Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | JPMORGAN CHASE & CO | ||
Entity Central Index Key | 19,617 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q4 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 249,201,931,877 | ||
Entity Common Stock Shares Outstanding | 3,670,264,897 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenue | ||||
Investment banking fees | $ 6,751 | $ 6,542 | $ 6,354 | |
Principal transactions | 10,408 | 10,531 | 10,141 | |
Lending- and deposit-related fees | 5,694 | 5,801 | 5,945 | |
Asset management, administration and commissions | 15,509 | 15,931 | 15,106 | |
Securities gains | [1] | 202 | 77 | 667 |
Mortgage fees and related income | 2,513 | 3,563 | 5,205 | |
Card income | 5,924 | 6,020 | 6,022 | |
Other income | 3,032 | 3,013 | 4,608 | |
Noninterest revenue | 50,033 | 51,478 | 54,048 | |
Interest income | 50,973 | 51,531 | 52,669 | |
Interest expense | 7,463 | 7,897 | 9,350 | |
Net interest income | 43,510 | 43,634 | 43,319 | |
Total net revenue | 93,543 | 95,112 | 97,367 | |
Provision for credit losses | 3,827 | 3,139 | 225 | |
Noninterest expense | ||||
Compensation expense | 29,750 | 30,160 | 30,810 | |
Occupancy expense | 3,768 | 3,909 | 3,693 | |
Technology, communications and equipment expense | 6,193 | 5,804 | 5,425 | |
Professional and outside services | 7,002 | 7,705 | 7,641 | |
Marketing | 2,708 | 2,550 | 2,500 | |
Other expense | 9,593 | 11,146 | 20,398 | |
Total noninterest expense | 59,014 | 61,274 | 70,467 | |
Income before income tax expense | 30,702 | 30,699 | 26,675 | |
Income tax expense | 6,260 | 8,954 | 8,789 | |
Net income | 24,442 | 21,745 | 17,886 | |
Net income applicable to common stockholders | $ 22,406 | $ 20,077 | $ 16,557 | |
Net income per common share data | ||||
Basic earnings per share (in dollars per share) | $ 6.05 | $ 5.33 | $ 4.38 | |
Diluted earnings per share (in dollars per share) | $ 6 | $ 5.29 | $ 4.34 | |
Weighted-average basic shares (in shares) | 3,700.4 | 3,763.5 | 3,782.4 | |
Weighted-average diluted shares (in shares) | 3,732.8 | 3,797.5 | 3,814.9 | |
Cash dividends declared per common share (in dollars per share) | $ 1.72 | $ 1.58 | $ 1.44 | |
Other-than-temporary impairment losses included in securities gains | ||||
OTTI losses | $ (22) | $ (4) | $ (21) | |
[1] | The Firm recognized other-than-temporary impairment (“OTTI”) losses of $22 million, $4 million, and $21 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 24,442 | $ 21,745 | $ 17,886 |
Other comprehensive income/(loss), after–tax | |||
Unrealized gains/(losses) on investment securities | (2,144) | 1,975 | (4,070) |
Translation adjustments, net of hedges | (15) | (11) | (41) |
Cash flow hedges | 51 | 44 | (259) |
Defined benefit pension and OPEB plans | 111 | (1,018) | 1,467 |
Total other comprehensive income/(loss), after–tax | (1,997) | 990 | (2,903) |
Comprehensive income | $ 22,445 | $ 22,735 | $ 14,983 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | |||
Cash and due from banks | $ 20,490 | $ 27,831 | |
Deposits with banks | 340,015 | 484,477 | |
Federal funds sold and securities purchased under resale agreements (included $23,141 and $28,585 at fair value) | 212,575 | 215,803 | |
Securities borrowed (included $395 and $992 at fair value) | 98,721 | 110,435 | |
Trading assets (included assets pledged of $115,284 and $125,034) | 343,839 | 398,988 | |
Securities (included $241,754 and $298,752 at fair value and assets pledged of $14,883 and $24,912) | 290,827 | 348,004 | |
Loans (included $2,861 and $2,611 at fair value) | 837,299 | 757,336 | |
Allowance for loan losses | (13,555) | (14,185) | |
Loans, net of allowance for loan losses | 823,744 | 743,151 | |
Accrued interest and accounts receivable | 46,605 | 70,079 | |
Premises and equipment | 14,362 | 15,133 | |
Goodwill | 47,325 | 47,647 | |
Mortgage servicing rights | 6,608 | 7,436 | |
Other intangible assets | 1,015 | 1,192 | |
Other assets (included $7,604 and $11,909 at fair value and assets pledged of $1,286 and $1,399) | 105,572 | 102,098 | |
Total assets | [1] | 2,351,698 | 2,572,274 |
Liabilities | |||
Deposits (included $12,516 and $8,807 at fair value) | 1,279,715 | 1,363,427 | |
Federal funds purchased and securities loaned or sold under repurchase agreements (included $3,526 and $2,979 at fair value) | 152,678 | 192,101 | |
Commercial paper | 15,562 | 66,344 | |
Other borrowed funds (included $9,911 and $14,739 at fair value) | 21,105 | 30,222 | |
Trading liabilities | 126,897 | 152,815 | |
Accounts payable and other liabilities (included $4,401 and $4,155 at fair value) | 177,638 | 206,939 | |
Beneficial interests issued by consolidated variable interest entities (included $787 and $2,162 at fair value) | 41,879 | 52,320 | |
Long-term debt (included $33,065 and $30,226 at fair value) | 288,651 | 276,379 | |
Total liabilities | [1] | $ 2,104,125 | $ 2,340,547 |
Commitments and contingencies | |||
Stockholders’ equity | |||
Preferred stock ($1 par value; authorized 200,000,000 shares: issued 2,606,750 and 2,006,250 shares) | $ 26,068 | $ 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 | 92,500 | 93,270 | |
Retained earnings | 146,420 | 129,977 | |
Accumulated other comprehensive income | 192 | 2,189 | |
Shares held in restricted stock units (“RSU”) trust, at cost (472,953 shares) | (21) | (21) | |
Treasury stock, at cost (441,459,392 and 390,144,630 shares) | (21,691) | (17,856) | |
Total stockholders’ equity | 247,573 | 231,727 | |
Total liabilities and stockholders’ equity | 2,351,698 | 2,572,274 | |
VIEs consolidated by the Firm | |||
Assets | |||
Trading assets (included assets pledged of $115,284 and $125,034) | 3,736 | 9,090 | |
Loans (included $2,861 and $2,611 at fair value) | 75,104 | 68,880 | |
Other assets (included $7,604 and $11,909 at fair value and assets pledged of $1,286 and $1,399) | 2,765 | 1,815 | |
Total assets | 81,605 | 79,785 | |
Liabilities | |||
Beneficial interests issued by consolidated variable interest entities (included $787 and $2,162 at fair value) | 41,879 | 52,320 | |
All other liabilities | 809 | 949 | |
Total liabilities | $ 42,688 | $ 53,269 | |
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2015 and 2014. The difference between total VIE assets and liabilities represents the Firm’s interests in those entities, which were eliminated in consolidation.December 31, (in millions)2015 2014Assets Trading assets$3,736 $9,090Loans75,104 68,880All other assets2,765 1,815Total assets$81,605 $79,785Liabilities Beneficial interests issued by consolidated variable interest entities$41,879 $52,320All other liabilities809 949Total liabilities$42,688 $53,269The 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 both December 31, 2015 and 2014, the Firm provided limited program-wide credit enhancement of $2.0 billion, related to its Firm-administered multi-seller conduits, which are eliminated in consolidation. For further discussion, see Note 16. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Available-for-sale securities | $ 241,754 | $ 298,752 |
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) | 2,606,750 | 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 (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) | (441,459,392) | (390,144,630) |
Limited program wide credit enhancement | $ 2,000 | $ 2,000 |
Loans reported as trading assets | ||
Assets | ||
Assets pledged | 115,284 | 125,034 |
Securities | ||
Assets | ||
Assets pledged | 14,883 | 24,912 |
Other assets | ||
Assets | ||
Assets pledged | 1,286 | 1,399 |
Recurring | ||
Assets | ||
Federal funds sold and securities purchased under resale agreements | 23,141 | 28,585 |
Securities borrowed | 395 | 992 |
Available-for-sale securities | 241,754 | 298,752 |
Loans | 2,861 | 2,611 |
Liabilities | ||
Deposits | 12,516 | 8,807 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 3,526 | 2,979 |
Other borrowed funds | 9,911 | 14,739 |
Accounts payable and other liabilities | 4,401 | 4,155 |
Beneficial interests issued by consolidated VIEs | 787 | 2,162 |
Long-term debt | 33,065 | 30,226 |
Recurring | Other assets | ||
Assets | ||
Other assets at fair value | $ 7,604 | $ 11,909 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income | Shares held in RSU Trust, at cost | Treasury stock, at cost |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance at beginning of year, adjusted | $ 103,939 | |||||||
Beginning balance at Dec. 31, 2012 | $ 9,058 | $ 4,105 | $ 94,604 | 104,223 | $ 4,102 | $ (21) | $ (12,002) | |
Cumulative effect of change in accounting principle at Dec. 31, 2012 | (284) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of preferred stock | 3,900 | |||||||
Redemption of preferred stock | (1,800) | |||||||
Shares issued and commitments to issue common stock for employee stock-based compensation awards, and related tax effects | (752) | |||||||
Other | (24) | |||||||
Net income | $ 17,886 | 17,886 | ||||||
Dividends declared: | ||||||||
Preferred stock | (805) | |||||||
Common stock ($1.72, $1.58 and $1.44 per share for 2015, 2014 and 2013, respectively) | (5,585) | |||||||
Other comprehensive income/(loss) | (2,903) | (2,903) | ||||||
Purchase of treasury stock | (4,789) | (4,789) | ||||||
Reissuance from treasury stock | 1,944 | |||||||
Ending balance at Dec. 31, 2013 | 210,857 | 11,158 | 4,105 | 93,828 | 115,435 | 1,199 | (21) | (14,847) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance at beginning of year, adjusted | 115,435 | |||||||
Cumulative effect of change in accounting principle at Dec. 31, 2013 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of preferred stock | 8,905 | |||||||
Redemption of preferred stock | 0 | |||||||
Shares issued and commitments to issue common stock for employee stock-based compensation awards, and related tax effects | (508) | |||||||
Other | (50) | |||||||
Net income | 21,745 | 21,745 | ||||||
Dividends declared: | ||||||||
Preferred stock | (1,125) | |||||||
Common stock ($1.72, $1.58 and $1.44 per share for 2015, 2014 and 2013, respectively) | (6,078) | |||||||
Other comprehensive income/(loss) | 990 | 990 | ||||||
Purchase of treasury stock | (4,760) | (4,760) | ||||||
Reissuance from treasury stock | 1,751 | |||||||
Ending balance at Dec. 31, 2014 | 231,727 | 20,063 | 4,105 | 93,270 | 129,977 | 2,189 | (21) | (17,856) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance at beginning of year, adjusted | 129,977 | |||||||
Cumulative effect of change in accounting principle at Dec. 31, 2014 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of preferred stock | 6,005 | |||||||
Redemption of preferred stock | 0 | |||||||
Shares issued and commitments to issue common stock for employee stock-based compensation awards, and related tax effects | (436) | |||||||
Other | (334) | |||||||
Net income | 24,442 | 24,442 | ||||||
Dividends declared: | ||||||||
Preferred stock | (1,515) | |||||||
Common stock ($1.72, $1.58 and $1.44 per share for 2015, 2014 and 2013, respectively) | (6,484) | |||||||
Other comprehensive income/(loss) | (1,997) | (1,997) | ||||||
Purchase of treasury stock | $ (5,616) | (5,616) | ||||||
Reissuance from treasury stock | 1,781 | |||||||
Ending balance at Dec. 31, 2015 | $ 247,573 | $ 26,068 | $ 92,500 | $ 146,420 | $ 192 | $ (21) | $ (21,691) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Ending balance | $ 247,573 | $ 231,727 | $ 210,857 |
Dividends declared: | |||
Common stock, dividends declared (in dollars per share) | $ 1.72 | $ 1.58 | $ 1.44 |
Common stock | |||
Ending balance | $ 4,105 | $ 4,105 | $ 4,105 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 24,442 | $ 21,745 | $ 17,886 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||
Provision for credit losses | 3,827 | 3,139 | 225 |
Depreciation and amortization | 4,940 | 4,759 | 5,306 |
Deferred tax expense | 1,333 | 4,362 | 8,139 |
Other Noncash Income (Expense) | 1,785 | 2,113 | 1,552 |
Originations and purchases of loans held-for-sale | (48,109) | (67,525) | (75,928) |
Proceeds from sales, securitizations and paydowns of loans held-for-sale | 49,363 | 71,407 | 73,566 |
Net change in: | |||
Trading assets | 62,212 | (24,814) | 89,110 |
Securities borrowed | 12,165 | 1,020 | 7,562 |
Accrued interest and accounts receivable | 22,664 | (3,637) | (2,340) |
Other assets | (3,701) | (9,166) | 526 |
Trading liabilities | (28,972) | 26,818 | (9,772) |
Accounts payable and other liabilities | (23,361) | 6,058 | (5,750) |
Other operating adjustments | (5,122) | 314 | (2,129) |
Net cash provided by operating activities | 73,466 | 36,593 | 107,953 |
Investing activities | |||
Deposits with banks | 144,462 | (168,426) | (194,363) |
Federal funds sold and securities purchased under resale agreements | 3,190 | 30,848 | 47,726 |
Held-to-maturity securities: | |||
Proceeds from paydowns and maturities | 6,099 | 4,169 | 189 |
Purchases | (6,204) | (10,345) | (24,214) |
Available-for-sale securities: | |||
Proceeds from paydowns and maturities | 76,448 | 90,664 | 89,631 |
Proceeds from sales | 40,444 | 38,411 | 73,312 |
Purchases | (70,804) | (121,504) | (130,266) |
Proceeds from sales and securitizations of loans held-for-investment | 18,604 | 20,115 | 12,033 |
Other changes in loans, net | (108,962) | (51,749) | (23,721) |
All other investing activities, net | 3,703 | 2,181 | (828) |
Net cash provided by/(used in) investing activities | 106,980 | (165,636) | (150,501) |
Net change in: | |||
Deposits | (88,678) | 89,346 | 81,476 |
Federal funds purchased and securities loaned or sold under repurchase agreements | (39,415) | 10,905 | (58,867) |
Commercial paper and other borrowed funds | (57,828) | 9,242 | 2,784 |
Beneficial interests issued by consolidated variable interest entities | (5,632) | (834) | (10,433) |
Proceeds from long-term borrowings | 79,611 | 78,515 | 83,546 |
Payments of long-term borrowings | (67,247) | (65,275) | (60,497) |
Proceeds from issuance of preferred stock | 5,893 | 8,847 | 3,873 |
Redemption of preferred stock | 0 | 0 | (1,800) |
Treasury stock and warrants repurchased | (5,616) | (4,760) | (4,789) |
Dividends paid | (7,873) | (6,990) | (6,056) |
All other financing activities, net | (726) | (768) | (913) |
Net cash provided by/(used in) financing activities | (187,511) | 118,228 | 28,324 |
Effect of exchange rate changes on cash and due from banks | (276) | (1,125) | 272 |
Net decrease in cash and due from banks | (7,341) | (11,940) | (13,952) |
Cash and due from banks at the beginning of the period | 27,831 | 39,771 | 53,723 |
Cash and due from banks at the end of the period | 20,490 | 27,831 | 39,771 |
Cash interest paid | 7,220 | 8,194 | 9,573 |
Cash income taxes paid, net | $ 9,423 | $ 1,392 | $ 3,502 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 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 33. 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. Certain amounts reported in prior periods have been reclassified to conform with the current presentation. Consolidation The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated. Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets. The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”). Voting Interest Entities Voting interest entities are entities that have sufficient equity and provide the equity investors voting rights that enable them to make significant decisions relating to the entity’s operations. For these types of entities, the Firm’s determination of whether it has a controlling interest is primarily based on the amount of voting equity interests held. Entities in which the Firm has a controlling financial interest, through ownership of the majority of the entities’ voting equity interests, or through other contractual rights that give the Firm control, are consolidated by the Firm. Investments in companies in which the Firm has significant influence over operating and financing decisions (but does not own a majority of the voting equity interests) are accounted for (i) in accordance with the equity method of accounting (which requires the Firm to recognize its proportionate share of the entity’s net earnings), or (ii) at fair value if the fair value option was elected. These investments are generally included in other assets, with income or loss included in other income. Certain Firm -sponsored asset management funds are structured as limited partnerships or limited liability companies. For many of these entities, the Firm is the general partner or managing member, but the non-affiliated partners or members have the ability to remove the Firm as the general partner or managing member without cause (i.e., kick-out rights), based on a simple majority vote, or the non-affiliated partners or members have rights to participate in important decisions. Accordingly, the Firm does not consolidate these funds. In the limited cases where the nonaffiliated partners or members do not have substantive kick-out or participating rights, the Firm consolidates the funds. The Firm’s investment companies have investments in both publicly-held and privately-held entities , including investments in buyouts, growth equity and venture opportunities. These investments are accounted for under investment company guidelines and accordingly, irrespective of the percentage of equity ownership interests held, are carried on the Consolidated balance sheets at fair value, and are recorded in other assets. Variable Interest Entities VIEs are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The most common type of VIE is a special purpose entity (“SPE”). SPEs are commonly used in securitization transactions in order to isolate certain assets and distribute the cash flows from those assets to investors. The basic SPE structure involves a company selling assets to the SPE; the SPE funds the purchase of those assets by issuing securities to investors. The legal documents that govern the transaction specify how the cash earned on the assets must be allocated to the SPE’s investors and other parties that have rights to those cash flows. SPEs are generally structured to insulate investors from claims on the SPE’s assets by creditors of other entities, including the creditors of the seller of the assets. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether the Firm has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Firm considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (such as asset managers, collateral managers, servicers, or owners of call options or liquidation rights over the VIE’s assets) or have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE. To assess whether the Firm has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Firm considers all of its economic interests, including debt and equity investments, servicing fees, and derivatives or other arrangements deemed to be variable interests in the VIE. This assessment requires that the Firm apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Firm. The Firm performs on-going reassessments of: (1) whether entities previously evaluated under the majority voting-interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework; and (2) whether changes in the facts and circumstances regarding the Firm’s involvement with a VIE cause the Firm’s consolidation conclusion to change. In February 2010, the Financial Accounting Standards Board (“FASB”) issued an amendment which deferred the requirements of the accounting guidance for VIEs for certain investment funds, including mutual funds, private equity funds and hedge funds. For the funds to which the deferral applies, the Firm continues to apply other existing authoritative accounting guidance to determine whether such funds should be consolidated. Use of estimates in the preparation of consolidated financial statements The preparation of the Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense, and disclosures of contingent assets and liabilities. Actual results could be different from these estimates. Foreign currency translation JPMorgan Chase revalues assets, liabilities, revenue and expense denominated in non-U.S. currencies into U.S. dollars using applicable exchange rates. Gains and losses relating to translating functional currency financial statements for U.S. reporting are included in other comprehensive income/(loss) (“OCI”) within stockholders’ equity. Gains and losses relating to nonfunctional currency transactions, including non-U.S. operations where the functional currency is the U.S. dollar, are reported in the Consolidated statements of income. 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 Consolidated balance sheets 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. The Firm uses master netting agreements to mitigate counterparty credit risk in certain transactions, including derivatives transactions, repurchase and reverse repurchase agreements, and securities borrowed and loaned agreements. A master netting agreement is a single contract with a counterparty that permits multiple transactions governed by that contract to be terminated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due after expiration of any grace period). Upon the exercise of termination rights by the non-defaulting party (i) all transactions are terminated, (ii) all transactions are valued and the positive value or “in the money” transactions are netted against the negative value or “out of the money” transactions and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. Upon exercise of repurchase agreement and securities loan default rights in general (i) all transactions are terminated and accelerated, (ii) all values of securities or cash held or to be delivered are calculated, and all such sums are netted against each other and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. Typical master netting agreements for these types of transactions also often contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the “demanding party”). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to set-off any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty. For further discussion of the Firm’s derivative instruments, see Note 6. For further discussion of the Firm’s repurchase and reverse repurchase agreements, and securities borrowing and lending agreements, see Note 13. Simplifying the presentation of debt issuance costs Effective October 1, 2015, the Firm early adopted new accounting guidance that simplifies the presentation of debt issuance costs, by requiring that unamortized debt issuance costs be presented as a reduction of the applicable liability rather than as an asset. The adoption of this guidance had no material impact on the Firm’s Consolidated balance sheets, and no impact on the Firm’s consolidated results of operations. The guidance was required to be applied retrospectively, and accordingly, certain prior period amounts have been revised to conform with the current period 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 $284 million as of January 1, 2013. The adoption of this accounting guidance resulted in an increase of $907 million and $924 million in other income and income tax expense, respectively, for the year ended December 31, 2014 and $761 million and $798 million , respectively, for the year ended December 2013, which led to an increase of approximately 2% in the effective tax rate for the year ended December 31, 2014 and 2013. The impact on net income and earnings per share in the periods affected was not material. For further information, see Note 26. Statements of cash flows For JPMorgan Chase’s Consolidated statements of cash flows, cash is defined as those amounts included in cash and due from banks. Significant accounting policies The following table identifies JPMorgan Chase’s other significant accounting policies and the Note and page where a detailed description of each policy can be found. Fair value measurement Note 3 Page 184 Fair value option Note 4 Page 203 Derivative instruments Note 6 Page 208 Noninterest revenue Note 7 Page 221 Interest income and interest expense Note 8 Page 223 Pension and other postretirement employee benefit plans Note 9 Page 223 Employee stock-based incentives Note 10 Page 231 Securities Note 12 Page 233 Securities financing activities Note 13 Page 238 Loans Note 14 Page 242 Allowance for credit losses Note 15 Page 262 Variable interest entities Note 16 Page 266 Goodwill and other intangible assets Note 17 Page 274 Premises and equipment Note 18 Page 278 Long-term debt Note 21 Page 279 Income taxes Note 26 Page 285 Off–balance sheet lending-related financial instruments, guarantees and other commitments Note 29 Page 290 Litigation Note 31 Page 297 |
Business Changes and Developmen
Business Changes and Developments | 12 Months Ended |
Dec. 31, 2015 | |
Business Changes and Developments [Abstract] | |
Business Changes and Developments | Business changes and developments Private Equity sale 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. Concurrent with the sale, a new independent management company was formed by the former One Equity Partners investment professionals. The new management company provides investment management services to the acquirer of the investments sold in the Private Equity sale and to the Firm for the portion of the private equity investments that were retained by the Firm. The sale of the investments did not have a material impact on the Firm’s Consolidated balance sheets or its results of operations. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair value measurement JPMorgan Chase carries a portion of its assets and liabilities at fair value. These assets and liabilities are predominantly carried at fair value on a recurring basis (i.e., assets and liabilities that are measured and reported at fair value on the Firm’s Consolidated balance sheets). Certain assets (e.g., certain mortgage, home equity and other loans where the carrying value is based on the fair value of the underlying collateral), liabilities and unfunded lending-related commitments are measured at fair value on a nonrecurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is based on quoted market prices, where available. If listed prices or quotes are not available, fair value is based on models that consider relevant transaction characteristics (such as maturity) and use as inputs observable or unobservable market parameters, including but not limited to yield curves, interest rates, volatilities, equity or debt prices, foreign exchange rates and credit curves. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, as described below. The level of precision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios. The Firm uses various methodologies and assumptions in the determination of fair value. The use of different methodologies or assumptions by other market participants compared with those used by the Firm could result in a different estimate of fair value at the reporting date. Valuation process Risk-taking functions are responsible for providing fair value estimates for assets and liabilities carried on the Consolidated balance sheets at fair value. The Firm’s valuation control function, which is part of the Firm’s Finance function and independent of the risk-taking functions, is responsible for verifying these estimates and determining any fair value adjustments that may be required to ensure that the Firm’s positions are recorded at fair value. In addition, the firmwide Valuation Governance Forum (“VGF”) is composed of senior finance and risk executives and is responsible for overseeing the management of risks arising from valuation activities conducted across the Firm. The VGF is chaired by the Firmwide head of the valuation control function (under the direction of the Firm’s Chief Financial Officer (“CFO”)), and includes sub-forums covering the Corporate & Investment Bank, Consumer & Community Banking (“CCB”), Commercial Banking, Asset Management and certain corporate functions including Treasury and Chief Investment Office (“CIO”). The valuation control function verifies fair value estimates provided by the risk-taking functions by leveraging independently derived prices, valuation inputs and other market data, where available. Where independent prices or inputs are not available, additional review is performed by the valuation control function to ensure the reasonableness of the estimates. The review may include evaluating the limited market activity including client unwinds, benchmarking of valuation inputs to those for similar instruments, decomposing the valuation of structured instruments into individual components, comparing expected to actual cash flows, reviewing profit and loss trends, and reviewing trends in collateral valuation. There are also additional levels of management review for more significant or complex positions. The valuation control function determines any valuation adjustments that may be required to the estimates provided by the risk-taking functions. No adjustments are applied to the quoted market price for instruments classified within level 1 of the fair value hierarchy (see below for further information on the fair value hierarchy). For other positions, judgment is required to assess the need for valuation adjustments to appropriately reflect liquidity considerations, unobservable parameters, and, for certain portfolios that meet specified criteria, the size of the net open risk position. The determination of such adjustments follows a consistent framework across the Firm: • Liquidity valuation adjustments are considered where an observable external price or valuation parameter exists but is of lower reliability, potentially due to lower market activity. Liquidity valuation adjustments are applied and determined based on current market conditions. Factors that may be considered in determining the liquidity adjustment include analysis of: (1) the estimated bid-offer spread for the instrument being traded; (2) alternative pricing points for similar instruments in active markets; and (3) the range of reasonable values that the price or parameter could take. • The Firm manages certain portfolios of financial instruments on the basis of net open risk exposure and, as permitted by U.S. GAAP, has elected to estimate the fair value of such portfolios on the basis of a transfer of the entire net open risk position in an orderly transaction. Where this is the case, valuation adjustments may be necessary to reflect the cost of exiting a larger-than-normal market-size net open risk position. Where applied, such adjustments are based on factors that a relevant market participant would consider in the transfer of the net open risk position, including the size of the adverse market move that is likely to occur during the period required to reduce the net open risk position to a normal market-size. • Unobservable parameter valuation adjustments may be made when positions are valued using prices or input parameters to valuation models that are unobservable due to a lack of market activity or because they cannot be implied from observable market data. Such prices or parameters must be estimated and are, therefore, subject to management judgment. Unobservable parameter valuation adjustments are applied to reflect the uncertainty