a defendant in a putative class action filed in the United States District Court for the Southern District of New York relating to the interest rate benchmark Swiss franc LIBOR. | |
The Firm is also one of the defendants in a number of putative class actions alleging that defendant banks and ICAP conspired to manipulate the U.S. dollar ISDAFIX rates. Plaintiffs primarily assert claims under the federal antitrust laws and Commodities Exchange Act. In February 2015, plaintiffs filed a consolidated amended class action complaint, which defendants have moved to dismiss. | |
Madoff Litigation. Various subsidiaries of the Firm, including J.P. Morgan Securities plc, have been named as defendants in lawsuits filed in Bankruptcy Court in New York arising out of the liquidation proceedings of Fairfield Sentry Limited and Fairfield Sigma Limited, so-called Madoff feeder funds. These actions seek to recover payments made by the funds to defendants totaling approximately $155 million. All but two of these actions have been dismissed. | |
In addition, a putative class action was brought by investors in certain feeder funds against JPMorgan Chase in the United States District Court for the Southern District of New York, as was a motion by separate potential class plaintiffs to add claims against the Firm and certain subsidiaries to an already pending putative class action in the same court. The allegations in these complaints largely track those previously raised by the court-appointed trustee for Bernard L. Madoff Investment Securities LLC. The District Court dismissed these complaints and the United States Court of Appeals for the Second Circuit affirmed the District Court’s decision. The United States Supreme Court denied plaintiffs’ petition for a writ of certiorari in March 2015. | |
The Firm is a defendant in five other Madoff-related individual investor actions pending in New York state court. The allegations in all of these actions are essentially identical, and involve claims against the Firm for, among other things, aiding and abetting breach of fiduciary duty, conversion and unjust enrichment. In August 2014, the Court dismissed all claims against the Firm. Plaintiffs have filed a notice of appeal. | |
A putative class action has been filed in the United States District Court for the District of New Jersey by investors who were net winners (i.e., Madoff customers who had taken more money out of their accounts than had been invested) in Madoff’s Ponzi scheme and were not included in the previous class action settlement. These plaintiffs allege violations of the federal securities law, federal and state racketeering statutes and multiple common law and statutory claims including breach of trust, aiding and abetting embezzlement, unjust enrichment, conversion and commercial bad faith. A similar action has been filed in the United States District Court for the Middle District of Florida, although it is not styled as a class action, and includes a claim pursuant to a Florida statute. The Firm has moved to transfer these cases to the United States District Court for the Southern District of New York. The Florida court denied the motion in January 2015. In March 2015, the New Jersey court granted the motion, and plaintiffs’ appeal of that decision is pending. | |
Three shareholder derivative actions have also been filed in New York federal and state court against the Firm, as nominal defendant, and certain of its current and former Board members, alleging breach of fiduciary duty in connection with the Firm’s relationship with Bernard Madoff and the alleged failure to maintain effective internal controls to detect fraudulent transactions. The actions seek declaratory relief and damages. In July 2014, the federal court granted defendants’ motions to dismiss two of the actions. One plaintiff chose not to appeal and the other filed a motion for reconsideration which was denied in November 2014. The latter plaintiff has filed an appeal. In the remaining state court action, a hearing on defendants’ motion to dismiss was held in October 2014, and the court reserved decision. | |
MF Global. J.P. Morgan Securities LLC has been named as one of several defendants in a number of putative class actions filed by purchasers of MF Global’s publicly traded securities asserting violations of federal securities laws and alleging that the offering documents contained materially false and misleading statements and omissions regarding MF Global. These actions have been settled, subject to final approval by the court. The Firm also has responded to inquiries from the CFTC relating to the Firm’s banking and other business relationships with MF Global, including as a depository for MF Global’s customer segregated accounts. | |
Mortgage-Backed Securities and Repurchase Litigation and Related Regulatory Investigations. JPMorgan Chase and affiliates (together, “JPMC”), Bear Stearns and affiliates (together, “Bear Stearns”) and certain Washington Mutual affiliates (together, “Washington Mutual”) have been named as defendants in a number of cases in their various roles in offerings of mortgage-backed securities (“MBS”). These cases include class action suits on behalf of MBS purchasers, actions by individual MBS purchasers and actions by monoline insurance companies that guaranteed payments of principal and interest for particular tranches of MBS offerings. Following the settlements referred to under “Repurchase Litigation” and “Government Enforcement Investigations and Litigation” below, there are currently pending and tolled investor and monoline insurer claims involving MBS with an original principal balance of approximately $26.8 billion, of which $24.3 billion involves JPMC, Bear Stearns or Washington Mutual as issuer and $2.5 billion involves JPMC, Bear Stearns or Washington Mutual solely as underwriter. The Firm and certain of its current and former officers and Board members have also been sued in shareholder derivative actions relating to the Firm’s MBS activities, and trustees have asserted or have threatened to assert claims that loans in securitization trusts should be repurchased. | |
Issuer Litigation – Class Actions. In February 2015, the United States District Court for the Southern District of New York approved a settlement of a class action against JPMC and Bear Stearns as MBS underwriters. Two class actions remain pending against JPMC and Bear Stearns as MBS issuers. In the action concerning JPMC, plaintiffs’ motion for class certification has been granted with respect to liability but denied without prejudice as to damages. In the action concerning Bear Stearns, the court has preliminarily approved a settlement and a final court approval hearing is scheduled for May 2015. The Firm is also defending a putative class action brought against Bear Stearns in the United States District Court for the District of Massachusetts. The parties have agreed to a settlement in principle to resolve that action. | |
Issuer Litigation – Individual Purchaser Actions. In addition to class actions, the Firm is defending individual actions brought against JPMC, Bear Stearns and Washington Mutual as MBS issuers (and, in some cases, also as underwriters of their own MBS offerings). These actions are pending in federal and state courts across the U.S. and are in various stages of litigation. | |
Monoline Insurer Litigation. The Firm is defending two pending actions relating to the same monoline insurer’s guarantees of principal and interest on certain classes of 11 different Bear Stearns MBS offerings. These actions are pending in state court in New York and are in various stages of litigation. | |
Underwriter Actions. In actions against the Firm involving offerings where the Firm was solely an underwriter of other issuers’ MBS offerings, the Firm has contractual rights to indemnification from the issuers. However, those indemnity rights may prove effectively unenforceable in various situations, such as where the issuers are now defunct. There are currently actions of this type pending against the Firm in federal and state courts in various stages of litigation. | |
Repurchase Litigation. The Firm is defending a number of actions brought by trustees, securities administrators or master servicers of various MBS trusts and others on behalf of purchasers of securities issued by those trusts. These cases generally allege breaches of various representations and warranties regarding securitized loans and seek repurchase of those loans or equivalent monetary relief, as well as indemnification of attorneys’ fees and costs and other remedies. Deutsche Bank National Trust Company, acting as trustee for various MBS trusts, has filed such a suit against JPMorgan Chase Bank, N.A. and the Federal Deposit Insurance Corporation (the “FDIC”) in connection with a significant number of MBS issued by Washington Mutual; that case is described in the Washington Mutual Litigations section below. Other repurchase actions, each specific to one or more MBS transactions issued by JPMC and/or Bear Stearns, are in various stages of litigation. | |
In addition, the Firm and a group of 21 institutional MBS investors made a binding offer to the trustees of MBS issued by JPMC and Bear Stearns providing for the payment of $4.5 billion and the implementation of certain servicing changes by JPMC, to resolve all repurchase and servicing claims that have been asserted or could have been asserted with respect to the 330 MBS trusts issued between 2005 and 2008. The offer does not resolve claims relating to Washington Mutual MBS. The seven trustees (or separate and successor trustees) for this group of 330 trusts have accepted the settlement for 319 trusts in whole or in part and excluded from the settlement 16 trusts in whole or in part. The trustees’ acceptance is subject to a judicial approval proceeding initiated by the trustees and pending in New York state court. Certain investors in some of the trusts for which the settlement has been accepted have intervened in the judicial approval proceeding, challenging the trustees’ acceptance of the settlement. | |
Additional actions have been filed against third-party trustees that relate to loan repurchase and servicing claims involving trusts that the Firm sponsored. | |
Derivative Actions. Shareholder derivative actions relating to the Firm’s MBS activities have been filed against the Firm, as nominal defendant, and certain of its current and former officers and members of its Board of Directors, in New York state court and California federal court. Two of the New York actions have been dismissed and one is on appeal. A consolidated action in California federal court has been dismissed without prejudice for lack of personal jurisdiction and plaintiffs are pursuing discovery. | |
Government Enforcement Investigations and Litigation. The Firm is responding to an ongoing investigation being conducted by the Criminal Division of the United States Attorney’s Office for the Eastern District of California relating to MBS offerings securitized and sold by the Firm and its subsidiaries. The Firm has also received subpoenas and informal requests for information from state authorities concerning the issuance and underwriting of MBS-related matters. The Firm continues to respond to these MBS-related regulatory inquiries. | |
In addition, the Firm continues to cooperate with investigations by DOJ, including the U.S. Attorney’s Office for the District of Connecticut, the SEC Division of Enforcement and the Office of the Special Inspector General for the Troubled Asset Relief Program, all of which relate to, among other matters, communications with counterparties in connection with certain secondary market trading in residential and commercial MBS. | |
The Firm has entered into agreements with a number of entities that purchased MBS that toll applicable limitations periods with respect to their claims, and has settled, and in the future may settle, tolled claims. There is no assurance that the Firm will not be named as a defendant in additional MBS-related litigation. | |
Mortgage-Related Investigations and Litigation. The Attorney General of Massachusetts filed an action against the Firm, other servicers and a mortgage recording company, asserting claims for various alleged wrongdoings relating to mortgage assignments and use of the industry’s electronic mortgage registry. In January 2015, the Firm entered into a settlement resolving this action. | |
The Firm entered into a settlement resolving a putative class action lawsuit relating to its filing of affidavits or other documents in connection with mortgage foreclosure proceedings, and the court granted final approval of the settlement in January 2015. | |
One shareholder derivative action has been filed in New York Supreme Court against the Firm’s Board of Directors alleging that the Board failed to exercise adequate oversight as to wrongful conduct by the Firm regarding mortgage servicing. In December 2014, the court granted defendants’ motion to dismiss the complaint, and plaintiff has filed a notice of appeal. | |
The Civil Division of the United States Attorney’s Office for the Southern District of New York is conducting an investigation concerning the Firm’s compliance with the Fair Housing Act (“FHA”) and Equal Credit Opportunity Act (“ECOA”) in connection with its mortgage lending practices. In addition, three municipalities and a school district have commenced litigation against the Firm alleging violations of an unfair competition law and of the FHA and ECOA and seeking statutory damages for the unfair competition claim, and, for the FHA and ECOA claims, damages in the form of lost tax revenue and increased municipal costs associated with foreclosed properties. The court denied a motion to dismiss in one of the municipal actions, the school district action was dismissed with prejudice, another municipal action was recently served, and motions to dismiss are pending in the remaining actions. | |
The Firm has received inquiries from federal government authorities seeking information regarding documents filed by the Firm in bankruptcy proceedings, including proofs of claim, mortgage payment change notices, affidavits, declarations and other sworn statements. The Firm is responding to these inquiries. In March 2015, JPMorgan Chase Bank, N.A entered into a settlement agreement with the Executive Office for United States Bankruptcy Trustees and the United States Trustee Program to resolve issues relating to mortgage payment change notices and escrow statements in bankruptcy proceedings. | |
Municipal Derivatives Litigation. Several civil actions were commenced in New York and Alabama courts against the Firm relating to certain Jefferson County, Alabama (the “County”) warrant underwritings and swap transactions. The claims in the civil actions generally alleged that the Firm made payments to certain third parties in exchange for being chosen to underwrite more than $3 billion in warrants issued by the County and to act as the counterparty for certain swaps executed by the County. The County filed for bankruptcy in November 2011. In June 2013, the County filed a Chapter 9 Plan of Adjustment, as amended (the “Plan of Adjustment”), which provided that all the above-described actions against the Firm would be released and dismissed with prejudice. In November 2013, the Bankruptcy Court confirmed the Plan of Adjustment, and in December 2013, certain sewer rate payers filed an appeal challenging the confirmation of the Plan of Adjustment. All conditions to the Plan of Adjustment’s effectiveness, including the dismissal of the actions against the Firm, were satisfied or waived and the transactions contemplated by the Plan of Adjustment occurred in December 2013. Accordingly, all the above-described actions against the Firm have been dismissed pursuant to the terms of the Plan of Adjustment. The appeal of the Bankruptcy Court’s order confirming the Plan of Adjustment remains pending. | |
Parmalat. In 2003, following the bankruptcy of the Parmalat group of companies (“Parmalat”), criminal prosecutors in Italy investigated the activities of Parmalat, its directors and the financial institutions that had dealings with them following the collapse of the company. In March 2012, the criminal prosecutor served a notice indicating an intention to pursue criminal proceedings against four former employees of the Firm (but not against the Firm) on charges of conspiracy to cause Parmalat’s insolvency by underwriting bonds and continuing derivatives trading when Parmalat’s balance sheet was false. A preliminary hearing, in which the judge will determine whether to recommend that the matter go to a full trial, is ongoing, and the next court hearing is scheduled for July 2015. | |
In addition, the administrator of Parmalat commenced five civil actions against JPMorgan Chase entities including: two claw-back actions; a claim relating to bonds issued by Parmalat in which it is alleged that JPMorgan Chase kept Parmalat “artificially” afloat and delayed the declaration of insolvency; and similar allegations in two claims relating to derivatives transactions. | |
Petters Bankruptcy and Related Matters. JPMorgan Chase and certain of its affiliates, including One Equity Partners (“OEP”), have been named as defendants in several actions filed in connection with the receivership and bankruptcy proceedings pertaining to Thomas J. Petters and certain affiliated entities (collectively, “Petters”) and the Polaroid Corporation. The principal actions against JPMorgan Chase and its affiliates have been brought by a court-appointed receiver for Petters and the trustees in bankruptcy proceedings for three Petters entities. These actions generally seek to avoid certain putative transfers in connection with (i) the 2005 acquisition by Petters of Polaroid, which at the time was majority-owned by OEP; (ii) two credit facilities that JPMorgan Chase and other financial institutions entered into with Polaroid; and (iii) a credit line and investment accounts held by Petters. The actions collectively seek recovery of approximately $450 million. Defendants have moved to dismiss the complaints in the actions filed by the Petters bankruptcy trustees. | |
Power Matters. The United States Attorney’s Office for the Southern District of New York is investigating matters relating to the bidding activities that were the subject of the July 2013 settlement between J.P. Morgan Ventures Energy Corp. and the Federal Energy Regulatory Commission. The Firm is responding to and cooperating with the investigation. | |
Proprietary Products Investigations and Litigation. The Firm has received information requests, subpoenas and related inquiries from the SEC, other government authorities and a self-regulatory organization regarding the Firm’s sale and use of proprietary products, such as J.P. Morgan mutual funds, in the Firm's wealth management businesses. The Firm is responding to and cooperating with the relevant authorities. A putative class action was filed in the United States District Court for the Northern District of Illinois on behalf of financial advisory clients from 2007 to present whose funds were invested in proprietary funds and who were charged investment management fees. The Court granted the Firm’s motion to dismiss. Plaintiffs’ appeal of the dismissal is pending. | |
Referral Hiring Practices Investigations. Various regulators are investigating, among other things, the Firm’s compliance with the Foreign Corrupt Practices Act and other laws with respect to the Firm’s hiring practices related to candidates referred by clients, potential clients and government officials, and its engagement of consultants in the Asia Pacific region. The Firm is responding to and cooperating with these investigations. | |
Sworn Documents, Debt Sales and Collection Litigation Practices. The Firm has been responding to formal and informal inquiries from various state and federal regulators regarding practices involving credit card collections litigation (including with respect to sworn documents), the sale of consumer credit card debt and securities backed by credit card receivables. These include inquiries from the Consumer Financial Protection Bureau and multiple state Attorneys General. The California and Mississippi Attorneys General have filed separate civil actions against JPMorgan Chase & Co., Chase Bank USA, N.A. and Chase BankCard Services, Inc. alleging violations of law relating to debt collection practices. | |
Washington Mutual Litigations. Proceedings related to Washington Mutual’s failure are pending before the United States District Court for the District of Columbia and include a lawsuit brought by Deutsche Bank National Trust Company, initially against the FDIC and amended to include JPMorgan Chase Bank, N.A. as a defendant, asserting an estimated $6 billion to $10 billion in damages based upon alleged breaches of certain representations and warranties given by certain Washington Mutual affiliates in connection with mortgage securitization agreements. The case includes assertions that JPMorgan Chase Bank, N.A. may have assumed liabilities for the alleged breaches of representations and warranties in the mortgage securitization agreements. The Firm and the FDIC have filed opposing motions, each seeking a ruling that the liabilities at issue are borne by the other. | |
Certain holders of Washington Mutual Bank debt filed an action against JPMorgan Chase which alleged that by acquiring substantially all of the assets of Washington Mutual Bank from the FDIC, JPMorgan Chase Bank, N.A. caused Washington Mutual Bank to default on its bond obligations. JPMorgan Chase and the FDIC moved to dismiss this action and the District Court dismissed the case except as to the plaintiffs’ claim that JPMorgan Chase tortiously interfered with the plaintiffs’ bond contracts with Washington Mutual Bank prior to its closure. Discovery in this action has been stayed pending a decision on JPMorgan Chase’s motion to dismiss the plaintiffs’ remaining claim. | |
JPMorgan Chase has also filed complaints in the United States District Court for the District of Columbia against the FDIC, both in its capacity as receiver for Washington Mutual Bank and in its corporate capacity asserting multiple claims for indemnification under the terms of the Purchase & Assumption Agreement between JPMorgan Chase and the FDIC relating to JPMorgan Chase’s purchase of most of the assets and certain liabilities of Washington Mutual Bank. | |
Wendel. Since 2012, the French criminal authorities have been investigating a series of transactions entered into by senior managers of Wendel Investissement (“Wendel”) during the period from 2004 through 2007 to restructure their shareholdings in Wendel. JPMorgan Chase Bank, N.A., Paris branch provided financing for the transactions to a number of managers of Wendel in 2007. In April 2015, JPMorgan Chase Bank, N.A. was notified that the authorities were formally investigating its role in the transactions. JPMorgan Chase is responding to and cooperating with the investigation. In addition, civil proceedings have been commenced against JPMorgan Chase Bank, N.A. by a number of the managers. The claims are separate, involve different allegations and are at various stages of proceedings. | |
* * * | |
In addition to the various legal proceedings discussed above, JPMorgan Chase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously in all such matters. Additional legal proceedings may be initiated from time to time in the future. | |
The Firm has established reserves for several hundred of its currently outstanding legal proceedings. In accordance with the provisions of U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upwards or downward, as appropriate, based on management’s best judgment after consultation with counsel. During the three months ended March 31, 2015, the Firm incurred $687 million of legal expense. Firmwide legal expense was not material for the three months ended March 31, 2014. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future. | |
In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or impact related to those matters. JPMorgan Chase believes, based upon its current knowledge, after consultation with counsel and after taking into account its current litigation reserves, that the legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued; as a result, the outcome of a particular matter may be material to JPMorgan Chase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorgan Chase’s income for that period. |
Business_Segments
Business Segments | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Business Segments | Business segments | |||||||||||||||||||||||||||
The Firm is managed on a line of business basis. There are four major reportable business segments – Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset Management. In addition, there is a Corporate segment. The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by management. Results of these lines of business are presented on a managed basis. For a further discussion concerning JPMorgan Chase’s business segments, see Business Segment Results on page 15, and pages 79–80, and Note 33 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||
Segment results | ||||||||||||||||||||||||||||
The accompanying tables provide a summary of the Firm’s segment results for the three months ended March 31, 2015 and 2014, on a managed basis. Total net revenue (noninterest revenue and net interest income) for each of the segments is presented on a fully taxable-equivalent (“FTE”) basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. This non-GAAP financial measure allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense/(benefit). | ||||||||||||||||||||||||||||
On at least an annual basis, the Firm assesses the level of capital required for each line of business as well as the assumptions and methodologies used to allocate capital to its lines of business and updates equity allocations to its lines of business as refinements are implemented. | ||||||||||||||||||||||||||||
Segment results and reconciliation(a) | ||||||||||||||||||||||||||||
As of or for the three months ended March 31, | Consumer & | Corporate & | Commercial Banking | Asset Management | ||||||||||||||||||||||||
(in millions, except ratios) | Community Banking | Investment Bank | ||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
Noninterest revenue | $ | 3,736 | $ | 3,434 | $ | 7,074 | $ | 6,226 | $ | 636 | $ | 558 | $ | 2,384 | $ | 2,218 | ||||||||||||
Net interest income | 6,968 | 7,100 | 2,508 | 2,616 | 1,106 | 1,120 | 621 | 582 | ||||||||||||||||||||
Total net revenue | 10,704 | 10,534 | 9,582 | 8,842 | 1,742 | 1,678 | 3,005 | 2,800 | ||||||||||||||||||||
Provision for credit losses | 930 | 816 | (31 | ) | 49 | 61 | 5 | 4 | (9 | ) | ||||||||||||||||||
Noninterest expense | 6,190 | 6,437 | 5,657 | 5,604 | 709 | 686 | 2,175 | 2,075 | ||||||||||||||||||||
Income/(loss) before | 3,584 | 3,281 | 3,956 | 3,189 | 972 | 987 | 826 | 734 | ||||||||||||||||||||
income tax expense/(benefit) | ||||||||||||||||||||||||||||
Income tax expense/(benefit) | 1,365 | 1,300 | 1,419 | 1,064 | 374 | 393 | 324 | 280 | ||||||||||||||||||||
Net income | $ | 2,219 | $ | 1,981 | $ | 2,537 | $ | 2,125 | $ | 598 | $ | 594 | $ | 502 | $ | 454 | ||||||||||||
Average common equity | $ | 51,000 | $ | 51,000 | $ | 62,000 | $ | 61,000 | $ | 14,000 | $ | 14,000 | $ | 9,000 | $ | 9,000 | ||||||||||||
Total assets | 455,624 | 441,502 | 854,275 | 879,656 | 197,931 | 191,389 | 126,233 | 124,478 | ||||||||||||||||||||
Return on common equity | 17 | % | 15 | % | 16 | % | 13 | % | 17 | % | 17 | % | 22 | % | 20 | % | ||||||||||||
Overhead ratio | 58 | 61 | 59 | 63 | 41 | 41 | 72 | 74 | ||||||||||||||||||||
As of or for the three months ended March 31, | Corporate | Reconciling Items(b) | Total | |||||||||||||||||||||||||
(in millions, except ratios) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Noninterest revenue | $ | 40 | $ | 524 | $ | (481 | ) | $ | (412 | ) | $ | 13,389 | $ | 12,548 | ||||||||||||||
Net interest income | (253 | ) | (525 | ) | (273 | ) | (226 | ) | 10,677 | 10,667 | ||||||||||||||||||
Total net revenue | (213 | ) | (1 | ) | (754 | ) | (638 | ) | 24,066 | 23,215 | ||||||||||||||||||
Provision for credit losses | (5 | ) | (11 | ) | — | — | 959 | 850 | ||||||||||||||||||||
Noninterest expense | 152 | (166 | ) | — | — | 14,883 | 14,636 | |||||||||||||||||||||
Income/(loss) before income tax expense/(benefit) | (360 | ) | 176 | (754 | ) | (638 | ) | 8,224 | 7,729 | |||||||||||||||||||
Income tax expense/(benefit) | (418 | ) | 61 | (754 | ) | (638 | ) | 2,310 | 2,460 | |||||||||||||||||||
Net income | $ | 58 | $ | 115 | $ | — | $ | — | $ | 5,914 | $ | 5,269 | ||||||||||||||||
Average common equity | $ | 76,352 | $ | 66,797 | $ | — | $ | — | $ | 212,352 | $ | 201,797 | ||||||||||||||||
Total assets | 943,085 | 839,625 | NA | NA | 2,577,148 | 2,476,650 | ||||||||||||||||||||||
Return on common equity | NM | NM | NM | NM | 11 | % | 10 | % | ||||||||||||||||||||
Overhead ratio | NM | NM | NM | NM | 62 | 63 | ||||||||||||||||||||||
(a) | Managed basis starts with the reported U.S. GAAP results and includes certain reclassifications that do not have any impact on net income as reported by the lines of business or by the Firm as a whole. | |||||||||||||||||||||||||||
(b) | Segment managed results reflect revenue on a FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These FTE adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation policy | The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to accounting principles generally accepted in the U.S. (“U.S. GAAP”). Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities. |
Use of estimates in the preparation of consolidated financial statements policy | The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information. |
Reclassifications policy | Certain amounts reported in prior periods have been reclassified to conform with the current presentation. |
New accounting guidance | Effective January 1, 2015, the Firm adopted new accounting guidance for investments in affordable housing projects that qualify for the low-income housing tax credit, which impacted the Corporate & Investment Bank (“CIB”). As a result of the adoption of this new guidance, the Firm made an accounting policy election to amortize the initial cost of its qualifying investments in proportion to the tax credits and other benefits received, and to present the amortization as a component of income tax expense (previously such amounts were predominantly presented in other income). The guidance was required to be applied retrospectively and accordingly, certain prior period amounts have been revised to conform with the current period presentation. The cumulative effect on retained earnings was a reduction of $321 million as of January 1, 2014. The adoption of this accounting guidance resulted in an increase of $222 million and $227 million in other income and income tax expense, respectively, which led to an increase of approximately 2% in the effective tax rate for the three months ended March 31, 2014. The impact on net income and earnings per share in prior periods was not material. |
The Firm recognized $377 million and $379 million of tax credits and other tax benefits associated with these investments within Income tax expense for the three months ended March 31, 2015 and 2014, respectively. The amount of amortization of such investments reported in income tax expense under the current period presentation was $274 million and $264 million, for the three months ended March 31, 2015 and 2014, respectively. | |
The carrying value of investments in affordable housing projects was $7.1 billion and $7.3 billion at March 31, 2015 and December 31, 2014, respectively. These investments are reported in other assets on the Firm’s Consolidated balance sheets. The amount of commitments related to these investments was $1.7 billion and $1.8 billion at both March 31, 2015 and December 31, 2014. These commitments are reported in accounts payable and other liabilities on the Firm’s Consolidated balance sheets. | |
Offsetting assets and liabilities policy | U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the balance sheet when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities sold and purchased under repurchase agreements to be presented net when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances when the specified conditions are met. |
Derivative_Instruments_Derivat
Derivative Instruments Derivatives executed in contemplation of a sale of the underlying financial asset (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | In certain instances the Firm enters into transactions where it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 12, but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. |
Securities_Policies
Securities (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities, Available-for-sale Securities, Policy | Securities are classified as trading, AFS or held-to-maturity (“HTM”). |
Variable_Interest_Entities_Pol
Variable Interest Entities (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Variable Interest Entities [Abstract] | |
Transfers and Servicing of Financial Assets, Policy | In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 21, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Mortgage servicing rights policy | MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | The following table presents the asset and liabilities reported at fair value as of March 31, 2015, and December 31, 2014, by major product category and fair value hierarchy. | ||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | |||||||||||||||||||||||||||||||||
Fair value hierarchy | Derivative netting adjustments | ||||||||||||||||||||||||||||||||
March 31, 2015 (in millions) | Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | — | $ | 29,299 | $ | — | $ | — | $ | 29,299 | |||||||||||||||||||||||
Securities borrowed | — | 792 | — | — | 792 | ||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. government agencies(a) | — | 23,873 | 888 | — | 24,761 | ||||||||||||||||||||||||||||
Residential – nonagency | — | 1,466 | 449 | — | 1,915 | ||||||||||||||||||||||||||||
Commercial – nonagency | — | 895 | 211 | — | 1,106 | ||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 26,234 | 1,548 | — | 27,782 | ||||||||||||||||||||||||||||
U.S. Treasury and government agencies(a) | 19,935 | 7,055 | — | — | 26,990 | ||||||||||||||||||||||||||||
Obligations of U.S. states and municipalities | — | 9,178 | 1,331 | — | 10,509 | ||||||||||||||||||||||||||||
Certificates of deposit, bankers’ acceptances and commercial paper | — | 1,570 | — | — | 1,570 | ||||||||||||||||||||||||||||
Non-U.S. government debt securities | 23,883 | 32,115 | 180 | — | 56,178 | ||||||||||||||||||||||||||||
Corporate debt securities | — | 28,579 | 2,759 | — | 31,338 | ||||||||||||||||||||||||||||
Loans(b) | — | 21,246 | 10,763 | — | 32,009 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 2,830 | 1,233 | — | 4,063 | ||||||||||||||||||||||||||||
Total debt instruments | 43,818 | 128,807 | 17,814 | — | 190,439 | ||||||||||||||||||||||||||||
Equity securities | 111,167 | 563 | 317 | — | 112,047 | ||||||||||||||||||||||||||||
Physical commodities(c) | 3,881 | 1,169 | — | — | 5,050 | ||||||||||||||||||||||||||||
Other | — | 8,830 | 1,041 | — | 9,871 | ||||||||||||||||||||||||||||
Total debt and equity instruments(d) | 158,866 | 139,369 | 19,172 | — | 317,407 | ||||||||||||||||||||||||||||
Derivative receivables: | |||||||||||||||||||||||||||||||||
Interest rate | 598 | 894,227 | 4,256 | (862,933 | ) | 36,148 | |||||||||||||||||||||||||||
Credit | — | 60,642 | 2,694 | (61,808 | ) | 1,528 | |||||||||||||||||||||||||||
Foreign exchange | 894 | 223,859 | 3,204 | (202,261 | ) | 25,696 | |||||||||||||||||||||||||||
Equity | — | 43,644 | 2,245 | (38,479 | ) | 7,410 | |||||||||||||||||||||||||||
Commodity | 199 | 38,537 | 452 | (28,396 | ) | 10,792 | |||||||||||||||||||||||||||
Total derivative receivables(e) | 1,691 | 1,260,909 | 12,851 | (1,193,877 | ) | 81,574 | |||||||||||||||||||||||||||
Total trading assets | 160,557 | 1,400,278 | 32,023 | (1,193,877 | ) | 398,981 | |||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. government agencies(a) | — | 65,556 | — | — | 65,556 | ||||||||||||||||||||||||||||
Residential – nonagency | — | 42,580 | 23 | — | 42,603 | ||||||||||||||||||||||||||||
Commercial – nonagency | — | 22,507 | 99 | — | 22,606 | ||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 130,643 | 122 | — | 130,765 | ||||||||||||||||||||||||||||
U.S. Treasury and government agencies(a) | 11,915 | 50 | — | — | 11,965 | ||||||||||||||||||||||||||||
Obligations of U.S. states and municipalities | — | 31,199 | — | — | 31,199 | ||||||||||||||||||||||||||||
Certificates of deposit | — | 1,023 | — | — | 1,023 | ||||||||||||||||||||||||||||
Non-U.S. government debt securities | 22,231 | 23,626 | — | — | 45,857 | ||||||||||||||||||||||||||||
Corporate debt securities | — | 17,191 | — | — | 17,191 | ||||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||||
Collateralized loan obligations | — | 28,913 | 770 | — | 29,683 | ||||||||||||||||||||||||||||
Other | — | 11,753 | 111 | — | 11,864 | ||||||||||||||||||||||||||||
Equity securities | 2,325 | — | — | — | 2,325 | ||||||||||||||||||||||||||||
Total available-for-sale securities | 36,471 | 244,398 | 1,003 | — | 281,872 | ||||||||||||||||||||||||||||
Loans | — | 68 | 2,222 | — | 2,290 | ||||||||||||||||||||||||||||
Mortgage servicing rights (“MSRs”) | — | — | 6,641 | — | 6,641 | ||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Private equity investments(f) | 383 | 254 | 2,314 | — | 2,951 | ||||||||||||||||||||||||||||
All other | 4,026 | 326 | 1,816 | — | 6,168 | ||||||||||||||||||||||||||||
Total other assets | 4,409 | 580 | 4,130 | — | 9,119 | ||||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 201,437 | $ | 1,675,415 | (g) | $ | 46,019 | (g) | $ | (1,193,877 | ) | $ | 728,994 | ||||||||||||||||||||
Deposits | $ | — | $ | 7,610 | $ | 3,340 | $ | — | $ | 10,950 | |||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | — | 3,628 | — | — | 3,628 | ||||||||||||||||||||||||||||
Other borrowed funds | — | 13,343 | 1,116 | — | 14,459 | ||||||||||||||||||||||||||||
Trading liabilities: | |||||||||||||||||||||||||||||||||
Debt and equity instruments(d) | 65,431 | 18,924 | 82 | — | 84,437 | ||||||||||||||||||||||||||||
Derivative payables: | |||||||||||||||||||||||||||||||||
Interest rate | 659 | 861,758 | 3,606 | (848,133 | ) | 17,890 | |||||||||||||||||||||||||||
Credit | — | 60,006 | 2,419 | (61,205 | ) | 1,220 | |||||||||||||||||||||||||||
Foreign exchange | 880 | 239,402 | 2,497 | (215,685 | ) | 27,094 | |||||||||||||||||||||||||||
Equity | — | 47,704 | 4,990 | (39,504 | ) | 13,190 | |||||||||||||||||||||||||||
Commodity | 124 | 40,649 | 1,187 | (27,518 | ) | 14,442 | |||||||||||||||||||||||||||
Total derivative payables(e) | 1,663 | 1,249,519 | 14,699 | (1,192,045 | ) | 73,836 | |||||||||||||||||||||||||||
Total trading liabilities | 67,094 | 1,268,443 | 14,781 | (1,192,045 | ) | 158,273 | |||||||||||||||||||||||||||
Accounts payable and other liabilities | — | — | 23 | — | 23 | ||||||||||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | — | 258 | 1,023 | — | 1,281 | ||||||||||||||||||||||||||||
Long-term debt | — | 18,630 | 12,003 | — | 30,633 | ||||||||||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 67,094 | $ | 1,311,912 | $ | 32,286 | $ | (1,192,045 | ) | $ | 219,247 | ||||||||||||||||||||||
Fair value hierarchy | Derivative netting adjustments | ||||||||||||||||||||||||||||||||
December 31, 2014 (in millions) | Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | — | $ | 28,585 | $ | — | $ | — | $ | 28,585 | |||||||||||||||||||||||
Securities borrowed | — | 992 | — | — | 992 | ||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. government agencies(a) | 14 | 31,904 | 922 | — | 32,840 | ||||||||||||||||||||||||||||
Residential – nonagency | — | 1,381 | 663 | — | 2,044 | ||||||||||||||||||||||||||||
Commercial – nonagency | — | 927 | 306 | — | 1,233 | ||||||||||||||||||||||||||||
Total mortgage-backed securities | 14 | 34,212 | 1,891 | — | 36,117 | ||||||||||||||||||||||||||||
U.S. Treasury and government agencies(a) | 17,816 | 8,460 | — | — | 26,276 | ||||||||||||||||||||||||||||
Obligations of U.S. states and municipalities | — | 9,298 | 1,273 | — | 10,571 | ||||||||||||||||||||||||||||
Certificates of deposit, bankers’ acceptances and commercial paper | — | 1,429 | — | — | 1,429 | ||||||||||||||||||||||||||||
Non-U.S. government debt securities | 25,854 | 27,294 | 302 | — | 53,450 | ||||||||||||||||||||||||||||
Corporate debt securities | — | 28,099 | 2,989 | — | 31,088 | ||||||||||||||||||||||||||||
Loans(b) | — | 23,080 | 13,287 | — | 36,367 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 3,088 | 1,264 | — | 4,352 | ||||||||||||||||||||||||||||
Total debt instruments | 43,684 | 134,960 | 21,006 | — | 199,650 | ||||||||||||||||||||||||||||
Equity securities | 104,890 | 748 | 431 | — | 106,069 | ||||||||||||||||||||||||||||
Physical commodities(c) | 2,739 | 1,741 | 2 | — | 4,482 | ||||||||||||||||||||||||||||
Other | — | 8,762 | 1,050 | — | 9,812 | ||||||||||||||||||||||||||||
Total debt and equity instruments(d) | 151,313 | 146,211 | 22,489 | — | 320,013 | ||||||||||||||||||||||||||||
Derivative receivables: | |||||||||||||||||||||||||||||||||
Interest rate | 473 | 945,635 | (h) | 4,149 | (916,532 | ) | (h) | 33,725 | |||||||||||||||||||||||||
Credit | — | 73,853 | 2,989 | (75,004 | ) | 1,838 | |||||||||||||||||||||||||||
Foreign exchange | 758 | 212,153 | (h) | 2,276 | (193,934 | ) | (h) | 21,253 | |||||||||||||||||||||||||
Equity | — | 39,937 | (h) | 2,552 | (34,312 | ) | (h) | 8,177 | |||||||||||||||||||||||||
Commodity | 247 | 42,807 | 599 | (29,671 | ) | 13,982 | |||||||||||||||||||||||||||
Total derivative receivables(e) | 1,478 | 1,314,385 | (h) | 12,565 | (1,249,453 | ) | (h) | 78,975 | |||||||||||||||||||||||||
Total trading assets | 152,791 | 1,460,596 | (h) | 35,054 | (1,249,453 | ) | (h) | 398,988 | |||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. government agencies(a) | — | 65,319 | — | — | 65,319 | ||||||||||||||||||||||||||||
Residential – nonagency | — | 50,865 | 30 | — | 50,895 | ||||||||||||||||||||||||||||
Commercial – nonagency | — | 21,009 | 99 | — | 21,108 | ||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 137,193 | 129 | — | 137,322 | ||||||||||||||||||||||||||||
U.S. Treasury and government agencies(a) | 13,591 | 54 | — | — | 13,645 | ||||||||||||||||||||||||||||
Obligations of U.S. states and municipalities | — | 30,068 | — | — | 30,068 | ||||||||||||||||||||||||||||
Certificates of deposit | — | 1,103 | — | — | 1,103 | ||||||||||||||||||||||||||||
Non-U.S. government debt securities | 24,074 | 28,669 | — | — | 52,743 | ||||||||||||||||||||||||||||
Corporate debt securities | — | 18,532 | — | — | 18,532 | ||||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||||
Collateralized loan obligations | — | 29,402 | 792 | — | 30,194 | ||||||||||||||||||||||||||||
Other | — | 12,499 | 116 | — | 12,615 | ||||||||||||||||||||||||||||
Equity securities | 2,530 | — | — | — | 2,530 | ||||||||||||||||||||||||||||
Total available-for-sale securities | 40,195 | 257,520 | 1,037 | — | 298,752 | ||||||||||||||||||||||||||||
Loans | — | 70 | 2,541 | — | 2,611 | ||||||||||||||||||||||||||||
Mortgage servicing rights | — | — | 7,436 | — | 7,436 | ||||||||||||||||||||||||||||
Other assets: | — | ||||||||||||||||||||||||||||||||
Private equity investments(f) | 648 | 2,624 | 2,475 | — | 5,747 | ||||||||||||||||||||||||||||
All other | 4,018 | 230 | 1,914 | — | 6,162 | ||||||||||||||||||||||||||||
Total other assets | 4,666 | 2,854 | 4,389 | — | 11,909 | ||||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 197,652 | $ | 1,750,617 | (g)(h) | $ | 50,457 | (g) | $ | (1,249,453 | ) | (h) | $ | 749,273 | |||||||||||||||||||
Deposits | $ | — | $ | 5,948 | $ | 2,859 | $ | — | $ | 8,807 | |||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | — | 2,979 | — | — | 2,979 | ||||||||||||||||||||||||||||
Other borrowed funds | — | 13,286 | 1,453 | — | 14,739 | ||||||||||||||||||||||||||||
Trading liabilities: | |||||||||||||||||||||||||||||||||
Debt and equity instruments(d) | 62,914 | 18,713 | 72 | — | 81,699 | ||||||||||||||||||||||||||||
Derivative payables: | — | ||||||||||||||||||||||||||||||||
Interest rate | 499 | 914,357 | (h) | 3,523 | (900,634 | ) | (h) | 17,745 | |||||||||||||||||||||||||
Credit | — | 73,095 | 2,800 | (74,302 | ) | 1,593 | |||||||||||||||||||||||||||
Foreign exchange | 746 | 221,066 | (h) | 2,802 | (201,644 | ) | (h) | 22,970 | |||||||||||||||||||||||||
Equity | — | 41,925 | (h) | 4,337 | (34,522 | ) | (h) | 11,740 | |||||||||||||||||||||||||
Commodity | 141 | 44,318 | 1,164 | (28,555 | ) | 17,068 | |||||||||||||||||||||||||||
Total derivative payables(e) | 1,386 | 1,294,761 | (h) | 14,626 | (1,239,657 | ) | (h) | 71,116 | |||||||||||||||||||||||||
Total trading liabilities | 64,300 | 1,313,474 | (h) | 14,698 | (1,239,657 | ) | (h) | 152,815 | |||||||||||||||||||||||||
Accounts payable and other liabilities | — | — | 26 | — | 26 | ||||||||||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | — | 1,016 | 1,146 | — | 2,162 | ||||||||||||||||||||||||||||
Long-term debt | — | 18,349 | 11,877 | — | 30,226 | ||||||||||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 64,300 | $ | 1,355,052 | (h) | $ | 32,059 | $ | (1,239,657 | ) | (h) | $ | 211,754 | ||||||||||||||||||||
(a) | At March 31, 2015, and December 31, 2014, included total U.S. government-sponsored enterprise obligations of $75.2 billion and $84.1 billion, respectively, which were predominantly mortgage-related. | ||||||||||||||||||||||||||||||||
(b) | At March 31, 2015, and December 31, 2014, included within trading loans were $13.3 billion and $17.0 billion, respectively, of residential first-lien mortgages, and $4.4 billion and $5.8 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. government agencies of $6.0 billion and $7.7 billion, respectively, and reverse mortgages of $2.9 billion and $3.4 billion, respectively. | ||||||||||||||||||||||||||||||||
(c) | Physical commodities inventories are generally accounted for at the lower of cost or market. “Market” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, market approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when market is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. For a further discussion of the Firm’s hedge accounting relationships, see Note 5. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented. | ||||||||||||||||||||||||||||||||
(d) | Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). | ||||||||||||||||||||||||||||||||
(e) | As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. For purposes of the tables above, the Firm does not reduce derivative receivables and derivative payables balances for this netting adjustment, either within or across the levels of the fair value hierarchy, as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset or liability. Therefore, the balances reported in the fair value hierarchy table are gross of any counterparty netting adjustments. However, if the Firm were to net such balances within level 3, the reduction in the level 3 derivative receivables and payables balances would be $2.3 billion and $2.5 billion at March 31, 2015, and December 31, 2014, respectively; this is exclusive of the netting benefit associated with cash collateral, which would further reduce the level 3 balances. | ||||||||||||||||||||||||||||||||
(f) | Private equity instruments represent investments within the Corporate line of business. The cost basis of the private equity investment portfolio totaled $4.2 billion and $6.0 billion at March 31, 2015, and December 31, 2014, respectively. | ||||||||||||||||||||||||||||||||
(g) | Includes investments in hedge funds, private equity funds, real estate and other funds that do not have readily determinable fair values. The Firm uses net asset value per share when measuring the fair value of these investments. At March 31, 2015, and December 31, 2014, the fair values of these investments were $1.8 billion and $1.8 billion, respectively, of which $374 million and $337 million, respectively, were classified in level 2, and $1.4 billion and $1.4 billion, respectively, in level 3. | ||||||||||||||||||||||||||||||||
(h) | The prior period amounts have been revised to conform with the current period presentation. This revision had no impact on the Firm's Consolidated balance sheets or its results of operations. | ||||||||||||||||||||||||||||||||
Fair value inputs, assets and liabilities, quantitative information | |||||||||||||||||||||||||||||||||
Level 3 inputs(a) | |||||||||||||||||||||||||||||||||
March 31, 2015 (in millions, except for ratios and basis points) | |||||||||||||||||||||||||||||||||
Product/Instrument | Fair value | Principal valuation technique | Unobservable inputs | Range of input values | Weighted average | ||||||||||||||||||||||||||||
Residential mortgage-backed securities and loans | $ | 6,816 | Discounted cash flows | Yield | 1 | % | – | 24% | 5 | % | |||||||||||||||||||||||
Prepayment speed | 0 | % | – | 20% | 7 | % | |||||||||||||||||||||||||||
Conditional default rate | 0 | % | – | 100% | 10 | % | |||||||||||||||||||||||||||
Loss severity | 0 | % | – | 100% | 27 | % | |||||||||||||||||||||||||||
Commercial mortgage-backed securities and loans(b) | 4,634 | Discounted cash flows | Yield | 1 | % | – | 34% | 4 | % | ||||||||||||||||||||||||
Conditional default rate | 0 | % | – | 100% | 7 | % | |||||||||||||||||||||||||||
Loss severity | 0 | % | – | 40% | 28 | % | |||||||||||||||||||||||||||
Corporate debt securities, obligations of U.S. states and municipalities, and other(c) | 6,434 | Discounted cash flows | Credit spread | 60 bps | – | 350 bps | 158 bps | ||||||||||||||||||||||||||
Yield | 2 | % | – | 16% | 5 | % | |||||||||||||||||||||||||||
5,268 | Market comparables | Price | $ | — | – | $139 | $ | 105 | |||||||||||||||||||||||||
Net interest rate derivatives | 650 | Option pricing | Interest rate correlation | (75 | )% | – | 93% | ||||||||||||||||||||||||||
Interest rate spread volatility | 0 | % | – | 60% | |||||||||||||||||||||||||||||
Net credit derivatives(b)(c) | 275 | Discounted cash flows | Credit correlation | 40 | % | – | 90% | ||||||||||||||||||||||||||
Net foreign exchange derivatives | 707 | Option pricing | Foreign exchange correlation | 0 | % | – | 60% | ||||||||||||||||||||||||||
Net equity derivatives | (2,745 | ) | Option pricing | Equity volatility | 15 | % | – | 60% | |||||||||||||||||||||||||
Net commodity derivatives | (735 | ) | Discounted cash flows | Forward commodity price | $ | 50 | – | $90 per barrel | |||||||||||||||||||||||||
Collateralized loan obligations | 770 | Discounted cash flows | Credit spread | 275 bps | – | 445 bps | 296 bps | ||||||||||||||||||||||||||
Prepayment speed | 20% | 20 | % | ||||||||||||||||||||||||||||||
Conditional default rate | 2% | 2 | % | ||||||||||||||||||||||||||||||
Loss severity | 40% | 40 | % | ||||||||||||||||||||||||||||||
291 | Market comparables | Price | $ | — | – | $140 | $ | 83 | |||||||||||||||||||||||||
Mortgage servicing rights (“MSRs”) | 6,641 | Discounted cash flows | Refer to Note 16 | ||||||||||||||||||||||||||||||
Private equity direct investments | 1,897 | Market comparables | EBITDA multiple | 6.9x | – | 11.8x | 8.5x | ||||||||||||||||||||||||||
Liquidity adjustment | 0 | % | – | 15% | 10 | % | |||||||||||||||||||||||||||
Private equity fund investments | 417 | Net asset value | Net asset value(e) | ||||||||||||||||||||||||||||||
Long-term debt, other borrowed funds, and deposits(d) | 15,195 | Option pricing | Interest rate correlation | (75 | )% | – | 93% | ||||||||||||||||||||||||||
Interest rate spread volatility | 0 | % | – | 60% | |||||||||||||||||||||||||||||
Foreign exchange correlation | 0 | % | – | 60% | |||||||||||||||||||||||||||||
Equity correlation | (50 | )% | – | 85% | |||||||||||||||||||||||||||||
1,264 | Discounted cash flows | Credit correlation | 40 | % | – | 90% | |||||||||||||||||||||||||||
(a) | The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. | ||||||||||||||||||||||||||||||||
(b) | The unobservable inputs and associated input ranges for approximately $465 million of credit derivative receivables and $408 million of credit derivative payables with underlying commercial mortgage risk have been included in the inputs and ranges provided for commercial mortgage-backed securities (“MBS”) and loans. | ||||||||||||||||||||||||||||||||
(c) | The unobservable inputs and associated input ranges for approximately $746 million of credit derivative receivables and $654 million of credit derivative payables with underlying asset-backed securities (“ABS”) risk have been included in the inputs and ranges provided for corporate debt securities, obligations of U.S. states and municipalities and other. | ||||||||||||||||||||||||||||||||
(d) | Long-term debt, other borrowed funds and deposits include structured notes issued by the Firm that are predominantly financial instruments containing embedded derivatives. The estimation of the fair value of structured notes is predominantly based on the derivative features embedded within the instruments. The significant unobservable inputs are broadly consistent with those presented for derivative receivables. | ||||||||||||||||||||||||||||||||
(e) | The range has not been disclosed due to the wide range of possible values given the diverse nature of the underlying investments. | ||||||||||||||||||||||||||||||||
Changes in level 3 recurring fair value measurements | The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three months ended March 31, 2015 and 2014. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable parameters to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments. | ||||||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||
Three months ended | Fair value at January 1, 2015 | Total realized/unrealized gains/(losses) | Transfers into and/or out of level 3(h) | Fair value at | Change in unrealized gains/(losses) related | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-15 | to financial instruments held at March 31, 2015 | |||||||||||||||||||||||||||||||
(in millions) | Purchases(g) | Sales | Settlements | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. government agencies | $ | 922 | $ | (53 | ) | $ | 74 | $ | (17 | ) | $ | (40 | ) | $ | 2 | $ | 888 | $ | (52 | ) | |||||||||||||
Residential – nonagency | 663 | (10 | ) | 152 | (347 | ) | (6 | ) | (3 | ) | 449 | (34 | ) | ||||||||||||||||||||
Commercial – nonagency | 306 | (11 | ) | 82 | (151 | ) | (8 | ) | (7 | ) | 211 | (16 | ) | ||||||||||||||||||||
Total mortgage-backed securities | 1,891 | (74 | ) | 308 | (515 | ) | (54 | ) | (8 | ) | 1,548 | (102 | ) | ||||||||||||||||||||
Obligations of U.S. states and municipalities | 1,273 | 10 | 144 | (71 | ) | (25 | ) | — | 1,331 | 8 | |||||||||||||||||||||||
Non-U.S. government debt securities | 302 | 1 | 101 | (92 | ) | (31 | ) | (101 | ) | 180 | 1 | ||||||||||||||||||||||
Corporate debt securities | 2,989 | (55 | ) | 533 | (496 | ) | (92 | ) | (120 | ) | 2,759 | (26 | ) | ||||||||||||||||||||
Loans | 13,287 | (285 | ) | 736 | (1,997 | ) | (469 | ) | (509 | ) | 10,763 | (275 | ) | ||||||||||||||||||||
Asset-backed securities | 1,264 | (37 | ) | 559 | (521 | ) | 32 | (64 | ) | 1,233 | (44 | ) | |||||||||||||||||||||
Total debt instruments | 21,006 | (440 | ) | 2,381 | (3,692 | ) | (639 | ) | (802 | ) | 17,814 | (438 | ) | ||||||||||||||||||||
Equity securities | 431 | 38 | 29 | (110 | ) | (3 | ) | (68 | ) | 317 | 31 | ||||||||||||||||||||||
Other | 1,052 | 8 | 661 | (584 | ) | (79 | ) | (17 | ) | 1,041 | 15 | ||||||||||||||||||||||
Total trading assets – debt and equity instruments | 22,489 | (394 | ) | (c) | 3,071 | (4,386 | ) | (721 | ) | (887 | ) | 19,172 | (392 | ) | (c) | ||||||||||||||||||
Net derivative receivables:(a) | |||||||||||||||||||||||||||||||||
Interest rate | 626 | 142 | 309 | (74 | ) | (255 | ) | (98 | ) | 650 | 308 | ||||||||||||||||||||||
Credit | 189 | 77 | 9 | (3 | ) | 19 | (16 | ) | 275 | 75 | |||||||||||||||||||||||
Foreign exchange | (526 | ) | 827 | 5 | (3 | ) | 201 | 203 | 707 | 779 | |||||||||||||||||||||||
Equity | (1,785 | ) | (476 | ) | 208 | (289 | ) | (355 | ) | (48 | ) | (2,745 | ) | (484 | ) | ||||||||||||||||||
Commodity | (565 | ) | (40 | ) | — | — | (98 | ) | (32 | ) | (735 | ) | (49 | ) | |||||||||||||||||||
Total net derivative receivables | (2,061 | ) | 530 | (c) | 531 | (369 | ) | (488 | ) | 9 | (1,848 | ) | 629 | (c) | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Asset-backed securities | 908 | (9 | ) | 49 | (43 | ) | (24 | ) | — | 881 | (4 | ) | |||||||||||||||||||||
Other | 129 | — | — | — | (7 | ) | — | 122 | — | ||||||||||||||||||||||||
Total available-for-sale securities | 1,037 | (9 | ) | (d) | 49 | (43 | ) | (31 | ) | — | 1,003 | (4 | ) | (d) | |||||||||||||||||||
Loans | 2,541 | (205 | ) | (c) | 120 | (83 | ) | (151 | ) | — | 2,222 | (205 | ) | (c) | |||||||||||||||||||
Mortgage servicing rights | 7,436 | (579 | ) | (e) | 156 | (157 | ) | (215 | ) | — | 6,641 | (579 | ) | (e) | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Private equity investments | 2,475 | 36 | (c) | — | — | (71 | ) | (126 | ) | 2,314 | 21 | (c) | |||||||||||||||||||||
All other | 1,914 | 19 | (f) | 95 | (88 | ) | (124 | ) | — | 1,816 | 2 | (f) | |||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||
Three months ended | Fair value at January 1, 2015 | Total realized/unrealized (gains)/losses | Transfers into and/or out of level 3(h) | Fair value at | Change in unrealized (gains)/losses related | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-15 | to financial instruments held at March 31, 2015 | |||||||||||||||||||||||||||||||
(in millions) | Purchases | Sales | Issuances | Settlements | |||||||||||||||||||||||||||||
Liabilities:(b) | |||||||||||||||||||||||||||||||||
Deposits | $ | 2,859 | $ | 92 | (c) | $ | — | $ | — | $ | 775 | $ | (115 | ) | $ | (271 | ) | $ | 3,340 | $ | 88 | (c) | |||||||||||
Other borrowed funds | 1,453 | (119 | ) | (c) | — | — | 1,048 | (981 | ) | (285 | ) | 1,116 | (110 | ) | (c) | ||||||||||||||||||
Trading liabilities – debt and equity instruments | 72 | 3 | (c) | (108 | ) | 126 | — | (9 | ) | (2 | ) | 82 | 2 | (c) | |||||||||||||||||||
Accounts payable and other liabilities | 26 | — | (c) | — | — | — | (3 | ) | — | 23 | — | (c) | |||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | 1,146 | (53 | ) | (c) | — | — | 2 | (72 | ) | — | 1,023 | (47 | ) | (c) | |||||||||||||||||||
Long-term debt | 11,877 | (105 | ) | (c) | — | (12 | ) | 2,837 | (2,371 | ) | (223 | ) | 12,003 | (96 | ) | (c) | |||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||
Three months ended | Fair value at January 1, 2014 | Total realized/unrealized gains/(losses) | Transfers into and/or out of level 3(h) | Fair value at | Change in unrealized gains/(losses) related | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-14 | to financial instruments held at March 31, 2014 | |||||||||||||||||||||||||||||||
(in millions) | Purchases(g) | Sales | Settlements | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. government agencies | $ | 1,005 | $ | 3 | $ | 331 | $ | (162 | ) | $ | (27 | ) | $ | — | $ | 1,150 | $ | 5 | |||||||||||||||
Residential – nonagency | 726 | 24 | 192 | (200 | ) | (12 | ) | (15 | ) | 715 | 14 | ||||||||||||||||||||||
Commercial – nonagency | 432 | 20 | 321 | (294 | ) | (14 | ) | — | 465 | 10 | |||||||||||||||||||||||
Total mortgage-backed securities | 2,163 | 47 | 844 | (656 | ) | (53 | ) | (15 | ) | 2,330 | 29 | ||||||||||||||||||||||
Obligations of U.S. states and municipalities | 1,382 | 22 | — | (185 | ) | — | — | 1,219 | 9 | ||||||||||||||||||||||||
Non-U.S. government debt securities | 143 | 16 | 410 | (516 | ) | (1 | ) | — | 52 | 22 | |||||||||||||||||||||||
Corporate debt securities | 5,920 | 238 | 1,197 | (1,352 | ) | (841 | ) | (289 | ) | 4,873 | 213 | ||||||||||||||||||||||
Loans | 13,455 | 319 | 2,158 | (1,794 | ) | (1,546 | ) | (71 | ) | 12,521 | 295 | ||||||||||||||||||||||
Asset-backed securities | 1,272 | 24 | 550 | (556 | ) | (20 | ) | (114 | ) | 1,156 | 19 | ||||||||||||||||||||||
Total debt instruments | 24,335 | 666 | 5,159 | (5,059 | ) | (2,461 | ) | (489 | ) | 22,151 | 587 | ||||||||||||||||||||||
Equity securities | 885 | 81 | 36 | (19 | ) | (9 | ) | (89 | ) | 885 | 70 | ||||||||||||||||||||||
Physical commodities | 4 | — | — | — | (1 | ) | — | 3 | — | ||||||||||||||||||||||||
Other | 2,000 | (97 | ) | 54 | (51 | ) | (28 | ) | (594 | ) | 1,284 | (19 | ) | ||||||||||||||||||||
Total trading assets – debt and equity instruments | 27,224 | 650 | (c) | 5,249 | (5,129 | ) | (2,499 | ) | (1,172 | ) | 24,323 | 638 | (c) | ||||||||||||||||||||
Net derivative receivables:(a) | |||||||||||||||||||||||||||||||||
Interest rate | 2,379 | 24 | 48 | (43 | ) | (338 | ) | 20 | 2,090 | (342 | ) | ||||||||||||||||||||||
Credit | 95 | (115 | ) | 58 | — | 206 | — | 244 | (97 | ) | |||||||||||||||||||||||
Foreign exchange | (1,200 | ) | (199 | ) | 61 | (16 | ) | 49 | 23 | (1,282 | ) | (349 | ) | ||||||||||||||||||||
Equity | (1,063 | ) | 71 | 801 | (1,033 | ) | 125 | 39 | (1,060 | ) | 582 | ||||||||||||||||||||||
Commodity | 115 | (154 | ) | 1 | — | (42 | ) | 22 | (58 | ) | (60 | ) | |||||||||||||||||||||
Total net derivative receivables | 326 | (373 | ) | (c) | 969 | (1,092 | ) | — | 104 | (66 | ) | (266 | ) | (c) | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Asset-backed securities | 1,088 | (2 | ) | — | (2 | ) | (20 | ) | 63 | 1,127 | (2 | ) | |||||||||||||||||||||
Other | 1,234 | (3 | ) | — | — | (41 | ) | — | 1,190 | (3 | ) | ||||||||||||||||||||||
Total available-for-sale securities | 2,322 | (5 | ) | (d) | — | (2 | ) | (61 | ) | 63 | 2,317 | (5 | ) | (d) | |||||||||||||||||||
Loans | 1,931 | 32 | (c) | 684 | (142 | ) | (234 | ) | — | 2,271 | 28 | (c) | |||||||||||||||||||||
Mortgage servicing rights | 9,614 | (822 | ) | (e) | 195 | (188 | ) | (247 | ) | — | 8,552 | (822 | ) | (e) | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Private equity investments | 6,474 | 96 | (c) | 87 | (1,018 | ) | (304 | ) | — | 5,335 | (3 | ) | (c) | ||||||||||||||||||||
All other | 2,589 | (34 | ) | (f) | 73 | (37 | ) | (155 | ) | — | 2,436 | (44 | ) | (f) | |||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||
Three months ended | Fair value at January 1, 2014 | Total realized/unrealized (gains)/losses | Transfers into and/or out of level 3(h) | Fair value at March 31, 2014 | Change in unrealized (gains)/ | ||||||||||||||||||||||||||||
31-Mar-14 | losses related | ||||||||||||||||||||||||||||||||
(in millions) | Purchases | Sales | Issuances | Settlements | to financial instruments held at March 31, 2014 | ||||||||||||||||||||||||||||
Liabilities:(b) | |||||||||||||||||||||||||||||||||
Deposits | $ | 2,255 | $ | 37 | (c) | $ | — | $ | — | $ | 290 | $ | (42 | ) | $ | (154 | ) | $ | 2,386 | $ | 28 | (c) | |||||||||||
Other borrowed funds | 2,074 | 39 | (c) | — | — | 1,333 | (2,107 | ) | 196 | 1,535 | 113 | (c) | |||||||||||||||||||||
Trading liabilities – debt and equity instruments | 113 | — | (216 | ) | 208 | — | (4 | ) | — | 101 | — | ||||||||||||||||||||||
Accounts payable and other liabilities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | 1,240 | 47 | (c) | — | — | 78 | (205 | ) | — | 1,160 | 50 | (c) | |||||||||||||||||||||
Long-term debt | 10,008 | 102 | (c) | — | — | 1,832 | (1,010 | ) | 271 | 11,203 | 129 | (c) | |||||||||||||||||||||
(a) | All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty. | ||||||||||||||||||||||||||||||||
(b) | Level 3 liabilities as a percentage of total Firm liabilities accounted for at fair value (including liabilities measured at fair value on a nonrecurring basis) was 15% at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||
(c) | Predominantly reported in principal transactions revenue, except for changes in fair value for Consumer & Community Banking mortgage loans, lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income. | ||||||||||||||||||||||||||||||||
(d) | Realized gains/(losses) on available-for-sale (“AFS”) securities, as well as other-than-temporary impairment losses that are recorded in earnings, are reported in securities gains. Unrealized gains/(losses) are reported in OCI. Realized gains/(losses) and foreign exchange remeasurement adjustments recorded in income on AFS securities were $(7) million and $(1) million for the three months ended March 31, 2015 and 2014, respectively. Unrealized gains/(losses) recorded on AFS securities in OCI were $(2) million and $(4) million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||
(e) | Changes in fair value for CCB mortgage servicing rights are reported in mortgage fees and related income. | ||||||||||||||||||||||||||||||||
(f) | Predominantly reported in other income. | ||||||||||||||||||||||||||||||||
(g) | Loan originations are included in purchases. | ||||||||||||||||||||||||||||||||
(h) | All transfers into and/or out of level 3 are assumed to occur at the beginning of the quarterly reporting period in which they occur. | ||||||||||||||||||||||||||||||||
Credit adjustments | The following table provides the credit and funding adjustments, excluding the effect of any associated hedging activities, reflected within the Consolidated balance sheets as of the dates indicated. | ||||||||||||||||||||||||||||||||
(in millions) | Mar 31, 2015 | Dec 31, 2014 | |||||||||||||||||||||||||||||||
Derivative receivables balance(a) | $ | 81,574 | $ | 78,975 | |||||||||||||||||||||||||||||
Derivative payables balance(a) | 73,836 | 71,116 | |||||||||||||||||||||||||||||||
Derivatives CVA(b) | (2,493 | ) | (2,674 | ) | |||||||||||||||||||||||||||||
Derivatives DVA and FVA(b)(c) | (521 | ) | (380 | ) | |||||||||||||||||||||||||||||
Structured notes balance(a)(d) | 56,042 | 53,772 | |||||||||||||||||||||||||||||||
Structured notes DVA and FVA(b)(e) | 1,300 | 1,152 | |||||||||||||||||||||||||||||||
(a) | Balances are presented net of applicable credit valuation adjustments (“CVA”) and debit valuation adjustments (“DVA”)/funding valuation adjustments (“FVA”). | ||||||||||||||||||||||||||||||||
(b) | Positive CVA and DVA/FVA represent amounts that increased receivable balances or decreased payable balances; negative CVA and DVA/FVA represent amounts that decreased receivable balances or increased payable balances. | ||||||||||||||||||||||||||||||||
(c) | At March 31, 2015, and December 31, 2014, included derivatives DVA of $727 million and $714 million, respectively. | ||||||||||||||||||||||||||||||||
(d) | Structured notes are predominantly financial instruments containing embedded derivatives that are measured at fair value based on the Firm’s election under the fair value option. At March 31, 2015, and December 31, 2014, included $943 million and $943 million, respectively, of financial instruments with no embedded derivative for which the fair value option has also been elected. For further information on these elections, see Note 4. | ||||||||||||||||||||||||||||||||
(e) | At March 31, 2015, and December 31, 2014 included structured notes DVA of $1.5 billion and $1.4 billion, respectively. | ||||||||||||||||||||||||||||||||
Impact of credit adjustments on earnings | The following table provides the impact of credit and funding adjustments on Principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. | ||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||||||||||||
Credit adjustments: | |||||||||||||||||||||||||||||||||
Derivatives CVA | $ | 181 | $ | (19 | ) | ||||||||||||||||||||||||||||
Derivatives DVA and FVA(a) | (141 | ) | (125 | ) | |||||||||||||||||||||||||||||
Structured notes DVA and FVA(b) | 148 | 17 | |||||||||||||||||||||||||||||||
(a) | Included derivatives DVA of $13 million and $(94) million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||
(b) | Included structured notes DVA of $108 million and $(115) million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||
Carrying value and estimated fair value of financial assets and liabilities | The following table presents the carrying values and estimated fair values at March 31, 2015, and December 31, 2014, of financial assets and liabilities, excluding financial instruments which are carried at fair value on a recurring basis, and information is provided on their classification within the fair value hierarchy. For additional information regarding the financial instruments within the scope of this disclosure, and the methods and significant assumptions used to estimate their fair value, see Note 3 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||
Estimated fair value hierarchy | Estimated fair value hierarchy | ||||||||||||||||||||||||||||||||
(in billions) | Carrying | Level 1 | Level 2 | Level 3 | Total estimated | Carrying | Level 1 | Level 2 | Level 3 | Total estimated | |||||||||||||||||||||||
value | fair value | value | fair value | ||||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 22.8 | $ | 22.8 | $ | — | $ | — | $ | 22.8 | $ | 27.8 | $ | 27.8 | $ | — | $ | — | $ | 27.8 | |||||||||||||
Deposits with banks | 506.4 | 502.8 | 3.6 | — | 506.4 | 484.5 | 480.4 | 4.1 | — | 484.5 | |||||||||||||||||||||||
Accrued interest and accounts receivable | 70 | — | 70 | 0.1 | 70.1 | 70.1 | — | 70 | 0.1 | 70.1 | |||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 190 | — | 190 | — | 190 | 187.2 | — | 187.2 | — | 187.2 | |||||||||||||||||||||||
Securities borrowed | 107.6 | — | 107.6 | — | 107.6 | 109.4 | — | 109.4 | — | 109.4 | |||||||||||||||||||||||
Securities, held-to-maturity(a) | 49.3 | — | 51.4 | — | 51.4 | 49.3 | — | 51.2 | — | 51.2 | |||||||||||||||||||||||
Loans, net of allowance for loan losses(b) | 747.8 | — | 18.3 | 734.4 | 752.7 | 740.5 | — | 21.8 | 723.1 | 744.9 | |||||||||||||||||||||||
Other | 65.8 | — | 56.5 | 13.3 | 69.8 | 64.7 | — | 55.7 | 13.3 | 69 | |||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||||||
Deposits | $ | 1,356.90 | $ | — | $ | 1,356.00 | $ | 1.2 | $ | 1,357.20 | $ | 1,354.60 | $ | — | $ | 1,353.60 | $ | 1.2 | $ | 1,354.80 | |||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 193 | — | 193 | — | 193 | 189.1 | — | 189.1 | — | 189.1 | |||||||||||||||||||||||
Commercial paper | 55.7 | — | 55.7 | — | 55.7 | 66.3 | — | 66.3 | — | 66.3 | |||||||||||||||||||||||
Other borrowed funds | 14.6 | — | 14.6 | — | 14.6 | 15.5 | 15.5 | — | 15.5 | ||||||||||||||||||||||||
Accounts payable and other liabilities | 174.5 | — | 172 | 2.4 | 174.4 | 176.7 | — | 173.7 | 2.9 | 176.6 | |||||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | 49.8 | — | 47.9 | 2 | 49.9 | 50.2 | — | 48.2 | 2 | 50.2 | |||||||||||||||||||||||
Long-term debt and junior subordinated deferrable interest debentures(c) | 250 | — | 255.9 | 3.8 | 259.7 | 246.6 | — | 251.6 | 3.8 | 255.4 | |||||||||||||||||||||||
(a) | Carrying value includes unamortized discount or premium. | ||||||||||||||||||||||||||||||||
(b) | Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. The difference between the estimated fair value and carrying value of a financial asset or liability is the result of the different methodologies used to determine fair value as compared with carrying value. For example, credit losses are estimated for a financial asset’s remaining life in a fair value calculation but are estimated for a loss emergence period in the allowance for loan loss calculation; future loan income (interest and fees) is incorporated in a fair value calculation but is generally not considered in the allowance for loan losses. For a further discussion of the Firm’s methodologies for estimating the fair value of loans and lending-related commitments, see Valuation hierarchy on pages 181–184 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||||
(c) | Carrying value includes unamortized original issue discount and other valuation adjustments. | ||||||||||||||||||||||||||||||||
The carrying value and estimated fair value of wholesale lending- related commitments | The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated Balance Sheets, nor are they actively traded. The carrying value and estimated fair value of the Firm’s wholesale lending-related commitments were as follows for the periods indicated. | ||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||
Estimated fair value hierarchy | Estimated fair value hierarchy | ||||||||||||||||||||||||||||||||
(in billions) | Carrying value(a) | Level 1 | Level 2 | Level 3 | Total estimated fair value | Carrying value(a) | Level 1 | Level 2 | Level 3 | Total estimated fair value | |||||||||||||||||||||||
Wholesale lending-related commitments | $ | 0.6 | $ | — | $ | — | $ | 1.3 | $ | 1.3 | $ | 0.6 | $ | — | $ | — | $ | 1.6 | $ | 1.6 | |||||||||||||
(a) | Represents the allowance for wholesale lending-related commitments. Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which are recognized at fair value at the inception of guarantees. |
Fair_Value_Option_Tables
Fair Value Option (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Fair Value Option [Abstract] | ||||||||||||||||||||||||||
Changes in fair value under the fair value option election | The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended March 31, 2015 and 2014, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table. | |||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
(in millions) | Principal transactions | All other income | Total changes in fair | Principal transactions | All other income | Total changes in fair value recorded | ||||||||||||||||||||
value recorded | ||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | 73 | $ | — | $ | 73 | $ | (40 | ) | $ | — | $ | (40 | ) | ||||||||||||
Securities borrowed | (2 | ) | — | (2 | ) | (3 | ) | — | (3 | ) | ||||||||||||||||
Trading assets: | ||||||||||||||||||||||||||
Debt and equity instruments, excluding loans | 380 | — | 380 | 230 | (2 | ) | (c) | 228 | ||||||||||||||||||
Loans reported as trading assets: | ||||||||||||||||||||||||||
Changes in instrument-specific credit risk | 152 | 3 | (c) | 155 | 363 | 9 | (c) | 372 | ||||||||||||||||||
Other changes in fair value | 127 | 280 | (c) | 407 | 64 | 292 | (c) | 356 | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||||
Changes in instrument-specific credit risk | 1 | — | 1 | 8 | — | 8 | ||||||||||||||||||||
Other changes in fair value | — | — | — | 7 | — | 7 | ||||||||||||||||||||
Other assets | 60 | 6 | (d) | 66 | 5 | (73 | ) | (d) | (68 | ) | ||||||||||||||||
Deposits(a) | (125 | ) | — | (125 | ) | (104 | ) | — | (104 | ) | ||||||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | (9 | ) | — | (9 | ) | (16 | ) | — | (16 | ) | ||||||||||||||||
Other borrowed funds(a) | (9 | ) | — | (9 | ) | (260 | ) | — | (260 | ) | ||||||||||||||||
Trading liabilities | (2 | ) | — | (2 | ) | (6 | ) | — | (6 | ) | ||||||||||||||||
Beneficial interests issued by consolidated VIEs | 18 | — | 18 | (89 | ) | — | (89 | ) | ||||||||||||||||||
Other liabilities | — | — | — | — | — | — | ||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||||||
Changes in instrument-specific credit risk(a) | 116 | — | 116 | (77 | ) | — | (77 | ) | ||||||||||||||||||
Other changes in fair value(b) | (378 | ) | — | (378 | ) | (18 | ) | — | (18 | ) | ||||||||||||||||
(a) | Total changes in instrument-specific credit risk (DVA) related to structured notes were $108 million and $(115) million for the three months ended March 31, 2015 and 2014, respectively. These totals include such changes for structured notes classified within deposits and other borrowed funds, as well as long-term debt. | |||||||||||||||||||||||||
(b) | Structured notes are predominantly financial instruments containing embedded derivatives. Where present, the embedded derivative is the primary driver of risk. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk. | |||||||||||||||||||||||||
(c) | Reported in mortgage fees and related income. | |||||||||||||||||||||||||
(d) | Reported in other income. | |||||||||||||||||||||||||
Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding | The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of March 31, 2015, and December 31, 2014, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(in millions) | Contractual principal outstanding | Fair value | Fair value over/(under) contractual principal outstanding | Contractual principal outstanding | Fair value | Fair value over/(under) contractual principal outstanding | ||||||||||||||||||||
Loans(a) | ||||||||||||||||||||||||||
Nonaccrual loans | ||||||||||||||||||||||||||
Loans reported as trading assets | $ | 3,718 | $ | 858 | $ | (2,860 | ) | $ | 3,847 | $ | 905 | $ | (2,942 | ) | ||||||||||||
Loans | 7 | 7 | — | 7 | 7 | — | ||||||||||||||||||||
Subtotal | 3,725 | 865 | (2,860 | ) | 3,854 | 912 | (2,942 | ) | ||||||||||||||||||
All other performing loans | ||||||||||||||||||||||||||
Loans reported as trading assets | 32,983 | 31,151 | (1,832 | ) | 37,608 | 35,462 | (2,146 | ) | ||||||||||||||||||
Loans | 2,111 | 2,104 | (7 | ) | 2,397 | 2,389 | (8 | ) | ||||||||||||||||||
Total loans | $ | 38,819 | $ | 34,120 | $ | (4,699 | ) | $ | 43,859 | $ | 38,763 | $ | (5,096 | ) | ||||||||||||
Long-term debt | ||||||||||||||||||||||||||
Principal-protected debt | $ | 14,613 | (c) | $ | 15,357 | $ | 744 | $ | 14,660 | (c) | $ | 15,484 | $ | 824 | ||||||||||||
Nonprincipal-protected debt(b) | NA | 15,276 | NA | NA | 14,742 | NA | ||||||||||||||||||||
Total long-term debt | NA | $ | 30,633 | NA | NA | $ | 30,226 | NA | ||||||||||||||||||
Long-term beneficial interests | ||||||||||||||||||||||||||
Nonprincipal-protected debt(b) | NA | $ | 1,281 | NA | NA | $ | 2,162 | NA | ||||||||||||||||||
Total long-term beneficial interests | NA | $ | 1,281 | NA | NA | $ | 2,162 | NA | ||||||||||||||||||
(a) | There were no performing loans that were ninety days or more past due as of March 31, 2015, and December 31, 2014, respectively. | |||||||||||||||||||||||||
(b) | Remaining contractual principal is not applicable to nonprincipal-protected notes. Unlike principal-protected structured notes, for which the Firm is obligated to return a stated amount of principal at the maturity of the note, nonprincipal-protected structured notes do not obligate the Firm to return a stated amount of principal at maturity, but to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal protected notes. | |||||||||||||||||||||||||
(c) | Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflected as the remaining contractual principal is the final principal payment at maturity. | |||||||||||||||||||||||||
Fair value option, structured notes by balance sheet classification and primary embedded derivative risk | The table below presents the fair value of the structured notes issued by the Firm, by balance sheet classification and the primary risk to which the structured notes’ embedded derivative relates. | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(in millions) | Long-term debt | Other borrowed funds | Deposits | Total | Long-term debt | Other borrowed funds | Deposits | Total | ||||||||||||||||||
Risk exposure | ||||||||||||||||||||||||||
Interest rate | $ | 10,942 | $ | 154 | $ | 3,216 | $ | 14,312 | $ | 10,858 | $ | 460 | $ | 2,119 | $ | 13,437 | ||||||||||
Credit | 4,120 | 426 | — | 4,546 | 4,023 | 450 | — | 4,473 | ||||||||||||||||||
Foreign exchange | 2,113 | 242 | 18 | 2,373 | 2,150 | 211 | 17 | 2,378 | ||||||||||||||||||
Equity | 12,430 | 12,464 | 4,596 | 29,490 | 12,348 | 12,412 | 4,415 | 29,175 | ||||||||||||||||||
Commodity | 763 | 764 | 2,851 | 4,378 | 710 | 644 | 2,012 | 3,366 | ||||||||||||||||||
Total structured notes | $ | 30,368 | $ | 14,050 | $ | 10,681 | $ | 55,099 | $ | 30,089 | $ | 14,177 | $ | 8,563 | $ | 52,829 | ||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||
Schedule of uses and disclosure of derivatives | The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category. | |||||||||||||||||||||||||||||
Type of Derivative | Use of Derivative | Designation and disclosure | Affected | 10-Q page reference | ||||||||||||||||||||||||||
segment or unit | ||||||||||||||||||||||||||||||
Manage specifically identified risk exposures in qualifying hedge accounting relationships: | ||||||||||||||||||||||||||||||
◦ Interest rate | Hedge fixed rate assets and liabilities | Fair value hedge | Corporate | 97 | ||||||||||||||||||||||||||
◦ Interest rate | Hedge floating rate assets and liabilities | Cash flow hedge | Corporate | 98 | ||||||||||||||||||||||||||
◦ | Hedge foreign currency-denominated assets and liabilities | Fair value hedge | Corporate | 97 | ||||||||||||||||||||||||||
Foreign exchange | ||||||||||||||||||||||||||||||
◦ | Hedge forecasted revenue and expense | Cash flow hedge | Corporate | 98 | ||||||||||||||||||||||||||
Foreign exchange | ||||||||||||||||||||||||||||||
◦ | Hedge the value of the Firm’s investments in non-U.S. subsidiaries | Net investment hedge | Corporate | 99 | ||||||||||||||||||||||||||
Foreign exchange | ||||||||||||||||||||||||||||||
◦ | Hedge commodity inventory | Fair value hedge | CIB | 97 | ||||||||||||||||||||||||||
Commodity | ||||||||||||||||||||||||||||||
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: | ||||||||||||||||||||||||||||||
◦ | Manage the risk of the mortgage pipeline, warehouse loans and MSRs | Specified risk management | CCB | 99 | ||||||||||||||||||||||||||
Interest rate | ||||||||||||||||||||||||||||||
◦ | Manage the credit risk of wholesale lending exposures | Specified risk management | CIB | 99 | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||
◦ | Manage the risk of certain commodities-related contracts and investments | Specified risk management | CIB | 99 | ||||||||||||||||||||||||||
Commodity | ||||||||||||||||||||||||||||||
◦ | Manage the risk of certain other specified assets and liabilities | Specified risk management | Corporate | 99 | ||||||||||||||||||||||||||
Interest rate and foreign exchange | ||||||||||||||||||||||||||||||
Market-making derivatives and other activities: | ||||||||||||||||||||||||||||||
◦ | Market-making and related risk management | Market-making and other | CIB | 99 | ||||||||||||||||||||||||||
Various | ||||||||||||||||||||||||||||||
◦ | Other derivatives | Market-making and other | CIB, Corporate | 99 | ||||||||||||||||||||||||||
Various | ||||||||||||||||||||||||||||||
Notional amount of derivative contracts | The following table summarizes the notional amount of derivative contracts outstanding as of March 31, 2015, and December 31, 2014. | |||||||||||||||||||||||||||||
Notional amounts(b) | ||||||||||||||||||||||||||||||
(in billions) | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||||||
Swaps | $ | 24,446 | $ | 29,734 | ||||||||||||||||||||||||||
Futures and forwards | 9,572 | 10,189 | ||||||||||||||||||||||||||||
Written options | 3,618 | 3,903 | ||||||||||||||||||||||||||||
Purchased options | 3,968 | 4,259 | ||||||||||||||||||||||||||||
Total interest rate contracts | 41,604 | 48,085 | ||||||||||||||||||||||||||||
Credit derivatives(a) | 3,991 | 4,249 | ||||||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||||||
Cross-currency swaps | 3,184 | 3,346 | ||||||||||||||||||||||||||||
Spot, futures and forwards | 4,809 | 4,669 | ||||||||||||||||||||||||||||
Written options | 811 | 790 | ||||||||||||||||||||||||||||
Purchased options | 803 | 780 | ||||||||||||||||||||||||||||
Total foreign exchange contracts | 9,607 | 9,585 | ||||||||||||||||||||||||||||
Equity contracts | ||||||||||||||||||||||||||||||
Swaps | 199 | 206 | ||||||||||||||||||||||||||||
Futures and forwards | 69 | 50 | ||||||||||||||||||||||||||||
Written options | 416 | 432 | ||||||||||||||||||||||||||||
Purchased options | 363 | 375 | ||||||||||||||||||||||||||||
Total equity contracts | 1,047 | 1,063 | ||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||
Swaps | 126 | 126 | ||||||||||||||||||||||||||||
Spot, futures and forwards | 178 | 193 | ||||||||||||||||||||||||||||
Written options | 180 | 181 | ||||||||||||||||||||||||||||
Purchased options | 190 | 180 | ||||||||||||||||||||||||||||
Total commodity contracts | 674 | 680 | ||||||||||||||||||||||||||||
Total derivative notional amounts | $ | 56,923 | $ | 63,662 | ||||||||||||||||||||||||||
(a) | For more information on volumes and types of credit derivative contracts, see the Credit derivatives discussion on pages 100–101 of this Note. | |||||||||||||||||||||||||||||
(b) | Represents the sum of gross long and gross short third-party notional derivative contracts. | |||||||||||||||||||||||||||||
Impact of derivatives on the Consolidated Balance Sheets | The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of March 31, 2015 and December 31, 2014, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type. | |||||||||||||||||||||||||||||
Free-standing derivative receivables and payables(a) | ||||||||||||||||||||||||||||||
Gross derivative receivables | Gross derivative payables | |||||||||||||||||||||||||||||
31-Mar-15 | Not designated as hedges | Designated as hedges | Total derivative receivables | Net derivative receivables(b) | Not designated as hedges | Designated | Total derivative payables | Net derivative payables(b) | ||||||||||||||||||||||
(in millions) | as hedges | |||||||||||||||||||||||||||||
Trading assets and liabilities | ||||||||||||||||||||||||||||||
Interest rate | $ | 892,648 | $ | 6,433 | $ | 899,081 | $ | 36,148 | $ | 862,785 | $ | 3,238 | $ | 866,023 | $ | 17,890 | ||||||||||||||
Credit | 63,336 | — | 63,336 | 1,528 | 62,425 | — | 62,425 | 1,220 | ||||||||||||||||||||||
Foreign exchange | 224,698 | 3,259 | 227,957 | 25,696 | 241,606 | 1,173 | 242,779 | 27,094 | ||||||||||||||||||||||
Equity | 45,889 | — | 45,889 | 7,410 | 52,694 | — | 52,694 | 13,190 | ||||||||||||||||||||||
Commodity | 38,849 | 339 | 39,188 | 10,792 | 41,892 | 68 | 41,960 | 14,442 | ||||||||||||||||||||||
Total fair value of trading assets and liabilities | $ | 1,265,420 | $ | 10,031 | $ | 1,275,451 | $ | 81,574 | $ | 1,261,402 | $ | 4,479 | $ | 1,265,881 | $ | 73,836 | ||||||||||||||
Gross derivative receivables | Gross derivative payables | |||||||||||||||||||||||||||||
31-Dec-14 | Not designated as hedges | Designated as hedges | Total derivative receivables | Net derivative receivables(b) | Not designated as hedges | Designated | Total derivative payables | Net derivative payables(b) | ||||||||||||||||||||||
(in millions) | as hedges | |||||||||||||||||||||||||||||
Trading assets and liabilities | ||||||||||||||||||||||||||||||
Interest rate | $ | 944,885 | (c) | $ | 5,372 | $ | 950,257 | (c) | $ | 33,725 | $ | 915,368 | (c) | $ | 3,011 | $ | 918,379 | (c) | $ | 17,745 | ||||||||||
Credit | 76,842 | — | 76,842 | 1,838 | 75,895 | — | 75,895 | 1,593 | ||||||||||||||||||||||
Foreign exchange | 211,537 | (c) | 3,650 | 215,187 | (c) | 21,253 | 223,988 | (c) | 626 | 224,614 | (c) | 22,970 | ||||||||||||||||||
Equity | 42,489 | (c) | — | 42,489 | (c) | 8,177 | 46,262 | (c) | — | 46,262 | (c) | 11,740 | ||||||||||||||||||
Commodity | 43,151 | 502 | 43,653 | 13,982 | 45,455 | 168 | 45,623 | 17,068 | ||||||||||||||||||||||
Total fair value of trading assets and liabilities | $ | 1,318,904 | (c) | $ | 9,524 | $ | 1,328,428 | (c) | $ | 78,975 | $ | 1,306,968 | (c) | $ | 3,805 | $ | 1,310,773 | (c) | $ | 71,116 | ||||||||||
(a) | Balances exclude structured notes for which the fair value option has been elected. See Note 4 for further information. | |||||||||||||||||||||||||||||
(b) | As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists. | |||||||||||||||||||||||||||||
(c) | The prior period amounts have been revised to conform with the current period presentation. These revisions had no impact on the Firm's Consolidated balance sheets or its results of operations. | |||||||||||||||||||||||||||||
Offsetting assets | The following table presents, as of March 31, 2015 and December 31, 2014, the gross and net derivative receivables by contract and settlement type. Derivative receivables have been netted on the Consolidated balance sheets against derivative payables and cash collateral payables to the same counterparty with respect to derivative contracts for which the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, the receivables are not eligible under U.S. GAAP for netting on the Consolidated balance sheets, and are shown separately in the table below. | |||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||
(in millions) | Gross derivative receivables | Amounts netted on the Consolidated balance sheets | Net derivative receivables | Gross derivative receivables | Amounts netted | Net derivative receivables | ||||||||||||||||||||||||
on the Consolidated balance sheets | ||||||||||||||||||||||||||||||
U.S. GAAP nettable derivative receivables | ||||||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||||||
OTC | $ | 557,852 | $ | (528,790 | ) | $ | 29,062 | $ | 542,107 | (c) | $ | (514,914 | ) | (c) | $ | 27,193 | ||||||||||||||
OTC–cleared | 334,188 | (334,143 | ) | 45 | 401,656 | (401,618 | ) | 38 | ||||||||||||||||||||||
Exchange-traded(a) | — | — | — | — | — | — | ||||||||||||||||||||||||
Total interest rate contracts | 892,040 | (862,933 | ) | 29,107 | 943,763 | (c) | (916,532 | ) | (c) | 27,231 | ||||||||||||||||||||
Credit contracts: | ||||||||||||||||||||||||||||||
OTC | 51,432 | (50,822 | ) | 610 | 66,636 | (65,720 | ) | 916 | ||||||||||||||||||||||
OTC–cleared | 11,017 | (10,986 | ) | 31 | 9,320 | (9,284 | ) | 36 | ||||||||||||||||||||||
Total credit contracts | 62,449 | (61,808 | ) | 641 | 75,956 | (75,004 | ) | 952 | ||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||
OTC | 220,375 | (202,176 | ) | 18,199 | 208,803 | (c) | (193,900 | ) | (c) | 14,903 | ||||||||||||||||||||
OTC–cleared | 85 | (85 | ) | — | 36 | (34 | ) | 2 | ||||||||||||||||||||||
Exchange-traded(a) | — | — | — | — | — | — | ||||||||||||||||||||||||
Total foreign exchange contracts | 220,460 | (202,261 | ) | 18,199 | 208,839 | (c) | (193,934 | ) | (c) | 14,905 | ||||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||||||||
OTC | 25,632 | (24,554 | ) | 1,078 | 23,258 | (22,826 | ) | 432 | ||||||||||||||||||||||
OTC–cleared | — | — | — | — | — | — | ||||||||||||||||||||||||
Exchange-traded(a) | 16,516 | (13,925 | ) | 2,591 | 13,840 | (c) | (11,486 | ) | (c) | 2,354 | ||||||||||||||||||||
Total equity contracts | 42,148 | (38,479 | ) | 3,669 | 37,098 | (c) | (34,312 | ) | (c) | 2,786 | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||
OTC | 19,526 | (10,757 | ) | 8,769 | 22,555 | (14,327 | ) | 8,228 | ||||||||||||||||||||||
OTC–cleared | — | — | — | — | — | — | ||||||||||||||||||||||||
Exchange-traded(a) | 18,501 | (17,639 | ) | 862 | 19,500 | (15,344 | ) | 4,156 | ||||||||||||||||||||||
Total commodity contracts | 38,027 | (28,396 | ) | 9,631 | 42,055 | (29,671 | ) | 12,384 | ||||||||||||||||||||||
Derivative receivables with appropriate legal opinion | $ | 1,255,124 | $ | (1,193,877 | ) | (b) | $ | 61,247 | $ | 1,307,711 | (c) | $ | (1,249,453 | ) | (b)(c) | $ | 58,258 | |||||||||||||
Derivative receivables where an appropriate legal opinion has not been either sought or obtained | 20,327 | 20,327 | 20,717 | 20,717 | ||||||||||||||||||||||||||
Total derivative receivables recognized on the Consolidated balance sheets | $ | 1,275,451 | $ | 81,574 | $ | 1,328,428 | (c) | $ | 78,975 | |||||||||||||||||||||
(a) | Exchange-traded derivative amounts that relate to futures contracts are settled daily. | |||||||||||||||||||||||||||||
(b) | Included cash collateral netted of $78.2 billion and $74.0 billion at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||||
(c) | The prior period amounts have been revised to conform with the current period presentation with a corresponding impact to the table below. These revisions had no impact on the Firm's Consolidated balance sheets or its results of operations. | |||||||||||||||||||||||||||||
Offsetting liabilities | The following table presents, as of March 31, 2015 and December 31, 2014, the gross and net derivative payables by contract and settlement type. Derivative payables have been netted on the Consolidated balance sheets against derivative receivables and cash collateral receivables from the same counterparty with respect to derivative contracts for which the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, the payables are not eligible under U.S. GAAP for netting on the Consolidated balance sheets, and are shown separately in the table below. | |||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||
(in millions) | Gross derivative payables | Amounts netted on the Consolidated balance sheets | Net derivative payables | Gross derivative payables | Amounts netted | Net derivative payables | ||||||||||||||||||||||||
on the Consolidated balance sheets | ||||||||||||||||||||||||||||||
U.S. GAAP nettable derivative payables | ||||||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||||||
OTC | $ | 533,216 | $ | (518,203 | ) | $ | 15,013 | $ | 515,904 | (c) | $ | (503,384 | ) | (c) | $ | 12,520 | ||||||||||||||
OTC–cleared | 331,073 | (329,930 | ) | 1,143 | 398,518 | (397,250 | ) | 1,268 | ||||||||||||||||||||||
Exchange-traded(a) | — | — | — | — | — | — | ||||||||||||||||||||||||
Total interest rate contracts | 864,289 | (848,133 | ) | 16,156 | 914,422 | (c) | (900,634 | ) | (c) | 13,788 | ||||||||||||||||||||
Credit contracts: | ||||||||||||||||||||||||||||||
OTC | 50,278 | (50,021 | ) | 257 | 65,432 | (64,904 | ) | 528 | ||||||||||||||||||||||
OTC–cleared | 11,184 | (11,184 | ) | — | 9,398 | (9,398 | ) | — | ||||||||||||||||||||||
Total credit contracts | 61,462 | (61,205 | ) | 257 | 74,830 | (74,302 | ) | 528 | ||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||
OTC | 236,193 | (215,560 | ) | 20,633 | 217,998 | (c) | (201,578 | ) | (c) | 16,420 | ||||||||||||||||||||
OTC–cleared | 125 | (125 | ) | — | 66 | (66 | ) | — | ||||||||||||||||||||||
Exchange-traded(a) | — | — | — | — | — | — | ||||||||||||||||||||||||
Total foreign exchange contracts | 236,318 | (215,685 | ) | 20,633 | 218,064 | (c) | (201,644 | ) | (c) | 16,420 | ||||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||||||||
OTC | 32,341 | (25,579 | ) | 6,762 | 27,908 | (23,036 | ) | 4,872 | ||||||||||||||||||||||
OTC–cleared | — | — | — | — | — | — | ||||||||||||||||||||||||
Exchange-traded(a) | 15,097 | (13,925 | ) | 1,172 | 12,864 | (c) | (11,486 | ) | (c) | 1,378 | ||||||||||||||||||||
Total equity contracts | 47,438 | (39,504 | ) | 7,934 | 40,772 | (c) | (34,522 | ) | (c) | 6,250 | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||
OTC | 22,060 | (9,879 | ) | 12,181 | 25,129 | (13,211 | ) | 11,918 | ||||||||||||||||||||||
OTC–cleared | — | — | — | — | — | — | ||||||||||||||||||||||||
Exchange-traded(a) | 17,933 | (17,639 | ) | 294 | 18,486 | (15,344 | ) | 3,142 | ||||||||||||||||||||||
Total commodity contracts | 39,993 | (27,518 | ) | 12,475 | 43,615 | (28,555 | ) | 15,060 | ||||||||||||||||||||||
Derivative payables with appropriate legal opinions | $ | 1,249,500 | $ | (1,192,045 | ) | (b) | $ | 57,455 | $ | 1,291,703 | (c) | $ | (1,239,657 | ) | (b)(c) | $ | 52,046 | |||||||||||||
Derivative payables where an appropriate legal opinion has not been either sought or obtained | 16,381 | 16,381 | 19,070 | 19,070 | ||||||||||||||||||||||||||
Total derivative payables recognized on the Consolidated balance sheets | $ | 1,265,881 | $ | 73,836 | $ | 1,310,773 | (c) | $ | 71,116 | |||||||||||||||||||||
(a) | Exchange-traded derivative balances that relate to futures contracts are settled daily. | |||||||||||||||||||||||||||||
(b) | Included cash collateral netted of $76.3 billion and $64.2 billion related to OTC and OTC-cleared derivatives at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||||
(c) | The prior period amounts have been revised to conform with the current period presentation with a corresponding impact to the table above. These revisions had no impact on the Firm's Consolidated balance sheets or its results of operations. | |||||||||||||||||||||||||||||
Current credit risk of derivative receivables and liquidity risk of derivative payables | The following tables present information regarding certain financial instrument collateral received and transferred as of March 31, 2015 and December 31, 2014, that is not eligible for net presentation under U.S. GAAP. The collateral included in these tables relates only to the derivative instruments for which appropriate legal opinions have been obtained; excluded are (i) additional collateral that exceeds the fair value exposure and (ii) all collateral related to derivative instruments where an appropriate legal opinion has not been either sought or obtained. | |||||||||||||||||||||||||||||
Derivative receivable collateral | ||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||
(in millions) | Net derivative receivables | Collateral not nettable on the Consolidated balance sheets | Net exposure | Net derivative receivables | Collateral not nettable on the Consolidated balance sheets | Net exposure | ||||||||||||||||||||||||
Derivative receivables with appropriate legal opinions | $ | 61,247 | $ | (15,630 | ) | (a) | $ | 45,617 | $ | 58,258 | $ | (16,194 | ) | (a) | $ | 42,064 | ||||||||||||||
Derivative payable collateral(b) | ||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||
(in millions) | Net derivative payables | Collateral not nettable on the Consolidated balance sheets | Net amount(c) | Net derivative payables | Collateral not nettable on the Consolidated balance sheets | Net amount(c) | ||||||||||||||||||||||||
Derivative payables with appropriate legal opinions | $ | 57,455 | $ | (12,983 | ) | (a) | $ | 44,472 | $ | 52,046 | $ | (10,505 | ) | (a) | $ | 41,541 | ||||||||||||||
(a) | Represents liquid security collateral as well as cash collateral held at third party custodians. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty. | |||||||||||||||||||||||||||||
(b) | Derivative payable collateral relates only to OTC and OTC-cleared derivative instruments. Amounts exclude collateral transferred related to exchange-traded derivative instruments. | |||||||||||||||||||||||||||||
(c) | Net amount represents exposure of counterparties to the Firm. | |||||||||||||||||||||||||||||
The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||||||||
OTC and OTC-cleared derivative payables containing downgrade triggers | ||||||||||||||||||||||||||||||
(in millions) | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Aggregate fair value of net derivative payables | $ | 37,439 | $ | 32,303 | ||||||||||||||||||||||||||
Collateral posted | 31,256 | 27,585 | ||||||||||||||||||||||||||||
The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), at March 31, 2015 and December 31, 2014, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral, except in certain instances in which additional initial margin may be required upon a ratings downgrade, or in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract. | ||||||||||||||||||||||||||||||
Liquidity impact of downgrade triggers on OTC and | ||||||||||||||||||||||||||||||
OTC-cleared derivatives | ||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||
(in millions) | Single-notch downgrade | Two-notch downgrade | Single-notch downgrade | Two-notch downgrade | ||||||||||||||||||||||||||
Amount of additional collateral to be posted upon downgrade(a) | $ | 1,037 | $ | 3,750 | $ | 1,046 | $ | 3,331 | ||||||||||||||||||||||
Amount required to settle contracts with termination triggers upon downgrade(b) | 291 | 1,144 | 366 | 1,388 | ||||||||||||||||||||||||||
(a) | Includes the additional collateral to be posted for initial margin. | |||||||||||||||||||||||||||||
(b) | Amounts represent fair values of derivative payables, and do not reflect collateral posted. | |||||||||||||||||||||||||||||
Fair value hedge gains and losses | The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pretax gains/(losses) recorded on such derivatives and the related hedged items for the three months ended March 31, 2015, and 2014, respectively. | |||||||||||||||||||||||||||||
Gains/(losses) recorded in income | Income statement impact due to: | |||||||||||||||||||||||||||||
Three months ended March 31, 2015 (in millions) | Derivatives | Hedged items | Total income statement impact | Hedge ineffectiveness(d) | Excluded components(e) | |||||||||||||||||||||||||
Contract type | ||||||||||||||||||||||||||||||
Interest rate(a) | $ | 606 | $ | (248 | ) | $ | 358 | $ | 17 | $ | 341 | |||||||||||||||||||
Foreign exchange(b) | 6,475 | (6,459 | ) | 16 | — | 16 | ||||||||||||||||||||||||
Commodity(c) | 322 | (308 | ) | 14 | (6 | ) | 20 | |||||||||||||||||||||||
Total | $ | 7,403 | $ | (7,015 | ) | $ | 388 | $ | 11 | $ | 377 | |||||||||||||||||||
Gains/(losses) recorded in income | Income statement impact due to: | |||||||||||||||||||||||||||||
Three months ended March 31, 2014 (in millions) | Derivatives | Hedged items | Total income statement impact | Hedge ineffectiveness(d) | Excluded components(e) | |||||||||||||||||||||||||
Contract type | ||||||||||||||||||||||||||||||
Interest rate(a) | $ | 743 | $ | (407 | ) | $ | 336 | $ | 29 | $ | 307 | |||||||||||||||||||
Foreign exchange(b) | (398 | ) | 324 | (74 | ) | — | (74 | ) | ||||||||||||||||||||||
Commodity(c) | 180 | (138 | ) | 42 | 15 | 27 | ||||||||||||||||||||||||
Total | $ | 525 | $ | (221 | ) | $ | 304 | $ | 44 | $ | 260 | |||||||||||||||||||
(a) | Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income. | |||||||||||||||||||||||||||||
(b) | Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items, due to changes in foreign currency rates, were recorded in principal transactions revenue and net interest income. | |||||||||||||||||||||||||||||
(c) | Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or market (market approximates fair value). Gains and losses were recorded in principal transactions revenue. | |||||||||||||||||||||||||||||
(d) | Hedge ineffectiveness is the amount by which the gain or loss on the designated derivative instrument does not exactly offset the gain or loss on the hedged item attributable to the hedged risk. | |||||||||||||||||||||||||||||
(e) | The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts and time values. | |||||||||||||||||||||||||||||
Cash flow hedge gains and losses | The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pretax gains/(losses) recorded on such derivatives, for the three months ended March 31, 2015, and 2014, respectively. | |||||||||||||||||||||||||||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||||||||||||||||||
Three months ended March 31, 2015 (in millions) | Derivatives – effective portion reclassified from AOCI to income | Hedge ineffectiveness recorded directly in income(c) | Total income statement impact | Derivatives – effective portion recorded in OCI | Total change | |||||||||||||||||||||||||
in OCI | ||||||||||||||||||||||||||||||
for period | ||||||||||||||||||||||||||||||
Contract type | ||||||||||||||||||||||||||||||
Interest rate(a) | $ | (149 | ) | $ | — | $ | (149 | ) | $ | 3 | $ | 152 | ||||||||||||||||||
Foreign exchange(b) | (26 | ) | — | (26 | ) | (52 | ) | (26 | ) | |||||||||||||||||||||
Total | $ | (175 | ) | $ | — | $ | (175 | ) | $ | (49 | ) | $ | 126 | |||||||||||||||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||||||||||||||||||
Three months ended March 31, 2014 (in millions) | Derivatives – effective portion reclassified from AOCI to income | Hedge ineffectiveness recorded directly in income(c) | Total income statement impact | Derivatives – effective portion recorded in OCI | Total change | |||||||||||||||||||||||||
in OCI | ||||||||||||||||||||||||||||||
for period | ||||||||||||||||||||||||||||||
Contract type | ||||||||||||||||||||||||||||||
Interest rate(a) | $ | (26 | ) | $ | — | $ | (26 | ) | $ | 63 | $ | 89 | ||||||||||||||||||
Foreign exchange(b) | (1 | ) | — | (1 | ) | 9 | 10 | |||||||||||||||||||||||
Total | $ | (27 | ) | $ | — | $ | (27 | ) | $ | 72 | $ | 99 | ||||||||||||||||||
(a) | Primarily consists of benchmark interest rate hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income, and for forecasted transactions that the Firm determined during the three months ended March 31, 2015, were probable of not occurring, in other income. | |||||||||||||||||||||||||||||
(b) | Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense. | |||||||||||||||||||||||||||||
(c) | Hedge ineffectiveness is the amount by which the cumulative gain or loss on the designated derivative instrument exceeds the present value of the cumulative expected change in cash flows on the hedged item attributable to the hedged risk. | |||||||||||||||||||||||||||||
Net investment hedge gains and losses | The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pretax gains/(losses) recorded on such instruments for the three months ended March 31, 2015, and 2014. | |||||||||||||||||||||||||||||
Gains/(losses) recorded in income and | ||||||||||||||||||||||||||||||
other comprehensive income/(loss) | ||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||
Three months ended March 31 (in millions) | Excluded components recorded directly | Effective portion recorded in OCI | Excluded components | Effective portion recorded in OCI | ||||||||||||||||||||||||||
in income(a) | recorded directly | |||||||||||||||||||||||||||||
in income(a) | ||||||||||||||||||||||||||||||
Foreign exchange derivatives | $ | (99 | ) | $ | 993 | $ | (105 | ) | $ | (154 | ) | |||||||||||||||||||
(a)Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. Amounts related to excluded components are recorded in other income. The Firm measures the ineffectiveness of net investment hedge accounting relationships based on changes in spot foreign currency rates, and therefore there was no significant ineffectiveness for net investment hedge accounting relationships during the three months ended March 31, 2015, and 2014. | ||||||||||||||||||||||||||||||
Risk management derivatives gains and losses (not designated as hedging instruments) | The following table presents pretax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from the mortgage pipeline, warehouse loans, MSRs, wholesale lending exposures, AFS securities, foreign currency-denominated liabilities, and commodities-related contracts and investments. | |||||||||||||||||||||||||||||
Derivatives gains/(losses) | ||||||||||||||||||||||||||||||
recorded in income | ||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||||||||||||||||||
Contract type | ||||||||||||||||||||||||||||||
Interest rate(a) | $ | 683 | $ | 518 | ||||||||||||||||||||||||||
Credit(b) | (14 | ) | (17 | ) | ||||||||||||||||||||||||||
Foreign exchange(c) | (12 | ) | — | |||||||||||||||||||||||||||
Commodity(d) | (36 | ) | 183 | |||||||||||||||||||||||||||
Total | $ | 621 | $ | 684 | ||||||||||||||||||||||||||
(a) | Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in the mortgage pipeline, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income. | |||||||||||||||||||||||||||||
(b) | Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue. | |||||||||||||||||||||||||||||
(c) | Primarily relates to hedges of the foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue. | |||||||||||||||||||||||||||||
(d) | Primarily relates to commodity derivatives used to mitigate energy price risk associated with energy-related contracts and investments. Gains and losses were recorded in principal transactions revenue. | |||||||||||||||||||||||||||||
Credit derivatives table | Total credit derivatives and credit-related notes | |||||||||||||||||||||||||||||
Maximum payout/Notional amount | ||||||||||||||||||||||||||||||
March 31, 2015 (in millions) | Protection sold | Protection | Net protection (sold)/purchased(c) | Other protection purchased(d) | ||||||||||||||||||||||||||
purchased with | ||||||||||||||||||||||||||||||
identical underlyings(b) | ||||||||||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||||||||||
Credit default swaps | $ | (1,923,729 | ) | $ | 1,950,481 | $ | 26,752 | $ | 17,202 | |||||||||||||||||||||
Other credit derivatives(a) | (46,485 | ) | 33,036 | (13,449 | ) | 20,114 | ||||||||||||||||||||||||
Total credit derivatives | (1,970,214 | ) | 1,983,517 | 13,303 | 37,316 | |||||||||||||||||||||||||
Credit-related notes | (20 | ) | — | (20 | ) | 4,342 | ||||||||||||||||||||||||
Total | $ | (1,970,234 | ) | $ | 1,983,517 | $ | 13,283 | $ | 41,658 | |||||||||||||||||||||
Maximum payout/Notional amount | ||||||||||||||||||||||||||||||
December 31, 2014 (in millions) | Protection sold | Protection | Net protection (sold)/purchased(c) | Other protection purchased(d) | ||||||||||||||||||||||||||
purchased with | ||||||||||||||||||||||||||||||
identical underlyings(b) | ||||||||||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||||||||||
Credit default swaps | $ | (2,056,982 | ) | $ | 2,078,096 | $ | 21,114 | $ | 18,631 | |||||||||||||||||||||
Other credit derivatives(a) | (43,281 | ) | 32,048 | (11,233 | ) | 19,475 | ||||||||||||||||||||||||
Total credit derivatives | (2,100,263 | ) | 2,110,144 | 9,881 | 38,106 | |||||||||||||||||||||||||
Credit-related notes | (40 | ) | — | (40 | ) | 3,704 | ||||||||||||||||||||||||
Total | $ | (2,100,303 | ) | $ | 2,110,144 | $ | 9,841 | $ | 41,810 | |||||||||||||||||||||
(a) | Other credit derivatives predominantly consists of credit swap options. | |||||||||||||||||||||||||||||
(b) | Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold. | |||||||||||||||||||||||||||||
(c) | Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value. | |||||||||||||||||||||||||||||
(d) | Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. | |||||||||||||||||||||||||||||
Protection sold - credit derivatives and credit-related notes ratings/maturity profile | The following tables summarize the notional amounts by the ratings and maturity profile, and the total fair value, of credit derivatives and credit-related notes as of March 31, 2015, and December 31, 2014, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives and credit-related notes where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below. | |||||||||||||||||||||||||||||
Protection sold – credit derivatives and credit-related notes ratings(a)/maturity profile | ||||||||||||||||||||||||||||||
31-Mar-15 | <1 year | 1–5 years | >5 years | Total | Fair value of receivables(b) | Fair | Net fair value | |||||||||||||||||||||||
(in millions) | notional amount | value of payables(b) | ||||||||||||||||||||||||||||
Risk rating of reference entity | ||||||||||||||||||||||||||||||
Investment-grade | $ | (301,079 | ) | $ | (1,012,598 | ) | $ | (101,819 | ) | $ | (1,415,496 | ) | $ | 23,831 | $ | (3,289 | ) | $ | 20,542 | |||||||||||
Noninvestment-grade | (140,357 | ) | (381,359 | ) | (33,022 | ) | (554,738 | ) | 20,453 | (14,374 | ) | 6,079 | ||||||||||||||||||
Total | $ | (441,436 | ) | $ | (1,393,957 | ) | $ | (134,841 | ) | $ | (1,970,234 | ) | $ | 44,284 | $ | (17,663 | ) | $ | 26,621 | |||||||||||
31-Dec-14 | <1 year | 1–5 years | >5 years | Total | Fair value of receivables(b) | Fair | Net fair value | |||||||||||||||||||||||
(in millions) | notional amount | value of payables(b) | ||||||||||||||||||||||||||||
Risk rating of reference entity | ||||||||||||||||||||||||||||||
Investment-grade | $ | (323,398 | ) | $ | (1,118,293 | ) | $ | (79,486 | ) | $ | (1,521,177 | ) | $ | 25,767 | $ | (6,314 | ) | $ | 19,453 | |||||||||||
Noninvestment-grade | (157,281 | ) | (396,798 | ) | (25,047 | ) | (579,126 | ) | 20,677 | (22,455 | ) | (1,778 | ) | |||||||||||||||||
Total | $ | (480,679 | ) | $ | (1,515,091 | ) | $ | (104,533 | ) | $ | (2,100,303 | ) | $ | 46,444 | $ | (28,769 | ) | $ | 17,675 | |||||||||||
(a) | The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s. | |||||||||||||||||||||||||||||
(b) | Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements and cash collateral received by the Firm. |
Noninterest_Revenue_Tables
Noninterest Revenue (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Noninterest Income [Abstract] | ||||||||
Components of investment banking fees | The following table presents the components of investment banking fees. | |||||||
Three months ended March 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Underwriting | ||||||||
Equity | $ | 399 | $ | 353 | ||||
Debt | 853 | 683 | ||||||
Total underwriting | 1,252 | 1,036 | ||||||
Advisory | 542 | 384 | ||||||
Total investment banking fees | $ | 1,794 | $ | 1,420 | ||||
Principal transactions revenue | The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities. See Note 7 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual line of business. | |||||||
Three months ended March 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Trading revenue by instrument type | ||||||||
Interest rate | $ | 886 | $ | 355 | ||||
Credit | 415 | 526 | ||||||
Foreign exchange | 844 | 526 | ||||||
Equity | 1,048 | 805 | ||||||
Commodity(a) | 339 | 688 | ||||||
Total trading revenue | 3,532 | 2,900 | ||||||
Private equity gains(b) | 123 | 422 | ||||||
Principal transactions | $ | 3,655 | $ | 3,322 | ||||
(a) | Commodity derivatives are frequently used to manage the Firm’s risk exposure to its physical commodities inventories. For gains/(losses) related to commodity fair value hedges, see Note 5. | |||||||
(b) | Includes revenue on private equity investments held in the Private Equity business within Corporate, as well as those held in other business segments. | |||||||
Components of asset management, administration and commissions | The following table presents the components of firmwide asset management, administration and commissions. | |||||||
Three months ended March 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Asset management fees | ||||||||
Investment management fees(a) | $ | 2,274 | $ | 2,096 | ||||
All other asset management fees(b) | 99 | 123 | ||||||
Total asset management fees | 2,373 | 2,219 | ||||||
Total administration fees(c) | 507 | 527 | ||||||
Commission and other fees | ||||||||
Brokerage commissions | 594 | 632 | ||||||
All other commissions and fees | 333 | 458 | ||||||
Total commissions and fees | 927 | 1,090 | ||||||
Total asset management, administration and commissions | $ | 3,807 | $ | 3,836 | ||||
(a) | Represents fees earned from managing assets on behalf of Firm clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts. | |||||||
(b) | Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients. | |||||||
(c) | Predominantly includes fees for custody, securities lending, funds services and securities clearance. |
Interest_Income_and_Interest_E1
Interest Income and Interest Expense (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Interest Income (Expense), Net [Abstract] | |||||||||
Details of interest income and interest expense | Details of interest income and interest expense were as follows. | ||||||||
Three months ended | |||||||||
March 31, | |||||||||
(in millions) | 2015 | 2014 | |||||||
Interest income | |||||||||
Loans | $ | 7,947 | $ | 8,039 | |||||
Taxable securities | 1,724 | 1,902 | |||||||
Nontaxable securities(a) | 398 | 315 | |||||||
Total securities | 2,122 | 2,217 | |||||||
Trading assets | 1,734 | 1,771 | |||||||
Federal funds sold and securities purchased under resale agreements | 396 | 436 | |||||||
Securities borrowed(b) | (120 | ) | (88 | ) | |||||
Deposits with banks | 341 | 256 | |||||||
Other assets(c) | 145 | 162 | |||||||
Total interest income | 12,565 | 12,793 | |||||||
Interest expense | |||||||||
Interest-bearing deposits | 364 | 426 | |||||||
Short-term and other liabilities(d) | 332 | 428 | |||||||
Long-term debt | 1,094 | 1,167 | |||||||
Beneficial interests issued by consolidated VIEs | 98 | 105 | |||||||
Total interest expense | 1,888 | 2,126 | |||||||
Net interest income | 10,677 | 10,667 | |||||||
Provision for credit losses | 959 | 850 | |||||||
Net interest income after provision for credit losses | $ | 9,718 | $ | 9,817 | |||||
(a) | Represents securities which are tax exempt for U.S. federal income tax purposes. | ||||||||
(b) | Negative interest income for the three months ended March 31, 2015, and 2014, is a result of increased client-driven demand for certain securities combined with the impact of low interest rates. This is matched book activity and the negative interest expense on the corresponding securities loaned is recognized in interest expense and reported within short-term and other liabilities. | ||||||||
(c) | Largely margin loans. | ||||||||
(d) | Includes brokerage customer payables. |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||
Components of net periodic benefit costs reported in the Consolidated Statements of Income and other comprehensive income | The following table presents the components of net periodic benefit costs reported in the Consolidated Statements of Income for the Firm’s U.S. and non-U.S. defined benefit pension, defined contribution and OPEB plans. | ||||||||||||||||||||
Pension plans | |||||||||||||||||||||
U.S. | Non-U.S. | OPEB plans | |||||||||||||||||||
Three months ended March 31, (in millions) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||
Benefits earned during the period | $ | 85 | $ | 70 | $ | 9 | $ | 9 | $ | — | $ | — | |||||||||
Interest cost on benefit obligations | 125 | 134 | 28 | 34 | 8 | 9 | |||||||||||||||
Expected return on plan assets | (232 | ) | (246 | ) | (38 | ) | (44 | ) | (26 | ) | (25 | ) | |||||||||
Amortization: | |||||||||||||||||||||
Net (gain)/loss | 62 | 6 | 9 | 12 | — | — | |||||||||||||||
Prior service cost/(credit) | (9 | ) | (10 | ) | — | — | — | — | |||||||||||||
Net periodic defined benefit cost | 31 | (46 | ) | 8 | 11 | (18 | ) | (16 | ) | ||||||||||||
Other defined benefit pension plans(a) | 3 | 3 | 5 | 2 | NA | NA | |||||||||||||||
Total defined benefit plans | 34 | (43 | ) | 13 | 13 | (18 | ) | (16 | ) | ||||||||||||
Total defined contribution plans | 89 | 108 | 83 | 80 | NA | NA | |||||||||||||||
Total pension and OPEB cost included in compensation expense | $ | 123 | $ | 65 | $ | 96 | $ | 93 | $ | (18 | ) | $ | (16 | ) | |||||||
(a) | Includes various defined benefit pension plans which are individually immaterial. |
Employee_Stock_Based_Incentive1
Employee Stock Based Incentives (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Noncash compensation expense related to employee stock-based incentive plans | The Firm recognized the following noncash compensation expense related to its various employee stock-based incentive plans in its Consolidated Statements of Income. | |||||||
Three months ended | ||||||||
March 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Cost of prior grants of restricted stock units (“RSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods | $ | 292 | $ | 410 | ||||
Accrual of estimated costs of stock awards to be granted in future periods including those to full-career eligible employees | 273 | 208 | ||||||
Total noncash compensation expense related to employee stock-based incentive plans | $ | 565 | $ | 618 | ||||
Noninterest_Expense_Tables
Noninterest Expense (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Noninterest Expense [Abstract] | ||||||||
Components of noninterest expense | The following table presents the components of noninterest expense. | |||||||
Three months ended March 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Compensation expense | $ | 8,043 | $ | 7,859 | ||||
Noncompensation expense: | ||||||||
Occupancy expense | 933 | 952 | ||||||
Technology, communications and equipment expense | 1,491 | 1,411 | ||||||
Professional and outside services | 1,634 | 1,786 | ||||||
Marketing | 591 | 564 | ||||||
Other expense(a)(b) | 2,191 | 2,064 | ||||||
Total noncompensation expense | 6,840 | 6,777 | ||||||
Total noninterest expense | $ | 14,883 | $ | 14,636 | ||||
(a) | Included firmwide legal expense of $687 million for the three months ended March 31, 2015. Firmwide legal expense was not material for the three months ended March 31, 2014. | |||||||
(b) | Included Federal Deposit Insurance Corporation-related (“FDIC”) expense of $318 million and $293 million for the three months ended March 31, 2015, and 2014, respectively. |
Securities_Tables
Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||
Securities gains and losses | The following table presents realized gains and losses and other-than-temporary impairment losses (“OTTI”) from AFS securities that were recognized in income. | |||||||||||||||||||||||||||
Three months | ||||||||||||||||||||||||||||
ended March 31, | ||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||||||||||||||||
Realized gains | $ | 92 | $ | 148 | ||||||||||||||||||||||||
Realized losses | (39 | ) | (115 | ) | ||||||||||||||||||||||||
OTTI losses | (1 | ) | (3 | ) | ||||||||||||||||||||||||
Net securities gains | $ | 52 | $ | 30 | ||||||||||||||||||||||||
OTTI losses | ||||||||||||||||||||||||||||
Credit-related losses recognized in income | (1 | ) | — | |||||||||||||||||||||||||
Securities the Firm intends to sell | — | (3 | ) | |||||||||||||||||||||||||
Total OTTI losses recognized in income | $ | (1 | ) | $ | (3 | ) | ||||||||||||||||||||||
Amortized costs and estimated fair values | The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated. | |||||||||||||||||||||||||||
31-Mar-15 | December 31, 2014 | |||||||||||||||||||||||||||
(in millions) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||
Available-for-sale debt securities | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
U.S. government agencies(a) | $ | 63,165 | $ | 2,443 | $ | 52 | $ | 65,556 | $ | 63,089 | $ | 2,302 | $ | 72 | $ | 65,319 | ||||||||||||
Residential: | ||||||||||||||||||||||||||||
Prime and Alt-A | 6,433 | 83 | 22 | 6,494 | 5,595 | 78 | 29 | 5,644 | ||||||||||||||||||||
Subprime | 633 | 13 | — | 646 | 677 | 14 | — | 691 | ||||||||||||||||||||
Non-U.S. | 34,555 | 909 | 1 | 35,463 | 43,550 | 1,010 | — | 44,560 | ||||||||||||||||||||
Commercial | 22,157 | 461 | 12 | 22,606 | 20,687 | 438 | 17 | 21,108 | ||||||||||||||||||||
Total mortgage-backed securities | 126,943 | 3,909 | 87 | 130,765 | 133,598 | 3,842 | 118 | 137,322 | ||||||||||||||||||||
U.S. Treasury and government agencies(a) | 11,952 | 29 | 16 | 11,965 | 13,603 | 56 | 14 | 13,645 | ||||||||||||||||||||
Obligations of U.S. states and municipalities | 28,922 | 2,302 | 25 | 31,199 | 27,841 | 2,243 | 16 | 30,068 | ||||||||||||||||||||
Certificates of deposit | 1,021 | 3 | 1 | 1,023 | 1,103 | 1 | 1 | 1,103 | ||||||||||||||||||||
Non-U.S. government debt securities | 44,543 | 1,330 | 16 | 45,857 | 51,492 | 1,272 | 21 | 52,743 | ||||||||||||||||||||
Corporate debt securities | 16,850 | 369 | 28 | 17,191 | 18,158 | 398 | 24 | 18,532 | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Collateralized loan obligations | 29,664 | 131 | 112 | 29,683 | 30,229 | 147 | 182 | 30,194 | ||||||||||||||||||||
Other | 11,713 | 157 | 6 | 11,864 | 12,442 | 184 | 11 | 12,615 | ||||||||||||||||||||
Total available-for-sale debt securities | 271,608 | 8,230 | 291 | 279,547 | 288,466 | 8,143 | 387 | 296,222 | ||||||||||||||||||||
Available-for-sale equity securities | 2,309 | 16 | — | 2,325 | 2,513 | 17 | — | 2,530 | ||||||||||||||||||||
Total available-for-sale securities | $ | 273,917 | $ | 8,246 | $ | 291 | $ | 281,872 | $ | 290,979 | $ | 8,160 | $ | 387 | $ | 298,752 | ||||||||||||
Total held-to-maturity securities(b) | $ | 49,264 | $ | 2,118 | $ | 12 | $ | 51,370 | $ | 49,252 | $ | 1,902 | $ | — | $ | 51,154 | ||||||||||||
(a) | Included total U.S. government-sponsored enterprise obligations with fair values of $55.0 billion and $59.3 billion at March 31, 2015, and December 31, 2014, respectively. | |||||||||||||||||||||||||||
(b) | As of March 31, 2015, consists of MBS issued by U. S. government-sponsored enterprises with an amortized cost of $34.2 billion, MBS issued by U.S. government agencies with an amortized cost of $3.4 billion and obligations of U.S. states and municipalities with an amortized cost of $11.6 billion. As of December 31, 2014, consists of MBS issued by U.S. government-sponsored enterprises with an amortized cost of $35.3 billion, MBS issued by U.S. government agencies with an amortized cost of $3.7 billion and obligations of U.S. states and municipalities with an amortized cost of $10.2 billion. | |||||||||||||||||||||||||||
Securities impairment | The following tables present the fair value and gross unrealized losses for investment securities by aging category at March 31, 2015, and December 31, 2014. | |||||||||||||||||||||||||||
Securities with gross unrealized losses | ||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | |||||||||||||||||||||||||||
March 31, 2015 (in millions) | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Total fair value | Total gross unrealized losses | ||||||||||||||||||||||
Available-for-sale debt securities | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
U.S. government agencies | $ | 858 | $ | 23 | $ | 2,994 | $ | 29 | $ | 3,852 | $ | 52 | ||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Prime and Alt-A | 914 | 7 | 436 | 15 | 1,350 | 22 | ||||||||||||||||||||||
Subprime | — | — | — | — | — | — | ||||||||||||||||||||||
Non-U.S. | 597 | 1 | — | — | 597 | 1 | ||||||||||||||||||||||
Commercial | 4,726 | 12 | — | — | 4,726 | 12 | ||||||||||||||||||||||
Total mortgage-backed securities | 7,095 | 43 | 3,430 | 44 | 10,525 | 87 | ||||||||||||||||||||||
U.S. Treasury and government agencies | 6,941 | 16 | — | — | 6,941 | 16 | ||||||||||||||||||||||
Obligations of U.S. states and municipalities | 1,729 | 22 | 172 | 3 | 1,901 | 25 | ||||||||||||||||||||||
Certificates of deposit | 740 | 1 | — | — | 740 | 1 | ||||||||||||||||||||||
Non-U.S. government debt securities | 2,018 | 7 | 721 | 9 | 2,739 | 16 | ||||||||||||||||||||||
Corporate debt securities | 2,028 | 26 | 241 | 2 | 2,269 | 28 | ||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Collateralized loan obligations | 9,803 | 28 | 9,886 | 84 | 19,689 | 112 | ||||||||||||||||||||||
Other | 2,400 | 6 | — | — | 2,400 | 6 | ||||||||||||||||||||||
Total available-for-sale debt securities | 32,754 | 149 | 14,450 | 142 | 47,204 | 291 | ||||||||||||||||||||||
Available-for-sale equity securities | — | — | — | — | — | — | ||||||||||||||||||||||
Held-to-maturity securities | 878 | 12 | — | — | 878 | 12 | ||||||||||||||||||||||
Total securities with gross unrealized losses | $ | 33,632 | $ | 161 | $ | 14,450 | $ | 142 | $ | 48,082 | $ | 303 | ||||||||||||||||
Securities with gross unrealized losses | ||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | |||||||||||||||||||||||||||
December 31, 2014 (in millions) | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Total fair value | Total gross unrealized losses | ||||||||||||||||||||||
Available-for-sale debt securities | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
U.S. government agencies | $ | 1,118 | $ | 5 | $ | 4,989 | $ | 67 | $ | 6,107 | $ | 72 | ||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Prime and Alt-A | 1,840 | 10 | 405 | 19 | 2,245 | 29 | ||||||||||||||||||||||
Subprime | — | — | — | — | — | — | ||||||||||||||||||||||
Non-U.S. | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | 4,803 | 15 | 92 | 2 | 4,895 | 17 | ||||||||||||||||||||||
Total mortgage-backed securities | 7,761 | 30 | 5,486 | 88 | 13,247 | 118 | ||||||||||||||||||||||
U.S. Treasury and government agencies | 8,412 | 14 | — | — | 8,412 | 14 | ||||||||||||||||||||||
Obligations of U.S. states and municipalities | 1,405 | 15 | 130 | 1 | 1,535 | 16 | ||||||||||||||||||||||
Certificates of deposit | 1,050 | 1 | — | — | 1,050 | 1 | ||||||||||||||||||||||
Non-U.S. government debt securities | 4,433 | 4 | 906 | 17 | 5,339 | 21 | ||||||||||||||||||||||
Corporate debt securities | 2,492 | 22 | 80 | 2 | 2,572 | 24 | ||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Collateralized loan obligations | 13,909 | 76 | 9,012 | 106 | 22,921 | 182 | ||||||||||||||||||||||
Other | 2,258 | 11 | — | — | 2,258 | 11 | ||||||||||||||||||||||
Total available-for-sale debt securities | 41,720 | 173 | 15,614 | 214 | 57,334 | 387 | ||||||||||||||||||||||
Available-for-sale equity securities | — | — | — | — | — | — | ||||||||||||||||||||||
Held-to-maturity securities | — | — | — | — | — | — | ||||||||||||||||||||||
Total securities with gross unrealized losses | $ | 41,720 | $ | 173 | $ | 15,614 | $ | 214 | $ | 57,334 | $ | 387 | ||||||||||||||||
Changes in the credit loss component of credit-impaired debt securities | The following table presents a rollforward for the three months ended March 31, 2015 and 2014, of the credit loss component of OTTI losses that have been recognized in income related to AFS debt securities that the Firm does not intend to sell. | |||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 3 | $ | 1 | ||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||
Newly credit-impaired securities | 1 | — | ||||||||||||||||||||||||||
Balance, end of period | $ | 4 | $ | 1 | ||||||||||||||||||||||||
Amortized cost and estimated fair value by contractual maturity | The following table presents the amortized cost and estimated fair value at March 31, 2015, of JPMorgan Chase’s investment securities portfolio by contractual maturity. | |||||||||||||||||||||||||||
By remaining maturity | Due in one | Due after one year through five years | Due after five years through 10 years | Due after | Total | |||||||||||||||||||||||
31-Mar-15 | year or less | 10 years(c) | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Available-for-sale debt securities | ||||||||||||||||||||||||||||
Mortgage-backed securities(a) | ||||||||||||||||||||||||||||
Amortized cost | $ | 876 | $ | 13,327 | $ | 5,423 | $ | 107,317 | $ | 126,943 | ||||||||||||||||||
Fair value | 882 | 13,628 | 5,635 | 110,620 | 130,765 | |||||||||||||||||||||||
Average yield(b) | 2.38 | % | 1.73 | % | 3.28 | % | 3.03 | % | 2.9 | % | ||||||||||||||||||
U.S. Treasury and government agencies | ||||||||||||||||||||||||||||
Amortized cost | $ | 600 | $ | — | $ | 10,169 | $ | 1,183 | $ | 11,952 | ||||||||||||||||||
Fair value | 603 | — | 10,162 | 1,200 | 11,965 | |||||||||||||||||||||||
Average yield(b) | 1.54 | % | — | % | 0.21 | % | 0.38 | % | 0.29 | % | ||||||||||||||||||
Obligations of U.S. states and municipalities | ||||||||||||||||||||||||||||
Amortized cost | $ | 55 | $ | 516 | $ | 1,468 | $ | 26,883 | $ | 28,922 | ||||||||||||||||||
Fair value | 55 | 533 | 1,551 | 29,060 | 31,199 | |||||||||||||||||||||||
Average yield(b) | 2.96 | % | 5.05 | % | 4.88 | % | 6.68 | % | 6.56 | % | ||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||||
Amortized cost | $ | 969 | $ | 52 | $ | — | $ | — | $ | 1,021 | ||||||||||||||||||
Fair value | 970 | 53 | — | — | 1,023 | |||||||||||||||||||||||
Average yield(b) | 3 | % | 3.28 | % | — | % | — | % | 3.02 | % | ||||||||||||||||||
Non-U.S. government debt securities | ||||||||||||||||||||||||||||
Amortized cost | $ | 10,455 | $ | 13,934 | $ | 17,842 | $ | 2,312 | $ | 44,543 | ||||||||||||||||||
Fair value | 10,481 | 14,282 | 18,598 | 2,496 | 45,857 | |||||||||||||||||||||||
Average yield(b) | 3.24 | % | 1.81 | % | 1.07 | % | 0.99 | % | 1.81 | % | ||||||||||||||||||
Corporate debt securities | ||||||||||||||||||||||||||||
Amortized cost | $ | 3,661 | $ | 8,991 | $ | 4,066 | $ | 132 | $ | 16,850 | ||||||||||||||||||
Fair value | 3,684 | 9,208 | 4,165 | 134 | 17,191 | |||||||||||||||||||||||
Average yield(b) | 2.2 | % | 2.28 | % | 2.6 | % | 4.26 | % | 2.36 | % | ||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 1,689 | $ | 18,859 | $ | 20,829 | $ | 41,377 | ||||||||||||||||||
Fair value | — | 1,700 | 18,935 | 20,912 | 41,547 | |||||||||||||||||||||||
Average yield(b) | — | % | 1.62 | % | 1.73 | % | 1.77 | % | 1.74 | % | ||||||||||||||||||
Total available-for-sale debt securities | ||||||||||||||||||||||||||||
Amortized cost | $ | 16,616 | $ | 38,509 | $ | 57,827 | $ | 158,656 | $ | 271,608 | ||||||||||||||||||
Fair value | 16,675 | 39,404 | 59,046 | 164,422 | 279,547 | |||||||||||||||||||||||
Average yield(b) | 2.89 | % | 1.93 | % | 1.55 | % | 3.44 | % | 2.79 | % | ||||||||||||||||||
Available-for-sale equity securities | ||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 2,309 | $ | 2,309 | ||||||||||||||||||
Fair value | — | — | — | 2,325 | 2,325 | |||||||||||||||||||||||
Average yield(b) | — | % | — | % | — | % | 0.24 | % | 0.24 | % | ||||||||||||||||||
Total available-for-sale securities | ||||||||||||||||||||||||||||
Amortized cost | $ | 16,616 | $ | 38,509 | $ | 57,827 | $ | 160,965 | $ | 273,917 | ||||||||||||||||||
Fair value | 16,675 | 39,404 | 59,046 | 166,747 | 281,872 | |||||||||||||||||||||||
Average yield(b) | 2.89 | % | 1.93 | % | 1.55 | % | 3.39 | % | 2.76 | % | ||||||||||||||||||
Total held-to-maturity securities | ||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 53 | $ | 603 | $ | 48,608 | $ | 49,264 | ||||||||||||||||||
Fair value | — | 53 | 634 | 50,683 | 51,370 | |||||||||||||||||||||||
Average yield(b) | — | 4.39 | % | 4.94 | % | 4.01 | % | 4.02% | ||||||||||||||||||||
(a) | U.S. government-sponsored enterprises were the only issuers whose securities exceeded 10% of JPMorgan Chase’s total stockholders’ equity at March 31, 2015. | |||||||||||||||||||||||||||
(b) | Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. | |||||||||||||||||||||||||||
(c) | Includes securities with no stated maturity. Substantially all of the Firm’s residential mortgage-backed securities and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated duration, which reflects anticipated future prepayments, is approximately five years for agency residential mortgage-backed securities, three years for agency residential collateralized mortgage obligations and five years for U.S. nonagency residential collateralized mortgage obligations. |
Securities_Financing_Activitie1
Securities Financing Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||
Securities Financing Transactions Disclosures [Abstract] | |||||||||||||||||||||||||||||||
Schedule of securities purchased under resale agreements, netting & securities borrowed | The following table presents as of March 31, 2015, and December 31, 2014, the gross and net securities purchased under resale agreements and securities borrowed. Securities purchased under resale agreements have been presented on the Consolidated balance sheets net of securities sold under repurchase agreements where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement, and where the other relevant criteria have been met. Where such a legal opinion has not been either sought or obtained, the securities purchased under resale agreements are not eligible for netting and are shown separately in the table below. Securities borrowed are presented on a gross basis on the Consolidated balance sheets. | ||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
(in millions) | Gross asset balance | Amounts netted on the Consolidated Balance Sheets | Net asset balance | Gross asset balance | Amounts netted on the Consolidated Balance Sheets | Net asset balance | |||||||||||||||||||||||||
Securities purchased under resale agreements | |||||||||||||||||||||||||||||||
Securities purchased under resale agreements with an appropriate legal opinion | $ | 372,595 | $ | (159,758 | ) | $ | 212,837 | $ | 347,142 | $ | (142,719 | ) | $ | 204,423 | |||||||||||||||||
Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained | 6,127 | 6,127 | 10,598 | 10,598 | |||||||||||||||||||||||||||
Total securities purchased under resale agreements | $ | 378,722 | $ | (159,758 | ) | $ | 218,964 | (a) | $ | 357,740 | $ | (142,719 | ) | $ | 215,021 | (a) | |||||||||||||||
Securities borrowed | $ | 108,376 | NA | $ | 108,376 | (b)(c) | $ | 110,435 | NA | $ | 110,435 | (b)(c) | |||||||||||||||||||
(a) | At March 31, 2015, and December 31, 2014, included securities purchased under resale agreements of $29.3 billion and $28.6 billion, respectively, accounted for at fair value. | ||||||||||||||||||||||||||||||
(b) | At March 31, 2015, and December 31, 2014, included securities borrowed of $792 million and $992 million, respectively, accounted for at fair value. | ||||||||||||||||||||||||||||||
(c) | Included $23.6 billion and $27.7 billion at March 31, 2015, and December 31, 2014, respectively, of securities borrowed where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement. | ||||||||||||||||||||||||||||||
Schedule of securities purchased under resale agreements & securities borrowed collateral netting | The following table presents information as of March 31, 2015, and December 31, 2014, regarding the securities purchased under resale agreements and securities borrowed for which an appropriate legal opinion has been obtained with respect to the master netting agreement. The table below excludes information related to resale agreements and securities borrowed where such a legal opinion has not been either sought or obtained. | ||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||
Amounts not nettable on the Consolidated balance sheets(a) | Amounts not nettable on | ||||||||||||||||||||||||||||||
the Consolidated balance sheets(a) | |||||||||||||||||||||||||||||||
(in millions) | Net asset balance | Financial instruments(b) | Cash collateral | Net exposure | Net asset balance | Financial instruments(b) | Cash collateral | Net exposure | |||||||||||||||||||||||
Securities purchased under resale agreements with an appropriate legal opinion | $ | 212,837 | $ | (209,548 | ) | $ | (207 | ) | $ | 3,082 | $ | 204,423 | $ | (201,375 | ) | $ | (246 | ) | $ | 2,802 | |||||||||||
Securities borrowed | $ | 84,744 | $ | (81,603 | ) | $ | — | $ | 3,141 | $ | 82,748 | $ | (80,338 | ) | $ | — | $ | 2,410 | |||||||||||||
(a) | For some counterparties, the sum of the financial instruments and cash collateral not nettable on the Consolidated balance sheets may exceed the net asset balance. Where this is the case the total amounts reported in these two columns are limited to the balance of the net reverse repurchase agreement or securities borrowed asset with that counterparty. As a result a net exposure amount is reported even though the Firm, on an aggregate basis for its securities purchased under resale agreements and securities borrowed, has received securities collateral with a total fair value that is greater than the funds provided to counterparties. | ||||||||||||||||||||||||||||||
(b) | Includes financial instrument collateral received, repurchase liabilities and securities loaned liabilities with an appropriate legal opinion with respect to the master netting agreement; these amounts are not presented net on the Consolidated balance sheets because other U.S. GAAP netting criteria are not met. | ||||||||||||||||||||||||||||||
Schedule of securities sold under repurchase agreements, netting & securities loaned | The following table presents as of March 31, 2015, and December 31, 2014, the gross and net securities sold under repurchase agreements and securities loaned. Securities sold under repurchase agreements have been presented on the Consolidated balance sheets net of securities purchased under resale agreements where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement, and where the other relevant criteria have been met. Where such a legal opinion has not been either sought or obtained, the securities sold under repurchase agreements are not eligible for netting and are shown separately in the table below. Securities loaned are presented on a gross basis on the Consolidated balance sheets. | ||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