inherent in the resulting valuation estimate. Where appropriate, the Firm also applies adjustments to its estimates of fair value in order to appropriately reflect counterparty credit quality, the Firm’s own creditworthiness and the impact of funding, utilizing a consistent framework across the Firm. For more information on such adjustments see Credit and funding adjustments on page 200 of this Note. Valuation model review and approval If prices or quotes are not available for an instrument or a similar instrument, fair value is generally determined using valuation models that consider relevant transaction data such as maturity and use as inputs market-based or independently sourced parameters. Where this is the case the price verification process described above is applied to the inputs to those models. The Model Risk function is independent of the model owners. It reviews and approves a wide range of models, including risk management, valuation and regulatory capital models used by the Firm. The Model Risk review and governance functions are part of the Firm’s Model Risk unit, and the Firmwide Model Risk Executive reports to the Firm’s Chief Risk Officer (“CRO”). When reviewing a model, the Model Risk function analyzes and challenges the model methodology, and the reasonableness of model assumptions and may perform or require additional testing, including back-testing of model outcomes. New valuation models, as well as material changes to existing valuation models, are reviewed and approved prior to implementation except where specified conditions are met, including the approval of an exception granted by the head of the Model Risk function. The Model Risk function performs an annual status assessment that considers developments in the product or market to determine whether valuation models which have already been reviewed need to be, on a full or partial basis, reviewed and approved again. Valuation hierarchy A three-level valuation hierarchy has been established under U.S. GAAP for disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows. • Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – one or more inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following table describes the valuation methodologies generally used by the Firm to measure its significant products/instruments at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Product/instrument Valuation methodology Classifications in the valuation hierarchy Securities financing agreements Valuations are based on discounted cash flows, which consider: Level 2 • Derivative features: for further information refer to the discussion of derivatives below. • Market rates for the respective maturity • Collateral Loans and lending-related commitments — wholesale Trading portfolio Where observable market data is available, valuations are based on: Level 2 or 3 • Observed market prices (circumstances are infrequent) • Relevant broker quotes • Observed market prices for similar instruments Where observable market data is unavailable or limited, valuations are based on discounted cash flows, which consider the following: • Credit spreads derived from the cost of credit default swaps (“CDS”); or benchmark credit curves developed by the Firm, by industry and credit rating • Prepayment speed Loans held for investment and associated lending-related commitments Valuations are based on discounted cash flows, which consider: Predominantly level 3 • Credit spreads, derived from the cost of CDS; or benchmark credit curves developed by the Firm, by industry and credit rating • Prepayment speed Lending-related commitments are valued similar to loans and reflect the portion of an unused commitment expected, based on the Firm’s average portfolio historical experience, to become funded prior to an obligor default For information regarding the valuation of loans measured at collateral value, see Note 14. Loans — consumer Held for investment consumer loans, excluding credit card Valuations are based on discounted cash flows, which consider: Predominantly level 3 • Expected lifetime credit losses -considering expected and current default rates, and loss severity • Prepayment speed • Discount rates • Servicing costs For information regarding the valuation of loans measured at collateral value, see Note 14. Held for investment credit card receivables Valuations are based on discounted cash flows, which consider: Level 3 • Credit costs — allowance for loan losses is considered a reasonable proxy for the credit cost • Projected interest income, late-fee revenue and loan repayment rates • Discount rates • Servicing costs Trading loans — conforming residential mortgage loans expected to be sold Fair value is based upon observable prices for mortgage-backed securities with similar collateral and incorporates adjustments to these prices to account for differences between the securities and the value of the underlying loans, which include credit characteristics, portfolio composition, and liquidity. Predominantly level 2 Product/instrument Valuation methodology, inputs and assumptions Classifications in the valuation hierarchy Investment and trading securities Quoted market prices are used where available. Level 1 In the absence of quoted market prices, securities are valued based on: Level 2 or 3 • Observable market prices for similar securities • Relevant broker quotes • Discounted cash flows In addition, the following inputs to discounted cash flows are used for the following products: Mortgage- and asset-backed securities specific inputs: • Collateral characteristics • Deal-specific payment and loss allocations • Current market assumptions related to yield, prepayment speed, conditional default rates and loss severity Collateralized loan obligations (“CLOs”), specific inputs: • Collateral characteristics • Deal-specific payment and loss allocations • Expected prepayment speed, conditional default rates, loss severity • Credit spreads • Credit rating data Physical commodities Valued using observable market prices or data Predominantly Level 1 and 2 Derivatives Exchange-traded derivatives that are actively traded and valued using the exchange price. Level 1 Derivatives that are valued using models such as the Black-Scholes option pricing model, simulation models, or a combination of models, that use observable or unobservable valuation inputs (e.g., plain vanilla options and interest rate and credit default swaps). Inputs include: Level 2 or 3 • Contractual terms including the period to maturity • Readily observable parameters including interest rates and volatility • Credit quality of the counterparty and of the Firm • Market funding levels • Correlation levels In addition, the following specific inputs are used for the following derivatives that are valued based on models with significant unobservable inputs: Structured credit derivatives specific inputs include: • CDS spreads and recovery rates • Credit correlation between the underlying debt instruments (levels are modeled on a transaction basis and calibrated to liquid benchmark tranche indices) • Actual transactions, where available, are used to regularly recalibrate unobservable parameters Certain long-dated equity option specific inputs include: • Long-dated equity volatilities Certain interest rate and foreign exchange (“FX ” ) exotic options specific inputs include: • Interest rate correlation • Interest rate spread volatility • Foreign exchange correlation • Correlation between interest rates and foreign exchange rates • Parameters describing the evolution of underlying interest rates Certain commodity derivatives specific inputs include: • Commodity volatility • Forward commodity price Additionally, adjustments are made to reflect counterparty credit quality (credit valuation adjustments or “CVA”), the Firm’s own creditworthiness (debit valuation adjustments or “DVA”), and funding valuation adjustment (“FVA”) to incorporate the impact of funding. See page 200 of this Note. Product/instrument Valuation methodology, inputs and assumptions Classification in the valuation hierarchy Mortgage servicing rights (“MSRs”) See Mortgage servicing rights in Note 17. Level 3 Private equity direct investments Private equity direct investments Level 2 or 3 Fair value is estimated using all available information and considering the range of potential inputs, including: • Transaction prices • Trading multiples of comparable public companies • Operating performance of the underlying portfolio company • Additional available inputs relevant to the investment • Adjustments as required, since comparable public companies are not identical to the company being valued, and for company-specific issues and lack of liquidity Public investments held in the Private Equity portfolio Level 1 or 2 • Valued using observable market prices less adjustments for relevant restrictions, where applicable Fund investments (i.e., mutual/collective investment funds, private equity funds, hedge funds, and real estate funds) Net asset value (“NAV”) • NAV is validated by sufficient level of observable activity (i.e., purchases and sales) Level 1 • Adjustments to the NAV as required, for restrictions on redemption (e.g., lock up periods or withdrawal limitations) or where observable activity is limited Level 2 or 3 (a) Beneficial interests issued by consolidated VIEs Valued using observable market information, where available Level 2 or 3 In the absence of observable market information, valuations are based on the fair value of the underlying assets held by the VIE Long-term debt, not carried at fair value Valuations are based on discounted cash flows, which consider: Predominantly level 2 • Market rates for respective maturity • The Firm’s own creditworthiness (DVA). See page 200 of this Note. Structured notes (included in deposits, other borrowed funds and long-term debt) • Valuations are based on discounted cash flow analyses that consider the embedded derivative and the terms and payment structure of the note. • The embedded derivative features are considered using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that use observable or unobservable valuation inputs, depending on the embedded derivative. The specific inputs used vary according to the nature of the embedded derivative features, as described in the discussion above regarding derivative valuation. Adjustments are then made to this base valuation to reflect the Firm’s own creditworthiness (DVA) and to incorporate the impact of funding (FVA). See page 200 of this Note. Level 2 or 3 (a) Excludes certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The following table presents the asset and liabilities reported at fair value as of December 31, 2015 and 2014 , by major product category and fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy December 31, 2015 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 23,141 $ — $ — $ 23,141 Securities borrowed — 395 — — 395 Trading assets: Debt instruments: Mortgage-backed securities: U.S. government agencies (a) 6 31,815 715 — 32,536 Residential – nonagency — 1,299 194 — 1,493 Commercial – nonagency — 1,080 115 — 1,195 Total mortgage-backed securities 6 34,194 1,024 — 35,224 U.S. Treasury and government agencies (a) 12,036 6,985 — — 19,021 Obligations of U.S. states and municipalities — 6,986 651 — 7,637 Certificates of deposit, bankers’ acceptances and commercial paper — 1,042 — — 1,042 Non-U.S. government debt securities 27,974 25,064 74 — 53,112 Corporate debt securities — 22,807 736 — 23,543 Loans (b) — 22,211 6,604 — 28,815 Asset-backed securities — 2,392 1,832 — 4,224 Total debt instruments 40,016 121,681 10,921 — 172,618 Equity securities 94,059 606 265 — 94,930 Physical commodities (c) 3,593 1,064 — — 4,657 Other — 11,152 744 — 11,896 Total debt and equity instruments (d) 137,668 134,503 11,930 — 284,101 Derivative receivables: Interest rate 354 666,491 2,766 (643,248 ) 26,363 Credit — 48,850 2,618 (50,045 ) 1,423 Foreign exchange 734 177,525 1,616 (162,698 ) 17,177 Equity — 35,150 709 (30,330 ) 5,529 Commodity 108 24,720 237 (15,880 ) 9,185 Total derivative receivables (e) 1,196 952,736 7,946 (902,201 ) 59,677 Total trading assets 138,864 1,087,239 19,876 (902,201 ) 343,778 Available-for-sale securities: Mortgage-backed securities: U.S. government agencies (a) — 55,066 — — 55,066 Residential – nonagency — 27,618 1 — 27,619 Commercial – nonagency — 22,897 — — 22,897 Total mortgage-backed securities — 105,581 1 — 105,582 U.S. Treasury and government agencies (a) 10,998 38 — — 11,036 Obligations of U.S. states and municipalities — 33,550 — — 33,550 Certificates of deposit — 283 — — 283 Non-U.S. government debt securities 23,199 13,477 — — 36,676 Corporate debt securities — 12,436 — — 12,436 Asset-backed securities: Collateralized loan obligations — 30,248 759 — 31,007 Other — 9,033 64 — 9,097 Equity securities 2,087 — — — 2,087 Total available-for-sale securities 36,284 204,646 824 — 241,754 Loans — 1,343 1,518 — 2,861 Mortgage servicing rights — — 6,608 — 6,608 Other assets: Private equity investments (f) 102 101 1,657 — 1,860 All other 3,815 28 744 — 4,587 Total other assets 3,917 129 2,401 — 6,447 Total assets measured at fair value on a recurring basis $ 179,065 $ 1,316,893 (g) $ 31,227 (g) $ (902,201 ) $ 624,984 Deposits $ — $ 9,566 $ 2,950 $ — $ 12,516 Federal funds purchased and securities loaned or sold under repurchase agreements — 3,526 — — 3,526 Other borrowed funds — 9,272 639 — 9,911 Trading liabilities: Debt and equity instruments (d) 53,845 20,199 63 — 74,107 Derivative payables: Interest rate 216 633,060 1,890 (624,945 ) 10,221 Credit — 48,460 2,069 (48,988 ) 1,541 Foreign exchange 669 187,890 2,341 (171,131 ) 19,769 Equity — 36,440 2,223 (29,480 ) 9,183 Commodity 52 26,430 1,172 (15,578 ) 12,076 Total derivative payables (e) 937 932,280 9,695 (890,122 ) 52,790 Total trading liabilities 54,782 952,479 9,758 (890,122 ) 126,897 Accounts payable and other liabilities 4,382 — 19 — 4,401 Beneficial interests issued by consolidated VIEs — 238 549 — 787 Long-term debt — 21,452 11,613 — 33,065 Total liabilities measured at fair value on a recurring basis $ 59,164 $ 996,533 $ 25,528 $ (890,122 ) $ 191,103 Fair value hierarchy December 31, 2014 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments 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 104,890 624 431 — 105,945 Physical commodities (c) 2,739 1,741 2 — 4,482 Other — 8,762 1,050 — 9,812 Total debt and equity instruments (d) 151,313 146,087 22,489 — 319,889 Derivative receivables: Interest rate 473 945,635 (g) 4,149 (916,532 ) (g) 33,725 Credit — 73,853 2,989 (75,004 ) 1,838 Foreign exchange 758 212,153 (g) 2,276 (193,934 ) (g) 21,253 Equity — 39,937 (g) 2,552 (34,312 ) (g) 8,177 Commodity 247 42,807 599 (29,671 ) 13,982 Total derivative receivables (e) 1,478 1,314,385 (g) 12,565 (1,249,453 ) (g) 78,975 Total trading assets 152,791 1,460,472 (g) 35,054 (1,249,453 ) (g) 398,864 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 2,225 — 5,497 All other 4,018 17 959 — 4,994 Total other assets 4,666 2,641 3,184 — 10,491 Total assets measured at fair value on a recurring basis $ 197,652 $ 1,750,280 (g) $ 49,252 $ (1,249,453 ) (g) $ 747,731 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 (g) 3,523 (900,634 ) (g) 17,745 Credit — 73,095 2,800 (74,302 ) 1,593 Foreign exchange 746 221,066 (g) 2,802 (201,644 ) (g) 22,970 Equity — 41,925 (g) 4,337 (34,522 ) (g) 11,740 Commodity 141 44,318 1,164 (28,555 ) 17,068 Total derivative payables (e) 1,386 1,294,761 (g) 14,626 (1,239,657 ) (g) 71,116 Total trading liabilities 64,300 1,313,474 (g) 14,698 (1,239,657 ) (g) 152,815 Accounts payable and other liabilities (g) 4,129 — 26 — 4,155 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 $ 68,429 $ 1,355,052 (g) $ 32,059 $ (1,239,657 ) (g) $ 215,883 Note: Effective April 1, 2015, the Firm adopted new accounting guidance for investments in certain entities that calculate net asset value per share (or its equivalent). As a result of the adoption of this new guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At December 31, 2015 and 2014, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $1.2 billion and $1.5 billion , respectively, of which $337 million and $1.2 billion had been previously classified in level 2 and level 3, respectively, at December 31, 2014. Included on the Firm’s balance sheet at December 31, 2015 and 2014, were trading assets of $61 million and $124 million , respectively, and other assets of $1.2 billion and $1.4 billion , respectively. The guidance was required to be applied retrospectively, and accordingly, prior period amounts have been revised to conform with the current period presentation. (a) At December 31, 2015 and 2014 , included total U.S. government-sponsored enterprise obligations of $67.0 billion and $84.1 billion , respectively, which were predominantly mortgage-related. (b) At December 31, 2015 and 2014 , included within trading loans were $11.8 billion and $17.0 billion , respectively, of residential first-lien mortgages, and $4.3 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 $5.3 billion and $7.7 billion , respectively, and reverse mortgages of $2.5 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 6. 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. 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 $546 million and $2.5 billion at December 31, 2015 and 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 $3.5 billion and $6.0 billion at December 31, 2015 and 2014 , respectively. (g) Certain prior period amounts (including the corresponding fair value parenthetical disclosure for accounts payable and other liabilities on the Consolidated balance sheets) were revised to conform with the current period presentation. Transfers between levels for instruments carried at fair value on a recurring basis For the years ended December 31, 2015 and 2014, there were no significant transfers between levels 1 and 2. During the year ended December 31, 2015 , transfers from level 3 to level 2 and from level 2 to level 3 included the following: • $3.1 billion of long-term debt and $1.0 billion of deposits driven by an increase in observability on certain structured notes with embedded interest rate and FX derivatives and a reduction of the significance in the unobservable inputs for certain structured notes with embedded equity derivatives • $2.1 billion of gross equity derivatives for both receivables and payables as a result of an increase in observability and a decrease in the significance in unobservable inputs; partially offset by transfers into level 3 resulting in net transfers of approximately $1.2 billion for both receivables and payables • $2.8 billion of trading loans driven by an increase in observability of certain collateralized financing transactions; and $2.4 billion of corporate debt driven by a decrease in the significance in the unobservable inputs and an increase in observability for certain structured products During the year ended December 31, 2014, transfers from level 3 to level 2 included the following: • $4.3 billion and $4.4 billion of gross equity derivative receivables and payables, respectively, due to increased observability of certain equity option valuation inputs • $2.7 billion of trading loans, $2.6 billion of margin loans, $2.3 billion of private equity investments, $2.0 billion of corporate debt, and $1.3 billion of long-term debt, based on increased liquidity and price transparency Transfers from level 2 into level 3 included $1.1 billion of other borrowed funds, $1.1 billion of trading loans and $1.0 billion of long-term debt, based on a decrease in observability of valuation inputs and price transparency. During the year ended December 31, 2013, transfers from level 3 to level 2 included the following: • Certain highly rated CLOs, including $27.4 billion held in the Firm ’ s available-for-sale (“AFS”) securities portfolio and $1.4 billion held in the trading portfolio, based on increased liquidity and price transparency; • $1.3 billion of long-term debt, largely driven by an increase in observability of certain equity structured notes. Transfers from level 2 to level 3 included $1.4 billion of corporate debt securities in the trading portfolio largely driven by a decrease in observability for certain credit instruments. All transfers are assumed to occur at the beginning of the quarterly reporting period in which they occur. Level 3 valuations The Firm has established well-documented processes for determining fair value, including for instruments where fair value is estimated using significant unobservable inputs (level 3). For further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments |
Fair Value Option
Fair Value Option | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Option [Abstract] | |
Fair Value Option | Fair value option The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments. The Firm has elected to measure certain instruments at fair value in order to: • Mitigate income statement volatility caused by the differences in the measurement basis of elected instruments (e.g. certain instruments elected were previously accounted for on an accrual basis) while the associated risk management arrangements are accounted for on a fair value basis; • Eliminate the complexities of applying certain accounting models (e.g., hedge accounting or bifurcation accounting for hybrid instruments); and/or • Better reflect those instruments that are managed on a fair value basis. The Firm’s election of fair value includes the following instruments: • Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis. • Certain securities financing arrangements with an embedded derivative and/or a maturity of greater than one year. • Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument. • Certain investments that receive tax credits and other equity investments acquired as part of the Washington Mutual transaction. • Structured notes issued as part of CIB’s client-driven activities. (Structured notes are predominantly financial instruments that contain embedded derivatives.) • Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value. 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 years ended December 31, 2015 , 2014 and 2013 , 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. 2015 2014 2013 December 31, (in millions) Principal transactions All other income Total changes in fair value recorded Principal transactions All other income Total changes in fair value recorded Principal transactions All other income Total changes in fair value recorded Federal funds sold and securities purchased under resale agreements $ (38 ) $ — $ (38 ) $ (15 ) $ — $ (15 ) $ (454 ) $ — $ (454 ) Securities borrowed (6 ) — (6 ) (10 ) — (10 ) 10 — 10 Trading assets: Debt and equity instruments, excluding loans 756 (10 ) (d) 746 639 — 639 582 7 (c) 589 Loans reported as trading assets: Changes in instrument-specific credit risk 138 41 (c) 179 885 29 (c) 914 1,161 23 (c) 1,184 Other changes in fair value 232 818 (c) 1,050 352 1,353 (c) 1,705 (133 ) 1,833 (c) 1,700 Loans: Changes in instrument-specific credit risk 35 — 35 40 — 40 36 — 36 Other changes in fair value 4 — 4 34 — 34 17 — 17 Other assets 79 (1 ) (d) 78 24 6 (d) 30 32 86 (d) 118 Deposits (a) 93 — 93 (287 ) — (287 ) 260 — 260 Federal funds purchased and securities loaned or sold under repurchase agreements 8 — 8 (33 ) — (33 ) 73 — 73 Other borrowed funds (a) 1,996 — 1,996 (891 ) — (891 ) (399 ) — (399 ) Trading liabilities (20 ) — (20 ) (17 ) — (17 ) (46 ) — (46 ) Beneficial interests issued by consolidated VIEs 49 — 49 (233 ) — (233 ) (278 ) — (278 ) Other liabilities — — — (27 ) — (27 ) — — — Long-term debt: Changes in instrument-specific credit risk (a) 300 — 300 101 — 101 (271 ) — (271 ) Other changes in fair value (b) 1,088 — 1,088 (615 ) — (615 ) 1,280 — 1,280 (a) Total changes in instrument-specific credit risk (DVA) related to structured notes were $171 million , $20 million and $(337) million for the years ended December 31, 2015 , 2014 and 2013 , 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. Determination of instrument-specific credit risk for items for which a fair value election was made The following describes how the gains and losses included in earnings that are attributable to changes in instrument-specific credit risk, were determined. • Loans and lending-related commitments: For floating-rate instruments, all changes in value are attributed to instrument-specific credit risk. For fixed-rate instruments, an allocation of the changes in value for the period is made between those changes in value that are interest rate-related and changes in value that are credit-related. Allocations are generally based on an analysis of borrower-specific credit spread and recovery information, where available, or benchmarking to similar entities or industries. • Long-term debt: Changes in value attributable to instrument-specific credit risk were derived principally from observable changes in the Firm’s credit spread. • Resale and repurchase agreements, securities borrowed agreements and securities lending agreements: Generally, for these types of agreements, there is a requirement that collateral be maintained with a market value equal to or in excess of the principal amount loaned; as a result, there would be no adjustment or an immaterial adjustment for instrument-specific credit risk related to these agreements. 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 December 31, 2015 and 2014 , for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. 2015 2014 December 31, (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 $ 3,484 $ 631 $ (2,853 ) $ 3,847 $ 905 $ (2,942 ) Loans 7 7 — 7 7 — Subtotal 3,491 638 (2,853 ) 3,854 912 (2,942 ) All other performing loans Loans reported as trading assets 30,780 28,184 (2,596 ) 37,608 35,462 (2,146 ) Loans 2,771 2,752 (19 ) 2,397 2,389 (8 ) Total loans $ 37,042 $ 31,574 $ (5,468 ) $ 43,859 $ 38,763 $ (5,096 ) Long-term debt Principal-protected debt $ 17,910 (c) $ 16,611 $ (1,299 ) $ 14,660 (c) $ 15,484 $ 824 Nonprincipal-protected debt (b) NA 16,454 NA NA 14,742 NA Total long-term debt NA $ 33,065 NA NA $ 30,226 NA Long-term beneficial interests Nonprincipal-protected debt NA $ 787 NA NA $ 2,162 NA Total long-term beneficial interests NA $ 787 NA NA $ 2,162 NA (a) There were no performing loans that were ninety days or more past due as of December 31, 2015 and 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 reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date. At December 31, 2015 and 2014 , the contractual amount of letters of credit for which the fair value option was elected was $4.6 billion and $4.5 billion , respectively, with a corresponding fair value of $(94) million and $(147) million , respectively. For further information regarding off-balance sheet lending-related financial instruments, see Note 29. 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. December 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 $ 12,531 $ 58 $ 3,340 $ 15,929 $ 10,858 $ 460 $ 2,119 $ 13,437 Credit 3,195 547 — 3,742 4,023 450 — 4,473 Foreign exchange 1,765 77 11 1,853 2,150 211 17 2,378 Equity 14,293 8,447 4,993 27,733 12,348 12,412 4,415 29,175 Commodity 640 50 1,981 2,671 710 644 2,012 3,366 Total structured notes $ 32,424 $ 9,179 $ 10,325 $ 51,928 $ 30,089 $ 14,177 $ 8,563 $ 52,829 |
Credit Risk Concentrations
Credit Risk Concentrations | 12 Months Ended |
Dec. 31, 2015 | |
Credit Risk Concentrations [Abstract] | |