(in millions) | Gross liability balance | Amounts netted | Net liability balance | Gross liability balance | Amounts netted | Net liability balance | |||||||||||||||||||||||||
on the Consolidated balance sheets | on the Consolidated balance sheets | ||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | |||||||||||||||||||||||||||||||
Securities sold under repurchase agreements with an appropriate legal opinion | $ | 318,721 | $ | (159,758 | ) | $ | 158,963 | $ | 290,529 | $ | (142,719 | ) | $ | 147,810 | |||||||||||||||||
Securities sold under repurchase agreements where an appropriate legal opinion has not been either sought or obtained(a) | 17,654 | 17,654 | 21,996 | 21,996 | |||||||||||||||||||||||||||
Total securities sold under repurchase agreements | $ | 336,375 | $ | (159,758 | ) | $ | 176,617 | (c) | $ | 312,525 | $ | (142,719 | ) | $ | 169,806 | (c) | |||||||||||||||
Securities loaned(b) | $ | 25,179 | NA | $ | 25,179 | (d)(e) | $ | 25,927 | NA | $ | 25,927 | (d)(e) | |||||||||||||||||||
(a) | Includes repurchase agreements that are not subject to a master netting agreement but do provide rights to collateral. | ||||||||||||||||||||||||||||||
(b) | Included securities-for-securities lending transactions of $5.7 billion and $4.1 billion at March 31, 2015, and December 31, 2014, respectively, where the Firm is acting as lender. These amounts are presented within other liabilities in the Consolidated balance sheets. | ||||||||||||||||||||||||||||||
(c) | At March 31, 2015, and December 31, 2014, included securities sold under repurchase agreements of $3.6 billion and $3.0 billion, respectively, accounted for at fair value. | ||||||||||||||||||||||||||||||
(d) | There were no securities loaned accounted for at fair value as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||
(e) | Included $30 million and $271 million at March 31, 2015, and December 31, 2014, respectively, of securities loaned where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement. | ||||||||||||||||||||||||||||||
Schedule of securities sold under repurchase agreements & securities loaned collateral netting | The following table presents information as of March 31, 2015, and December 31, 2014, regarding the securities sold under repurchase agreements and securities loaned for which an appropriate legal opinion has been obtained with respect to the master netting agreement. The table below excludes information related to repurchase agreements and securities loaned where such a legal opinion has not been either sought or obtained. | ||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||
Amounts not nettable | Amounts not nettable | ||||||||||||||||||||||||||||||
on the Consolidated balance sheets(a) | on the Consolidated | ||||||||||||||||||||||||||||||
balance sheets(a) | |||||||||||||||||||||||||||||||
(in millions) | Net liability balance | Financial instruments(b) | Cash collateral | Net amount(c) | Net liability balance | Financial instruments(b) | Cash collateral | Net amount(c) | |||||||||||||||||||||||
Securities sold under repurchase agreements with an appropriate legal opinion | $ | 158,963 | $ | (157,232 | ) | $ | (362 | ) | $ | 1,369 | $ | 147,810 | $ | (145,732 | ) | $ | (497 | ) | $ | 1,581 | |||||||||||
Securities loaned | $ | 25,149 | $ | (24,866 | ) | $ | — | $ | 283 | $ | 25,656 | $ | (25,287 | ) | $ | — | $ | 369 | |||||||||||||
(a) | For some counterparties the sum of the financial instruments and cash collateral not nettable on the Consolidated Balance Sheets may exceed the net liability balance. Where this is the case the total amounts reported in these two columns are limited to the balance of the net repurchase agreement or securities loaned liability with that counterparty. | ||||||||||||||||||||||||||||||
(b) | Includes financial instrument collateral transferred, reverse repurchase assets and securities borrowed assets with an appropriate legal opinion with respect to the master netting agreement; these amounts are not presented net on the Consolidated balance sheets because other U.S. GAAP netting criteria are not met. | ||||||||||||||||||||||||||||||
(c) | Net amount represents exposure of counterparties to the Firm. | ||||||||||||||||||||||||||||||
Loans_Tables
Loans (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Loan portfolio segment descriptions | Loan portfolio | ||||||||||||||||||||||||||||||||||||||||||
The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment, the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class: | |||||||||||||||||||||||||||||||||||||||||||
Consumer, excluding | Credit card | Wholesale(c) | |||||||||||||||||||||||||||||||||||||||||
credit card(a) | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate – excluding PCI | • Credit card loans | • Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||
• Home equity – senior lien | • Real estate | ||||||||||||||||||||||||||||||||||||||||||
• Home equity – junior lien | • Financial institutions | ||||||||||||||||||||||||||||||||||||||||||
• Prime mortgage, including | • Government agencies | ||||||||||||||||||||||||||||||||||||||||||
option ARMs | • Other(d) | ||||||||||||||||||||||||||||||||||||||||||
• Subprime mortgage | |||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||||||
• Auto(b) | |||||||||||||||||||||||||||||||||||||||||||
• Business banking(b) | |||||||||||||||||||||||||||||||||||||||||||
• Student and other | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate – PCI | |||||||||||||||||||||||||||||||||||||||||||
• Home equity | |||||||||||||||||||||||||||||||||||||||||||
• Prime mortgage | |||||||||||||||||||||||||||||||||||||||||||
• Subprime mortgage | |||||||||||||||||||||||||||||||||||||||||||
• Option ARMs | |||||||||||||||||||||||||||||||||||||||||||
(a) | Includes loans held in CCB, prime mortgage and home equity loans held in AM and prime mortgage loans held in Corporate. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Includes certain business banking and auto dealer risk-rated loans that apply the wholesale methodology for determining the allowance for loan losses; these loans are managed by CCB, and therefore, for consistency in presentation, are included with the other consumer loan classes. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Includes loans held in CIB, CB, AM and Corporate. Excludes prime mortgage and home equity loans held in AM and prime mortgage loans held in Corporate. Classes are internally defined and may not align with regulatory definitions. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Other primarily includes loans to SPEs and loans to private banking clients. See Note 1 of JPMorgan Chase’s 2014 Annual Report for additional information on special-purpose entities (“SPEs”). | ||||||||||||||||||||||||||||||||||||||||||
Schedule of loans by portfolio segment | The following tables summarize the Firm’s loan balances by portfolio segment. | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Consumer, excluding credit card | Credit card(a) | Wholesale | Total | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Retained | $ | 304,917 | $ | 120,835 | $ | 331,219 | $ | 756,971 | (b) | ||||||||||||||||||||||||||||||||||
Held-for-sale | 298 | 2,422 | 2,204 | 4,924 | |||||||||||||||||||||||||||||||||||||||
At fair value | — | — | 2,290 | 2,290 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 305,215 | $ | 123,257 | $ | 335,713 | $ | 764,185 | |||||||||||||||||||||||||||||||||||
31-Dec-14 | Consumer, excluding credit card | Credit card(a) | Wholesale | Total | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Retained | $ | 294,979 | $ | 128,027 | $ | 324,502 | $ | 747,508 | (b) | ||||||||||||||||||||||||||||||||||
Held-for-sale | 395 | 3,021 | 3,801 | 7,217 | |||||||||||||||||||||||||||||||||||||||
At fair value | — | — | 2,611 | 2,611 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 295,374 | $ | 131,048 | $ | 330,914 | $ | 757,336 | |||||||||||||||||||||||||||||||||||
(a) | Includes billed finance charges and fees net of an allowance for uncollectible amounts. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Loans (other than PCI loans and those for which the fair value option has been elected) are presented net of unearned income, unamortized discounts and premiums, and net deferred loan costs of $1.2 billion and $1.3 billion at March 31, 2015, and December 31, 2014, respectively. | ||||||||||||||||||||||||||||||||||||||||||
Schedule of retained loans purchased, sold and reclassified to held-for-sale | The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. These tables exclude loans recorded at fair value. The Firm manages its exposure to credit risk on an ongoing basis. Selling loans is one way that the Firm reduces its credit exposures. | ||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | |||||||||||||||||||||||||||||||||||
Purchases | $ | 1,608 | (a)(b) | $ | — | $ | 208 | $ | 1,816 | $ | 1,582 | (a)(b) | $ | — | $ | 121 | $ | 1,703 | |||||||||||||||||||||||||
Sales | 1,736 | 177 | 2,449 | 4,362 | 891 | — | 2,356 | 3,247 | |||||||||||||||||||||||||||||||||||
Retained loans reclassified to held-for-sale | 18 | — | 320 | 338 | — | — | 297 | 297 | |||||||||||||||||||||||||||||||||||
(a) | Purchases predominantly represent the Firm’s voluntary repurchase of certain delinquent loans from loan pools as permitted by Ginnie Mae guidelines. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, the Federal Housing Administration (“FHA”), Rural Housing Services (“RHS”) and/or the U.S. Department of Veterans Affairs (“VA”). | ||||||||||||||||||||||||||||||||||||||||||
(b) | Excluded retained loans purchased from correspondents that were originated in accordance with the Firm’s underwriting standards. Such purchases were $11.2 billion and $1.7 billion for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||||||||||||
Schedule of gains/(losses) on loan sales by portfolio segment | The following table provides information about gains and losses, including lower of cost or fair value adjustments, on loan sales by portfolio segment. | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||
Net gains/(losses) on sales of loans (including lower of cost or fair value adjustments)(a) | |||||||||||||||||||||||||||||||||||||||||||
Consumer, excluding credit card | $ | 91 | $ | 42 | |||||||||||||||||||||||||||||||||||||||
Credit card | 16 | — | |||||||||||||||||||||||||||||||||||||||||
Wholesale | (6 | ) | 24 | ||||||||||||||||||||||||||||||||||||||||
Total net gains/(losses) on sales of loans (including lower of cost or fair value adjustments) | $ | 101 | $ | 66 | |||||||||||||||||||||||||||||||||||||||
(a) | Excludes sales related to loans accounted for at fair value. | ||||||||||||||||||||||||||||||||||||||||||
Consumer, excluding credit card | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of loans by portfolio segment | The table below provides information about retained consumer loans, excluding credit card, by class. | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Residential real estate – | |||||||||||||||||||||||||||||||||||||||||||
excluding PCI | |||||||||||||||||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||||||||||||||||
Senior lien | $ | 15,922 | $ | 16,367 | |||||||||||||||||||||||||||||||||||||||
Junior lien | 34,968 | 36,375 | |||||||||||||||||||||||||||||||||||||||||
Mortgages: | |||||||||||||||||||||||||||||||||||||||||||
Prime, including option ARMs | 117,275 | 104,921 | |||||||||||||||||||||||||||||||||||||||||
Subprime | 4,826 | 5,056 | |||||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||||||
Auto | 55,455 | 54,536 | |||||||||||||||||||||||||||||||||||||||||
Business banking | 20,375 | 20,058 | |||||||||||||||||||||||||||||||||||||||||
Student and other | 10,740 | 10,970 | |||||||||||||||||||||||||||||||||||||||||
Residential real estate – PCI | |||||||||||||||||||||||||||||||||||||||||||
Home equity | 16,638 | 17,095 | |||||||||||||||||||||||||||||||||||||||||
Prime mortgage | 9,916 | 10,220 | |||||||||||||||||||||||||||||||||||||||||
Subprime mortgage | 3,559 | 3,673 | |||||||||||||||||||||||||||||||||||||||||
Option ARMs | 15,243 | 15,708 | |||||||||||||||||||||||||||||||||||||||||
Total retained loans | $ | 304,917 | $ | 294,979 | |||||||||||||||||||||||||||||||||||||||
Consumer, excluding credit card | Residential real estate – excluding PCI | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of financing receivable credit quality indicators | Residential real estate – excluding PCI loans | ||||||||||||||||||||||||||||||||||||||||||
The following table provides information by class for residential real estate – excluding retained PCI loans in the consumer, excluding credit card, portfolio segment. | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate – excluding PCI loans | |||||||||||||||||||||||||||||||||||||||||||
Home equity | Mortgages | ||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Senior lien | Junior lien | Prime, including | Subprime | Total residential real estate – excluding PCI | ||||||||||||||||||||||||||||||||||||||
option ARMs | |||||||||||||||||||||||||||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Loan delinquency(a) | |||||||||||||||||||||||||||||||||||||||||||
Current | $ | 15,315 | $ | 15,730 | $ | 34,235 | $ | 35,575 | $ | 106,791 | $ | 93,951 | $ | 4,122 | $ | 4,296 | $ | 160,463 | $ | 149,552 | |||||||||||||||||||||||
30–149 days past due | 243 | 275 | 469 | 533 | 3,568 | 4,091 | 433 | 489 | 4,713 | 5,388 | |||||||||||||||||||||||||||||||||
150 or more days past due | 364 | 362 | 264 | 267 | 6,916 | 6,879 | 271 | 271 | 7,815 | 7,779 | |||||||||||||||||||||||||||||||||
Total retained loans | $ | 15,922 | $ | 16,367 | $ | 34,968 | $ | 36,375 | $ | 117,275 | $ | 104,921 | $ | 4,826 | $ | 5,056 | $ | 172,991 | $ | 162,719 | |||||||||||||||||||||||
% of 30+ days past due to | 3.81 | % | 3.89 | % | 2.1 | % | 2.2 | % | 1.23 | % | 1.42 | % | 14.59 | % | 15.03 | % | 2.02 | % | 2.27 | % | |||||||||||||||||||||||
total retained loans(b) | |||||||||||||||||||||||||||||||||||||||||||
90 or more days past due and | — | — | — | — | 7,291 | 7,544 | — | — | 7,291 | 7,544 | |||||||||||||||||||||||||||||||||
government guaranteed(c) | |||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | 930 | 938 | 1,539 | 1,590 | 2,119 | 2,190 | 1,010 | 1,036 | 5,598 | 5,754 | |||||||||||||||||||||||||||||||||
Current estimated LTV ratios(d)(e)(f) | |||||||||||||||||||||||||||||||||||||||||||
Greater than 125% and refreshed | |||||||||||||||||||||||||||||||||||||||||||
FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | $ | 19 | $ | 21 | $ | 375 | $ | 467 | $ | 103 | $ | 120 | $ | 9 | $ | 10 | $ | 506 | $ | 618 | |||||||||||||||||||||||
Less than 660 | 9 | 10 | 112 | 138 | 95 | 103 | 40 | 51 | 256 | 302 | |||||||||||||||||||||||||||||||||
101% to 125% and refreshed | |||||||||||||||||||||||||||||||||||||||||||
FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 118 | 134 | 2,762 | 3,149 | 564 | 648 | 96 | 118 | 3,540 | 4,049 | |||||||||||||||||||||||||||||||||
Less than 660 | 59 | 69 | 791 | 923 | 297 | 340 | 241 | 298 | 1,388 | 1,630 | |||||||||||||||||||||||||||||||||
80% to 100% and refreshed FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 549 | 633 | 6,032 | 6,481 | 3,353 | 3,863 | 376 | 432 | 10,310 | 11,409 | |||||||||||||||||||||||||||||||||
Less than 660 | 209 | 226 | 1,698 | 1,780 | 951 | 1,026 | 720 | 770 | 3,578 | 3,802 | |||||||||||||||||||||||||||||||||
Less than 80% and refreshed FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 12,760 | 13,048 | 19,780 | 20,030 | 94,768 | 81,805 | 1,540 | 1,586 | 128,848 | 116,469 | |||||||||||||||||||||||||||||||||
Less than 660 | 2,199 | 2,226 | 3,418 | 3,407 | 5,089 | 4,906 | 1,804 | 1,791 | 12,510 | 12,330 | |||||||||||||||||||||||||||||||||
U.S. government-guaranteed | — | — | — | — | 12,055 | 12,110 | — | — | 12,055 | 12,110 | |||||||||||||||||||||||||||||||||
Total retained loans | $ | 15,922 | $ | 16,367 | $ | 34,968 | $ | 36,375 | $ | 117,275 | $ | 104,921 | $ | 4,826 | $ | 5,056 | $ | 172,991 | $ | 162,719 | |||||||||||||||||||||||
Geographic region | |||||||||||||||||||||||||||||||||||||||||||
California | $ | 2,176 | $ | 2,232 | $ | 7,846 | $ | 8,144 | $ | 32,022 | $ | 28,133 | $ | 678 | $ | 718 | $ | 42,722 | $ | 39,227 | |||||||||||||||||||||||
New York | 2,745 | 2,805 | 7,383 | 7,685 | 17,483 | 16,550 | 650 | 677 | 28,261 | 27,717 | |||||||||||||||||||||||||||||||||
Illinois | 1,266 | 1,306 | 2,515 | 2,605 | 7,657 | 6,654 | 199 | 207 | 11,637 | 10,772 | |||||||||||||||||||||||||||||||||
Florida | 870 | 861 | 1,854 | 1,923 | 5,376 | 5,106 | 602 | 632 | 8,702 | 8,522 | |||||||||||||||||||||||||||||||||
Texas | 1,754 | 1,845 | 1,057 | 1,087 | 5,720 | 4,935 | 171 | 177 | 8,702 | 8,044 | |||||||||||||||||||||||||||||||||
New Jersey | 661 | 654 | 2,147 | 2,233 | 3,751 | 3,361 | 218 | 227 | 6,777 | 6,475 | |||||||||||||||||||||||||||||||||
Arizona | 893 | 927 | 1,533 | 1,595 | 2,112 | 1,805 | 107 | 112 | 4,645 | 4,439 | |||||||||||||||||||||||||||||||||
Washington | 487 | 506 | 1,168 | 1,216 | 2,706 | 2,410 | 104 | 109 | 4,465 | 4,241 | |||||||||||||||||||||||||||||||||
Michigan | 722 | 736 | 810 | 848 | 1,336 | 1,203 | 115 | 121 | 2,983 | 2,908 | |||||||||||||||||||||||||||||||||
Ohio | 1,117 | 1,150 | 741 | 778 | 735 | 615 | 107 | 112 | 2,700 | 2,655 | |||||||||||||||||||||||||||||||||
All other(g) | 3,231 | 3,345 | 7,914 | 8,261 | 38,377 | 34,149 | 1,875 | 1,964 | 51,397 | 47,719 | |||||||||||||||||||||||||||||||||
Total retained loans | $ | 15,922 | $ | 16,367 | $ | 34,968 | $ | 36,375 | $ | 117,275 | $ | 104,921 | $ | 4,826 | $ | 5,056 | $ | 172,991 | $ | 162,719 | |||||||||||||||||||||||
(a) | Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $3.0 billion and $2.6 billion; 30–149 days past due included $3.0 billion and $3.5 billion; and 150 or more days past due included $6.1 billion and $6.0 billion at March 31, 2015, and December 31, 2014, respectively. | ||||||||||||||||||||||||||||||||||||||||||
(b) | At March 31, 2015, and December 31, 2014, Prime, including option ARMs loans excluded mortgage loans insured by U.S. government agencies of $9.0 billion and $9.5 billion, respectively. These amounts have been excluded from nonaccrual loans based upon the government guarantee. | ||||||||||||||||||||||||||||||||||||||||||
(c) | These balances, which are 90 days or more past due but insured by U.S. government agencies, were excluded from nonaccrual loans. In predominantly all cases, 100% of the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. These amounts have been excluded from nonaccrual loans based upon the government guarantee. At March 31, 2015, and December 31, 2014, these balances included $4.0 billion and $4.2 billion, respectively, of loans that are no longer accruing interest because interest has been curtailed by the U.S. government agencies although, in predominantly all cases, 100% of the principal is still insured. For the remaining balance, interest is being accrued at the guaranteed reimbursement rate. There were no loans not insured by U.S. government agencies that are 90 or more days past due and still accruing at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. | ||||||||||||||||||||||||||||||||||||||||||
(e) | Junior lien represents combined loan-to-value (“LTV”), which considers all available lien positions, as well as unused lines, related to the property. All other products are presented without consideration of subordinate liens on the property. | ||||||||||||||||||||||||||||||||||||||||||
(f) | Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. | ||||||||||||||||||||||||||||||||||||||||||
(g) | At both March 31, 2015, and December 31, 2014, included mortgage loans insured by U.S. government agencies of $12.1 billion | ||||||||||||||||||||||||||||||||||||||||||
Schedule of impaired financing receivables | The table below sets forth information about the Firm’s residential real estate impaired loans, excluding PCI loans. These loans are considered to be impaired as they have been modified in a troubled debt restructuring (“TDR”). All impaired loans are evaluated for an asset-specific allowance as described in Note 15 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||||||||||||||
Home equity | Mortgages | Total residential | |||||||||||||||||||||||||||||||||||||||||
real estate | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | Senior lien | Junior lien | Prime, including | Subprime | – excluding PCI | ||||||||||||||||||||||||||||||||||||||
option ARMs | |||||||||||||||||||||||||||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||||||||||||
With an allowance | $ | 553 | $ | 552 | $ | 724 | $ | 722 | $ | 4,596 | $ | 4,949 | $ | 2,092 | $ | 2,239 | $ | 7,965 | $ | 8,462 | |||||||||||||||||||||||
Without an allowance(a) | 534 | 549 | 569 | 582 | 1,142 | 1,196 | 613 | 639 | 2,858 | 2,966 | |||||||||||||||||||||||||||||||||
Total impaired loans(b)(c) | $ | 1,087 | $ | 1,101 | $ | 1,293 | $ | 1,304 | $ | 5,738 | $ | 6,145 | $ | 2,705 | $ | 2,878 | $ | 10,823 | $ | 11,428 | |||||||||||||||||||||||
Allowance for loan losses related to impaired loans | $ | 85 | $ | 84 | $ | 145 | $ | 147 | $ | 120 | $ | 127 | $ | 63 | $ | 64 | $ | 413 | $ | 422 | |||||||||||||||||||||||
Unpaid principal balance of impaired loans(d) | 1,426 | 1,451 | 2,546 | 2,603 | 7,331 | 7,813 | 3,968 | 4,200 | 15,271 | 16,067 | |||||||||||||||||||||||||||||||||
Impaired loans on nonaccrual status(e) | 623 | 628 | 620 | 632 | 1,517 | 1,559 | 898 | 931 | 3,658 | 3,750 | |||||||||||||||||||||||||||||||||
(a) | Represents collateral-dependent residential mortgage loans that are charged off to the fair value of the underlying collateral less cost to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At March 31, 2015, Chapter 7 residential real estate loans included approximately 18% of senior lien home equity, 11% of junior lien home equity, 23% of prime mortgages, including option ARMs, and 15% of subprime mortgages that were 30 days or more past due. | ||||||||||||||||||||||||||||||||||||||||||
(b) | At March 31, 2015, and December 31, 2014, $4.8 billion and $4.9 billion, respectively, of loans modified subsequent to repurchase from Government National Mortgage Association (“Ginnie Mae”) in accordance with the standards of the appropriate government agency (i.e., FHA, VA, RHS) are not included in the table above. When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools. Modified loans that do not re-perform become subject to foreclosure. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Predominantly all residential real estate impaired loans, excluding PCI loans, are in the U.S. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Represents the contractual amount of principal owed at March 31, 2015, and December 31, 2014. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs, net deferred loan fees or costs; and unamortized discounts or premiums on purchased loans. | ||||||||||||||||||||||||||||||||||||||||||
(e) | As of March 31, 2015, and December 31, 2014, nonaccrual loans included $2.8 billion and $2.9 billion, respectively, of TDRs for which the borrowers were less than 90 days past due. For additional information about loans modified in a TDR that are on nonaccrual status refer to the Loan accounting framework in Note 14 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||||||||||||||
Schedule of impaired financing receivables, average recorded investment | The following table present average impaired loans and the related interest income reported by the Firm. | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | Average impaired loans | Interest income on | Interest income on impaired | ||||||||||||||||||||||||||||||||||||||||
impaired loans(a) | loans on a cash basis(a) | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||||||||||
Senior lien | $ | 1,095 | $ | 1,143 | $ | 13 | $ | 14 | $ | 9 | $ | 9 | |||||||||||||||||||||||||||||||
Junior lien | 1,298 | 1,321 | 20 | 21 | 13 | 14 | |||||||||||||||||||||||||||||||||||||
Mortgages | |||||||||||||||||||||||||||||||||||||||||||
Prime, including option ARMs | 6,054 | 6,956 | 59 | 68 | 12 | 13 | |||||||||||||||||||||||||||||||||||||
Subprime | 2,822 | 3,667 | 37 | 49 | 11 | 13 | |||||||||||||||||||||||||||||||||||||
Total residential real estate – excluding PCI | $ | 11,269 | $ | 13,087 | $ | 129 | $ | 152 | $ | 45 | $ | 49 | |||||||||||||||||||||||||||||||
(a) | Generally, interest income on loans modified in TDRs is recognized on a cash basis until such time as the borrower has made a minimum of six payments under the new terms. | ||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring on financing receivables | The following table presents new TDRs reported by the Firm. | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||||||||||||||||
Senior lien | $ | 26 | $ | 27 | |||||||||||||||||||||||||||||||||||||||
Junior lien | 46 | 58 | |||||||||||||||||||||||||||||||||||||||||
Mortgages: | |||||||||||||||||||||||||||||||||||||||||||
Prime, including option ARMs | 63 | 67 | |||||||||||||||||||||||||||||||||||||||||
Subprime | 19 | 28 | |||||||||||||||||||||||||||||||||||||||||
Total residential real estate – excluding PCI | $ | 154 | $ | 180 | |||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring on financing receivables nature and extent of modifications | The following table provides information about how residential real estate loans, excluding PCI loans, were modified under the Firm’s loss mitigation programs during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt. | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | Home equity | Mortgages | Total residential | ||||||||||||||||||||||||||||||||||||||||
real estate - | |||||||||||||||||||||||||||||||||||||||||||
Senior lien | Junior lien | Prime, including option ARMs | Subprime | excluding PCI | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Number of loans approved for a trial modification | 356 | 201 | 154 | 184 | 245 | 255 | 422 | 499 | 1,177 | 1,139 | |||||||||||||||||||||||||||||||||
Number of loans permanently modified | 262 | 295 | 508 | 958 | 361 | 531 | 489 | 767 | 1,620 | 2,551 | |||||||||||||||||||||||||||||||||
Concession granted:(a) | |||||||||||||||||||||||||||||||||||||||||||
Interest rate reduction | 75 | % | 65 | % | 77 | % | 84 | % | 64 | % | 60 | % | 71 | % | 60 | % | 72 | % | 70 | % | |||||||||||||||||||||||
Term or payment extension | 81 | 80 | 86 | 83 | 84 | 88 | 81 | 72 | 83 | 80 | |||||||||||||||||||||||||||||||||
Principal and/or interest deferred | 31 | 15 | 28 | 21 | 37 | 33 | 26 | 20 | 30 | 22 | |||||||||||||||||||||||||||||||||
Principal forgiveness | 8 | 30 | 4 | 28 | 28 | 31 | 32 | 41 | 18 | 32 | |||||||||||||||||||||||||||||||||
Other(b) | — | 1 | — | — | 8 | 17 | 11 | 13 | 5 | 7 | |||||||||||||||||||||||||||||||||
(a) | Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. A significant portion of trial modifications include interest rate reductions and/or term or payment extensions. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Represents variable interest rate to fixed interest rate modifications. | ||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring on financing receivables, financial effects of modifications and re-defaults | The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans, excluding PCI, under the Firm’s loss mitigation programs and about redefaults of certain loans modified in TDRs for the periods presented. Because the specific types and amounts of concessions offered to borrowers frequently change between the trial modification and the permanent modification, the following table presents only the financial effects of permanent modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt. | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | Home equity | Mortgages | Total residential real estate – excluding PCI | ||||||||||||||||||||||||||||||||||||||||
(in millions, except weighted-average | Senior lien | Junior lien | Prime, including option ARMs | Subprime | |||||||||||||||||||||||||||||||||||||||
data and number of loans) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 6.11 | % | 6.67 | % | 4.97 | % | 4.75 | % | 5.03 | % | 5.22 | % | 6.8 | % | 7.57 | % | 5.68 | % | 5.91 | % | |||||||||||||||||||||||
Weighted-average interest rate of loans with interest rate reductions – after TDR | 2.72 | 3.02 | 2.21 | 1.81 | 2.38 | 2.76 | 3.22 | 3.41 | 2.64 | 2.77 | |||||||||||||||||||||||||||||||||
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 18 | 18 | 18 | 20 | 25 | 24 | 24 | 25 | 23 | 23 | |||||||||||||||||||||||||||||||||
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 31 | 31 | 34 | 35 | 38 | 37 | 36 | 36 | 36 | 36 | |||||||||||||||||||||||||||||||||
Charge-offs recognized upon permanent modification | $ | — | $ | 1 | $ | 1 | $ | 14 | $ | 1 | $ | 2 | $ | 1 | $ | 1 | $ | 3 | $ | 18 | |||||||||||||||||||||||
Principal deferred | 3 | 1 | 3 | 3 | 11 | 13 | 7 | 7 | 24 | 24 | |||||||||||||||||||||||||||||||||
Principal forgiven | 1 | 3 | — | 11 | 9 | 17 | 10 | 21 | 20 | 52 | |||||||||||||||||||||||||||||||||
Balance of loans that redefaulted within one year of permanent modification(a) | $ | 3 | $ | 6 | $ | 2 | $ | 3 | $ | 18 | $ | 30 | $ | 17 | $ | 18 | $ | 40 | $ | 57 | |||||||||||||||||||||||
(a) | Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it is probable that the loan will ultimately be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last 12 months may not be representative of ultimate redefault levels. | ||||||||||||||||||||||||||||||||||||||||||
Consumer, excluding credit card | Home equity - junior lien | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of financing receivable credit quality indicators | The following tables represent the Firm’s delinquency statistics for junior lien home equity loans and lines as of March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||
Delinquencies | Total 30+ day delinquency rate | ||||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 30–89 days past due | 90–149 days past due | 150+ days | Total loans | |||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | past due | ||||||||||||||||||||||||||||||||||||||||||
HELOCs:(a) | |||||||||||||||||||||||||||||||||||||||||||
Within the revolving period(b) | $ | 191 | $ | 60 | $ | 134 | $ | 23,335 | 1.65 | % | |||||||||||||||||||||||||||||||||
Beyond the revolving period | 108 | 41 | 110 | 8,654 | 2.99 | ||||||||||||||||||||||||||||||||||||||
HELOANs | 52 | 17 | 20 | 2,979 | 2.99 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 351 | $ | 118 | $ | 264 | $ | 34,968 | 2.1 | % | |||||||||||||||||||||||||||||||||
Delinquencies | Total 30+ day delinquency rate | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | 30–89 days past due | 90–149 days past due | 150+ days | Total loans | |||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | past due | ||||||||||||||||||||||||||||||||||||||||||
HELOCs:(a) | |||||||||||||||||||||||||||||||||||||||||||
Within the revolving period(b) | $ | 233 | $ | 69 | $ | 141 | $ | 25,252 | 1.75 | % | |||||||||||||||||||||||||||||||||
Beyond the revolving period | 108 | 37 | 107 | 7,979 | 3.16 | ||||||||||||||||||||||||||||||||||||||
HELOANs | 66 | 20 | 19 | 3,144 | 3.34 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 407 | $ | 126 | $ | 267 | $ | 36,375 | 2.2 | % | |||||||||||||||||||||||||||||||||
(a) | These HELOCs are predominantly revolving loans for a 10-year period, after which time the HELOC converts to a loan with a 20-year amortization period, but also include HELOCs originated by Washington Mutual that require interest-only payments beyond the revolving period. | ||||||||||||||||||||||||||||||||||||||||||
(b) | The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are experiencing financial difficulty or when the collateral does not support the loan amount. | ||||||||||||||||||||||||||||||||||||||||||
Consumer, excluding credit card | Other Consumer | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of financing receivable credit quality indicators | The table below provides information for other consumer retained loan classes, including auto, business banking and student loans. | ||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Auto | Business banking | Student and other | Total other consumer | |||||||||||||||||||||||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Loan delinquency(a) | |||||||||||||||||||||||||||||||||||||||||||
Current | $ | 54,956 | $ | 53,866 | $ | 20,038 | $ | 19,710 | $ | 9,968 | $ | 10,080 | $ | 84,962 | $ | 83,656 | |||||||||||||||||||||||||||
30–119 days past due | 492 | 663 | 199 | 208 | 466 | 576 | 1,157 | 1,447 | |||||||||||||||||||||||||||||||||||
120 or more days past due | 7 | 7 | 138 | 140 | 306 | 314 | 451 | 461 | |||||||||||||||||||||||||||||||||||
Total retained loans | $ | 55,455 | $ | 54,536 | $ | 20,375 | $ | 20,058 | $ | 10,740 | $ | 10,970 | $ | 86,570 | $ | 85,564 | |||||||||||||||||||||||||||
% of 30+ days past due to total retained loans | 0.9 | % | 1.23 | % | 1.65 | % | 1.73 | % | 1.64 | % | (d) | 2.15 | % | (d) | 1.17 | % | (d) | 1.47 | % | (d) | |||||||||||||||||||||||
90 or more days past due and still accruing (b) | $ | — | $ | — | $ | — | $ | — | $ | 346 | $ | 367 | $ | 346 | $ | 367 | |||||||||||||||||||||||||||
Nonaccrual loans | 95 | 115 | 268 | 279 | 264 | 270 | 627 | 664 | |||||||||||||||||||||||||||||||||||
Geographic region | |||||||||||||||||||||||||||||||||||||||||||
California | $ | 6,469 | $ | 6,294 | $ | 3,059 | $ | 3,008 | $ | 1,128 | $ | 1,143 | $ | 10,656 | $ | 10,445 | |||||||||||||||||||||||||||
New York | 3,703 | 3,662 | 3,171 | 3,187 | 1,235 | 1,259 | 8,109 | 8,108 | |||||||||||||||||||||||||||||||||||
Illinois | 3,365 | 3,175 | 1,387 | 1,373 | 716 | 729 | 5,468 | 5,277 | |||||||||||||||||||||||||||||||||||
Florida | 2,428 | 2,301 | 861 | 827 | 521 | 521 | 3,810 | 3,649 | |||||||||||||||||||||||||||||||||||
Texas | 5,804 | 5,608 | 2,610 | 2,626 | 849 | 868 | 9,263 | 9,102 | |||||||||||||||||||||||||||||||||||
New Jersey | 1,947 | 1,945 | 530 | 451 | 391 | 378 | 2,868 | 2,774 | |||||||||||||||||||||||||||||||||||
Arizona | 1,879 | 2,003 | 1,148 | 1,083 | 234 | 239 | 3,261 | 3,325 | |||||||||||||||||||||||||||||||||||
Washington | 1,042 | 1,019 | 274 | 258 | 224 | 235 | 1,540 | 1,512 | |||||||||||||||||||||||||||||||||||
Michigan | 1,634 | 1,633 | 1,344 | 1,375 | 453 | 466 | 3,431 | 3,474 | |||||||||||||||||||||||||||||||||||
Ohio | 2,261 | 2,157 | 1,455 | 1,354 | 607 | 629 | 4,323 | 4,140 | |||||||||||||||||||||||||||||||||||
All other | 24,923 | 24,739 | 4,536 | 4,516 | 4,382 | 4,503 | 33,841 | 33,758 | |||||||||||||||||||||||||||||||||||
Total retained loans | $ | 55,455 | $ | 54,536 | $ | 20,375 | $ | 20,058 | $ | 10,740 | $ | 10,970 | $ | 86,570 | $ | 85,564 | |||||||||||||||||||||||||||
Loans by risk ratings(c) | |||||||||||||||||||||||||||||||||||||||||||
Noncriticized | $ | 10,061 | $ | 9,822 | $ | 14,842 | $ | 14,619 | NA | NA | $ | 24,903 | $ | 24,441 | |||||||||||||||||||||||||||||
Criticized performing | 83 | 35 | 714 | 708 | NA | NA | 797 | 743 | |||||||||||||||||||||||||||||||||||
Criticized nonaccrual | — | — | 212 | 213 | NA | NA | 212 | 213 | |||||||||||||||||||||||||||||||||||
(a) | Individual delinquency classifications included loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) as follows: current included $4.2 billion and $4.3 billion; 30-119 days past due included $317 million and $364 million; and 120 or more days past due included $279 million and $290 million at March 31, 2015, and December 31, 2014, respectively. | ||||||||||||||||||||||||||||||||||||||||||
(b) | These amounts represent student loans, which are insured by U.S. government agencies under the FFELP. These amounts were accruing as reimbursement of insured amounts is proceeding normally. | ||||||||||||||||||||||||||||||||||||||||||
(c) | For risk-rated business banking and auto loans, the primary credit quality indicator is the risk rating of the loan, including whether the loans are considered to be criticized and/or nonaccrual. | ||||||||||||||||||||||||||||||||||||||||||
(d) | March 31, 2015, and December 31, 2014, excluded loans 30 days or more past due and still accruing, which are insured by U.S. government agencies under the FFELP, of $596 million and $654 million, respectively. These amounts were excluded as reimbursement of insured amounts is proceeding normally. | ||||||||||||||||||||||||||||||||||||||||||
Schedule of impaired financing receivables | The table below sets forth information about the Firm’s other consumer impaired loans, including risk-rated business banking and auto loans that have been placed on nonaccrual status, and loans that have been modified in TDRs. | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||||||||||||
With an allowance | $ | 557 | $ | 557 | |||||||||||||||||||||||||||||||||||||||
Without an allowance(a) | 34 | 35 | |||||||||||||||||||||||||||||||||||||||||
Total impaired loans(b)(c) | $ | 591 | $ | 592 | |||||||||||||||||||||||||||||||||||||||
Allowance for loan losses related to | $ | 124 | $ | 117 | |||||||||||||||||||||||||||||||||||||||
impaired loans | |||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance of impaired loans(d) | 711 | 719 | |||||||||||||||||||||||||||||||||||||||||
Impaired loans on nonaccrual status | 464 | 456 | |||||||||||||||||||||||||||||||||||||||||
(a) | When discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged off and/or there have been interest payments received and applied to the loan balance. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Predominantly all other consumer impaired loans are in the U.S. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Other consumer average impaired loans were $587 million and $600 million for the three months ended March 31, 2015 and 2014, respectively. The related interest income on impaired loans, including those on a cash basis, was not material for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Represents the contractual amount of principal owed at March 31, 2015, and December 31, 2014. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs; interest payments received and applied to the principal balance; net deferred loan fees or costs; and unamortized discounts or premiums on purchased loans. | ||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring on financing receivables | The following table provides information about the Firm’s other consumer loans modified in TDRs. New TDRs were not material as of March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Loans modified in TDRs(a)(b) | $ | 428 | $ | 442 | |||||||||||||||||||||||||||||||||||||||
TDRs on nonaccrual status | 301 | 306 | |||||||||||||||||||||||||||||||||||||||||
(a) | The impact of these modifications was not material to the Firm for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Additional commitments to lend to borrowers whose loans have been modified in TDRs as of March 31, 2015, and December 31, 2014, were immaterial. | ||||||||||||||||||||||||||||||||||||||||||
Consumer, excluding credit card | Purchased Credit-Impaired | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of financing receivable credit quality indicators | The table below sets forth information about the Firm’s consumer, excluding credit card, PCI loans. | ||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Home equity | Prime mortgage | Subprime mortgage | Option ARMs | Total PCI | ||||||||||||||||||||||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Carrying value(a) | $ | 16,638 | $ | 17,095 | $ | 9,916 | $ | 10,220 | $ | 3,559 | $ | 3,673 | $ | 15,243 | $ | 15,708 | $ | 45,356 | $ | 46,696 | |||||||||||||||||||||||
Related allowance for loan losses(b) | 1,758 | 1,758 | 1,138 | 1,193 | 180 | 180 | 194 | 194 | 3,270 | 3,325 | |||||||||||||||||||||||||||||||||
Loan delinquency (based on unpaid principal balance) | |||||||||||||||||||||||||||||||||||||||||||
Current | $ | 15,903 | $ | 16,295 | $ | 8,722 | $ | 8,912 | $ | 3,521 | $ | 3,565 | $ | 13,506 | $ | 13,814 | $ | 41,652 | $ | 42,586 | |||||||||||||||||||||||
30–149 days past due | 368 | 445 | 444 | 500 | 460 | 536 | 795 | 858 | 2,067 | 2,339 | |||||||||||||||||||||||||||||||||
150 or more days past due | 815 | 1,000 | 777 | 837 | 509 | 551 | 1,645 | 1,824 | 3,746 | 4,212 | |||||||||||||||||||||||||||||||||
Total loans | $ | 17,086 | $ | 17,740 | $ | 9,943 | $ | 10,249 | $ | 4,490 | $ | 4,652 | $ | 15,946 | $ | 16,496 | $ | 47,465 | $ | 49,137 | |||||||||||||||||||||||
% of 30+ days past due to total loans | 6.92 | % | 8.15 | % | 12.28 | % | 13.05 | % | 21.58 | % | 23.37 | % | 15.3 | % | 16.26 | % | 12.25 | % | 13.33 | % | |||||||||||||||||||||||
Current estimated LTV ratios (based on unpaid principal balance)(c)(d) | |||||||||||||||||||||||||||||||||||||||||||
Greater than 125% and refreshed FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | $ | 423 | $ | 513 | $ | 34 | $ | 45 | $ | 27 | $ | 34 | $ | 72 | $ | 89 | $ | 556 | $ | 681 | |||||||||||||||||||||||
Less than 660 | 217 | 273 | 68 | 97 | 125 | 160 | 113 | 150 | 523 | 680 | |||||||||||||||||||||||||||||||||
101% to 125% and refreshed FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 1,985 | 2,245 | 373 | 456 | 180 | 215 | 471 | 575 | 3,009 | 3,491 | |||||||||||||||||||||||||||||||||
Less than 660 | 928 | 1,073 | 337 | 402 | 430 | 509 | 634 | 771 | 2,329 | 2,755 | |||||||||||||||||||||||||||||||||
80% to 100% and refreshed FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 3,995 | 4,171 | 1,924 | 2,154 | 482 | 519 | 2,198 | 2,418 | 8,599 | 9,262 | |||||||||||||||||||||||||||||||||
Less than 660 | 1,590 | 1,647 | 1,184 | 1,316 | 954 | 1,006 | 1,784 | 1,996 | 5,512 | 5,965 | |||||||||||||||||||||||||||||||||
Lower than 80% and refreshed FICO scores: | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 5,923 | 5,824 | 3,821 | 3,663 | 760 | 719 | 6,750 | 6,593 | 17,254 | 16,799 | |||||||||||||||||||||||||||||||||
Less than 660 | 2,025 | 1,994 | 2,202 | 2,116 | 1,532 | 1,490 | 3,924 | 3,904 | 9,683 | 9,504 | |||||||||||||||||||||||||||||||||
Total unpaid principal balance | $ | 17,086 | $ | 17,740 | $ | 9,943 | $ | 10,249 | $ | 4,490 | $ | 4,652 | $ | 15,946 | $ | 16,496 | $ | 47,465 | $ | 49,137 | |||||||||||||||||||||||
Geographic region (based on unpaid principal balance) | |||||||||||||||||||||||||||||||||||||||||||
California | $ | 10,267 | $ | 10,671 | $ | 5,811 | $ | 5,965 | $ | 1,108 | $ | 1,138 | $ | 8,935 | $ | 9,190 | $ | 26,121 | $ | 26,964 | |||||||||||||||||||||||
New York | 855 | 876 | 648 | 672 | 440 | 463 | 895 | 933 | 2,838 | 2,944 | |||||||||||||||||||||||||||||||||
Illinois | 393 | 405 | 290 | 301 | 219 | 229 | 371 | 397 | 1,273 | 1,332 | |||||||||||||||||||||||||||||||||
Florida | 1,630 | 1,696 | 657 | 689 | 416 | 432 | 1,370 | 1,440 | 4,073 | 4,257 | |||||||||||||||||||||||||||||||||
Texas | 261 | 273 | 90 | 92 | 270 | 281 | 84 | 85 | 705 | 731 | |||||||||||||||||||||||||||||||||
New Jersey | 338 | 348 | 261 | 279 | 155 | 165 | 527 | 553 | 1,281 | 1,345 | |||||||||||||||||||||||||||||||||
Arizona | 312 | 323 | 164 | 167 | 84 | 85 | 223 | 227 | 783 | 802 | |||||||||||||||||||||||||||||||||
Washington | 926 | 959 | 217 | 225 | 91 | 95 | 379 | 395 | 1,613 | 1,674 | |||||||||||||||||||||||||||||||||
Michigan | 50 | 53 | 162 | 166 | 125 | 130 | 176 | 182 | 513 | 531 | |||||||||||||||||||||||||||||||||
Ohio | 19 | 20 | 47 | 48 | 70 | 72 | 66 | 69 | 202 | 209 | |||||||||||||||||||||||||||||||||
All other | 2,035 | 2,116 | 1,596 | 1,645 | 1,512 | 1,562 | 2,920 | 3,025 | 8,063 | 8,348 | |||||||||||||||||||||||||||||||||
Total unpaid principal balance | $ | 17,086 | $ | 17,740 | $ | 9,943 | $ | 10,249 | $ | 4,490 | $ | 4,652 | $ | 15,946 | $ | 16,496 | $ | 47,465 | $ | 49,137 | |||||||||||||||||||||||
(a) | Carrying value includes the effect of fair value adjustments that were applied to the consumer PCI portfolio at the date of acquisition. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Management concluded as part of the Firm’s regular assessment of the PCI loan pools that it was probable that higher expected credit losses would result in a decrease in expected cash flows. As a result, an allowance for loan losses for impairment of these pools has been recognized. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. | ||||||||||||||||||||||||||||||||||||||||||
Certain loans acquired in transfer accretable yield movement roll forward | The table below sets forth the accretable yield activity for the Firm’s PCI consumer loans for the three months ended March 31, 2015 and 2014, and represents the Firm’s estimate of gross interest income expected to be earned over the remaining life of the PCI loan portfolios. The table excludes the cost to fund the PCI portfolios, and therefore the accretable yield does not represent net interest income expected to be earned on these portfolios. | ||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Total PCI | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 14,592 | $ | 16,167 | |||||||||||||||||||||||||||||||||||||||
Accretion into interest income | (436 | ) | (514 | ) | |||||||||||||||||||||||||||||||||||||||
Changes in interest rates on variable-rate loans | 6 | (21 | ) | ||||||||||||||||||||||||||||||||||||||||
Other changes in expected cash flows(a) | (128 | ) | 150 | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31 | $ | 14,034 | $ | 15,782 | |||||||||||||||||||||||||||||||||||||||
Accretable yield percentage | 4.14 | % | 4.32 | % | |||||||||||||||||||||||||||||||||||||||
(a) | Other changes in expected cash flows may vary from period to period as the Firm continues to refine its cash flow model and periodically updates model assumptions. For the three months ended March 31, 2015 and 2014, other changes in expected cash flows were driven by changes in prepayment assumptions. | ||||||||||||||||||||||||||||||||||||||||||
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity Junior Lien | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of financing receivable credit quality indicators | The following tables set forth delinquency statistics for PCI junior lien home equity loans and lines of credit based on unpaid principal balance as of March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||
Delinquencies | Total 30+ day delinquency rate | ||||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 30–89 days past due | 90–149 days past due | 150+ days | Total loans | |||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | past due | ||||||||||||||||||||||||||||||||||||||||||
HELOCs:(a) | |||||||||||||||||||||||||||||||||||||||||||
Within the revolving period(b) | $ | 118 | $ | 39 | $ | 236 | $ | 8,373 | 4.69 | % | |||||||||||||||||||||||||||||||||
Beyond the revolving period(c) | 72 | 21 | 154 | 4,741 | 5.21 | ||||||||||||||||||||||||||||||||||||||
HELOANs | 16 | 5 | 21 | 713 | 5.89 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 206 | $ | 65 | $ | 411 | $ | 13,827 | 4.93 | % | |||||||||||||||||||||||||||||||||
Delinquencies | Total 30+ day delinquency rate | ||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | 30–89 days past due | 90–149 days past due | 150+ days | Total loans | |||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | past due | ||||||||||||||||||||||||||||||||||||||||||
HELOCs:(a) | |||||||||||||||||||||||||||||||||||||||||||
Within the revolving period(b) | $ | 155 | $ | 50 | $ | 371 | $ | 8,972 | 6.42 | % | |||||||||||||||||||||||||||||||||
Beyond the revolving period(c) | 76 | 24 | 166 | 4,143 | 6.42 | ||||||||||||||||||||||||||||||||||||||
HELOANs | 20 | 7 | 38 | 736 | 8.83 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 251 | $ | 81 | $ | 575 | $ | 13,851 | 6.55 | % | |||||||||||||||||||||||||||||||||
(a) | In general, these HELOCs are revolving loans for a 10-year period, after which time the HELOC converts to an interest-only loan with a balloon payment at the end of the loan’s term. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Substantially all undrawn HELOCs within the revolving period have been closed. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Includes loans modified into fixed rate amortizing loans. | ||||||||||||||||||||||||||||||||||||||||||
Credit card | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of financing receivable credit quality indicators | The table below sets forth information about the Firm’s credit card loans. | ||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Loan delinquency | |||||||||||||||||||||||||||||||||||||||||||
Current and less than 30 days | $ | 119,132 | $ | 126,189 | |||||||||||||||||||||||||||||||||||||||
past due and still accruing | |||||||||||||||||||||||||||||||||||||||||||
30–89 days past due and still accruing | 826 | 943 | |||||||||||||||||||||||||||||||||||||||||
90 or more days past due and still accruing | 877 | 895 | |||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | — | — | |||||||||||||||||||||||||||||||||||||||||
Total retained credit card loans | $ | 120,835 | $ | 128,027 | |||||||||||||||||||||||||||||||||||||||
Loan delinquency ratios | |||||||||||||||||||||||||||||||||||||||||||
% of 30+ days past due to total retained loans | 1.41 | % | 1.44 | % | |||||||||||||||||||||||||||||||||||||||
% of 90+ days past due to total retained loans | 0.73 | 0.7 | |||||||||||||||||||||||||||||||||||||||||
Credit card loans by geographic region | |||||||||||||||||||||||||||||||||||||||||||
California | $ | 17,133 | $ | 17,940 | |||||||||||||||||||||||||||||||||||||||
Texas | 10,605 | 11,088 | |||||||||||||||||||||||||||||||||||||||||
New York | 10,414 | 10,940 | |||||||||||||||||||||||||||||||||||||||||
Florida | 7,126 | 7,398 | |||||||||||||||||||||||||||||||||||||||||
Illinois | 7,058 | 7,497 | |||||||||||||||||||||||||||||||||||||||||
New Jersey | 5,427 | 5,750 | |||||||||||||||||||||||||||||||||||||||||
Ohio | 4,389 | 4,707 | |||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 4,197 | 4,489 | |||||||||||||||||||||||||||||||||||||||||
Michigan | 3,340 | 3,552 | |||||||||||||||||||||||||||||||||||||||||
Virginia | 2,958 | 3,263 | |||||||||||||||||||||||||||||||||||||||||
All other | 48,188 | 51,403 | |||||||||||||||||||||||||||||||||||||||||
Total retained credit card loans | $ | 120,835 | $ | 128,027 | |||||||||||||||||||||||||||||||||||||||
Percentage of portfolio based on carrying value with estimated refreshed FICO scores | |||||||||||||||||||||||||||||||||||||||||||
Equal to or greater than 660 | 85.2 | % | 85.7 | % | |||||||||||||||||||||||||||||||||||||||
Less than 660 | 14.8 | 14.3 | |||||||||||||||||||||||||||||||||||||||||
Schedule of impaired financing receivables | The table below sets forth information about the Firm’s impaired credit card loans. All of these loans are considered to be impaired as they have been modified in TDRs. | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Impaired credit card loans with an allowance(a)(b) | |||||||||||||||||||||||||||||||||||||||||||
Credit card loans with modified payment terms(c) | $ | 1,627 | $ | 1,775 | |||||||||||||||||||||||||||||||||||||||
Modified credit card loans that have reverted to pre-modification payment terms(d) | 225 | 254 | |||||||||||||||||||||||||||||||||||||||||
Total impaired credit card loans(e) | $ | 1,852 | $ | 2,029 | |||||||||||||||||||||||||||||||||||||||
Allowance for loan losses related to impaired credit card loans | $ | 458 | $ | 500 | |||||||||||||||||||||||||||||||||||||||
(a) | The carrying value and the unpaid principal balance are the same for credit card impaired loans. | ||||||||||||||||||||||||||||||||||||||||||
(b) | There were no impaired loans without an allowance. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Represents credit card loans outstanding to borrowers enrolled in a credit card modification program as of the date presented. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Represents credit card loans that were modified in TDRs but that have subsequently reverted back to the loans’ pre-modification payment terms. | ||||||||||||||||||||||||||||||||||||||||||
At March 31, 2015, and December 31, 2014, $139 million and $159 million, respectively, of loans have reverted back to the pre-modification payment terms of the loans due to noncompliance with the terms of the modified loans. The remaining $86 million and $95 million at March 31, 2015, and December 31, 2014, respectively, of these loans are to borrowers who have successfully completed a short-term modification program. The Firm continues to report these loans as TDRs since the borrowers’ credit lines remain closed. | |||||||||||||||||||||||||||||||||||||||||||
(e) | Predominantly all impaired credit card loans are in the U.S. | ||||||||||||||||||||||||||||||||||||||||||
Schedule of impaired financing receivables, average recorded investment | The following table presents average balances of impaired credit card loans and interest income recognized on those loans. | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||
Average impaired | $ | 1,940 | $ | 2,938 | |||||||||||||||||||||||||||||||||||||||
credit card loans | |||||||||||||||||||||||||||||||||||||||||||
Interest income on | 23 | 36 | |||||||||||||||||||||||||||||||||||||||||
impaired credit card loans | |||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring on financing receivables, financial effects of modifications and re-defaults | The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented. | ||||||||||||||||||||||||||||||||||||||||||
(in millions, except | Three months | ||||||||||||||||||||||||||||||||||||||||||
weighted-average data) | ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
Weighted-average interest rate of loans – before TDR | 15.16 | % | 15.03 | % | |||||||||||||||||||||||||||||||||||||||
Weighted-average interest rate of loans – after TDR | 4.29 | 4.43 | |||||||||||||||||||||||||||||||||||||||||
Loans that redefaulted within one year of modification(a) | $ | 22 | $ | 34 | |||||||||||||||||||||||||||||||||||||||
(a) | Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted. | ||||||||||||||||||||||||||||||||||||||||||
Wholesale | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of financing receivable credit quality indicators | The table below provides information by class of receivable for the retained loans in the Wholesale portfolio segment. | ||||||||||||||||||||||||||||||||||||||||||
Commercial | Real estate | Financial | Government agencies | Other(d) | Total | ||||||||||||||||||||||||||||||||||||||
and industrial | institutions | retained loans | |||||||||||||||||||||||||||||||||||||||||
(in millions, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | |||||||||||||||||||||||||||||||
except ratios) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||||
Loans by risk ratings | |||||||||||||||||||||||||||||||||||||||||||
Investment-grade | $ | 66,973 | $ | 63,069 | $ | 64,382 | $ | 61,006 | $ | 28,091 | $ | 27,111 | $ | 8,718 | $ | 8,393 | $ | 80,709 | $ | 82,087 | $ | 248,873 | $ | 241,666 | |||||||||||||||||||
Noninvestment-grade: | |||||||||||||||||||||||||||||||||||||||||||
Noncriticized | 43,838 | 44,117 | 16,470 | 16,541 | 7,037 | 7,085 | 332 | 300 | 9,613 | 10,075 | 77,290 | 78,118 | |||||||||||||||||||||||||||||||
Criticized performing | 2,581 | 2,251 | 1,296 | 1,313 | 303 | 316 | 8 | 3 | 172 | 236 | 4,360 | 4,119 | |||||||||||||||||||||||||||||||
Criticized nonaccrual | 332 | 188 | 259 | 253 | 15 | 18 | — | — | 90 | 140 | 696 | 599 | |||||||||||||||||||||||||||||||
Total noninvestment- | 46,751 | 46,556 | 18,025 | 18,107 | 7,355 | 7,419 | 340 | 303 | 9,875 | 10,451 | 82,346 | 82,836 | |||||||||||||||||||||||||||||||
grade | |||||||||||||||||||||||||||||||||||||||||||
Total retained loans | $ | 113,724 | $ | 109,625 | $ | 82,407 | $ | 79,113 | $ | 35,446 | $ | 34,530 | $ | 9,058 | $ | 8,696 | $ | 90,584 | $ | 92,538 | $ | 331,219 | $ | 324,502 | |||||||||||||||||||
% of total criticized to | 2.56 | % | 2.22 | % | 1.89 | % | 1.98 | % | 0.9 | % | 0.97 | % | 0.09 | % | 0.03 | % | 0.29 | % | 0.41 | % | 1.53 | % | 1.45 | % | |||||||||||||||||||
total retained loans | |||||||||||||||||||||||||||||||||||||||||||
% of nonaccrual loans | 0.29 | 0.17 | 0.31 | 0.32 | 0.04 | 0.05 | — | — | 0.1 | 0.15 | 0.21 | 0.18 | |||||||||||||||||||||||||||||||
to total retained loans | |||||||||||||||||||||||||||||||||||||||||||
Loans by geographic | |||||||||||||||||||||||||||||||||||||||||||
distribution(a) | |||||||||||||||||||||||||||||||||||||||||||
Total non-U.S. | $ | 33,627 | $ | 33,739 | $ | 2,274 | $ | 2,099 | $ | 19,450 | $ | 20,944 | $ | 1,153 | $ | 1,122 | $ | 42,366 | $ | 42,961 | $ | 98,870 | $ | 100,865 | |||||||||||||||||||
Total U.S. | 80,097 | 75,886 | 80,133 | 77,014 | 15,996 | 13,586 | 7,905 | 7,574 | 48,218 | 49,577 | 232,349 | 223,637 | |||||||||||||||||||||||||||||||
Total retained loans | $ | 113,724 | $ | 109,625 | $ | 82,407 | $ | 79,113 | $ | 35,446 | $ | 34,530 | $ | 9,058 | $ | 8,696 | $ | 90,584 | $ | 92,538 | $ | 331,219 | $ | 324,502 | |||||||||||||||||||
Loan delinquency(b) | |||||||||||||||||||||||||||||||||||||||||||
Current and less than | $ | 113,177 | $ | 108,857 | $ | 82,058 | $ | 78,552 | $ | 35,397 | $ | 34,408 | $ | 9,000 | $ | 8,627 | $ | 89,334 | $ | 91,168 | $ | 328,966 | $ | 321,612 | |||||||||||||||||||
30 days past due and | |||||||||||||||||||||||||||||||||||||||||||
still accruing | |||||||||||||||||||||||||||||||||||||||||||
30–89 days past due | 215 | 566 | 84 | 275 | 34 | 104 | 58 | 69 | 1,098 | 1,201 | 1,489 | 2,215 | |||||||||||||||||||||||||||||||
and still accruing | |||||||||||||||||||||||||||||||||||||||||||
90 or more days | — | 14 | 6 | 33 | — | — | — | — | 62 | 29 | 68 | 76 | |||||||||||||||||||||||||||||||
past due and | |||||||||||||||||||||||||||||||||||||||||||
still accruing(c) | |||||||||||||||||||||||||||||||||||||||||||
Criticized nonaccrual | 332 | 188 | 259 | 253 | 15 | 18 | — | — | 90 | 140 | 696 | 599 | |||||||||||||||||||||||||||||||
Total retained loans | $ | 113,724 | $ | 109,625 | $ | 82,407 | $ | 79,113 | $ | 35,446 | $ | 34,530 | $ | 9,058 | $ | 8,696 | $ | 90,584 | $ | 92,538 | $ | 331,219 | $ | 324,502 | |||||||||||||||||||
(a) | The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower. | ||||||||||||||||||||||||||||||||||||||||||
(b) | The credit quality of wholesale loans is assessed primarily through ongoing review and monitoring of an obligor’s ability to meet contractual obligations rather than relying on the past due status, which is generally a lagging indicator of credit quality. For a discussion of more significant risk factors, see Note 14 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Represents loans that are considered well-collateralized and therefore still accruing interest. | ||||||||||||||||||||||||||||||||||||||||||
(d) | Other primarily includes loans to SPEs and loans to private banking clients. See Note 1 of JPMorgan Chase’s 2014 Annual Report for additional information on SPEs. | ||||||||||||||||||||||||||||||||||||||||||
Schedule of impaired financing receivables | Wholesale impaired loans are comprised of loans that have been placed on nonaccrual status and/or that have been modified in a TDR. All impaired loans are evaluated for an asset-specific allowance as described in Note 15 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||||||||||||||
The table below sets forth information about the Firm’s wholesale impaired loans. | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | Commercial | Real estate | Financial | Government | Other | Total | |||||||||||||||||||||||||||||||||||||
and industrial | institutions | agencies | retained loans | ||||||||||||||||||||||||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||||||||||||
With an allowance | $ | 306 | $ | 174 | $ | 155 | $ | 193 | $ | 12 | $ | 15 | $ | — | $ | — | $ | 64 | $ | 89 | $ | 537 | $ | 471 | |||||||||||||||||||
Without an allowance(a) | 39 | 24 | 138 | 87 | 2 | 3 | — | — | 27 | 52 | 206 | 166 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 345 | $ | 198 | $ | 293 | $ | 280 | $ | 14 | $ | 18 | $ | — | $ | — | $ | 91 | $ | 141 | $ | 743 | (c) | $ | 637 | ||||||||||||||||||
Allowance for loan losses related to impaired loans | $ | 57 | $ | 34 | $ | 18 | $ | 36 | $ | 4 | $ | 4 | $ | — | $ | — | $ | 36 | $ | 13 | $ | 115 | $ | 87 | |||||||||||||||||||
Unpaid principal balance of impaired loans(b) | 378 | 266 | 421 | 345 | 15 | 22 | — | — | 95 | 202 | 909 | 835 | |||||||||||||||||||||||||||||||
(a) | When the discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged-off and/or there have been interest payments received and applied to the loan balance. | ||||||||||||||||||||||||||||||||||||||||||
(b) | Represents the contractual amount of principal owed at March 31, 2015, and December 31, 2014. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs; interest payments received and applied to the carrying value; net deferred loan fees or costs; and unamortized discount or premiums on purchased loans. | ||||||||||||||||||||||||||||||||||||||||||
(c) | Based upon the domicile of the borrower, predominantly all wholesale impaired loans are in the U.S. | ||||||||||||||||||||||||||||||||||||||||||
Schedule of impaired financing receivables, average recorded investment | The following table presents the Firm’s average impaired loans for the periods indicated. | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 251 | $ | 291 | |||||||||||||||||||||||||||||||||||||||
Real estate | 268 | 355 | |||||||||||||||||||||||||||||||||||||||||
Financial institutions | 16 | 22 | |||||||||||||||||||||||||||||||||||||||||
Government agencies | — | — | |||||||||||||||||||||||||||||||||||||||||
Other | 107 | 169 | |||||||||||||||||||||||||||||||||||||||||
Total(a) | $ | 642 | $ | 837 | |||||||||||||||||||||||||||||||||||||||
(a) | The related interest income on accruing impaired loans and interest income recognized on a cash basis were not material for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||||||||||||
Wholesale | Real estate | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of financing receivable credit quality indicators | The following table presents additional information on the real estate class of loans within the Wholesale portfolio segment for the periods indicated. For further information on real estate loans, see Note 14 of JPMorgan Chase’s 2014 Annual Report. | ||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Multifamily | Commercial lessors | Commercial construction and development | Other | Total real estate loans | ||||||||||||||||||||||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Real estate retained loans | $ | 53,319 | $ | 51,049 | $ | 17,394 | $ | 17,438 | $ | 4,542 | $ | 4,264 | $ | 7,152 | $ | 6,362 | $ | 82,407 | $ | 79,113 | |||||||||||||||||||||||
Criticized exposure | 665 | 652 | 796 | 841 | 28 | 42 | 66 | 31 | 1,555 | 1,566 | |||||||||||||||||||||||||||||||||
% of criticized exposure to | 1.25 | % | 1.28 | % | 4.58 | % | 4.82 | % | 0.62 | % | 0.98 | % | 0.92 | % | 0.49 | % | 1.89 | % | 1.98 | % | |||||||||||||||||||||||
total real estate retained loans | |||||||||||||||||||||||||||||||||||||||||||
Criticized nonaccrual | $ | 127 | $ | 126 | $ | 88 | $ | 110 | $ | — | $ | — | $ | 44 | $ | 17 | $ | 259 | $ | 253 | |||||||||||||||||||||||
% of criticized nonaccrual to | 0.24 | % | 0.25 | % | 0.51 | % | 0.63 | % | — | % | — | % | 0.62 | % | 0.27 | % | 0.31 | % | 0.32 | % | |||||||||||||||||||||||
total real estate retained loans |
Allowance_for_Credit_Losses_Ta
Allowance for Credit Losses (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||
Allowance for Credit Losses [Abstract] | ||||||||||||||||||||||||||||||
Allowance for credit losses on financing receivables | The table below summarizes information about the allowance for loan losses, loans by impairment methodology, the allowance for lending-related commitments and lending-related commitments by impairment methodology. | |||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||
Three months ended March 31, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | ||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||
Beginning balance at January 1, | $ | 7,050 | $ | 3,439 | $ | 3,696 | $ | 14,185 | 8,456 | $ | 3,795 | $ | 4,013 | $ | 16,264 | |||||||||||||||
Gross charge-offs | 440 | 883 | 29 | 1,352 | 569 | 995 | 68 | 1,632 | ||||||||||||||||||||||
Gross recoveries | (176 | ) | (94 | ) | (30 | ) | (300 | ) | (201 | ) | (107 | ) | (55 | ) | (363 | ) | ||||||||||||||
Net charge-offs/(recoveries) | 264 | 789 | (1 | ) | 1,052 | 368 | 888 | 13 | 1,269 | |||||||||||||||||||||
Write-offs of PCI loans(a) | 55 | — | — | 55 | 61 | — | — | 61 | ||||||||||||||||||||||
Provision for loan losses | 141 | 789 | 58 | 988 | 119 | 688 | 110 | 917 | ||||||||||||||||||||||
Other | — | (5 | ) | 4 | (1 | ) | 1 | (4 | ) | (1 | ) | (4 | ) | |||||||||||||||||
Ending balance at March 31, | $ | 6,872 | $ | 3,434 | $ | 3,759 | $ | 14,065 | $ | 8,147 | $ | 3,591 | $ | 4,109 | $ | 15,847 | ||||||||||||||
Allowance for loan losses by impairment methodology | ||||||||||||||||||||||||||||||
Asset-specific(b) | $ | 537 | $ | 458 | (c) | $ | 115 | $ | 1,110 | $ | 607 | $ | 606 | (c) | $ | 144 | $ | 1,357 | ||||||||||||
Formula-based | 3,065 | 2,976 | 3,644 | 9,685 | 3,443 | 2,985 | 3,965 | 10,393 | ||||||||||||||||||||||
PCI | 3,270 | — | — | 3,270 | 4,097 | — | — | 4,097 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 6,872 | $ | 3,434 | $ | 3,759 | $ | 14,065 | $ | 8,147 | $ | 3,591 | $ | 4,109 | $ | 15,847 | ||||||||||||||
Loans by impairment methodology | ||||||||||||||||||||||||||||||
Asset-specific | $ | 11,414 | $ | 1,852 | $ | 743 | $ | 14,009 | $ | 13,546 | $ | 2,768 | $ | 763 | $ | 17,077 | ||||||||||||||
Formula-based | 248,147 | 118,983 | 330,472 | 697,602 | 222,778 | 118,744 | 310,949 | 652,471 | ||||||||||||||||||||||
PCI | 45,356 | — | 4 | 45,360 | 51,606 | — | 6 | 51,612 | ||||||||||||||||||||||
Total retained loans | $ | 304,917 | $ | 120,835 | $ | 331,219 | $ | 756,971 | $ | 287,930 | $ | 121,512 | $ | 311,718 | $ | 721,160 | ||||||||||||||
Impaired collateral-dependent loans | ||||||||||||||||||||||||||||||
Net charge-offs | $ | 16 | $ | — | $ | 1 | $ | 17 | $ | 51 | $ | — | $ | — | $ | 51 | ||||||||||||||
Loans measured at fair value of collateral less cost to sell | 2,912 | — | 269 | 3,181 | 3,333 | — | 331 | 3,664 | ||||||||||||||||||||||
Allowance for lending-related commitments | ||||||||||||||||||||||||||||||
Beginning balance at January 1, | $ | 13 | $ | — | $ | 609 | $ | 622 | $ | 8 | $ | — | $ | 697 | $ | 705 | ||||||||||||||
Provision for lending-related commitments | 1 | — | (30 | ) | (29 | ) | — | — | (67 | ) | (67 | ) | ||||||||||||||||||
Other | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Ending balance at March 31, | $ | 14 | $ | — | $ | 579 | $ | 593 | $ | 8 | $ | — | $ | 630 | $ | 638 | ||||||||||||||
Allowance for lending-related commitments by impairment methodology | ||||||||||||||||||||||||||||||
Asset-specific | $ | — | $ | — | $ | 55 | $ | 55 | $ | — | $ | — | $ | 30 | $ | 30 | ||||||||||||||
Formula-based | 14 | — | 524 | 538 | 8 | — | 600 | 608 | ||||||||||||||||||||||
Total allowance for lending-related commitments | $ | 14 | $ | — | $ | 579 | $ | 593 | $ | 8 | $ | — | $ | 630 | $ | 638 | ||||||||||||||
Lending-related commitments by impairment methodology | ||||||||||||||||||||||||||||||
Asset-specific | $ | — | $ | — | $ | 131 | $ | 131 | $ | — | $ | — | $ | 95 | $ | 95 | ||||||||||||||
Formula-based | 60,151 | 533,511 | 355,373 | 949,035 | 56,541 | 535,614 | 353,797 | 945,952 | ||||||||||||||||||||||
Total lending-related commitments | $ | 60,151 | $ | 533,511 | $ | 355,504 | $ | 949,166 | $ | 56,541 | $ | 535,614 | $ | 353,892 | $ | 946,047 | ||||||||||||||
(a) | Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool (e.g., upon liquidation). | |||||||||||||||||||||||||||||
(b) | Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a TDR. | |||||||||||||||||||||||||||||
(c) | The asset-specific credit card allowance for loan losses is related to loans that have been modified in a TDR; such allowance is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||||||||
Schedule of significant types of variable interest entities by business segment | The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. | ||||||||||||||||||||||
Line-of-Business | Transaction Type | Activity | Form 10-Q page reference | ||||||||||||||||||||
CCB | Credit card securitization trusts | Securitization of both originated and purchased credit card receivables | 127 | ||||||||||||||||||||
Mortgage securitization trusts | Servicing and securitization of both originated and purchased residential mortgages | 127-129 | |||||||||||||||||||||
CIB | Mortgage and other securitization trusts | Securitization of both originated and purchased residential and commercial mortgages, and student loans | 127-129 | ||||||||||||||||||||
Multi-seller conduits | Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs | 129 | |||||||||||||||||||||
Investor intermediation activities: | |||||||||||||||||||||||
Municipal bond vehicles | 129-130 | ||||||||||||||||||||||
Credit-related note and asset swap vehicles | 130 | ||||||||||||||||||||||
Firm-sponsored mortgage and other consumer securitization trusts | The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans; holding senior interests or subordinated interests; recourse or guarantee arrangements; and derivative transactions. In certain instances, the Firm’s only continuing involvement is servicing the loans. See Securitization activity on page 132 of this Note for further information regarding the Firm’s cash flows with and interests retained in nonconsolidated VIEs, and page 132 of this Note for information on the Firm’s loan sales to U.S. government agencies. | ||||||||||||||||||||||
Principal amount outstanding | JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e) | ||||||||||||||||||||||
March 31, 2015(a) (in billions) | Total assets held by securitization VIEs | Assets | Assets held in nonconsolidated securitization VIEs with continuing involvement | Trading assets | AFS securities | Total interests held by JPMorgan | |||||||||||||||||
held in consolidated securitization VIEs | Chase | ||||||||||||||||||||||
Securitization-related | |||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||
Prime/Alt-A and Option ARMs | $ | 95.5 | $ | 2 | $ | 77.4 | $ | 0.6 | $ | 1.6 | $ | 2.2 | |||||||||||
Subprime | 26.4 | 0.1 | 24.6 | 0.1 | — | 0.1 | |||||||||||||||||
Commercial and other(b) | 130.5 | 0.2 | 93.3 | 0.3 | 3.5 | 3.8 | |||||||||||||||||
Total | $ | 252.4 | $ | 2.3 | $ | 195.3 | $ | 1 | $ | 5.1 | $ | 6.1 | |||||||||||
Principal amount outstanding | JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e) | ||||||||||||||||||||||
December 31, 2014(a) (in billions) | Total assets held by securitization VIEs | Assets | Assets held in nonconsolidated securitization VIEs with continuing involvement | Trading assets | AFS securities | Total interests held by | |||||||||||||||||
held in consolidated securitization VIEs | JPMorgan | ||||||||||||||||||||||
Chase | |||||||||||||||||||||||
Securitization-related | |||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||
Prime/Alt-A and Option ARMs | $ | 96.3 | $ | 2.7 | $ | 78.3 | $ | 0.5 | $ | 0.7 | $ | 1.2 | |||||||||||
Subprime | 28.4 | 0.8 | 25.7 | 0.1 | — | 0.1 | |||||||||||||||||
Commercial and other(b) | 129.6 | 0.2 | 94.4 | 0.4 | 3.5 | 3.9 | |||||||||||||||||
Total | $ | 254.3 | $ | 3.7 | $ | 198.4 | $ | 1 | $ | 4.2 | $ | 5.2 | |||||||||||
(a) | Excludes U.S. government agency securitizations. See page 132 of this Note for information on the Firm’s loan sales to U.S. government agencies. | ||||||||||||||||||||||
(b) | Consists of securities backed by commercial loans (predominantly real estate) and non-mortgage-related consumer receivables purchased from third parties. The Firm generally does not retain a residual interest in its sponsored commercial mortgage securitization transactions. | ||||||||||||||||||||||
(c) | The table above excludes the following: retained servicing (see Note 16 for a discussion of MSRs); securities retained from loan sales to U.S. government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities (See Note 5 for further information on derivatives); senior and subordinated securities of $28 million and $129 million, respectively, at March 31, 2015, and $136 million and $34 million, respectively, at December 31, 2014, which the Firm purchased in connection with CIB’s secondary market-making activities. | ||||||||||||||||||||||
(d) | Includes interests held in re-securitization transactions. | ||||||||||||||||||||||
(e) | As of March 31, 2015, and December 31, 2014, 83% and 77%, respectively, of the Firm’s retained securitization interests, which are carried at fair value, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $2.1 billion and $1.1 billion of investment-grade and $125 million and $185 million of noninvestment-grade retained interests at March 31, 2015, and December 31, 2014, respectively. The retained interests in commercial and other securitizations trusts consisted of $3.7 billion and $3.7 billion of investment-grade and $113 million and $194 million of noninvestment-grade retained interests at March 31, 2015, and December 31, 2014, respectively. | ||||||||||||||||||||||
Firm's exposure to nonconsolidated municipal bond VIEs | The Firm’s exposure to nonconsolidated municipal bond VIEs at March 31, 2015, and December 31, 2014, including the ratings profile of the VIEs’ assets, was as follows. | ||||||||||||||||||||||
(in billions) | Fair value of assets held by VIEs | Liquidity facilities | Excess/(deficit)(a) | Maximum exposure | |||||||||||||||||||
Nonconsolidated municipal bond vehicles | |||||||||||||||||||||||
31-Mar-15 | $ | 11.5 | $ | 6.3 | $ | 5.2 | $ | 6.3 | |||||||||||||||
31-Dec-14 | 11.5 | 6.3 | 5.2 | 6.3 | |||||||||||||||||||
Ratings profile of the VIEs' assets | |||||||||||||||||||||||
Ratings profile of VIE assets(b) | Fair value of assets held by VIEs | Wt. avg. expected life of assets (years) | |||||||||||||||||||||
Investment-grade | Noninvestment- grade | ||||||||||||||||||||||
(in billions, except where otherwise noted) | AAA to AAA- | AA+ to AA- | A+ to A- | BBB+ to BBB- | BB+ and below | ||||||||||||||||||
31-Mar-15 | $ | 2.7 | $ | 8.4 | $ | 0.4 | $ | — | $ | — | $ | 11.5 | 4.9 | ||||||||||
31-Dec-14 | 2.7 | 8.4 | 0.4 | — | — | 11.5 | 4.9 | ||||||||||||||||
(a) | Represents the excess/(deficit) of the fair values of municipal bond assets available to repay the liquidity facilities, if drawn. | ||||||||||||||||||||||
(b) | The ratings scale is presented on an S&P-equivalent basis. | ||||||||||||||||||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm | The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||
March 31, 2015 (in billions)(a) | Trading assets | Loans | Other(c) | Total | Beneficial interests in | Other(f) | Total | ||||||||||||||||
assets(d) | VIE assets(e) | liabilities | |||||||||||||||||||||
VIE program type | |||||||||||||||||||||||
Firm-sponsored credit card trusts | $ | — | $ | 47.9 | $ | 0.8 | $ | 48.7 | $ | 31.4 | $ | — | $ | 31.4 | |||||||||
Firm-administered multi-seller conduits | — | 16.5 | — | 16.5 | 11.8 | — | 11.8 | ||||||||||||||||
Municipal bond vehicles | 5.2 | — | — | 5.2 | 4.7 | — | 4.7 | ||||||||||||||||
Mortgage securitization entities(b) | 2.1 | 0.7 | 0.1 | 2.9 | 1.1 | 0.8 | 1.9 | ||||||||||||||||
Student loan securitization entities | 0.1 | 2.1 | 0.1 | 2.3 | 2 | — | 2 | ||||||||||||||||
Other | 0.3 | — | 1.4 | 1.7 | 0.1 | 0.1 | 0.2 | ||||||||||||||||
Total | $ | 7.7 | $ | 67.2 | $ | 2.4 | $ | 77.3 | $ | 51.1 | $ | 0.9 | $ | 52 | |||||||||
Assets | Liabilities | ||||||||||||||||||||||
December 31, 2014 (in billions)(a) | Trading assets | Loans | Other(c) | Total | Beneficial interests in | Other(f) | Total | ||||||||||||||||
assets(d) | VIE assets(e) | liabilities | |||||||||||||||||||||
VIE program type | |||||||||||||||||||||||
Firm-sponsored credit card trusts | $ | — | $ | 48.3 | $ | 0.7 | $ | 49 | $ | 31.2 | $ | — | $ | 31.2 | |||||||||
Firm-administered multi-seller conduits | — | 17.7 | 0.1 | 17.8 | 12 | — | 12 | ||||||||||||||||
Municipal bond vehicles | 5.3 | — | — | 5.3 | 4.9 | — | 4.9 | ||||||||||||||||
Mortgage securitization entities(b) | 3.3 | 0.7 | — | 4 | 2.1 | 0.8 | 2.9 | ||||||||||||||||
Student loan securitization entities | 0.2 | 2.2 | — | 2.4 | 2.1 | — | 2.1 | ||||||||||||||||
Other | 0.3 | — | 1 | 1.3 | 0.1 | 0.1 | 0.2 | ||||||||||||||||
Total | $ | 9.1 | $ | 68.9 | $ | 1.8 | $ | 79.8 | $ | 52.4 | $ | 0.9 | $ | 53.3 | |||||||||
(a) | Excludes intercompany transactions which were eliminated in consolidation. | ||||||||||||||||||||||
(b) | Includes residential and commercial mortgage securitizations as well as re-securitizations. | ||||||||||||||||||||||
(c) | Includes assets classified as cash, AFS securities, and other assets within the Consolidated balance sheets. | ||||||||||||||||||||||
(d) | The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The difference between total assets and total liabilities recognized for consolidated VIEs represents the Firm’s interest in the consolidated VIEs for each program type. | ||||||||||||||||||||||
(e) | The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated variable interest entities.” The holders of these beneficial interests do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $34.7 billion and $35.4 billion at March 31, 2015, and December 31, 2014 respectively. The maturities of the long-term beneficial interests as of March 31, 2015, were as follows: $9.0 billion under one year, $21.1 billion between one and five years, and $4.6 billion over five years, all respectively. | ||||||||||||||||||||||
(f) | Includes liabilities classified as accounts payable and other liabilities in the Consolidated balance sheets. | ||||||||||||||||||||||
Securitization activities | The following table provides information related to the Firm’s securitization activities for the three months ended March 31, 2015 and 2014, related to assets held in JPMorgan Chase-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved based on the accounting rules in effect at the time of the securitization. | ||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
(in millions)(a) | Residential mortgage(d) | Commercial and other(e) | Residential mortgage(d) | Commercial and other(e) | |||||||||||||||||||
Principal securitized | $ | 1,312 | $ | 3,375 | $ | 356 | $ | 2,027 | |||||||||||||||
All cash flows during the period: | |||||||||||||||||||||||
Proceeds from new securitizations(b) | $ | 1,317 | $ | 3,369 | $ | 351 | $ | 2,044 | |||||||||||||||
Servicing fees collected | 146 | 1 | 139 | 1 | |||||||||||||||||||
Purchases of previously transferred financial assets (or the underlying collateral)(c) | — | — | 3 | — | |||||||||||||||||||
Cash flows received on interests | 70 | 79 | 44 | 62 | |||||||||||||||||||
(a) | Excludes re-securitization transactions. | ||||||||||||||||||||||
(b) | For the three months ended March 31, 2015, $1.3 billion of proceeds from residential mortgage securitizations were received as securities classified in level 2 of the fair value hierarchy. For the three months ended March 31, 2015, $3.4 billion of proceeds from commercial mortgage securitizations were received as securities classified in level 2 of the fair value hierarchy. For the three months ended March 31, 2014, $330 million and $21 million of proceeds from residential mortgage securitizations were received as securities classified in level 2 and 3 of the fair value hierarchy, respectively. For the three months ended March 31, 2014, $2.0 billion of proceeds from commercial mortgage securitizations were received as securities classified in level 2 of the fair value hierarchy. | ||||||||||||||||||||||
(c) | Includes cash paid by the Firm to reacquire assets from off–balance sheet, nonconsolidated entities – for example, loan repurchases due to representation and warranties and servicer clean-up calls. | ||||||||||||||||||||||
(d) | Includes prime, Alt-A, subprime, and option ARMs. Excludes certain loan securitization transactions entered into with Ginnie Mae, Fannie Mae and | ||||||||||||||||||||||
Freddie Mac. | |||||||||||||||||||||||
(e) | Includes commercial and student loan securitizations. | ||||||||||||||||||||||
Summary of loan sale activities | The following table summarizes the activities related to loans sold to the GSEs, loans in securitization transactions pursuant to Ginnie Mae guidelines, and other third-party-sponsored securitization entities. | ||||||||||||||||||||||
Three months | |||||||||||||||||||||||
ended March 31, | |||||||||||||||||||||||
(in millions) | 2015 | 2014 | |||||||||||||||||||||
Carrying value of loans sold(a) | $ | 12,139 | $ | 13,920 | |||||||||||||||||||
Proceeds received from loan sales as cash | 51 | 39 | |||||||||||||||||||||
Proceeds from loans sales as securities(b) | 12,029 | 13,735 | |||||||||||||||||||||
Total proceeds received from loan sales(c) | $ | 12,080 | $ | 13,774 | |||||||||||||||||||
Gains on loan sales(d) | $ | 91 | $ | 37 | |||||||||||||||||||
(a) | Predominantly to the GSEs and in securitization transactions pursuant to Ginnie Mae guidelines. | ||||||||||||||||||||||
(b) | Predominantly includes securities from the GSEs and Ginnie Mae that are generally sold shortly after receipt. | ||||||||||||||||||||||
(c) | Excludes the value of MSRs retained upon the sale of loans. Gains on loan sales include the value of MSRs. | ||||||||||||||||||||||
(d) | The carrying value of the loans accounted for at fair value approximated the total proceeds received upon loan sale. | ||||||||||||||||||||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets | The table below includes information about components of nonconsolidated securitized financial assets, in which the Firm has continuing involvement, and delinquencies as of March 31, 2015, and December 31, 2014, respectively; and liquidation losses for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||
Liquidation losses | |||||||||||||||||||||||
Securitized assets | 90 days past due | Three months ended March 31, | |||||||||||||||||||||
(in millions) | Mar 31, | Dec 31, | Mar 31, | Dec 31, | 2015 | 2014 | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Securitized loans(a) | |||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||
Prime / Alt-A & Option ARMs | $ | 77,349 | $ | 78,294 | $ | 10,572 | $ | 11,363 | $ | 462 | $ | 659 | |||||||||||
Subprime | 24,601 | 25,659 | 6,150 | 6,473 | 354 | 739 | |||||||||||||||||
Commercial and other | 93,330 | 94,438 | 1,502 | 1,522 | 99 | 234 | |||||||||||||||||
Total loans securitized(b) | $ | 195,280 | $ | 198,391 | $ | 18,224 | $ | 19,358 | $ | 915 | $ | 1,632 | |||||||||||
(a) | Total assets held in securitization-related SPEs were $252.4 billion and $254.3 billion, respectively, at March 31, 2015 and December 31, 2014. The $195.3 billion and $198.4 billion, respectively, of loans securitized at March 31, 2015 and December 31, 2014, excluded: $54.8 billion and $52.2 billion, respectively, of securitized loans in which the Firm has no continuing involvement, and $2.3 billion and $3.7 billion, respectively, of loan securitizations consolidated on the Firm’s Consolidated balance sheets at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||
(b) | Includes securitized loans that were previously recorded at fair value and classified as trading assets. |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Tables of goodwill | The following table presents goodwill attributed to the business segments. | ||||||||
(in millions) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Consumer & Community Banking | $ | 30,874 | $ | 30,941 | |||||
Corporate & Investment Bank | 6,776 | 6,780 | |||||||
Commercial Banking | 2,861 | 2,861 | |||||||
Asset Management | 6,942 | 6,964 | |||||||
Corporate | — | 101 | |||||||
Total goodwill | $ | 47,453 | $ | 47,647 | |||||
The following table presents changes in the carrying amount of goodwill. | |||||||||
Three months ended March 31, | |||||||||
(in millions) | 2015 | 2014 | |||||||
Balance at beginning of period | $ | 47,647 | $ | 48,081 | |||||
Changes during the period from: | |||||||||
Business combinations | 8 | 9 | |||||||
Dispositions(a) | (101 | ) | — | ||||||
Other(b) | (101 | ) | (25 | ) | |||||
Balance at March 31, | $ | 47,453 | $ | 48,065 | |||||
(a) | Represents Private Equity goodwill which was disposed of as part of the Private Equity sale completed in January 2015. | ||||||||
(b) | Includes foreign currency translation adjustments and other tax-related adjustments. | ||||||||
Mortgage servicing rights activity | The following table summarizes MSR activity for the three months ended March 31, 2015 and 2014. | ||||||||
As of or for the three months | |||||||||
ended March 31, | |||||||||
(in millions, except where otherwise noted) | 2015 | 2014 | |||||||
Fair value at beginning of period | $ | 7,436 | $ | 9,614 | |||||
MSR activity: | |||||||||
Originations of MSRs | 155 | 192 | |||||||
Purchase of MSRs | 1 | 3 | |||||||
Disposition of MSRs(a) | (157 | ) | (188 | ) | |||||
Net additions | (1 | ) | 7 | ||||||
Changes due to collection/realization of expected cash flows(b) | (215 | ) | (247 | ) | |||||
Changes in valuation due to inputs and assumptions: | |||||||||
Changes due to market interest rates and other(c) | (477 | ) | (362 | ) | |||||
Changes in valuation due to other inputs and assumptions: | |||||||||
Projected cash flows (e.g., cost to service) | (10 | ) | (11 | ) | |||||
Discount rates | (10 | ) | (449 | ) | (g) | ||||
Prepayment model changes and other(d) | (82 | ) | — | ||||||
Total changes in valuation due to other inputs and assumptions | (102 | ) | (460 | ) | |||||
Total changes in valuation due to inputs and assumptions(b) | (579 | ) | (822 | ) | |||||
Fair value at March 31,(e) | $ | 6,641 | $ | 8,552 | |||||
Change in unrealized gains/(losses) included in income related to MSRs held at March 31, | $ | (579 | ) | $ | (822 | ) | |||
Contractual service fees, late fees and other ancillary fees included in income | $ | 667 | $ | 757 | |||||
Third-party mortgage loans serviced at March 31, (in billions) | $ | 728 | $ | 809 | |||||
Net servicer advances at March 31, (in billions)(f) | $ | 7.9 | $ | 9.2 | |||||
(a) | For the three months ended March 31, 2014, predominantly represents excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage-backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired and has retained the remaining balance of those SMBS as trading securities. Also includes sales of MSRs for the three months ended March 31, 2015 and 2014. | ||||||||
(b) | Included changes related to commercial real estate of $(2) million for each of the three months ended March 31, 2015, and 2014, respectively. | ||||||||
(c) | Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. | ||||||||
(d) | Represents changes in prepayments other than those attributable to changes in market interest rates. | ||||||||
(e) | Included $9 million and $16 million related to commercial real estate at March 31, 2015 and 2014, respectively. | ||||||||
(f) | Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest to a trust, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements. | ||||||||
(g) | For the three months ended March 31, 2014, the decrease was primarily related to higher capital allocated to the Mortgage Servicing business, which, in turn, resulted in an increase in the option adjusted spread (“OAS”). The resulting OAS assumption continues to be consistent with capital and return requirements that the Firm believes a market participant would consider, taking into account factors such as the current operating risk environment and regulatory and economic capital requirements. | ||||||||
CCB mortgage fees and related income | The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three months ended March 31, 2015 and 2014. | ||||||||
Three months ended March 31, | |||||||||
(in millions) | 2015 | 2014 | |||||||
CCB mortgage fees and related income | |||||||||
Net production revenue | $ | 237 | $ | 289 | |||||
Net mortgage servicing revenue | |||||||||
Operating revenue: | |||||||||
Loan servicing revenue | 749 | 870 | |||||||
Changes in MSR asset fair value due to collection/realization of expected cash flows | (214 | ) | (245 | ) | |||||
Total operating revenue | 535 | 625 | |||||||
Risk management: | |||||||||
Changes in MSR asset fair value due to market interest rates and other(a) | (476 | ) | (362 | ) | |||||
Other changes in MSR asset fair value due to other inputs and assumptions in model(b) | (102 | ) | (460 | ) | |||||
Change in derivative fair value and other | 510 | 422 | |||||||
Total risk management | (68 | ) | (400 | ) | |||||
Total CCB net mortgage servicing revenue | 467 | 225 | |||||||
All other | 1 | — | |||||||
Mortgage fees and related income | $ | 705 | $ | 514 | |||||
(a) | Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. | ||||||||
(b) | Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices). | ||||||||
Key economic assumptions used to determine FV of MSRs | The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at March 31, 2015, and December 31, 2014, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. | ||||||||
(in millions, except rates) | Mar 31, | Dec 31, | |||||||
2015 | 2014 | ||||||||
Weighted-average prepayment speed assumption (“CPR”) | 10.99 | % | 9.8 | % | |||||
Impact on fair value of 10% adverse change | $ | (423 | ) | $ | (337 | ) | |||
Impact on fair value of 20% adverse change | (738 | ) | (652 | ) | |||||
Weighted-average option adjusted spread | 9.79 | % | 9.43 | % | |||||
Impact on fair value of 100 basis points adverse change | $ | (254 | ) | $ | (300 | ) | |||
Impact on fair value of 200 basis points adverse change | (489 | ) | (578 | ) | |||||
CPR: Constant prepayment rate. |
Deposits_Tables
Deposits (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deposits [Abstract] | ||||||||
Noninterest-bearing and interest-bearing deposits | At March 31, 2015, and December 31, 2014, noninterest-bearing and interest-bearing deposits were as follows. | |||||||
(in millions) | 31-Mar-15 | 31-Dec-14 | ||||||
U.S. offices | ||||||||
Noninterest-bearing | $ | 441,245 | $ | 437,558 | ||||
Interest-bearing: | ||||||||
Demand(a) | 83,043 | 90,319 | ||||||
Savings(b) | 478,922 | 466,730 | ||||||
Time (included $8,589 and $7,501 at fair value)(c) | 82,263 | 86,301 | ||||||
Total interest-bearing deposits | 644,228 | 643,350 | ||||||
Total deposits in U.S. offices | 1,085,473 | 1,080,908 | ||||||
Non-U.S. offices | ||||||||
Noninterest-bearing | 18,484 | 19,078 | ||||||
Interest-bearing: | ||||||||
Demand | 216,815 | 217,011 | ||||||
Savings | 1,999 | 2,673 | ||||||
Time (included $2,361 and $1,306 at fair value)(c) | 45,116 | 43,757 | ||||||
Total interest-bearing deposits | 263,930 | 263,441 | ||||||
Total deposits in non-U.S. offices | 282,414 | 282,519 | ||||||
Total deposits | $ | 1,367,887 | $ | 1,363,427 | ||||
(a) | Includes Negotiable Order of Withdrawal (“NOW”) accounts, and certain trust accounts. | |||||||
(b) | Includes Money Market Deposit Accounts (“MMDAs”). | |||||||
(c) | Includes structured notes classified as deposits for which the fair value option has been elected. For further discussion, see Note 4 of JPMorgan Chase’s 2014 Annual Report. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Schedule of earnings per share basic and diluted | The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2015 and 2014. | ||||||
(in millions, except per share amounts) | Three months ended March 31, | ||||||
2015 | 2014 | ||||||
Basic earnings per share | |||||||
Net income | $ | 5,914 | $ | 5,269 | |||
Less: Preferred stock dividends | 324 | 227 | |||||
Net income applicable to common equity | 5,590 | 5,042 | |||||
Less: Dividends and undistributed earnings allocated to participating securities | 138 | 149 | |||||
Net income applicable to common stockholders | $ | 5,452 | $ | 4,893 | |||
Total weighted-average basic shares outstanding | 3,725.30 | 3,787.20 | |||||
Net income per share | $ | 1.46 | $ | 1.29 | |||
Diluted earnings per share | |||||||
Net income applicable to common stockholders | $ | 5,452 | $ | 4,893 | |||
Total weighted-average basic shares outstanding | 3,725.30 | 3,787.20 | |||||
Add: Employee stock options, SARs and | 32.2 | 36.4 | |||||
warrants(a) | |||||||
Total weighted-average diluted shares outstanding(b) | 3,757.50 | 3,823.60 | |||||
Net income per share | $ | 1.45 | $ | 1.28 | |||
(a) | Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans. The aggregate number of shares issuable upon the exercise of such options was 1 million for each of the three months ended March 31, 2015 and 2014, respectively. | ||||||
(b) | Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the calculation using the treasury stock method. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income/(Loss) (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) | AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), cash flow hedging activities, and net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans. | |||||||||||||||||||||||||||||
As of or for the three months ended | Unrealized gains/(losses) on investment securities(a) | Translation adjustments, net of hedges | Cash flow hedges | Defined benefit pension and OPEB plans | Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 4,773 | $ | (147 | ) | $ | (95 | ) | $ | (2,342 | ) | $ | 2,189 | |||||||||||||||||
Net change | 89 | (10 | ) | 77 | 85 | 241 | ||||||||||||||||||||||||
Balance at March 31, 2015 | $ | 4,862 | $ | (157 | ) | $ | (18 | ) | $ | (2,257 | ) | $ | 2,430 | |||||||||||||||||
As of or for the three months ended | Unrealized gains/(losses) on investment securities(a) | Translation adjustments, net of hedges | Cash flow hedges | Defined benefit pension and OPEB plans | Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 2,798 | $ | (136 | ) | $ | (139 | ) | $ | (1,324 | ) | $ | 1,199 | |||||||||||||||||
Net change | 994 | (2 | ) | 59 | 26 | 1,077 | ||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 3,792 | $ | (138 | ) | $ | (80 | ) | $ | (1,298 | ) | $ | 2,276 | |||||||||||||||||
(a) | Represents the after-tax difference between the fair value and amortized cost of securities accounted for as AFS; including, as of the date of transfer during the first quarter of 2014, $9 million of net unrealized losses related to AFS securities that were transferred to HTM. Subsequent to transfer, includes any net unamortized unrealized gains and losses related to the transferred securities. | |||||||||||||||||||||||||||||
Changes of the components of accumulated other comprehensive income (loss) | The following table presents the pretax and after-tax changes in the components of other comprehensive income/(loss). | |||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||
Three months ended March 31, (in millions) | Pretax | Tax effect | After-tax | Pretax | Tax effect | After-tax | ||||||||||||||||||||||||
Unrealized gains/(losses) on investment securities: | ||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | $ | 225 | $ | (104 | ) | $ | 121 | $ | 1,621 | $ | (609 | ) | $ | 1,012 | ||||||||||||||||
Reclassification adjustment for realized (gains)/losses included in | (52 | ) | 20 | (32 | ) | (30 | ) | 12 | (18 | ) | ||||||||||||||||||||
net income(a) | ||||||||||||||||||||||||||||||
Net change | 173 | (84 | ) | 89 | 1,591 | (597 | ) | 994 | ||||||||||||||||||||||
Translation adjustments: | ||||||||||||||||||||||||||||||
Translation(b) | (1,000 | ) | 378 | (622 | ) | 154 | (63 | ) | 91 | |||||||||||||||||||||
Hedges(b) | 993 | (381 | ) | 612 | (154 | ) | 61 | (93 | ) | |||||||||||||||||||||
Net change | (7 | ) | (3 | ) | (10 | ) | — | (2 | ) | (2 | ) | |||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | (49 | ) | 18 | (31 | ) | 72 | (30 | ) | 42 | |||||||||||||||||||||
Reclassification adjustment for realized (gains)/losses included in | 175 | (67 | ) | 108 | 27 | (10 | ) | 17 | ||||||||||||||||||||||
net income(c) | ||||||||||||||||||||||||||||||
Net change | 126 | (49 | ) | 77 | 99 | (40 | ) | 59 | ||||||||||||||||||||||
Defined benefit pension and OPEB plans: | ||||||||||||||||||||||||||||||
Net gains/(losses) arising during the period | 60 | (24 | ) | 36 | 69 | (26 | ) | 43 | ||||||||||||||||||||||
Reclassification adjustments included in net income(d): | ||||||||||||||||||||||||||||||
Amortization of net loss | 71 | (27 | ) | 44 | 18 | (8 | ) | 10 | ||||||||||||||||||||||
Prior service costs/(credits) | (9 | ) | 3 | (6 | ) | (10 | ) | 4 | (6 | ) | ||||||||||||||||||||
Foreign exchange and other | 33 | (22 | ) | 11 | (4 | ) | (17 | ) | (21 | ) | ||||||||||||||||||||
Net change | 155 | (70 | ) | 85 | 73 | (47 | ) | 26 | ||||||||||||||||||||||
Total other comprehensive income/(loss) | $ | 447 | $ | (206 | ) | $ | 241 | $ | 1,763 | $ | (686 | ) | $ | 1,077 | ||||||||||||||||
(a) | The pretax amount is reported in securities gains in the Consolidated statements of income. | |||||||||||||||||||||||||||||
(b) | Reclassifications of pretax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. The amounts were not material for the periods presented. | |||||||||||||||||||||||||||||
(c) | The pretax amounts are predominantly recorded in net interest income in the Consolidated statements of income. In the first quarter of 2015, the Firm reclassified approximately $150 million of net losses from AOCI to other income because the Firm determined that it is probable that the forecasted interest payment cash flows will not occur. For additional information, see Note 5. | |||||||||||||||||||||||||||||
(d) | The pretax amount is reported in compensation expense in the Consolidated statements of income. |
Regulatory_Capital_Tables
Regulatory Capital (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||
Reconciliation of the Firm's total stockholders' equity to Tier 1 capital and Total qualifying capital | The following tables present the regulatory capital, assets and risk-based capital ratios for JPMorgan Chase and its significant national bank subsidiaries under both Basel III Standardized Transitional and Basel III Advanced Transitional. | |||||||||||||||
JPMorgan Chase & Co.(e) | ||||||||||||||||
Basel III Standardized Transitional | Basel III Advanced Transitional | |||||||||||||||
(in millions, except ratios) | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Regulatory capital | ||||||||||||||||
CET1 capital | $ | 167,142 | $ | 164,426 | $ | 167,142 | $ | 164,426 | ||||||||
Tier 1 capital(a) | 188,791 | 186,294 | 188,791 | 186,294 | ||||||||||||
Total capital | 223,256 | 221,225 | 213,366 | 210,684 | ||||||||||||
Assets | ||||||||||||||||
Risk-weighted | 1,536,688 | 1,472,602 | 1,562,570 | 1,608,240 | ||||||||||||
Adjusted | 2,510,897 | 2,465,414 | 2,510,897 | 2,465,414 | ||||||||||||
average(b) | ||||||||||||||||
Capital ratios(c) | ||||||||||||||||
CET1 | 10.9 | % | 11.2 | % | 10.7 | % | 10.2 | % | ||||||||
Tier 1(a) | 12.3 | 12.7 | 12.1 | 11.6 | ||||||||||||
Total | 14.5 | 15 | 13.7 | 13.1 | ||||||||||||
Tier 1 leverage(d) | 7.5 | 7.6 | 7.5 | 7.6 | ||||||||||||
JPMorgan Chase Bank, N.A.(e) | ||||||||||||||||
Basel III Standardized Transitional | Basel III Advanced Transitional | |||||||||||||||
(in millions, except ratios) | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Regulatory capital | ||||||||||||||||
CET1 capital | $ | 161,912 | $ | 156,567 | $ | 161,912 | $ | 156,567 | ||||||||
Tier 1 capital(a) | 161,986 | 156,891 | 161,986 | 156,891 | ||||||||||||
Total capital | 178,185 | 173,328 | 171,232 | 166,331 | ||||||||||||
Assets | ||||||||||||||||
Risk-weighted | 1,275,482 | 1,230,358 | 1,304,984 | 1,330,175 | ||||||||||||
Adjusted | 2,033,143 | 1,968,131 | 2,033,143 | 1,968,131 | ||||||||||||
average(b) | ||||||||||||||||
Capital ratios(c) | ||||||||||||||||
CET1 | 12.7 | % | 12.7 | % | 12.4 | % | 11.8 | % | ||||||||
Tier 1(a) | 12.7 | 12.8 | 12.4 | 11.8 | ||||||||||||
Total | 14 | 14.1 | 13.1 | 12.5 | ||||||||||||
Tier 1 leverage(d) | 8 | 8 | 8 | 8 | ||||||||||||
Chase Bank USA, N.A.(e) | ||||||||||||||||
Basel III Standardized Transitional | Basel III Advanced Transitional | |||||||||||||||
(in millions, | Mar 31, | Dec 31, | Mar 31, | Dec 31, | ||||||||||||
except ratios) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Regulatory capital | ||||||||||||||||
CET1 capital | $ | 14,832 | $ | 14,556 | $ | 14,832 | $ | 14,556 | ||||||||
Tier 1 capital(a) | 14,832 | 14,556 | 14,832 | 14,556 | ||||||||||||
Total capital | 20,750 | 20,517 | 19,482 | 19,206 | ||||||||||||
Assets | ||||||||||||||||
Risk-weighted | 99,974 | 103,468 | 156,300 | 157,565 | ||||||||||||
Adjusted | 125,782 | 128,111 | 125,782 | 128,111 | ||||||||||||
average(b) | ||||||||||||||||
Capital ratios(c) | ||||||||||||||||
CET1 | 14.8 | % | 14.1 | % | 9.5 | % | 9.2 | % | ||||||||
Tier 1(a) | 14.8 | 14.1 | 9.5 | 9.2 | ||||||||||||
Total | 20.8 | 19.8 | 12.5 | 12.2 | ||||||||||||
Tier 1 leverage(d) | 11.8 | 11.4 | 11.8 | 11.4 | ||||||||||||
(a) | At March 31, 2015, trust preferred securities included in Basel III Tier 1 capital were $960 million and $150 million for JPMorgan Chase and JPMorgan Chase Bank, N.A., respectively. At March 31, 2015, Chase Bank USA, N.A. had no trust preferred securities. | |||||||||||||||
(b) | Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 Capital predominantly comprising disallowed goodwill and other intangible assets. | |||||||||||||||
(c) | For each risk-based capital ratio, the capital adequacy of the Firm and its national bank subsidiaries are evaluated against the Basel III approach, Standardized or Advanced, resulting in the lower ratio. | |||||||||||||||
(d) | As the Tier 1 leverage ratio is not a risk-based measure of capital, the ratios presented in the table reflect the same calculation. | |||||||||||||||
(e) | Asset and capital amounts for JPMorgan Chase’s national banking subsidiaries reflect intercompany transactions; whereas the respective amounts for JPMorgan Chase reflect the elimination of intercompany transactions. | |||||||||||||||
Note: | Rating agencies allow measures of capital to be adjusted upward for deferred tax liabilities, which have resulted from both nontaxable business combinations and from tax-deductible goodwill. The Firm had deferred tax liabilities resulting from nontaxable business combinations totaling $125 million and $130 million at March 31, 2015, and December 31, 2014, respectively; and deferred tax liabilities resulting from tax-deductible goodwill of $2.7 billion at both March 31, 2015, and December 31, 2014. | |||||||||||||||
Under the risk-based capital guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios of CET1 (beginning January 1, 2015), Tier 1 and total capital to risk-weighted assets, as well as a minimum leverage ratio (which is defined as Tier 1 capital divided by adjusted quarterly average assets). Failure to meet these minimum requirements could cause the Federal Reserve to take action. National bank subsidiaries also are subject to these capital requirements by their respective primary regulators. The following table presents the minimum ratios to which the Firm and its national bank subsidiaries are subject as of March 31, 2015. | ||||||||||||||||
Minimum capital ratios(a) | Well-capitalized ratios(a) | |||||||||||||||
Capital ratios | ||||||||||||||||
CET1 | 4.5 | % | 6.5 | % | ||||||||||||
Tier 1 | 6 | 8 | ||||||||||||||
Total | 8 | 10 | ||||||||||||||
Tier 1 leverage | 4 | 5 | (b) | |||||||||||||
(a) | As defined by the regulations issued by the Federal Reserve, OCC and FDIC. | |||||||||||||||
(b) | Represents requirements for bank subsidiaries pursuant to regulations issued under the FDIC Improvement Act. There is no Tier 1 leverage component in the definition of a well-capitalized bank holding company. |
OffBalance_Sheet_LendingRelate1
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | ||||||||||||||||||||||||||
Off-balance sheet lending related financial instruments, and guarantees and other commitments | The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2015, and December 31, 2014. The amounts in the table below for credit card and home equity lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close home equity lines of credit when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower. | |||||||||||||||||||||||||
Off–balance sheet lending-related financial instruments, guarantees and other commitments | ||||||||||||||||||||||||||
Contractual amount | Carrying value(j) | |||||||||||||||||||||||||
March 31, 2015 | Dec 31, | Mar 31, | Dec 31, | |||||||||||||||||||||||
2014 | 2015 | 2014 | ||||||||||||||||||||||||
By remaining maturity | Expires in 1 year or less | Expires after | Expires after | Expires after 5 years | Total | Total | ||||||||||||||||||||
(in millions) | 1 year through | 3 years through | ||||||||||||||||||||||||
3 years | 5 years | |||||||||||||||||||||||||
Lending-related | ||||||||||||||||||||||||||
Consumer, excluding credit card: | ||||||||||||||||||||||||||
Home equity – senior lien | $ | 2,061 | $ | 4,459 | $ | 1,472 | $ | 3,513 | $ | 11,505 | $ | 11,807 | $ | — | $ | — | ||||||||||
Home equity – junior lien | 3,272 | 5,642 | 1,560 | 3,583 | 14,057 | 14,859 | — | — | ||||||||||||||||||
Prime mortgage(a) | 11,813 | — | — | — | 11,813 | 8,579 | — | — | ||||||||||||||||||
Subprime mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||
Auto | 8,930 | 868 | 196 | 37 | 10,031 | 10,462 | 2 | 2 | ||||||||||||||||||
Business banking | 10,782 | 918 | 94 | 426 | 12,220 | 11,894 | 12 | 11 | ||||||||||||||||||
Student and other | 70 | 6 | — | 449 | 525 | 552 | — | — | ||||||||||||||||||
Total consumer, excluding credit card | 36,928 | 11,893 | 3,322 | 8,008 | 60,151 | 58,153 | 14 | 13 | ||||||||||||||||||
Credit card | 533,511 | — | — | — | 533,511 | 525,963 | — | — | ||||||||||||||||||
Total consumer(b) | 570,439 | 11,893 | 3,322 | 8,008 | 593,662 | 584,116 | 14 | 13 | ||||||||||||||||||
Wholesale: | ||||||||||||||||||||||||||
Other unfunded commitments to extend credit(c)(d) | 60,210 | 85,404 | 110,408 | 8,171 | 264,193 | 272,676 | 348 | 374 | ||||||||||||||||||
Standby letters of credit and other financial guarantees(c)(d)(e) | 21,505 | 29,698 | 33,401 | 2,457 | 87,061 | 89,874 | 769 | 788 | ||||||||||||||||||
Other letters of credit(c) | 3,353 | 809 | 88 | — | 4,250 | 4,331 | 1 | 1 | ||||||||||||||||||
Total wholesale(f)(g) | 85,068 | 115,911 | 143,897 | 10,628 | 355,504 | 366,881 | 1,118 | 1,163 | ||||||||||||||||||
Total lending-related | $ | 655,507 | $ | 127,804 | $ | 147,219 | $ | 18,636 | $ | 949,166 | $ | 950,997 | $ | 1,132 | $ | 1,176 | ||||||||||
Other guarantees and commitments | ||||||||||||||||||||||||||
Securities lending indemnification agreements and guarantees(h) | $ | 185,952 | $ | — | $ | — | $ | — | $ | 185,952 | $ | 171,059 | $ | — | $ | — | ||||||||||
Derivatives qualifying as guarantees | 2,221 | 177 | 11,922 | 38,308 | 52,628 | 53,589 | 45 | 80 | ||||||||||||||||||
Unsettled reverse repurchase and securities borrowing agreements | 46,534 | — | — | — | 46,534 | 40,993 | — | — | ||||||||||||||||||
Loan sale and securitization-related indemnifications: | ||||||||||||||||||||||||||
Mortgage repurchase liability | NA | NA | NA | NA | NA | NA | 252 | 275 | ||||||||||||||||||
Loans sold with recourse | NA | NA | NA | NA | 5,637 | 6,063 | 99 | 102 | ||||||||||||||||||
Other guarantees and commitments(i) | 486 | 473 | 3,309 | 1,312 | 5,580 | 5,720 | (116 | ) | (121 | ) | ||||||||||||||||
(a) | Includes certain commitments to purchase loans from correspondents. | |||||||||||||||||||||||||
(b) | Predominantly all consumer lending-related commitments are in the U.S. | |||||||||||||||||||||||||
(c) | At March 31, 2015, and December 31, 2014, reflects the contractual amount net of risk participations totaling $284 million and $243 million, respectively, for other unfunded commitments to extend credit; $12.7 billion and $13.0 billion, respectively, for standby letters of credit and other financial guarantees; and $424 million and $469 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. | |||||||||||||||||||||||||
(d) | At March 31, 2015, and December 31, 2014, included credit enhancements and bond and commercial paper liquidity commitments to U.S. states and municipalities, hospitals and other non-profit entities of $14.4 billion and $14.8 billion, respectively, within other unfunded commitments to extend credit; and $12.5 billion and $13.3 billion, respectively, within standby letters of credit and other financial guarantees. Other unfunded commitments to extend credit also include liquidity facilities to nonconsolidated municipal bond VIEs; for further information, see Note 15. | |||||||||||||||||||||||||
(e) | At March 31, 2015, and December 31, 2014, included unissued standby letters of credit commitments of $44.8 billion and $45.6 billion, respectively. | |||||||||||||||||||||||||
(f) | At March 31, 2015, and December 31, 2014, the U.S. portion of the contractual amount of total wholesale lending-related commitments was 77% and 73%, respectively. | |||||||||||||||||||||||||
(g) | Effective January 1, 2015, the Firm no longer includes within its disclosure of wholesale lending-related commitments the unused amount of advised uncommitted lines of credit as it is within the Firm’s discretion whether or not to make a loan under these lines, and the Firm’s approval is generally required prior to funding. Prior period amounts have been revised to conform with the current period presentation. | |||||||||||||||||||||||||
(h) | At March 31, 2015, and December 31, 2014, collateral held by the Firm in support of securities lending indemnification agreements was $192.6 billion and $177.1 billion, respectively. Securities lending collateral comprises primarily cash and securities issued by governments that are members of the Organisation for Economic Co-operation and Development (“OECD”) and U.S. government agencies. | |||||||||||||||||||||||||
(i) | At March 31, 2015, and December 31, 2014, included unfunded commitments of $142 million and $147 million, respectively, to third-party private equity funds; and $861 million and $961 million, at March 31, 2015, and December 31, 2014, respectively, to other equity investments. These commitments included $162 million and $150 million, respectively, related to investments that are generally fair valued at net asset value as discussed in Note 3. In addition, at March 31, 2015, and December 31, 2014, included letters of credit hedged by derivative transactions and managed on a market risk basis of $4.4 billion and $4.5 billion, respectively. | |||||||||||||||||||||||||
(j) | For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, the carrying value represents the fair value. | |||||||||||||||||||||||||
Standby letters of credit, other financial guarantees and other letters of credit | The following table summarizes the types of facilities under which standby letters of credit and other letters of credit arrangements are outstanding by the ratings profiles of the Firm’s customers, as of March 31, 2015, and December 31, 2014. | |||||||||||||||||||||||||
Standby letters of credit, other financial guarantees and other letters of credit | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(in millions) | Standby letters of | Other letters | Standby letters of | Other letters | ||||||||||||||||||||||
credit and other financial guarantees | of credit | credit and other financial guarantees | of credit | |||||||||||||||||||||||
Investment-grade(a) | $ | 64,311 | $ | 3,381 | $ | 66,856 | $ | 3,476 | ||||||||||||||||||
Noninvestment-grade(a) | 22,750 | 869 | 23,018 | 855 | ||||||||||||||||||||||
Total contractual amount | $ | 87,061 | $ | 4,250 | $ | 89,874 | $ | 4,331 | ||||||||||||||||||
Allowance for lending-related commitments | $ | 230 | $ | 1 | $ | 234 | $ | 1 | ||||||||||||||||||
Commitments with collateral | 38,290 | 1,274 | 39,726 | 1,509 | ||||||||||||||||||||||
(a) | The ratings scale is based on the Firm’s internal ratings which generally correspond to ratings as defined by S&P and Moody’s. | |||||||||||||||||||||||||
Summary of changes in mortgage repurchase liability | The following table summarizes the change in the mortgage repurchase liability for each of the periods presented. | |||||||||||||||||||||||||
Summary of changes in mortgage repurchase liability | ||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||||||||||||||
Repurchase liability at beginning of period | $ | 275 | $ | 681 | ||||||||||||||||||||||
Net realized gains/(losses)(a) | 10 | 11 | ||||||||||||||||||||||||
(Benefit)/provision for repurchase(b) | (33 | ) | (128 | ) | ||||||||||||||||||||||
Repurchase liability at end of period | $ | 252 | $ | 564 | ||||||||||||||||||||||
(a) | Presented net of third-party recoveries and include principal losses and accrued interest on repurchased loans, “make-whole” settlements, settlements with claimants, and certain related expense. Make-whole settlements were $2 million for each of the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
(b) | Included a provision related to new loan sales of $1 million for each of the three months ended March 31, 2015 and 2014. |
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Segment results and reconciliation | ||||||||||||||||||||||||||||
Segment results and reconciliation(a) | ||||||||||||||||||||||||||||
As of or for the three months ended March 31, | Consumer & | Corporate & | Commercial Banking | Asset Management | ||||||||||||||||||||||||
(in millions, except ratios) | Community Banking | Investment Bank | ||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
Noninterest revenue | $ | 3,736 | $ | 3,434 | $ | 7,074 | $ | 6,226 | $ | 636 | $ | 558 | $ | 2,384 | $ | 2,218 | ||||||||||||
Net interest income | 6,968 | 7,100 | 2,508 | 2,616 | 1,106 | 1,120 | 621 | 582 | ||||||||||||||||||||
Total net revenue | 10,704 | 10,534 | 9,582 | 8,842 | 1,742 | 1,678 | 3,005 | 2,800 | ||||||||||||||||||||
Provision for credit losses | 930 | 816 | (31 | ) | 49 | 61 | 5 | 4 | (9 | ) | ||||||||||||||||||
Noninterest expense | 6,190 | 6,437 | 5,657 | 5,604 | 709 | 686 | 2,175 | 2,075 | ||||||||||||||||||||
Income/(loss) before | 3,584 | 3,281 | 3,956 | 3,189 | 972 | 987 | 826 | 734 | ||||||||||||||||||||
income tax expense/(benefit) | ||||||||||||||||||||||||||||
Income tax expense/(benefit) | 1,365 | 1,300 | 1,419 | 1,064 | 374 | 393 | 324 | 280 | ||||||||||||||||||||
Net income | $ | 2,219 | $ | 1,981 | $ | 2,537 | $ | 2,125 | $ | 598 | $ | 594 | $ | 502 | $ | 454 | ||||||||||||
Average common equity | $ | 51,000 | $ | 51,000 | $ | 62,000 | $ | 61,000 | $ | 14,000 | $ | 14,000 | $ | 9,000 | $ | 9,000 | ||||||||||||
Total assets | 455,624 | 441,502 | 854,275 | 879,656 | 197,931 | 191,389 | 126,233 | 124,478 | ||||||||||||||||||||
Return on common equity | 17 | % | 15 | % | 16 | % | 13 | % | 17 | % | 17 | % | 22 | % | 20 | % | ||||||||||||
Overhead ratio | 58 | 61 | 59 | 63 | 41 | 41 | 72 | 74 | ||||||||||||||||||||
As of or for the three months ended March 31, | Corporate | Reconciling Items(b) | Total | |||||||||||||||||||||||||
(in millions, except ratios) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Noninterest revenue | $ | 40 | $ | 524 | $ | (481 | ) | $ | (412 | ) | $ | 13,389 | $ | 12,548 | ||||||||||||||
Net interest income | (253 | ) | (525 | ) | (273 | ) | (226 | ) | 10,677 | 10,667 | ||||||||||||||||||
Total net revenue | (213 | ) | (1 | ) | (754 | ) | (638 | ) | 24,066 | 23,215 | ||||||||||||||||||
Provision for credit losses | (5 | ) | (11 | ) | — | — | 959 | 850 | ||||||||||||||||||||
Noninterest expense | 152 | (166 | ) | — | — | 14,883 | 14,636 | |||||||||||||||||||||
Income/(loss) before income tax expense/(benefit) | (360 | ) | 176 | (754 | ) | (638 | ) | 8,224 | 7,729 | |||||||||||||||||||
Income tax expense/(benefit) | (418 | ) | 61 | (754 | ) | (638 | ) | 2,310 | 2,460 | |||||||||||||||||||
Net income | $ | 58 | $ | 115 | $ | — | $ | — | $ | 5,914 | $ | 5,269 | ||||||||||||||||
Average common equity | $ | 76,352 | $ | 66,797 | $ | — | $ | — | $ | 212,352 | $ | 201,797 | ||||||||||||||||
Total assets | 943,085 | 839,625 | NA | NA | 2,577,148 | 2,476,650 | ||||||||||||||||||||||
Return on common equity | NM | NM | NM | NM | 11 | % | 10 | % | ||||||||||||||||||||
Overhead ratio | NM | NM | NM | NM | 62 | 63 | ||||||||||||||||||||||
(a) | Managed basis starts with the reported U.S. GAAP results and includes certain reclassifications that do not have any impact on net income as reported by the lines of business or by the Firm as a whole. | |||||||||||||||||||||||||||
(b) | Segment managed results reflect revenue on a FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These FTE adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. |
Basis_of_Presentation_Adoption
Basis of Presentation Adoption of New Accounting Guidance (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase in other income, adoption of accounting guidance | $222,000,000 | |||
Increase in income tax expense, adoption of accounting guidance | 227,000,000 | |||
Increase in the effective income tax rate | 2.00% | |||
Income tax credits and adjustments | 377,000,000 | 379,000,000 | ||
Amortization of investments reported in income tax expense | 274,000,000 | 264,000,000 | ||
Carrying value of investments in affordable housing projects | 7,100,000,000 | 7,300,000,000 | ||
Commitments related to affordable housing investments | 1,700,000,000 | 1,800,000,000 | ||
Retained earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of change in accounting principle | $0 | ($321,000,000) |
Business_Changes_and_Developme1
Business Changes and Developments Preferred Stock Issuances (Details) (Preferred stock, USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 21, 2015 |
Class of Stock [Line Items] | |||
Issuance of preferred stock | $1,430 | $3,925 | |
Subsequent Event | |||
Class of Stock [Line Items] | |||
Issuance of preferred stock | $2,000 |
Fair_Value_Measurement_Recurri
Fair Value Measurement - Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | $1,275,451,000,000 | $1,328,428,000,000 | ||
Amounts netted on the Consolidated balance sheets | -1,193,877,000,000 | -1,249,453,000,000 | ||
Derivative receivables balance | 81,574,000,000 | 78,975,000,000 | ||
Trading assets | 398,981,000,000 | 398,988,000,000 | ||
Available-for-sale securities | 281,872,000,000 | 298,752,000,000 | ||
Mortgage servicing rights | 6,641,000,000 | 7,436,000,000 | 8,552,000,000 | 9,614,000,000 |
Gross derivative payables | 1,265,881,000,000 | 1,310,773,000,000 | ||
Derivative, netting adjustments | -1,192,045,000,000 | -1,239,657,000,000 | ||
Derivative payables | 73,836,000,000 | 71,116,000,000 | ||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Reduction in level 3 derivative receivable and derivative payable balances | 2,300,000,000 | 2,500,000,000 | ||
Costs of the private equity investment portfolio | 4,200,000,000 | 6,000,000,000 | ||
Interest rate contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 899,081,000,000 | 950,257,000,000 | ||
Amounts netted on the Consolidated balance sheets | -862,933,000,000 | -916,532,000,000 | ||
Derivative receivables balance | 36,148,000,000 | 33,725,000,000 | ||
Gross derivative payables | 866,023,000,000 | 918,379,000,000 | ||
Derivative, netting adjustments | -848,133,000,000 | -900,634,000,000 | ||
Derivative payables | 17,890,000,000 | 17,745,000,000 | ||
Credit derivatives | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 63,336,000,000 | 76,842,000,000 | ||
Amounts netted on the Consolidated balance sheets | -61,808,000,000 | -75,004,000,000 | ||
Derivative receivables balance | 1,528,000,000 | 1,838,000,000 | ||
Gross derivative payables | 62,425,000,000 | 75,895,000,000 | ||
Derivative, netting adjustments | -61,205,000,000 | -74,302,000,000 | ||
Derivative payables | 1,220,000,000 | 1,593,000,000 | ||
Foreign exchange contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 227,957,000,000 | 215,187,000,000 | ||
Amounts netted on the Consolidated balance sheets | -202,261,000,000 | -193,934,000,000 | ||
Derivative receivables balance | 25,696,000,000 | 21,253,000,000 | ||
Gross derivative payables | 242,779,000,000 | 224,614,000,000 | ||
Derivative, netting adjustments | -215,685,000,000 | -201,644,000,000 | ||
Derivative payables | 27,094,000,000 | 22,970,000,000 | ||
Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 45,889,000,000 | 42,489,000,000 | ||
Amounts netted on the Consolidated balance sheets | -38,479,000,000 | -34,312,000,000 | ||
Derivative receivables balance | 7,410,000,000 | 8,177,000,000 | ||
Gross derivative payables | 52,694,000,000 | 46,262,000,000 | ||
Derivative, netting adjustments | -39,504,000,000 | -34,522,000,000 | ||
Derivative payables | 13,190,000,000 | 11,740,000,000 | ||
Commodity contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 39,188,000,000 | 43,653,000,000 | ||
Amounts netted on the Consolidated balance sheets | -28,396,000,000 | -29,671,000,000 | ||
Derivative receivables balance | 10,792,000,000 | 13,982,000,000 | ||
Gross derivative payables | 41,960,000,000 | 45,623,000,000 | ||
Derivative, netting adjustments | -27,518,000,000 | -28,555,000,000 | ||
Derivative payables | 14,442,000,000 | 17,068,000,000 | ||
US government-sponsored and enterprises obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 55,000,000,000 | 59,300,000,000 | ||
Residential mortgage | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 13,300,000,000 | 17,000,000,000 | ||
Commercial loan | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 4,400,000,000 | 5,800,000,000 | ||
Residential conforming mortgage intended for sale to government agency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 6,000,000,000 | 7,700,000,000 | ||
Reverse mortgage | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 2,900,000,000 | 3,400,000,000 | ||
Recurring | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 29,299,000,000 | 28,585,000,000 | ||
Securities borrowed | 792,000,000 | 992,000,000 | ||
Trading assets | 317,407,000,000 | 320,013,000,000 | ||
Amounts netted on the Consolidated balance sheets | -1,193,877,000,000 | -1,249,453,000,000 | ||
Derivative receivables balance | 81,574,000,000 | 78,975,000,000 | ||
Trading assets | 398,981,000,000 | 398,988,000,000 | ||
Available-for-sale securities | 281,872,000,000 | 298,752,000,000 | ||
Loans, at fair value | 2,290,000,000 | 2,611,000,000 | ||
Mortgage servicing rights | 6,641,000,000 | 7,436,000,000 | ||
Total assets measured at fair value on a recurring basis | 728,994,000,000 | 749,273,000,000 | ||
Deposits | 10,950,000,000 | 8,807,000,000 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 3,628,000,000 | 2,979,000,000 | ||
Other borrowed funds | 14,459,000,000 | 14,739,000,000 | ||
Trading liabilities excluding derivatives | 84,437,000,000 | 81,699,000,000 | ||
Derivative, netting adjustments | -1,192,045,000,000 | -1,239,657,000,000 | ||
Derivative payables | 73,836,000,000 | 71,116,000,000 | ||
Trading liabilities | 158,273,000,000 | 152,815,000,000 | ||
Accounts payable and other liabilities | 23,000,000 | 26,000,000 | ||
Beneficial interests issued by consolidated VIEs, at fair value | 1,281,000,000 | 2,162,000,000 | ||
Long-term debt | 30,633,000,000 | 30,226,000,000 | ||
Total liabilities measured at fair value on a recurring basis | 219,247,000,000 | 211,754,000,000 | ||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Investment valued at net asset value | 1,800,000,000 | 1,800,000,000 | ||
Recurring | Interest rate contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Amounts netted on the Consolidated balance sheets | -862,933,000,000 | -916,532,000,000 | ||
Derivative receivables balance | 36,148,000,000 | 33,725,000,000 | ||
Derivative, netting adjustments | -848,133,000,000 | -900,634,000,000 | ||
Derivative payables | 17,890,000,000 | 17,745,000,000 | ||
Recurring | Credit derivatives | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Amounts netted on the Consolidated balance sheets | -61,808,000,000 | -75,004,000,000 | ||
Derivative receivables balance | 1,528,000,000 | 1,838,000,000 | ||
Derivative, netting adjustments | -61,205,000,000 | -74,302,000,000 | ||
Derivative payables | 1,220,000,000 | 1,593,000,000 | ||
Recurring | Foreign exchange contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Amounts netted on the Consolidated balance sheets | -202,261,000,000 | -193,934,000,000 | ||
Derivative receivables balance | 25,696,000,000 | 21,253,000,000 | ||
Derivative, netting adjustments | -215,685,000,000 | -201,644,000,000 | ||
Derivative payables | 27,094,000,000 | 22,970,000,000 | ||
Recurring | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Amounts netted on the Consolidated balance sheets | -38,479,000,000 | -34,312,000,000 | ||
Derivative receivables balance | 7,410,000,000 | 8,177,000,000 | ||
Derivative, netting adjustments | -39,504,000,000 | -34,522,000,000 | ||
Derivative payables | 13,190,000,000 | 11,740,000,000 | ||
Recurring | Commodity contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Amounts netted on the Consolidated balance sheets | -28,396,000,000 | -29,671,000,000 | ||
Derivative receivables balance | 10,792,000,000 | 13,982,000,000 | ||
Derivative, netting adjustments | -27,518,000,000 | -28,555,000,000 | ||
Derivative payables | 14,442,000,000 | 17,068,000,000 | ||
Recurring | Private equity investments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 2,951,000,000 | 5,747,000,000 | ||
Recurring | All other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 6,168,000,000 | 6,162,000,000 | ||
Recurring | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 9,119,000,000 | 11,909,000,000 | ||
Recurring | US government-sponsored and enterprises obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 75,200,000,000 | 84,100,000,000 | ||
Recurring | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 190,439,000,000 | 199,650,000,000 | ||
Recurring | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 27,782,000,000 | 36,117,000,000 | ||
Available-for-sale securities | 130,765,000,000 | 137,322,000,000 | ||
Recurring | Mortgage-backed securities, U.S. government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 24,761,000,000 | 32,840,000,000 | ||
Available-for-sale securities | 65,556,000,000 | 65,319,000,000 | ||
Recurring | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,915,000,000 | 2,044,000,000 | ||
Available-for-sale securities | 42,603,000,000 | 50,895,000,000 | ||
Recurring | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,106,000,000 | 1,233,000,000 | ||
Available-for-sale securities | 22,606,000,000 | 21,108,000,000 | ||
Recurring | U.S. Treasury and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 26,990,000,000 | 26,276,000,000 | ||
Available-for-sale securities | 11,965,000,000 | 13,645,000,000 | ||
Recurring | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 10,509,000,000 | 10,571,000,000 | ||
Available-for-sale securities | 31,199,000,000 | 30,068,000,000 | ||
Recurring | Certificates of deposit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 1,023,000,000 | 1,103,000,000 | ||
Recurring | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,570,000,000 | 1,429,000,000 | ||
Recurring | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 56,178,000,000 | 53,450,000,000 | ||
Available-for-sale securities | 45,857,000,000 | 52,743,000,000 | ||
Recurring | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 31,338,000,000 | 31,088,000,000 | ||
Available-for-sale securities | 17,191,000,000 | 18,532,000,000 | ||
Recurring | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 32,009,000,000 | 36,367,000,000 | ||
Recurring | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 4,063,000,000 | 4,352,000,000 | ||
Recurring | Asset-backed securities, Collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 29,683,000,000 | 30,194,000,000 | ||
Recurring | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 11,864,000,000 | 12,615,000,000 | ||
Recurring | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 112,047,000,000 | 106,069,000,000 | ||
Available-for-sale securities | 2,325,000,000 | 2,530,000,000 | ||
Recurring | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 5,050,000,000 | 4,482,000,000 | ||
Recurring | Other debt and equity instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 9,871,000,000 | 9,812,000,000 | ||
Recurring | Level 1 | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||
Securities borrowed | 0 | 0 | ||
Trading assets | 158,866,000,000 | 151,313,000,000 | ||
Gross derivative receivables | 1,691,000,000 | 1,478,000,000 | ||
Trading assets | 160,557,000,000 | 152,791,000,000 | ||
Available-for-sale securities | 36,471,000,000 | 40,195,000,000 | ||
Loans, at fair value | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Total assets measured at fair value on a recurring basis | 201,437,000,000 | 197,652,000,000 | ||
Deposits | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Other borrowed funds | 0 | 0 | ||
Trading liabilities excluding derivatives | 65,431,000,000 | 62,914,000,000 | ||
Gross derivative payables | 1,663,000,000 | 1,386,000,000 | ||
Trading liabilities | 67,094,000,000 | 64,300,000,000 | ||
Accounts payable and other liabilities | 0 | 0 | ||
Beneficial interests issued by consolidated VIEs, at fair value | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Total liabilities measured at fair value on a recurring basis | 67,094,000,000 | 64,300,000,000 | ||
Recurring | Level 1 | Interest rate contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 598,000,000 | 473,000,000 | ||
Gross derivative payables | 659,000,000 | 499,000,000 | ||
Recurring | Level 1 | Credit derivatives | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 0 | 0 | ||
Gross derivative payables | 0 | 0 | ||
Recurring | Level 1 | Foreign exchange contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 894,000,000 | 758,000,000 | ||
Gross derivative payables | 880,000,000 | 746,000,000 | ||
Recurring | Level 1 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 0 | 0 | ||
Gross derivative payables | 0 | 0 | ||
Recurring | Level 1 | Commodity contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 199,000,000 | 247,000,000 | ||
Gross derivative payables | 124,000,000 | 141,000,000 | ||
Recurring | Level 1 | Private equity investments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 383,000,000 | 648,000,000 | ||
Recurring | Level 1 | All other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 4,026,000,000 | 4,018,000,000 | ||
Recurring | Level 1 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 4,409,000,000 | 4,666,000,000 | ||
Recurring | Level 1 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 43,818,000,000 | 43,684,000,000 | ||
Recurring | Level 1 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 14,000,000 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Mortgage-backed securities, U.S. government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 14,000,000 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | U.S. Treasury and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 19,935,000,000 | 17,816,000,000 | ||
Available-for-sale securities | 11,915,000,000 | 13,591,000,000 | ||
Recurring | Level 1 | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Certificates of deposit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 0 | ||
Recurring | Level 1 | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 23,883,000,000 | 25,854,000,000 | ||
Available-for-sale securities | 22,231,000,000 | 24,074,000,000 | ||
Recurring | Level 1 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 0 | ||
Recurring | Level 1 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 0 | ||
Recurring | Level 1 | Asset-backed securities, Collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 111,167,000,000 | 104,890,000,000 | ||
Available-for-sale securities | 2,325,000,000 | 2,530,000,000 | ||
Recurring | Level 1 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 3,881,000,000 | 2,739,000,000 | ||
Recurring | Level 1 | Other debt and equity instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 0 | ||
Recurring | Level 2 | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 29,299,000,000 | 28,585,000,000 | ||
Securities borrowed | 792,000,000 | 992,000,000 | ||
Trading assets | 139,369,000,000 | 146,211,000,000 | ||
Gross derivative receivables | 1,260,909,000,000 | 1,314,385,000,000 | ||
Trading assets | 1,400,278,000,000 | 1,460,596,000,000 | ||
Available-for-sale securities | 244,398,000,000 | 257,520,000,000 | ||
Loans, at fair value | 68,000,000 | 70,000,000 | ||
Mortgage servicing rights | 0 | 0 | ||
Total assets measured at fair value on a recurring basis | 1,675,415,000,000 | 1,750,617,000,000 | ||
Deposits | 7,610,000,000 | 5,948,000,000 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 3,628,000,000 | 2,979,000,000 | ||
Other borrowed funds | 13,343,000,000 | 13,286,000,000 | ||
Trading liabilities excluding derivatives | 18,924,000,000 | 18,713,000,000 | ||
Gross derivative payables | 1,249,519,000,000 | 1,294,761,000,000 | ||
Trading liabilities | 1,268,443,000,000 | 1,313,474,000,000 | ||
Accounts payable and other liabilities | 0 | 0 | ||
Beneficial interests issued by consolidated VIEs, at fair value | 258,000,000 | 1,016,000,000 | ||
Long-term debt | 18,630,000,000 | 18,349,000,000 | ||
Total liabilities measured at fair value on a recurring basis | 1,311,912,000,000 | 1,355,052,000,000 | ||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Investment valued at net asset value | 374,000,000 | 337,000,000 | ||
Recurring | Level 2 | Interest rate contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 894,227,000,000 | 945,635,000,000 | ||
Gross derivative payables | 861,758,000,000 | 914,357,000,000 | ||
Recurring | Level 2 | Credit derivatives | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 60,642,000,000 | 73,853,000,000 | ||
Gross derivative payables | 60,006,000,000 | 73,095,000,000 | ||
Recurring | Level 2 | Foreign exchange contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 223,859,000,000 | 212,153,000,000 | ||
Gross derivative payables | 239,402,000,000 | 221,066,000,000 | ||
Recurring | Level 2 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 43,644,000,000 | 39,937,000,000 | ||
Gross derivative payables | 47,704,000,000 | 41,925,000,000 | ||
Recurring | Level 2 | Commodity contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 38,537,000,000 | 42,807,000,000 | ||
Gross derivative payables | 40,649,000,000 | 44,318,000,000 | ||
Recurring | Level 2 | Private equity investments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 254,000,000 | 2,624,000,000 | ||
Recurring | Level 2 | All other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 326,000,000 | 230,000,000 | ||
Recurring | Level 2 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 580,000,000 | 2,854,000,000 | ||
Recurring | Level 2 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 128,807,000,000 | 134,960,000,000 | ||
Recurring | Level 2 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 26,234,000,000 | 34,212,000,000 | ||
Available-for-sale securities | 130,643,000,000 | 137,193,000,000 | ||
Recurring | Level 2 | Mortgage-backed securities, U.S. government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 23,873,000,000 | 31,904,000,000 | ||
Available-for-sale securities | 65,556,000,000 | 65,319,000,000 | ||
Recurring | Level 2 | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,466,000,000 | 1,381,000,000 | ||
Available-for-sale securities | 42,580,000,000 | 50,865,000,000 | ||
Recurring | Level 2 | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 895,000,000 | 927,000,000 | ||
Available-for-sale securities | 22,507,000,000 | 21,009,000,000 | ||
Recurring | Level 2 | U.S. Treasury and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 7,055,000,000 | 8,460,000,000 | ||
Available-for-sale securities | 50,000,000 | 54,000,000 | ||
Recurring | Level 2 | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 9,178,000,000 | 9,298,000,000 | ||
Available-for-sale securities | 31,199,000,000 | 30,068,000,000 | ||
Recurring | Level 2 | Certificates of deposit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 1,023,000,000 | 1,103,000,000 | ||
Recurring | Level 2 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,570,000,000 | 1,429,000,000 | ||
Recurring | Level 2 | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 32,115,000,000 | 27,294,000,000 | ||
Available-for-sale securities | 23,626,000,000 | 28,669,000,000 | ||
Recurring | Level 2 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 28,579,000,000 | 28,099,000,000 | ||
Available-for-sale securities | 17,191,000,000 | 18,532,000,000 | ||
Recurring | Level 2 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 21,246,000,000 | 23,080,000,000 | ||
Recurring | Level 2 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 2,830,000,000 | 3,088,000,000 | ||
Recurring | Level 2 | Asset-backed securities, Collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 28,913,000,000 | 29,402,000,000 | ||
Recurring | Level 2 | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 11,753,000,000 | 12,499,000,000 | ||
Recurring | Level 2 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 563,000,000 | 748,000,000 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 2 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,169,000,000 | 1,741,000,000 | ||
Recurring | Level 2 | Other debt and equity instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 8,830,000,000 | 8,762,000,000 | ||
Recurring | Level 3 | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||
Securities borrowed | 0 | 0 | ||
Trading assets | 19,172,000,000 | 22,489,000,000 | ||
Gross derivative receivables | 12,851,000,000 | 12,565,000,000 | ||
Trading assets | 32,023,000,000 | 35,054,000,000 | ||
Available-for-sale securities | 1,003,000,000 | 1,037,000,000 | ||
Loans, at fair value | 2,222,000,000 | 2,541,000,000 | ||
Mortgage servicing rights | 6,641,000,000 | 7,436,000,000 | ||
Total assets measured at fair value on a recurring basis | 46,019,000,000 | 50,457,000,000 | ||
Deposits | 3,340,000,000 | 2,859,000,000 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Other borrowed funds | 1,116,000,000 | 1,453,000,000 | ||
Trading liabilities excluding derivatives | 82,000,000 | 72,000,000 | ||
Gross derivative payables | 14,699,000,000 | 14,626,000,000 | ||
Trading liabilities | 14,781,000,000 | 14,698,000,000 | ||
Accounts payable and other liabilities | 23,000,000 | 26,000,000 | ||
Beneficial interests issued by consolidated VIEs, at fair value | 1,023,000,000 | 1,146,000,000 | ||
Long-term debt | 12,003,000,000 | 11,877,000,000 | ||
Total liabilities measured at fair value on a recurring basis | 32,286,000,000 | 32,059,000,000 | ||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Investment valued at net asset value | 1,400,000,000 | 1,400,000,000 | ||