Credit Risk Concentrations | Credit risk concentrations Concentrations of credit risk arise when a number of customers are engaged in similar business activities or activities in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. JPMorgan Chase regularly monitors various segments of its credit portfolios to assess potential credit risk concentrations and to obtain collateral when deemed necessary. Senior management is significantly involved in the credit approval and review process, and risk levels are adjusted as needed to reflect the Firm’s risk appetite. In the Firm’s consumer portfolio, concentrations are evaluated primarily by product and by U.S. geographic region, with a key focus on trends and concentrations at the portfolio level, where potential credit risk concentrations can be remedied through changes in underwriting policies and portfolio guidelines. In the wholesale portfolio, credit risk concentrations are evaluated primarily by industry and monitored regularly on both an aggregate portfolio level and on an individual customer basis. The Firm’s wholesale exposure is managed through loan syndications and participations, loan sales, securitizations, credit derivatives, master netting agreements, and collateral and other risk-reduction techniques. For additional information on loans, see Note 14. The Firm does not believe that its exposure to any particular loan product (e.g., option adjustable rate mortgages (“ARMs”)), or industry segment (e.g., commercial real estate), or its exposure to residential real estate loans with high loan-to-value ratios, results in a significant concentration of credit risk. Terms of loan products and collateral coverage are included in the Firm’s assessment when extending credit and establishing its allowance for loan losses. The table below presents both on–balance sheet and off–balance sheet consumer and wholesale-related credit exposure by the Firm’s three credit portfolio segments as of December 31, 2015 and 2014 . 2015 2014 Credit exposure On-balance sheet Off-balance sheet (f) Credit exposure On-balance sheet Off-balance sheet (f)(g) December 31, (in millions) Loans Derivatives Loans Derivatives Total consumer, excluding credit card $ 403,424 $ 344,821 $ — $ 58,478 $ 353,635 $ 295,374 $ — $ 58,153 Total credit card 646,981 131,463 — 515,518 657,011 131,048 — 525,963 Total consumer 1,050,405 476,284 — 573,996 1,010,646 426,422 — 584,116 Wholesale-related (a) Real Estate 116,857 92,820 312 23,725 105,975 79,113 327 26,535 Consumer & Retail 85,460 27,175 1,573 56,712 83,663 25,094 1,845 56,724 Technology, Media & Telecommunications 57,382 11,079 1,032 45,271 46,655 11,362 2,190 33,103 Industrials 54,386 16,791 1,428 36,167 47,859 16,040 1,303 30,516 Healthcare 46,053 16,965 2,751 26,337 56,516 13,794 4,542 38,180 Banks & Finance Cos 43,398 20,401 10,218 12,779 55,098 23,367 15,706 16,025 Oil & Gas 42,077 13,343 1,902 26,832 43,148 15,616 1,836 25,696 Utilities 30,853 5,294 1,689 23,870 27,441 4,844 2,272 20,325 State & Municipal Govt 29,114 9,626 3,287 16,201 31,068 7,593 4,002 19,473 Asset Managers 23,815 6,703 7,733 9,379 27,488 8,043 9,386 10,059 Transportation 19,227 9,157 1,575 8,495 20,619 10,381 2,247 7,991 Central Govt 17,968 2,000 13,240 2,728 19,881 1,103 15,527 3,251 Chemicals & Plastics 15,232 4,033 369 10,830 12,612 3,087 410 9,115 Metals & Mining 14,049 4,622 607 8,820 14,969 5,628 589 8,752 Automotive 13,864 4,473 1,350 8,041 12,754 3,779 766 8,209 Insurance 11,889 1,094 1,992 8,803 13,350 1,175 3,474 8,701 Financial Markets Infrastructure 7,973 724 2,602 4,647 11,986 928 6,789 4,269 Securities Firms 4,412 861 1,424 2,127 4,801 1,025 1,351 2,425 All other (b) 149,117 109,889 4,593 34,635 134,475 92,530 4,413 37,532 Subtotal 783,126 357,050 59,677 366,399 770,358 324,502 78,975 366,881 Loans held-for-sale and loans at fair value 3,965 3,965 — — 6,412 6,412 — — Receivables from customers and other (c) 13,372 — — — 28,972 — — — Total wholesale-related 800,463 361,015 59,677 366,399 805,742 330,914 78,975 366,881 Total exposure (d)(e) $ 1,850,868 $ 837,299 $ 59,677 $ 940,395 $ 1,816,388 $ 757,336 $ 78,975 $ 950,997 (a) Effective in the fourth quarter 2015, the Firm realigned its wholesale industry divisions in order to better monitor and manage industry concentrations. Prior period amounts have been revised to conform with current period presentation. For additional information, see Wholesale credit portfolio on pages 122–129 . (b) All other includes: individuals; SPEs; holding companies; and private education and civic organizations. For more information on exposures to SPEs, see Note 16. (c) Primarily consists of margin loans to prime brokerage customers that are generally over-collateralized through a pledge of assets maintained in clients’ brokerage accounts and are subject to daily minimum collateral requirements. As a result of the Firm’s credit risk mitigation practices, the Firm did not hold any reserves for credit impairment on these receivables. (d) For further information regarding on–balance sheet credit concentrations by major product and/or geography, see Note 6 and Note 14. For information regarding concentrations of off–balance sheet lending-related financial instruments by major product, see Note 29. (e) Excludes cash placed with banks of $351.0 billion and $501.5 billion , at December 31, 2015 and 2014 , respectively, placed with various central banks, predominantly Federal Reserve Banks. (f) Represents lending-related financial instruments. (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. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative instruments Derivative instruments enable end-users to modify or mitigate exposure to credit or market risks. Counterparties to a derivative contract seek to obtain risks and rewards similar to those that could be obtained from purchasing or selling a related cash instrument without having to exchange upfront the full purchase or sales price. JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Predominantly all of the Firm’s derivatives are entered into for market-making or risk management purposes. Market-making derivatives The majority of the Firm’s derivatives are entered into for market-making purposes. Clients use derivatives to mitigate or modify interest rate, credit, foreign exchange, equity and commodity risks. The Firm actively manages the risks from its exposure to these derivatives by entering into other derivative transactions or by purchasing or selling other financial instruments that partially or fully offset the exposure from client derivatives. The Firm also seeks to earn a spread between the client derivatives and offsetting positions, and from the remaining open risk positions. Risk management derivatives The Firm manages its market risk exposures using various derivative instruments. Interest rate contracts are used to minimize fluctuations in earnings that are caused by changes in interest rates. Fixed-rate assets and liabilities appreciate or depreciate in market value as interest rates change. Similarly, interest income and expense increases or decreases as a result of variable-rate assets and liabilities resetting to current market rates, and as a result of the repayment and subsequent origination or issuance of fixed-rate assets and liabilities at current market rates. Gains or losses on the derivative instruments that are related to such assets and liabilities are expected to substantially offset this variability in earnings. The Firm generally uses interest rate swaps, forwards and futures to manage the impact of interest rate fluctuations on earnings. Foreign currency forward contracts are used to manage the foreign exchange risk associated with certain foreign currency–denominated (i.e., non-U.S. dollar) assets and liabilities and forecasted transactions, as well as the Firm’s net investments in certain non-U.S. subsidiaries or branches whose functional currencies are not the U.S. dollar. As a result of fluctuations in foreign currencies, the U.S. dollar–equivalent values of the foreign currency–denominated assets and liabilities or the forecasted revenues or expenses increase or decrease. Gains or losses on the derivative instruments related to these foreign currency–denominated assets or liabilities, or forecasted transactions, are expected to substantially offset this variability. Commodities contracts are used to manage the price risk of certain commodities inventories. Gains or losses on these derivative instruments are expected to substantially offset the depreciation or appreciation of the related inventory. Credit derivatives are used to manage the counterparty credit risk associated with loans and lending-related commitments. Credit derivatives compensate the purchaser when the entity referenced in the contract experiences a credit event, such as bankruptcy or a failure to pay an obligation when due. Credit derivatives primarily consist of credit default swaps. For a further discussion of credit derivatives, see the discussion in the Credit derivatives section on pages 218–220 of this Note. For more information about risk management derivatives, see the risk management derivatives gains and losses table on page 218 of this Note, and the hedge accounting gains and losses tables on pages 216–218 of this Note. Derivative counterparties and settlement types The Firm enters into OTC derivatives , which are negotiated and settled bilaterally with the derivative counterparty. The Firm also enters into, as principal, certain exchange-traded derivatives (“ETD”) such as futures and options, and “cleared” over-the-counter (“OTC-cleared”) derivative contracts with central counterparties (“CCPs”). ETD contracts are generally standardized contracts traded on an exchange and cleared by the CCP, which is the counterparty from the inception of the transactions. OTC-cleared derivatives are traded on a bilateral basis and then novated to the CCP for clearing. Derivative Clearing Services The Firm provides clearing services for clients where the Firm acts as a clearing member with respect to certain derivative exchanges and clearing houses. The Firm does not reflect the clients’ derivative contracts in its Consolidated Financial Statements. For further information on the Firm’s clearing services, see Note 29. Accounting for derivatives All free-standing derivatives that the Firm executes for its own account are required to be recorded on the Consolidated balance sheets at fair value. As permitted under U.S. GAAP , the Firm nets derivative assets and liabilities, and the related cash collateral receivables and payables, when a legally enforceable master netting agreement exists between the Firm and the derivative counterparty. For further discussion of the offsetting of assets and liabilities, see Note 1. The accounting for changes in value of a derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings. The tabular disclosures on pages 212–218 of this Note provide additional information on the amount of, and reporting for, derivative assets, liabilities, gains and losses. For further discussion of derivatives embedded in structured notes, see Notes 3 and 4. Derivatives designated as hedges The Firm applies hedge accounting to certain derivatives executed for risk management purposes – generally interest rate, foreign exchange and commodity derivatives. However, JPMorgan Chase does not seek to apply hedge accounting to all of the derivatives involved in the Firm’s risk management activities. For example, the Firm does not apply hedge accounting to purchased credit default swaps used to manage the credit risk of loans and lending-related commitments, because of the difficulties in qualifying such contracts as hedges. For the same reason, the Firm does not apply hedge accounting to certain interest rate, foreign exchange, and commodity derivatives used for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a derivative to be designated as a hedge, the risk management objective and strategy must be documented. Hedge documentation must identify the derivative hedging instrument, the asset or liability or forecasted transaction and type of risk to be hedged, and how the effectiveness of the derivative is assessed prospectively and retrospectively. To assess effectiveness, the Firm uses statistical methods such as regression analysis, as well as nonstatistical methods including dollar-value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item. The extent to which a derivative has been, and is expected to continue to be, effective at offsetting changes in the fair value or cash flows of the hedged item must be assessed and documented at least quarterly. Any hedge ineffectiveness (i.e., the amount by which the gain or loss on the designated derivative instrument does not exactly offset the change in the hedged item attributable to the hedged risk) must be reported in current-period earnings. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. There are three types of hedge accounting designations: fair value hedges, cash flow hedges and net investment hedges. JPMorgan Chase uses fair value hedges primarily to hedge fixed-rate long-term debt, AFS securities and certain commodities inventories. For qualifying fair value hedges, the changes in the fair value of the derivative, and in the value of the hedged item for the risk being hedged, are recognized in earnings. If the hedge relationship is terminated, then the adjustment to the hedged item continues to be reported as part of the basis of the hedged item, and for benchmark interest rate hedges is amortized to earnings as a yield adjustment. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item – primarily net interest income and principal transactions revenue. JPMorgan Chase uses cash flow hedges primarily to hedge the exposure to variability in forecasted cash flows from floating-rate assets and liabilities and foreign currency–denominated revenue and expense. For qualifying cash flow hedges, the effective portion of the change in the fair value of the derivative is recorded in OCI and recognized in the Consolidated statements of income when the hedged cash flows affect earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item – primarily interest income, interest expense, noninterest revenue and compensation expense. The ineffective portions of cash flow hedges are immediately recognized in earnings. If the hedge relationship is terminated, then the value of the derivative recorded in accumulated other comprehensive income/(loss) (“AOCI”) is recognized in earnings when the cash flows that were hedged affect earnings. For hedge relationships that are discontinued because a forecasted transaction is not expected to occur according to the original hedge forecast, any related derivative values recorded in AOCI are immediately recognized in earnings. JPMorgan Chase uses foreign currency hedges to protect the value of the Firm’s net investments in certain non-U.S. subsidiaries or branches whose functional currencies are not the U.S. dollar. For foreign currency qualifying net investment hedges, changes in the fair value of the derivatives are recorded in the translation adjustments account within AOCI. 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 segment or unit Page reference Manage specifically identified risk exposures in qualifying hedge accounting relationships: ◦ Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 216 ◦ Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 217 ◦ Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 216 ◦ Foreign exchange Hedge forecasted revenue and expense Cash flow hedge Corporate 217 ◦ Foreign exchange Hedge the value of the Firm’s investments in non-U.S. subsidiaries Net investment hedge Corporate 218 ◦ Commodity Hedge commodity inventory Fair value hedge CIB 216 Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: ◦ Interest rate Manage the risk of the mortgage pipeline, warehouse loans and MSRs Specified risk management CCB 218 ◦ Credit Manage the credit risk of wholesale lending exposures Specified risk management CIB 218 ◦ Commodity Manage the risk of certain commodities-related contracts and investments Specified risk management CIB 218 ◦ Interest rate and foreign exchange Manage the risk of certain other specified assets and liabilities Specified risk management Corporate 218 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 218 • Various Other derivatives Market-making and other CIB, Corporate 218 Notional amount of derivative contracts The following table summarizes the notional amount of derivative contracts outstanding as of December 31, 2015 and 2014 . Notional amounts (b) December 31, (in billions) 2015 2014 Interest rate contracts Swaps $ 24,162 $ 29,734 Futures and forwards 5,167 10,189 Written options 3,506 3,903 Purchased options 3,896 4,259 Total interest rate contracts 36,731 48,085 Credit derivatives (a) 2,900 4,249 Foreign exchange contracts Cross-currency swaps 3,199 3,346 Spot, futures and forwards 5,028 4,669 Written options 690 790 Purchased options 706 780 Total foreign exchange contracts 9,623 9,585 Equity contracts Swaps 232 206 Futures and forwards 43 50 Written options 395 432 Purchased options 326 375 Total equity contracts 996 1,063 Commodity contracts Swaps 83 126 Spot, futures and forwards 99 193 Written options 115 181 Purchased options 112 180 Total commodity contracts 409 680 Total derivative notional amounts $ 50,659 $ 63,662 (a) For more information on volumes and types of credit derivative contracts, see the Credit derivatives discussion on pages 218–220 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 December 31, 2015 and 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 December 31, 2015 (in millions) Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 665,531 $ 4,080 $ 669,611 $ 26,363 $ 632,928 $ 2,238 $ 635,166 $ 10,221 Credit 51,468 — 51,468 1,423 50,529 — 50,529 1,541 Foreign exchange 179,072 803 179,875 17,177 189,397 1,503 190,900 19,769 Equity 35,859 — 35,859 5,529 38,663 — 38,663 9,183 Commodity 23,713 1,352 25,065 9,185 27,653 1 27,654 12,076 Total fair value of trading assets and liabilities $ 955,643 $ 6,235 $ 961,878 $ 59,677 $ 939,170 $ 3,742 $ 942,912 $ 52,790 Gross derivative receivables Gross derivative payables December 31, 2014 (in millions) Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b) 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 Firm’s Consolidated balance sheets or its results of operations. The following table presents, as of December 31, 2015 and 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. 2015 2014 December 31, (in millions) Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables U.S. GAAP nettable derivative receivables Interest rate contracts: OTC $ 417,386 $ (396,506 ) $ 20,880 $ 542,107 (c) $ (514,914 ) (c) $ 27,193 OTC–cleared 246,750 (246,742 ) 8 401,656 (401,618 ) 38 Exchange-traded (a) — — — — — — Total interest rate contracts 664,136 (643,248 ) 20,888 943,763 (c) (916,532 ) (c) 27,231 Credit contracts: OTC 44,082 (43,182 ) 900 66,636 (65,720 ) 916 OTC–cleared 6,866 (6,863 ) 3 9,320 (9,284 ) 36 Total credit contracts 50,948 (50,045 ) 903 75,956 (75,004 ) 952 Foreign exchange contracts: OTC 175,060 (162,377 ) 12,683 208,803 (c) (193,900 ) (c) 14,903 OTC–cleared 323 (321 ) 2 36 (34 ) 2 Exchange-traded (a) — — — — — — Total foreign exchange contracts 175,383 (162,698 ) 12,685 208,839 (c) (193,934 ) (c) 14,905 Equity contracts: OTC 20,690 (20,439 ) 251 23,258 (22,826 ) 432 OTC–cleared — — — — — — Exchange-traded (a) 12,285 (9,891 ) 2,394 13,840 (c) (11,486 ) (c) 2,354 Total equity contracts 32,975 (30,330 ) 2,645 37,098 (c) (34,312 ) (c) 2,786 Commodity contracts: OTC 15,001 (6,772 ) 8,229 22,555 (14,327 ) 8,228 OTC–cleared — — — — — — Exchange-traded (a) 9,199 (9,108 ) 91 19,500 (15,344 ) 4,156 Total commodity contracts 24,200 (15,880 ) 8,320 42,055 (29,671 ) 12,384 Derivative receivables with appropriate legal opinion $ 947,642 $ (902,201 ) (b) $ 45,441 $ 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 14,236 14,236 20,717 20,717 Total derivative receivables recognized on the Consolidated balance sheets $ 961,878 $ 59,677 $ 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 $73.7 billion and $74.0 billion at December 31, 2015, and 2014, respectively. (c) The prior period amounts have been revised to conform with the current period presentation. These revisions had no impact on Firm’s Consolidated balance sheets or its results of operations. The following table presents, as of December 31, 2015 and 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. 2015 2014 December 31, (in millions) Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables U.S. GAAP nettable derivative payables Interest rate contracts: OTC $ 393,709 $ (384,576 ) $ 9,133 $ 515,904 (c) $ (503,384 ) (c) $ 12,520 OTC–cleared 240,398 (240,369 ) 29 398,518 (397,250 ) 1,268 Exchange-traded (a) — — — — — — Total interest rate contracts 634,107 (624,945 ) 9,162 914,422 (c) (900,634 ) (c) 13,788 Credit contracts: OTC 44,379 (43,019 ) 1,360 65,432 (64,904 ) 528 OTC–cleared 5,969 (5,969 ) — 9,398 (9,398 ) — Total credit contracts 50,348 (48,988 ) 1,360 74,830 (74,302 ) 528 Foreign exchange contracts: OTC 185,178 (170,830 ) 14,348 217,998 (c) (201,578 ) (c) 16,420 OTC–cleared 301 (301 ) — 66 (66 ) — Exchange-traded (a) — — — — — — Total foreign exchange contracts 185,479 (171,131 ) 14,348 218,064 (c) (201,644 ) (c) 16,420 Equity contracts: OTC 23,458 (19,589 ) 3,869 27,908 (23,036 ) 4,872 OTC–cleared — — — — — — Exchange-traded (a) 10,998 (9,891 ) 1,107 12,864 (c) (11,486 ) (c) 1,378 Total equity contracts 34,456 (29,480 ) 4,976 40,772 (c) (34,522 ) (c) 6,250 Commodity contracts: OTC 16,953 (6,256 ) 10,697 25,129 (13,211 ) 11,918 OTC–cleared — — — — — — Exchange-traded (a) 9,374 (9,322 ) 52 18,486 (15,344 ) 3,142 Total commodity contracts 26,327 (15,578 ) 10,749 43,615 (28,555 ) 15,060 Derivative payables with appropriate legal opinions $ 930,717 $ (890,122 ) (b) $ 40,595 $ 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 12,195 12,195 19,070 19,070 Total derivative payables recognized on the Consolidated balance sheets $ 942,912 $ 52,790 $ 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 $61.6 billion and $64.2 billion related to OTC and OTC-cleared derivatives at December 31, 2015, and 2014, respectively. (c) The prior period amounts have been revised to conform with the current period presentation. These revisions had no impact on 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 consists of non-cash financial instruments (generally U.S. government and agency securities and other Group of Seven Nations (“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 December 31, 2015 and 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 2015 2014 December 31, (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 $ 45,441 $ (13,543 ) (a) $ 31,898 $ 58,258 $ (16,194 ) (a) $ 42,064 Derivative payable collateral (b) 2015 2014 December 31, (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 $ 40,595 $ (7,957 ) (a) $ 32,638 $ 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 payables 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 In addition to the specific market risks introduced by each derivative contract type, derivatives expose JPMorgan Chase to credit risk — the risk that derivative counterparties may fail to meet their payment obligations under the derivative contracts and the collateral, if any, held by the Firm proves to be of insufficient value to cover the payment obligation. It is the policy of JPMorgan Chase to actively pursue, where possible, the use of legally enforceable master netting arrangements and collateral agreements to mitigate derivative counterparty credit risk. The amount of derivative receivables reported on the Consolidated balance sheets is the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the Firm. While derivative receivables expose the Firm to credit risk, derivative payables expose the Firm to liquidity risk, as the derivative contracts typically require the Firm to post cash or securities collateral with counterparties as the fair value of the contracts moves in the counterparties’ favor or upon specified downgrades in the Firm’s and its subsidiaries’ respective credit ratings. Certain derivative contracts also provide for termination of the contract, generally upon a downgrade of either the Firm or the counterparty, at the fair value of the derivative contracts. 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 December 31, 2015 and 2014. OTC and OTC-cleared derivative payables containing downgrade triggers December 31, (in millions) 2015 2014 Aggregate fair value of net derivative payables $ 22,328 $ 32,303 Collateral posted 18,942 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 December 31, 2015 and 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), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating by the rating agencies referred to in the derivative contract. Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives 2015 2014 December 31, (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 807 $ 3,028 $ 1,046 $ 3,331 Amount required to settle contracts with termination triggers upon downgrade (b) 271 1,093 366 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 in which 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 13, 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 December 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 years ended December 31, 2015 , 2014 and 2013 , respectively. The Firm includes gains/(losses) on the hedging derivative and the related hedged item in the same line item in the Consolidated statements of income. Gains/(losses) recorded in income Income statement impact due to: Year ended December 31, 2015 (in millions) Derivatives Hedged items Total income statement impact Hedge ineffectiveness (d) Excluded components (e) Contract type Interest rate (a) $ 38 $ 911 $ 949 $ 3 $ 946 Foreign exchange (b) 6,030 (6,006 ) 24 — 24 Commodity (c) 1,153 (1,142 ) 11 (13 ) 24 Total $ 7,221 $ (6,237 ) $ 984 $ (10 ) $ 994 Gains/(losses) recorded in income Income statement impact due to: Year ended December 31, 2014 (in millions) Derivatives Hedged items Total income statement impact Hedge ineffectiveness (d) Excluded components (e) Contract type Interest rate (a) $ 2,106 $ (801 ) $ 1,305 $ 131 $ 1,174 Foreign exchange (b) 8,279 (8,532 ) (253 ) — (253 ) Commodity (c) 49 145 194 42 152 Total $ 10,434 $ (9,188 ) $ 1,246 $ 173 $ 1,073 Gains/(losses) recorded in income Income statement impact due to: Year ended December 31, 2013 (in millions) Derivatives Hedged items Total income statement impact Hedge ineffectiveness (d) Excluded components (e) Contract type Interest rate (a) $ (3,469 ) $ 4,851 $ 1,382 $ (132 ) $ 1,514 Foreign exchange (b) (1,096 ) 864 (232 ) — (232 ) Commodity (c) 485 (1,304 ) (819 ) 38 (857 ) Total $ (4,080 ) $ 4,411 $ 331 $ (94 ) $ 425 (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 primarily 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 years ended December 31, 2015 , 2014 and 2013 , respectively. The Firm includes the gain/(loss) on the hedging derivative and the change in cash flows on the hedged item in the same line item in the Consolidated statements of income. Gains/(losses) re |
Noninterest Revenue
Noninterest Revenue | 12 Months Ended |
Dec. 31, 2015 | |
Noninterest Income [Abstract] | |
Noninterest Revenue | Noninterest revenue Investment banking fees This revenue category includes equity and debt underwriting and advisory fees. Underwriting fees are recognized as revenue when the Firm has rendered all services to the issuer and is entitled to collect the fee from the issuer, as long as there are no other contingencies associated with the fee. Underwriting fees are net of syndicate expense; the Firm recognizes credit arrangement and syndication fees as revenue after satisfying certain retention, timing and yield criteria. Advisory fees are recognized as revenue when the related services have been performed and the fee has been earned. The following table presents the components of investment banking fees. Year ended December 31, (in millions) 2015 2014 2013 Underwriting Equity $ 1,408 $ 1,571 $ 1,499 Debt 3,232 3,340 3,537 Total underwriting 4,640 4,911 5,036 Advisory 2,111 1,631 1,318 Total investment banking fees $ 6,751 $ 6,542 $ 6,354 Principal transactions Principal transactions revenue consists of realized and unrealized gains and losses on derivatives and other instruments (including those accounted for under the fair value option) primarily used in client-driven market-making activities and on private equity investments. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities (including physical commodities inventories and financial instruments that reference commodities). Principal transactions revenue also includes realized and unrealized gains and losses related to hedge accounting and specified risk-management activities, including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specific risk management purposes, primarily to mitigate credit risk, foreign exchange risk and commodity risk, and (c) other derivatives. For further information on the income statement classification of gains and losses from derivatives activities, see Note 6. In the financial commodity markets, the Firm transacts in OTC derivatives (e.g., swaps, forwards, options) and exchange-traded derivatives that reference a wide range of underlying commodities. In the physical commodity markets, the Firm primarily purchases and sells precious and base metals and may hold other commodities inventories under financing and other arrangements with clients. Prior to the 2014 sale of certain parts of its physical commodity business, the Firm also engaged in the purchase, sale, transport and storage of power, gas, liquefied natural gas, coal, crude oil and refined products. Physical commodities inventories are generally carried at the lower of cost or market (market approximates fair value) subject to any applicable fair value hedge accounting adjustments, with realized gains and losses and unrealized losses recorded in 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 8 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. Year ended December 31, (in millions) 2015 2014 2013 Trading revenue by instrument type Interest rate $ 1,933 $ 1,362 $ 284 Credit 1,735 1,880 2,654 Foreign exchange 2,557 1,556 1,801 Equity 2,990 2,563 2,517 Commodity (a) 842 1,663 2,083 Total trading revenue 10,057 9,024 9,339 Private equity gains (b) 351 1,507 802 Principal transactions $ 10,408 $ 10,531 $ 10,141 (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 6. (b) Includes revenue on private equity investments held in the Private Equity business within Corporate, as well as those held in other business segments. Lending- and deposit-related fees This revenue category includes fees from loan commitments, standby letters of credit, financial guarantees, deposit-related fees in lieu of compensating balances, cash management-related activities or transactions, deposit accounts and other loan-servicing activities. These fees are recognized over the period in which the related service is provided. Asset management, administration and commissions This revenue category includes fees from investment management and related services, custody, brokerage services, insurance premiums and commissions, and other products. These fees are recognized over the period in which the related service is provided. Performance-based fees, which are earned based on exceeding certain benchmarks or other performance targets, are accrued and recognized at the end of the performance period in which the target is met. The Firm has contractual arrangements with third parties to provide certain services in connection with its asset management activities. Amounts paid to third-party service providers are predominantly expensed, such that asset management fees are recorded gross of payments made to third parties. The following table presents Firmwide asset management, administration and commissions. Year ended December 31, (in millions) 2015 2014 2013 Asset management fees Investment management fees (a) $ 9,403 $ 9,169 $ 8,044 All other asset management fees (b) 352 477 505 Total asset management fees 9,755 9,646 8,549 Total administration fees (c) 2,015 2,179 2,101 Commissions and other fees Brokerage commissions 2,304 2,270 2,321 All other commissions and fees 1,435 1,836 2,135 Total commissions and fees 3,739 4,106 4,456 Total asset management, administration and commissions $ 15,509 $ 15,931 $ 15,106 (a) Represents fees earned from managing assets on behalf of the Firm’s 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. Mortgage fees and related income This revenue category primarily reflects CCB’s Mortgage Banking production and servicing revenue, including fees and income derived from mortgages originated with the intent to sell; mortgage sales and servicing including losses related to the repurchase of previously sold loans; the impact of risk-management activities associated with the mortgage pipeline, warehouse loans and MSRs; and revenue related to any residual interests held from mortgage securitizations. This revenue category also includes gains and losses on sales and lower of cost or fair value adjustments for mortgage loans held-for-sale, as well as changes in fair value for mortgage loans originated with the intent to sell and measured at fair value under the fair value option. Changes in the fair value of CCB MSRs are reported in mortgage fees and related income. Net interest income from mortgage loans is recorded in interest income. For a further discussion of MSRs, see Note 17. Card income This revenue category includes interchange income from credit and debit cards and net fees earned from processing credit card transactions for merchants. Card income is recognized as earned. Cost related to rewards programs is recorded when the rewards are earned by the customer and presented as a reduction to interchange income. Annual fees and direct loan origination costs are deferred and recognized on a straight-line basis over a 12 -month period. Credit card revenue sharing agreements The Firm has contractual agreements with numerous co-brand partners and affinity organizations (collectively, “partners”), which grant the Firm exclusive rights to market to the customers or members of such partners. These partners endorse the credit card programs and provide their customer and member lists to the Firm, and they may also conduct marketing activities and provide awards under the various credit card programs. The terms of these agreements generally range from three to ten years. The Firm typically makes incentive payments to the partners based on new account originations, sales volumes and the cost of the partners’ marketing activities and awards. Payments based on new account originations are accounted for as direct loan origination costs. Payments to partners based on sales volumes are deducted from interchange income as the related revenue is earned. Payments based on marketing efforts undertaken by the partners are expensed by the Firm as incurred and reported as noninterest expense. Other income Other income on the Firm’s Consolidated statements of income included the following: Year ended December 31, (in millions) 2015 2014 2013 Operating lease income $ 2,081 $ 1,699 $ 1,472 Gain from sale of Visa B shares — — 1,310 |