Recurring | Level 3 | Interest rate contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 4,256,000,000 | 4,149,000,000 | ||
Gross derivative payables | 3,606,000,000 | 3,523,000,000 | ||
Recurring | Level 3 | Credit derivatives | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 2,694,000,000 | 2,989,000,000 | ||
Gross derivative payables | 2,419,000,000 | 2,800,000,000 | ||
Recurring | Level 3 | Foreign exchange contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 3,204,000,000 | 2,276,000,000 | ||
Gross derivative payables | 2,497,000,000 | 2,802,000,000 | ||
Recurring | Level 3 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 2,245,000,000 | 2,552,000,000 | ||
Gross derivative payables | 4,990,000,000 | 4,337,000,000 | ||
Recurring | Level 3 | Commodity contracts | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 452,000,000 | 599,000,000 | ||
Gross derivative payables | 1,187,000,000 | 1,164,000,000 | ||
Recurring | Level 3 | Private equity investments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 2,314,000,000 | 2,475,000,000 | ||
Recurring | Level 3 | All other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 1,816,000,000 | 1,914,000,000 | ||
Recurring | Level 3 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 4,130,000,000 | 4,389,000,000 | ||
Recurring | Level 3 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 17,814,000,000 | 21,006,000,000 | ||
Recurring | Level 3 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,548,000,000 | 1,891,000,000 | ||
Available-for-sale securities | 122,000,000 | 129,000,000 | ||
Recurring | Level 3 | Mortgage-backed securities, U.S. government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 888,000,000 | 922,000,000 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 449,000,000 | 663,000,000 | ||
Available-for-sale securities | 23,000,000 | 30,000,000 | ||
Recurring | Level 3 | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 211,000,000 | 306,000,000 | ||
Available-for-sale securities | 99,000,000 | 99,000,000 | ||
Recurring | Level 3 | U.S. Treasury and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,331,000,000 | 1,273,000,000 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Certificates of deposit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 0 | ||
Recurring | Level 3 | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 180,000,000 | 302,000,000 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 2,759,000,000 | 2,989,000,000 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 10,763,000,000 | 13,287,000,000 | ||
Recurring | Level 3 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,233,000,000 | 1,264,000,000 | ||
Recurring | Level 3 | Asset-backed securities, Collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 770,000,000 | 792,000,000 | ||
Recurring | Level 3 | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 111,000,000 | 116,000,000 | ||
Recurring | Level 3 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 317,000,000 | 431,000,000 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 0 | 2,000,000 | ||
Recurring | Level 3 | Other debt and equity instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | $1,041,000,000 | $1,050,000,000 |
Fair_Value_Measurement_Level_3
Fair Value Measurement - Level 3 Inputs (Details) (USD $) | 0 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | -1,848,000,000 | ($2,061,000,000) | ($66,000,000) | $326,000,000 |
Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Interest rate spread volatility | 60.00% | |||
Interest rate contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 650,000,000 | 626,000,000 | 2,090,000,000 | 2,379,000,000 |
Interest rate contracts | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Interest rate correlation | -75.00% | |||
Interest rate spread volatility | 0.00% | |||
Interest rate contracts | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Interest rate correlation | 93.00% | |||
Interest rate spread volatility | 60.00% | |||
Credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 275,000,000 | 189,000,000 | 244,000,000 | 95,000,000 |
Credit derivatives | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Credit correlation | 40.00% | |||
Credit derivatives | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Credit correlation | 90.00% | |||
Foreign exchange contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 707,000,000 | -526,000,000 | -1,282,000,000 | -1,200,000,000 |
Foreign exchange contracts | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Foreign exchange correlation | 0.00% | |||
Foreign exchange contracts | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Foreign exchange correlation | 60.00% | |||
Equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | -2,745,000,000 | -1,785,000,000 | -1,060,000,000 | -1,063,000,000 |
Equity | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Equity volatility | 15.00% | |||
Equity | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Equity volatility | 60.00% | |||
Commodity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | -735,000,000 | -565,000,000 | -58,000,000 | 115,000,000 |
Commodity contracts | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Forward commodity price | 50 | |||
Commodity contracts | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Forward commodity price | 90 | |||
Long-term debt, other borrowed funds, and deposits | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Credit correlation | 40.00% | |||
Long-term debt, other borrowed funds, and deposits | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Credit correlation | 90.00% | |||
Long-term debt, other borrowed funds, and deposits | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Interest rate correlation | -75.00% | |||
Interest rate spread volatility | 0.00% | |||
Foreign exchange correlation | 0.00% | |||
Equity correlation | -50.00% | |||
Long-term debt, other borrowed funds, and deposits | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Interest rate correlation | 93.00% | |||
Foreign exchange correlation | 60.00% | |||
Equity correlation | 85.00% | |||
Residential mortgage-backed securities and loans | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Discount rate | 1.00% | |||
Prepayment rate | 0.00% | |||
Conditional default rate | 0.00% | |||
Loss severity | 0.00% | |||
Residential mortgage-backed securities and loans | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Discount rate | 24.00% | |||
Prepayment rate | 20.00% | |||
Conditional default rate | 100.00% | |||
Loss severity | 100.00% | |||
Residential mortgage-backed securities and loans | Discounted cash flows | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Discount rate | 5.00% | |||
Prepayment rate | 7.00% | |||
Conditional default rate | 10.00% | |||
Loss severity | 27.00% | |||
Commercial mortgage-backed securities and loans | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Discount rate | 1.00% | |||
Conditional default rate | 0.00% | |||
Loss severity | 0.00% | |||
Commercial mortgage-backed securities and loans | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Discount rate | 34.00% | |||
Conditional default rate | 100.00% | |||
Loss severity | 40.00% | |||
Commercial mortgage-backed securities and loans | Discounted cash flows | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Discount rate | 4.00% | |||
Conditional default rate | 7.00% | |||
Loss severity | 28.00% | |||
Corporate debt securities, obligations of U.S. states and municipalities, and other | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Discount rate | 2.00% | |||
Credit spread | 0.60% | |||
Corporate debt securities, obligations of U.S. states and municipalities, and other | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Discount rate | 16.00% | |||
Credit spread | 3.50% | |||
Corporate debt securities, obligations of U.S. states and municipalities, and other | Discounted cash flows | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Discount rate | 5.00% | |||
Credit spread | 1.58% | |||
Corporate debt securities, obligations of U.S. states and municipalities, and other | Market comparables | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Price | 0 | |||
Corporate debt securities, obligations of U.S. states and municipalities, and other | Market comparables | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Price | 139 | |||
Corporate debt securities, obligations of U.S. states and municipalities, and other | Market comparables | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Price | 105 | |||
Asset-backed securities, Collateralized loan obligations | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Conditional default rate | 2.00% | |||
Loss severity | 40.00% | |||
Asset-backed securities, Collateralized loan obligations | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Prepayment rate | 20.00% | |||
Credit spread | 2.75% | |||
Asset-backed securities, Collateralized loan obligations | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Credit spread | 4.45% | |||
Asset-backed securities, Collateralized loan obligations | Discounted cash flows | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Prepayment rate | 20.00% | |||
Conditional default rate | 2.00% | |||
Loss severity | 40.00% | |||
Credit spread | 2.96% | |||
Asset-backed securities, Collateralized loan obligations | Market comparables | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Price | 0 | |||
Asset-backed securities, Collateralized loan obligations | Market comparables | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Price | 140 | |||
Asset-backed securities, Collateralized loan obligations | Market comparables | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Price | 83 | |||
Private equity | Private equity direct investments | Market comparables | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liquidity adjustment | 0.00% | |||
EBITDA multiple | 6.9 | |||
Private equity | Private equity direct investments | Market comparables | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liquidity adjustment | 15.00% | |||
EBITDA multiple | 11.8 | |||
Private equity | Private equity direct investments | Market comparables | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liquidity adjustment | 10.00% | |||
EBITDA multiple | 8.5 | |||
Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liability fair value | 219,247,000,000 | 211,754,000,000 | ||
Level 3 Analysis - Supplemental Data: | ||||
Trading Securities | 317,407,000,000 | 320,013,000,000 | ||
Trading liabilities | 158,273,000,000 | 152,815,000,000 | ||
Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liability fair value | 32,286,000,000 | 32,059,000,000 | ||
Level 3 Analysis - Supplemental Data: | ||||
Trading Securities | 19,172,000,000 | 22,489,000,000 | ||
Trading liabilities | 14,781,000,000 | 14,698,000,000 | ||
Recurring | Level 3 | Interest rate contracts | Option pricing | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 650,000,000 | |||
Recurring | Level 3 | Credit derivatives | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 275,000,000 | |||
Recurring | Level 3 | Foreign exchange contracts | Option pricing | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 707,000,000 | |||
Recurring | Level 3 | Equity | Option pricing | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | -2,745,000,000 | |||
Recurring | Level 3 | Commodity contracts | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | -735,000,000 | |||
Recurring | Level 3 | Long-term debt, other borrowed funds, and deposits | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liability fair value | 1,264,000,000 | |||
Recurring | Level 3 | Long-term debt, other borrowed funds, and deposits | Option pricing | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liability fair value | 15,195,000,000 | |||
Recurring | Level 3 | Credit derivatives with underlying mortgage risk | ||||
Level 3 Analysis - Supplemental Data: | ||||
Trading liabilities | 408,000,000 | |||
Recurring | Level 3 | Credit derivatives with underlying asset-backed securities risk | ||||
Level 3 Analysis - Supplemental Data: | ||||
Trading liabilities | 654,000,000 | |||
Recurring | Level 3 | Residential mortgage-backed securities and loans | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Asset fair value | 6,816,000,000 | |||
Recurring | Level 3 | Commercial mortgage-backed securities and loans | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Asset fair value | 4,634,000,000 | |||
Recurring | Level 3 | Corporate debt securities, obligations of U.S. states and municipalities, and other | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Asset fair value | 6,434,000,000 | |||
Recurring | Level 3 | Corporate debt securities, obligations of U.S. states and municipalities, and other | Market comparables | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Asset fair value | 5,268,000,000 | |||
Recurring | Level 3 | Asset-backed securities, Collateralized loan obligations | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Asset fair value | 770,000,000 | |||
Recurring | Level 3 | Asset-backed securities, Collateralized loan obligations | Market comparables | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Asset fair value | 291,000,000 | |||
Recurring | Level 3 | Mortgage servicing rights | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Asset fair value | 6,641,000,000 | |||
Recurring | Level 3 | Private equity | Private equity direct investments | Market comparables | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Asset fair value | 1,897,000,000 | |||
Recurring | Level 3 | Private equity | Private equity fund investments | Net asset value | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Asset fair value | 417,000,000 | |||
Recurring | Level 3 | Credit derivatives with underlying mortgage risk | ||||
Level 3 Analysis - Supplemental Data: | ||||
Trading Securities | 465,000,000 | |||
Recurring | Level 3 | Credit derivatives with underlying asset-backed securities risk | ||||
Level 3 Analysis - Supplemental Data: | ||||
Trading Securities | 746,000,000 |
Fair_Value_Measurement_Changes
Fair Value Measurement - Changes in Level 3 Recurring Measurements (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Net derivative receivables: | |||
Beginning balance | ($2,061) | $326 | |
Total realized/unrealized gains/(losses) | 530 | -373 | |
Purchases | 531 | 969 | |
Sales | -369 | -1,092 | |
Settlements | -488 | 0 | |
Transfers into and/or out of level 3 | 9 | 104 | |
Ending balance | -1,848 | -66 | |
Change in unrealized gains/(losses) related to financial instruments held | 629 | -266 | |
Level 3 Rollforward Supplemental Data [Abstract] | |||
Level 3 liabilities as a percentage of total firm liabilities at fair value | 15.00% | 15.00% | |
Deposits | |||
Liabilities | |||
Beginning balance | 2,859 | 2,255 | |
Total realized/unrealized gains/(losses) | 92 | 37 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 775 | 290 | |
Settlements | -115 | -42 | |
Transfers into and/or out of level 3 | -271 | -154 | |
Ending balance | 3,340 | 2,386 | |
Change in unrealized gains(losses) related to financials instruments held | 88 | 28 | |
Other borrowed funds | |||
Liabilities | |||
Beginning balance | 1,453 | 2,074 | |
Total realized/unrealized gains/(losses) | -119 | 39 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 1,048 | 1,333 | |
Settlements | -981 | -2,107 | |
Transfers into and/or out of level 3 | -285 | 196 | |
Ending balance | 1,116 | 1,535 | |
Change in unrealized gains(losses) related to financials instruments held | -110 | 113 | |
Total debt and equity instruments | |||
Liabilities | |||
Beginning balance | 72 | 113 | |
Total realized/unrealized gains/(losses) | 3 | 0 | |
Purchases | -108 | -216 | |
Sales | 126 | 208 | |
Issuances | 0 | 0 | |
Settlements | -9 | -4 | |
Transfers into and/or out of level 3 | -2 | 0 | |
Ending balance | 82 | 101 | |
Change in unrealized gains(losses) related to financials instruments held | 2 | 0 | |
Accounts payable and other liabilities | |||
Liabilities | |||
Beginning balance | 26 | 0 | |
Total realized/unrealized gains/(losses) | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | -3 | 0 | |
Transfers into and/or out of level 3 | 0 | 0 | |
Ending balance | 23 | 0 | |
Change in unrealized gains(losses) related to financials instruments held | 0 | 0 | |
Beneficial interests issued by consolidated VIEs | |||
Liabilities | |||
Beginning balance | 1,146 | 1,240 | |
Total realized/unrealized gains/(losses) | -53 | 47 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 2 | 78 | |
Settlements | -72 | -205 | |
Transfers into and/or out of level 3 | 0 | 0 | |
Ending balance | 1,023 | 1,160 | |
Change in unrealized gains(losses) related to financials instruments held | -47 | 50 | |
Long-term debt | |||
Liabilities | |||
Beginning balance | 11,877 | 10,008 | |
Total realized/unrealized gains/(losses) | -105 | 102 | |
Purchases | 0 | 0 | |
Sales | -12 | 0 | |
Issuances | 2,837 | 1,832 | |
Settlements | -2,371 | -1,010 | |
Transfers into and/or out of level 3 | -223 | 271 | |
Ending balance | 12,003 | 11,203 | |
Change in unrealized gains(losses) related to financials instruments held | -96 | 129 | |
Interest rate contracts | |||
Net derivative receivables: | |||
Beginning balance | 626 | 2,379 | |
Total realized/unrealized gains/(losses) | 142 | 24 | |
Purchases | 309 | 48 | |
Sales | -74 | -43 | |
Settlements | -255 | -338 | |
Transfers into and/or out of level 3 | -98 | 20 | |
Ending balance | 650 | 2,090 | |
Change in unrealized gains/(losses) related to financial instruments held | 308 | -342 | |
Credit derivatives | |||
Net derivative receivables: | |||
Beginning balance | 189 | 95 | |
Total realized/unrealized gains/(losses) | 77 | -115 | |
Purchases | 9 | 58 | |
Sales | -3 | 0 | |
Settlements | 19 | 206 | |
Transfers into and/or out of level 3 | -16 | 0 | |
Ending balance | 275 | 244 | |
Change in unrealized gains/(losses) related to financial instruments held | 75 | -97 | |
Foreign exchange contracts | |||
Net derivative receivables: | |||
Beginning balance | -526 | -1,200 | |
Total realized/unrealized gains/(losses) | 827 | -199 | |
Purchases | 5 | 61 | |
Sales | -3 | -16 | |
Settlements | 201 | 49 | |
Transfers into and/or out of level 3 | 203 | 23 | |
Ending balance | 707 | -1,282 | |
Change in unrealized gains/(losses) related to financial instruments held | 779 | -349 | |
Equity | |||
Net derivative receivables: | |||
Beginning balance | -1,785 | -1,063 | |
Total realized/unrealized gains/(losses) | -476 | 71 | |
Purchases | 208 | 801 | |
Sales | -289 | -1,033 | |
Settlements | -355 | 125 | |
Transfers into and/or out of level 3 | -48 | 39 | |
Ending balance | -2,745 | -1,060 | |
Change in unrealized gains/(losses) related to financial instruments held | -484 | 582 | |
Commodity contracts | |||
Net derivative receivables: | |||
Beginning balance | -565 | 115 | |
Total realized/unrealized gains/(losses) | -40 | -154 | |
Purchases | 0 | 1 | |
Sales | 0 | 0 | |
Settlements | -98 | -42 | |
Transfers into and/or out of level 3 | -32 | 22 | |
Ending balance | -735 | -58 | |
Change in unrealized gains/(losses) related to financial instruments held | -49 | -60 | |
Total debt and equity instruments | |||
Assets | |||
Fair Value, Beginning balance | 22,489 | 27,224 | |
Total realized/unrealized gains/(losses) | -394 | 650 | |
Purchases | 3,071 | 5,249 | |
Sales | -4,386 | -5,129 | |
Settlements | -721 | -2,499 | |
Transfers into and/or out of level 3 | -887 | -1,172 | |
Fair Value, Ending Balance | 19,172 | 24,323 | |
Change in unrealized gains/(losses) related to financial instruments held | -392 | 638 | |
Mortgage-backed securities | |||
Assets | |||
Fair Value, Beginning balance | 1,891 | 2,163 | |
Total realized/unrealized gains/(losses) | -74 | 47 | |
Purchases | 308 | 844 | |
Sales | -515 | -656 | |
Settlements | -54 | -53 | |
Transfers into and/or out of level 3 | -8 | -15 | |
Fair Value, Ending Balance | 1,548 | 2,330 | |
Change in unrealized gains/(losses) related to financial instruments held | -102 | 29 | |
Mortgage-backed securities, U.S. government agencies | |||
Assets | |||
Fair Value, Beginning balance | 922 | 1,005 | |
Total realized/unrealized gains/(losses) | -53 | 3 | |
Purchases | 74 | 331 | |
Sales | -17 | -162 | |
Settlements | -40 | -27 | |
Transfers into and/or out of level 3 | 2 | 0 | |
Fair Value, Ending Balance | 888 | 1,150 | |
Change in unrealized gains/(losses) related to financial instruments held | -52 | 5 | |
Mortgage-backed securities, Residential - nonagency | |||
Assets | |||
Fair Value, Beginning balance | 663 | 726 | |
Total realized/unrealized gains/(losses) | -10 | 24 | |
Purchases | 152 | 192 | |
Sales | -347 | -200 | |
Settlements | -6 | -12 | |
Transfers into and/or out of level 3 | -3 | -15 | |
Fair Value, Ending Balance | 449 | 715 | |
Change in unrealized gains/(losses) related to financial instruments held | -34 | 14 | |
Mortgage-backed securities, Commercial - nonagency | |||
Assets | |||
Fair Value, Beginning balance | 306 | 432 | |
Total realized/unrealized gains/(losses) | -11 | 20 | |
Purchases | 82 | 321 | |
Sales | -151 | -294 | |
Settlements | -8 | -14 | |
Transfers into and/or out of level 3 | -7 | 0 | |
Fair Value, Ending Balance | 211 | 465 | |
Change in unrealized gains/(losses) related to financial instruments held | -16 | 10 | |
Obligations of U.S. states and municipalities | |||
Assets | |||
Fair Value, Beginning balance | 1,273 | 1,382 | |
Total realized/unrealized gains/(losses) | 10 | 22 | |
Purchases | 144 | 0 | |
Sales | -71 | -185 | |
Settlements | -25 | 0 | |
Transfers into and/or out of level 3 | 0 | 0 | |
Fair Value, Ending Balance | 1,331 | 1,219 | |
Change in unrealized gains/(losses) related to financial instruments held | 8 | 9 | |
Non-U.S. government debt securities | |||
Assets | |||
Fair Value, Beginning balance | 302 | 143 | |
Total realized/unrealized gains/(losses) | 1 | 16 | |
Purchases | 101 | 410 | |
Sales | -92 | -516 | |
Settlements | -31 | -1 | |
Transfers into and/or out of level 3 | -101 | 0 | |
Fair Value, Ending Balance | 180 | 52 | |
Change in unrealized gains/(losses) related to financial instruments held | 1 | 22 | |
Corporate debt securities | |||
Assets | |||
Fair Value, Beginning balance | 2,989 | 5,920 | |
Total realized/unrealized gains/(losses) | -55 | 238 | |
Purchases | 533 | 1,197 | |
Sales | -496 | -1,352 | |
Settlements | -92 | -841 | |
Transfers into and/or out of level 3 | -120 | -289 | |
Fair Value, Ending Balance | 2,759 | 4,873 | |
Change in unrealized gains/(losses) related to financial instruments held | -26 | 213 | |
Loans | |||
Assets | |||
Fair Value, Beginning balance | 13,287 | 13,455 | |
Total realized/unrealized gains/(losses) | -285 | 319 | |
Purchases | 736 | 2,158 | |
Sales | -1,997 | -1,794 | |
Settlements | -469 | -1,546 | |
Transfers into and/or out of level 3 | -509 | -71 | |
Fair Value, Ending Balance | 10,763 | 12,521 | |
Change in unrealized gains/(losses) related to financial instruments held | -275 | 295 | |
Asset-backed securities | |||
Assets | |||
Fair Value, Beginning balance | 1,264 | 1,272 | |
Total realized/unrealized gains/(losses) | -37 | 24 | |
Purchases | 559 | 550 | |
Sales | -521 | -556 | |
Settlements | 32 | -20 | |
Transfers into and/or out of level 3 | -64 | -114 | |
Fair Value, Ending Balance | 1,233 | 1,156 | |
Change in unrealized gains/(losses) related to financial instruments held | -44 | 19 | |
Debt securities | |||
Assets | |||
Fair Value, Beginning balance | 21,006 | 24,335 | |
Total realized/unrealized gains/(losses) | -440 | 666 | |
Purchases | 2,381 | 5,159 | |
Sales | -3,692 | -5,059 | |
Settlements | -639 | -2,461 | |
Transfers into and/or out of level 3 | -802 | -489 | |
Fair Value, Ending Balance | 17,814 | 22,151 | |
Change in unrealized gains/(losses) related to financial instruments held | -438 | 587 | |
Equity securities | |||
Assets | |||
Fair Value, Beginning balance | 431 | 885 | |
Total realized/unrealized gains/(losses) | 38 | 81 | |
Purchases | 29 | 36 | |
Sales | -110 | -19 | |
Settlements | -3 | -9 | |
Transfers into and/or out of level 3 | -68 | -89 | |
Fair Value, Ending Balance | 317 | 885 | |
Change in unrealized gains/(losses) related to financial instruments held | 31 | 70 | |
Physical Commodities | |||
Assets | |||
Fair Value, Beginning balance | 4 | ||
Total realized/unrealized gains/(losses) | 0 | ||
Purchases | 0 | ||
Sales | 0 | ||
Settlements | -1 | ||
Transfers into and/or out of level 3 | 0 | ||
Fair Value, Ending Balance | 3 | ||
Change in unrealized gains/(losses) related to financial instruments held | 0 | ||
Other debt and equity instruments | |||
Assets | |||
Fair Value, Beginning balance | 1,052 | 2,000 | |
Total realized/unrealized gains/(losses) | 8 | -97 | |
Purchases | 661 | 54 | |
Sales | -584 | -51 | |
Settlements | -79 | -28 | |
Transfers into and/or out of level 3 | -17 | -594 | |
Fair Value, Ending Balance | 1,041 | 1,284 | |
Change in unrealized gains/(losses) related to financial instruments held | 15 | -19 | |
AFS securities | |||
Assets | |||
Fair Value, Beginning balance | 1,037 | 2,322 | |
Total realized/unrealized gains/(losses) | -9 | -5 | |
Purchases | 49 | 0 | |
Sales | -43 | -2 | |
Settlements | -31 | -61 | |
Transfers into and/or out of level 3 | 0 | 63 | |
Fair Value, Ending Balance | 1,003 | 2,317 | |
Change in unrealized gains/(losses) related to financial instruments held | -4 | -5 | |
Level 3 Rollforward Supplemental Data [Abstract] | |||
Realized gains/(losses) recorded in income | -7 | -1 | |
Unrealized gains/(losses) recorded in OCI | -2 | -4 | |
Asset-backed AFS securities | |||
Assets | |||
Fair Value, Beginning balance | 908 | 1,088 | |
Total realized/unrealized gains/(losses) | -9 | -2 | |
Purchases | 49 | 0 | |
Sales | -43 | -2 | |
Settlements | -24 | -20 | |
Transfers into and/or out of level 3 | 0 | 63 | |
Fair Value, Ending Balance | 881 | 1,127 | |
Change in unrealized gains/(losses) related to financial instruments held | -4 | -2 | |
Other Available For Sale Securities | |||
Assets | |||
Fair Value, Beginning balance | 129 | 1,234 | |
Total realized/unrealized gains/(losses) | 0 | -3 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Settlements | -7 | -41 | |
Transfers into and/or out of level 3 | 0 | 0 | |
Fair Value, Ending Balance | 122 | 1,190 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | -3 | |
Loans | |||
Assets | |||
Fair Value, Beginning balance | 2,541 | 1,931 | |
Total realized/unrealized gains/(losses) | -205 | 32 | |
Purchases | 120 | 684 | |
Sales | -83 | -142 | |
Settlements | -151 | -234 | |
Transfers into and/or out of level 3 | 0 | 0 | |
Fair Value, Ending Balance | 2,222 | 2,271 | |
Change in unrealized gains/(losses) related to financial instruments held | -205 | 28 | |
Mortgage servicing rights | |||
Assets | |||
Fair Value, Beginning balance | 7,436 | 9,614 | |
Total realized/unrealized gains/(losses) | -579 | -822 | |
Purchases | 156 | 195 | |
Sales | -157 | -188 | |
Settlements | -215 | -247 | |
Transfers into and/or out of level 3 | 0 | 0 | |
Fair Value, Ending Balance | 6,641 | 8,552 | |
Change in unrealized gains/(losses) related to financial instruments held | -579 | -822 | |
Private equity | |||
Assets | |||
Fair Value, Beginning balance | 2,475 | 6,474 | |
Total realized/unrealized gains/(losses) | 36 | 96 | |
Purchases | 0 | 87 | |
Sales | 0 | -1,018 | |
Settlements | -71 | -304 | |
Transfers into and/or out of level 3 | -126 | 0 | |
Fair Value, Ending Balance | 2,314 | 5,335 | |
Change in unrealized gains/(losses) related to financial instruments held | 21 | -3 | |
All other assets | |||
Assets | |||
Fair Value, Beginning balance | 1,914 | 2,589 | |
Total realized/unrealized gains/(losses) | 19 | -34 | |
Purchases | 95 | 73 | |
Sales | -88 | -37 | |
Settlements | -124 | -155 | |
Transfers into and/or out of level 3 | 0 | 0 | |
Fair Value, Ending Balance | 1,816 | 2,436 | |
Change in unrealized gains/(losses) related to financial instruments held | $2 | ($44) |
Fair_Value_Measurement_Level_31
Fair Value Measurement - Level 3 Analysis (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Level 3 Analysis - Supplemental Data [Abstract] | |||
Percentage of level 3 assets in total Firm assets | 1.90% | ||
Trading assets | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Increase (decrease) in level 3 assets | ($3,300,000,000) | ||
Total debt and equity instruments | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Asset, total realized/unrealized gains/(losses) | -602,000,000 | -456,000,000 | |
Liability | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Asset, total realized/unrealized gains/(losses) | 182,000,000 | -225,000,000 | |
Recurring | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Assets fair value | 728,994,000,000 | 749,273,000,000 | |
Recurring | Level 3 | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Assets fair value | 46,019,000,000 | 50,457,000,000 | |
Increase (decrease) in level 3 assets | ($4,400,000,000) |
Fair_Value_Measurement_Credit_
Fair Value Measurement - Credit Adjustments Reflected on Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Credit adjustments [Abstract] | ||
Derivative receivables balance | $81,574 | $78,975 |
Derivative payables | 73,836 | 71,116 |
Derivative CVA | -2,493 | -2,674 |
Derivative Credit Risk and Funding Valuation Adjustments | -521 | -380 |
Structured Notes Balance Net Of DVA and FVA | 56,042 | 53,772 |
Derivatives DVA | 727 | 714 |
Plain Vanilla Financial Instruments | ||
Credit adjustments [Abstract] | ||
Structured Notes Balance Net Of DVA | 943 | 943 |
Structured Finance | ||
Credit adjustments [Abstract] | ||
Derivative Credit Risk and Funding Valuation Adjustments | 1,300 | 1,152 |
Derivatives DVA | $1,500 | $1,400 |
Fair_Value_Measurement_Impact_
Fair Value Measurement - Impact of Credit Adjustments (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Credit Valuation Adjustment | ||
Impact of credit adjustments on earnings [Abstract] | ||
Derivative credit adjustments | $181 | ($19) |
Debit Valuation Adjustment and Funding Valuation Adjustment | ||
Impact of credit adjustments on earnings [Abstract] | ||
Derivative credit adjustments | -141 | -125 |
Structured note credit adjustments | 148 | 17 |
Debit Valuation Adjustment | ||
Impact of credit adjustments on earnings [Abstract] | ||
Derivative credit adjustments | 13 | -94 |
Structured note credit adjustments | $108 | ($115) |
Fair_Value_Measurement_Nonrecu
Fair Value Measurement - Nonrecurring Basis (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value option, changes in fair value gain (loss) | ($88) | ($226) | |
Trade Finance Loans Reclassified To Held-For-Sale [Member] | Price Valuation Technique | Weighted Average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Indicative pricing from external investors | 0.58% | ||
Residential mortgage | Broker Price Opinion Valuation Technique | Weighted Average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, liquidation value discount | 22.00% | ||
Residential mortgage | Broker Price Opinion Valuation Technique | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, liquidation value discount | 8.00% | ||
Residential mortgage | Broker Price Opinion Valuation Technique | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, liquidation value discount | 59.00% | ||
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value, nonrecurring | 3,500 | 3,800 | |
Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value, nonrecurring | 1,300 | 333 | |
Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value, nonrecurring | 2,200 | 3,500 | |
Nonrecurring | Level 3 | Consumer Loans Reclassified To Held-For-Sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value, nonrecurring | 1,300 | ||
Nonrecurring | Level 3 | Trade Finance Loans Reclassified To Held-For-Sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value, nonrecurring | 495 | ||
Nonrecurring | Level 3 | Residential mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value, nonrecurring | $186 |
Fair_Value_Measurement_Carryin
Fair Value Measurement - Carrying Value and Estimated Fair Value (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Financial assets | ||||
Cash and due from banks | $22,821,000,000 | $27,831,000,000 | $26,321,000,000 | $39,771,000,000 |
Deposits with banks | 506,383,000,000 | 484,477,000,000 | ||
Federal funds sold and securities purchased under resale agreements | 219,344,000,000 | 215,803,000,000 | ||
Securities, held-to-maturity | 51,370,000,000 | 51,154,000,000 | ||
Financial liabilities | ||||
Commercial paper | 55,655,000,000 | 66,344,000,000 | ||
Beneficial interests issued by consolidated VIEs | 51,091,000,000 | 52,362,000,000 | ||
Carrying value | ||||
Financial assets | ||||
Cash and due from banks | 22,800,000,000 | 27,800,000,000 | ||
Deposits with banks | 506,400,000,000 | 484,500,000,000 | ||
Accrued interest and accounts receivable | 70,000,000,000 | 70,100,000,000 | ||
Federal funds sold and securities purchased under resale agreements | 190,000,000,000 | 187,200,000,000 | ||
Securities borrowed | 107,600,000,000 | 109,400,000,000 | ||
Securities, held-to-maturity | 49,300,000,000 | 49,300,000,000 | ||
Loans, net of allowance for loan losses | 747,800,000,000 | 740,500,000,000 | ||
Other | 65,800,000,000 | 64,700,000,000 | ||
Financial liabilities | ||||
Deposits | 1,356,900,000,000 | 1,354,600,000,000 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 193,000,000,000 | 189,100,000,000 | ||
Commercial paper | 55,700,000,000 | 66,300,000,000 | ||
Other borrowed funds | 14,600,000,000 | 15,500,000,000 | ||
Accounts payable and other liabilities | 174,500,000,000 | 176,700,000,000 | ||
Beneficial interests issued by consolidated VIEs | 49,800,000,000 | 50,200,000,000 | ||
Long-term debt and junior subordinated deferrable interest debentures | 250,000,000,000 | 246,600,000,000 | ||
Wholesale lending-related commitments | 600,000,000 | 600,000,000 | ||
Estimate of Fair Value | ||||
Financial assets | ||||
Cash and due from banks | 22,800,000,000 | 27,800,000,000 | ||
Deposits with banks | 506,400,000,000 | 484,500,000,000 | ||
Accrued interest and accounts receivable | 70,100,000,000 | 70,100,000,000 | ||
Federal funds sold and securities purchased under resale agreements | 190,000,000,000 | 187,200,000,000 | ||
Securities borrowed | 107,600,000,000 | 109,400,000,000 | ||
Securities, held-to-maturity | 51,400,000,000 | 51,200,000,000 | ||
Loans, net of allowance for loan losses | 752,700,000,000 | 744,900,000,000 | ||
Other | 69,800,000,000 | 69,000,000,000 | ||
Financial liabilities | ||||
Deposits | 1,357,200,000,000 | 1,354,800,000,000 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 193,000,000,000 | 189,100,000,000 | ||
Commercial paper | 55,700,000,000 | 66,300,000,000 | ||
Other borrowed funds | 14,600,000,000 | 15,500,000,000 | ||
Accounts payable and other liabilities | 174,400,000,000 | 176,600,000,000 | ||
Beneficial interests issued by consolidated VIEs | 49,900,000,000 | 50,200,000,000 | ||
Long-term debt and junior subordinated deferrable interest debentures | 259,700,000,000 | 255,400,000,000 | ||
Wholesale lending-related commitments | 1,300,000,000 | 1,600,000,000 | ||
Estimate of Fair Value | Level 1 | ||||
Financial assets | ||||
Cash and due from banks | 22,800,000,000 | 27,800,000,000 | ||
Deposits with banks | 502,800,000,000 | 480,400,000,000 | ||
Accrued interest and accounts receivable | 0 | 0 | ||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||
Securities borrowed | 0 | 0 | ||
Securities, held-to-maturity | 0 | 0 | ||
Loans, net of allowance for loan losses | 0 | 0 | ||
Other | 0 | 0 | ||
Financial liabilities | ||||
Deposits | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Commercial paper | 0 | 0 | ||
Other borrowed funds | 0 | |||
Accounts payable and other liabilities | 0 | 0 | ||
Beneficial interests issued by consolidated VIEs | 0 | 0 | ||
Long-term debt and junior subordinated deferrable interest debentures | 0 | 0 | ||
Wholesale lending-related commitments | 0 | 0 | ||
Estimate of Fair Value | Level 2 | ||||
Financial assets | ||||
Cash and due from banks | 0 | 0 | ||
Deposits with banks | 3,600,000,000 | 4,100,000,000 | ||
Accrued interest and accounts receivable | 70,000,000,000 | 70,000,000,000 | ||
Federal funds sold and securities purchased under resale agreements | 190,000,000,000 | 187,200,000,000 | ||
Securities borrowed | 107,600,000,000 | 109,400,000,000 | ||
Securities, held-to-maturity | 51,400,000,000 | 51,200,000,000 | ||
Loans, net of allowance for loan losses | 18,300,000,000 | 21,800,000,000 | ||
Other | 56,500,000,000 | 55,700,000,000 | ||
Financial liabilities | ||||
Deposits | 1,356,000,000,000 | 1,353,600,000,000 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 193,000,000,000 | 189,100,000,000 | ||
Commercial paper | 55,700,000,000 | 66,300,000,000 | ||
Other borrowed funds | 14,600,000,000 | 15,500,000,000 | ||
Accounts payable and other liabilities | 172,000,000,000 | 173,700,000,000 | ||
Beneficial interests issued by consolidated VIEs | 47,900,000,000 | 48,200,000,000 | ||
Long-term debt and junior subordinated deferrable interest debentures | 255,900,000,000 | 251,600,000,000 | ||
Wholesale lending-related commitments | 0 | 0 | ||
Estimate of Fair Value | Level 3 | ||||
Financial assets | ||||
Cash and due from banks | 0 | 0 | ||
Deposits with banks | 0 | 0 | ||
Accrued interest and accounts receivable | 100,000,000 | 100,000,000 | ||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||
Securities borrowed | 0 | 0 | ||
Securities, held-to-maturity | 0 | 0 | ||
Loans, net of allowance for loan losses | 734,400,000,000 | 723,100,000,000 | ||
Other | 13,300,000,000 | 13,300,000,000 | ||
Financial liabilities | ||||
Deposits | 1,200,000,000 | 1,200,000,000 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Commercial paper | 0 | 0 | ||
Other borrowed funds | 0 | 0 | ||
Accounts payable and other liabilities | 2,400,000,000 | 2,900,000,000 | ||
Beneficial interests issued by consolidated VIEs | 2,000,000,000 | 2,000,000,000 | ||
Long-term debt and junior subordinated deferrable interest debentures | 3,800,000,000 | 3,800,000,000 | ||
Wholesale lending-related commitments | $1,300,000,000 | $1,600,000,000 |
Fair_Value_Option_Changes_in_f
Fair Value Option - Changes in fair value under the fair value option (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | ($88) | ($226) |
Debit Valuation Adjustment | ||
Changes in fair value under the fair value option election | ||
Structured note credit adjustments | 108 | -115 |
Federal funds sold and securities purchased under resale agreements | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 73 | -40 |
Federal funds sold and securities purchased under resale agreements | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 73 | -40 |
Federal funds sold and securities purchased under resale agreements | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Securities borrowed | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | -2 | -3 |
Securities borrowed | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | -2 | -3 |
Securities borrowed | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Debt and Equity Instruments, Excluding Loans [Member] | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 380 | 228 |
Debt and Equity Instruments, Excluding Loans [Member] | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 380 | 230 |
Debt and Equity Instruments, Excluding Loans [Member] | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | -2 |
Loans reported as trading assets: Changes in instrument-specific credit risk | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 155 | 372 |
Loans reported as trading assets: Changes in instrument-specific credit risk | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 152 | 363 |
Loans reported as trading assets: Changes in instrument-specific credit risk | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 3 | 9 |
Loans reported as trading assets: Other changes in fair value | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 407 | 356 |
Loans reported as trading assets: Other changes in fair value | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 127 | 64 |
Loans reported as trading assets: Other changes in fair value | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 280 | 292 |
Loans: Changes in instrument-specific credit risk | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 1 | 8 |
Loans: Changes in instrument-specific credit risk | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 1 | 8 |
Loans: Changes in instrument-specific credit risk | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Loans: Other changes in fair value | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 7 |
Loans: Other changes in fair value | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 7 |
Loans: Other changes in fair value | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Other assets | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 66 | -68 |
Other assets | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 60 | 5 |
Other assets | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 6 | -73 |
Deposits | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | -125 | -104 |
Deposits | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | -125 | -104 |
Deposits | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | -9 | -16 |
Federal funds purchased and securities loaned or sold under repurchase agreements | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | -9 | -16 |
Federal funds purchased and securities loaned or sold under repurchase agreements | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Other borrowed funds | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | -9 | -260 |
Other borrowed funds | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | -9 | -260 |
Other borrowed funds | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Trading liabilities | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | -2 | -6 |
Trading liabilities | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | -2 | -6 |
Trading liabilities | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Beneficial interests issued by consolidated VIEs | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 18 | -89 |
Beneficial interests issued by consolidated VIEs | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 18 | -89 |
Beneficial interests issued by consolidated VIEs | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Other liabilities | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Other liabilities | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Other liabilities | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Long-term debt: Changes in instrument-specific credit risk | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 116 | -77 |
Long-term debt: Changes in instrument-specific credit risk | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 116 | -77 |
Long-term debt: Changes in instrument-specific credit risk | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | 0 | 0 |
Long-term debt: Other changes in fair value | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | -378 | -18 |
Long-term debt: Other changes in fair value | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | -378 | -18 |
Long-term debt: Other changes in fair value | All other income | ||
Changes in fair value under the fair value option election | ||
Fair value option, changes in fair value gain (loss) | $0 | $0 |
Fair_Value_Option_Aggregate_di
Fair Value Option - Aggregate differences (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Long-term beneficial interests | ||
Performing loans - 90 days or more outstanding | $0 | $0 |
Other guarantees and commitments | ||
Long-term beneficial interests | ||
Other guarantees and commitments, contractual amount | 5,580,000,000 | 5,720,000,000 |
Guarantor obligations, current carrying value | -116,000,000 | -121,000,000 |
Letters of credit hedged by derivative transactions | Other guarantees and commitments | ||
Long-term beneficial interests | ||
Other guarantees and commitments, contractual amount | 4,400,000,000 | 4,500,000,000 |
Guarantor obligations, current carrying value | -139,000,000 | -147,000,000 |
Carrying value | ||
Loans | ||
Nonaccrual loans | 3,725,000,000 | 3,854,000,000 |
Total loans | 38,819,000,000 | 43,859,000,000 |
Carrying value | Trading assets | ||
Loans | ||
Nonaccrual loans | 3,718,000,000 | 3,847,000,000 |
All other performing loans | 32,983,000,000 | 37,608,000,000 |
Carrying value | Loans | ||
Loans | ||
Nonaccrual loans | 7,000,000 | 7,000,000 |
All other performing loans | 2,111,000,000 | 2,397,000,000 |
Carrying value | Principal-protected debt | ||
Long-term debt | ||
Long-term debt | 14,613,000,000 | 14,660,000,000 |
Estimate of Fair Value | ||
Loans | ||
Nonaccrual loans | 865,000,000 | 912,000,000 |
Total loans | 34,120,000,000 | 38,763,000,000 |
Long-term debt | ||
Long-term debt | 30,633,000,000 | 30,226,000,000 |
Long-term beneficial interests | ||
Total long-term beneficial interests | 1,281,000,000 | 2,162,000,000 |
Estimate of Fair Value | Trading assets | ||
Loans | ||
Nonaccrual loans | 858,000,000 | 905,000,000 |
All other performing loans | 31,151,000,000 | 35,462,000,000 |
Estimate of Fair Value | Loans | ||
Loans | ||
Nonaccrual loans | 7,000,000 | 7,000,000 |
All other performing loans | 2,104,000,000 | 2,389,000,000 |
Estimate of Fair Value | Principal-protected debt | ||
Long-term debt | ||
Long-term debt | 15,357,000,000 | 15,484,000,000 |
Estimate of Fair Value | Nonprincipal-protected debt | ||
Long-term debt | ||
Long-term debt | 15,276,000,000 | 14,742,000,000 |
Long-term beneficial interests | ||
Total long-term beneficial interests | 1,281,000,000 | 2,162,000,000 |
Change During Period | ||
Loans | ||
Nonaccrual loans | -2,860,000,000 | -2,942,000,000 |
Total loans | -4,699,000,000 | -5,096,000,000 |
Change During Period | Trading assets | ||
Loans | ||
Nonaccrual loans | -2,860,000,000 | -2,942,000,000 |
All other performing loans | -1,832,000,000 | -2,146,000,000 |
Change During Period | Loans | ||
Loans | ||
Nonaccrual loans | 0 | 0 |
All other performing loans | -7,000,000 | -8,000,000 |
Change During Period | Principal-protected debt | ||
Long-term debt | ||
Long-term debt | $744,000,000 | $824,000,000 |
Fair_Value_Option_Structured_n
Fair Value Option - Structured note products by balance sheet classification and risk component (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | $55,099 | $52,829 |
Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 14,312 | 13,437 |
Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 4,546 | 4,473 |
Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 2,373 | 2,378 |
Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 29,490 | 29,175 |
Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 4,378 | 3,366 |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 30,368 | 30,089 |
Long-term debt | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 10,942 | 10,858 |
Long-term debt | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 4,120 | 4,023 |
Long-term debt | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 2,113 | 2,150 |
Long-term debt | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 12,430 | 12,348 |
Long-term debt | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 763 | 710 |
Other borrowed funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 14,050 | 14,177 |
Other borrowed funds | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 154 | 460 |
Other borrowed funds | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 426 | 450 |
Other borrowed funds | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 242 | 211 |
Other borrowed funds | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 12,464 | 12,412 |
Other borrowed funds | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 764 | 644 |
Deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 10,681 | 8,563 |
Deposits | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 3,216 | 2,119 |
Deposits | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 0 | 0 |
Deposits | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 18 | 17 |
Deposits | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 4,596 | 4,415 |
Deposits | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | $2,851 | $2,012 |
Derivative_Instruments_Notiona
Derivative Instruments - Notional Amount of Derivative Contracts (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Billions, unless otherwise specified | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | $56,923 | $63,662 |
Interest rate contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 41,604 | 48,085 |
Interest rate contracts | Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 24,446 | 29,734 |
Interest rate contracts | Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 9,572 | 10,189 |
Interest rate contracts | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 3,618 | 3,903 |
Interest rate contracts | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 3,968 | 4,259 |
Credit derivatives | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 3,991 | 4,249 |
Foreign exchange contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 9,607 | 9,585 |
Foreign exchange contracts | Cross-currency swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 3,184 | 3,346 |
Foreign exchange contracts | Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 4,809 | 4,669 |
Foreign exchange contracts | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 811 | 790 |
Foreign exchange contracts | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 803 | 780 |
Equity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 1,047 | 1,063 |
Equity contracts | Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 199 | 206 |
Equity contracts | Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 69 | 50 |
Equity contracts | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 416 | 432 |
Equity contracts | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 363 | 375 |
Commodity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 674 | 680 |
Commodity contracts | Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 126 | 126 |
Commodity contracts | Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 178 | 193 |
Commodity contracts | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | 180 | 181 |
Commodity contracts | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Total derivative notional amounts | $190 | $180 |
Derivative_Instruments_Impact_
Derivative Instruments - Impact on Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | $1,275,451 | $1,328,428 |
Derivative receivables balance | 81,574 | 78,975 |
Gross derivative payables | 1,265,881 | 1,310,773 |
Net derivative payables | 73,836 | 71,116 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 899,081 | 950,257 |
Derivative receivables balance | 36,148 | 33,725 |
Gross derivative payables | 866,023 | 918,379 |
Net derivative payables | 17,890 | 17,745 |
Credit derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 63,336 | 76,842 |
Derivative receivables balance | 1,528 | 1,838 |
Gross derivative payables | 62,425 | 75,895 |
Net derivative payables | 1,220 | 1,593 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 227,957 | 215,187 |
Derivative receivables balance | 25,696 | 21,253 |
Gross derivative payables | 242,779 | 224,614 |
Net derivative payables | 27,094 | 22,970 |
Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 45,889 | 42,489 |
Derivative receivables balance | 7,410 | 8,177 |
Gross derivative payables | 52,694 | 46,262 |
Net derivative payables | 13,190 | 11,740 |
Commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 39,188 | 43,653 |
Derivative receivables balance | 10,792 | 13,982 |
Gross derivative payables | 41,960 | 45,623 |
Net derivative payables | 14,442 | 17,068 |
Not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 1,265,420 | 1,318,904 |
Gross derivative payables | 1,261,402 | 1,306,968 |
Not designated as hedges | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 892,648 | 944,885 |
Gross derivative payables | 862,785 | 915,368 |
Not designated as hedges | Credit derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 63,336 | 76,842 |
Gross derivative payables | 62,425 | 75,895 |
Not designated as hedges | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 224,698 | 211,537 |
Gross derivative payables | 241,606 | 223,988 |
Not designated as hedges | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 45,889 | 42,489 |
Gross derivative payables | 52,694 | 46,262 |
Not designated as hedges | Commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 38,849 | 43,151 |
Gross derivative payables | 41,892 | 45,455 |
Designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 10,031 | 9,524 |
Gross derivative payables | 4,479 | 3,805 |
Designated as hedges | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 6,433 | 5,372 |
Gross derivative payables | 3,238 | 3,011 |
Designated as hedges | Credit derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 0 | 0 |
Gross derivative payables | 0 | 0 |
Designated as hedges | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 3,259 | 3,650 |
Gross derivative payables | 1,173 | 626 |
Designated as hedges | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 0 | 0 |
Gross derivative payables | 0 | 0 |
Designated as hedges | Commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 339 | 502 |
Gross derivative payables | $68 | $168 |
Derivative_Instruments_Derivat1
Derivative Instruments - Derivatives Netting (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | $1,255,124,000,000 | $1,307,711,000,000 |
Amounts netted on the Consolidated balance sheets | -1,193,877,000,000 | -1,249,453,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 61,247,000,000 | 58,258,000,000 |
Derivative receivables where an appropriate legal opinion has not been either sought or obtained | 20,327,000,000 | 20,717,000,000 |
Total derivative receivables recognized on the Consolidated Balance Sheets, Gross derivative receivables | 1,275,451,000,000 | 1,328,428,000,000 |
Total derivative receivables recognized on the Consolidated Balance Sheets, Net derivative receivables | 81,574,000,000 | 78,975,000,000 |
Net cash collateral payables | 78,200,000,000 | 74,000,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 1,249,500,000,000 | 1,291,703,000,000 |
Amounts netted on the Consolidated balance sheets | -1,192,045,000,000 | -1,239,657,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 57,455,000,000 | 52,046,000,000 |
Derivative payables where an appropriate legal opinion has not been either sought or obtained | 16,381,000,000 | 19,070,000,000 |
Total derivative payables recognized on the Consolidated Balance Sheets, Gross derivative payables | 1,265,881,000,000 | 1,310,773,000,000 |
Total derivative payables recognized on the Consolidated Balance Sheets, Net derivative payables | 73,836,000,000 | 71,116,000,000 |
Netted cash collateral receivables | 76,300,000,000 | 64,200,000,000 |
Interest rate contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 892,040,000,000 | 943,763,000,000 |
Amounts netted on the Consolidated balance sheets | -862,933,000,000 | -916,532,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 29,107,000,000 | 27,231,000,000 |
Total derivative receivables recognized on the Consolidated Balance Sheets, Gross derivative receivables | 899,081,000,000 | 950,257,000,000 |
Total derivative receivables recognized on the Consolidated Balance Sheets, Net derivative receivables | 36,148,000,000 | 33,725,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 864,289,000,000 | 914,422,000,000 |
Amounts netted on the Consolidated balance sheets | -848,133,000,000 | -900,634,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 16,156,000,000 | 13,788,000,000 |
Total derivative payables recognized on the Consolidated Balance Sheets, Gross derivative payables | 866,023,000,000 | 918,379,000,000 |
Total derivative payables recognized on the Consolidated Balance Sheets, Net derivative payables | 17,890,000,000 | 17,745,000,000 |
Interest rate contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 557,852,000,000 | 542,107,000,000 |
Amounts netted on the Consolidated balance sheets | -528,790,000,000 | -514,914,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 29,062,000,000 | 27,193,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 533,216,000,000 | 515,904,000,000 |
Amounts netted on the Consolidated balance sheets | -518,203,000,000 | -503,384,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 15,013,000,000 | 12,520,000,000 |
Interest rate contracts | OTC-cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 334,188,000,000 | 401,656,000,000 |
Amounts netted on the Consolidated balance sheets | -334,143,000,000 | -401,618,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 45,000,000 | 38,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 331,073,000,000 | 398,518,000,000 |
Amounts netted on the Consolidated balance sheets | -329,930,000,000 | -397,250,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 1,143,000,000 | 1,268,000,000 |
Interest rate contracts | Exchange traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 0 | 0 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Derivative payables with appropriate legal opinions, Net derivative payables | 0 | 0 |
Credit derivatives | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 62,449,000,000 | 75,956,000,000 |
Amounts netted on the Consolidated balance sheets | -61,808,000,000 | -75,004,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 641,000,000 | 952,000,000 |
Total derivative receivables recognized on the Consolidated Balance Sheets, Gross derivative receivables | 63,336,000,000 | 76,842,000,000 |
Total derivative receivables recognized on the Consolidated Balance Sheets, Net derivative receivables | 1,528,000,000 | 1,838,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 61,462,000,000 | 74,830,000,000 |
Amounts netted on the Consolidated balance sheets | -61,205,000,000 | -74,302,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 257,000,000 | 528,000,000 |
Total derivative payables recognized on the Consolidated Balance Sheets, Gross derivative payables | 62,425,000,000 | 75,895,000,000 |
Total derivative payables recognized on the Consolidated Balance Sheets, Net derivative payables | 1,220,000,000 | 1,593,000,000 |
Credit derivatives | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 51,432,000,000 | 66,636,000,000 |
Amounts netted on the Consolidated balance sheets | -50,822,000,000 | -65,720,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 610,000,000 | 916,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 50,278,000,000 | 65,432,000,000 |
Amounts netted on the Consolidated balance sheets | -50,021,000,000 | -64,904,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 257,000,000 | 528,000,000 |
Credit derivatives | OTC-cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 11,017,000,000 | 9,320,000,000 |
Amounts netted on the Consolidated balance sheets | -10,986,000,000 | -9,284,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 31,000,000 | 36,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 11,184,000,000 | 9,398,000,000 |
Amounts netted on the Consolidated balance sheets | -11,184,000,000 | -9,398,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 0 | 0 |
Foreign exchange contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 220,460,000,000 | 208,839,000,000 |
Amounts netted on the Consolidated balance sheets | -202,261,000,000 | -193,934,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 18,199,000,000 | 14,905,000,000 |
Total derivative receivables recognized on the Consolidated Balance Sheets, Gross derivative receivables | 227,957,000,000 | 215,187,000,000 |
Total derivative receivables recognized on the Consolidated Balance Sheets, Net derivative receivables | 25,696,000,000 | 21,253,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 236,318,000,000 | 218,064,000,000 |
Amounts netted on the Consolidated balance sheets | -215,685,000,000 | -201,644,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 20,633,000,000 | 16,420,000,000 |
Total derivative payables recognized on the Consolidated Balance Sheets, Gross derivative payables | 242,779,000,000 | 224,614,000,000 |
Total derivative payables recognized on the Consolidated Balance Sheets, Net derivative payables | 27,094,000,000 | 22,970,000,000 |
Foreign exchange contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 220,375,000,000 | 208,803,000,000 |
Amounts netted on the Consolidated balance sheets | -202,176,000,000 | -193,900,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 18,199,000,000 | 14,903,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 236,193,000,000 | 217,998,000,000 |
Amounts netted on the Consolidated balance sheets | -215,560,000,000 | -201,578,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 20,633,000,000 | 16,420,000,000 |
Foreign exchange contracts | OTC-cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 85,000,000 | 36,000,000 |
Amounts netted on the Consolidated balance sheets | -85,000,000 | -34,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 0 | 2,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 125,000,000 | 66,000,000 |
Amounts netted on the Consolidated balance sheets | -125,000,000 | -66,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 0 | 0 |
Foreign exchange contracts | Exchange traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 0 | 0 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Derivative payables with appropriate legal opinions, Net derivative payables | 0 | 0 |
Equity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 42,148,000,000 | 37,098,000,000 |
Amounts netted on the Consolidated balance sheets | -38,479,000,000 | -34,312,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 3,669,000,000 | 2,786,000,000 |
Total derivative receivables recognized on the Consolidated Balance Sheets, Gross derivative receivables | 45,889,000,000 | 42,489,000,000 |
Total derivative receivables recognized on the Consolidated Balance Sheets, Net derivative receivables | 7,410,000,000 | 8,177,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 47,438,000,000 | 40,772,000,000 |
Amounts netted on the Consolidated balance sheets | -39,504,000,000 | -34,522,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 7,934,000,000 | 6,250,000,000 |
Total derivative payables recognized on the Consolidated Balance Sheets, Gross derivative payables | 52,694,000,000 | 46,262,000,000 |
Total derivative payables recognized on the Consolidated Balance Sheets, Net derivative payables | 13,190,000,000 | 11,740,000,000 |
Equity contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 25,632,000,000 | 23,258,000,000 |
Amounts netted on the Consolidated balance sheets | -24,554,000,000 | -22,826,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 1,078,000,000 | 432,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 32,341,000,000 | 27,908,000,000 |
Amounts netted on the Consolidated balance sheets | -25,579,000,000 | -23,036,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 6,762,000,000 | 4,872,000,000 |
Equity contracts | OTC-cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 0 | 0 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Derivative payables with appropriate legal opinions, Net derivative payables | 0 | 0 |
Equity contracts | Exchange traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 16,516,000,000 | 13,840,000,000 |
Amounts netted on the Consolidated balance sheets | -13,925,000,000 | -11,486,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 2,591,000,000 | 2,354,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 15,097,000,000 | 12,864,000,000 |
Amounts netted on the Consolidated balance sheets | -13,925,000,000 | -11,486,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 1,172,000,000 | 1,378,000,000 |
Commodity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 38,027,000,000 | 42,055,000,000 |
Amounts netted on the Consolidated balance sheets | -28,396,000,000 | -29,671,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 9,631,000,000 | 12,384,000,000 |
Total derivative receivables recognized on the Consolidated Balance Sheets, Gross derivative receivables | 39,188,000,000 | 43,653,000,000 |
Total derivative receivables recognized on the Consolidated Balance Sheets, Net derivative receivables | 10,792,000,000 | 13,982,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 39,993,000,000 | 43,615,000,000 |
Amounts netted on the Consolidated balance sheets | -27,518,000,000 | -28,555,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 12,475,000,000 | 15,060,000,000 |
Total derivative payables recognized on the Consolidated Balance Sheets, Gross derivative payables | 41,960,000,000 | 45,623,000,000 |
Total derivative payables recognized on the Consolidated Balance Sheets, Net derivative payables | 14,442,000,000 | 17,068,000,000 |
Commodity contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 19,526,000,000 | 22,555,000,000 |
Amounts netted on the Consolidated balance sheets | -10,757,000,000 | -14,327,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 8,769,000,000 | 8,228,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 22,060,000,000 | 25,129,000,000 |
Amounts netted on the Consolidated balance sheets | -9,879,000,000 | -13,211,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | 12,181,000,000 | 11,918,000,000 |
Commodity contracts | OTC-cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 0 | 0 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Derivative payables with appropriate legal opinions, Net derivative payables | 0 | 0 |
Commodity contracts | Exchange traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Derivative receivables with appropriate legal opinion, Gross derivative receivables | 18,501,000,000 | 19,500,000,000 |
Amounts netted on the Consolidated balance sheets | -17,639,000,000 | -15,344,000,000 |
Derivative receivables with appropriate legal opinion, Net derivative receivables | 862,000,000 | 4,156,000,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Derivative payables with appropriate legal opinions, Gross derivative payables | 17,933,000,000 | 18,486,000,000 |
Amounts netted on the Consolidated balance sheets | -17,639,000,000 | -15,344,000,000 |
Derivative payables with appropriate legal opinions, Net derivative payables | $294,000,000 | $3,142,000,000 |
Derivative_Instruments_Derivat2
Derivative Instruments - Derivatives Collateral (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivative receivable collateral: | ||
Net derivative receivables | $61,247 | $58,258 |
Collateral not nettable on the Consolidated balance sheets | -15,630 | -16,194 |
Net exposure | 45,617 | 42,064 |
Derivative payable collateral: | ||
Net derivative payables | 57,455 | 52,046 |
Collateral not nettable on the Consolidated balance sheets | -12,983 | -10,505 |
Net amount | $44,472 | $41,541 |
Derivative_Instruments_Liquidi
Derivative Instruments - Liquidity Risk and Credit-Related Contingent Features (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
OTC and OTC-cleared derivative payables containing downgrade triggers: | ||
Aggregate fair value of net derivative payables | $37,439 | $32,303 |
Collateral posted | 31,256 | 27,585 |
Single-notch downgrade | ||
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives: | ||
Amount of additional collateral to be posted upon downgrade | 1,037 | 1,046 |
Amount required to settle contracts with termination triggers upon downgrade | 291 | 366 |
Two-notch downgrade | ||
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives: | ||
Amount of additional collateral to be posted upon downgrade | 3,750 | 3,331 |
Amount required to settle contracts with termination triggers upon downgrade | $1,144 | $1,388 |
Derivative_Instruments_Impact_1
Derivative Instruments - Impact on Statements of Income, Fair Value Hedges (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Gains/(losses) recorded in income | ||
Derivatives | $7,403 | $525 |
Hedged items | -7,015 | -221 |
Total income statement impact | 388 | 304 |
Income statement impact due to: | ||
Hedge ineffectiveness | 11 | 44 |
Excluded components | 377 | 260 |
Interest rate contracts | ||
Gains/(losses) recorded in income | ||
Derivatives | 606 | 743 |
Hedged items | -248 | -407 |
Total income statement impact | 358 | 336 |
Income statement impact due to: | ||
Hedge ineffectiveness | 17 | 29 |
Excluded components | 341 | 307 |
Foreign exchange contracts | ||
Gains/(losses) recorded in income | ||
Derivatives | 6,475 | -398 |
Hedged items | -6,459 | 324 |
Total income statement impact | 16 | -74 |
Income statement impact due to: | ||
Hedge ineffectiveness | 0 | 0 |
Excluded components | 16 | -74 |
Commodity contracts | ||
Gains/(losses) recorded in income | ||
Derivatives | 322 | 180 |
Hedged items | -308 | -138 |
Total income statement impact | 14 | 42 |
Income statement impact due to: | ||
Hedge ineffectiveness | -6 | 15 |
Excluded components | $20 | $27 |
Derivative_Instruments_Impact_2
Derivative Instruments - Impact on Statements of Income, Cash Flow Hedges (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||
Planned reduction of non-operating deposits by the end of 2015 announced in February, 2015 | $100,000,000,000 | |
Net losses reclassified from AOCI to other income | 150,000,000 | |