Interest Income and Interest Ex
Interest Income and Interest Expense | 12 Months Ended |
Dec. 31, 2015 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | Interest income and Interest expense Interest income and interest expense are recorded in the Consolidated statements of income and classified based on the nature of the underlying asset or liability. Interest income and interest expense includes the current-period interest accruals for financial instruments measured at fair value, except for financial instruments containing embedded derivatives that would be separately accounted for in accordance with U.S. GAAP absent the fair value option election; for those instruments, all changes in fair value, including any interest elements, are reported in principal transactions revenue. For financial instruments that are not measured at fair value, the related interest is included within interest income or interest expense, as applicable. Details of interest income and interest expense were as follows. Year ended December 31, (in millions) 2015 2014 2013 Interest Income Loans $ 33,134 $ 32,218 $ 33,489 Taxable securities 6,550 7,617 6,916 Non taxable securities (a) 1,706 1,423 896 Total securities 8,256 9,040 7,812 Trading assets 6,621 7,312 8,099 Federal funds sold and securities purchased under resale agreements 1,592 1,642 1,940 Securities borrowed (b) (532 ) (501 ) (127 ) Deposits with banks 1,250 1,157 918 Other assets (c) 652 663 538 Total interest income $ 50,973 $ 51,531 $ 52,669 Interest expense Interest bearing deposits $ 1,252 $ 1,633 $ 2,067 Federal funds purchased and securities loaned or sold under repurchase agreements 609 604 582 Commercial paper 110 134 112 Trading liabilities - debt, short-term and other liabilities 622 712 1,104 Long-term debt 4,435 4,409 5,007 Beneficial interest issued by consolidated VIEs 435 405 478 Total interest expense $ 7,463 $ 7,897 $ 9,350 Net interest income $ 43,510 $ 43,634 $ 43,319 Provision for credit losses 3,827 3,139 225 Net interest income after provision for credit losses $ 39,683 $ 40,495 $ 43,094 (a) Represents securities which are tax exempt for U.S. federal income tax purposes. (b) Negative interest income for the years ended December 31, 2015, 2014 and 2013, 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. (c) Largely margin loans. (d) Includes brokerage customer payables. |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Employee Benefit Plans | Pension and other postretirement employee benefit plans The Firm has various defined benefit pension plans and other postretirement employee benefit (“OPEB”) plans that provide benefits to its employees. These plans are discussed below. Defined benefit pension plans The Firm has a qualified noncontributory U.S. defined benefit pension plan that provides benefits to substantially all U.S. employees. The U.S. plan employs a cash balance formula in the form of pay and interest credits to determine the benefits to be provided at retirement, based on years of service and eligible compensation (generally base salary/regular pay and variable incentive compensation capped at $100,000 annually). Employees begin to accrue plan benefits after completing one year of service, and benefits generally vest after three years of service. The Firm also offers benefits through defined benefit pension plans to qualifying employees in certain non-U.S. locations based on factors such as eligible compensation, age and/or years of service. It is the Firm’s policy to fund the pension plans in amounts sufficient to meet the requirements under applicable laws. The Firm does not anticipate at this time any contribution to the U.S. defined benefit pension plan in 2016 . The 2016 contributions to the non-U.S. defined benefit pension plans are expected to be $47 million of which $31 million are contractually required. JPMorgan Chase also has a number of defined benefit pension plans that are not subject to Title IV of the Employee Retirement Income Security Act. The most significant of these plans is the Excess Retirement Plan, pursuant to which certain employees previously earned pay credits on compensation amounts above the maximum stipulated by law under a qualified plan; no further pay credits are allocated under this plan. The Excess Retirement Plan had an unfunded projected benefit obligation (“PBO”) in the amount of $237 million and $257 million , at December 31, 2015 and 2014 , respectively. Defined contribution plans JPMorgan Chase currently provides two qualified defined contribution plans in the U.S. and other similar arrangements in certain non-U.S. locations, all of which are administered in accordance with applicable local laws and regulations. The most significant of these plans is the JPMorgan Chase 401(k) Savings Plan (the “401(k) Savings Plan”), which covers substantially all U.S. employees. Employees can contribute to the 401(k) Savings Plan on a pretax and/or Roth 401(k) after-tax basis. The JPMorgan Chase Common Stock Fund, which is an investment option under the 401(k) Savings Plan, is a nonleveraged employee stock ownership plan. The Firm matches eligible employee contributions up to 5% of eligible compensation (generally base salary/regular pay and variable incentive compensation) on an annual basis. Employees begin to receive matching contributions after completing a one -year-of-service requirement. Employees with total annual cash compensation of $250,000 or more are not eligible for matching contributions. Matching contributions vest after three years of service. The 401(k) Savings Plan also permits discretionary profit-sharing contributions by participating companies for certain employees, subject to a specified vesting schedule. OPEB plans JPMorgan Chase offers postretirement medical and life insurance benefits to certain retirees and postretirement medical benefits to qualifying U.S. employees. These benefits vary with the length of service and the date of hire and provide for limits on the Firm’s share of covered medical benefits. The medical and life insurance benefits are both contributory. Effective January 1, 2015, there was a transition of certain Medicare eligible retirees from JPMC group sponsored coverage to Medicare exchanges. As a result of this change, eligible retirees will receive a Healthcare Reimbursement Account amount each year if they enroll through the Medicare exchange. The impact of this change was not material. Postretirement medical benefits also are offered to qualifying United Kingdom (“U.K.”) employees. JPMorgan Chase’s U.S. OPEB obligation is funded with corporate-owned life insurance (“COLI”) purchased on the lives of eligible employees and retirees. While the Firm owns the COLI policies, COLI proceeds (death benefits, withdrawals and other distributions) may be used only to reimburse the Firm for its net postretirement benefit claim payments and related administrative expense. The U.K. OPEB plan is unfunded. The following table presents the changes in benefit obligations, plan assets and funded status amounts reported on the Consolidated balance sheets for the Firm’s U.S. and non-U.S. defined benefit pension and OPEB plans. Defined benefit pension plans As of or for the year ended December 31, U.S. Non-U.S. OPEB plans (d) (in millions) 2015 2014 2015 2014 2015 2014 Change in benefit obligation Benefit obligation, beginning of year $ (12,536 ) $ (10,776 ) $ (3,640 ) $ (3,433 ) $ (842 ) $ (826 ) Benefits earned during the year (340 ) (281 ) (37 ) (33 ) (1 ) — Interest cost on benefit obligations (498 ) (534 ) (112 ) (137 ) (31 ) (38 ) Plan amendments — (53 ) — — — — Special termination benefits — — (1 ) (1 ) — — Curtailments — — — — — (3 ) Employee contributions NA NA (7 ) (7 ) (25 ) (62 ) Net gain/(loss) 702 (1,669 ) 146 (408 ) 71 (58 ) Benefits paid 760 777 120 119 88 145 Expected Medicare Part D subsidy receipts NA NA NA NA (6 ) (2 ) Foreign exchange impact and other — — 184 260 2 2 Benefit obligation, end of year $ (11,912 ) $ (12,536 ) $ (3,347 ) $ (3,640 ) $ (744 ) $ (842 ) Change in plan assets Fair value of plan assets, beginning of year $ 14,623 $ 14,354 $ 3,718 $ 3,532 $ 1,903 $ 1,757 Actual return on plan assets 231 1,010 52 518 13 159 Firm contributions 31 36 45 46 2 3 Employee contributions — — 7 7 — — Benefits paid (760 ) (777 ) (120 ) (119 ) (63 ) (16 ) Foreign exchange impact and other — — (191 ) (266 ) — — Fair value of plan assets, end of year $ 14,125 $ 14,623 (b)(c) $ 3,511 $ 3,718 $ 1,855 $ 1,903 Net funded status (a) $ 2,213 $ 2,087 $ 164 $ 78 $ 1,111 $ 1,061 Accumulated benefit obligation, end of year $ (11,774 ) $ (12,375 ) $ (3,322 ) $ (3,615 ) NA NA (a) Represents plans with an aggregate overfunded balance of $4.1 billion and $3.9 billion at December 31, 2015 and 2014 , respectively, and plans with an aggregate underfunded balance of $636 million and $708 million at December 31, 2015 and 2014 , respectively. (b) At December 31, 2015 and 2014 , approximately $533 million and $336 million , respectively, of U.S. plan assets included participation rights under participating annuity contracts. (c) At December 31, 2015 and 2014 , defined benefit pension plan amounts not measured at fair value included $74 million and $106 million , respectively, of accrued receivables, and $123 million and $257 million , respectively, of accrued liabilities, for U.S. plans. (d) Includes an unfunded accumulated postretirement benefit obligation of $32 million and $37 million at December 31, 2015 and 2014 , respectively, for the U.K. plan. Gains and losses For the Firm’s defined benefit pension plans, fair value is used to determine the expected return on plan assets. Amortization of net gains and losses is included in annual net periodic benefit cost if, as of the beginning of the year, the net gain or loss exceeds 10% of the greater of the PBO or the fair value of the plan assets. Any excess is amortized over the average future service period of defined benefit pension plan participants, which for the U.S. defined benefit pension plan is currently seven years and for the non-U.S. defined benefit pension plans is the period appropriate for the affected plan. In addition, prior service costs are amortized over the average remaining service period of active employees expected to receive benefits under the plan when the prior service cost is first recognized. The average remaining amortization period for the U.S. defined benefit pension plan for current prior service costs is four years . For the Firm’s OPEB plans, a calculated value that recognizes changes in fair value over a five -year period is used to determine the expected return on plan assets. This value is referred to as the market related value of assets. Amortization of net gains and losses, adjusted for gains and losses not yet recognized, is included in annual net periodic benefit cost if, as of the beginning of the year, the net gain or loss exceeds 10% of the greater of the accumulated postretirement benefit obligation or the market related value of assets. Any excess net gain or loss is amortized over the average expected lifetime of retired participants, which is currently thirteen years ; however, prior service costs resulting from plan changes are amortized over the average years of service remaining to full eligibility age, which is currently two years . The following table presents pretax pension and OPEB amounts recorded in AOCI. Defined benefit pension plans December 31, U.S. Non-U.S. OPEB plans (in millions) 2015 2014 2015 2014 2015 2014 Net gain/(loss) $ (3,096 ) $ (3,346 ) $ (513 ) $ (628 ) $ 109 $ 130 Prior service credit/(cost) 68 102 9 11 — — Accumulated other comprehensive income/(loss), pretax, end of year $ (3,028 ) $ (3,244 ) $ (504 ) $ (617 ) $ 109 $ 130 The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income and other comprehensive 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 Year ended December 31, (in millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost Benefits earned during the year $ 340 $ 281 $ 314 $ 37 $ 33 $ 34 $ 1 $ — $ 1 Interest cost on benefit obligations 498 534 447 112 137 125 31 38 35 Expected return on plan assets (929 ) (985 ) (956 ) (150 ) (172 ) (142 ) (106 ) (101 ) (92 ) Amortization: Net (gain)/loss 247 25 271 35 47 49 — — 1 Prior service cost/(credit) (34 ) (41 ) (41 ) (2 ) (2 ) (2 ) — (1 ) — Special termination benefits — — — 1 — — — — — Net periodic defined benefit cost 122 (186 ) 35 33 43 64 (74 ) (64 ) (55 ) Other defined benefit pension plans (a) 14 14 15 10 6 14 NA NA NA Total defined benefit plans 136 (172 ) 50 43 49 78 (74 ) (64 ) (55 ) Total defined contribution plans 449 438 447 320 329 321 NA NA NA Total pension and OPEB cost included in compensation expense $ 585 $ 266 $ 497 $ 363 $ 378 $ 399 $ (74 ) $ (64 ) $ (55 ) Changes in plan assets and benefit obligations recognized in other comprehensive income Net (gain)/loss arising during the year $ (3 ) $ 1,645 $ (1,817 ) $ (47 ) $ 57 $ 19 $ 21 $ (5 ) $ (257 ) Prior service credit arising during the year — 53 — — — — — — — Amortization of net loss (247 ) (25 ) (271 ) (35 ) (47 ) (49 ) — — (1 ) Amortization of prior service (cost)/credit 34 41 41 2 2 2 — 1 — Foreign exchange impact and other — — — (33 ) (a) (39 ) (a) 14 (a) — — — Total recognized in other comprehensive income $ (216 ) $ 1,714 $ (2,047 ) $ (113 ) $ (27 ) $ (14 ) $ 21 $ (4 ) $ (258 ) Total recognized in net periodic benefit cost and other comprehensive income $ (94 ) $ 1,528 $ (2,012 ) $ (80 ) $ 16 $ 50 $ (53 ) $ (68 ) $ (313 ) (a) Includes various defined benefit pension plans which are individually immaterial. The estimated pretax amounts that will be amortized from AOCI into net periodic benefit cost in 2016 are as follows. Defined benefit pension plans OPEB plans (in millions) U.S. Non-U.S. U.S. Non-U.S. Net loss/(gain) $ 231 $ 23 $ — $ — Prior service cost/(credit) (34 ) (2 ) — — Total $ 197 $ 21 $ — $ — The following table presents the actual rate of return on plan assets for the U.S. and non-U.S. defined benefit pension and OPEB plans. U.S. Non-U.S. Year ended December 31, 2015 2014 2013 2015 2014 2013 Actual rate of return: Defined benefit pension plans 0.88 % 7.29 % 15.95 % (0.48) – 4.92% 5.62 – 17.69% 3.74 – 23.80% OPEB plans 1.16 9.84 13.88 NA NA NA Plan assumptions JPMorgan Chase’s expected long-term rate of return for U.S. defined benefit pension and OPEB plan assets is a blended average of the investment advisor’s projected long-term ( 10 years or more) returns for the various asset classes, weighted by the asset allocation. Returns on asset classes are developed using a forward-looking approach and are not strictly based on historical returns. Equity returns are generally developed as the sum of inflation, expected real earnings growth and expected long-term dividend yield. Bond returns are generally developed as the sum of inflation, real bond yield and risk spread (as appropriate), adjusted for the expected effect on returns from changing yields. Other asset-class returns are derived from their relationship to the equity and bond markets. Consideration is also given to current market conditions and the short-term portfolio mix of each plan. For the U.K. defined benefit pension plans, which represent the most significant of the non-U.S. defined benefit pension plans, procedures similar to those in the U.S. are used to develop the expected long-term rate of return on plan assets, taking into consideration local market conditions and the specific allocation of plan assets. The expected long-term rate of return on U.K. plan assets is an average of projected long-term returns for each asset class. The return on equities has been selected by reference to the yield on long-term U.K. government bonds plus an equity risk premium above the risk-free rate. The expected return on “AA” rated long-term corporate bonds is based on an implied yield for similar bonds. The discount rate used in determining the benefit obligation under the U.S. defined benefit pension and OPEB plans was provided by our actuaries. This rate was selected by reference to the yields on portfolios of bonds with maturity dates and coupons that closely match each of the plan’s projected cash flows; such portfolios are derived from a broad-based universe of high-quality corporate bonds as of the measurement date. In years in which these hypothetical bond portfolios generate excess cash, such excess is assumed to be reinvested at the one -year forward rates implied by the Citigroup Pension Discount Curve published as of the measurement date. The discount rate for the U.K. defined benefit pension plan represents a rate of appropriate duration from the analysis of yield curves provided by our actuaries. In 2014, the Society of Actuaries (“SOA”) completed a comprehensive review of mortality experience of uninsured private retirement plans in the U.S. In October 2014, the SOA published new mortality tables and a new mortality improvement scale that reflects improved life expectancies and an expectation that this trend will continue. In 2014, the Firm adopted the SOA’s tables and projection scale, resulting in an estimated increase in PBO of $533 million . In 2015, the SOA updated the projection scale to reflect two additional years of historical data. The Firm has adopted the updated projection scale resulting in an estimated decrease in PBO in 2015 of $112 million . At December 31, 2015 , the Firm increased the discount rates used to determine its benefit obligations for the U.S. defined benefit pension and OPEB plans in light of current market interest rates, which will result in a decrease in expense of approximately $63 million for 2016 . The 2016 expected long-term rate of return on U.S. defined benefit pension plan assets and U.S. OPEB plan assets are 6.50 % and 5.75 %, respectively. For 2016, the initial health care benefit obligation trend assumption has been set at 5.50 %, and the ultimate health care trend assumption and the year to reach the ultimate rate remains at 5.00 % and 2017 , respectively, unchanged from 2015. As of December 31, 2015 , the interest crediting rate assumption and the assumed rate of compensation increase remained at 5.00 % and 3.50 %, respectively. The following tables present the weighted-average annualized actuarial assumptions for the projected and accumulated postretirement benefit obligations, and the components of net periodic benefit costs, for the Firm’s significant U.S. and non-U.S. defined benefit pension and OPEB plans, as of and for the periods indicated. Weighted-average assumptions used to determine benefit obligations U.S. Non-U.S. December 31, 2015 2014 2015 2014 Discount rate: Defined benefit pension plans 4.50 % 4.00 % 0.80 – 3.70% 1.00 – 3.60% OPEB plans 4.40 4.10 — — Rate of compensation increase 3.50 3.50 2.25 – 4.30 2.75 – 4.20 Health care cost trend rate: Assumed for next year 5.50 6.00 — — Ultimate 5.00 5.00 — — Year when rate will reach ultimate 2017 2017 — — Weighted-average assumptions used to determine net periodic benefit costs U.S. Non-U.S. Year ended December 31, 2015 2014 2013 2015 2014 2013 Discount rate: Defined benefit pension plans 4.00 % 5.00 % 3.90 % 1.00 – 3.60% 1.10 – 4.40% 1.40 – 4.40% OPEB plans 4.10 4.90 3.90 — — — Expected long-term rate of return on plan assets: Defined benefit pension plans 6.50 7.00 7.50 0.90 – 4.80 1.20 – 5.30 2.40 – 4.90 OPEB plans 6.00 6.25 6.25 NA NA NA Rate of compensation increase 3.50 3.50 4.00 2.75 – 4.20 2.75 – 4.60 2.75 – 4.10 Health care cost trend rate: Assumed for next year 6.00 6.50 7.00 — — — Ultimate 5.00 5.00 5.00 — — — Year when rate will reach ultimate 2017 2017 2017 — — — The following table presents the effect of a one-percentage-point change in the assumed health care cost trend rate on JPMorgan Chase’s accumulated postretirement benefit obligation. As of December 31, 2015 , there was no material effect on total service and interest cost. Year ended December 31, 2015 (in millions) 1-Percentage point increase 1-Percentage point decrease Effect on accumulated postretirement benefit obligation $ 8 $ (7 ) JPMorgan Chase’s U.S. defined benefit pension and OPEB plan expense is sensitive to the expected long-term rate of return on plan assets and the discount rate. With all other assumptions held constant, a 25-basis point decline in the expected long-term rate of return on U.S. plan assets would result in an aggregate increase of approximately $39 million in 2016 U.S. defined benefit pension and OPEB plan expense. A 25-basis point decline in the discount rate for the U.S. plans would result in an increase in 2016 U.S. defined benefit pension and OPEB plan expense of approximately an aggregate $31 million and an increase in the related benefit obligations of approximately an aggregate $296 million . A 25-basis point decrease in the interest crediting rate for the U.S. defined benefit pension plan would result in a decrease in 2016 U.S. defined benefit pension expense of approximately $35 million and a decrease in the related PBO of approximately $145 million . A 25-basis point decline in the discount rates for the non-U.S. plans would result in an increase in the 2016 non-U.S. defined benefit pension plan expense of approximately $17 million . Investment strategy and asset allocation The Firm’s U.S. defined benefit pension plan assets are held in trust and are invested in a well-diversified portfolio of equity and fixed income securities, cash and cash equivalents, and alternative investments (e.g., hedge funds, private equity, real estate and real assets). Non-U.S. defined benefit pension plan assets are held in various trusts and are also invested in well-diversified portfolios of equity, fixed income and other securities. Assets of the Firm’s COLI policies, which are used to partially fund the U.S. OPEB plan, are held in separate accounts of an insurance company and are allocated to investments intended to replicate equity and fixed income indices. The investment policy for the Firm’s U.S. defined benefit pension plan assets is to optimize the risk-return relationship as appropriate to the needs and goals of the plan using a global portfolio of various asset classes diversified by market segment, economic sector, and issuer. Assets are managed by a combination of internal and external investment managers. Periodically the Firm performs a comprehensive analysis on the U.S. defined benefit pension plan asset allocations, incorporating projected asset and liability data, which focuses on the short- and long-term impact of the asset allocation on cumulative pension expense, economic cost, present value of contributions and funded status. As the U.S. defined benefit pension plan is overfunded, the investment strategy for this plan was adjusted in 2013 to provide for greater liquidity. Currently, approved asset allocation ranges are: U.S. equity 0% to 45% , international equity 0% to 40% , debt securities 0% to 80% , hedge funds 0% to 5% , real estate 0% to 10% , real assets 0% to 10% and private equity 0% to 20% . Asset allocations are not managed to a specific target but seek to shift asset class allocations within these stated ranges. Investment strategies incorporate the economic outlook and the anticipated implications of the macroeconomic environment on the various asset classes while maintaining an appropriate level of liquidity for the plan. The Firm regularly reviews the asset allocations and asset managers, as well as other factors that impact the portfolio, which is rebalanced when deemed necessary. For the U.K. defined benefit pension plans, which represent the most significant of the non-U.S. defined benefit pension plans, the assets are invested to maximize returns subject to an appropriate level of risk relative to the plans’ liabilities. In order to reduce the volatility in returns relative to the plans’ liability profiles, the U.K. defined benefit pension plans’ largest asset allocations are to debt securities of appropriate durations. Other assets, mainly equity securities, are then invested for capital appreciation, to provide long-term investment growth. Similar to the U.S. defined benefit pension plan, asset allocations and asset managers for the U.K. plans are reviewed regularly and the portfolios are rebalanced when deemed necessary. Investments held by the Plans include financial instruments which are exposed to various risks such as interest rate, market and credit risks. Exposure to a concentration of credit risk is mitigated by the broad diversification of both U.S. and non-U.S. investment instruments. Additionally, the investments in each of the common/collective trust funds and registered investment companies are further diversified into various financial instruments. As of December 31, 2015 , assets held by the Firm’s U.S. and non-U.S. defined benefit pension and OPEB plans do not include JPMorgan Chase common stock, except through indirect exposures through investments in third-party stock-index funds. The plans hold investments in funds that are sponsored or managed by affiliates of JPMorgan Chase in the amount of $3.2 billion and $3.7 billion for U.S. plans and $1.2 billion and $1.4 billion for non-U.S. plans, as of December 31, 2015 and 2014 , respectively. The following table presents the weighted-average asset allocation of the fair values of total plan assets at December 31 for the years indicated, as well as the respective approved range/target allocation by asset category, for the Firm’s U.S. and non-U.S. defined benefit pension and OPEB plans. Defined benefit pension plans U.S. Non-U.S. OPEB plans (c) Target % of plan assets Target % of plan assets Target % of plan assets December 31, Allocation 2015 2014 Allocation 2015 2014 Allocation 2015 2014 Asset category Debt securities (a) 0-80% 32 % 31 % 59 % 60 % 61 % 30-70% 50 % 50 % Equity securities 0-85 48 46 40 38 38 30-70 50 50 Real estate 0-10 4 4 — 1 — — — — Alternatives (b) 0-35 16 19 1 1 1 — — — Total 100% 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % (a) Debt securities primarily include corporate debt, U.S. federal, state, local and non-U.S. government, and mortgage-backed securities. (b) Alternatives primarily include limited partnerships. (c) Represents the U.S. OPEB plan only, as the U.K. OPEB plan is unfunded. Fair value measurement of the plans’ assets and liabilities For information on fair value measurements, including descriptions of level 1, 2, and 3 of the fair value hierarchy and the valuation methods employed by the Firm, see Note 3. Pension and OPEB plan assets and liabilities measured at fair value U.S. defined benefit pension plans Non-U.S. defined benefit pension plans (g) December 31, 2015 (in millions) Level 1 Level 2 Level 3 Total fair value Level 1 Level 2 Total fair value Cash and cash equivalents $ 112 $ — $ — $ 112 $ 114 $ 1 $ 115 Equity securities 4,826 5 2 4,833 1,002 157 1,159 Common/collective trust funds (a) 339 — — 339 135 — 135 Limited partnerships (b) 53 — — 53 — — — Corporate debt securities (c) — 1,619 2 1,621 — 758 758 U.S. federal, state, local and non-U.S. government debt securities 580 108 — 688 212 504 716 Mortgage-backed securities — 67 1 68 2 26 28 Derivative receivables — 104 — 104 — 209 209 Other (d) 1,760 27 534 2,321 257 53 310 Total assets measured at fair value $ 7,670 $ 1,930 $ 539 $ 10,139 (e) $ 1,722 $ 1,708 $ 3,430 Derivative payables $ — $ (35 ) $ — $ (35 ) $ — $ (153 ) $ (153 ) Total liabilities measured at fair value $ — $ (35 ) $ — $ (35 ) (f) $ — $ (153 ) $ (153 ) U.S. defined benefit pension plans Non-U.S. defined benefit pension plans (g) December 31, 2014 (in millions) Level 1 Level 2 Level 3 Total fair value Level 1 Level 2 Total fair value Cash and cash equivalents $ 87 $ — $ — $ 87 $ 128 $ 1 $ 129 Equity securities 5,286 20 4 5,310 1,019 169 1,188 Common/collective trust funds (a) 345 — — 345 112 — 112 Limited partnerships (b) 70 — — 70 — — — Corporate debt securities (c) — 1,454 9 1,463 — 724 724 U.S. federal, state, local and non-U.S. government debt securities 446 161 — 607 235 540 775 Mortgage-backed securities 1 73 1 75 2 77 79 Derivative receivables — 114 — 114 — 258 258 Other (d) 2,031 27 337 2,395 283 58 341 Total assets measured at fair value $ 8,266 $ 1,849 $ 351 $ 10,466 (e) $ 1,779 $ 1,827 $ 3,606 Derivative payables $ — $ (23 ) $ — $ (23 ) $ — $ (139 ) $ (139 ) Total liabilities measured at fair value $ — $ (23 ) $ — $ (23 ) (f) $ — $ (139 ) $ (139 ) Note: Effective April 1, 2015, the Firm adopted new accounting guidance for certain investments where the Firm measures fair value using the net asset value per share (or its equivalent) as a practical expedient and excluded them from the fair value hierarchy. Accordingly, such investments are not included within these tables. At December 31, 2015 and 2014, the fair values of these investments, which include certain limited partnerships and common/collective trust funds, were $4.1 billion and $4.3 billion , respectively, of U.S. defined benefit pension plan investments, and $234 million and $251 million , respectively, of non-U.S. defined benefit pension plan investments. Of these investments $1.3 billion and $3.0 billion , respectively, of U.S. defined benefit pension plan investments had been previously classified in level 2 and level 3, respectively, and $251 million of non-U.S. defined benefit pension plan investments had been previously classified in level 2 at December 31, 2014. The guidance was required to be applied retrospectively, and accordingly, prior period amounts have been revised to conform with the current period presentation. (a) At December 31, 2015 and 2014 , common/collective trust funds primarily included a mix of short-term investment funds, domestic and international equity investments (including index) and real estate funds. (b) Unfunded commitments to purchase limited partnership investments for the plans were $895 million and $1.2 billion for 2015 and 2014, respectively. (c) Corporate debt securities include debt securities of U.S. and non-U.S. corporations. (d) Other consists of money markets funds, exchange-traded funds and participating and non-participating annuity contracts. Money markets funds and exchange-traded funds are primarily classified within level 1 of the fair value hierarchy given they are valued using market observable prices. Participating and non-participating annuity contracts are classified within level 3 of the fair value hierarchy due to lack of market mechanisms for transferring each policy and surrender restrictions. (e) At December 31, 2015 and 2014 , excluded U.S. defined benefit pension plan receivables for investments sold and dividends and interest receivables of $74 million and $106 million , respectively. (f) At December 31, 2015 and 2014 , excluded $106 million and $241 million , respectively, of U.S. defined benefit pension plan payables for investments purchased; and $17 million and $16 million , respectively, of other liabilities. (g) There were zero assets or liabilities classified as level 3 for the non-U.S. defined benefit pension plans as of December 31, 2015 and 2014. The Firm’s U.S. OPEB plan was partially funded with COLI policies of $1.9 billion at both December 31, 2015 and 2014, which were classified in level 3 of the valuation hierarchy. Changes in level 3 fair value measurements using significant unobservable inputs Year ended December 31, 2015 (in millions) Fair value, January 1, 2015 Actual return on plan assets Purchases, sales and settlements, net Transfers in and/or out of level 3 Fair value, December 31, 2015 Realized gains/(losses) Unrealized gains/(losses) U.S. defined benefit pension plans Equities $ 4 $ — $ (2 ) $ — $ — $ 2 Corporate debt securities 9 — — (7 ) — 2 Mortgage-backed securities 1 — — — — 1 Other 337 — 197 — — 534 Total U.S. defined benefit pension plans $ 351 $ — $ 195 $ (7 ) $ — $ 539 OPEB plans COLI $ 1,903 $ — $ (48 ) $ — $ — $ 1,855 Total OPEB plans $ 1,903 $ — $ (48 ) $ — $ — $ 1,855 Year ended December 31, 2014 (in millions) Fair value, January 1, 2014 Actual return on plan assets Purchases, sales and settlements, net Transfers in and/or out of level 3 Fair value, December 31, 2014 Realized gains/(losses) Unrealized gains/(losses) U.S. defined benefit pension plans Equities $ 4 $ — $ — $ — $ — $ 4 Corporate debt securities 7 (2 ) 2 4 (2 ) 9 Mortgage-backed securities — — — 1 — 1 Other 430 — (93 ) — — 337 Total U.S. defined benefit pension plans $ 441 $ (2 ) $ (91 ) $ 5 $ (2 ) $ 351 OPEB plans COLI $ 1,749 $ — $ 154 $ — $ — $ 1,903 Total OPEB plans $ 1,749 $ — $ 154 $ — $ — $ 1,903 Year ended December 31, 2013 (in millions) Fair value, January 1, 2013 Actual return on plan assets Purchases, sales and settlements, net Transfers in and/or out of level 3 Fair value, December 31, 2013 Realized gains/(losses) Unrealized gains/(losses) U.S. defined benefit pension plans Equities $ 4 $ — $ — $ — $ — $ 4 Corporate debt securities 1 — — — 6 7 Mortgage-backed securities — — — — — — Other 420 — 10 — — 430 Total U.S. defined benefit pension plans $ 425 $ — $ 10 $ — $ 6 $ 441 OPEB plans COLI $ 1,554 $ — $ 195 $ — $ — $ 1,749 Total OPEB plans $ 1,554 $ — $ 195 $ — $ — $ 1,749 Estimated future benefit payments The following table presents benefit payments expected to be paid, which include the effect of expected future service, for the years indicated. The OPEB medical and life insurance payments are net of expected retiree contributions. Year ended December 31, (in millions) U.S. defined benefit pension plans Non-U.S. defined benefit pension plans OPEB before Medicare Part D subsidy Medicare Part D subsidy 2016 $ 762 $ 107 $ 68 $ 1 2017 798 110 66 1 2018 927 119 63 1 2019 966 123 61 1 2020 1,009 129 59 1 Years 2021–2025 4,409 722 259 4 |