Recognition of gain (loss) related to cash flow hedges in Income | -4,000,000 | |
Maximum length of time hedged in forecasted transactions | 9 years | |
Cash Flow Hedging | ||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||
Derivatives - effective portion reclassified from AOCI to income | -175,000,000 | -27,000,000 |
Hedge ineffectiveness recorded directly in income | 0 | 0 |
Total income statement impact | -175,000,000 | -27,000,000 |
Effective portion recorded in OCI | -49,000,000 | 72,000,000 |
Total change in OCI for period | 126,000,000 | 99,000,000 |
Cash Flow Hedging | Interest rate contracts | ||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||
Derivatives - effective portion reclassified from AOCI to income | -149,000,000 | -26,000,000 |
Hedge ineffectiveness recorded directly in income | 0 | 0 |
Total income statement impact | -149,000,000 | -26,000,000 |
Effective portion recorded in OCI | 3,000,000 | 63,000,000 |
Total change in OCI for period | 152,000,000 | 89,000,000 |
Cash Flow Hedging | Foreign exchange contracts | ||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||
Derivatives - effective portion reclassified from AOCI to income | -26,000,000 | -1,000,000 |
Hedge ineffectiveness recorded directly in income | 0 | 0 |
Total income statement impact | -26,000,000 | -1,000,000 |
Effective portion recorded in OCI | -52,000,000 | 9,000,000 |
Total change in OCI for period | ($26,000,000) | $10,000,000 |
Derivative_Instruments_Impact_3
Derivative Instruments - Impact on Statements of Income, Net Investment Hedges (Details) (Net Investment Hedging, Foreign exchange contracts, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Investment Hedging | Foreign exchange contracts | ||
Net investment hedge gains and losses [Abstract] | ||
Excluded components recorded directly in income | ($99) | ($105) |
Effective portion recorded in OCI | $993 | ($154) |
Derivative_Instruments_Impact_4
Derivative Instruments - Impact on Statements of Income, Risk Management Derivatives (Details) (Risk Management Activities, Not designated as hedges, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||
Total income statement impact | $621 | $684 |
Interest rate contracts | ||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||
Total income statement impact | 683 | 518 |
Credit derivatives | ||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||
Total income statement impact | -14 | -17 |
Foreign exchange contracts | ||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||
Total income statement impact | -12 | 0 |
Commodity contracts | ||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||
Total income statement impact | ($36) | $183 |
Derivative_Instruments_Credit_
Derivative Instruments - Credit Derivatives (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Total credit derivatives and credit-related notes | ||
Protection sold | ($1,970,234) | ($2,100,303) |
Protection purchased with identical underlyings | 1,983,517 | 2,110,144 |
Net protection (sold)/purchased | 13,283 | 9,841 |
Other protection purchased | 41,658 | 41,810 |
Total credit derivatives | ||
Total credit derivatives and credit-related notes | ||
Protection sold | -1,970,214 | -2,100,263 |
Protection purchased with identical underlyings | 1,983,517 | 2,110,144 |
Net protection (sold)/purchased | 13,303 | 9,881 |
Other protection purchased | 37,316 | 38,106 |
Credit default swaps | ||
Total credit derivatives and credit-related notes | ||
Protection sold | -1,923,729 | -2,056,982 |
Protection purchased with identical underlyings | 1,950,481 | 2,078,096 |
Net protection (sold)/purchased | 26,752 | 21,114 |
Other protection purchased | 17,202 | 18,631 |
Other credit derivatives | ||
Total credit derivatives and credit-related notes | ||
Protection sold | -46,485 | -43,281 |
Protection purchased with identical underlyings | 33,036 | 32,048 |
Net protection (sold)/purchased | -13,449 | -11,233 |
Other protection purchased | 20,114 | 19,475 |
Credit-related notes | ||
Total credit derivatives and credit-related notes | ||
Protection sold | -20 | -40 |
Protection purchased with identical underlyings | 0 | 0 |
Net protection (sold)/purchased | -20 | -40 |
Other protection purchased | $4,342 | $3,704 |
Derivative_Instruments_Credit_1
Derivative Instruments - Credit Derivatives, Protection Sold, Notional and Fair Value (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile - less than one year | ($441,436) | ($480,679) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - from one to five years | -1,393,957 | -1,515,091 |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - more than five years | -134,841 | -104,533 |
Total notional amount | -1,970,234 | -2,100,303 |
Net fair value | 26,621 | 17,675 |
Investment-grade | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile - less than one year | -301,079 | -323,398 |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - from one to five years | -1,012,598 | -1,118,293 |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - more than five years | -101,819 | -79,486 |
Total notional amount | -1,415,496 | -1,521,177 |
Net fair value | 20,542 | 19,453 |
Noninvestment-grade | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile - less than one year | -140,357 | -157,281 |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - from one to five years | -381,359 | -396,798 |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - more than five years | -33,022 | -25,047 |
Total notional amount | -554,738 | -579,126 |
Net fair value | 6,079 | -1,778 |
Trading liabilities | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Fair value of payables | -17,663 | -28,769 |
Trading liabilities | Investment-grade | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Fair value of payables | -3,289 | -6,314 |
Trading liabilities | Noninvestment-grade | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Fair value of payables | -14,374 | -22,455 |
Trading assets | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Fair value of receivables | 44,284 | 46,444 |
Trading assets | Investment-grade | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Fair value of receivables | 23,831 | 25,767 |
Trading assets | Noninvestment-grade | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Fair value of receivables | $20,453 | $20,677 |
Noninterest_Revenue_Details
Noninterest Revenue (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Components of investment banking fees [Abstract] | ||
Underwriting | $1,252 | $1,036 |
Advisory | 542 | 384 |
Total investment banking fees | 1,794 | 1,420 |
Principal transactions revenue | ||
Trading revenue | 3,532 | 2,900 |
Private equity gains | 123 | 422 |
Principal transactions | 3,655 | 3,322 |
Asset management: | ||
Investment management fees | 2,274 | 2,096 |
All other asset management fees | 99 | 123 |
Asset Management Fees | 2,373 | 2,219 |
Total administration fees | 507 | 527 |
Commission and other fees: | ||
Brokerage commissions | 594 | 632 |
All other commissions and fees | 333 | 458 |
Total commissions and fees | 927 | 1,090 |
Total asset management, administration and commissions | 3,807 | 3,836 |
Operating lease income | 469 | 398 |
Interest rate | ||
Principal transactions revenue | ||
Trading revenue | 886 | 355 |
Credit | ||
Principal transactions revenue | ||
Trading revenue | 415 | 526 |
Foreign exchange | ||
Principal transactions revenue | ||
Trading revenue | 844 | 526 |
Equity | ||
Principal transactions revenue | ||
Trading revenue | 1,048 | 805 |
Commodity | ||
Principal transactions revenue | ||
Trading revenue | 339 | 688 |
Equity securities | ||
Components of investment banking fees [Abstract] | ||
Underwriting | 399 | 353 |
Debt securities | ||
Components of investment banking fees [Abstract] | ||
Underwriting | $853 | $683 |
Interest_Income_and_Interest_E2
Interest Income and Interest Expense (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income | ||
Loans | $7,947 | $8,039 |
Taxable securities | 1,724 | 1,902 |
Non-taxable securities | 398 | 315 |
Total securities | 2,122 | 2,217 |
Trading assets | 1,734 | 1,771 |
Federal funds sold and securities purchased under resale agreements | 396 | 436 |
Securities borrowed | -120 | -88 |
Deposits with banks | 341 | 256 |
Other assets | 145 | 162 |
Total interest income | 12,565 | 12,793 |
Interest expense | ||
Interest-bearing deposits | 364 | 426 |
Short-term and other liabilities | 332 | 428 |
Long-term debt | 1,094 | 1,167 |
Beneficial interests issued by consolidated VIEs | 98 | 105 |
Total interest expense | 1,888 | 2,126 |
Net interest income | 10,677 | 10,667 |
Provision for credit losses | 959 | 850 |
Net interest income after provision for credit losses | $9,718 | $9,817 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Employee Benefit Plans - Net Periodic Benefit Costs (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension plans, U.S. | ||
Amortization: | ||
Total defined contribution plans | $89 | $108 |
Pension plans, Non-U.S. | ||
Amortization: | ||
Total defined contribution plans | 83 | 80 |
Pension plans, U.S. | ||
Components of net periodic benefit cost | ||
Benefits earned during the period | 85 | 70 |
Interest cost on benefit obligations | 125 | 134 |
Expected return on plan assets | -232 | -246 |
Amortization: | ||
Net (gain)/loss | 62 | 6 |
Prior service cost/(credit) | -9 | -10 |
Net periodic defined benefit cost | 31 | -46 |
Other defined benefit pension plans | 3 | 3 |
Total defined benefit plans | 34 | -43 |
Total pension and OPEB cost included in compensation expense | 123 | 65 |
Pension plans, Non-U.S. | ||
Components of net periodic benefit cost | ||
Benefits earned during the period | 9 | 9 |
Interest cost on benefit obligations | 28 | 34 |
Expected return on plan assets | -38 | -44 |
Amortization: | ||
Net (gain)/loss | 9 | 12 |
Prior service cost/(credit) | 0 | 0 |
Net periodic defined benefit cost | 8 | 11 |
Other defined benefit pension plans | 5 | 2 |
Total defined benefit plans | 13 | 13 |
Total pension and OPEB cost included in compensation expense | 96 | 93 |
OPEB plans | ||
Components of net periodic benefit cost | ||
Benefits earned during the period | 0 | 0 |
Interest cost on benefit obligations | 8 | 9 |
Expected return on plan assets | -26 | -25 |
Amortization: | ||
Net (gain)/loss | 0 | 0 |
Prior service cost/(credit) | 0 | 0 |
Net periodic defined benefit cost | -18 | -16 |
Total defined benefit plans | -18 | -16 |
Total pension and OPEB cost included in compensation expense | ($18) | ($16) |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Employee Benefit Plans (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
U S Defined Benefit Pension And OPEB Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $16,700,000,000 | $16,500,000,000 |
Pension plans, Non-U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,700,000,000 | 3,700,000,000 |
U.S. non-qualified defined benefit pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit pension plan, non-U.S., expected contribution | 33,000,000 | |
Non-U.S. defined benefit pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated future employer contributions in next fiscal year | 47,000,000 | |
OPEB plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated future employer contributions in next fiscal year | $2,000,000 |
Employee_Stock_Based_Incentive2
Employee Stock Based Incentives - Compensation Expense (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Cost of prior grants of restricted stock units (“RSUsâ€) and stock appreciation rights (“SARsâ€) that are amortized over their applicable vesting periods | $292 | $410 |
Accrual of estimated costs of stock awards to be granted in future periods including those to full-career eligible employees | 273 | 208 |
Total noncash compensation expense related to employee stock-based incentive plans | $565 | $618 |
Employee_Stock_Based_Incentive3
Employee Stock Based Incentives - RSUs (Details) (Restricted Stock Units (RSUs), USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period (in shares) | 34 |
Grants in period, weighted average grant date fair value (in dollars per share) | $55.91 |
Noninterest_Expense_Details
Noninterest Expense (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Components of noninterest expense [Abstract] | ||
Compensation expense | $8,043 | $7,859 |
Noncompensation expense: | ||
Occupancy expense | 933 | 952 |
Technology, communications and equipment expense | 1,491 | 1,411 |
Professional and outside services | 1,634 | 1,786 |
Marketing | 591 | 564 |
Other expense | 2,191 | 2,064 |
Total noncompensation expense | 6,840 | 6,777 |
Total noninterest expense | 14,883 | 14,636 |
Other expenses, additional details | ||
FDIC related expense | 318 | 293 |
Threatened or Pending Litigation | ||
Other expenses, additional details | ||
Loss contingency, loss in period | $687 |
Securities_Realized_Gain_Loss_
Securities - Realized Gain (Loss) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Securities gains and losses | ||||
Realized gains | $92 | $148 | ||
Realized losses | -39 | -115 | ||
Total credit losses recognized in income | -1 | -3 | ||
Net securities gains | 52 | [1] | 30 | [1] |
Credit related | ||||
Securities gains and losses | ||||
Total credit losses recognized in income | -1 | 0 | ||
Intent to sell | ||||
Securities gains and losses | ||||
Total credit losses recognized in income | $0 | ($3) | ||
[1] | (a)The Firm recognized other-than-temporary impairment (“OTTIâ€) losses of $1 million and $3 million for the three months ended March 31, 2015, and 2014, respectively. |
Securities_Amortized_Costs_Fai
Securities - Amortized Costs, Fair Value (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Available-for-sale Debt Securities: | ||
Amortized cost | $271,608 | $288,466 |
Gross unrealized gains | 8,230 | 8,143 |
Gross unrealized losses | 291 | 387 |
Fair value | 279,547 | 296,222 |
Available-for-sale Equity Securities: | ||
Amortized cost | 2,309 | 2,513 |
Gross unrealized gains | 16 | 17 |
Gross unrealized losses | 0 | 0 |
Fair value | 2,325 | 2,530 |
Available-for-sale Securities: | ||
Amortized cost | 273,917 | 290,979 |
Gross unrealized gains | 8,246 | 8,160 |
Gross unrealized losses | 291 | 387 |
Fair value | 281,872 | 298,752 |
Held-to-maturity Securities: | ||
Amortized cost | 49,264 | 49,252 |
Gross unrealized gains | 2,118 | 1,902 |
Gross unrealized losses | 12 | 0 |
Fair value | 51,370 | 51,154 |
Mortgage-backed securities | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 126,943 | 133,598 |
Gross unrealized gains | 3,909 | 3,842 |
Gross unrealized losses | 87 | 118 |
Fair value | 130,765 | 137,322 |
Mortgage-backed securities, U.S. government agencies | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 63,165 | 63,089 |
Gross unrealized gains | 2,443 | 2,302 |
Gross unrealized losses | 52 | 72 |
Fair value | 65,556 | 65,319 |
Mortgage-backed securities, Commercial | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 22,157 | 20,687 |
Gross unrealized gains | 461 | 438 |
Gross unrealized losses | 12 | 17 |
Fair value | 22,606 | 21,108 |
U.S. Treasury and government agencies | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 11,952 | 13,603 |
Gross unrealized gains | 29 | 56 |
Gross unrealized losses | 16 | 14 |
Fair value | 11,965 | 13,645 |
Obligations of U.S. states and municipalities | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 28,922 | 27,841 |
Gross unrealized gains | 2,302 | 2,243 |
Gross unrealized losses | 25 | 16 |
Fair value | 31,199 | 30,068 |
Held-to-maturity Securities: | ||
Amortized cost | 11,600 | 10,200 |
Certificates of deposit | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 1,021 | 1,103 |
Gross unrealized gains | 3 | 1 |
Gross unrealized losses | 1 | 1 |
Fair value | 1,023 | 1,103 |
Non-U.S. government debt securities | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 44,543 | 51,492 |
Gross unrealized gains | 1,330 | 1,272 |
Gross unrealized losses | 16 | 21 |
Fair value | 45,857 | 52,743 |
Corporate debt securities | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 16,850 | 18,158 |
Gross unrealized gains | 369 | 398 |
Gross unrealized losses | 28 | 24 |
Fair value | 17,191 | 18,532 |
Asset-backed securities, Collateralized loan obligations | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 29,664 | 30,229 |
Gross unrealized gains | 131 | 147 |
Gross unrealized losses | 112 | 182 |
Fair value | 29,683 | 30,194 |
Asset-backed securities, Other | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 11,713 | 12,442 |
Gross unrealized gains | 157 | 184 |
Gross unrealized losses | 6 | 11 |
Fair value | 11,864 | 12,615 |
US government-sponsored and enterprises obligations | ||
Available-for-sale Securities: | ||
Fair value | 55,000 | 59,300 |
Held-to-maturity Securities: | ||
Amortized cost | 34,200 | 35,300 |
US Government Corporations and Agencies | ||
Held-to-maturity Securities: | ||
Amortized cost | 3,400 | 3,700 |
Residential mortgage-backed securities | Residential mortgage-backed securities, Prime and Alt-A | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 6,433 | 5,595 |
Gross unrealized gains | 83 | 78 |
Gross unrealized losses | 22 | 29 |
Fair value | 6,494 | 5,644 |
Residential mortgage-backed securities | Residential mortgage-backed securities, Subprime | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 633 | 677 |
Gross unrealized gains | 13 | 14 |
Gross unrealized losses | 0 | 0 |
Fair value | 646 | 691 |
Residential mortgage-backed securities | Residential mortgage-backed securities, Non-U.S. | ||
Available-for-sale Debt Securities: | ||
Amortized cost | 34,555 | 43,550 |
Gross unrealized gains | 909 | 1,010 |
Gross unrealized losses | 1 | 0 |
Fair value | $35,463 | $44,560 |
Securities_Continuous_Unrealiz
Securities - Continuous Unrealized Loss Position (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Held-to-maturity Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | $878 | $0 |
Less than 12 months, Gross unrealized losses | 12 | 0 |
12 months or more, Fair value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 878 | 0 |
Total gross unrealized losses | 12 | 0 |
Investment Securities, Continuous Unrealized Loss Position: | ||
Less than 12 months, Fair value | 33,632 | 41,720 |
Less than 12 months, Gross unrealized losses | 161 | 173 |
12 months or more, Fair value | 14,450 | 15,614 |
12 months or more, Gross unrealized losses | 142 | 214 |
Total fair value | 48,082 | 57,334 |
Total gross unrealized losses | 303 | 387 |
Debt securities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 32,754 | 41,720 |
Less than 12 months, Gross unrealized losses | 149 | 173 |
12 months or more, Fair Value | 14,450 | 15,614 |
12 months or more, Gross unrealized losses | 142 | 214 |
Total fair value | 47,204 | 57,334 |
Total gross unrealized losses | 291 | 387 |
Mortgage-backed securities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 7,095 | 7,761 |
Less than 12 months, Gross unrealized losses | 43 | 30 |
12 months or more, Fair Value | 3,430 | 5,486 |
12 months or more, Gross unrealized losses | 44 | 88 |
Total fair value | 10,525 | 13,247 |
Total gross unrealized losses | 87 | 118 |
Mortgage-backed securities, U.S. government agencies | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 858 | 1,118 |
Less than 12 months, Gross unrealized losses | 23 | 5 |
12 months or more, Fair Value | 2,994 | 4,989 |
12 months or more, Gross unrealized losses | 29 | 67 |
Total fair value | 3,852 | 6,107 |
Total gross unrealized losses | 52 | 72 |
Mortgage-backed securities, Commercial | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 4,726 | 4,803 |
Less than 12 months, Gross unrealized losses | 12 | 15 |
12 months or more, Fair Value | 0 | 92 |
12 months or more, Gross unrealized losses | 0 | 2 |
Total fair value | 4,726 | 4,895 |
Total gross unrealized losses | 12 | 17 |
U.S. Treasury and government agencies | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 6,941 | 8,412 |
Less than 12 months, Gross unrealized losses | 16 | 14 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 6,941 | 8,412 |
Total gross unrealized losses | 16 | 14 |
Obligations of U.S. states and municipalities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 1,729 | 1,405 |
Less than 12 months, Gross unrealized losses | 22 | 15 |
12 months or more, Fair Value | 172 | 130 |
12 months or more, Gross unrealized losses | 3 | 1 |
Total fair value | 1,901 | 1,535 |
Total gross unrealized losses | 25 | 16 |
Certificates of deposit | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 740 | 1,050 |
Less than 12 months, Gross unrealized losses | 1 | 1 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 740 | 1,050 |
Total gross unrealized losses | 1 | 1 |
Non-U.S. government debt securities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 2,018 | 4,433 |
Less than 12 months, Gross unrealized losses | 7 | 4 |
12 months or more, Fair Value | 721 | 906 |
12 months or more, Gross unrealized losses | 9 | 17 |
Total fair value | 2,739 | 5,339 |
Total gross unrealized losses | 16 | 21 |
Corporate debt securities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 2,028 | 2,492 |
Less than 12 months, Gross unrealized losses | 26 | 22 |
12 months or more, Fair Value | 241 | 80 |
12 months or more, Gross unrealized losses | 2 | 2 |
Total fair value | 2,269 | 2,572 |
Total gross unrealized losses | 28 | 24 |
Asset-backed securities, Collateralized loan obligations | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 9,803 | 13,909 |
Less than 12 months, Gross unrealized losses | 28 | 76 |
12 months or more, Fair Value | 9,886 | 9,012 |
12 months or more, Gross unrealized losses | 84 | 106 |
Total fair value | 19,689 | 22,921 |
Total gross unrealized losses | 112 | 182 |
Asset-backed securities, Other | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 2,400 | 2,258 |
Less than 12 months, Gross unrealized losses | 6 | 11 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 2,400 | 2,258 |
Total gross unrealized losses | 6 | 11 |
Equity securities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 0 | 0 |
Less than 12 months, Gross unrealized losses | 0 | 0 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 0 | 0 |
Total gross unrealized losses | 0 | 0 |
Residential mortgage-backed securities | Residential mortgage-backed securities, Prime and Alt-A | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 914 | 1,840 |
Less than 12 months, Gross unrealized losses | 7 | 10 |
12 months or more, Fair Value | 436 | 405 |
12 months or more, Gross unrealized losses | 15 | 19 |
Total fair value | 1,350 | 2,245 |
Total gross unrealized losses | 22 | 29 |
Residential mortgage-backed securities | Residential mortgage-backed securities, Subprime | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 0 | 0 |
Less than 12 months, Gross unrealized losses | 0 | 0 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 0 | 0 |
Total gross unrealized losses | 0 | 0 |
Residential mortgage-backed securities | Residential mortgage-backed securities, Non-U.S. | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 597 | 0 |
Less than 12 months, Gross unrealized losses | 1 | 0 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 597 | 0 |
Total gross unrealized losses | $1 | $0 |
Securities_Changes_in_Credit_L
Securities - Changes in Credit Loss (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Changes in the credit loss component of credit-impaired debt securities, securities with no intent to sell [Abstract] | ||
Balance, beginning of period | $3 | $1 |
Additions: | ||
Newly credit-impaired securities | 1 | 0 |
Balance, end of period | $4 | $1 |
Securities_Amortized_Cost_Fair
Securities - Amortized Cost, Fair Value, by Contract Maturity (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis: | ||
Due in 1 year or less, amortized cost | $16,616 | |
Due after 1 year through 5 years, amortized cost | 38,509 | |
Due after 5 years through 10 years, amortized cost | 57,827 | |
Due after 10 years, amortized cost | 158,656 | |
Amortized cost | 271,608 | 288,466 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value: | ||
Due in 1 year or less, fair value | 16,675 | |
Due after 1 year through 5 years, fair value | 39,404 | |
Due after 5 years through 10 years, fair value | 59,046 | |
Due after 10 years, fair value | 164,422 | |
Available-for-sale, debt maturities, fair value, total | 279,547 | 296,222 |
Available For Sale Securities, Debt Maturities, Single Maturity Date, Average Yield: | ||
Due in 1 year or less, average yield | 2.89% | |
Due after 1 year through 5 years, average yield | 1.93% | |
Due after 5 years through 10 years, average yield | 1.55% | |
Due after 10 years, average yield | 3.44% | |
Available-for-sale, debt maturities, average yield, total | 2.79% | |
Available-for-sale Securities, Equity Maturities, Single Maturity Date, Amortized Cost Basis: | ||
Due in 1 year or less, amortized cost | 0 | |
Due after 1 year through 5 years, amortized cost | 0 | |
Due after 5 years through 10 years, amortized cost | 0 | |
Due after 10 years, amortized cost | 2,309 | |
Equity maturities, amortized cost, total | 2,309 | |
Available-for-sale Securities, Equity Maturities, Single Maturity Date, Fair Value: | ||
Due in 1 year or less, fair value | 0 | |
Due after 1 year through 5 years, fair value | 0 | |
Due after 5 years through 10 years, fair value | 0 | |
Due after 10 years, fair value | 2,325 | |
Available-for-sale securities, equity maturities, fair value, total | 2,325 | |
Available For Sale Securities, Equity Maturities, Single Maturity Date, Average Yield: | ||
Due in 1 year or less, average yield | 0.00% | |
Due after 1 year through 5 years, average yield | 0.00% | |
Due after 5 years through 10 years, average yield | 0.00% | |
Due after 10 years, average yield | 0.24% | |
Available-for-sale securities, equity maturities, average yield, total | 0.24% | |
Available-for-sale Securities, Maturities, Single Maturity Date, Amortized Cost Basis: | ||
Due in 1 year or less, amortized cost | 16,616 | |
Due after 1 year through 5 years, amortized cost | 38,509 | |
Due after 5 years through 10 years, amortized cost | 57,827 | |
Due after 10 years, amortized cost | 160,965 | |
Amortized cost | 273,917 | 290,979 |
Available-for-sale Securities, Maturities, Single Maturity Date, Fair Value: | ||
Due in 1 year or less, fair value | 16,675 | |
Due after 1 year through 5 years, fair value | 39,404 | |
Due after 5 years through 10 years, fair value | 59,046 | |
Due after 10 years, fair value | 166,747 | |
Fair value | 281,872 | 298,752 |
Available For Sale Securities, Maturities, Single Maturity Date, Average Yield: | ||
Due in 1 year or less, average yield | 2.89% | |
Due after 1 year through 5 years, average yield | 1.93% | |
Due after 5 years through 10 years, average yield | 1.55% | |
Due after 10 years, average yield | 3.39% | |
Available-for-sale securities, maturities, average yield, total | 2.76% | |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis: | ||
Due in 1 year or less, amortized cost | 0 | |
Due after 1 year through 5 years, amortized cost | 53 | |
Due after 5 years through 10 years, amortized cost | 603 | |
Due after 10 years, amortized cost | 48,608 | |
Amortized cost | 49,264 | 49,252 |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value: | ||
Due in 1 year or less, fair value | 0 | |
Due after 1 year through 5 years, fair value | 53 | |
Due after 5 years through 10 years, fair value | 634 | |
Due after 10 years, fair value | 50,683 | |
Held-to-maturity Securities, Fair Value | 51,370 | 51,154 |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Average Yield [Abstract] | ||
Due in 1 year or less, average yield | 0.00% | |
Due after 1 year through 5 years, average yield | 4.39% | |
Due after 5 years through 10 years, average yield | 4.94% | |
Due after 10 years, average yield | 4.01% | |
Held-to-maturity securities, maturities, average yield, total | 4.02% | |
Supplemental information | ||
US government agencies and US government sponsored enterprises residential mortgage-backed securities estimated duration | 5 years | |
US government agencies and US government sponsored enterprises residential collateralized mortgage obligations estimated duration | 3 years | |
U.S. nonagency residential collateralized mortgage obligations estimated duration | 5 years | |
Minimum | ||
Supplemental information | ||
Due period of mortgage-backed securities and collateralized mortgage obligations | 10 years | |
Mortgage-backed securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis: | ||
Due in 1 year or less, amortized cost | 876 | |
Due after 1 year through 5 years, amortized cost | 13,327 | |
Due after 5 years through 10 years, amortized cost | 5,423 | |
Due after 10 years, amortized cost | 107,317 | |
Amortized cost | 126,943 | 133,598 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value: | ||
Due in 1 year or less, fair value | 882 | |
Due after 1 year through 5 years, fair value | 13,628 | |
Due after 5 years through 10 years, fair value | 5,635 | |
Due after 10 years, fair value | 110,620 | |
Available-for-sale, debt maturities, fair value, total | 130,765 | 137,322 |
Available For Sale Securities, Debt Maturities, Single Maturity Date, Average Yield: | ||
Due in 1 year or less, average yield | 2.38% | |
Due after 1 year through 5 years, average yield | 1.73% | |
Due after 5 years through 10 years, average yield | 3.28% | |
Due after 10 years, average yield | 3.03% | |
Available-for-sale, debt maturities, average yield, total | 2.90% | |
U.S. Treasury and government agencies | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis: | ||
Due in 1 year or less, amortized cost | 600 | |
Due after 1 year through 5 years, amortized cost | 0 | |
Due after 5 years through 10 years, amortized cost | 10,169 | |
Due after 10 years, amortized cost | 1,183 | |
Amortized cost | 11,952 | 13,603 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value: | ||
Due in 1 year or less, fair value | 603 | |
Due after 1 year through 5 years, fair value | 0 | |
Due after 5 years through 10 years, fair value | 10,162 | |
Due after 10 years, fair value | 1,200 | |
Available-for-sale, debt maturities, fair value, total | 11,965 | 13,645 |
Available For Sale Securities, Debt Maturities, Single Maturity Date, Average Yield: | ||
Due in 1 year or less, average yield | 1.54% | |
Due after 1 year through 5 years, average yield | 0.00% | |
Due after 5 years through 10 years, average yield | 0.21% | |
Due after 10 years, average yield | 0.38% | |
Available-for-sale, debt maturities, average yield, total | 0.29% | |
Obligations of U.S. states and municipalities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis: | ||
Due in 1 year or less, amortized cost | 55 | |
Due after 1 year through 5 years, amortized cost | 516 | |
Due after 5 years through 10 years, amortized cost | 1,468 | |
Due after 10 years, amortized cost | 26,883 | |
Amortized cost | 28,922 | 27,841 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value: | ||
Due in 1 year or less, fair value | 55 | |
Due after 1 year through 5 years, fair value | 533 | |
Due after 5 years through 10 years, fair value | 1,551 | |
Due after 10 years, fair value | 29,060 | |
Available-for-sale, debt maturities, fair value, total | 31,199 | 30,068 |
Available For Sale Securities, Debt Maturities, Single Maturity Date, Average Yield: | ||
Due in 1 year or less, average yield | 2.96% | |
Due after 1 year through 5 years, average yield | 5.05% | |
Due after 5 years through 10 years, average yield | 4.88% | |
Due after 10 years, average yield | 6.68% | |
Available-for-sale, debt maturities, average yield, total | 6.56% | |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis: | ||
Amortized cost | 11,600 | 10,200 |
Certificates of deposit | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis: | ||
Due in 1 year or less, amortized cost | 969 | |
Due after 1 year through 5 years, amortized cost | 52 | |
Due after 5 years through 10 years, amortized cost | 0 | |
Due after 10 years, amortized cost | 0 | |
Amortized cost | 1,021 | 1,103 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value: | ||
Due in 1 year or less, fair value | 970 | |
Due after 1 year through 5 years, fair value | 53 | |
Due after 5 years through 10 years, fair value | 0 | |
Due after 10 years, fair value | 0 | |
Available-for-sale, debt maturities, fair value, total | 1,023 | 1,103 |
Available For Sale Securities, Debt Maturities, Single Maturity Date, Average Yield: | ||
Due in 1 year or less, average yield | 3.00% | |
Due after 1 year through 5 years, average yield | 3.28% | |
Due after 5 years through 10 years, average yield | 0.00% | |
Due after 10 years, average yield | 0.00% | |
Available-for-sale, debt maturities, average yield, total | 3.02% | |
Non-U.S. government debt securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis: | ||
Due in 1 year or less, amortized cost | 10,455 | |
Due after 1 year through 5 years, amortized cost | 13,934 | |
Due after 5 years through 10 years, amortized cost | 17,842 | |
Due after 10 years, amortized cost | 2,312 | |
Amortized cost | 44,543 | 51,492 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value: | ||
Due in 1 year or less, fair value | 10,481 | |
Due after 1 year through 5 years, fair value | 14,282 | |
Due after 5 years through 10 years, fair value | 18,598 | |
Due after 10 years, fair value | 2,496 | |
Available-for-sale, debt maturities, fair value, total | 45,857 | 52,743 |
Available For Sale Securities, Debt Maturities, Single Maturity Date, Average Yield: | ||
Due in 1 year or less, average yield | 3.24% | |
Due after 1 year through 5 years, average yield | 1.81% | |
Due after 5 years through 10 years, average yield | 1.07% | |
Due after 10 years, average yield | 0.99% | |
Available-for-sale, debt maturities, average yield, total | 1.81% | |
Corporate debt securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis: | ||
Due in 1 year or less, amortized cost | 3,661 | |
Due after 1 year through 5 years, amortized cost | 8,991 | |
Due after 5 years through 10 years, amortized cost | 4,066 | |
Due after 10 years, amortized cost | 132 | |
Amortized cost | 16,850 | 18,158 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value: | ||
Due in 1 year or less, fair value | 3,684 | |
Due after 1 year through 5 years, fair value | 9,208 | |
Due after 5 years through 10 years, fair value | 4,165 | |
Due after 10 years, fair value | 134 | |
Available-for-sale, debt maturities, fair value, total | 17,191 | 18,532 |
Available For Sale Securities, Debt Maturities, Single Maturity Date, Average Yield: | ||
Due in 1 year or less, average yield | 2.20% | |
Due after 1 year through 5 years, average yield | 2.28% | |
Due after 5 years through 10 years, average yield | 2.60% | |
Due after 10 years, average yield | 4.26% | |
Available-for-sale, debt maturities, average yield, total | 2.36% | |
Asset-backed securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis: | ||
Due in 1 year or less, amortized cost | 0 | |
Due after 1 year through 5 years, amortized cost | 1,689 | |
Due after 5 years through 10 years, amortized cost | 18,859 | |
Due after 10 years, amortized cost | 20,829 | |
Amortized cost | 41,377 | |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value: | ||
Due in 1 year or less, fair value | 0 | |
Due after 1 year through 5 years, fair value | 1,700 | |
Due after 5 years through 10 years, fair value | 18,935 | |
Due after 10 years, fair value | 20,912 | |
Available-for-sale, debt maturities, fair value, total | $41,547 | |
Available For Sale Securities, Debt Maturities, Single Maturity Date, Average Yield: | ||
Due in 1 year or less, average yield | 0.00% | |
Due after 1 year through 5 years, average yield | 1.62% | |
Due after 5 years through 10 years, average yield | 1.73% | |
Due after 10 years, average yield | 1.77% | |
Available-for-sale, debt maturities, average yield, total | 1.74% |
Securities_Financing_Activitie2
Securities Financing Activities - Schedule of securities purchased under resale agreements, netting & securities borrowed (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Securities purchased under resale agreements: | ||
Securities purchased under resale agreements with an appropriate legal opinion | $372,595,000,000 | $347,142,000,000 |
Amounts netted on the Consolidated Balance Sheets | -159,758,000,000 | -142,719,000,000 |
Securities purchased under resale agreements with an appropriate legal opinion, Net asset balance | 212,837,000,000 | 204,423,000,000 |
Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained | 6,127,000,000 | 10,598,000,000 |
Total securities purchased under resale agreements, gross asset balance | 378,722,000,000 | 357,740,000,000 |
Total securities purchased under resale agreements, net asset balance | 218,964,000,000 | 215,021,000,000 |
Securities borrowed | 108,376,000,000 | 110,435,000,000 |
Securities borrowed where an appropriate legal opinion has not been either sought or obtained | 23,600,000,000 | 27,700,000,000 |
Securities Financing Transaction, Fair Value | ||
Securities purchased under resale agreements: | ||
Total securities purchased under resale agreements, net asset balance | 29,300,000,000 | 28,600,000,000 |
Securities borrowed, fair value | $792,000,000 | $992,000,000 |
Securities_Financing_Activitie3
Securities Financing Activities - Schedule of securities purchased under resale agreements & securities borrowed collateral netting (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Securities purchased under resale agreements with an appropriate legal opinion: | ||
Net asset balance | $212,837 | $204,423 |
Amounts not nettable on the Consolidated Balance Sheets, Financial instruments | -209,548 | -201,375 |
Amounts not nettable on the Consolidated Balance Sheets, Cash collateral | -207 | -246 |
Net exposure | 3,082 | 2,802 |
Securities borrowed: | ||
Net asset balance | 84,744 | 82,748 |
Amounts not nettable on the Consolidated Balance Sheets, Financial instruments | -81,603 | -80,338 |
Amounts not nettable on the Consolidated Balance Sheets, Cash collateral | 0 | 0 |
Net exposure | $3,141 | $2,410 |
Securities_Financing_Activitie4
Securities Financing Activities - Schedule of securities sold under repurchase agreements, netting & securities loaned (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements with an appropriate legal opinion | $318,721,000,000 | $290,529,000,000 |
Amounts netted on the Consolidated balance sheets | -159,758,000,000 | -142,719,000,000 |
Securities sold under repurchase agreements with an appropriate legal opinion, Net liability balance | 158,963,000,000 | 147,810,000,000 |
Securities sold under repurchase agreements where an appropriate legal opinion has not been either sought or obtained(a) | 17,654,000,000 | 21,996,000,000 |
Total securities sold under repurchase agreements, gross liability balance | 336,375,000,000 | 312,525,000,000 |
Total securities sold under repurchase agreements, net liability balance | 176,617,000,000 | 169,806,000,000 |
Securities loaned including not subject to master netting arrangement | 25,179,000,000 | 25,927,000,000 |
Securities loaned where an appropriate legal opinion has not been either sought or obtained | 30,000,000 | 271,000,000 |
Securities-For-Securities Borrow Versus Pledge Transactions | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | 5,700,000,000 | 4,100,000,000 |
Securities Financing Transaction, Fair Value | ||
Securities Financing Transaction [Line Items] | ||
Total securities sold under repurchase agreements, net liability balance | 3,600,000,000 | 3,000,000,000 |
Securities loaned | $0 | $0 |
Securities_Financing_Activitie5
Securities Financing Activities - Schedule of securities sold under repurchase agreements & securities loaned collateral netting (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Securities sold under repurchase agreements with an appropriate legal opinion: | ||
Net liability balance | $158,963,000,000 | $147,810,000,000 |
Amounts not nettable on the Consolidated balance sheets, Financial Instruments | -157,232,000,000 | -145,732,000,000 |
Amounts not nettable on the Consolidated balance sheets, Cash collateral | -362,000,000 | -497,000,000 |
Net amount | 1,369,000,000 | 1,581,000,000 |
Securities loaned: | ||
Net liability | 25,149,000,000 | 25,656,000,000 |
Amounts not nettable on the Consolidated balance sheets, Financial Instruments | -24,866,000,000 | -25,287,000,000 |
Amounts not nettable on the Consolidated balance sheets, Cash collateral | 0 | 0 |
Net amount | 283,000,000 | 369,000,000 |
Transfers not qualifying for sale accounting | $13,800,000,000 | $13,800,000,000 |
Loans_By_Portfolio_Segment_Det
Loans - By Portfolio Segment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Loan balances by portfolio segment: | |||
Total retained loans | $756,971,000,000 | $747,508,000,000 | $721,160,000,000 |
Held-for-sale | 4,924,000,000 | 7,217,000,000 | |
At fair value | 2,290,000,000 | 2,611,000,000 | |
Loans | 764,185,000,000 | 757,336,000,000 | |
Loans and leases receivable deferred costs | 1,200,000,000 | 1,300,000,000 | |
Consumer, excluding credit card | |||
Loan balances by portfolio segment: | |||
Total retained loans | 304,917,000,000 | 294,979,000,000 | 287,930,000,000 |
Held-for-sale | 298,000,000 | 395,000,000 | |
At fair value | 0 | 0 | |
Loans | 305,215,000,000 | 295,374,000,000 | |
Credit card | |||
Loan balances by portfolio segment: | |||
Total retained loans | 120,835,000,000 | 128,027,000,000 | 121,512,000,000 |
Held-for-sale | 2,422,000,000 | 3,021,000,000 | |
At fair value | 0 | 0 | |
Loans | 123,257,000,000 | 131,048,000,000 | |
Wholesale | |||
Loan balances by portfolio segment: | |||
Total retained loans | 331,219,000,000 | 324,502,000,000 | 311,718,000,000 |
Held-for-sale | 2,204,000,000 | 3,801,000,000 | |
At fair value | 2,290,000,000 | 2,611,000,000 | |
Loans | $335,713,000,000 | $330,914,000,000 |
Loans_Purchased_Sold_and_Recla
Loans - Purchased, Sold and Reclassified to Held-for-Sale (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Retained Loans Purchases Sales and Transfer Into Held For Sale By Portfolio Segment [Line Items] | ||
Purchases | $1,816,000,000 | $1,703,000,000 |
Sales | 4,362,000,000 | 3,247,000,000 |
Retained loans reclassified to held-for-sale | 338,000,000 | 297,000,000 |
Consumer, excluding credit card | ||
Retained Loans Purchases Sales and Transfer Into Held For Sale By Portfolio Segment [Line Items] | ||
Purchases | 1,608,000,000 | 1,582,000,000 |
Sales | 1,736,000,000 | 891,000,000 |
Retained loans reclassified to held-for-sale | 18,000,000 | 0 |
Excluded retained loans purchased from correspondents that were originated in accordance with the Firm's underwriting standards | 11,200,000,000 | 1,700,000,000 |
Credit card | ||
Retained Loans Purchases Sales and Transfer Into Held For Sale By Portfolio Segment [Line Items] | ||
Purchases | 0 | 0 |
Sales | 177,000,000 | 0 |
Retained loans reclassified to held-for-sale | 0 | 0 |
Wholesale | ||
Retained Loans Purchases Sales and Transfer Into Held For Sale By Portfolio Segment [Line Items] | ||
Purchases | 208,000,000 | 121,000,000 |
Sales | 2,449,000,000 | 2,356,000,000 |
Retained loans reclassified to held-for-sale | $320,000,000 | $297,000,000 |
Loans_Net_Gains_and_Losses_on_
Loans - Net Gains and Losses on Sale (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Total net gains/(losses) on sales of loans (including lower of cost or fair value adjustments) | $101 | $66 |
Consumer, excluding credit card | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total net gains/(losses) on sales of loans (including lower of cost or fair value adjustments) | 91 | 42 |
Credit card | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total net gains/(losses) on sales of loans (including lower of cost or fair value adjustments) | 16 | 0 |
Wholesale | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total net gains/(losses) on sales of loans (including lower of cost or fair value adjustments) | ($6) | $24 |
Loans_Consumer_Excluding_Credi
Loans - Consumer, Excluding Credit Card Loans (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $756,971,000,000 | $747,508,000,000 | $721,160,000,000 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 304,917,000,000 | 294,979,000,000 | 287,930,000,000 |
Consumer, excluding credit card | Home equity - senior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 15,922,000,000 | 16,367,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 34,968,000,000 | 36,375,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 117,275,000,000 | 104,921,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,826,000,000 | 5,056,000,000 | |
Consumer, excluding credit card | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 55,455,000,000 | 54,536,000,000 | |
Consumer, excluding credit card | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 20,375,000,000 | 20,058,000,000 | |
Consumer, excluding credit card | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 10,740,000,000 | 10,970,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 16,638,000,000 | 17,095,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,916,000,000 | 10,220,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,559,000,000 | 3,673,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $15,243,000,000 | $15,708,000,000 |
Loans_Consumer_Excluding_Credi1
Loans - Consumer, Excluding Credit Card Loans, Residential Real Estate, Excluding PCI Loans (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 756,971,000,000 | $747,508,000,000 | $721,160,000,000 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 304,917,000,000 | 294,979,000,000 | 287,930,000,000 |
Consumer, excluding credit card | Home equity - senior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 15,922,000,000 | 16,367,000,000 | |
% of 30 days past due to total retained loans | 3.81% | 3.89% | |
Consumer, excluding credit card | Home equity - senior lien | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,176,000,000 | 2,232,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,745,000,000 | 2,805,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,266,000,000 | 1,306,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 870,000,000 | 861,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,754,000,000 | 1,845,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 661,000,000 | 654,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 893,000,000 | 927,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 487,000,000 | 506,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 722,000,000 | 736,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,117,000,000 | 1,150,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,231,000,000 | 3,345,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 15,315,000,000 | 15,730,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 243,000,000 | 275,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 364,000,000 | 362,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 930,000,000 | 938,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Home equity - senior lien | U.S. government-guaranteed | Days Past Due, 90 or More | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Home equity - senior lien | Current Estimated LTV Ratio Greater than 125% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 19,000,000 | 21,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Current Estimated LTV Ratio Greater than 125% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,000,000 | 10,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Current Estimated LTV Ratio Between 101% and 125% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 118,000,000 | 134,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Current Estimated LTV Ratio Between 101% and 125% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 59,000,000 | 69,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Current Estimated LTV Ratio Between 80% and 100% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 549,000,000 | 633,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Current Estimated LTV Ratio Between 80% and 100% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 209,000,000 | 226,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Current Estimated LTV Ratio Less than 80% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 12,760,000,000 | 13,048,000,000 | |
Consumer, excluding credit card | Home equity - senior lien | Current Estimated LTV Ratio Less than 80% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,199,000,000 | 2,226,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 34,968,000,000 | 36,375,000,000 | |
% of 30 days past due to total retained loans | 2.10% | 2.20% | |
Consumer, excluding credit card | Home equity - junior lien | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,846,000,000 | 8,144,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,383,000,000 | 7,685,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,515,000,000 | 2,605,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,854,000,000 | 1,923,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,057,000,000 | 1,087,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,147,000,000 | 2,233,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,533,000,000 | 1,595,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,168,000,000 | 1,216,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 810,000,000 | 848,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 741,000,000 | 778,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,914,000,000 | 8,261,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 34,235,000,000 | 35,575,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 469,000,000 | 533,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 264,000,000 | 267,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,539,000,000 | 1,590,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Home equity - junior lien | U.S. government-guaranteed | Days Past Due, 90 or More | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Home equity - junior lien | Minimum | U.S. government-guaranteed | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 30 days | ||
Consumer, excluding credit card | Home equity - junior lien | Minimum | U.S. government-guaranteed | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 150 days | ||
Consumer, excluding credit card | Home equity - junior lien | Maximum | U.S. government-guaranteed | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 149 days | ||
Consumer, excluding credit card | Home equity - junior lien | Current Estimated LTV Ratio Greater than 125% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 375,000,000 | 467,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Current Estimated LTV Ratio Greater than 125% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 112,000,000 | 138,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Current Estimated LTV Ratio Between 101% and 125% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,762,000,000 | 3,149,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Current Estimated LTV Ratio Between 101% and 125% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 791,000,000 | 923,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Current Estimated LTV Ratio Between 80% and 100% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,032,000,000 | 6,481,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Current Estimated LTV Ratio Between 80% and 100% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,698,000,000 | 1,780,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Current Estimated LTV Ratio Less than 80% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 19,780,000,000 | 20,030,000,000 | |
Consumer, excluding credit card | Home equity - junior lien | Current Estimated LTV Ratio Less than 80% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,418,000,000 | 3,407,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 117,275,000,000 | 104,921,000,000 | |
% of 30 days past due to total retained loans | 1.23% | 1.42% | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 32,022,000,000 | 28,133,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 17,483,000,000 | 16,550,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,657,000,000 | 6,654,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,376,000,000 | 5,106,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,720,000,000 | 4,935,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,751,000,000 | 3,361,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,112,000,000 | 1,805,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,706,000,000 | 2,410,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,336,000,000 | 1,203,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 735,000,000 | 615,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 38,377,000,000 | 34,149,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 106,791,000,000 | 93,951,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,568,000,000 | 4,091,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,916,000,000 | 6,879,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,119,000,000 | 2,190,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 12,055,000,000 | 12,110,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | U.S. government-guaranteed | Days Past Due, 90 or More | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,291,000,000 | 7,544,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | U.S. government-guaranteed | Days Past Due, 30 or More | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,000,000,000 | 9,500,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Current Estimated LTV Ratio Greater than 125% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 103,000,000 | 120,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Current Estimated LTV Ratio Greater than 125% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 95,000,000 | 103,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Current Estimated LTV Ratio Between 101% and 125% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 564,000,000 | 648,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Current Estimated LTV Ratio Between 101% and 125% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 297,000,000 | 340,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Current Estimated LTV Ratio Between 80% and 100% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,353,000,000 | 3,863,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Current Estimated LTV Ratio Between 80% and 100% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 951,000,000 | 1,026,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Current Estimated LTV Ratio Less than 80% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 94,768,000,000 | 81,805,000,000 | |
Consumer, excluding credit card | Mortgages - prime, including option ARMS | Current Estimated LTV Ratio Less than 80% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,089,000,000 | 4,906,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,826,000,000 | 5,056,000,000 | |
% of 30 days past due to total retained loans | 14.59% | 15.03% | |
Consumer, excluding credit card | Mortgages - subprime | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 678,000,000 | 718,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 650,000,000 | 677,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 199,000,000 | 207,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 602,000,000 | 632,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 171,000,000 | 177,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 218,000,000 | 227,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 107,000,000 | 112,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 104,000,000 | 109,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 115,000,000 | 121,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 107,000,000 | 112,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,875,000,000 | 1,964,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,122,000,000 | 4,296,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 433,000,000 | 489,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 271,000,000 | 271,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,010,000,000 | 1,036,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Mortgages - subprime | U.S. government-guaranteed | Days Past Due, 90 or More | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Mortgages - subprime | Current Estimated LTV Ratio Greater than 125% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,000,000 | 10,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Current Estimated LTV Ratio Greater than 125% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 40,000,000 | 51,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Current Estimated LTV Ratio Between 101% and 125% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 96,000,000 | 118,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Current Estimated LTV Ratio Between 101% and 125% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 241,000,000 | 298,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Current Estimated LTV Ratio Between 80% and 100% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 376,000,000 | 432,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Current Estimated LTV Ratio Between 80% and 100% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 720,000,000 | 770,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Current Estimated LTV Ratio Less than 80% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,540,000,000 | 1,586,000,000 | |
Consumer, excluding credit card | Mortgages - subprime | Current Estimated LTV Ratio Less than 80% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,804,000,000 | 1,791,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 172,991,000,000 | 162,719,000,000 | |
% of 30 days past due to total retained loans | 2.02% | 2.27% | |
Consumer, excluding credit card | Residential real estate – excluding PCI | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 42,722,000,000 | 39,227,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 28,261,000,000 | 27,717,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,637,000,000 | 10,772,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,702,000,000 | 8,522,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,702,000,000 | 8,044,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,777,000,000 | 6,475,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,645,000,000 | 4,439,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,465,000,000 | 4,241,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,983,000,000 | 2,908,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,700,000,000 | 2,655,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 51,397,000,000 | 47,719,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 160,463,000,000 | 149,552,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,713,000,000 | 5,388,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,815,000,000 | 7,779,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,598,000,000 | 5,754,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 12,055,000,000 | 12,110,000,000 | |
Percentage of principal balance insured and interest guaranteed | 100.00% | ||
Consumer, excluding credit card | Residential real estate – excluding PCI | U.S. government-guaranteed | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,000,000,000 | 2,600,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | U.S. government-guaranteed | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,000,000,000 | 3,500,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | U.S. government-guaranteed | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,100,000,000 | 6,000,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | U.S. government-guaranteed | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 90 days | ||
Consumer, excluding credit card | Residential real estate – excluding PCI | U.S. government-guaranteed | Days Past Due, 90 or More | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,291,000,000 | 7,544,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | U.S. government-guaranteed | Nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,000,000,000 | 4,200,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Current Estimated LTV Ratio Greater than 125% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 506,000,000 | 618,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Current Estimated LTV Ratio Greater than 125% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 256,000,000 | 302,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Current Estimated LTV Ratio Between 101% and 125% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,540,000,000 | 4,049,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Current Estimated LTV Ratio Between 101% and 125% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,388,000,000 | 1,630,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Current Estimated LTV Ratio Between 80% and 100% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 10,310,000,000 | 11,409,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Current Estimated LTV Ratio Between 80% and 100% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,578,000,000 | 3,802,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Current Estimated LTV Ratio Less than 80% | Refreshed FICO Scores Equal to or Greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 128,848,000,000 | 116,469,000,000 | |
Consumer, excluding credit card | Residential real estate – excluding PCI | Current Estimated LTV Ratio Less than 80% | Refreshed FICO Scores Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 12,510,000,000 | $12,330,000,000 |
Loans_Consumer_Excluding_Credi2
Loans - Consumer, Excluding Credit Card Loans, Delinquency Statistics Junior Lien Home Equity Loans (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $756,971,000,000 | $747,508,000,000 | $721,160,000,000 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 304,917,000,000 | 294,979,000,000 | 287,930,000,000 |
Consumer, excluding credit card | Home equity - junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 34,968,000,000 | 36,375,000,000 | |
% of 30 days past due to total retained loans | 2.10% | 2.20% | |
Consumer, excluding credit card | Home equity junior lien, excluding lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,979,000,000 | 3,144,000,000 | |
% of 30 days past due to total retained loans | 2.99% | 3.34% | |
Consumer, excluding credit card | 30–89 days past due | Home equity - junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 351,000,000 | 407,000,000 | |
Consumer, excluding credit card | 30–89 days past due | Home equity junior lien, excluding lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 52,000,000 | 66,000,000 | |
Consumer, excluding credit card | 90–149 days past due | Home equity - junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 118,000,000 | 126,000,000 | |
Consumer, excluding credit card | 90–149 days past due | Home equity junior lien, excluding lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 17,000,000 | 20,000,000 | |
Consumer, excluding credit card | 150 days past due | Home equity - junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 264,000,000 | 267,000,000 | |
Consumer, excluding credit card | 150 days past due | Home equity junior lien, excluding lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 20,000,000 | 19,000,000 | |
Consumer, excluding credit card | HELOC, Within the revolving period | Home equity line of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 23,335,000,000 | 25,252,000,000 | |
% of 30 days past due to total retained loans | 1.65% | 1.75% | |
Home equity line of credit, open-ended revolving period | 10 years | ||
Home equity line of credit, amortization period | 20 years | ||
Consumer, excluding credit card | HELOC, Within the revolving period | 30–89 days past due | Home equity line of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 191,000,000 | 233,000,000 | |
Consumer, excluding credit card | HELOC, Within the revolving period | 90–149 days past due | Home equity line of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 60,000,000 | 69,000,000 | |
Consumer, excluding credit card | HELOC, Within the revolving period | 150 days past due | Home equity line of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 134,000,000 | 141,000,000 | |
Consumer, excluding credit card | HELOCs, Beyond the revolving period | Home equity line of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,654,000,000 | 7,979,000,000 | |
% of 30 days past due to total retained loans | 2.99% | 3.16% | |
Consumer, excluding credit card | HELOCs, Beyond the revolving period | 30–89 days past due | Home equity line of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 108,000,000 | 108,000,000 | |
Consumer, excluding credit card | HELOCs, Beyond the revolving period | 90–149 days past due | Home equity line of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 41,000,000 | 37,000,000 | |
Consumer, excluding credit card | HELOCs, Beyond the revolving period | 150 days past due | Home equity line of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $110,000,000 | $107,000,000 |
Loans_Consumer_Excluding_Credi3
Loans - Consumer, Excluding Credit Card Loans, Impaired Loans (Details) (Consumer, excluding credit card, USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Home equity - senior lien | |||
Impaired loans: | |||
With an allowance | $553,000,000 | $552,000,000 | |
Without an allowance | 534,000,000 | 549,000,000 | |
Total impaired loans | 1,087,000,000 | 1,101,000,000 | |
Allowance for loan losses related to impaired loans | 85,000,000 | 84,000,000 | |
Unpaid principal balance of impaired loans | 1,426,000,000 | 1,451,000,000 | |
Average impaired loans | 1,095,000,000 | 1,143,000,000 | |
Interest income on impaired loans | 13,000,000 | 14,000,000 | |
Interest income on impaired loans on a cash basis | 9,000,000 | 9,000,000 | |
Home equity - senior lien | Permanent Modification | Regulatory Guidance Regarding Chapter 7 Loans | |||
Impaired loans: | |||
Rate of default for modified loans, estimated weighted average | 18.00% | ||
Home equity - senior lien | Nonaccrual | |||
Impaired loans: | |||
Total impaired loans | 623,000,000 | 628,000,000 | |
Home equity - junior lien | |||
Impaired loans: | |||
With an allowance | 724,000,000 | 722,000,000 | |
Without an allowance | 569,000,000 | 582,000,000 | |
Total impaired loans | 1,293,000,000 | 1,304,000,000 | |
Allowance for loan losses related to impaired loans | 145,000,000 | 147,000,000 | |
Unpaid principal balance of impaired loans | 2,546,000,000 | 2,603,000,000 | |
Average impaired loans | 1,298,000,000 | 1,321,000,000 | |
Interest income on impaired loans | 20,000,000 | 21,000,000 | |
Interest income on impaired loans on a cash basis | 13,000,000 | 14,000,000 | |
Home equity - junior lien | Permanent Modification | Regulatory Guidance Regarding Chapter 7 Loans | |||
Impaired loans: | |||
Rate of default for modified loans, estimated weighted average | 11.00% | ||
Home equity - junior lien | Nonaccrual | |||
Impaired loans: | |||
Total impaired loans | 620,000,000 | 632,000,000 | |
Mortgages - prime, including option ARMS | |||
Impaired loans: | |||
With an allowance | 4,596,000,000 | 4,949,000,000 | |
Without an allowance | 1,142,000,000 | 1,196,000,000 | |
Total impaired loans | 5,738,000,000 | 6,145,000,000 | |
Allowance for loan losses related to impaired loans | 120,000,000 | 127,000,000 | |
Unpaid principal balance of impaired loans | 7,331,000,000 | 7,813,000,000 | |
Average impaired loans | 6,054,000,000 | 6,956,000,000 | |
Interest income on impaired loans | 59,000,000 | 68,000,000 | |
Interest income on impaired loans on a cash basis | 12,000,000 | 13,000,000 | |
Mortgages - prime, including option ARMS | Permanent Modification | Regulatory Guidance Regarding Chapter 7 Loans | |||
Impaired loans: | |||
Rate of default for modified loans, estimated weighted average | 23.00% | ||
Mortgages - prime, including option ARMS | Nonaccrual | |||
Impaired loans: | |||
Total impaired loans | 1,517,000,000 | 1,559,000,000 | |
Mortgages - subprime | |||
Impaired loans: | |||
With an allowance | 2,092,000,000 | 2,239,000,000 | |
Without an allowance | 613,000,000 | 639,000,000 | |
Total impaired loans | 2,705,000,000 | 2,878,000,000 | |
Allowance for loan losses related to impaired loans | 63,000,000 | 64,000,000 | |
Unpaid principal balance of impaired loans | 3,968,000,000 | 4,200,000,000 | |
Average impaired loans | 2,822,000,000 | 3,667,000,000 | |
Interest income on impaired loans | 37,000,000 | 49,000,000 | |
Interest income on impaired loans on a cash basis | 11,000,000 | 13,000,000 | |
Mortgages - subprime | Permanent Modification | Regulatory Guidance Regarding Chapter 7 Loans | |||
Impaired loans: | |||
Rate of default for modified loans, estimated weighted average | 15.00% | ||
Mortgages - subprime | Nonaccrual | |||
Impaired loans: | |||
Total impaired loans | 898,000,000 | 931,000,000 | |
Residential real estate – excluding PCI | |||
Impaired loans: | |||
With an allowance | 7,965,000,000 | 8,462,000,000 | |
Without an allowance | 2,858,000,000 | 2,966,000,000 | |
Total impaired loans | 10,823,000,000 | 11,428,000,000 | |
Allowance for loan losses related to impaired loans | 413,000,000 | 422,000,000 | |
Unpaid principal balance of impaired loans | 15,271,000,000 | 16,067,000,000 | |
Loans modified subsequent to repurchase from Ginnie Mae | 4,800,000,000 | 4,900,000,000 | |
Average impaired loans | 11,269,000,000 | 13,087,000,000 | |
Interest income on impaired loans | 129,000,000 | 152,000,000 | |
Interest income on impaired loans on a cash basis | 45,000,000 | 49,000,000 | |
Number of payments under modified terms to recognize interest on cash basis | 6 | ||
Residential real estate – excluding PCI | Current, and Less Than 90 Days Past Due | |||
Impaired loans: | |||
Period past due, credit analysis factors, charge off criteria | 90 days | ||
TDRs not having yet made six payments | 2,800,000,000 | 2,900,000,000 | |
Residential real estate – excluding PCI | Nonaccrual | |||
Impaired loans: | |||
Total impaired loans | $3,658,000,000 | $3,750,000,000 | |
Residential real estate – excluding PCI | Minimum | Days Past Due, 30 or More | Regulatory Guidance Regarding Chapter 7 Loans | |||
Impaired loans: | |||
Period past due, credit analysis factors, charge off criteria | 30 days |
Loans_Consumer_Excluding_Credi4
Loans - Consumer, Excluding Credit Card Loans, Loan Modifications, New TDRs (Details) (Consumer, excluding credit card, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Residential real estate – excluding PCI | ||
Financing Receivable, Impaired [Line Items] | ||
New TDRs | $154 | $180 |
Home equity - senior lien | ||
Financing Receivable, Impaired [Line Items] | ||
New TDRs | 26 | 27 |
Home equity - junior lien | ||
Financing Receivable, Impaired [Line Items] | ||
New TDRs | 46 | 58 |
Mortgages - prime, including option ARMS | ||
Financing Receivable, Impaired [Line Items] | ||
New TDRs | 63 | 67 |
Mortgages - subprime | ||
Financing Receivable, Impaired [Line Items] | ||
New TDRs | $19 | $28 |
Loans_Consumer_Excluding_Credi5
Loans - Consumer, Excluding Credit Card Loans, Loan Modifications, Nature and Extent of Modifications (Details) (Consumer, excluding credit card) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Concession granted - Interest rate reduction | 72.00% | 70.00% |
Concession granted - Term of payment extension | 83.00% | 80.00% |
Concession granted - Principal and/or interest deferred | 30.00% | 22.00% |
Concession granted - principal forgiveness | 18.00% | 32.00% |
Concession granted - other | 5.00% | 7.00% |
Residential real estate – excluding PCI | ||
Financing Receivable, Impaired [Line Items] | ||
Percentage, sum of items by type, may exceed | 100.00% | |
Home equity - senior lien | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted - Interest rate reduction | 75.00% | 65.00% |
Concession granted - Term of payment extension | 81.00% | 80.00% |
Concession granted - Principal and/or interest deferred | 31.00% | 15.00% |
Concession granted - principal forgiveness | 8.00% | 30.00% |
Concession granted - other | 0.00% | 1.00% |
Home equity - junior lien | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted - Interest rate reduction | 77.00% | 84.00% |
Concession granted - Term of payment extension | 86.00% | 83.00% |
Concession granted - Principal and/or interest deferred | 28.00% | 21.00% |
Concession granted - principal forgiveness | 4.00% | 28.00% |
Concession granted - other | 0.00% | 0.00% |
Mortgages - prime, including option ARMS | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted - Interest rate reduction | 64.00% | 60.00% |
Concession granted - Term of payment extension | 84.00% | 88.00% |
Concession granted - Principal and/or interest deferred | 37.00% | 33.00% |
Concession granted - principal forgiveness | 28.00% | 31.00% |
Concession granted - other | 8.00% | 17.00% |
Mortgages - subprime | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted - Interest rate reduction | 71.00% | 60.00% |
Concession granted - Term of payment extension | 81.00% | 72.00% |
Concession granted - Principal and/or interest deferred | 26.00% | 20.00% |
Concession granted - principal forgiveness | 32.00% | 41.00% |
Concession granted - other | 11.00% | 13.00% |
Trial Modification | ||
Financing Receivable, Impaired [Line Items] | ||
Number of contract modifications | 1,177 | 1,139 |
Trial Modification | Home equity - senior lien | ||
Financing Receivable, Impaired [Line Items] | ||
Number of contract modifications | 356 | 201 |
Trial Modification | Home equity - junior lien | ||
Financing Receivable, Impaired [Line Items] | ||
Number of contract modifications | 154 | 184 |
Trial Modification | Mortgages - prime, including option ARMS | ||
Financing Receivable, Impaired [Line Items] | ||
Number of contract modifications | 245 | 255 |
Trial Modification | Mortgages - subprime | ||
Financing Receivable, Impaired [Line Items] | ||
Number of contract modifications | 422 | 499 |
Permanent Modification | ||
Financing Receivable, Impaired [Line Items] | ||
Number of contract modifications | 1,620 | 2,551 |
Permanent Modification | Home equity - senior lien | ||
Financing Receivable, Impaired [Line Items] | ||
Number of contract modifications | 262 | 295 |
Permanent Modification | Home equity - junior lien | ||
Financing Receivable, Impaired [Line Items] | ||
Number of contract modifications | 508 | 958 |
Permanent Modification | Mortgages - prime, including option ARMS | ||
Financing Receivable, Impaired [Line Items] | ||
Number of contract modifications | 361 | 531 |
Permanent Modification | Mortgages - subprime | ||
Financing Receivable, Impaired [Line Items] | ||
Number of contract modifications | 489 | 767 |
Loans_Consumer_Excluding_Credi6
Loans - Consumer, Excluding Credit Card Loans, Financial Effects of Modifications and Redefaults (Details) (Consumer, excluding credit card, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Number of payments past due for deemed payment | 2 | |
Permanent Modification | Home equity - senior lien | ||
Financing Receivable, Impaired [Line Items] | ||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 6.11% | 6.67% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 2.72% | 3.02% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 18 years | 18 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 31 years | 31 years |
Charge-offs recognized upon permanent modification | $0 | $1 |
Principal deferred | 3 | 1 |
Principal forgiven | 1 | 3 |
Balance of loans that redefaulted within one year of permanent modification(a) | 3 | 6 |
Modifications, weighted-average remaining life | 6 years | |
Permanent Modification | Home equity - junior lien | ||
Financing Receivable, Impaired [Line Items] | ||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 4.97% | 4.75% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 2.21% | 1.81% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 18 years | 20 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 34 years | 35 years |
Charge-offs recognized upon permanent modification | 1 | 14 |
Principal deferred | 3 | 3 |
Principal forgiven | 0 | 11 |
Balance of loans that redefaulted within one year of permanent modification(a) | 2 | 3 |
Modifications, weighted-average remaining life | 8 years | |
Permanent Modification | Mortgages - prime, including option ARMS | ||
Financing Receivable, Impaired [Line Items] | ||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 5.03% | 5.22% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 2.38% | 2.76% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 25 years | 24 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 38 years | 37 years |
Charge-offs recognized upon permanent modification | 1 | 2 |
Principal deferred | 11 | 13 |
Principal forgiven | 9 | 17 |
Balance of loans that redefaulted within one year of permanent modification(a) | 18 | 30 |
Modifications, weighted-average remaining life | 9 years | |
Permanent Modification | Mortgages - subprime | ||
Financing Receivable, Impaired [Line Items] | ||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 6.80% | 7.57% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 3.22% | 3.41% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 24 years | 25 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 36 years | 36 years |
Charge-offs recognized upon permanent modification | 1 | 1 |
Principal deferred | 7 | 7 |
Principal forgiven | 10 | 21 |
Balance of loans that redefaulted within one year of permanent modification(a) | 17 | 18 |
Modifications, weighted-average remaining life | 8 years | |
Permanent Modification | Residential real estate – excluding PCI | ||
Financing Receivable, Impaired [Line Items] | ||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 5.68% | 5.91% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 2.64% | 2.77% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 23 years | 23 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 36 years | 36 years |
Charge-offs recognized upon permanent modification | 3 | 18 |
Principal deferred | 24 | 24 |
Principal forgiven | 20 | 52 |
Balance of loans that redefaulted within one year of permanent modification(a) | $40 | $57 |
Maximum | Residential real estate – excluding PCI | ||
Financing Receivable, Impaired [Line Items] | ||
Number of months before a payment redefault under modified loans | 12 months | |
Maximum | Business banking | ||
Financing Receivable, Impaired [Line Items] | ||
Number of years before payment default under a modified loan | 1 year |
Loans_Consumer_Excluding_Credi7
Loans - Consumer, Excluding Credit Card Loans, Other Consumer Loans (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 756,971,000,000 | $747,508,000,000 | $721,160,000,000 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 304,917,000,000 | 294,979,000,000 | 287,930,000,000 |
Consumer, excluding credit card | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 55,455,000,000 | 54,536,000,000 | |
% of 30 days past due to total retained loans | 0.90% | 1.23% | |
Consumer, excluding credit card | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 20,375,000,000 | 20,058,000,000 | |
% of 30 days past due to total retained loans | 1.65% | 1.73% | |
Consumer, excluding credit card | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 10,740,000,000 | 10,970,000,000 | |
% of 30 days past due to total retained loans | 1.64% | 2.15% | |
Consumer, excluding credit card | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 86,570,000,000 | 85,564,000,000 | |
% of 30 days past due to total retained loans | 1.17% | 1.47% | |
Consumer, excluding credit card | California | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,469,000,000 | 6,294,000,000 | |
Consumer, excluding credit card | California | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,059,000,000 | 3,008,000,000 | |
Consumer, excluding credit card | California | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,128,000,000 | 1,143,000,000 | |
Consumer, excluding credit card | California | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 10,656,000,000 | 10,445,000,000 | |
Consumer, excluding credit card | New York | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,703,000,000 | 3,662,000,000 | |
Consumer, excluding credit card | New York | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,171,000,000 | 3,187,000,000 | |
Consumer, excluding credit card | New York | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,235,000,000 | 1,259,000,000 | |
Consumer, excluding credit card | New York | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,109,000,000 | 8,108,000,000 | |
Consumer, excluding credit card | Illinois | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,365,000,000 | 3,175,000,000 | |
Consumer, excluding credit card | Illinois | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,387,000,000 | 1,373,000,000 | |
Consumer, excluding credit card | Illinois | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 716,000,000 | 729,000,000 | |
Consumer, excluding credit card | Illinois | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,468,000,000 | 5,277,000,000 | |
Consumer, excluding credit card | Florida | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,428,000,000 | 2,301,000,000 | |
Consumer, excluding credit card | Florida | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 861,000,000 | 827,000,000 | |
Consumer, excluding credit card | Florida | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 521,000,000 | 521,000,000 | |
Consumer, excluding credit card | Florida | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,810,000,000 | 3,649,000,000 | |
Consumer, excluding credit card | Texas | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,804,000,000 | 5,608,000,000 | |
Consumer, excluding credit card | Texas | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,610,000,000 | 2,626,000,000 | |
Consumer, excluding credit card | Texas | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 849,000,000 | 868,000,000 | |
Consumer, excluding credit card | Texas | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,263,000,000 | 9,102,000,000 | |
Consumer, excluding credit card | New Jersey | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,947,000,000 | 1,945,000,000 | |
Consumer, excluding credit card | New Jersey | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 530,000,000 | 451,000,000 | |
Consumer, excluding credit card | New Jersey | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 391,000,000 | 378,000,000 | |
Consumer, excluding credit card | New Jersey | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,868,000,000 | 2,774,000,000 | |
Consumer, excluding credit card | Arizona | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,879,000,000 | 2,003,000,000 | |
Consumer, excluding credit card | Arizona | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,148,000,000 | 1,083,000,000 | |
Consumer, excluding credit card | Arizona | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 234,000,000 | 239,000,000 | |
Consumer, excluding credit card | Arizona | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,261,000,000 | 3,325,000,000 | |
Consumer, excluding credit card | Washington | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,042,000,000 | 1,019,000,000 | |
Consumer, excluding credit card | Washington | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 274,000,000 | 258,000,000 | |
Consumer, excluding credit card | Washington | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 224,000,000 | 235,000,000 | |
Consumer, excluding credit card | Washington | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,540,000,000 | 1,512,000,000 | |
Consumer, excluding credit card | Michigan | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,634,000,000 | 1,633,000,000 | |
Consumer, excluding credit card | Michigan | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,344,000,000 | 1,375,000,000 | |
Consumer, excluding credit card | Michigan | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 453,000,000 | 466,000,000 | |
Consumer, excluding credit card | Michigan | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,431,000,000 | 3,474,000,000 | |
Consumer, excluding credit card | Ohio | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,261,000,000 | 2,157,000,000 | |
Consumer, excluding credit card | Ohio | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,455,000,000 | 1,354,000,000 | |
Consumer, excluding credit card | Ohio | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 607,000,000 | 629,000,000 | |
Consumer, excluding credit card | Ohio | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,323,000,000 | 4,140,000,000 | |
Consumer, excluding credit card | All other | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 24,923,000,000 | 24,739,000,000 | |
Consumer, excluding credit card | All other | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,536,000,000 | 4,516,000,000 | |
Consumer, excluding credit card | All other | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,382,000,000 | 4,503,000,000 | |
Consumer, excluding credit card | All other | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 33,841,000,000 | 33,758,000,000 | |
Consumer, excluding credit card | In Process of Active or Suspended Foreclosure | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,400,000,000 | 1,500,000,000 | |
Consumer, excluding credit card | Current and less than 30 days past due and still accruing | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 54,956,000,000 | 53,866,000,000 | |
Consumer, excluding credit card | Current and less than 30 days past due and still accruing | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 20,038,000,000 | 19,710,000,000 | |
Consumer, excluding credit card | Current and less than 30 days past due and still accruing | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,968,000,000 | 10,080,000,000 | |
Consumer, excluding credit card | Current and less than 30 days past due and still accruing | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 84,962,000,000 | 83,656,000,000 | |
Consumer, excluding credit card | Days Past Due, 30 to 119 | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 492,000,000 | 663,000,000 | |
Consumer, excluding credit card | Days Past Due, 30 to 119 | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 199,000,000 | 208,000,000 | |
Consumer, excluding credit card | Days Past Due, 30 to 119 | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 466,000,000 | 576,000,000 | |
Consumer, excluding credit card | Days Past Due, 30 to 119 | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,157,000,000 | 1,447,000,000 | |
Consumer, excluding credit card | Days Past Due, 120 or More | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,000,000 | 7,000,000 | |
Consumer, excluding credit card | Days Past Due, 120 or More | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 138,000,000 | 140,000,000 | |
Consumer, excluding credit card | Days Past Due, 120 or More | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 306,000,000 | 314,000,000 | |
Consumer, excluding credit card | Days Past Due, 120 or More | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 451,000,000 | 461,000,000 | |
Consumer, excluding credit card | 90 or more days past due and still accruing | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | 90 or more days past due and still accruing | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | 90 or more days past due and still accruing | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 346,000,000 | 367,000,000 | |
Consumer, excluding credit card | 90 or more days past due and still accruing | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 346,000,000 | 367,000,000 | |
Consumer, excluding credit card | Nonaccrual | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 95,000,000 | 115,000,000 | |
Consumer, excluding credit card | Nonaccrual | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 268,000,000 | 279,000,000 | |
Consumer, excluding credit card | Nonaccrual | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 264,000,000 | 270,000,000 | |
Consumer, excluding credit card | Nonaccrual | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 627,000,000 | 664,000,000 | |
Consumer, excluding credit card | Noncriticized | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 10,061,000,000 | 9,822,000,000 | |
Consumer, excluding credit card | Noncriticized | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 14,842,000,000 | 14,619,000,000 | |
Consumer, excluding credit card | Noncriticized | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 24,903,000,000 | 24,441,000,000 | |
Consumer, excluding credit card | Criticized performing | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 83,000,000 | 35,000,000 | |
Consumer, excluding credit card | Criticized performing | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 714,000,000 | 708,000,000 | |
Consumer, excluding credit card | Criticized performing | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 797,000,000 | 743,000,000 | |
Consumer, excluding credit card | Criticized nonaccrual | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Criticized nonaccrual | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 212,000,000 | 213,000,000 | |
Consumer, excluding credit card | Criticized nonaccrual | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 212,000,000 | 213,000,000 | |
Consumer, excluding credit card | Student and Other Loans Insured or Guaranteed by U.S. Government Agencies | Current and less than 30 days past due and still accruing | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,200,000,000 | 4,300,000,000 | |
Consumer, excluding credit card | Student and Other Loans Insured or Guaranteed by U.S. Government Agencies | Days Past Due, 30 to 119 | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 317,000,000 | 364,000,000 | |
Consumer, excluding credit card | Student and Other Loans Insured or Guaranteed by U.S. Government Agencies | Days Past Due, 120 or More | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 279,000,000 | 290,000,000 | |
Consumer, excluding credit card | Student and Other Loans Insured or Guaranteed by U.S. Government Agencies | Days Past Due, 30 or More, and Still Accruing | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 596,000,000 | $654,000,000 | |
Consumer, excluding credit card | Student and Other Loans Insured or Guaranteed by U.S. Government Agencies | Minimum | Days Past Due, 30 to 119 | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 30 days | ||
Consumer, excluding credit card | Student and Other Loans Insured or Guaranteed by U.S. Government Agencies | Minimum | Days Past Due, 120 or More | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 120 days | ||
Consumer, excluding credit card | Student and Other Loans Insured or Guaranteed by U.S. Government Agencies | Minimum | Days Past Due, 30 or More, and Still Accruing | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 30 days | ||
Consumer, excluding credit card | Student and Other Loans Insured or Guaranteed by U.S. Government Agencies | Maximum | Days Past Due, 30 to 119 | Other Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 119 days |
Loans_Consumer_Excluding_Credi8
Loans - Consumer, Excluding Credit Card Loans, Other Consumer Impaired Loans and Loan Modifications (Details) (Consumer, excluding credit card, Other Consumer, USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | |||
With an allowance | $557 | $557 | |
Without an allowance | 34 | 35 | |
Total impaired loans | 591 | 592 | |
Allowance for loan losses related to impaired loans | 124 | 117 | |
Unpaid principal balance of impaired loans | 711 | 719 | |
Average impaired loans | 587 | 600 | |
Troubled debt restructuring | 428 | 442 | |
Nonaccrual | |||
Financing Receivable, Impaired [Line Items] | |||
Total impaired loans | 464 | 456 | |
Troubled debt restructuring | $301 | $306 |
Loans_Consumer_Excluding_Credi9
Loans - Consumer, Excluding Credit Card Loans, PCI Loans (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $756,971,000,000 | $747,508,000,000 | $721,160,000,000 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 304,917,000,000 | 294,979,000,000 | 287,930,000,000 |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 16,638,000,000 | 17,095,000,000 | |
Related allowance for loan losses | 1,758,000,000 | 1,758,000,000 | |
Total loans | 17,086,000,000 | 17,740,000,000 | |
% of 30 days past due to total loans | 6.92% | 8.15% | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 10,267,000,000 | 10,671,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 855,000,000 | 876,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 393,000,000 | 405,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,630,000,000 | 1,696,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 261,000,000 | 273,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 338,000,000 | 348,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 312,000,000 | 323,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 926,000,000 | 959,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 50,000,000 | 53,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 19,000,000 | 20,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,035,000,000 | 2,116,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 15,903,000,000 | 16,295,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 368,000,000 | 445,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 815,000,000 | 1,000,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Greater than 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 423,000,000 | 513,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Between 101% and 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,985,000,000 | 2,245,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Between 80% and 100% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,995,000,000 | 4,171,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Less than 80% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,923,000,000 | 5,824,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Greater than 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 217,000,000 | 273,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Between 101% and 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 928,000,000 | 1,073,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Between 80% and 100% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,590,000,000 | 1,647,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Less than 80% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,025,000,000 | 1,994,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,916,000,000 | 10,220,000,000 | |
Related allowance for loan losses | 1,138,000,000 | 1,193,000,000 | |
Total loans | 9,943,000,000 | 10,249,000,000 | |
% of 30 days past due to total loans | 12.28% | 13.05% | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,811,000,000 | 5,965,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 648,000,000 | 672,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 290,000,000 | 301,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 657,000,000 | 689,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 90,000,000 | 92,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 261,000,000 | 279,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 164,000,000 | 167,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 217,000,000 | 225,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 162,000,000 | 166,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 47,000,000 | 48,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,596,000,000 | 1,645,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 8,722,000,000 | 8,912,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 444,000,000 | 500,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 777,000,000 | 837,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Greater than 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 34,000,000 | 45,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Between 101% and 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 373,000,000 | 456,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Between 80% and 100% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,924,000,000 | 2,154,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Less than 80% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,821,000,000 | 3,663,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Greater than 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 68,000,000 | 97,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Between 101% and 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 337,000,000 | 402,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Between 80% and 100% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,184,000,000 | 1,316,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Prime Mortgage | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Less than 80% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,202,000,000 | 2,116,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,559,000,000 | 3,673,000,000 | |
Related allowance for loan losses | 180,000,000 | 180,000,000 | |
Total loans | 4,490,000,000 | 4,652,000,000 | |
% of 30 days past due to total loans | 21.58% | 23.37% | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,108,000,000 | 1,138,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 440,000,000 | 463,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 219,000,000 | 229,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 416,000,000 | 432,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 270,000,000 | 281,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 155,000,000 | 165,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 84,000,000 | 85,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 91,000,000 | 95,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 125,000,000 | 130,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 70,000,000 | 72,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,512,000,000 | 1,562,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,521,000,000 | 3,565,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 460,000,000 | 536,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 509,000,000 | 551,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Greater than 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 27,000,000 | 34,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Between 101% and 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 180,000,000 | 215,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Between 80% and 100% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 482,000,000 | 519,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Less than 80% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 760,000,000 | 719,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Greater than 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 125,000,000 | 160,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Between 101% and 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 430,000,000 | 509,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Between 80% and 100% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 954,000,000 | 1,006,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Subprime Mortgage | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Less than 80% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,532,000,000 | 1,490,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 15,243,000,000 | 15,708,000,000 | |
Related allowance for loan losses | 194,000,000 | 194,000,000 | |
Total loans | 15,946,000,000 | 16,496,000,000 | |
% of 30 days past due to total loans | 15.30% | 16.26% | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 8,935,000,000 | 9,190,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 895,000,000 | 933,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 371,000,000 | 397,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,370,000,000 | 1,440,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 84,000,000 | 85,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 527,000,000 | 553,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 223,000,000 | 227,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 379,000,000 | 395,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 176,000,000 | 182,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 66,000,000 | 69,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,920,000,000 | 3,025,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 13,506,000,000 | 13,814,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 795,000,000 | 858,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,645,000,000 | 1,824,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Greater than 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 72,000,000 | 89,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Between 101% and 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 471,000,000 | 575,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Between 80% and 100% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,198,000,000 | 2,418,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Less than 80% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 6,750,000,000 | 6,593,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Greater than 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 113,000,000 | 150,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Between 101% and 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 634,000,000 | 771,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Between 80% and 100% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,784,000,000 | 1,996,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired, Option ARMs | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Less than 80% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,924,000,000 | 3,904,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 45,356,000,000 | 46,696,000,000 | |
Related allowance for loan losses | 3,270,000,000 | 3,325,000,000 | |
Total loans | 47,465,000,000 | 49,137,000,000 | |
% of 30 days past due to total loans | 12.25% | 13.33% | |
Consumer, excluding credit card | Purchased Credit-Impaired | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 26,121,000,000 | 26,964,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,838,000,000 | 2,944,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,273,000,000 | 1,332,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 4,073,000,000 | 4,257,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 705,000,000 | 731,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,281,000,000 | 1,345,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 783,000,000 | 802,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,613,000,000 | 1,674,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 513,000,000 | 531,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 202,000,000 | 209,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 8,063,000,000 | 8,348,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 41,652,000,000 | 42,586,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Days Past Due, 30 to 149 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,067,000,000 | 2,339,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,746,000,000 | 4,212,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Greater than 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 556,000,000 | 681,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Between 101% and 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,009,000,000 | 3,491,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Between 80% and 100% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 8,599,000,000 | 9,262,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Refreshed FICO Scores Equal to or Greater than 660 | Current Estimated LTV Ratio Less than 80% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 17,254,000,000 | 16,799,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Greater than 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 523,000,000 | 680,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Between 101% and 125% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,329,000,000 | 2,755,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Between 80% and 100% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,512,000,000 | 5,965,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | Refreshed FICO Scores Less than 660 | Current Estimated LTV Ratio Less than 80% | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $9,683,000,000 | $9,504,000,000 |
Recovered_Sheet1
Loans - Consumer, Excluding Credit Card Loans, PCI Delinquency Statistics (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $756,971,000,000 | $747,508,000,000 | $721,160,000,000 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 304,917,000,000 | 294,979,000,000 | 287,930,000,000 |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity Senior Lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Percentage of senior liens to total financing receivables | 20.00% | ||
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity Junior Lien, Excluding Lines of Credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 713,000,000 | 736,000,000 | |
Total 30 plus day delinquency rate | 5.89% | 8.83% | |
Consumer, excluding credit card | Purchased Credit-Impaired, Home Equity Junior Lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 13,827,000,000 | 13,851,000,000 | |
Total 30 plus day delinquency rate | 4.93% | 6.55% | |
Consumer, excluding credit card | HELOC, Within the revolving period | Purchased Credit-Impaired, Home Equity Junior Lien, Lines of Credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,373,000,000 | 8,972,000,000 | |
Total 30 plus day delinquency rate | 4.69% | 6.42% | |
Home equity line of credit, open-ended revolving period | 10 years | ||
Consumer, excluding credit card | HELOCs, Beyond the revolving period | Purchased Credit-Impaired, Home Equity Junior Lien, Lines of Credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,741,000,000 | 4,143,000,000 | |
Total 30 plus day delinquency rate | 5.21% | 6.42% | |
Consumer, excluding credit card | 30–89 days past due | Purchased Credit-Impaired, Home Equity Junior Lien, Excluding Lines of Credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 16,000,000 | 20,000,000 | |
Consumer, excluding credit card | 30–89 days past due | Purchased Credit-Impaired, Home Equity Junior Lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 206,000,000 | 251,000,000 | |
Consumer, excluding credit card | 30–89 days past due | HELOC, Within the revolving period | Purchased Credit-Impaired, Home Equity Junior Lien, Lines of Credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 118,000,000 | 155,000,000 | |
Consumer, excluding credit card | 30–89 days past due | HELOCs, Beyond the revolving period | Purchased Credit-Impaired, Home Equity Junior Lien, Lines of Credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 72,000,000 | 76,000,000 | |
Consumer, excluding credit card | 90–149 days past due | Purchased Credit-Impaired, Home Equity Junior Lien, Excluding Lines of Credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,000,000 | 7,000,000 | |
Consumer, excluding credit card | 90–149 days past due | Purchased Credit-Impaired, Home Equity Junior Lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 65,000,000 | 81,000,000 | |
Consumer, excluding credit card | 90–149 days past due | HELOC, Within the revolving period | Purchased Credit-Impaired, Home Equity Junior Lien, Lines of Credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 39,000,000 | 50,000,000 | |
Consumer, excluding credit card | 90–149 days past due | HELOCs, Beyond the revolving period | Purchased Credit-Impaired, Home Equity Junior Lien, Lines of Credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 21,000,000 | 24,000,000 | |
Consumer, excluding credit card | 150 days past due | Purchased Credit-Impaired, Home Equity Junior Lien, Excluding Lines of Credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 21,000,000 | 38,000,000 | |
Consumer, excluding credit card | 150 days past due | Purchased Credit-Impaired, Home Equity Junior Lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 411,000,000 | 575,000,000 | |
Consumer, excluding credit card | 150 days past due | HELOC, Within the revolving period | Purchased Credit-Impaired, Home Equity Junior Lien, Lines of Credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 236,000,000 | 371,000,000 | |
Consumer, excluding credit card | 150 days past due | HELOCs, Beyond the revolving period | Purchased Credit-Impaired, Home Equity Junior Lien, Lines of Credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $154,000,000 | $166,000,000 |
Recovered_Sheet2
Loans - Consumer, Excluding Credit Card Loans, PCI Accretable Yield Activity (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Total retained loans | $756,971,000,000 | $721,160,000,000 | $747,508,000,000 |
Consumer, excluding credit card | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Total retained loans | 304,917,000,000 | 287,930,000,000 | 294,979,000,000 |
Consumer, excluding credit card | Purchased Credit-Impaired | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Beginning balance | 14,592,000,000 | 16,167,000,000 | |
Accretion into interest income | -436,000,000 | -514,000,000 | |
Changes in interest rates on variable-rate loans | 6,000,000 | -21,000,000 | |
Other changes in expected cash flows | -128,000,000 | 150,000,000 | |
Ending balance | 14,034,000,000 | 15,782,000,000 | |
Accretable yield percentage | 4.14% | 4.32% | |
Total retained loans | 45,356,000,000 | 46,696,000,000 | |
In Process of Active or Suspended Foreclosure | Consumer, excluding credit card | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Total retained loans | 1,400,000,000 | 1,500,000,000 | |
In Process of Active or Suspended Foreclosure | Consumer, excluding credit card | Purchased Credit-Impaired | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Total retained loans | $2,900,000,000 | $3,200,000,000 |
Loans_Credit_Card_Loan_Portfol
Loans - Credit Card Loan Portfolio (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $756,971,000,000 | $747,508,000,000 | $721,160,000,000 |
Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 120,835,000,000 | 128,027,000,000 | 121,512,000,000 |
Credit card | Consumer Credit Card Financing Receivable | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 120,835,000,000 | 128,027,000,000 | |
% of 30 days past due to total retained loans | 1.41% | 1.44% | |
% of 90 days past due to total retained loans | 0.73% | 0.70% | |
Percentage of Loans with FICO Scores of 660 Or Greater to Total Retained Loans | 85.20% | 85.70% | |
Percentage of Loans with FICO Scores Less than 660 to Total Retained Loans | 14.80% | 14.30% | |
Credit card | Consumer Credit Card Financing Receivable | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 17,133,000,000 | 17,940,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 10,605,000,000 | 11,088,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 10,414,000,000 | 10,940,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,058,000,000 | 7,497,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,126,000,000 | 7,398,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,427,000,000 | 5,750,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,389,000,000 | 4,707,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | Pennsylvania | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,197,000,000 | 4,489,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,340,000,000 | 3,552,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | Virginia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,958,000,000 | 3,263,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 48,188,000,000 | 51,403,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 119,132,000,000 | 126,189,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 826,000,000 | 943,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 877,000,000 | 895,000,000 | |
Credit card | Consumer Credit Card Financing Receivable | Nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $0 | $0 |
Loans_Credit_Card_Portfolio_Im
Loans - Credit Card Portfolio - Impaired Loans (Details) (Credit card, Consumer Credit Card Financing Receivable, USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | |||
Loans with modified payment terms | $1,627 | $1,775 | |
Modified credit card loans that have reverted to pre-modification payment terms | 225 | 254 | |
Total impaired loans | 1,852 | 2,029 | |
Allowance for loan losses related to impaired loans | 458 | 500 | |
Average impaired loans | 1,940 | 2,938 | |
Interest income on impaired loans | 23 | 36 | |
Noncompliance with Modified Terms | |||
Financing Receivable, Impaired [Line Items] | |||
Modified credit card loans that have reverted to pre-modification payment terms | 139 | 159 | |
Completion of Short Term Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Modified credit card loans that have reverted to pre-modification payment terms | $86 | $95 |
Loans_Credit_Card_Portfolio_Lo
Loans - Credit Card Portfolio - Loan Modifications (Details) (Credit card, Consumer Credit Card Financing Receivable, USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
payment | |||
Financing Receivable, Impaired [Line Items] | |||
Fixed payment plan period | 60 months | ||
Weighted-average interest rate of loans – before TDR | 15.16% | 15.03% | |
Weighted-average interest rate of loans – after TDR | 4.29% | 4.43% | |
Modifications, subsequent default, recorded investment | $22 | $34 | |
Number of years before payment default under a modified loan | 1 year | ||
Number of payments past due for deemed payment | 2 | ||
Rate of default for modified loans, estimated weighted average | 27.34% | 27.91% | |
Total new enrollments | |||
Financing Receivable, Impaired [Line Items] | |||
New TDRs | $178 | $233 |
Loans_Wholesale_Loan_Portfolio
Loans - Wholesale Loan Portfolio - By Class of Receivable (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $756,971,000,000 | $747,508,000,000 | $721,160,000,000 |
Wholesale | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 331,219,000,000 | 324,502,000,000 | 311,718,000,000 |
% of total criticized to total retained loans | 1.53% | 1.45% | |
% of nonaccrual loans to total retained loans | 0.21% | 0.18% | |
Wholesale | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 328,966,000,000 | 321,612,000,000 | |
Wholesale | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,489,000,000 | 2,215,000,000 | |
Wholesale | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 68,000,000 | 76,000,000 | |
Wholesale | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 696,000,000 | 599,000,000 | |
Wholesale | Total non-U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 98,870,000,000 | 100,865,000,000 | |
Wholesale | Total U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 232,349,000,000 | 223,637,000,000 | |
Wholesale | Investment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 248,873,000,000 | 241,666,000,000 | |
Wholesale | Total noninvestment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 82,346,000,000 | 82,836,000,000 | |
Wholesale | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 77,290,000,000 | 78,118,000,000 | |
Wholesale | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,360,000,000 | 4,119,000,000 | |
Wholesale | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 696,000,000 | 599,000,000 | |
Wholesale | Commercial and industrial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 113,724,000,000 | 109,625,000,000 | |
% of total criticized to total retained loans | 2.56% | 2.22% | |
% of nonaccrual loans to total retained loans | 0.29% | 0.17% | |
Wholesale | Commercial and industrial | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 113,177,000,000 | 108,857,000,000 | |
Wholesale | Commercial and industrial | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 215,000,000 | 566,000,000 | |
Wholesale | Commercial and industrial | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 14,000,000 | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 332,000,000 | 188,000,000 | |
Wholesale | Commercial and industrial | Total non-U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 33,627,000,000 | 33,739,000,000 | |
Wholesale | Commercial and industrial | Total U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 80,097,000,000 | 75,886,000,000 | |
Wholesale | Commercial and industrial | Investment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 66,973,000,000 | 63,069,000,000 | |
Wholesale | Commercial and industrial | Total noninvestment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 46,751,000,000 | 46,556,000,000 | |
Wholesale | Commercial and industrial | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 43,838,000,000 | 44,117,000,000 | |
Wholesale | Commercial and industrial | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,581,000,000 | 2,251,000,000 | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 332,000,000 | 188,000,000 | |
Wholesale | Real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 82,407,000,000 | 79,113,000,000 | |
% of total criticized to total retained loans | 1.89% | 1.98% | |
% of nonaccrual loans to total retained loans | 0.31% | 0.32% | |
Wholesale | Real estate | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 82,058,000,000 | 78,552,000,000 | |
Wholesale | Real estate | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 84,000,000 | 275,000,000 | |
Wholesale | Real estate | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,000,000 | 33,000,000 | |
Wholesale | Real estate | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 259,000,000 | 253,000,000 | |
Wholesale | Real estate | Total non-U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,274,000,000 | 2,099,000,000 | |
Wholesale | Real estate | Total U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 80,133,000,000 | 77,014,000,000 | |
Wholesale | Real estate | Investment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 64,382,000,000 | 61,006,000,000 | |
Wholesale | Real estate | Total noninvestment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 18,025,000,000 | 18,107,000,000 | |
Wholesale | Real estate | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 16,470,000,000 | 16,541,000,000 | |
Wholesale | Real estate | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,296,000,000 | 1,313,000,000 | |
Wholesale | Real estate | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 259,000,000 | 253,000,000 | |
Wholesale | Financial institutions | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 35,446,000,000 | 34,530,000,000 | |
% of total criticized to total retained loans | 0.90% | 0.97% | |
% of nonaccrual loans to total retained loans | 0.04% | 0.05% | |
Wholesale | Financial institutions | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 35,397,000,000 | 34,408,000,000 | |
Wholesale | Financial institutions | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 34,000,000 | 104,000,000 | |
Wholesale | Financial institutions | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Wholesale | Financial institutions | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 15,000,000 | 18,000,000 | |
Wholesale | Financial institutions | Total non-U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 19,450,000,000 | 20,944,000,000 | |
Wholesale | Financial institutions | Total U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 15,996,000,000 | 13,586,000,000 | |
Wholesale | Financial institutions | Investment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 28,091,000,000 | 27,111,000,000 | |
Wholesale | Financial institutions | Total noninvestment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,355,000,000 | 7,419,000,000 | |
Wholesale | Financial institutions | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,037,000,000 | 7,085,000,000 | |
Wholesale | Financial institutions | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 303,000,000 | 316,000,000 | |
Wholesale | Financial institutions | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 15,000,000 | 18,000,000 | |
Wholesale | Government agencies | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,058,000,000 | 8,696,000,000 | |
% of total criticized to total retained loans | 0.09% | 0.03% | |
% of nonaccrual loans to total retained loans | 0.00% | 0.00% | |
Wholesale | Government agencies | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,000,000,000 | 8,627,000,000 | |
Wholesale | Government agencies | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 58,000,000 | 69,000,000 | |
Wholesale | Government agencies | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Wholesale | Government agencies | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Wholesale | Government agencies | Total non-U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,153,000,000 | 1,122,000,000 | |
Wholesale | Government agencies | Total U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,905,000,000 | 7,574,000,000 | |
Wholesale | Government agencies | Investment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,718,000,000 | 8,393,000,000 | |
Wholesale | Government agencies | Total noninvestment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 340,000,000 | 303,000,000 | |
Wholesale | Government agencies | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 332,000,000 | 300,000,000 | |
Wholesale | Government agencies | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,000,000 | 3,000,000 | |
Wholesale | Government agencies | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Wholesale | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 90,584,000,000 | 92,538,000,000 | |
% of total criticized to total retained loans | 0.29% | 0.41% | |
% of nonaccrual loans to total retained loans | 0.10% | 0.15% | |
Wholesale | Other | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 89,334,000,000 | 91,168,000,000 | |
Wholesale | Other | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,098,000,000 | 1,201,000,000 | |
Wholesale | Other | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 62,000,000 | 29,000,000 | |
Wholesale | Other | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 90,000,000 | 140,000,000 | |
Wholesale | Other | Total non-U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 42,366,000,000 | 42,961,000,000 | |
Wholesale | Other | Total U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 48,218,000,000 | 49,577,000,000 | |
Wholesale | Other | Investment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 80,709,000,000 | 82,087,000,000 | |
Wholesale | Other | Total noninvestment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,875,000,000 | 10,451,000,000 | |
Wholesale | Other | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,613,000,000 | 10,075,000,000 | |
Wholesale | Other | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 172,000,000 | 236,000,000 | |
Wholesale | Other | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $90,000,000 | $140,000,000 |
Loans_Wholesale_Loan_Portfolio1
Loans - Wholesale Loan Portfolio - Real Estate Class of Loans (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $756,971,000,000 | $747,508,000,000 | $721,160,000,000 |
Wholesale | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 331,219,000,000 | 324,502,000,000 | 311,718,000,000 |
% of total criticized to total retained loans | 1.53% | 1.45% | |
% of nonaccrual loans to total retained loans | 0.21% | 0.18% | |
Wholesale | Real Estate Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 53,319,000,000 | 51,049,000,000 | |
% of total criticized to total retained loans | 1.25% | 1.28% | |
% of nonaccrual loans to total retained loans | 0.24% | 0.25% | |
Wholesale | Real Estate Commercial lessors | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 17,394,000,000 | 17,438,000,000 | |
% of total criticized to total retained loans | 4.58% | 4.82% | |
% of nonaccrual loans to total retained loans | 0.51% | 0.63% | |
Wholesale | Real Estate Commercial construction and development | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,542,000,000 | 4,264,000,000 | |
% of total criticized to total retained loans | 0.62% | 0.98% | |
% of nonaccrual loans to total retained loans | 0.00% | 0.00% | |
Wholesale | Real Estate Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,152,000,000 | 6,362,000,000 | |
% of total criticized to total retained loans | 0.92% | 0.49% | |
% of nonaccrual loans to total retained loans | 0.62% | 0.27% | |
Wholesale | Real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 82,407,000,000 | 79,113,000,000 | |
% of total criticized to total retained loans | 1.89% | 1.98% | |
% of nonaccrual loans to total retained loans | 0.31% | 0.32% | |
Wholesale | Criticized | Real Estate Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 665,000,000 | 652,000,000 | |
Wholesale | Criticized | Real Estate Commercial lessors | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 796,000,000 | 841,000,000 | |
Wholesale | Criticized | Real Estate Commercial construction and development | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 28,000,000 | 42,000,000 | |
Wholesale | Criticized | Real Estate Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 66,000,000 | 31,000,000 | |
Wholesale | Criticized | Real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,555,000,000 | 1,566,000,000 | |
Wholesale | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 696,000,000 | 599,000,000 | |
Wholesale | Criticized nonaccrual | Real Estate Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 127,000,000 | 126,000,000 | |
Wholesale | Criticized nonaccrual | Real Estate Commercial lessors | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 88,000,000 | 110,000,000 | |
Wholesale | Criticized nonaccrual | Real Estate Commercial construction and development | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Wholesale | Criticized nonaccrual | Real Estate Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 44,000,000 | 17,000,000 | |
Wholesale | Criticized nonaccrual | Real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $259,000,000 | $253,000,000 |
Loans_Wholesale_Loan_Portfolio2
Loans - Wholesale Loan Portfolio - Impaired Loans (Details) (Wholesale, USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Commercial and industrial | |||
Impaired loans: | |||
With an allowance | $306 | $174 | |
Without an allowance | 39 | 24 | |
Total impaired loans | 345 | 198 | |
Allowance for loan losses related to impaired loans | 57 | 34 | |
Unpaid principal balance of impaired loans | 378 | 266 | |
Average impaired loans | 251 | 291 | |
Real estate | |||
Impaired loans: | |||
With an allowance | 155 | 193 | |
Without an allowance | 138 | 87 | |
Total impaired loans | 293 | 280 | |
Allowance for loan losses related to impaired loans | 18 | 36 | |
Unpaid principal balance of impaired loans | 421 | 345 | |
Average impaired loans | 268 | 355 | |
Financial institutions | |||
Impaired loans: | |||
With an allowance | 12 | 15 | |
Without an allowance | 2 | 3 | |
Total impaired loans | 14 | 18 | |
Allowance for loan losses related to impaired loans | 4 | 4 | |
Unpaid principal balance of impaired loans | 15 | 22 | |
Average impaired loans | 16 | 22 | |
Government agencies | |||
Impaired loans: | |||
With an allowance | 0 | 0 | |
Without an allowance | 0 | 0 | |
Total impaired loans | 0 | 0 | |
Allowance for loan losses related to impaired loans | 0 | 0 | |
Unpaid principal balance of impaired loans | 0 | 0 | |
Average impaired loans | 0 | 0 | |
Other | |||
Impaired loans: | |||
With an allowance | 64 | 89 | |
Without an allowance | 27 | 52 | |
Total impaired loans | 91 | 141 | |
Allowance for loan losses related to impaired loans | 36 | 13 | |
Unpaid principal balance of impaired loans | 95 | 202 | |
Average impaired loans | 107 | 169 | |
Commercial loan | |||
Impaired loans: | |||
With an allowance | 537 | 471 | |
Without an allowance | 206 | 166 | |
Total impaired loans | 743 | 637 | |
Allowance for loan losses related to impaired loans | 115 | 87 | |
Unpaid principal balance of impaired loans | 909 | 835 | |
Average impaired loans | $642 | $837 |
Allowance_for_Credit_Losses_De
Allowance for Credit Losses (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Provision for credit losses | $959,000,000 | $850,000,000 | |
Loans by Impairment Methodology [Abstract] | |||
Asset-specific | 14,009,000,000 | 17,077,000,000 | |
Formula-based | 697,602,000,000 | 652,471,000,000 | |
Purchased credit-impaired | 45,360,000,000 | 51,612,000,000 | |
Retained loans | 756,971,000,000 | 721,160,000,000 | 747,508,000,000 |
Lending-related commitments by impairment methodology | |||
Asset-specific | 131,000,000 | 95,000,000 | |
Formula-based | 949,035,000,000 | 945,952,000,000 | |
Total lending-related commitments | 949,166,000,000 | 946,047,000,000 | 950,997,000,000 |
Impaired collateral-dependent loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Net charge-offs/(recoveries) | 17,000,000 | 51,000,000 | |
Impaired Collateral Dependent Loans [Abstract] | |||
Loans measured at fair value of collateral less cost to sell | 3,181,000,000 | 3,664,000,000 | |
Allowance for loan losses | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, beginning balance | 14,185,000,000 | 16,264,000,000 | |
Gross charge-offs | 1,352,000,000 | 1,632,000,000 | |
Gross (recoveries) | -300,000,000 | -363,000,000 | |
Net charge-offs/(recoveries) | 1,052,000,000 | 1,269,000,000 | |
Provision for credit losses | 988,000,000 | 917,000,000 | |
Other | -1,000,000 | -4,000,000 | |
Allowance for credit losses, ending balance | 14,065,000,000 | 15,847,000,000 | |
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||
Asset-specific, allowance | 1,110,000,000 | 1,357,000,000 | |
Formula-based | 9,685,000,000 | 10,393,000,000 | |
PCI | 3,270,000,000 | 4,097,000,000 | |
Total allowance for loan losses | 14,065,000,000 | 15,847,000,000 | |
Allowance for loan losses | Purchased Credit-Impaired | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Gross charge-offs | 55,000,000 | 61,000,000 | |
Allowance for lending-related commitments | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, beginning balance | 622,000,000 | 705,000,000 | |
Provision for credit losses | -29,000,000 | -67,000,000 | |
Other | 0 | 0 | |
Allowance for credit losses, ending balance | 593,000,000 | 638,000,000 | |
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||
Allowance for lending-related commitments by impairment methodology, asset-specific | 55,000,000 | 30,000,000 | |
Allowance for lending-related commitments by impairment methodology, formula-based | 538,000,000 | 608,000,000 | |
Total allowance for loan losses | 593,000,000 | 638,000,000 | |
Consumer, excluding credit card | |||
Loans by Impairment Methodology [Abstract] | |||
Asset-specific | 11,414,000,000 | 13,546,000,000 | |
Formula-based | 248,147,000,000 | 222,778,000,000 | |
Purchased credit-impaired | 45,356,000,000 | 51,606,000,000 | |
Retained loans | 304,917,000,000 | 287,930,000,000 | 294,979,000,000 |
Lending-related commitments by impairment methodology | |||
Asset-specific | 0 | 0 | |
Formula-based | 60,151,000,000 | 56,541,000,000 | |
Total lending-related commitments | 60,151,000,000 | 56,541,000,000 | |
Consumer, excluding credit card | Purchased Credit-Impaired | |||
Loans by Impairment Methodology [Abstract] | |||
Retained loans | 45,356,000,000 | 46,696,000,000 | |
Consumer, excluding credit card | Impaired collateral-dependent loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Net charge-offs/(recoveries) | 16,000,000 | 51,000,000 | |
Impaired Collateral Dependent Loans [Abstract] | |||
Loans measured at fair value of collateral less cost to sell | 2,912,000,000 | 3,333,000,000 | |
Consumer, excluding credit card | Allowance for loan losses | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, beginning balance | 7,050,000,000 | 8,456,000,000 | |
Gross charge-offs | 440,000,000 | 569,000,000 | |
Gross (recoveries) | -176,000,000 | -201,000,000 | |
Net charge-offs/(recoveries) | 264,000,000 | 368,000,000 | |
Provision for credit losses | 141,000,000 | 119,000,000 | |
Other | 0 | 1,000,000 | |
Allowance for credit losses, ending balance | 6,872,000,000 | 8,147,000,000 | |
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||
Asset-specific, allowance | 537,000,000 | 607,000,000 | |
Formula-based | 3,065,000,000 | 3,443,000,000 | |
PCI | 3,270,000,000 | 4,097,000,000 | |
Total allowance for loan losses | 6,872,000,000 | 8,147,000,000 | |
Consumer, excluding credit card | Allowance for loan losses | Purchased Credit-Impaired | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Gross charge-offs | 55,000,000 | 61,000,000 | |
Consumer, excluding credit card | Allowance for lending-related commitments | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, beginning balance | 13,000,000 | 8,000,000 | |
Provision for credit losses | 1,000,000 | 0 | |
Other | 0 | 0 | |
Allowance for credit losses, ending balance | 14,000,000 | 8,000,000 | |
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||
Allowance for lending-related commitments by impairment methodology, asset-specific | 0 | 0 | |
Allowance for lending-related commitments by impairment methodology, formula-based | 14,000,000 | 8,000,000 | |
Total allowance for loan losses | 14,000,000 | 8,000,000 | |
Credit card | |||
Loans by Impairment Methodology [Abstract] | |||
Asset-specific | 1,852,000,000 | 2,768,000,000 | |
Formula-based | 118,983,000,000 | 118,744,000,000 | |
Purchased credit-impaired | 0 | 0 | |
Retained loans | 120,835,000,000 | 121,512,000,000 | 128,027,000,000 |
Lending-related commitments by impairment methodology | |||
Asset-specific | 0 | 0 | |
Formula-based | 533,511,000,000 | 535,614,000,000 | |
Total lending-related commitments | 533,511,000,000 | 535,614,000,000 | |
Credit card | Impaired collateral-dependent loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Net charge-offs/(recoveries) | 0 | 0 | |
Impaired Collateral Dependent Loans [Abstract] | |||
Loans measured at fair value of collateral less cost to sell | 0 | 0 | |
Credit card | Allowance for loan losses | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, beginning balance | 3,439,000,000 | 3,795,000,000 | |
Gross charge-offs | 883,000,000 | 995,000,000 | |
Gross (recoveries) | -94,000,000 | -107,000,000 | |
Net charge-offs/(recoveries) | 789,000,000 | 888,000,000 | |
Provision for credit losses | 789,000,000 | 688,000,000 | |
Other | -5,000,000 | -4,000,000 | |
Allowance for credit losses, ending balance | 3,434,000,000 | 3,591,000,000 | |
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||
Asset-specific, allowance | 458,000,000 | 606,000,000 | |
Formula-based | 2,976,000,000 | 2,985,000,000 | |
PCI | 0 | 0 | |
Total allowance for loan losses | 3,434,000,000 | 3,591,000,000 | |
Credit card | Allowance for loan losses | Purchased Credit-Impaired | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Gross charge-offs | 0 | 0 | |
Credit card | Allowance for lending-related commitments | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, beginning balance | 0 | 0 | |
Provision for credit losses | 0 | 0 | |
Other | 0 | 0 | |
Allowance for credit losses, ending balance | 0 | 0 | |
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||
Allowance for lending-related commitments by impairment methodology, asset-specific | 0 | 0 | |
Allowance for lending-related commitments by impairment methodology, formula-based | 0 | 0 | |
Total allowance for loan losses | 0 | 0 | |
Wholesale | |||
Loans by Impairment Methodology [Abstract] | |||
Asset-specific | 743,000,000 | 763,000,000 | |
Formula-based | 330,472,000,000 | 310,949,000,000 | |
Purchased credit-impaired | 4,000,000 | 6,000,000 | |
Retained loans | 331,219,000,000 | 311,718,000,000 | 324,502,000,000 |
Lending-related commitments by impairment methodology | |||
Asset-specific | 131,000,000 | 95,000,000 | |
Formula-based | 355,373,000,000 | 353,797,000,000 | |
Total lending-related commitments | 355,504,000,000 | 353,892,000,000 | |
Wholesale | Impaired collateral-dependent loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Net charge-offs/(recoveries) | 1,000,000 | 0 | |
Impaired Collateral Dependent Loans [Abstract] | |||
Loans measured at fair value of collateral less cost to sell | 269,000,000 | 331,000,000 | |
Wholesale | Allowance for loan losses | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, beginning balance | 3,696,000,000 | 4,013,000,000 | |
Gross charge-offs | 29,000,000 | 68,000,000 | |
Gross (recoveries) | -30,000,000 | -55,000,000 | |
Net charge-offs/(recoveries) | -1,000,000 | 13,000,000 | |
Provision for credit losses | 58,000,000 | 110,000,000 | |
Other | 4,000,000 | -1,000,000 | |
Allowance for credit losses, ending balance | 3,759,000,000 | 4,109,000,000 | |
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||
Asset-specific, allowance | 115,000,000 | 144,000,000 | |
Formula-based | 3,644,000,000 | 3,965,000,000 | |
PCI | 0 | 0 | |
Total allowance for loan losses | 3,759,000,000 | 4,109,000,000 | |
Wholesale | Allowance for loan losses | Purchased Credit-Impaired | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Gross charge-offs | 0 | 0 | |
Wholesale | Allowance for lending-related commitments | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, beginning balance | 609,000,000 | 697,000,000 | |
Provision for credit losses | -30,000,000 | -67,000,000 | |
Other | 0 | 0 | |
Allowance for credit losses, ending balance | 579,000,000 | 630,000,000 | |
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||
Allowance for lending-related commitments by impairment methodology, asset-specific | 55,000,000 | 30,000,000 | |
Allowance for lending-related commitments by impairment methodology, formula-based | 524,000,000 | 600,000,000 | |
Total allowance for loan losses | $579,000,000 | $630,000,000 |
Variable_Interest_Entities_Fir
Variable Interest Entities - Firm Sponsored Variable Interest Entities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | $252,400,000,000 | $254,300,000,000 |
Percentage of the Firm's retained securitization interests risk-rated 'A' or better, at fair value | 83.00% | 77.00% |
Corporate & Investment Bank | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Senior securities purchased, excluded from interests continued to be held by transferor, fair value | 28,000,000 | 136,000,000 |