Employee Stock-Based Incentives
Employee Stock-Based Incentives | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock-Based Incentives | Employee stock-based incentives Employee stock-based awards In 2015 , 2014 and 2013 , JPMorgan Chase granted long-term stock-based awards to certain employees under its Long-Term Incentive Plan, as amended and restated effective May 19, 2015 (“LTIP”). Under the terms of the LTIP, as of December 31, 2015 , 93 million shares of common stock were available for issuance through May 2019. The LTIP is the only active plan under which the Firm is currently granting stock-based incentive awards. In the following discussion, the LTIP, plus prior Firm plans and plans assumed as the result of acquisitions, are referred to collectively as the “LTI Plans,” and such plans constitute the Firm’s stock-based incentive plans. Restricted stock units (“RSUs”) are awarded at no cost to the recipient upon their grant. Generally, RSUs are granted annually and vest at a rate of 50% after two years and 50% after three years and are converted into shares of common stock as of the vesting date. In addition, RSUs typically include full-career eligibility provisions, which allow employees to continue to vest upon voluntary termination, subject to post-employment and other restrictions based on age or service-related requirements. All RSUs awards are subject to forfeiture until vested and contain clawback provisions that may result in cancellation under certain specified circumstances. RSUs entitle the recipient to receive cash payments equivalent to any dividends paid on the underlying common stock during the period the RSUs are outstanding and, as such, are considered participating securities as discussed in Note 24. Under the LTI Plans, stock options and stock appreciation rights (“SARs”) have generally been granted with an exercise price equal to the fair value of JPMorgan Chase ’s common stock on the grant date. The Firm periodically grants employee stock options to individual employees. There were no material grants of stock options or SARs in 2015 and 2014. Grants of SARs in 2013 become exercisable ratably over five years (i.e., 20% per year) and contain clawback provisions similar to RSUs. The 2013 grants of SARs contain full-career eligibility provisions. SARs generally expire ten years after the grant date. The Firm separately recognizes compensation expense for each tranche of each award as if it were a separate award with its own vesting date. Generally, for each tranche granted, compensation expense is recognized on a straight-line basis from the grant date until the vesting date of the respective tranche, provided that the employees will not become full-career eligible during the vesting period. For awards with full-career eligibility provisions and awards granted with no future substantive service requirement, the Firm accrues the estimated value of awards expected to be awarded to employees as of the grant date without giving consideration to the impact of post-employment restrictions. For each tranche granted to employees who will become full-career eligible during the vesting period, compensation expense is recognized on a straight-line basis from the grant date until the earlier of the employee’s full-career eligibility date or the vesting date of the respective tranche. The Firm’s policy for issuing shares upon settlement of employee stock-based incentive awards is to issue either new shares of common stock or treasury shares. During 2015 , 2014 and 2013 , the Firm settled all of its employee stock-based awards by issuing treasury shares. In January 2008, the Firm awarded to its Chairman and Chief Executive Officer up to 2 million SARs. The terms of this award are distinct from, and more restrictive than, other equity grants regularly awarded by the Firm. On July 15, 2014, the Compensation & Management Development Committee and Board of Directors determined that all requirements for the vesting of the 2 million SAR awards had been met and thus, the awards became exercisable. The SARs, which will expire in January 2018, have an exercise price of $39.83 (the price of JPMorgan Chase common stock on the date of grant). The expense related to this award was dependent on changes in fair value of the SARs through July 15, 2014 (the date when the vested number of SARs were determined), and the cumulative expense was recognized ratably over the service period, which was initially assumed to be five years but, effective in the first quarter of 2013, had been extended to six and one-half years . The Firm recognized $3 million and $14 million in compensation expense in 2014 and 2013 , respectively, for this award. RSUs, employee stock options and SARs activity Compensation expense for RSUs is measured based on the number of shares granted multiplied by the stock price at the grant date, and for employee stock options and SARs, is measured at the grant date using the Black-Scholes valuation model. Compensation expense for these awards is recognized in net income as described previously. The following table summarizes JPMorgan Chase ’s RSUs, employee stock options and SARs activity for 2015 . RSUs Options/SARs Year ended December 31, 2015 Number of shares Weighted-average grant date fair value Number of awards Weighted-average exercise price Weighted-average remaining contractual life (in years) Aggregate intrinsic value (in thousands, except weighted-average data, and where otherwise stated) Outstanding, January 1 100,568 $ 47.81 59,195 $ 45.00 Granted 36,096 56.31 107 64.41 Exercised or vested (47,709 ) 41.64 (14,313 ) 40.44 Forfeited (3,648 ) 54.17 (943 ) 43.04 Canceled NA NA (580 ) 278.93 Outstanding, December 31 85,307 $ 54.60 43,466 $ 43.51 4.6 $ 1,109,411 Exercisable, December 31 NA NA 31,853 43.85 4.0 832,929 The total fair value of RSUs that vested during the years ended December 31, 2015, 2014 and 2013, was $2.8 billion , $ 3.2 billion and $2.9 billion , respectively. The weighted-average grant date per share fair value of stock options and SARs granted during the year ended December 31, 2013, was $9.58 . The total intrinsic value of options exercised during the years ended December 31, 2015 , 2014 and 2013 , was $335 million , $539 million and $507 million , respectively. Compensation expense The Firm recognized the following noncash compensation expense related to its various employee stock-based incentive plans in its Consolidated statements of income. Year ended December 31, (in millions) 2015 2014 2013 Cost of prior grants of RSUs and SARs that are amortized over their applicable vesting periods $ 1,109 $ 1,371 $ 1,440 Accrual of estimated costs of stock-based awards to be granted in future periods including those to full-career eligible employees 878 819 779 Total noncash compensation expense related to employee stock-based incentive plans $ 1,987 $ 2,190 $ 2,219 At December 31, 2015 , approximately $688 million (pretax) of compensation expense related to unvested awards had not yet been charged to net income. That cost is expected to be amortized into compensation expense over a weighted-average period of 0.9 years . The Firm does not capitalize any compensation expense related to share-based compensation awards to employees. Cash flows and tax benefits Income tax benefits related to stock-based incentive arrangements recognized in the Firm’s Consolidated statements of income for the years ended December 31, 2015 , 2014 and 2013 , were $746 million , $854 million and $865 million , respectively. The following table sets forth the cash received from the exercise of stock options under all stock-based incentive arrangements, and the actual income tax benefit realized related to tax deductions from the exercise of the stock options. Year ended December 31, (in millions) 2015 2014 2013 Cash received for options exercised $ 20 $ 63 $ 166 Tax benefit realized (a) 64 104 42 (a) The tax benefit realized from dividends or dividend equivalents paid on equity-classified share-based payment awards that are charged to retained earnings are recorded as an increase to additional paid-in capital and included in the pool of excess tax benefits available to absorb tax deficiencies on share-based payment awards. Valuation assumptions The following table presents the assumptions used to value employee stock options and SARs granted during the year ended December 31, 2013 , under the Black-Scholes valuation model. There were no material grants of stock options or SARs for the years ended December 31, 2015 and 2014. Year ended December 31, 2013 Weighted-average annualized valuation assumptions Risk-free interest rate 1.18 % Expected dividend yield 2.66 Expected common stock price volatility 28 Expected life (in years) 6.6 The expected dividend yield is determined using forward-looking assumptions. The expected volatility assumption is derived from the implied volatility of JPMorgan Chase ’s stock options. The expected life assumption is an estimate of the length of time that an employee might hold an option or SAR before it is exercised or canceled, and the assumption is based on the Firm’s historical experience. |
Noninterest Expense
Noninterest Expense | 12 Months Ended |
Dec. 31, 2015 | |
Noninterest Expense [Abstract] | |
Noninterest Expense | Noninterest expense For details on noninterest expense, see Consolidated statements of income on page 176 . Included within other expense is the following: Year ended December 31, (in millions) 2015 2014 2013 Legal expense $ 2,969 $ 2,883 $ 11,143 Federal Deposit Insurance Corporation-related (“FDIC”) expense 1,227 1,037 1,496 |
Securities
Securities | 12 Months Ended |
Dec. 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 Treasury and CIO in connection with its asset-liability management objectives. At December 31, 2015, the investment securities portfolio consisted of debt securities with an average credit rating of 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). AFS securities are carried at fair value on the Consolidated balance sheets. Unrealized gains and losses, after any applicable hedge accounting adjustments, are reported as net increases or decreases to accumulated other comprehensive income/(loss). The specific identification method is used to determine realized gains and losses on AFS securities, which are included in securities gains/(losses) on the Consolidated statements of income. HTM debt securities, which management has the intent and ability to hold until maturity, are carried at amortized cost on the Consolidated balance sheets. For both AFS and HTM debt securities, purchase discounts or premiums are generally amortized into interest income over the contractual life of the security. During 2014, the Firm transferred U.S. government agency mortgage-backed securities and obligations of U.S. states and municipalities with a fair value of $19.3 billion from AFS to HTM. These securities were transferred at fair value, and the transfer was a non-cash transaction. AOCI included net pretax unrealized losses of $9 million on the securities at the date of transfer. The transfer reflected the Firm’s intent to hold the securities to maturity in order to reduce the impact of price volatility on AOCI and certain capital measures under Basel III. The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated. 2015 2014 December 31, (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) $ 53,689 $ 1,483 $ 106 $ 55,066 $ 63,089 $ 2,302 $ 72 $ 65,319 Residential: Prime and Alt-A 7,462 40 57 7,445 5,595 78 29 5,644 Subprime 210 7 — 217 677 14 — 691 Non-U.S. 19,629 341 13 19,957 43,550 1,010 — 44,560 Commercial 22,990 150 243 22,897 20,687 438 17 21,108 Total mortgage-backed securities 103,980 2,021 419 105,582 133,598 3,842 118 137,322 U.S. Treasury and government agencies (a) 11,202 — 166 11,036 13,603 56 14 13,645 Obligations of U.S. states and municipalities 31,328 2,245 23 33,550 27,841 2,243 16 30,068 Certificates of deposit 282 1 — 283 1,103 1 1 1,103 Non-U.S. government debt securities 35,864 853 41 36,676 51,492 1,272 21 52,743 Corporate debt securities 12,464 142 170 12,436 18,158 398 24 18,532 Asset-backed securities: Collateralized loan obligations 31,146 52 191 31,007 30,229 147 182 30,194 Other 9,125 72 100 9,097 12,442 184 11 12,615 Total available-for-sale debt securities 235,391 5,386 1,110 239,667 288,466 8,143 387 296,222 Available-for-sale equity securities 2,067 20 — 2,087 2,513 17 — 2,530 Total available-for-sale securities 237,458 5,406 1,110 241,754 290,979 8,160 387 298,752 Total held-to-maturity securities (b) $ 49,073 $ 1,560 $ 46 $ 50,587 $ 49,252 $ 1,902 $ — $ 51,154 (a) Includes total U.S. government-sponsored enterprise obligations with fair values of $42.3 billion and $59.3 billion at December 31, 2015 and 2014 , respectively, which were predominantly mortgage-related. (b) As of December 31, 2015, consists of mortgage backed securities (“MBS”) issued by U.S. government-sponsored enterprises with an amortized cost of $30.8 billion , MBS issued by U.S. government agencies with an amortized cost of $5.5 billion and obligations of U.S. states and municipalities with an amortized cost of $12.8 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 the investment securities portfolio by aging category at December 31, 2015 and 2014 . Securities with gross unrealized losses Less than 12 months 12 months or more December 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 $ 13,002 $ 95 $ 697 $ 11 $ 13,699 $ 106 Residential: Prime and Alt-A 5,147 51 238 6 5,385 57 Subprime — — — — — — Non-U.S. 2,021 12 167 1 2,188 13 Commercial 13,779 239 658 4 14,437 243 Total mortgage-backed securities 33,949 397 1,760 22 35,709 419 U.S. Treasury and government agencies 10,998 166 — — 10,998 166 Obligations of U.S. states and municipalities 1,676 18 205 5 1,881 23 Certificates of deposit — — — — — — Non-U.S. government debt securities 3,267 26 367 15 3,634 41 Corporate debt securities 3,198 125 848 45 4,046 170 Asset-backed securities: Collateralized loan obligations 15,340 67 10,692 124 26,032 191 Other 4,284 60 1,005 40 5,289 100 Total available-for-sale debt securities 72,712 859 14,877 251 87,589 1,110 Available-for-sale equity securities — — — — — — Held-to-maturity securities 3,763 46 — — 3,763 46 Total securities with gross unrealized losses $ 76,475 $ 905 $ 14,877 $ 251 $ 91,352 $ 1,156 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 Gross unrealized losses The Firm has recognized the unrealized losses on securities it intends to sell. As of December 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 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 December 31, 2015. Other-than-temporary impairment AFS debt and equity securities and HTM debt securities in unrealized loss positions are analyzed as part of the Firm’s ongoing assessment of other-than-temporary impairment (“OTTI”). For most types of debt securities, the Firm considers a decline in fair value to be other-than-temporary when the Firm does not expect to recover the entire amortized cost basis of the security. For beneficial interests in securitizations that are rated below “AA” at their acquisition, or that can be contractually prepaid or otherwise settled in such a way that the Firm would not recover substantially all of its recorded investment, the Firm considers an impairment to be other than temporary when there is an adverse change in expected cash flows. For AFS equity securities, the Firm considers a decline in fair value to be other-than-temporary if it is probable that the Firm will not recover its cost basis. Potential OTTI is considered using a variety of factors, including the length of time and extent to which the market value has been less than cost; adverse conditions specifically related to the industry, geographic area or financial condition of the issuer or underlying collateral of a security; payment structure of the security; changes to the rating of the security by a rating agency; the volatility of the fair value changes; and the Firm’s intent and ability to hold the security until recovery. For AFS debt securities, the Firm recognizes OTTI losses in earnings if the Firm has the intent to sell the debt security, or if it is more likely than not that the Firm will be required to sell the debt security before recovery of its amortized cost basis. In these circumstances the impairment loss is equal to the full difference between the amortized cost basis and the fair value of the securities. For debt securities in an unrealized loss position that the Firm has the intent and ability to hold, the expected cash flows to be received from the securities are evaluated to determine if a credit loss exists. In the event of a credit loss, only the amount of impairment associated with the credit loss is recognized in income. Amounts relating to factors other than credit losses are recorded in OCI. The Firm’s cash flow evaluations take into account the factors noted above and expectations of relevant market and economic data as of the end of the reporting period. For securities issued in a securitization, the Firm estimates cash flows considering underlying loan-level data and structural features of the securitization, such as subordination, excess spread, overcollateralization or other forms of credit enhancement, and compares the losses projected for the underlying collateral (“pool losses”) against the level of credit enhancement in the securitization structure to determine whether these features are sufficient to absorb the pool losses, or whether a credit loss exists. The Firm also performs other analyses to support its cash flow projections, such as first-loss analyses or stress scenarios. For equity securities, OTTI losses are recognized in earnings if the Firm intends to sell the security. In other cases the Firm considers the relevant factors noted above, as well as the Firm’s intent and ability to retain its investment for a period of time sufficient to allow for any anticipated recovery in market value, and whether evidence exists to support a realizable value equal to or greater than the cost basis. Any impairment loss on an equity security is equal to the full difference between the cost basis and the fair value of the security. Securities gains and losses The following table presents realized gains and losses and OTTI from AFS securities that were recognized in income. Year ended December 31, (in millions) 2015 2014 2013 Realized gains $ 351 $ 314 $ 1,302 Realized losses (127 ) (233 ) (614 ) OTTI losses (22 ) (4 ) (21 ) Net securities gains 202 77 667 OTTI losses Credit losses recognized in income (1 ) (2 ) (1 ) Securities the Firm intends to sell (a) (21 ) (2 ) (20 ) Total OTTI losses recognized in income $ (22 ) $ (4 ) $ (21 ) (a) Excludes realized losses on securities sold of $5 million , $3 million and $12 million for the years ended December 31, 2015, 2014 and 2013, respectively that had been previously reported as an OTTI loss due to the intention to sell the securities. Changes in the credit loss component of credit-impaired debt securities The following table presents a rollforward for the years ended December 31, 2015 , 2014 and 2013 , 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. Year ended December 31, (in millions) 2015 2014 2013 Balance, beginning of period $ 3 $ 1 $ 522 Additions: Newly credit-impaired securities 1 2 1 Losses reclassified from other comprehensive income on previously credit-impaired securities — — — Reductions: Sales and redemptions of credit-impaired securities — — (522 ) Balance, end of period $ 4 $ 3 $ 1 Contractual maturities and yields The following table presents the amortized cost and estimated fair value at December 31, 2015 , of JPMorgan Chase ’s investment securities portfolio by contractual maturity. By remaining maturity December 31, 2015 (in millions) Due in one year or less Due after one year through five years Due after five years through 10 years Due after 10 years (c) Total Available-for-sale debt securities Mortgage-backed securities (a) Amortized cost $ 2,415 $ 9,728 $ 6,562 $ 85,275 $ 103,980 Fair value 2,421 9,886 6,756 86,519 105,582 Average yield (b) 1.48 % 1.86 % 3.15 % 3.08 % 2.93 % U.S. Treasury and government agencies (a) Amortized cost $ — $ — $ 10,069 $ 1,133 $ 11,202 Fair value — — 9,932 1,104 11,036 Average yield (b) — % — % 0.31 % 0.48 % 0.33 % Obligations of U.S. states and municipalities Amortized cost $ 184 $ 754 $ 1,520 $ 28,870 $ 31,328 Fair value 187 774 1,600 30,989 33,550 Average yield (b) 5.21 % 3.50 % 5.57 % 6.68 % 6.54 % Certificates of deposit Amortized cost $ 230 $ 52 $ — $ — $ 282 Fair value 231 52 — — 283 Average yield (b) 8.66 % 3.28 % — % — % 7.68 % Non-U.S. government debt securities Amortized cost $ 6,126 $ 11,177 $ 16,575 $ 1,986 $ 35,864 Fair value 6,422 11,429 16,747 2,078 36,676 Average yield (b) 3.11 % 1.84 % 1.06 % 0.67 % 1.63 % Corporate debt securities Amortized cost $ 2,761 $ 7,175 $ 2,385 $ 143 $ 12,464 Fair value 2,776 7,179 2,347 134 12,436 Average yield (b) 2.87 % 2.32 % 3.09 % 4.46 % 2.61 % Asset-backed securities Amortized cost $ 39 $ 442 $ 20,501 $ 19,289 $ 40,271 Fair value 40 449 20,421 19,194 40,104 Average yield (b) 0.71 % 1.72 % 1.79 % 1.84 % 1.81 % Total available-for-sale debt securities Amortized cost $ 11,755 $ 29,328 $ 57,612 $ 136,696 $ 235,391 Fair value 12,077 29,769 57,803 140,018 239,667 Average yield (b) 2.85 % 2.00 % 1.63 % 3.61 % 2.89 % Available-for-sale equity securities Amortized cost $ — $ — $ — $ 2,067 $ 2,067 Fair value — — — 2,087 2,087 Average yield (b) — % — % — % 0.30 % 0.30 % Total available-for-sale securities Amortized cost $ 11,755 $ 29,328 $ 57,612 $ 138,763 $ 237,458 Fair value 12,077 29,769 57,803 142,105 241,754 Average yield (b) 2.85 % 2.00 % 1.63 % 3.56 % 2.87 % Total held-to-maturity securities Amortized cost $ 51 $ — $ 931 $ 48,091 $ 49,073 Fair value 50 — 976 49,561 50,587 Average yield (b) 4.42 % — % 5.01 % 3.98 % 4.00 % (a) U.S. government-sponsored enterprises were the only issuers whose securities exceeded 10% of JPMorgan Chase ’s total stockholders’ equity at December 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 weighted-average life, which reflects anticipated future prepayments, is approximately five years for agency residential mortgage-backed securities, two years for agency residential collateralized mortgage obligations and four years for nonagency residential collateralized mortgage obligations. |
Securities Financing Activities
Securities Financing Activities | 12 Months Ended |
Dec. 31, 2015 | |
Securities Financing Transactions Disclosures [Abstract] | |
Securities Financing Activities | Securities financing activities JPMorgan Chase enters into resale agreements, repurchase agreements, securities borrowed transactions and securities loaned transactions (collectively, “securities financing agreements”) primarily to finance the Firm’s inventory positions, acquire securities to cover short positions, accommodate customers’ financing needs, and settle other securities obligations. Securities financing agreements are treated as collateralized financings on the Firm’s Consolidated balance sheets. Resale and repurchase agreements are generally carried at the amounts at which the securities will be subsequently sold or repurchased. Securities borrowed and securities loaned transactions are generally carried at the amount of cash collateral advanced or received. Where appropriate under applicable accounting guidance, resale and repurchase agreements with the same counterparty are reported on a net basis. For further discussion of the offsetting of assets and liabilities, see Note 1. Fees received and paid in connection with securities financing agreements are recorded in interest income and interest expense on the Consolidated statements of income. The Firm has elected the fair value option for certain securities financing agreements. For further information regarding the fair value option, see Note 4. The securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements, securities loaned or sold under repurchase agreements, and securities borrowed on the Consolidated balance sheets. Generally, for agreements carried at fair value, current-period interest accruals are recorded within interest income and interest expense, with changes in fair value reported in principal transactions revenue. However, for financial instruments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments, all changes in fair value, including any interest elements, are reported in principal transactions revenue. Secured financing transactions expose the Firm to credit and liquidity risk. To manage these risks, the Firm monitors the value of the underlying securities (predominantly high-quality securities collateral, including government-issued debt and agency MBS) that it has received from or provided to its counterparties compared to the value of cash proceeds and exchanged collateral, and either requests additional collateral or returns securities or collateral when appropriate. Margin levels are initially established based upon the counterparty, the type of underlying securities, and the permissible collateral, and are monitored on an ongoing basis. In resale agreements and securities borrowed transactions, the Firm is exposed to credit risk to the extent that the value of the securities received is less than initial cash principal advanced and any collateral amounts exchanged. In repurchase agreements and securities loaned transactions, credit risk exposure arises to the extent that the value of underlying securities exceeds the value of the initial cash principal advanced, and any collateral amounts exchanged. Additionally, the Firm typically enters into master netting agreements and other similar arrangements with its counterparties, which provide for the right to liquidate the underlying securities and any collateral amounts exchanged in the event of a counterparty default. It is also the Firm’s policy to take possession, where possible, of the securities underlying resale agreements and securities borrowed transactions. For further information regarding assets pledged and collateral received in securities financing agreements, see Note 30. As a result of the Firm’s credit risk mitigation practices with respect to resale and securities borrowed agreements as described above, the Firm did not hold any reserves for credit impairment with respect to these agreements as of December 31, 2015 and 2014. Certain prior period amounts for securities purchased under resale agreements and securities borrowed, as well as 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 December 31, 2015 and 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. 2015 2014 December 31, (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 $ 365,805 $ (156,258 ) $ 209,547 $ 347,142 $ (142,719 ) $ 204,423 Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained 2,343 2,343 10,598 10,598 Total securities purchased under resale agreements $ 368,148 $ (156,258 ) $ 211,890 (a) $ 357,740 $ (142,719 ) $ 215,021 (a) Securities borrowed $ 98,721 NA $ 98,721 (b)(c) $ 110,435 NA $ 110,435 (b)(c) (a) At December 31, 2015 and 2014 , included securities purchased under resale agreements of $23.1 billion and $28.6 billion , respectively, accounted for at fair value. (b) At December 31, 2015 and 2014 , included securities borrowed of $395 million and $992 million , respectively, accounted for at fair value. (c) Included $31.3 billion and $35.3 billion at December 31, 2015 and 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 December 31, 2015 and 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 below table excludes information related to resale agreements and securities borrowed where such a legal opinion has not been either sought or obtained. 2015 2014 Amounts not nettable on the Consolidated balance sheets (a) Amounts not nettable on the Consolidated balance sheets (a) December 31, (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 $ 209,547 $ (206,423 ) $ (351 ) $ 2,773 $ 204,423 $ (201,375 ) $ (246 ) $ 2,802 Securities borrowed $ 67,453 $ (65,081 ) $ — $ 2,372 $ 75,113 $ (72,730 ) $ — $ 2,383 (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 December 31, 2015 and 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. 2015 2014 December 31, (in millions) Gross liability balance Amounts netted on the Consolidated balance sheets Net liability balance Gross liability balance Amounts netted on the Consolidated balance sheets Net liability balance Securities sold under repurchase agreements Securities sold under repurchase agreements with an appropriate legal opinion $ 277,415 $ (156,258 ) $ 121,157 $ 290,529 $ (142,719 ) $ 147,810 Securities sold under repurchase agreements where an appropriate legal opinion has not been either sought or obtained (a) 12,629 12,629 21,996 21,996 Total securities sold under repurchase agreements $ 290,044 $ (156,258 ) $ 133,786 (c) $ 312,525 $ (142,719 ) $ 169,806 (c) Securities loaned (b) $ 22,556 NA $ 22,556 (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 $4.4 billion and $4.1 billion at December 31, 2015 and 2014 , respectively, accounted for at fair value, where the Firm is acting as lender. These amounts are presented within other liabilities in the Consolidated balance sheets. (c) At December 31, 2015 and 2014 , included securities sold under repurchase agreements of $3.5 billion and $3.0 billion , respectively, accounted for at fair value. (d) There were no securities loaned accounted for at fair value at December 31, 2015 and 2014, respectively. (e) Included $45 million and $271 million at December 31, 2015 and 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 December 31, 2015 and 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 below table excludes information related to repurchase agreements and securities loaned where such a legal opinion has not been either sought or obtained. 2015 2014 Amounts not nettable on the Consolidated balance sheets (a) Amounts not nettable on the Consolidated balance sheets (a) December 31, (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 $ 121,157 $ (117,825 ) $ (1,007 ) $ 2,325 $ 147,810 $ (145,732 ) $ (497 ) $ 1,581 Securities loaned $ 22,511 $ (22,245 ) $ — $ 266 $ 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. Effective April 1, 2015, the Firm adopted new accounting guidance, which requires enhanced disclosures with respect to the types of financial assets pledged in secured financing transactions and the remaining contractual maturity of the secured financing transactions; the following tables present this information as of December 31, 2015 . Gross liability balance December 31, 2015 (in millions) Securities sold under repurchase agreements Securities loaned Mortgage-backed securities $ 12,790 $ — U.S. Treasury and government agencies 154,377 5 Obligations of U.S. states and municipalities 1,316 — Non-U.S. government debt 80,162 4,426 Corporate debt securities 21,286 78 Asset-backed securities 4,394 — Equity securities 15,719 18,047 Total $ 290,044 $ 22,556 Remaining contractual maturity of the agreements Overnight and continuous Greater than 90 days December 31, 2015 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 114,595 $ 100,082 $ 29,955 $ 45,412 $ 290,044 Total securities loaned 8,320 708 793 12,735 22,556 Transfers not qualifying for sale accounting At December 31, 2015 and 2014 , the Firm held $7.5 billion and $13.8 billion , respectively, 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 predominantly recorded in other borrowed funds on the Consolidated balance sheets. |