Subordinated securities purchased, excluded from interests continued to be held by transferor, fair value | 129,000,000 | 34,000,000 |
Mortgages - prime, including option ARMS | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 95,500,000,000 | 96,300,000,000 |
Mortgages - prime, including option ARMS | Investment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Retained interest, fair value | 2,100,000,000 | 1,100,000,000 |
Mortgages - prime, including option ARMS | Non Investment Grade BBplus and below | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Retained interest, fair value | 125,000,000 | 185,000,000 |
Mortgages - subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 26,400,000,000 | 28,400,000,000 |
Mortgage-backed securities, Commercial | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 130,500,000,000 | 129,600,000,000 |
Mortgage-backed securities, Commercial | Investment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Retained interest, fair value | 3,700,000,000 | 3,700,000,000 |
Mortgage-backed securities, Commercial | Non Investment Grade BBplus and below | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Retained interest, fair value | 113,000,000 | 194,000,000 |
Variable Interest Entity, Primary Beneficiary | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 2,300,000,000 | 3,700,000,000 |
Variable Interest Entity, Primary Beneficiary | Mortgages - prime, including option ARMS | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 2,000,000,000 | 2,700,000,000 |
Variable Interest Entity, Primary Beneficiary | Mortgages - subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 100,000,000 | 800,000,000 |
Variable Interest Entity, Primary Beneficiary | Mortgage-backed securities, Commercial | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 200,000,000 | 200,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Mortgages - prime, including option ARMS | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 77,400,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 195,280,000,000 | 198,391,000,000 |
Interest in sponsored credit card securitization trusts | 6,100,000,000 | 5,200,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Trading assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in sponsored credit card securitization trusts | 1,000,000,000 | 1,000,000,000 |
Variable Interest Entity, Not Primary Beneficiary | AFS securities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in sponsored credit card securitization trusts | 5,100,000,000 | 4,200,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Mortgages - prime, including option ARMS | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 77,349,000,000 | 78,294,000,000 |
Interest in sponsored credit card securitization trusts | 2,200,000,000 | 1,200,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Mortgages - prime, including option ARMS | Trading assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in sponsored credit card securitization trusts | 600,000,000 | 500,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Mortgages - prime, including option ARMS | AFS securities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in sponsored credit card securitization trusts | 1,600,000,000 | 700,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Mortgages - subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 24,601,000,000 | 25,659,000,000 |
Interest in sponsored credit card securitization trusts | 100,000,000 | 100,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Mortgages - subprime | Trading assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in sponsored credit card securitization trusts | 100,000,000 | 100,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Mortgages - subprime | AFS securities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in sponsored credit card securitization trusts | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | Mortgage-backed securities, Commercial | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 93,330,000,000 | 94,438,000,000 |
Interest in sponsored credit card securitization trusts | 3,800,000,000 | 3,900,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Mortgage-backed securities, Commercial | Trading assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in sponsored credit card securitization trusts | 300,000,000 | 400,000,000 |
Variable Interest Entity, Not Primary Beneficiary | Mortgage-backed securities, Commercial | AFS securities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in sponsored credit card securitization trusts | $3,500,000,000 | $3,500,000,000 |
Variable_Interest_Entities_Res
Variable Interest Entities - Resecuritizations, Multi-seller Conduits (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Variable Interest Entity [Line Items] | |||||
Securities transferred to agency resecuritization VIEs | $3,900,000,000 | $5,300,000,000 | |||
Securities transferred to private-label re-securitization VIEs | 472,000,000 | 169,000,000 | |||
Assets | 2,577,148,000,000 | [1] | 2,476,650,000,000 | 2,572,773,000,000 | [1] |
Off-balance sheet lending-related financial commitments, contractual amount | 949,166,000,000 | 946,047,000,000 | 950,997,000,000 | ||
Not Primary Beneficiary, Nonconsolidated Private-Label Re-securitizations | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 2,300,000,000 | 2,900,000,000 | |||
Mortgage Securitization Entities | Private label Resecuritizations | |||||
Variable Interest Entity [Line Items] | |||||
Senior and subordinated interest in nonconsolidated agency re-securitization entities | 14,000,000 | 36,000,000 | |||
Mortgage Securitization Entities | Private label Resecuritizations | Residential mortgage-backed securities | |||||
Variable Interest Entity [Line Items] | |||||
VIE, consolidated, carrying amount assets | 73,000,000 | 77,000,000 | |||
VIE, consolidated, carrying amount liabilities | 19,000,000 | 21,000,000 | |||
Mortgage Securitization Entities | Re securitizations | |||||
Variable Interest Entity [Line Items] | |||||
Senior and subordinated interest in nonconsolidated agency re-securitization entities | 1,600,000,000 | 2,400,000,000 | |||
Firm-administered multi-seller conduits | |||||
Variable Interest Entity [Line Items] | |||||
Commercial paper issued by consolidated Variable Interest Entities eliminated in Consolidation | 4,900,000,000 | 5,700,000,000 | |||
Firm-administered multi-seller conduits | Mortgage-backed securities, Commercial | |||||
Variable Interest Entity [Line Items] | |||||
Off-balance sheet lending-related financial commitments, contractual amount | $10,200,000,000 | $9,900,000,000 | |||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2015, and December 31, 2014. The difference between total VIE assets and liabilities represents the Firm’s interests in those entities, which were eliminated in consolidation.(in millions)Mar 31, 2015 Dec 31, 2014Assets Trading assets$7,703 $9,090Loans67,184 68,880All other assets2,350 1,815Total assets$77,237 $79,785Liabilities Beneficial interests issued by consolidated variable interest entities$51,091 $52,362All other liabilities911 949Total liabilities$52,002 $53,311The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. At March 31, 2015, and December 31, 2014, the Firm provided limited program-wide credit enhancement of $2.0 billion and $2.0 billion, respectively, related to its Firm-administered multi-seller conduits, which are eliminated in consolidation. For further discussion, see Note 15. |
Variable_Interest_Entities_Mun
Variable Interest Entities - Municipal Bond Vehicle VIEs (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
Firm's exposure to nonconsolidated municipal bond VIEs [Abstract] | |||||
Assets | $2,577,148,000,000 | [1] | $2,572,773,000,000 | [1] | $2,476,650,000,000 |
Nonconsolidated municipal bond vehicles | Municipal bond vehicles | |||||
Firm's exposure to nonconsolidated municipal bond VIEs [Abstract] | |||||
Assets | 11,500,000,000 | 11,500,000,000 | |||
Liquidity facilities provided by Firm serving as liquidity provider | 6,300,000,000 | 6,300,000,000 | |||
Excess/ (deficit) | 5,200,000,000 | 5,200,000,000 | |||
Weighted average expected life of assets (years) | 4 years 10 months 24 days | 4 years 10 months 24 days | |||
Nonconsolidated municipal bond vehicles | Municipal bond vehicles | Investment Grade AAA to AAA- | |||||
Firm's exposure to nonconsolidated municipal bond VIEs [Abstract] | |||||
Assets | 2,700,000,000 | 2,700,000,000 | |||
Nonconsolidated municipal bond vehicles | Municipal bond vehicles | Investment Grade AAplus to AA- | |||||
Firm's exposure to nonconsolidated municipal bond VIEs [Abstract] | |||||
Assets | 8,400,000,000 | 8,400,000,000 | |||
Nonconsolidated municipal bond vehicles | Municipal bond vehicles | Investment Grade Aplus to A- | |||||
Firm's exposure to nonconsolidated municipal bond VIEs [Abstract] | |||||
Assets | 400,000,000 | 400,000,000 | |||
Nonconsolidated municipal bond vehicles | Municipal bond vehicles | Investment Grade BBBplus to BBB- | |||||
Firm's exposure to nonconsolidated municipal bond VIEs [Abstract] | |||||
Assets | 0 | 0 | |||
Nonconsolidated municipal bond vehicles | Municipal bond vehicles | Non Investment Grade BBplus and below | |||||
Firm's exposure to nonconsolidated municipal bond VIEs [Abstract] | |||||
Assets | 0 | 0 | |||
Variable Interest Entity, Not Primary Beneficiary | Municipal bond vehicles | |||||
Firm's exposure to nonconsolidated municipal bond VIEs [Abstract] | |||||
Maximum exposure | $6,300,000,000 | $6,300,000,000 | |||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2015, and December 31, 2014. The difference between total VIE assets and liabilities represents the Firm’s interests in those entities, which were eliminated in consolidation.(in millions)Mar 31, 2015 Dec 31, 2014Assets Trading assets$7,703 $9,090Loans67,184 68,880All other assets2,350 1,815Total assets$77,237 $79,785Liabilities Beneficial interests issued by consolidated variable interest entities$51,091 $52,362All other liabilities911 949Total liabilities$52,002 $53,311The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. At March 31, 2015, and December 31, 2014, the Firm provided limited program-wide credit enhancement of $2.0 billion and $2.0 billion, respectively, related to its Firm-administered multi-seller conduits, which are eliminated in consolidation. For further discussion, see Note 15. |
Variable_Interest_Entities_Con
Variable Interest Entities - Consolidated VIE Assets and Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | ||
In Millions, unless otherwise specified | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Trading assets | $398,981 | $398,988 | |||
Loans | 764,185 | 757,336 | |||
Other assets, at fair value | 99,796 | 102,597 | |||
Total assets | 2,577,148 | [1] | 2,572,773 | [1] | 2,476,650 |
Beneficial interests issued by consolidated VIEs | 51,091 | 52,362 | |||
Total liabilities | 2,341,284 | [1] | 2,341,046 | [1] | |
Variable Interest Entity, Primary Beneficiary | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Loans | 67,200 | 68,900 | |||
Other assets, at fair value | 2,400 | 1,800 | |||
Total assets | 77,300 | 79,800 | |||
Beneficial interests issued by consolidated VIEs | 51,100 | 52,400 | |||
All other liabilities | 900 | 900 | |||
Total liabilities | 52,000 | 53,300 | |||
Variable Interest Entity, Primary Beneficiary | Long-term beneficial interests | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Beneficial interests issued by consolidated VIEs | 34,700 | 35,400 | |||
Variable Interest Entity, Primary Beneficiary | Long-term beneficial interests maturities under 1 year | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Beneficial interests issued by consolidated VIEs | 9,000 | ||||
Variable Interest Entity, Primary Beneficiary | Long-term beneficial interests maturities between 1 and 5 years | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Beneficial interests issued by consolidated VIEs | 21,100 | ||||
Variable Interest Entity, Primary Beneficiary | Long-term beneficial interests maturities over 5 years | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Beneficial interests issued by consolidated VIEs | 4,600 | ||||
Variable Interest Entity, Primary Beneficiary | Debt and equity securities | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Trading assets | 7,700 | 9,100 | |||
Variable Interest Entity, Primary Beneficiary | Firm-sponsored credit card trusts | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Loans | 47,900 | 48,300 | |||
Other assets, at fair value | 800 | 700 | |||
Total assets | 48,700 | 49,000 | |||
Beneficial interests issued by consolidated VIEs | 31,400 | 31,200 | |||
All other liabilities | 0 | 0 | |||
Total liabilities | 31,400 | 31,200 | |||
Variable Interest Entity, Primary Beneficiary | Firm-sponsored credit card trusts | Debt and equity securities | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Trading assets | 0 | 0 | |||
Variable Interest Entity, Primary Beneficiary | Firm-administered multi-seller conduits | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Loans | 16,500 | 17,700 | |||
Other assets, at fair value | 0 | 100 | |||
Total assets | 16,500 | 17,800 | |||
Beneficial interests issued by consolidated VIEs | 11,800 | 12,000 | |||
All other liabilities | 0 | 0 | |||
Total liabilities | 11,800 | 12,000 | |||
Variable Interest Entity, Primary Beneficiary | Firm-administered multi-seller conduits | Debt and equity securities | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Trading assets | 0 | 0 | |||
Variable Interest Entity, Primary Beneficiary | Municipal bond vehicles | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Loans | 0 | 0 | |||
Other assets, at fair value | 0 | 0 | |||
Total assets | 5,200 | 5,300 | |||
Beneficial interests issued by consolidated VIEs | 4,700 | 4,900 | |||
All other liabilities | 0 | 0 | |||
Total liabilities | 4,700 | 4,900 | |||
Variable Interest Entity, Primary Beneficiary | Municipal bond vehicles | Debt and equity securities | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Trading assets | 5,200 | 5,300 | |||
Variable Interest Entity, Primary Beneficiary | Mortgage securitization entities | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Loans | 700 | 700 | |||
Other assets, at fair value | 100 | 0 | |||
Total assets | 2,900 | 4,000 | |||
Beneficial interests issued by consolidated VIEs | 1,100 | 2,100 | |||
All other liabilities | 800 | 800 | |||
Total liabilities | 1,900 | 2,900 | |||
Variable Interest Entity, Primary Beneficiary | Mortgage securitization entities | Debt and equity securities | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Trading assets | 2,100 | 3,300 | |||
Variable Interest Entity, Primary Beneficiary | Student loan securitization entities | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Loans | 2,100 | 2,200 | |||
Other assets, at fair value | 100 | 0 | |||
Total assets | 2,300 | 2,400 | |||
Beneficial interests issued by consolidated VIEs | 2,000 | 2,100 | |||
All other liabilities | 0 | 0 | |||
Total liabilities | 2,000 | 2,100 | |||
Variable Interest Entity, Primary Beneficiary | Student loan securitization entities | Debt and equity securities | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Trading assets | 100 | 200 | |||
Variable Interest Entity, Primary Beneficiary | Other consumer securitizations | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Loans | 0 | 0 | |||
Other assets, at fair value | 1,400 | 1,000 | |||
Total assets | 1,700 | 1,300 | |||
Beneficial interests issued by consolidated VIEs | 100 | 100 | |||
All other liabilities | 100 | 100 | |||
Total liabilities | 200 | 200 | |||
Variable Interest Entity, Primary Beneficiary | Other consumer securitizations | Debt and equity securities | |||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | |||||
Trading assets | $300 | $300 | |||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2015, and December 31, 2014. The difference between total VIE assets and liabilities represents the Firm’s interests in those entities, which were eliminated in consolidation.(in millions)Mar 31, 2015 Dec 31, 2014Assets Trading assets$7,703 $9,090Loans67,184 68,880All other assets2,350 1,815Total assets$77,237 $79,785Liabilities Beneficial interests issued by consolidated variable interest entities$51,091 $52,362All other liabilities911 949Total liabilities$52,002 $53,311The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. At March 31, 2015, and December 31, 2014, the Firm provided limited program-wide credit enhancement of $2.0 billion and $2.0 billion, respectively, related to its Firm-administered multi-seller conduits, which are eliminated in consolidation. For further discussion, see Note 15. |
Variable_Interest_Entities_Sec
Variable Interest Entities - Securitization Activity (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Residential mortgage-backed securities | Level 2 | ||
All cash flows during the period: | ||
Proceeds from new securitizations | $1,300 | $330 |
Residential mortgage-backed securities | Level 3 | ||
All cash flows during the period: | ||
Proceeds from new securitizations | 21 | |
Mortgage-backed securities, Commercial | Level 2 | ||
All cash flows during the period: | ||
Proceeds from new securitizations | 3,400 | 2,000 |
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability | Residential mortgage-backed securities | ||
Securitization activity [Abstract] | ||
Principal securitized | 1,312 | 356 |
All cash flows during the period: | ||
Proceeds from new securitizations | 1,317 | 351 |
Servicing fees collected | 146 | 139 |
Purchases of previously transferred financial assets (or the underlying collateral) | 0 | 3 |
Cash flows received on interests | 70 | 44 |
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability | Mortgage-backed securities, Commercial | ||
Securitization activity [Abstract] | ||
Principal securitized | 3,375 | 2,027 |
All cash flows during the period: | ||
Proceeds from new securitizations | 3,369 | 2,044 |
Servicing fees collected | 1 | 1 |
Purchases of previously transferred financial assets (or the underlying collateral) | 0 | 0 |
Cash flows received on interests | $79 | $62 |
Variable_Interest_Entities_Loa
Variable Interest Entities - Loans Sold to Third-Party Sponsored Securitization Entities (Details) (Variable Interest Entity, Not Primary Beneficiary, USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Summary of loan sale activities [Abstract] | |||
Carrying value of loans sold | $12,139,000,000 | $13,920,000,000 | |
Proceeds received from loan sales as cash | 51,000,000 | 39,000,000 | |
Proceeds received from loan sales as securities | 12,029,000,000 | 13,735,000,000 | |
Total proceeds received from loan sales | 12,080,000,000 | 13,774,000,000 | |
Gains on loan sales | 91,000,000 | 37,000,000 | |
Loans repurchased | 12,300,000,000 | 12,400,000,000 | |
Real estate acquired through foreclosure | $471,000,000 | $464,000,000 |
Variable_Interest_Entities_Loa1
Variable Interest Entities - Loan Delinquencies and Net Charge-offs (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Total assets held by securitization VIEs | $252,400,000,000 | $254,300,000,000 | |
Mortgages - prime, including option ARMS | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Total assets held by securitization VIEs | 95,500,000,000 | 96,300,000,000 | |
Mortgages - subprime | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Total assets held by securitization VIEs | 26,400,000,000 | 28,400,000,000 | |
Mortgage-backed securities, Commercial | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Total assets held by securitization VIEs | 130,500,000,000 | 129,600,000,000 | |
Securitized loans | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
90 days past due | 18,224,000,000 | 19,358,000,000 | |
Liquidation Losses | 915,000,000 | 1,632,000,000 | |
Securitized loans in which the firm has no continuing involvement | 54,800,000,000 | 52,200,000,000 | |
Securitized loans | Mortgages - prime, including option ARMS | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
90 days past due | 10,572,000,000 | 11,363,000,000 | |
Liquidation Losses | 462,000,000 | 659,000,000 | |
Securitized loans | Mortgages - subprime | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
90 days past due | 6,150,000,000 | 6,473,000,000 | |
Liquidation Losses | 354,000,000 | 739,000,000 | |
Securitized loans | Mortgage-backed securities, Commercial | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
90 days past due | 1,502,000,000 | 1,522,000,000 | |
Liquidation Losses | 99,000,000 | 234,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Securitized assets | 195,280,000,000 | 198,391,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | Mortgages - prime, including option ARMS | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Securitized assets | 77,349,000,000 | 78,294,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | Mortgages - subprime | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Securitized assets | 24,601,000,000 | 25,659,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | Mortgage-backed securities, Commercial | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Securitized assets | 93,330,000,000 | 94,438,000,000 | |
Variable Interest Entity, Primary Beneficiary | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Assets held in consolidated securitization VIEs | 2,300,000,000 | 3,700,000,000 | |
Variable Interest Entity, Primary Beneficiary | Mortgages - prime, including option ARMS | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Assets held in consolidated securitization VIEs | 2,000,000,000 | 2,700,000,000 | |
Variable Interest Entity, Primary Beneficiary | Mortgages - subprime | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Assets held in consolidated securitization VIEs | 100,000,000 | 800,000,000 | |
Variable Interest Entity, Primary Beneficiary | Mortgage-backed securities, Commercial | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Assets held in consolidated securitization VIEs | $200,000,000 | $200,000,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - by Business Segment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Goodwill [Line Items] | ||||
Goodwill | $47,453 | $47,647 | $48,065 | $48,081 |
Consumer & Community Banking | ||||
Goodwill [Line Items] | ||||
Goodwill | 30,874 | 30,941 | ||
Corporate & Investment Bank | ||||
Goodwill [Line Items] | ||||
Goodwill | 6,776 | 6,780 | ||
Commercial Banking | ||||
Goodwill [Line Items] | ||||
Goodwill | 2,861 | 2,861 | ||
Asset Management | ||||
Goodwill [Line Items] | ||||
Goodwill | 6,942 | 6,964 | ||
Corporate | ||||
Goodwill [Line Items] | ||||
Goodwill | $0 | $101 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Changes During Period (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Changes in the carrying amount of goodwill [Abstract] | ||
Balance at beginning of period | $47,647 | $48,081 |
Changes during the period: | ||
Business combinations | 8 | 9 |
Dispositions | -101 | 0 |
Other | -101 | -25 |
Balance at end of period | $47,453 | $48,065 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Mortgage Servicing Rights (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Mortgage servicing rights activity [Abstract] | ||
Fair value at the beginning of the period | $7,436,000,000 | $9,614,000,000 |
MSR activity: | ||
Originations of MSRs | 155,000,000 | 192,000,000 |
Purchase of MSRs | 1,000,000 | 3,000,000 |
Disposition of MSRs | -157,000,000 | -188,000,000 |
Net additions | -1,000,000 | 7,000,000 |
Changes due to collection/realization of expected cash flows | -215,000,000 | -247,000,000 |
Changes in valuation due to inputs and assumptions: | ||
Changes due to market interest rates and other | -477,000,000 | -362,000,000 |
Changes in valuation due to other inputs and assumptions: | ||
Projected cash flows (e.g., cost to service) | -10,000,000 | -11,000,000 |
Discount rates | -10,000,000 | -449,000,000 |
Prepayment model changes and other | -82,000,000 | 0 |
Total changes in valuation due to other inputs and assumptions | -102,000,000 | -460,000,000 |
Total changes in valuation due to inputs and assumptions | -579,000,000 | -822,000,000 |
Fair value at March 31 | 6,641,000,000 | 8,552,000,000 |
Change in unrealized gains/(losses) included in income related to MSRs held at March 31 | -579,000,000 | -822,000,000 |
Contractual service fees, late fees and other ancillary fees included in income | 667,000,000 | 757,000,000 |
Third-party mortgage loans serviced at March 31 (in billions) | 728,000,000,000 | 809,000,000,000 |
Servicer advances at March 31 (in billions) | 7,900,000,000 | 9,200,000,000 |
MSR activity supplemental information | ||
Commercial real estate, fair value period increase (decrease) | -2,000,000 | -2,000,000 |
Commercial real estate, fair value | $9,000,000 | $16,000,000 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Mortgage Fees and Related Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Risk management: | ||
All other | $1 | $0 |
Mortgage fees and related income | 705 | 514 |
Consumer & Community Banking | ||
CCB mortgage fees and related income | ||
Net production revenue | 237 | 289 |
Operating revenue: | ||
Loan servicing revenue | 749 | 870 |
Changes in MSR asset fair value due to collection/realization of expected cash flows | -214 | -245 |
Total operating revenue | 535 | 625 |
Risk management: | ||
Changes in MSR asset fair value due to market interest rates and other | -476 | -362 |
Other changes in MSR asset fair value due to inputs or assumptions in model | -102 | -460 |
Change in derivative fair value and other | 510 | 422 |
Total risk management | -68 | -400 |
Total CCB net mortgage servicing revenue | $467 | $225 |
Goodwill_and_Other_Intangible_7
Goodwill and Other Intangible Assets - Key Economic Assumptions (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Weighted-average prepayment speed assumption (“CPRâ€) | 10.99% | 9.80% |
Impact on fair value of 10% adverse change | ($423) | ($337) |
Impact on fair value of 20% adverse change | -738 | -652 |
Weighted-average option adjusted spread | 9.79% | 9.43% |
Impact on fair value of 100 basis points adverse change | -254 | -300 |
Impact on fair value of 200 basis points adverse change | ($489) | ($578) |
Deposits_Noninterest_and_Inter
Deposits - Noninterest and Interest-bearing (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
U.S. offices | ||
Noninterest-bearing | $441,245 | $437,558 |
Interest-bearing: | ||
Demand | 83,043 | 90,319 |
Savings | 478,922 | 466,730 |
Time (included $8,589 and $7,501 at fair value) | 82,263 | 86,301 |
Total interest-bearing deposits | 644,228 | 643,350 |
Total deposits in U.S. offices | 1,085,473 | 1,080,908 |
Non-U.S. offices | ||
Noninterest-bearing | 18,484 | 19,078 |
Interest-bearing | ||
Demand | 216,815 | 217,011 |
Savings | 1,999 | 2,673 |
Time (included $2,361 and $1,306 at fair value) | 45,116 | 43,757 |
Total interest-bearing deposits | 263,930 | 263,441 |
Total deposits in non-U.S. offices | 282,414 | 282,519 |
Total deposits | 1,367,887 | 1,363,427 |
Estimate of Fair Value | ||
Interest-bearing: | ||
Time (included $8,589 and $7,501 at fair value) | 8,589 | 7,501 |
Interest-bearing | ||
Time (included $2,361 and $1,306 at fair value) | $2,361 | $1,306 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share, Basic, Two Class Method [Abstract] | ||
Net income | $5,914 | $5,269 |
Less: Preferred stock dividends | 324 | 227 |
Net income applicable to common equity | 5,590 | 5,042 |
Less: Dividends and undistributed earnings allocated to participating securities | 138 | 149 |
Net income applicable to common stockholders | 5,452 | 4,893 |
Weighted-average basic shares (in shares) | 3,725.30 | 3,787.20 |
Basic earnings per share (in dollars per share) | $1.46 | $1.29 |
Earnings Per Share, Diluted, Two Class Method [Abstract] | ||
Net income applicable to common stockholders | $5,452 | $4,893 |
Weighted-average basic shares (in shares) | 3,725.30 | 3,787.20 |
Add: Employee stock options, SARs and warrants (in shares) | 32.2 | 36.4 |
Total weighted-average diluted shares (in shares) | 3,757.50 | 3,823.60 |
Diluted earnings per share (in dollars per share) | $1.45 | $1.28 |
Earnings Per Share, Diluted, Other Disclosures [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1 | 1 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income/(Loss) - Rollforward (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | $2,189 | |
Net change, unrealized gains/(losses) on AFS securities | 89 | 994 |
Net change, translation adjustments, net of hedges | -10 | -2 |
Net change, cash flow hedges | 77 | 59 |
Net change, defined benefit pension and OPEB plans | 85 | 26 |
Net change, accumulated other comprehensive income/(loss) | 241 | 1,077 |
Ending Balance | 2,430 | |
Accumulated other comprehensive income (loss) - supplemental information | ||
Net pre-tax unrealized gains (losses) in AOCI on securities on the date of transfer | -9 | |
Unrealized gains/(losses) on investment securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 4,773 | 2,798 |
Net change, unrealized gains/(losses) on AFS securities | 89 | 994 |
Ending Balance | 4,862 | 3,792 |
Translation adjustments, net of hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | -147 | -136 |
Net change, translation adjustments, net of hedges | -10 | -2 |
Ending Balance | -157 | -138 |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | -95 | -139 |
Net change, cash flow hedges | 77 | 59 |
Ending Balance | -18 | -80 |
Defined benefit pension and OPEB plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | -2,342 | -1,324 |
Net change, defined benefit pension and OPEB plans | 85 | 26 |
Ending Balance | -2,257 | -1,298 |
Accumulated other comprehensive income/(loss) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 2,189 | 1,199 |
Net change, accumulated other comprehensive income/(loss) | 241 | 1,077 |
Ending Balance | $2,430 | $2,276 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income/(Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Unrealized gains/(losses) on AFS securities: | ||
Net change, unrealized gains/(losses) on AFS securities | $89 | $994 |
Translation adjustments: | ||
Net change after tax | -10 | -2 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||
Net change | 77 | 59 |
Defined benefit pension and OPEB plans: | ||
Net change, defined benefit pension and OPEB plans | 85 | 26 |
Total other comprehensive income, after–tax | 241 | 1,077 |
Net losses reclassified from AOCI to other income | 150 | |
Unrealized gains/(losses) on investment securities | ||
Unrealized gains/(losses) on AFS securities: | ||
Net unrealized gains/(losses) arising during the period before tax | 225 | 1,621 |
Net unrealized gains/(losses) arising during the period tax effect | -104 | -609 |
Net unrealized gains/(losses) arising during the period after tax | 121 | 1,012 |
Reclassification adjustment for realized (gains)/losses included in net income before tax | -52 | -30 |
Reclassification adjustment for realized (gains)/losses included in net income tax effect | 20 | 12 |
Reclassification adjustment for realized (gains)/losses included in net income after tax | -32 | -18 |
Net change before tax | 173 | 1,591 |
Net change tax effect | -84 | -597 |
Net change, unrealized gains/(losses) on AFS securities | 89 | 994 |
Translation adjustments, net of hedges | ||
Translation adjustments: | ||
Translation before tax | -1,000 | 154 |
Translation tax effect | 378 | -63 |
Translation after tax | -622 | 91 |
Hedges before tax | 993 | -154 |
Hedges tax effect | -381 | 61 |
Hedges after tax | 612 | -93 |
Net change before tax | -7 | 0 |
Net change tax effect | -3 | -2 |
Net change after tax | -10 | -2 |
Cash flow hedges | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||
Net unrealized gains/(losses) arising during the period before tax | -49 | 72 |
Net unrealized gains/(losses) arising during the period tax effect | 18 | -30 |
Net unrealized gains/(losses) arising during the period after tax | -31 | 42 |
Reclassification adjustment for realized (gains)/losses included in net income before tax | 175 | 27 |
Reclassification adjustment for realized (gains)/losses included in net income tax effect | -67 | -10 |
Reclassification adjustment for realized (gains)/losses included in net income after tax | 108 | 17 |
Net change before tax | 126 | 99 |
Net change tax effect | -49 | -40 |
Net change | 77 | 59 |
Defined benefit pension and OPEB plans | ||
Defined benefit pension and OPEB plans: | ||
Net gains/(losses) arising during the period before tax | 60 | 69 |
Net gains/(losses) arising during the period tax effect | -24 | -26 |
Net gains/(losses) arising during the period after tax | 36 | 43 |
Reclassification adjustments included in net income, amortization of net loss before tax | 71 | 18 |
Reclassification adjustments included in net income, amortization of net loss tax effect | -27 | -8 |
Reclassification adjustments included in net income, amortization of net loss after tax | 44 | 10 |
Reclassification adjustments included in net income, prior service costs/(credits) before tax | -9 | -10 |
Reclassification adjustments included in net income, prior service costs/(credits) tax effect | 3 | 4 |
Reclassification adjustments included in net income, prior service costs/(credits) after tax | -6 | -6 |
Foreign exchange and other before tax | 33 | -4 |
Foreign exchange and other tax effect | -22 | -17 |
Foreign exchange and other after tax | 11 | -21 |
Net change before tax | 155 | 73 |
Net change tax effect | -70 | -47 |
Net change, defined benefit pension and OPEB plans | 85 | 26 |
Accumulated other comprehensive income/(loss) | ||
Defined benefit pension and OPEB plans: | ||
Total other comprehensive income/(loss) before tax | 447 | 1,763 |
Total other comprehensive income/(loss) tax effect | -206 | -686 |
Total other comprehensive income, after–tax | $241 | $1,077 |
Regulatory_Capital_Details
Regulatory Capital (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Basel III | ||
Capital ratios | ||
CET1 - Minimum capital ratios | 4.50% | |
CET1 - Well-capitalized ratios | 6.50% | |
Tier 1 capital - Minimum capital ratio | 6.00% | |
Tier 1 capital - Well capitalized ratio | 8.00% | |
Total capital - Minumum capital ratio | 8.00% | |
Total capital - Well-capitalized ratio | 10.00% | |
Tier 1 leverage - Minimum capital ratio | 4.00% | |
Tier 1 leverage - Well-capitalized ratio | 5.00% | |
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | ||
Adjustments to capital for deferred tax liabilities resulting from nontaxable business combinations | $125,000,000 | $130,000,000 |
Adjustments to capital for deferred tax liabilities resulting from tax-deductible goodwill | 2,700,000,000 | 2,700,000,000 |
JPMorgan Chase & Co. | Basel III | ||
Regulatory capital, assets and risk based ratios - supplemental information [Abstract] | ||
Trust preferred securities included in Basel III Tier I capital | 960,000,000 | |
JPMorgan Chase & Co. | Basel III Standardized Transitional | ||
Regulatory capital | ||
CET1 capital | 167,142,000,000 | 164,426,000,000 |
Tier 1 capital | 188,791,000,000 | 186,294,000,000 |
Total capital | 223,256,000,000 | 221,225,000,000 |
Assets | ||
Risk-weighted assets | 1,536,688,000,000 | 1,472,602,000,000 |
Adjusted average assets | 2,510,897,000,000 | 2,465,414,000,000 |
Capital ratios | ||
CET1 | 10.90% | 11.20% |
Tier 1 capital | 12.30% | 12.70% |
Total capital | 14.50% | 15.00% |
Tier 1 leverage | 7.50% | 7.60% |
JPMorgan Chase & Co. | Basel III Advanced Transitional | ||
Regulatory capital | ||
CET1 capital | 167,142,000,000 | 164,426,000,000 |
Tier 1 capital | 188,791,000,000 | 186,294,000,000 |
Total capital | 213,366,000,000 | 210,684,000,000 |
Assets | ||
Risk-weighted assets | 1,562,570,000,000 | 1,608,240,000,000 |
Adjusted average assets | 2,510,897,000,000 | 2,465,414,000,000 |
Capital ratios | ||
CET1 | 10.70% | 10.20% |
Tier 1 capital | 12.10% | 11.60% |
Total capital | 13.70% | 13.10% |
Tier 1 leverage | 7.50% | 7.60% |
JPMorgan Chase Bank, N.A. | Basel III | ||
Regulatory capital, assets and risk based ratios - supplemental information [Abstract] | ||
Trust preferred securities included in Basel III Tier I capital | 150,000,000 | |
JPMorgan Chase Bank, N.A. | Basel III Standardized Transitional | ||
Regulatory capital | ||
CET1 capital | 161,912,000,000 | 156,567,000,000 |
Tier 1 capital | 161,986,000,000 | 156,891,000,000 |
Total capital | 178,185,000,000 | 173,328,000,000 |
Assets | ||
Risk-weighted assets | 1,275,482,000,000 | 1,230,358,000,000 |
Adjusted average assets | 2,033,143,000,000 | 1,968,131,000,000 |
Capital ratios | ||
CET1 | 12.70% | 12.70% |
Tier 1 capital | 12.70% | 12.80% |
Total capital | 14.00% | 14.10% |
Tier 1 leverage | 8.00% | 8.00% |
JPMorgan Chase Bank, N.A. | Basel III Advanced Transitional | ||
Regulatory capital | ||
CET1 capital | 161,912,000,000 | 156,567,000,000 |
Tier 1 capital | 161,986,000,000 | 156,891,000,000 |
Total capital | 171,232,000,000 | 166,331,000,000 |
Assets | ||
Risk-weighted assets | 1,304,984,000,000 | 1,330,175,000,000 |
Adjusted average assets | 2,033,143,000,000 | 1,968,131,000,000 |
Capital ratios | ||
CET1 | 12.40% | 11.80% |
Tier 1 capital | 12.40% | 11.80% |
Total capital | 13.10% | 12.50% |
Tier 1 leverage | 8.00% | 8.00% |
Chase Bank USA, N.A. | Basel III | ||
Regulatory capital, assets and risk based ratios - supplemental information [Abstract] | ||
Trust preferred securities included in Basel III Tier I capital | 0 | |
Chase Bank USA, N.A. | Basel III Standardized Transitional | ||
Regulatory capital | ||
CET1 capital | 14,832,000,000 | 14,556,000,000 |
Tier 1 capital | 14,832,000,000 | 14,556,000,000 |
Total capital | 20,750,000,000 | 20,517,000,000 |
Assets | ||
Risk-weighted assets | 99,974,000,000 | 103,468,000,000 |
Adjusted average assets | 125,782,000,000 | 128,111,000,000 |
Capital ratios | ||
CET1 | 14.80% | 14.10% |
Tier 1 capital | 14.80% | 14.10% |
Total capital | 20.80% | 19.80% |
Tier 1 leverage | 11.80% | 11.40% |
Chase Bank USA, N.A. | Basel III Advanced Transitional | ||
Regulatory capital | ||
CET1 capital | 14,832,000,000 | 14,556,000,000 |
Tier 1 capital | 14,832,000,000 | 14,556,000,000 |
Total capital | 19,482,000,000 | 19,206,000,000 |
Assets | ||
Risk-weighted assets | 156,300,000,000 | 157,565,000,000 |
Adjusted average assets | $125,782,000,000 | $128,111,000,000 |
Capital ratios | ||
CET1 | 9.50% | 9.20% |
Tier 1 capital | 9.50% | 9.20% |
Total capital | 12.50% | 12.20% |
Tier 1 leverage | 11.80% | 11.40% |
OffBalance_Sheet_LendingRelate2
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 949,166,000,000 | $950,997,000,000 | $946,047,000,000 | |
Off-balance sheet lending-related financial commitments, carrying value | 1,132,000,000 | 1,176,000,000 | ||
Allowance for lending-related commitments | 252,000,000 | 275,000,000 | 564,000,000 | 681,000,000 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||||
Standby letters of credit, unissued commitments | 44,800,000,000 | 45,600,000,000 | ||
Unfunded commitments investments private equity funds third party | 142,000,000 | 147,000,000 | ||
Unfunded commitments investments other equity investments | 861,000,000 | 961,000,000 | ||
Investments entities that calculate net asset value per share, unfunded commitments | 162,000,000 | 150,000,000 | ||
Commitments to extend credit leveraged and acquisition finance activities | 29,500,000,000 | 23,400,000,000 | ||
Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 655,507,000,000 | |||
Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 127,804,000,000 | |||
Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 147,219,000,000 | |||
Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 18,636,000,000 | |||
Wholesale | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 355,504,000,000 | 353,892,000,000 | ||
Lending-Related Commitments | Days Past Due, 60 or More | Credit Card | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Line of credit close criteria, period past due | 60 days | |||
Consumer Loan | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 593,662,000,000 | 584,116,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 14,000,000 | 13,000,000 | ||
Consumer Loan | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 570,439,000,000 | |||
Consumer Loan | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 11,893,000,000 | |||
Consumer Loan | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 3,322,000,000 | |||
Consumer Loan | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 8,008,000,000 | |||
Consumer loan excluding credit card | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 60,151,000,000 | 58,153,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 14,000,000 | 13,000,000 | ||
Consumer loan excluding credit card | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 36,928,000,000 | |||
Consumer loan excluding credit card | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 11,893,000,000 | |||
Consumer loan excluding credit card | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 3,322,000,000 | |||
Consumer loan excluding credit card | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 8,008,000,000 | |||
Home equity - senior lien | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 11,505,000,000 | 11,807,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 0 | 0 | ||
Home equity - senior lien | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 2,061,000,000 | |||
Home equity - senior lien | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 4,459,000,000 | |||
Home equity - senior lien | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 1,472,000,000 | |||
Home equity - senior lien | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 3,513,000,000 | |||
Home equity - junior lien | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 14,057,000,000 | 14,859,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 0 | 0 | ||
Home equity - junior lien | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 3,272,000,000 | |||
Home equity - junior lien | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 5,642,000,000 | |||
Home equity - junior lien | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 1,560,000,000 | |||
Home equity - junior lien | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 3,583,000,000 | |||
Prime mortgage | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 11,813,000,000 | 8,579,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 0 | 0 | ||
Prime mortgage | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 11,813,000,000 | |||
Prime mortgage | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | |||
Prime mortgage | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | |||
Prime mortgage | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | |||
Subprime mortgage | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | 0 | ||
Off-balance sheet lending-related financial commitments, carrying value | 0 | 0 | ||
Subprime mortgage | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | |||
Subprime mortgage | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | |||
Subprime mortgage | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | |||
Subprime mortgage | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | |||
Auto | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 10,031,000,000 | 10,462,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 2,000,000 | 2,000,000 | ||
Auto | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 8,930,000,000 | |||
Auto | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 868,000,000 | |||
Auto | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 196,000,000 | |||
Auto | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 37,000,000 | |||
Business banking | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 12,220,000,000 | 11,894,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 12,000,000 | 11,000,000 | ||
Business banking | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 10,782,000,000 | |||
Business banking | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 918,000,000 | |||
Business banking | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 94,000,000 | |||
Business banking | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 426,000,000 | |||
Student and other | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 525,000,000 | 552,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 0 | 0 | ||
Student and other | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 70,000,000 | |||
Student and other | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 6,000,000 | |||
Student and other | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | |||
Student and other | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 449,000,000 | |||
Credit Card | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 533,511,000,000 | 525,963,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 0 | 0 | ||
Credit Card | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 533,511,000,000 | |||
Credit Card | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | |||
Credit Card | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | |||
Credit Card | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | |||
Commercial loan | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 355,504,000,000 | 366,881,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 1,118,000,000 | 1,163,000,000 | ||
Commercial loan | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 85,068,000,000 | |||
Commercial loan | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 115,911,000,000 | |||
Commercial loan | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 143,897,000,000 | |||
Commercial loan | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 10,628,000,000 | |||
Commercial loan | Wholesale | Total U.S. | ||||
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||||
Off balance sheet lending related financial commitments, percent | 77.00% | 73.00% | ||
Other unfunded commitments to extend credit | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 264,193,000,000 | 272,676,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 348,000,000 | 374,000,000 | ||
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||||
Off balance sheet lending related commitments wholesale contractual amount net of risk participations other unfunded commitments to extend credit | 284,000,000 | 243,000,000 | ||
Credit enhancements and bond and commercial paper liquidity commitments to US states and municipalities hospitals and other not for profit entities | 14,400,000,000 | 14,800,000,000 | ||
Other unfunded commitments to extend credit | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 60,210,000,000 | |||
Other unfunded commitments to extend credit | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 85,404,000,000 | |||
Other unfunded commitments to extend credit | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 110,408,000,000 | |||
Other unfunded commitments to extend credit | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 8,171,000,000 | |||
Standby letters of credit and other financial guarantees | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 87,061,000,000 | 89,874,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 769,000,000 | 788,000,000 | ||
Allowance for lending-related commitments | 230,000,000 | 234,000,000 | ||
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||||
Off balance sheet Lending related commitments Wholesale Contractual amount Net of Risk Participations Standby letters of credit and other financial guarantees | 12,700,000,000 | 13,000,000,000 | ||
Credit enhancements and bond and commercial paper liquidity commitments to US states and municipalities hospitals and other not for profit entities | 12,500,000,000 | 13,300,000,000 | ||
Standby letters of credit and other financial guarantees | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 21,505,000,000 | |||
Standby letters of credit and other financial guarantees | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 29,698,000,000 | |||
Standby letters of credit and other financial guarantees | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 33,401,000,000 | |||
Standby letters of credit and other financial guarantees | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 2,457,000,000 | |||
Other letters of credit | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 4,250,000,000 | 4,331,000,000 | ||
Off-balance sheet lending-related financial commitments, carrying value | 1,000,000 | 1,000,000 | ||
Allowance for lending-related commitments | 1,000,000 | 1,000,000 | ||
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||||
Off balance sheet Lending related commitments Wholesale Contractual amount Net of Risk Participations Other letters of credit | 424,000,000 | 469,000,000 | ||
Other letters of credit | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 3,353,000,000 | |||
Other letters of credit | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 809,000,000 | |||
Other letters of credit | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 88,000,000 | |||
Other letters of credit | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | |||
Securities lending indemnification agreements and guarantees | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 185,952,000,000 | 171,059,000,000 | ||
Guarantor obligations, current carrying value | 0 | 0 | ||
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||||
Indemnification Agreement Securities Lending Guarantees Collateral Held In Support Of | 192,600,000,000 | 177,100,000,000 | ||
Securities lending indemnification agreements and guarantees | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 185,952,000,000 | |||
Securities lending indemnification agreements and guarantees | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 0 | |||
Securities lending indemnification agreements and guarantees | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 0 | |||
Securities lending indemnification agreements and guarantees | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 0 | |||
Derivatives qualifying as guarantees | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 52,628,000,000 | 53,589,000,000 | ||
Guarantor obligations, current carrying value | 45,000,000 | 80,000,000 | ||
Derivatives qualifying as guarantees | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 2,221,000,000 | |||
Derivatives qualifying as guarantees | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 177,000,000 | |||
Derivatives qualifying as guarantees | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 11,922,000,000 | |||
Derivatives qualifying as guarantees | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 38,308,000,000 | |||
Unsettled reverse repurchase and securities borrowing agreements | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 46,534,000,000 | 40,993,000,000 | ||
Guarantor obligations, current carrying value | 0 | 0 | ||
Unsettled reverse repurchase and securities borrowing agreements | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 46,534,000,000 | |||
Unsettled reverse repurchase and securities borrowing agreements | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 0 | |||
Unsettled reverse repurchase and securities borrowing agreements | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 0 | |||
Unsettled reverse repurchase and securities borrowing agreements | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 0 | |||
Mortgage repurchase liability | Warranty Reserves | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Allowance for lending-related commitments | 252,000,000 | 275,000,000 | ||
Loans sold with recourse | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Indemnification agreements loan sale and securitization loans sold with recourse contractual amount | 5,637,000,000 | 6,063,000,000 | ||
Indemnification agreements, loan sale and securitization, loans sold with recourse: carrying value | 99,000,000 | 102,000,000 | ||
Other guarantees and commitments | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 5,580,000,000 | 5,720,000,000 | ||
Guarantor obligations, current carrying value | -116,000,000 | -121,000,000 | ||
Other guarantees and commitments | Expires in one year or less | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 486,000,000 | |||
Other guarantees and commitments | Expires after one year through three years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 473,000,000 | |||
Other guarantees and commitments | Expires after three years through five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 3,309,000,000 | |||
Other guarantees and commitments | Expires after five years | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 1,312,000,000 | |||
Letters of credit hedged by derivative transactions | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Other guarantees and commitments, contractual amount | 4,400,000,000 | 4,500,000,000 | ||
Maximum | ||||
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||||
Secured clearance advance facility outstanding commitment | 11,900,000,000 | $12,600,000,000 |
OffBalance_Sheet_LendingRelate3
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments - Standby Letters of Credit and Other Financial Guarantees (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Total lending-related commitments | $949,166,000,000 | $950,997,000,000 | $946,047,000,000 | |
Allowance for lending-related commitments | 252,000,000 | 275,000,000 | 564,000,000 | 681,000,000 |
Derivatives qualifying as guarantees | ||||
Derivative, notional amount | 56,923,000,000,000 | 63,662,000,000,000 | ||
Standby and Other Letters of Credit | ||||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Standby and other letters of credit, carrying value | 770,000,000 | 789,000,000 | ||
Standby and other letters of credit, allowance | 231,000,000 | 235,000,000 | ||
Guarantor obligations, current carrying value | 539,000,000 | 554,000,000 | ||
Standby letters of credit and other financial guarantees | ||||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Standby letters of credit and other financial guarantees, investment grade | 64,311,000,000 | 66,856,000,000 | ||
Standby letters of credit and other financial guarantees, non-investment grade | 22,750,000,000 | 23,018,000,000 | ||
Total lending-related commitments | 87,061,000,000 | 89,874,000,000 | ||
Allowance for lending-related commitments | 230,000,000 | 234,000,000 | ||
Standby letters of credit and other financial guarantees, collateral held | 38,290,000,000 | 39,726,000,000 | ||
Other letters of credit | ||||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Standby letters of credit and other financial guarantees, investment grade | 3,381,000,000 | 3,476,000,000 | ||
Standby letters of credit and other financial guarantees, non-investment grade | 869,000,000 | 855,000,000 | ||
Total lending-related commitments | 4,250,000,000 | 4,331,000,000 | ||
Allowance for lending-related commitments | 1,000,000 | 1,000,000 | ||
Other letters of credit, collateral held | 1,274,000,000 | 1,509,000,000 | ||
Derivatives qualifying as guarantees | ||||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Guarantor obligations, current carrying value | 45,000,000 | 80,000,000 | ||
Derivatives qualifying as guarantees | ||||
Other guarantees and commitments, contractual amount | 52,628,000,000 | 53,589,000,000 | ||
Derivative, notional amount | 27,600,000,000 | 27,500,000,000 | ||
Derivatives maximum exposure to loss | 2,900,000,000 | 2,900,000,000 | ||
Derivative qualifying as guarantees payables | 67,000,000 | 102,000,000 | ||
Derivative qualifying as guarantees receivables | $22,000,000 | $22,000,000 |
OffBalance_Sheet_LendingRelate4
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments - Loan Sales- and Securitization-Related Indemnifications (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Summary of changes in mortgage repurchase liability | |||
Repurchase liability at beginning of period | $275 | $681 | |
Net realized gains/(losses) | 10 | 11 | |
Provision for repurchase losses | -33 | -128 | |
Repurchase liability at end of period | 252 | 564 | |
Loans sold with recourse | |||
Loans sold with recourse | |||
Indemnification agreements loan sale and securitization loans sold with recourse contractual amount | 5,637 | 6,063 | |
Indemnification agreements, loan sale and securitization, loans sold with recourse: carrying value | 99 | 102 | |
Warranty Reserves | Mortgage repurchase liability | |||
Summary of changes in mortgage repurchase liability | |||
Repurchase liability at beginning of period | 275 | ||
Repurchase liability at end of period | 252 | 275 | |
Repurchase Make-Whole Settlements | Warranty Reserves | Mortgage repurchase liability | |||
Summary of changes in mortgage repurchase liability | |||
Net realized gains/(losses) | -2 | -2 | |
Reserves for New Mortgage Loans Sold During the Period | Warranty Reserves | Mortgage repurchase liability | |||
Summary of changes in mortgage repurchase liability | |||
Valuation allowances and reserves provision | $1 | $1 |
Pledged_Assets_and_Collateral_
Pledged Assets and Collateral (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Billions, unless otherwise specified | ||
Pledged assets and Collateral | ||
Financial instruments pledged by the Firm that may not be sold or repledged by the secured parties | $51.60 | $60.10 |
Assets accepted by the Firm as collateral that it could sell or repedge, deliver or otherwise use at fair value | 779.3 | 761.7 |
Assets accepted by the Firm as collateral that the Firm has sold or repledged | 609.3 | 596.8 |
Assets pledged to Federal Reserve Banks and Federal Home Loan Banks | ||
Pledged assets and Collateral | ||
Pledged assets | $342.80 | $324.50 |
Litigation_Details
Litigation (Details) | Mar. 31, 2015 | Mar. 31, 2015 | Jul. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | 31-May-10 | Mar. 31, 2015 | Oct. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2012 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
CIO Investigations and Litigation | Madoff Litigation and Investigations | Madoff Litigation and Investigations | Threatened or Pending Litigation | Threatened or Pending Litigation | Threatened or Pending Litigation | Foreign Exchange Investigations and Litigation [Member] | General Motors Litigation | Interchange Litigation | Investment Management Litigation | Investment Management Litigation | Lehman Brothers Bankruptcy Proceedings | Lehman Brothers Bankruptcy Proceedings | LIBOR and Other Benchmark Rate Investigations and Litigation | LIBOR and Other Benchmark Rate Investigations and Litigation | LIBOR and Other Benchmark Rate Investigations and Litigation | LIBOR and Other Benchmark Rate Investigations and Litigation | Madoff Litigation, related to Fairfield | Breach of Fiduciary Duty Litigation | Mortgage Backed Securities Litigation and Regulatory Investigations | Mortgage Backed Securities Litigation and Regulatory Investigations | Mortgage Backed Securities Litigation Related to MBS Offerings Sponsored By EMC | Mortgage Backed Securities Litigation Related to MBS Offerings Sponsored By Washington Mutual | Mortgage Backed Securities Litigation Related to MBS Offerings Issued By JPMC and Bear Stearns | Mortgage-Related Investigations and Litigation | Mortgage-Related Investigations and Litigation | Municipal Derivatives Investigations and Litigation | Parmalat | Parmalat | Parmalat | Parmalat | Petters Bankruptcy and Related Matters | Washington Mutual Litigations, not specifically in connection with disputed assets | Washington Mutual Litigations, not specifically in connection with disputed assets | Interchange Litigation Defendant Group | JPMorgan Chase & Co | Litigation Dismissed | Appealed Dismissals | Filed Motion to Dismiss | Total international | |
actions | New York federal and state court | New York federal and state court | USD ($) | Minimum | Maximum | actions | USD ($) | Assured Guaranty (U.K.) and Ambac Assurance UK Limited | Assured Guaranty (U.K.) and Ambac Assurance UK Limited | USD ($) | Minimum | EUR (€) | EUR (€) | actions | actions | USD ($) | Madoff Litigation and Investigations | USD ($) | New York State Court | Monoline Insurer | investors | USD ($) | municipalities | Shareholder Derivative Action | Minimum | employees | Civil Action | Claw-back Actions | Claims Relating to Derivatives Transactions | USD ($) | Plaintiff, Deutsche Bank National Trust Company | Plaintiff, Deutsche Bank National Trust Company | Interchange Litigation | MF Global | CIO Investigations and Litigation | CIO Investigations and Litigation | CIO Investigations and Litigation | Foreign Exchange Investigations and Litigation [Member] | ||
actions | actions | USD ($) | USD ($) | actions | Minimum | USD ($) | actions | New York State Court | actions | actions | offerings | trust | New York State Supreme Court | USD ($) | actions | actions | claims | entities | Minimum | Maximum | USD ($) | defendant | actions | actions | actions | actions | ||||||||||||||
USD ($) | actions | actions | actions | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Loss contingency range of possible loss | $0 | $5,500,000,000 | ||||||||||||||||||||||||||||||||||||||
Number of legal proceedings | 7 | 3 | 2 | 2 | 2 | 2 | 3 | 2 | 5 | 2 | 2 | 1 | 5 | 2 | 2 | 4 | 3 | 2 | 2 | |||||||||||||||||||||
Syndicated term loan facility for General Motors Corporation | 1,500,000,000 | |||||||||||||||||||||||||||||||||||||||
Settlement amount agreed to pay by defendant group | 6,100,000,000 | |||||||||||||||||||||||||||||||||||||||
Settlement amount consideration percentage | 20.00% | |||||||||||||||||||||||||||||||||||||||
Loss contingency, settlement agreement, consideration, basis points of interchange | 0.10% | |||||||||||||||||||||||||||||||||||||||
Settlement agreement consideration period class plaintiffs to receive basis points of interchange | 8 months | |||||||||||||||||||||||||||||||||||||||
Period from end of the opt-out period | 60 days | |||||||||||||||||||||||||||||||||||||||
Damages sought value (more than $1billion) | 1,000,000,000 | 7,900,000,000 | 6,000,000,000 | 10,000,000,000 | ||||||||||||||||||||||||||||||||||||
Damages sought, counterclaims value (more than) | 25,000,000,000 | |||||||||||||||||||||||||||||||||||||||
Loss contingency, settlement agreement, consideration | -72,000,000 | -80,000,000 | -4,500,000,000 | |||||||||||||||||||||||||||||||||||||
Damages sought recoveries value | 155,000,000 | 450,000,000 | ||||||||||||||||||||||||||||||||||||||
Number of defendants out of a group of defendants | 1 | |||||||||||||||||||||||||||||||||||||||
Amount of original principal balance of MBS involved claims by investors or monoline insurers against JPMC, Bear Stearns or Washington Mutual as issuer or as underwriter | 26,800,000,000 | |||||||||||||||||||||||||||||||||||||||
Amount of original principal balance of MBS involved claims by investors or monoline insurers against JPMC, Bear Stearns or Washington Mutual as issuer | 24,300,000,000 | |||||||||||||||||||||||||||||||||||||||
Amount of original principal balance of MBS involved claims by investors or monoline insurers against JPMC, Bear Stearns or Washington Mutual as underwriter | 2,500,000,000 | |||||||||||||||||||||||||||||||||||||||
Number of offerings by entity related to filed suit | 11 | |||||||||||||||||||||||||||||||||||||||
Number of institutional MBS investors directing or threatening litigation | 21 | |||||||||||||||||||||||||||||||||||||||
Number of MBS for which repurchase and servicing claims have been or could have been assumed | 330 | |||||||||||||||||||||||||||||||||||||||
Number of trustees for the MBS trusts | 7 | |||||||||||||||||||||||||||||||||||||||
Number of MBS trusts for which Offer is Accepted In Part or In Whole | 319 | |||||||||||||||||||||||||||||||||||||||
Number of MBS trusts excluded from the settlement in part of in whole | 16 | |||||||||||||||||||||||||||||||||||||||
Claims dismissed | 2 | |||||||||||||||||||||||||||||||||||||||
Number of municipalities pursuing investigations into the impact if any of alleged violations of the FHA and ECOA on their respective communities | 3 | |||||||||||||||||||||||||||||||||||||||
Warrants the firm was chosen to underwrite based upon alleged payments made to certain third parties (more than) | 3,000,000,000 | |||||||||||||||||||||||||||||||||||||||
Number of former employees intended to be charged with conspiracy | 4 | |||||||||||||||||||||||||||||||||||||||
Number of entities whose trustee in bankruptcy brought actions against JPMorgan Chase | 3 | |||||||||||||||||||||||||||||||||||||||
Loss contingency, loss in period | $687,000,000 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Segment results and reconciliation | |||||
Noninterest revenue | $13,389 | $12,548 | |||
Net interest income | 10,677 | 10,667 | |||
Total net revenue | 24,066 | 23,215 | |||
Provision for credit losses | 959 | 850 | |||
Noninterest expense | 14,883 | 14,636 | |||
Income before income tax expense | 8,224 | 7,729 | |||
Income tax expense/(benefit) | 2,310 | 2,460 | |||
Net income | 5,914 | 5,269 | |||
Average common equity | 212,352 | 201,797 | |||
Assets | 2,577,148 | [1] | 2,476,650 | 2,572,773 | [1] |
Return on average common equity | 11.00% | 10.00% | |||
Overhead ratio | 62.00% | 63.00% | |||
Operating Segments | Consumer & Community Banking | |||||
Segment results and reconciliation | |||||
Noninterest revenue | 3,736 | 3,434 | |||
Net interest income | 6,968 | 7,100 | |||
Total net revenue | 10,704 | 10,534 | |||
Provision for credit losses | 930 | 816 | |||
Noninterest expense | 6,190 | 6,437 | |||
Income before income tax expense | 3,584 | 3,281 | |||
Income tax expense/(benefit) | 1,365 | 1,300 | |||
Net income | 2,219 | 1,981 | |||
Average common equity | 51,000 | 51,000 | |||
Assets | 455,624 | 441,502 | |||
Return on average common equity | 17.00% | 15.00% | |||
Overhead ratio | 58.00% | 61.00% | |||
Operating Segments | Corporate & Investment Bank | |||||
Segment results and reconciliation | |||||
Noninterest revenue | 7,074 | 6,226 | |||
Net interest income | 2,508 | 2,616 | |||
Total net revenue | 9,582 | 8,842 | |||
Provision for credit losses | -31 | 49 | |||
Noninterest expense | 5,657 | 5,604 | |||
Income before income tax expense | 3,956 | 3,189 | |||
Income tax expense/(benefit) | 1,419 | 1,064 | |||
Net income | 2,537 | 2,125 | |||
Average common equity | 62,000 | 61,000 | |||
Assets | 854,275 | 879,656 | |||
Return on average common equity | 16.00% | 13.00% | |||
Overhead ratio | 59.00% | 63.00% | |||
Operating Segments | Commercial Banking | |||||
Segment results and reconciliation | |||||
Noninterest revenue | 636 | 558 | |||
Net interest income | 1,106 | 1,120 | |||
Total net revenue | 1,742 | 1,678 | |||
Provision for credit losses | 61 | 5 | |||
Noninterest expense | 709 | 686 | |||
Income before income tax expense | 972 | 987 | |||
Income tax expense/(benefit) | 374 | 393 | |||
Net income | 598 | 594 | |||
Average common equity | 14,000 | 14,000 | |||
Assets | 197,931 | 191,389 | |||
Return on average common equity | 17.00% | 17.00% | |||
Overhead ratio | 41.00% | 41.00% | |||
Operating Segments | Asset Management | |||||
Segment results and reconciliation | |||||
Noninterest revenue | 2,384 | 2,218 | |||
Net interest income | 621 | 582 | |||
Total net revenue | 3,005 | 2,800 | |||
Provision for credit losses | 4 | -9 | |||
Noninterest expense | 2,175 | 2,075 | |||
Income before income tax expense | 826 | 734 | |||
Income tax expense/(benefit) | 324 | 280 | |||
Net income | 502 | 454 | |||
Average common equity | 9,000 | 9,000 | |||
Assets | 126,233 | 124,478 | |||
Return on average common equity | 22.00% | 20.00% | |||
Overhead ratio | 72.00% | 74.00% | |||
Operating Segments | Corporate | |||||
Segment results and reconciliation | |||||
Noninterest revenue | 40 | 524 | |||
Net interest income | -253 | -525 | |||
Total net revenue | -213 | -1 | |||
Provision for credit losses | -5 | -11 | |||
Noninterest expense | 152 | -166 | |||
Income before income tax expense | -360 | 176 | |||
Income tax expense/(benefit) | -418 | 61 | |||
Net income | 58 | 115 | |||
Average common equity | 76,352 | 66,797 | |||
Assets | 943,085 | 839,625 | |||
Reconciling Items | |||||
Segment results and reconciliation | |||||
Noninterest revenue | -481 | -412 | |||
Net interest income | -273 | -226 | |||
Total net revenue | -754 | -638 | |||
Provision for credit losses | 0 | 0 | |||
Noninterest expense | 0 | 0 | |||
Income before income tax expense | -754 | -638 | |||
Income tax expense/(benefit) | -754 | -638 | |||
Net income | 0 | 0 | |||
Average common equity | $0 | $0 | |||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2015, and December 31, 2014. The difference between total VIE assets and liabilities represents the Firm’s interests in those entities, which were eliminated in consolidation.(in millions)Mar 31, 2015 Dec 31, 2014Assets Trading assets$7,703 $9,090Loans67,184 68,880All other assets2,350 1,815Total assets$77,237 $79,785Liabilities Beneficial interests issued by consolidated variable interest entities$51,091 $52,362All other liabilities911 949Total liabilities$52,002 $53,311The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. At March 31, 2015, and December 31, 2014, the Firm provided limited program-wide credit enhancement of $2.0 billion and $2.0 billion, respectively, related to its Firm-administered multi-seller conduits, which are eliminated in consolidation. For further discussion, see Note 15. |