Loans
Loans | 12 Months Ended |
Dec. 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 The following provides a detailed accounting discussion of these loan categories: Loans held-for-investment (other than PCI loans) Originated or purchased loans held-for-investment, other than PCI loans, are measured at the principal amount outstanding, net of the following: allowance for loan losses; charge-offs; interest applied to principal (for loans accounted for on the cost recovery method); unamortized discounts and premiums; and net deferred loan fees or costs. Credit card loans also include billed finance charges and fees net of an allowance for uncollectible amounts. Interest income Interest income on performing loans held-for-investment, other than PCI loans, is accrued and recognized as interest income at the contractual rate of interest. Purchase price discounts or premiums, as well as net deferred loan fees or costs, are amortized into interest income over the life of the loan to produce a level rate of return. Nonaccrual loans Nonaccrual loans are those on which the accrual of interest has been suspended. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status and considered nonperforming when full payment of principal and interest is in doubt, or when principal and interest has been in default for a period of 90 days or more, unless the loan is both well-secured and in the process of collection. A loan is determined to be past due when the minimum payment is not received from the borrower by the contractually specified due date or for certain loans (e.g., residential real estate loans), when a monthly payment is due and unpaid for 30 days or more. Finally, collateral-dependent loans are typically maintained on nonaccrual status. On the date a loan is placed on nonaccrual status, all interest accrued but not collected is reversed against interest income. In addition, the amortization of deferred amounts is suspended. Interest income on nonaccrual loans may be recognized as cash interest payments are received (i.e., on a cash basis) if the recorded loan balance is deemed fully collectible; however, if there is doubt regarding the ultimate collectibility of the recorded loan balance, all interest cash receipts are applied to reduce the carrying value of the loan (the cost recovery method). For consumer loans, application of this policy typically results in the Firm recognizing interest income on nonaccrual consumer loans on a cash basis. A loan may be returned to accrual status when repayment is reasonably assured and there has been demonstrated performance under the terms of the loan or, if applicable, the terms of the restructured loan. As permitted by regulatory guidance, credit card loans are generally exempt from being placed on nonaccrual status; accordingly, interest and fees related to credit card loans continue to accrue until the loan is charged off or paid in full. However, the Firm separately establishes an allowance for the estimated uncollectible portion of accrued interest and fee income on credit card loans. The allowance is established with a charge to interest income and is reported as an offset to loans. Allowance for loan losses The allowance for loan losses represents the estimated probable credit losses inherent in the held-for-investment loan portfolio at the balance sheet date. Changes in the allowance for loan losses are recorded in the provision for credit losses on the Firm’s Consolidated statements of income. See Note 15 for further information on the Firm’s accounting policies for the allowance for loan losses. Charge-offs Consumer loans, other than risk-rated business banking, risk-rated auto and PCI loans, are generally charged off or charged down to the net realizable value of the underlying collateral (i.e., fair value less costs to sell), with an offset to the allowance for loan losses, upon reaching specified stages of delinquency in accordance with standards established by the Federal Financial Institutions Examination Council (“FFIEC”). Residential real estate loans, non-modified credit card loans and scored business banking loans are generally charged off at 180 days past due. Auto and student loans are charged off no later than 120 days past due, and modified credit card loans are charged off at 120 days past due. Certain consumer loans will be charged off earlier than the FFIEC charge-off standards in certain circumstances as follows: • A charge-off is recognized when a loan is modified in a troubled debt restructuring (“TDR”) if the loan is determined to be collateral-dependent. A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral, rather than by cash flows from the borrower’s operations, income or other resources. • Loans to borrowers who have experienced an event (e.g., bankruptcy) that suggests a loss is either known or highly certain are subject to accelerated charge-off standards. Residential real estate and auto loans are charged off when the loan becomes 60 days past due, or sooner if the loan is determined to be collateral-dependent. Credit card and scored business banking loans are charged off within 60 days of receiving notification of the bankruptcy filing or other event. Student loans are generally charged off when the loan becomes 60 days past due after receiving notification of a bankruptcy. • Auto loans are written down to net realizable value upon repossession of the automobile and after a redemption period (i.e., the period during which a borrower may cure the loan) has passed. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs on government-guaranteed loans. Wholesale loans, risk-rated business banking loans and risk-rated auto loans are charged off when it is highly certain that a loss has been realized, including situations where a loan is determined to be both impaired and collateral-dependent. The determination of whether to recognize a charge-off includes many factors, including the prioritization of the Firm’s claim in bankruptcy, expectations of the workout/restructuring of the loan and valuation of the borrower’s equity or the loan collateral. When a loan is charged down to the estimated net realizable value, the determination of the fair value of the collateral depends on the type of collateral (e.g., securities, real estate). In cases where the collateral is in the form of liquid securities, the fair value is based on quoted market prices or broker quotes. For illiquid securities or other financial assets, the fair value of the collateral is estimated using a discounted cash flow model. For residential real estate loans, collateral values are based upon external valuation sources. When it becomes likely that a borrower is either unable or unwilling to pay, the Firm obtains a broker’s price opinion of the home based on an exterior-only valuation (“exterior opinions”), which is then updated at least every six months thereafter. As soon as practicable after the Firm receives the property in satisfaction of a debt (e.g., by taking legal title or physical possession), generally, either through foreclosure or upon the execution of a deed in lieu of foreclosure transaction with the borrower, the Firm obtains an appraisal based on an inspection that includes the interior of the home (“interior appraisals”). Exterior opinions and interior appraisals are discounted based upon the Firm’s experience with actual liquidation values as compared with the estimated values provided by exterior opinions and interior appraisals, considering state- and product-specific factors. For commercial real estate loans, collateral values are generally based on appraisals from internal and external valuation sources. Collateral values are typically updated every six to twelve months , either by obtaining a new appraisal or by performing an internal analysis, in accordance with the Firm’s policies. The Firm also considers both borrower- and market-specific factors, which may result in obtaining appraisal updates or broker price opinions at more frequent intervals. Loans held-for-sale Held-for-sale loans are measured at the lower of cost or fair value, with valuation changes recorded in noninterest revenue. For consumer loans, the valuation is performed on a portfolio basis. For wholesale loans, the valuation is performed on an individual loan basis. Interest income on loans held-for-sale is accrued and recognized based on the contractual rate of interest. Loan origination fees or costs and purchase price discounts or premiums are deferred in a contra loan account until the related loan is sold. The deferred fees and discounts or premiums are an adjustment to the basis of the loan and therefore are included in the periodic determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. Held-for-sale loans are subject to the nonaccrual policies described above. Because held-for-sale loans are recognized at the lower of cost or fair value, the Firm’s allowance for loan losses and charge-off policies do not apply to these loans. Loans at fair value Loans used in a market-making strategy or risk managed on a fair value basis are measured at fair value, with changes in fair value recorded in noninterest revenue. For these loans, the earned current contractual interest payment is recognized in interest income. Changes in fair value are recognized in noninterest revenue. Loan origination fees are recognized upfront in noninterest revenue. Loan origination costs are recognized in the associated expense category as incurred. Because these loans are recognized at fair value, the Firm’s allowance for loan losses and charge-off policies do not apply to these loans. See Note 4 for further information on the Firm’s elections of fair value accounting under the fair value option. See Note 3 and Note 4 for further information on loans carried at fair value and classified as trading assets. PCI loans PCI loans held-for-investment are initially measured at fair value. PCI loans have evidence of credit deterioration since the loan’s origination date and therefore it is probable, at acquisition, that all contractually required payments will not be collected. Because PCI loans are initially measured at fair value, which includes an estimate of future credit losses, no allowance for loan losses related to PCI loans is recorded at the acquisition date. See page 255 of this Note for information on accounting for PCI loans subsequent to their acquisition. Loan classification changes Loans in the held-for-investment portfolio that management decides to sell are transferred to the held-for-sale portfolio at the lower of cost or fair value on the date of transfer. Credit-related losses are charged against the allowance for loan losses; non-credit related losses such as those due to changes in interest rates or foreign currency exchange rates are recognized in noninterest revenue. In the event that management decides to retain a loan in the held-for-sale portfolio, the loan is transferred to the held-for-investment portfolio at the lower of cost or fair value on the date of transfer. These loans are subsequently assessed for impairment based on the Firm’s allowance methodology. For a further discussion of the methodologies used in establishing the Firm’s allowance for loan losses, see Note 15. Loan modifications The Firm seeks to modify certain loans in conjunction with its loss-mitigation activities. Through the modification, JPMorgan Chase grants one or more concessions to a borrower who is experiencing financial difficulty in order to minimize the Firm’s economic loss, avoid foreclosure or repossession of the collateral, and to ultimately maximize payments received by the Firm from the borrower. The concessions granted vary by program and by borrower-specific characteristics, and may include interest rate reductions, term extensions, payment deferrals, principal forgiveness, or the acceptance of equity or other assets in lieu of payments. Such modifications are accounted for and reported as TDRs. A loan that has been modified in a TDR is generally considered to be impaired until it matures, is repaid, or is otherwise liquidated, regardless of whether the borrower performs under the modified terms. In certain limited cases, the effective interest rate applicable to the modified loan is at or above the current market rate at the time of the restructuring. In such circumstances, and assuming that the loan subsequently performs under its modified terms and the Firm expects to collect all contractual principal and interest cash flows, the loan is disclosed as impaired and as a TDR only during the year of the modification; in subsequent years, the loan is not disclosed as an impaired loan or as a TDR so long as repayment of the restructured loan under its modified terms is reasonably assured. Loans, except for credit card loans, modified in a TDR are generally placed on nonaccrual status, although in many cases such loans were already on nonaccrual status prior to modification. These loans may be returned to performing status (the accrual of interest is resumed) if the following criteria are met: (a) the borrower has performed under the modified terms for a minimum of six months and/or six payments, and (b) the Firm has an expectation that repayment of the modified loan is reasonably assured based on, for example, the borrower’s debt capacity and level of future earnings, collateral values, loan-to-value (“LTV”) ratios, and other current market considerations. In certain limited and well-defined circumstances in which the loan is current at the modification date, such loans are not placed on nonaccrual status at the time of modification. Because loans modified in TDRs are considered to be impaired, these loans are measured for impairment using the Firm’s established asset-specific allowance methodology, which considers the expected re-default rates for the modified loans. A loan modified in a TDR generally remains subject to the asset-specific allowance methodology throughout its remaining life, regardless of whether the loan is performing and has been returned to accrual status and/or the loan has been removed from the impaired loans disclosures (i.e., loans restructured at market rates). For further discussion of the methodology used to estimate the Firm’s asset-specific allowance, see Note 15. Foreclosed property The Firm acquires property from borrowers through loan restructurings, workouts, and foreclosures. Property acquired may include real property (e.g., residential real estate, land, and buildings) and commercial and personal property (e.g., automobiles, aircraft, railcars, and ships). The Firm recognizes foreclosed property upon receiving assets in satisfaction of a loan (e.g., by taking legal title or physical possession). For loans collateralized by real property, the Firm generally recognizes the asset received at foreclosure sale or upon the execution of a deed in lieu of foreclosure transaction with the borrower. Foreclosed assets are reported in other assets on the Consolidated balance sheets and initially recognized at fair value less costs to sell. Each quarter the fair value of the acquired property is reviewed and adjusted, if necessary, to the lower of cost or fair value. Subsequent adjustments to fair value are charged/credited to noninterest revenue. Operating expense, such as real estate taxes and maintenance, are charged to other expense. 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 (a) Credit card Wholesale (c) Residential real estate – excluding PCI • Home equity – senior lien • Home equity – junior lien • Prime mortgage, including option ARMs • 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 • Credit card loans • Commercial and industrial • Real estate • Financial institutions • Government agencies • Other (d) (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) Includes loans to: individuals; SPEs; holding companies; and private education and civic organizations. For more information on exposures to SPEs, see Note 16. The following tables summarize the Firm’s loan balances by portfolio segment. December 31, 2015 Consumer, excluding credit card Credit card (a) Wholesale Total (in millions) Retained $ 344,355 $ 131,387 $ 357,050 $ 832,792 (b) Held-for-sale 466 76 1,104 1,646 At fair value — — 2,861 2,861 Total $ 344,821 $ 131,463 $ 361,015 $ 837,299 December 31, 2014 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. These amounts were not material as of December 31, 2015 and 2014 . 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 Year ended December 31, Consumer, excluding credit card Credit card Wholesale Total Purchases $ 5,279 (a)(b) $ — $ 2,154 $ 7,433 Sales 5,099 — 9,188 14,287 Retained loans reclassified to held-for-sale 1,514 79 642 2,235 2014 Year ended December 31, Consumer, excluding credit card Credit card Wholesale Total Purchases $ 7,434 (a)(b) $ — $ 885 $ 8,319 Sales 6,655 — (c) 7,381 14,036 Retained loans reclassified to held-for-sale 1,190 3,039 581 4,810 2013 Year ended December 31, Consumer, excluding credit card Credit card Wholesale Total Purchases $ 7,616 (a)(b) $ 328 $ 697 $ 8,641 Sales 4,845 — 4,232 9,077 Retained loans reclassified to held-for-sale 1,261 309 5,641 7,211 (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) Excludes purchases of retained loans sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. Such purchases were $50.3 billion , $15.1 billion and $5.7 billion for the years ended December 31, 2015 , 2014 and 2013 , respectively. (c) Prior period amounts have been revised to conform with current period presentation. The following table provides information about gains and losses, including lower of cost or fair value adjustments, on loan sales by portfolio segment. Year ended December 31, (in millions) 2015 2014 2013 Net gains/(losses) on sales of loans (including lower of cost or fair value adjustments) (a) Consumer, excluding credit card $ 305 $ 341 $ 313 Credit card 1 (241 ) 3 Wholesale 34 101 (76 ) Total net gains on sales of loans (including lower of cost or fair value adjustments) $ 340 $ 201 $ 240 (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. December 31, (in millions) 2015 2014 Residential real estate – excluding PCI Home equity: Senior lien $ 14,848 $ 16,367 Junior lien 30,711 36,375 Mortgages: Prime, including option ARMs 162,549 104,921 Subprime 3,690 5,056 Other consumer loans Auto 60,255 54,536 Business banking 21,208 20,058 Student and other 10,096 10,970 Residential real estate – PCI Home equity 14,989 17,095 Prime mortgage 8,893 10,220 Subprime mortgage 3,263 3,673 Option ARMs 13,853 15,708 Total retained loans $ 344,355 $ 294,979 Delinquency rates are a primary credit quality indicator for consumer loans. Loans that are more than 30 days past due provide an early warning of borrowers who may be experiencing financial difficulties and/or who may be unable or unwilling to repay the loan. As the loan continues to age, it becomes more clear that the borrower is likely either unable or unwilling to pay. In the case of residential real estate loans, late-stage delinquencies (greater than 150 days past due) are a strong indicator of loans that will ultimately result in a foreclosure or similar liquidation transaction. In addition to delinquency rates, other credit quality indicators for consumer loans vary based on the class of loan, as follows: • For residential real estate loans, including both non-PCI and PCI portfolios, the current estimated LTV ratio, or the combined LTV ratio in the case of junior lien loans, is an indicator of the potential loss severity in the event of default. Additionally, LTV or combined LTV can provide insight into a borrower’s continued willingness to pay, as the delinquency rate of high-LTV loans tends to be greater than that for loans where the borrower has equity in the collateral. The geographic distribution of the loan collateral also provides insight as to the credit quality of the portfolio, as factors such as the regional economy, home price changes and specific events such as natural disasters, will affect credit quality. The borrower’s current or “refreshed” FICO score is a secondary credit-quality indicator for certain loans, as FICO scores are an indication of the borrower’s credit payment history. Thus, a loan to a borrower with a low FICO score ( 660 or below) is considered to be of higher risk than a loan to a borrower with a high FICO score. Further, a loan to a borrower with a high LTV ratio and a low FICO score is at greater risk of default than a loan to a borrower that has both a high LTV ratio and a high FICO score. • For scored auto, scored business banking and student loans, geographic distribution is an indicator of the credit performance of the portfolio. Similar to residential real estate loans, geographic distribution provides insights into the portfolio performance based on regional economic activity and events. • Risk-rated business banking and auto loans are similar to wholesale loans in that the primary credit quality indicators are the risk rating that is assigned to the loan and whether the loans are considered to be criticized and/or nonaccrual. Risk ratings are reviewed on a regular and ongoing basis by Credit Risk Management and are adjusted as necessary for updated information about borrowers’ ability to fulfill their obligations. For further information about risk-rated wholesale loan credit quality indicators, see pages 259–260 of this Note. 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. The following factors should be considered in analyzing certain credit statistics applicable to the Firm’s residential real estate — excluding PCI loans portfolio: (i) junior lien home equity loans may be fully charged off when the loan becomes 180 days past due, and the value of the collateral does not support the repayment of the loan, resulting in relatively high charge-off rates for this product class; and (ii) the lengthening of loss-mitigation timelines may result in higher delinquency rates for loans carried at the net realizable value of the collateral that remain on the Firm’s Consolidated balance sheets. Residential real estate – excluding PCI loans Home equity (i) Mortgages December 31, (in millions, except ratios) Senior lien Junior lien Prime, including option ARMs (i) Subprime Total residential real estate – excluding PCI 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Loan delinquency (a) Current $ 14,278 $ 15,730 $ 30,021 $ 35,575 $ 153,323 $ 93,951 $ 3,140 $ 4,296 $ 200,762 $ 149,552 30–149 days past due 238 275 470 533 3,666 4,091 376 489 4,750 5,388 150 or more days past due 332 362 220 267 5,560 6,879 174 271 6,286 7,779 Total retained loans $ 14,848 $ 16,367 $ 30,711 $ 36,375 $ 162,549 $ 104,921 $ 3,690 $ 5,056 $ 211,798 $ 162,719 % of 30+ days past due to total retained loans (b) 3.84 % 3.89 % 2.25 % 2.20 % 0.71 % 1.42 % 14.91 % 15.03 % 1.40 % 2.27 % 90 or more days past due and government guarantee d (c) — — — — 6,056 7,544 — — 6,056 7,544 Nonaccrual loans 867 938 1,324 1,590 1,752 2,190 751 1,036 4,694 5,754 Current estimated LTV ratios (d)(e)(f)(g) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 42 $ 37 $ 123 $ 252 $ 56 $ 97 $ 2 $ 4 $ 223 $ 390 Less than 660 3 6 29 65 65 72 12 28 109 171 101% to 125% and refreshed FICO scores: Equal to or greater than 660 50 83 1,294 2,105 249 478 25 76 1,618 2,742 Less than 660 23 40 411 651 190 282 101 207 725 1,180 80% to 100% and refreshed FICO scores: Equal to or greater than 660 311 466 4,226 5,849 3,013 2,686 146 382 7,696 9,383 Less than 660 142 206 1,267 1,647 597 838 399 703 2,405 3,394 Less than 80% and refreshed FICO scores: Equal to or greater than 660 11,721 12,588 17,927 19,435 140,942 82,350 1,299 1,624 171,889 115,997 Less than 660 1,942 2,184 2,992 3,326 5,280 4,872 1,517 1,795 11,731 12,177 No FICO/LTV available 614 757 2,442 3,045 1,469 1,136 189 237 4,714 5,175 U.S. government-guaranteed — — — — 10,688 12,110 — — 10,688 12,110 Total retained loans $ 14,848 $ 16,367 $ 30,711 $ 36,375 $ 162,549 $ 104,921 $ 3,690 $ 5,056 $ 211,798 $ 162,719 Geographic region California $ 2,072 $ 2,232 $ 6,873 $ 8,144 $ 46,745 $ 28,133 $ 518 $ 718 $ 56,208 $ 39,227 New York 2,583 2,805 6,564 7,685 20,941 16,550 521 677 30,609 27,717 Illinois 1,189 1,306 2,231 2,605 11,379 6,654 145 207 14,944 10,772 Texas 1,581 1,845 951 1,087 8,986 4,935 142 177 11,660 8,044 Florida 797 861 1,612 1,923 6,763 5,106 414 632 9,586 8,522 New Jersey 647 654 1,943 2,233 5,395 3,361 172 227 8,157 6,475 Washington 442 506 1,009 1,216 4,097 2,410 79 109 5,627 4,241 Arizona 815 927 1,328 1,595 3,081 1,805 74 112 5,298 4,439 Michigan 650 736 700 848 1,866 1,203 79 121 3,295 2,908 Ohio 1,014 1,150 638 778 1,166 615 81 112 2,899 2,655 All other (h) 3,058 3,345 6,862 8,261 52,130 34,149 1,465 1,964 63,515 47,719 Total retained loans $ 14,848 $ 16,367 $ 30,711 $ 36,375 $ 162,549 $ 104,921 $ 3,690 $ 5,056 $ 211,798 $ 162,719 (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $2.6 billion and $2.6 billion ; 30 – 149 days past due included $3.2 billion and $3.5 billion ; and 150 or more days past due included $4.9 billion and $6.0 billion at December 31, 2015 and 2014 , respectively. (b) At December 31, 2015 and 2014 , Prime, including option ARMs loans excluded mortgage loans insured by U.S. government agencies of $8.1 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, were excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At December 31, 2015 and 2014 , these balances included $3.4 billion and $4.2 billion , respectively, of loans that are no longer accruing interest based on the agreed-upon servicing guidelines. For the remaining balance, interest is being accrued at the guaranteed reimbursement rate. There were no loans not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing at December 31, 2015 and 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. Effective December 31, 2015, the current estimated LTV ratios reflect updates to the nationally recognized home price index valuation estimates incorporated into the Firm’s home valuation models. The prior period ratios have been revised to conform with these updates in the home price index. (e) Junior lien represents combined 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) The current period current estimated LTV ratios disclosures have been updated to reflect where either the FICO score or estimated property value is unavailable. The prior period amounts have been revised to conform with the current presentation. (h) At December 31, 2015 and 2014 , included mortgage loans insured by U.S. government agencies of $10.7 billion and $12.1 billion , respectively. (i) Includes residential real estate loans to private banking clients in AM, for which the primary credit quality indicators are the borrower’s financial position and LTV. The following table represent the Firm’s delinquency statistics for junior lien home equity loans and lines as of December 31, 2015 and 2014 . Total loans Total 30+ day delinquency rate December 31, 2015 2014 2015 2014 (in millions, except ratios) HELOCs: (a) Within the revolving period (b) $ 17,050 25,252 1.57 % 1.75 % Beyond the revolving period 11,252 7,979 3.10 3.16 HELOANs 2,409 3,144 3.03 3.34 Total $ 30,711 36,375 2.25 % 2.20 % (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 allow 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 TDR. All impaired loans are evaluated for an asset-specific allowance as described in Note 15. Home equity Mortgages Total residential real estate – excluding PCI December 31, (in millions) Senior lien Junior lien Prime, including option ARMs Subprime 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Impaired loans With an allowance $ 557 $ 552 $ 736 $ 722 $ 3,850 $ 4,949 $ 1,393 $ 2,239 $ 6,536 $ 8,462 Without an allowance (a) 491 549 574 582 976 1,196 471 639 2,512 2,966 Total impaired loans (b)(c) $ 1,048 $ 1,101 $ 1,310 $ 1,304 $ 4,826 $ 6,145 $ 1,864 $ 2,878 $ 9,048 $ 11,428 Allowance for loan losses related to impaired loans $ 53 $ 84 $ 85 $ 147 $ 93 $ 127 $ 15 $ 64 $ 246 $ 422 Unpaid principal balance of impaired loans (d) 1,370 1,451 2,590 2,603 6,225 7,813 2,857 4,200 13,042 16,067 Impaired loans on nonaccrual status (e) 581 628 639 632 1,287 1,559 670 931 3,177 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 December 31, 2015 , Chapter 7 residential real estate loans included approximately 17% of senior lien home equity, 9% of junior lien home equity, 18% of prime mortgages, including option ARMs, and 15% of subprime mortgages that were 30 days or more past due. (b) At December 31, 2015 and 2014 , $3.8 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 December 31, 2015 and 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 December 31, 2015 and 2014 , nonaccrual loans included $2.5 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 on pages 242–244 of this Note. The following table presents average impaired loans and the related interest income reported by the Firm. Year ended December 31, Average impaired loans Interest income on impaired loans (a) Interest income on impaired loans on a cash basis (a) (in millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Home equity Senior lien $ 1,077 $ 1,122 $ 1,151 $ 51 $ 55 $ 59 $ 35 $ 37 $ 40 Junior lien 1,292 1,313 1,297 77 82 82 50 53 55 Mortgages Prime, including option ARMs 5,397 6,730 7,214 217 262 280 46 54 59 Subprime 2,300 3,444 3,798 131 182 200 41 51 55 Total residential real estate – excluding PCI $ 10,066 $ 12,609 $ 13,460 $ 476 $ 581 $ 621 $ 172 $ 195 $ 209 (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 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. Year ended December 31, 2015 2014 2013 Home equity: Senior lien $ 108 $ 110 $ 210 Junior lien 293 211 388 Mortgages: Prime, including option ARMs 209 287 770 Subprime 58 124 319 Total residential real estate – excluding PCI $ 668 $ 732 $ 1,687 Nature and extent of modifications The U.S. Treasury’s Making Home Affordable (“MHA”) programs, 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. Year ended Dec. 31, Home equity Mortgages Total residential real estate – excluding PCI Senior lien Junior lien Prime, including option ARMs Subprime 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 Number of loans approved for a trial modification 1,345 939 1,719 2,588 626 884 1,103 1,052 2,846 1,608 2,056 4,233 6,644 4,673 9,682 Number of loans permanently modified 1,096 1,171 1,765 3,200 2,813 5,040 1,495 2,507 4,356 1,650 3,141 5,364 7,441 9,632 16,525 Concession granted: (a) Interest rate reduction 75 % 53 % 70 % 63 % 84 % 88 % 72 % 43 % 73 % 71 % 47 % 72 % 68 % 58 % 77 % Term or payment extension 86 67 76 90 83 80 80 51 73 82 53 56 86 63 70 Principal and/or interest deferred 32 16 12 19 23 24 34 19 30 21 12 13 24 18 21 Principal forgiveness 4 36 38 8 22 32 24 51 38 31 53 48 16 41 39 Other (b) — — — — — — 9 10 23 13 10 14 5 6 11 (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. Year ended December 31, Home equity Mortgages Total residential real estate – excluding PCI Senior lien Junior lien Prime, including option ARMs Subprime 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 Weighted-average interest rate of loans with interest rate reductions – before TDR 5.69 % 6.38 % 6.35 % 4.93 % 4.81 % 5.05 % 5.03 % 4.82 % 5.28 % 6.67 % 7.16 % 7.33 % 5.51 % 5.61 % 5.88 % Weighted-average interest rate of loans with interest rate reductions – after TDR 2.70 3.03 3.23 2.17 2.00 2.14 2.55 2.69 2.77 3.15 3.37 3.52 2.64 2.78 2.92 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 17 17 19 18 19 20 25 25 25 24 24 24 22 23 23 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 32 30 31 36 35 34 37 37 37 36 36 35 36 36 36 Charge-offs recognized upon permanent modification $ 1 $ 2 $ 7 $ 3 $ 25 $ 70 $ 9 $ 9 $ 16 $ 2 $ 3 $ 5 $ 15 $ 39 $ 98 Principal deferred 13 5 7 14 11 24 41 39 129 17 19 43 85 74 203 Principal forgiven 2 14 30 4 21 51 34 83 206 32 89 218 72 207 505 Balance of loans that redefaulted within one year of permanent modification (a) $ 14 $ 19 $ 26 $ 7 $ 10 $ 20 $ 75 $ 121 $ 164 $ 58 $ 93 $ 106 $ 154 $ 243 $ 316 (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 December 31, 2015 , the weighted-average estimated remaining lives of residential real estate loans, excluding PCI loans, permanently modified in TDRs were 10 years for senior lien home equity, 9 years for junior lien home equity, 10 years for prime mortgages, including option ARMs, and 8 years for subprime mortgage. 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 December 31, 2015 and 2014 , the Firm had non-PCI residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $1.2 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. December 31, (in millions, except ratios) Auto Business banking Student and other Total other consumer 2015 2014 2015 2014 2015 2014 2015 2014 Loan delinquency (a) Current $ 59,442 $ 53,866 $ 20,887 $ 19,710 $ 9,405 $ 10,080 $ 89,734 $ 83,656 30–119 days past due 804 663 215 208 445 576 1,464 1,447 120 or more days past due 9 7 106 140 246 314 361 461 Total retained loans $ 60,255 $ 54,536 $ 21,208 $ 20,058 $ 10,096 $ 10,970 $ 91,559 $ 85,564 % of 30+ days past due to total retained loans 1.35 % 1.23 % 1.51 % 1.73 % 1.63 % (d) 2.15 % (d) 1.42 % (d) 1.47 % (d) 90 or more days past due and still accruing (b) $ — $ — $ — $ — $ 290 $ 367 $ 290 $ 367 Nonaccrual loans 116 115 263 279 242 270 621 664 Geographic region California $ 7,186 $ 6,294 $ 3,530 $ 3,008 $ 1,051 $ 1,143 $ 11,767 $ 10,445 New York 3,874 3,662 3,359 3,187 1,224 1,259 8,457 8,108 Illinois 3,678 3,175 1,459 1,373 679 729 5,816 5,277 Texas 6,457 5,608 2,622 2,626 839 868 9,918 9,102 Florida 2,843 2,301 941 827 516 521 4,300 3,649 New Jersey 1,998 1,945 500 451 366 378 2,864 2,774 Washington 1,135 1,019 264 258 212 235 1,611 1,512 Arizona 2,033 2,003 1,205 1,083 236 239 3,474 3,325 Michigan 1,550 1,633 1,361 1,375 415 466 3,326 3,474 Ohio 2,340 2,157 1,363 1,354 559 629 4,262 4,140 All other 27,161 24,739 4,604 4,516 3,999 4,503 35,764 33,758 Total retained loans $ 60,255 $ 54,536 $ 21,208 $ 20,058 $ 10,096 $ 10,970 $ 91,559 $ 85,564 Loans by risk ratings (c) Noncriticized $ 11,277 $ 9,822 $ 15,505 $ 14,619 NA NA $ 26,782 $ 24,441 Criticized performing 76 35 815 708 NA NA 891 743 Criticized nonaccrual — — 210 213 NA NA 210 213 (a) Student loan delinquency classifications included loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) as follows: current included $3.8 billion and $4.3 billion ; 30 - 119 days past due included $299 million and $364 million ; and 120 or more days past due included $227 million and $290 million at December 31, 2015 and 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) December 31, 2015 and 2014 , excluded loans 30 days or more past due and still accruing, which are insured by U.S. government agencies under the FFELP, of $526 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. December 31, (in millions) 2015 2014 Impaired loans With an allowance $ 527 $ 557 Without an allowance (a) 31 35 Total impaired loans (b)(c) $ 558 $ 592 Allowance for loan losses related to impaired loans $ 118 $ 117 Unpaid principal balance of impaired loans (d) 668 719 Impaired loans on nonaccrual status 449 456 (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 $566 million , $599 million and $648 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The related interest income on impaired loans, including those on a cash basis, was not material for the years ended December 31, 2015 , 2014 and 2013 . (d) Represents the contractual amount of principal owed at December 31, 2015 and 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. The following table provides information about the Firm’s other consumer loans modified in TDRs. New TDRs were not material for the years ended December 31, 2015 and 2014. December 31, (in millions) 2015 2014 Loans modified in TDRs (a)(b) $ 384 $ 442 TDRs on nonaccrual status 275 306 (a) The impact of these modifications was not material to the Firm for the years ended December 31, 2015 and 2014 . (b) Additional commitments to lend to borrowers whose loans have been modified in TDRs as of December 31, 2015 and 2014 were immaterial. Purchased credit-impaired loans PCI loans are initially recorded at fair value at acquisition. PCI loans acquired in the same fiscal quarter may be aggregated into one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. With respect to the Washington Mutual transaction, all of the consumer PCI loans were aggregated into pools of loans with common risk characteristics. On a quarterly basis, the Firm estimates the total cash flows (both principal and interest) expected to be collected over the remaining life of each pool. These estimates incorporate assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that reflect then-current market conditions. Probable decreases in expected cash flows (i.e., increased credit losses) trigger the recognition of impairment, which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows, discounted at the pool’s effective interest rate. Impairments are recognized through the provision for credit losses and an increase in the allowance for loan losses. Probable and significant increases in expected cash flows (e.g., decreased credit losses, the net benefit of modifications) would first reverse any previously recorded allowance for loan losses with any remaining increases recognized prospectively as a yield adjustment over the remaining estimated lives of the underlying loans. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. The Firm continues to modify certain PCI loans. The impact of these modifications is incorporated into the Firm’s quarterly assessment of whether a probable and significant change in expected cash flows has occurred, and the loans continue to be accounted for and reported as PCI loans. In evaluating the effect of modifications on expected cash flows, the Firm incorporates the effect of any foregone interest and also considers the potential for redefault. The Firm develops product-specific probability of default estimates, which are used to compute expected credit losses. In developing these probabilities of default, the Firm considers the relationship between the credit quality characteristics of the underlying loans and certain assumptions about home prices and unemployment based upon industry-wide data. The Firm also considers its own historical loss experience to-date based on actual redefaulted modified PCI loans. The excess of cash flows expected to be collected over the carrying value of the underlying loans is referred to as the accretable yield. This amount is not reported on the Firm’s Consolidated balance sheets but is accreted into interest income at a level rate of return over the remaining estimated lives of the underlying pools of loans. If the timing and/or amounts of expected cash flows on PCI loans were determined not to be reasonably estimable, no interest would be accreted and the loans would be reported as nonaccrual loans; however, since the timing and amounts of expected cash flows for the Firm’s PCI consumer loans are reasonably estimable, interest is being accreted and the loans are being reported as performing loans. The liquidation of PCI loans, which may include sales of loans, receipt of payment in full from the borrower, or foreclosure, results in removal of the loans from the underlying PCI pool. When the amount of the liquidation proceeds (e.g., cash, real estate), if any, is less than the unpaid principal balance of the loan, the difference is first applied against the PCI pool’s nonaccretable difference for principal losses (i.e., the lifetime credit loss estimate established as a purchase accounting adjustment at the acquisition date). When the nonaccretable difference for a particular loan pool has been fully depleted, any excess of the unpaid principal balance of the loan over the liquidation proceeds is written off against the PCI pool’s allowance for loan losses. Beginning in 2014, write-offs of PCI loans also include other adjustments, primarily related to interest forgiveness modifications. Because the Firm’s PCI loans are accounted for at a pool level, the Firm does not recognize charge-offs of PCI loans when they reach specified stages of delinquency (i.e., unlike non-PCI consumer loans, these loans are not charged off based on FFIEC standards). The PCI portfolio affects the Firm’s results of operations primarily through: (i) contribution to net interest margin; (ii) expense related to defaults and servicing resulting from the liquidation of the loans; and (iii) any provision for loan losses. The PCI loans acquired in the Washington Mutual transaction were funded based on the interest rate characteristics of the loans. For example, variable-rate loans were funde |
Credit card | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | Credit card loan portfolio The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans as they provide an early warning that borrowers may be experiencing difficulties ( 30 days past due); information on those borrowers that have been delinquent for a longer period of time ( 90 days past due) is also considered. In addition to delinquency rates, the geographic distribution of the loans provides insight as to the credit quality of the portfolio based on the regional economy. While the borrower’s credit score is another general indicator of credit quality, the Firm does not view credit scores as a primary indicator of credit quality because the borrower’s credit score tends to be a lagging indicator. However, the distribution of such scores provides a general indicator of credit quality trends within the portfolio. Refreshed FICO score information, which is obtained at least quarterly, for a statistically significant random sample of the credit card portfolio is indicated in the table below; FICO is considered to be the industry benchmark for credit scores. The Firm generally originates new card accounts to prime consumer borrowers. However, certain cardholders’ FICO scores may decrease over time, depending on the performance of the cardholder and changes in credit score technology. The table below sets forth information about the Firm’s credit card loans. As of or for the year ended December 31, (in millions, except ratios) 2015 2014 Net charge-offs $ 3,122 $ 3,429 % of net charge-offs to retained loans 2.51 % 2.75 % Loan delinquency Current and less than 30 days past due $ 129,502 $ 126,189 30–89 days past due and still accruing 941 943 90 or more days past due and still accruing 944 895 Total retained credit card loans $ 131,387 $ 128,027 Loan delinquency ratios % of 30+ days past due to total retained loans 1.43 % 1.44 % % of 90+ days past due to total retained loans 0.72 0.70 Credit card loans by geographic region California $ 18,802 $ 17,940 Texas 11,847 11,088 New York 11,360 10,940 Florida 7,806 7,398 Illinois 7,655 7,497 New Jersey 5,879 5,750 Ohio 4,700 4,707 Pennsylvania 4,533 4,489 Michigan 3,562 3,552 Colorado 3,399 3,226 All other 51,844 51,440 Total retained credit card loans $ 131,387 $ 128,027 Percentage of portfolio based on carrying value with estimated refreshed FICO scores Equal to or greater than 660 84.4 % 85.7 % Less than 660 15.6 14.3 Credit card impaired loans and loan modifications 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. December 31, (in millions) 2015 2014 Impaired credit card loans with an allowance (a)(b) Credit card loans with modified payment terms (c) $ 1,286 $ 1,775 Modified credit card loans that have reverted to pre-modification payment terms (d) 179 254 Total impaired credit card loans (e) $ 1,465 $ 2,029 Allowance for loan losses related to impaired credit card loans $ 460 $ 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 December 31, 2015 and 2014 , $113 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 $66 million and $95 million at December 31, 2015 and 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. Year ended December 31, (in millions) 2015 2014 2013 Average impaired credit card loans $ 1,710 $ 2,503 $ 3,882 Interest income on impaired credit card loans 82 123 198 Loan modifications JPMorgan Chase may offer one of a number of loan modification programs to credit card borrowers who are experiencing financial difficulty. Most of the credit card loans have been modified under long-term programs for borrowers who are experiencing financial difficulties. Modifications under long-term programs involve placing the customer on a fixed payment plan, generally for 60 months . The Firm may also offer short-term programs for borrowers who may be in need of temporary relief; however, none are currently being offered. Modifications under all short- and long-term programs typically include reducing the interest rate on the credit card. Substantially all modifications are considered to be TDRs. If the cardholder does not comply with the modified payment terms, then the credit card loan agreement reverts back to its pre-modification payment terms. Assuming that the cardholder does not begin to perform in accordance with those payment terms, the loan continues to age and will ultimately be charged-off in accordance with the Firm’s standard charge-off policy. In addition, if a borrower successfully completes a short-term modification program, then the loan reverts back to its pre-modification payment terms. However, in most cases, the Firm does not reinstate the borrower’s line of credit. New enrollments in these loan modification programs for the years ended December 31, 2015 , 2014 and 2013 , were $638 million , $807 million and $1.2 billion , respectively. 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. Year ended December 31, (in millions, except weighted-average data) 2015 2014 2013 Weighted-average interest rate of loans – before TDR 15.08 % 14.96 % 15.37 % Weighted-average interest rate of loans – after TDR 4.40 4.40 4.38 Loans that redefaulted within one year of modification (a) $ 85 $ 119 $ 167 (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 25.61% , 27.91% and 30.72% as of December 31, 2015 , 2014 and 2013 , 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. Risk ratings are used to identify the credit quality of loans and differentiate risk within the portfolio. Risk ratings on loans consider the probability of default (“PD”) and the loss given default (“LGD”). The PD is the likelihood that a loan will default and not be fully repaid by the borrower. The LGD is the estimated loss on the loan that would be realized upon the default of the borrower and takes into consideration collateral and structural support for each credit facility. Management considers several factors to determine an appropriate risk rating, including the obligor’s debt capacity and financial flexibility, the level of the obligor’s earnings, the amount and sources for repayment, the level and nature of contingencies, management strength, and the industry and geography in which the obligor operates. The Firm’s definition of criticized aligns with the banking regulatory definition of criticized exposures, which consist of special mention, substandard and doubtful categories. Risk ratings generally represent ratings profiles similar to those defined by S&P and Moody’s. Investment-grade ratings range from “AAA/Aaa” to “BBB-/Baa3.” Noninvestment-grade ratings are classified as noncriticized (“BB+/Ba1 and B-/B3”) and criticized (“CCC+”/“Caa1 and below”), and the criticized portion is further subdivided into performing and nonaccrual loans, representing management’s assessment of the collectibility of principal and interest. Criticized loans have a higher probability of default than noncriticized loans. Risk ratings are reviewed on a regular and ongoing basis by Credit Risk Management and are adjusted as necessary for updated information affecting the obligor’s ability to fulfill its obligations. As noted above, the risk rating of a loan considers the industry in which the obligor conducts its operations. As part of the overall credit risk management framework, the Firm focuses on the management and diversification of its industry and client exposures, with particular attention paid to industries with actual or potential credit concern. See Note 5 for further detail on industry concentrations. The table below provides information by class of receivable for the retained loans in the Wholesale portfolio segment. As of or for the year ended December 31, (in millions, except ratios) Commercial and industrial Real estate Financial Government agencies Other (e) Total 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Loans by risk ratings Investment grade $ 62,150 $ 63,069 $ 74,330 $ 61,006 $ 21,786 $ 27,111 $ 11,363 $ 8,393 $ 98,107 $ 82,087 $ 267,736 $ 241,666 Noninvestment grade: Noncriticized 45,632 44,117 17,008 16,541 7,667 7,093 (d) 256 300 11,390 10,067 (d) 81,953 78,118 Criticized performing 4,542 2,251 1,251 1,313 320 316 7 3 253 236 6,373 4,119 Criticized nonaccrual 608 188 231 253 10 18 — — 139 140 988 599 Total noninvestment grade 50,782 46,556 18,490 18,107 7,997 7,427 (d) 263 303 11,782 10,443 (d) 89,314 82,836 Total retained loans $ 112,932 $ 109,625 $ 92,820 $ 79,113 $ 29,783 $ 34,538 (d) $ 11,626 $ 8,696 $ 109,889 $ 92,530 (d) $ 357,050 $ 324,502 % of total criticized to total retained loans 4.56 % 2.22 % 1.60 % 1.98 % 1.11 % 0.97 % 0.06 % 0.03 % 0.36 % 0.41 % 2.06 % 1.45 % % of nonaccrual loans to total retained loans 0.54 0.17 0.25 0.32 0.03 0.05 — — 0.13 0.15 0.28 0.18 Loans by geographic distribution (a) Total non-U.S. $ 30,063 $ 33,739 $ 3,003 $ 2,099 $ 17,166 $ 20,944 $ 1,788 $ 1,122 $ 42,031 $ 42,961 $ 94,051 $ 100,865 Total U.S. 82,869 75,886 89,817 77,014 12,617 13,594 (d) 9,838 7,574 67,858 49,569 (d) 262,999 223,637 Total retained loans $ 112,932 $ 109,625 $ 92,820 $ 79,113 $ 29,783 $ 34,538 (d) $ 11,626 $ 8,696 $ 109,889 $ 92,530 (d) $ 357,050 $ 324,502 Net charge-offs/(recoveries) $ 26 $ 22 $ (14 ) $ (9 ) $ (5 ) $ (12 ) $ (8 ) $ 25 $ 11 $ (14 ) $ 10 $ 12 % of net charge-offs/(recoveries) to end-of-period retained loans 0.02 % 0.02 % (0.02 )% (0.01 )% (0.02 )% (0.04 ) % (0.07 )% 0.29 % 0.01 % (0.02 ) % — % — % Loan delinquency (b) Current and less than 30 days past due and still accruing $ 112,058 $ 108,857 $ 92,381 $ 78,552 $ 29,713 $ 34,416 (d) $ 11,565 $ 8,627 $ 108,734 $ 91,160 (d) $ 354,451 $ 321,612 30–89 days past due and still accruing 259 566 193 275 49 104 55 69 988 1,201 1,544 2,215 90 or more days past due and still accruing (c) 7 14 15 33 11 — 6 — 28 29 67 76 Criticized nonaccrual 608 188 231 253 10 18 — — 139 140 988 599 Total retained loans $ 112,932 $ 109,625 $ 92,820 $ 79,113 $ 29,783 $ 34,538 (d) $ 11,626 $ 8,696 $ 109,889 $ 92,530 (d) $ 357,050 $ 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. (c) Represents loans that are considered well-collateralized and therefore still accruing interest. (d) Effective in the fourth quarter 2015, the Firm realigned its wholesale industry divisions in order to better monitor and manage industry concentrations. Prior period amounts have been revised to conform with current period presentation. For additional information, see Wholesale credit portfolio on pages 122–129 . (e) Other includes: individuals; SPEs; holding companies; and private education and civic organizations. For more information on exposures to SPEs, see Note 16. The following table presents additional information on the real estate class of loans within the Wholesale portfolio segment for the periods indicated. The real estate class primarily consists of secured commercial loans mainly to borrowers for multi-family and commercial lessor properties. Multifamily lending specifically finances apartment buildings. Commercial lessors receive financing specifically for real estate leased to retail, office and industrial tenants. Commercial construction and development loans represent financing for the construction of apartments, office and professional buildings and malls. Other real estate loans include lodging, real estate investment trusts (“REITs”), single-family, homebuilders and other real estate. December 31, (in millions, except ratios) Multifamily Commercial lessors Commercial construction and development Other Total real estate loans 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Real estate retained loans $ 60,290 $ 51,049 $ 20,062 $ 17,438 $ 4,920 $ 4,264 $ 7,548 $ 6,362 $ 92,820 $ 79,113 Criticized 520 652 844 841 43 42 75 31 1,482 1,566 % of criticized to total real estate retained loans 0.86 % 1.28 % 4.21 % 4.82 % 0.87 % 0.98 % 0.99 % 0.49 % 1.60 % 1.98 % Criticized nonaccrual $ 85 $ 126 $ 100 $ 110 $ 1 $ — $ 45 $ 17 $ 231 $ 253 % of criticized nonaccrual to total real estate retained loans 0.14 % 0.25 % 0.50 % 0.63 % 0.02 % — % 0.60 % 0.27 % 0.25 % 0.32 % Wholesale impaired loans and loan modifications Wholesale impaired loans consist 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. The table below sets forth information about the Firm’s wholesale impaired loans. December 31, (in millions) Commercial and industrial Real estate Financial institutions Government agencies Other Total retained loans 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Impaired loans With an allowance $ 522 $ 174 $ 148 $ 193 $ 10 $ 15 $ — $ — $ 46 $ 89 $ 726 $ 471 Without an allowance (a) 98 24 106 87 — 3 — — 94 52 298 166 Total impaired loans $ 620 $ 198 $ 254 $ 280 $ 10 $ 18 $ — $ — $ 140 $ 141 $ 1,024 (c) $ 637 (c) Allowance for loan losses related to impaired loans $ 220 $ 34 $ 27 $ 36 $ 3 $ 4 $ — $ — $ 24 $ 13 $ 274 $ 87 Unpaid principal balance of impaired loans (b) 669 266 363 345 13 22 — — 164 202 1,209 835 (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 December 31, 2015 and 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, largely consists of loans in the U.S. The following table presents the Firm’s average impaired loans for the years ended 2015 , 2014 and 2013 . Year ended December 31, (in millions) 2015 2014 2013 Commercial and industrial $ 453 $ 243 $ 412 Real estate 250 297 484 Financial institutions 13 20 17 Government agencies — — — Other 129 155 211 Total (a) $ 845 $ 715 $ 1,124 (a) The related interest income on accruing impaired loans and interest income recognized on a cash basis were not material for the years ended December 31, 2015 , 2014 and 2013 . 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 December 31, 2015 and 2014 . |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2015 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses | Allowance for credit losses JPMorgan Chase ’s allowance for loan losses covers the consumer, including credit card, portfolio segments (primarily scored); and wholesale (risk-rated) portfolio, and represents management’s estimate of probable credit losses inherent in the Firm’s loan portfolio. The allowance for loan losses includes an asset-specific component, a formula-based component and a component related to PCI loans, as described below. Management also estimates an allowance for wholesale and consumer lending-related commitments using methodologies similar to those used to estimate the allowance on the underlying loans. During 2015 , the Firm did not make any significant changes to the methodologies or policies used to determine its allowance for credit losses; such policies are described in the following paragraphs. The asset-specific component of the allowance relates to loans considered to be impaired, which includes loans that have been modified in TDRs as well as risk-rated loans that have been placed on nonaccrual status. To determine the asset-specific component of the allowance, larger loans are evaluated individually, while smaller loans are evaluated as pools using historical loss experience for the respective class of assets. Scored loans (i.e., consumer loans) are pooled by product type, while risk-rated loans (primarily wholesale loans) are segmented by risk rating. The Firm generally measures the asset-specific allowance as the difference between the recorded investment in the loan and the present value of the cash flows expected to be collected, discounted at the loan’s original effective interest rate. Subsequent changes in impairment are reported as an adjustment to the provision for loan losses. In certain cases, the asset-specific allowance is determined using an observable market price, and the allowance is measured as the difference between the recorded investment in the loan and the loan’s fair value. Impaired collateral-dependent loans are charged down to the fair value of collateral less costs to sell and therefore may not be subject to an asset-specific reserve as are other impaired loans. See Note 14 for more information about charge-offs and collateral-dependent loans. The asset-specific component of the allowance for impaired loans that have been modified in TDRs incorporates the effects of foregone interest, if any, in the present value calculation and also incorporates the effect of the modification on the loan’s expected cash flows, which considers the potential for redefault. For residential real estate loans modified in TDRs, the Firm develops product-specific probability of default estimates, which are applied at a loan level to compute expected losses. In developing these probabilities of default, the Firm considers the relationship between the credit quality characteristics of the underlying loans and certain assumptions about home prices and unemployment, based upon industry-wide data. The Firm also considers its own historical loss experience to date based on actual redefaulted modified loans. For credit card loans modified in TDRs, expected losses incorporate projected redefaults based on the Firm’s historical experience by type of modification program. For wholesale loans modified in TDRs, expected losses incorporate redefaults based on management’s expectation of the borrower’s ability to repay under the modified terms. The formula-based component is based on a statistical calculation to provide for incurred credit losses in performing risk-rated loans and all consumer loans, except for any loans restructured in TDRs and PCI loans. See Note 14 for more information on PCI loans. For scored loans, the statistical calculation is performed on pools of loans with similar risk characteristics (e.g., product type) and generally computed by applying loss factors to outstanding principal balances over an estimated loss emergence period. The loss emergence period represents the time period between the date at which the loss is estimated to have been incurred and the ultimate realization of that loss (through a charge-off). Estimated loss emergence periods may vary by product and may change over time; management applies judgment in estimating loss emergence periods, using available credit information and trends. Loss factors are statistically derived and sensitive to changes in delinquency status, credit scores, collateral values and other risk factors. The Firm uses a number of different forecasting models to estimate both the PD and the loss severity, including delinquency roll rate models and credit loss severity models. In developing PD and loss severity assumptions, the Firm also considers known and anticipated changes in the economic environment, including changes in home prices, unemployment rates and other risk indicators. A nationally recognized home price index measure is used to estimate both the PD and the loss severity on residential real estate loans at the metropolitan statistical areas (“MSA”) level. Loss severity estimates are regularly validated by comparison to actual losses recognized on defaulted loans, market-specific real estate appraisals and property sales activity. The economic impact of potential modifications of residential real estate loans is not included in the statistical calculation because of the uncertainty regarding the type and results of such modifications. For risk-rated loans, the statistical calculation is the product of an estimated PD and an estimated LGD. These factors are determined based on the credit quality and specific attributes of the Firm’s loans and lending-related commitments to each obligor. In assessing the risk rating of a particular loan, among the factors considered are the obligor’s debt capacity and financial flexibility, the level of the obligor’s earnings, the amount and sources for repayment, the level and nature of contingencies, management strength, and the industry and geography in which the obligor operates. These factors are based on an evaluation of historical and current information, and involve subjective assessment and interpretation. Emphasizing one factor over another or considering additional factors could impact the risk rating assigned by the Firm. PD estimates are based on observable external through-the-cycle data, using credit-rating agency default statistics. LGD estimates are based on the Firm’s history of actual credit losses over more than one credit cycle. Estimates of PD and LGD are subject to periodic refinement based on changes to underlying external and Firm -specific historical data. Management applies judgment within an established framework to adjust the results of applying the statistical calculation described above. The determination of the appropriate adjustment is based on management’s view of loss events that have occurred but that are not yet reflected in the loss factors and that relate to current macroeconomic and political conditions, the quality of underwriting standards and other relevant internal and external factors affecting the credit quality of the portfolio. For the scored loan portfolios, adjustments to the statistical calculation are made in part by analyzing the historical loss experience for each major product segment. Factors related to unemployment, home prices, borrower behavior and lien position, the estimated effects of the mortgage foreclosure-related settlement with federal and state officials and uncertainties regarding the ultimate success of loan modifications are incorporated into the calculation, as appropriate. For junior lien products, management considers the delinquency and/or modification status of any senior liens in determining the adjustment. In addition, for the risk-rated portfolios, any adjustments made to the statistical calculation take into consideration model imprecision, deteriorating conditions within an industry, product or portfolio type, geographic location, credit concentration, and current economic events that have occurred but that are not yet reflected in the factors used to derive the statistical calculation. Management establishes an asset-specific allowance for lending-related commitments that are considered impaired and computes a formula-based allowance for performing consumer and wholesale lending-related commitments. These are computed using a methodology similar to that used for the wholesale loan portfolio, modified for expected maturities and probabilities of drawdown. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowances for loan losses and lending-related commitments in future periods. At least quarterly, the allowance for credit losses is reviewed by the Chief Risk Officer, the Chief Financial Officer and the Controller of the Firm and discussed with the Risk Policy and Audit Committees of the Board of Directors of the Firm. As of December 31, 2015 , JPMorgan Chase deemed the allowance for credit losses to be appropriate (i.e., sufficient to absorb probable credit losses inherent in the portfolio). Allowance for credit losses and related information The table below summarizes information about the allowances for loan losses, and lending-relating commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology. 2015 Year ended December 31, (in millions) 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 Gross charge-offs 1,658 3,488 95 5,241 Gross recoveries (704 ) (366 ) (85 ) (1,155 ) Net charge-offs/(recoveries) 954 3,122 10 4,086 Write-offs of PCI loans (a) 208 — — 208 Provision for loan losses (82 ) 3,122 623 3,663 Other — (5 ) 6 1 Ending balance at December 31, $ 5,806 $ 3,434 $ 4,315 $ 13,555 Allowance for loan losses by impairment methodology Asset-specific (b) $ 364 $ 460 (c) $ 274 $ 1,098 Formula-based 2,700 2,974 4,041 9,715 PCI 2,742 — — 2,742 Total allowance for loan losses $ 5,806 $ 3,434 $ 4,315 $ 13,555 Loans by impairment methodology Asset-specific $ 9,606 $ 1,465 $ 1,024 $ 12,095 Formula-based 293,751 129,922 356,022 779,695 PCI 40,998 — 4 41,002 Total retained loans $ 344,355 $ 131,387 $ 357,050 $ 832,792 Impaired collateral-dependent loans Net charge-offs $ 104 $ — $ 16 $ 120 Loans measured at fair value of collateral less cost to sell 2,566 — 283 2,849 Allowance for lending-related commitments Beginning balance at January 1, $ 13 $ — $ 609 $ 622 Provision for lending-related commitments 1 — 163 164 Other — — — — Ending balance at December 31, $ 14 $ — $ 772 $ 786 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 73 $ 73 Formula-based 14 — 699 713 Total allowance for lending-related commitments $ 14 $ — $ 772 $ 786 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 193 $ 193 Formula-based 58,478 515,518 366,206 940,202 Total lending-related commitments $ 58,478 $ 515,518 $ 366,399 $ 940,395 (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). During the fourth quarter of 2014, the Firm recorded a $291 million adjustment to reduce the PCI allowance and the recorded investment in the Firm’s PCI loan portfolio, primarily reflecting the cumulative effect of interest forgiveness modifications. This adjustment had no impact to the Firm’s Consolidated statements of income. (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. (d) 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. (table continued from previous page) 2014 2013 Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total $ 8,456 $ 3,795 $ 4,013 $ 16,264 $ 12,292 $ 5,501 $ 4,143 $ 21,936 2,132 3,831 151 6,114 2,754 4,472 241 7,467 (814 ) (402 ) (139 ) (1,355 ) (847 ) (593 ) (225 ) (1,665 ) 1,318 3,429 12 4,759 1,907 3,879 16 5,802 533 — — 533 53 — — 53 414 3,079 (269 ) 3,224 (1,872 ) 2,179 (119 ) 188 31 (6 ) (36 ) (11 ) (4 ) (6 ) 5 (5 ) $ 7,050 $ 3,439 $ 3,696 $ 14,185 $ 8,456 $ 3,795 $ 4,013 $ 16,264 $ 539 $ 500 (c) $ 87 $ 1,126 $ 601 $ 971 (c) $ 181 $ 1,753 3,186 2,939 3,609 9,734 3,697 2,824 3,832 10,353 3,325 — — 3,325 4,158 — — 4,158 $ 7,050 $ 3,439 $ 3,696 $ 14,185 $ 8,456 $ 3,795 $ 4,013 $ 16,264 $ 12,020 $ 2,029 $ 637 $ 14,686 $ 13,785 $ 3,115 $ 845 $ 17,745 236,263 125,998 323,861 686,122 221,609 124,350 307,412 653,371 46,696 — 4 46,700 53,055 — 6 53,061 $ 294,979 $ 128,027 $ 324,502 $ 747,508 $ 288,449 $ 127,465 $ 308,263 $ 724,177 $ 133 $ — $ 21 $ 154 $ 235 $ — $ 37 $ 272 3,025 — 326 3,351 3,105 — 362 3,467 $ 8 $ — $ 697 $ 705 $ 7 $ — $ 661 $ 668 5 — (90 ) (85 ) 1 — 36 37 — — 2 2 — — — — $ 13 $ — $ 609 $ 622 $ 8 $ — $ 697 $ 705 $ — $ — $ 60 $ 60 $ — $ — $ 60 $ 60 13 — 549 562 8 — 637 645 $ 13 $ — $ 609 $ 622 $ 8 $ — $ 697 $ 705 $ — $ — $ 103 $ 103 $ — $ — $ 206 $ 206 58,153 525,963 366,778 (d) 950,894 56,057 529,383 344,032 (d) 929,472 $ 58,153 $ 525,963 $ 366,881 $ 950,997 $ 56,057 $ 529,383 $ 344,238 $ 929,678 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 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 VIEs, see Note 1. The following table summarizes the most significant types of Firm -sponsored VIEs by business segment. The Firm considers a “sponsored” VIE to include any entity where: (1) JPMorgan Chase is the primary beneficiary of the structure; (2) the VIE is used by JPMorgan Chase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorgan Chase name; or (4) the entity is a JPMorgan Chase –administered asset-backed commercial paper conduit. Line-of-Business Transaction Type Activity Annual Report page references CCB Credit card securitization trusts Securitization of both originated and purchased credit card receivables 266 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 267–269 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages and student loans 267–269 Multi-seller conduits Investor intermediation activities: Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs 269–271 Municipal bond vehicles 269–270 The Firm’s other business segments are also involved with VIEs, but to a lesser extent, as follows: • Asset Management: AM sponsors and manages certain funds that are deemed VIEs. As asset manager of the funds, AM earns a fee based on assets managed; the fee varies with each fund’s investment objective and is competitively priced. For fund entities that qualify as VIEs, AM’s interests are, in certain cases, considered to be significant variable interests that result in consolidation of the financial results of these entities. • Commercial Banking: CB makes investments in and provides lending to community development entities that may meet the definition of a VIE. In addition, CB provides financing and lending-related services to certain client-sponsored VIEs. In general, CB does not control the activities of these entities and does not consolidate these entities. • Corporate : The Private Equity business, within Corporate, is involved with entities that may meet the definition of VIEs. However, the Firm’s Private Equity business is generally subject to specialized investment company accounting, which does not require the consolidation of investments, including VIEs. The Firm also invests in and provides financing and other services to VIEs sponsored by third parties, as described on page 271 of this Note. Significant Firm-sponsored variable interest entities Credit card securitizations The Card business securitizes both originated and purchased credit card loans, primarily through the Chase Issuance Trust (the “Trust”). The Firm’s continuing involvement in credit card securitizations includes servicing the receivables, retaining an undivided seller’s interest in the receivables, retaining certain senior and subordinated securities and maintaining escrow accounts. The Firm is considered to be the primary beneficiary of these Firm-sponsored credit card securitization trusts based on the Firm’s ability to direct the activities of these VIEs through its servicing responsibilities and other duties, including making decisions as to the receivables that are transferred into those trusts and as to any related modifications and workouts. Additionally, the nature and extent of the Firm’s other continuing involvement with the trusts, as indicated above, obligates the Firm to absorb losses and gives the Firm the right to receive certain benefits from these VIEs that could potentially be significant. The underlying securitized credit card receivables and other assets of the securitization trusts are available only for payment of the beneficial interests issued by the securitization trusts; they are not available to pay the Firm’s other obligations or the claims of the Firm’s other creditors. The agreements with the credit card securitization trusts require the Firm to maintain a minimum undivided interest in the credit card trusts (which is generally 4% ). As of December 31, 2015 and 2014 , the Firm held undivided interests in Firm-sponsored credit card securitization trusts of $13.6 billion and $10.9 billion , respectively. The Firm maintained an average undivided interest in principal receivables owned by those trusts of approximately 22% for both the years ended December 31, 2015 and 2014. As of December 31, 2015 and 2014 , the Firm also retained $0 million and $40 million of senior securities, and as of both December 31, 2015 and 2014 , retained $5.3 billion of subordinated securities in certain of its credit card securitization trusts. The Firm’s undivided interests in the credit card trusts and securities retained are eliminated in consolidation. 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 interests in the 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 272 of this Note for further information regarding the Firm’s cash flows with and interests retained in nonconsolidated VIEs, and pages 272–273 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) December 31, 2015 (a) (in billions) Total assets held by securitization VIEs Assets held in consolidated securitization VIEs Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets AFS securities Total interests held by JPMorgan Chase Securitization-related Residential mortgage: Prime/Alt-A and option ARMs $ 85.7 $ 1.4 $ 66.7 $ 0.4 $ 1.6 $ 2.0 Subprime 24.4 0.1 22.6 0.1 — 0.1 Commercial and other (b) 123.5 0.1 80.3 0.4 3.5 3.9 Total $ 233.6 $ 1.6 $ 169.6 $ 0.9 $ 5.1 $ 6.0 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 held in consolidated securitization VIEs Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets AFS securities Total interests held by 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 $ 1.0 $ 4.2 $ 5.2 (a) Excludes U.S. government agency securitizations. See pages 272–273 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 17 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 6 for further information on derivatives); senior and subordinated securities of $163 million and $73 million , respectively, at December 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 December 31, 2015 and 2014 , 76% 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 $1.9 billion and $1.1 billion of investment-grade and $93 million and $185 million of noninvestment-grade retained interests at December 31, 2015 and 2014, respectively. The retained interests in commercial and other securitizations trusts consisted of $3.7 billion and $3.7 billion of investment-grade and $198 million and $194 million of noninvestment-grade retained interests at December 31, 2015 and 2014 , respectively. Residential mortgage The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB. CCB generally retains servicing for all residential mortgage loans originated or purchased by CCB, and for certain mortgage loans purchased by CIB. For securitizations holding loans serviced by CCB, the Firm has the power to direct the significant activities of the VIE because it is responsible for decisions related to loan modifications and workouts. CCB may also retain an interest upon securitization. In addition, CIB engages in underwriting and trading activities involving securities issued by Firm -sponsored securitization trusts. As a result, CIB at times retains senior and/or subordinated interests (including residual interests) in residential mortgage securitizations at the time of securitization, and/or reacquires positions in the secondary market in the normal course of business. In certain instances, as a result of the positions retained or reacquired by CIB or held by CCB, when considered together with the servicing arrangements entered into by CCB, the Firm is deemed to be the primary beneficiary of certain securitization trusts. See the table on page 271 of this Note for more information on consolidated residential mortgage securitizations. The Firm does not consolidate a residential mortgage securitization (Firm -sponsored or third-party-sponsored) when it is not the servicer (and therefore does not have the power to direct the most significant activities of the trust) or does not hold a beneficial interest in the trust that could potentially be significant to the trust. At December 31, 2015 and 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 271 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. CIB may retain unsold senior and/or subordinated interests in commercial mortgage securitizations at the time of securitization but, generally, the Firm does not service commercial loan securitizations. For commercial mortgage securitizations the power to direct the significant activities of the VIE generally is held by the servicer or investors in a specified class of securities (“controlling class”). See the table on page 271 of this Note for more information on the consolidated commercial mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated securitizations. The Firm retains servicing responsibilities for certain student loan securitizations. The Firm has the power to direct the activities of these VIEs through these servicing responsibilities. See the table on page 271 of this Note for more information on the consolidated student loan securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated securitizations. Re-securitizations The Firm engages in certain re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. These transfers occur in connection with both agency (Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Company (“Freddie Mac”) and Ginnie Mae) and nonagency (private-label) sponsored VIEs, which may be backed by either residential or commercial mortgages. The Firm’s consolidation analysis is largely dependent on the Firm’s role and interest in the re-securitization trusts. During the years ended December 31, 2015 , 2014 and 2013 , the Firm transferred $21.9 billion , $22.7 billion and $25.3 billion , respectively, of securities to agency VIEs, and $777 million , $1.1 billion and $55 million , respectively, of securities to private-label VIEs. Most re-securitizations with which the Firm is involved are client-driven transactions in which a specific client or group of clients is seeking a specific return or risk profile. For these transactions, the Firm has concluded that the decision-making power of the entity is shared between the Firm and its clients, considering the joint effort and decisions in establishing the re-securitization trust and its assets, as well as the significant economic interest the client holds in the re-securitization trust; therefore the Firm does not consolidate the re-securitization VIE. In more limited circumstances, the Firm creates a re-securitization trust independently and not in conjunction with specific clients. In these circumstances, the Firm is deemed to have the unilateral ability to direct the most significant activities of the re-securitization trust because of the decisions made during the establishment and design of the trust; therefore, the Firm consolidates the re-securitization VIE if the Firm holds an interest that could potentially be significant. Additionally, the Firm may invest in beneficial interests of third-party re-securitizations and generally purchases these interests in the secondary market. In these circumstances, the Firm does not have the unilateral ability to direct the most significant activities of the re-securitization trust, either because it was not involved in the initial design of the trust, or the Firm is involved with an independent third-party sponsor and demonstrates shared power over the creation of the trust; therefore, the Firm does not consolidate the re-securitization VIE. As of December 31, 2015 and 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 $2.2 billion and $2.9 billion , respectively. At December 31, 2015 and 2014 , the Firm held $4.6 billion and $2.4 billion , respectively, of interests in nonconsolidated agency re-securitization entities. The Firm’s exposure to non-consolidated private-label re-securitization entities as of December 31, 2015 and 2014 was not material. As of December 31, 2015 and 2014 , the Firm did not consolidate any agency re-securitizations. As of December 31, 2015 and 2014 , the Firm consolidated an insignificant amount of assets and liabilities of Firm-sponsored private-label re-securitizations. Multi-seller conduits Multi-seller conduit entities are separate bankruptcy remote entities that provide secured financing, collateralized by pools of receivables and other financial assets, to customers of the Firm. The conduits fund their financing facilities through the issuance of highly rated commercial paper. The primary source of repayment of the commercial paper is the cash flows from the pools of assets. In most instances, the assets are structured with deal-specific credit enhancements provided to the conduits by the customers (i.e., sellers) or other third parties. Deal-specific credit enhancements are generally structured to cover a multiple of historical losses expected on the pool of assets, and are typically in the form of overcollateralization provided by the seller. The deal-specific credit enhancements mitigate the Firm’s potential losses on its agreements with the conduits. To ensure timely repayment of the commercial paper, and to provide the conduits with funding to provide financing to customers in the event that the conduits do not obtain funding in the commercial paper market, each asset pool financed by the conduits has a minimum 100% deal-specific liquidity facility associated with it provided by JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. also provides the multi-seller conduit vehicles with uncommitted program-wide liquidity facilities and program-wide credit enhancement in the form of standby letters of credit. The amount of program-wide credit enhancement required is based upon commercial paper issuance and approximates 10% of the outstanding balance. The Firm consolidates its Firm -administered multi-seller conduits, as the Firm has both the power to direct the significant activities of the conduits and a potentially significant economic interest in the conduits. As administrative agent and in its role in structuring transactions, the Firm makes decisions regarding asset types and credit quality, and manages the commercial paper funding needs of the conduits. The Firm’s interests that could potentially be significant to the VIEs include the fees received as administrative agent and liquidity and program-wide credit enhancement provider, as well as the potential exposure created by the liquidity and credit enhancement facilities provided to the conduits. See page 271 of this Note for further information on consolidated VIE assets and liabilities. In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper issued by the Firm -administered multi-seller conduits. The Firm held $15.7 billion and $5.7 billion of the commercial paper issued by the Firm -administered multi-seller conduits at December 31, 2015 and 2014 , respectively. 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 have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded portion of these commitments was $5.6 billion and $9.9 billion at December 31, 2015 and 2014 , respectively, and are reported as off-balance sheet lending-related commitments. For more information on off-balance sheet lending-related commitments, see Note 29. VIEs associated with investor intermediation activities As a financial intermediary, the Firm creates certain types of VIEs and also structures transactions with these VIEs, typically using derivatives, to meet investor needs. The Firm may also provide liquidity and other support. The risks inherent in the derivative instruments or liquidity commitments are managed similarly to other credit, market or liquidity risks to which the Firm is exposed. The principal types of VIEs for which the Firm is engaged in on behalf of clients are municipal bond vehicles. Municipal bond vehicles Municipal bond vehicles or tender option bond (“TOB”) trusts allow investors to finance their municipal bond investments at short-term rates. In a typical TOB transaction, the trust purchases highly rated municipal bond(s) of a single issuer and funds the purchase by issuing two types of securities: (1) puttable floating-rate certificates (“Floaters”) and (2) inverse floating-rate residual interests (“Residuals”). The Floaters are typically purchased by money market funds or other short-term investors and may be tendered, with requisite notice, to the TOB trust. The Residuals are retained by the investor seeking to finance its municipal bond investment. TOB transactions where the Residual is held by a third party investor are typically known as Customer TOB trusts, and Non-Customer TOB trusts are transactions where the Residual is retained by the Firm. The Firm serves as sponsor for all Non-Customer TOB transactions and certain Customer TOB transactions established prior to 2014. The Firm may provide various services to a TOB trust, including remarketing agent, liquidity or tender option provider, and/or sponsor. J.P. Morgan Securities LLC may serve as a remarketing agent on the Floaters for TOB trusts. The remarketing agent is responsible for establishing the periodic variable rate on the Floaters, conducting the initial placement and remarketing tendered Floaters. The remarketing agent may, but is not obligated to make markets in Floaters. At December 31, 2015 and 2014 , the Firm held an insignificant amount of these Floaters on its Consolidated balance sheets and did not hold any significant amounts during 2015 . JPMorgan Chase Bank, N.A. or J.P. Morgan Securities LLC often serves as the sole liquidity or tender option provider for the TOB trusts. The liquidity provider’s obligation to perform is conditional and is limited by certain events (“Termination Events”), which include bankruptcy or failure to pay by the municipal bond issuer or credit enhancement provider, an event of taxability on the municipal bonds or the immediate downgrade of the municipal bond to below investment grade. In addition, the liquidity provider’s exposure is typically further limited by the high credit quality of the underlying municipal bonds, the excess collateralization in the vehicle, or, in certain transactions, the reimbursement agreements with the Residual holders. Holders of the Floaters may “put,” or tender, their Floaters to the TOB trust. If the remarketing agent cannot successfully remarket the Floaters to another investor, the liquidity provider either provides a loan to the TOB trust for the purchase of or directly purchases the tendered Floaters. In certain Customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder. In those transactions, upon the termination of the vehicle, if the proceeds from the sale of the underlying municipal bonds are not sufficient to repay amounts owed to the Firm, as liquidity or tender option provider, the Firm has recourse to the third party Residual holders for any shortfall. Residual holders with reimbursement agreements are required to post collateral with the Firm to support such reimbursement obligations should the market value of the underlying municipal bonds decline. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. TOB trusts are considered to be variable interest entities. The Firm consolidates Non-Customer TOB trusts because as the Residual holder, the Firm has the right to make decisions that significantly impact the economic performance of the municipal bond vehicle, and have the right to receive benefits and bear losses that could potentially be significant to the municipal bond vehicle. The Firm does not consolidate Customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle. Certain non-consolidated Customer TOB trusts are sponsored by a third party, and not the Firm. See page 271 of this Note for further information on consolidated municipal bond vehicles. The Firm’s exposure to nonconsolidated municipal bond VIEs at December 31, 2015 and 2014 , including the ratings profile of the VIEs’ assets, was as follows. December 31, (in billions) Fair value of assets held by VIEs Liquidity facilities Excess (a) Maximum exposure Nonconsolidated municipal bond vehicles 2015 $ 6.9 $ 3.8 $ 3.1 $ 3.8 2014 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 December 31, (in billions, except where otherwise noted) AAA to AAA- AA+ to AA- A+ to A- BBB+ to BBB- BB+ and below 2015 $ 1.7 $ 4.6 $ 0.5 $ — $ 0.1 $ 6.9 4.0 2014 2.7 8.4 0.4 — — $ 11.5 4.9 (a) Represents the excess 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. VIEs sponsored by third parties The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing 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 December 31, 2015 and 2014 . Assets Liabilities December 31, 2015 (in billions) (a) Trading assets Loans Other (c) Total (d) Beneficial interests in (e) Other (f) Total VIE program type Firm-sponsored credit card trusts $ — $ 47.4 $ 0.7 $ 48.1 $ 27.9 $ — $ 27.9 Firm-administered multi-seller conduits — 24.4 — 24.4 8.7 — 8.7 Municipal bond vehicles 2.7 — — 2.7 2.6 — 2.6 Mortgage securitization entities (b) 0.8 1.4 — 2.2 0.8 0.7 1.5 Student loan securitization entities — 1.9 0.1 2.0 1.8 — 1.8 Other 0.2 — 2.0 2.2 0.1 0.1 0.2 Total $ 3.7 $ 75.1 $ 2.8 $ 81.6 $ 41.9 $ 0.8 $ 42.7 Assets Liabilities December 31, 2014 (in billions) (a) Trading assets Loans Other (c) Total (d) Beneficial interests in (e) Other (f) Total VIE program type Firm-sponsored credit card trusts $ — $ 48.3 $ 0.7 $ 49.0 $ 31.2 $ — $ 31.2 Firm-administered multi-seller conduits — 17.7 0.1 17.8 12.0 — 12.0 Municipal bond vehicles 5.3 — — 5.3 4.9 — 4.9 Mortgage securitization entities (b) 3.3 0.7 — 4.0 2.1 0.8 2.9 Student loan securitization entities 0.2 2.2 — 2.4 2.1 — 2.1 Other 0.3 — 1.0 1.3 — 0.2 0.2 Total $ 9.1 $ 68.9 $ 1.8 $ 79.8 $ 52.3 $ 1.0 $ 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 $30.6 billion and $35.4 billion at December 31, 2015 and 2014 , respectively. The maturities of the long-term beneficial interests as of December 31, 2015 , were as follows: $5.1 billion under one year, $21.6 billion between one and five years, and $3.9 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 has securitized and sold a variety of loans, including residential mortgage, credit card, student and commercial (primarily related to real estate) loans, as well as debt securities. The purposes of these securitization transactions were to satisfy investor demand and to generate liquidity for the Firm. For loan securitizations in which the Firm is not required to consolidate the trust, the Firm records the transfer of the loan receivable to the trust as a sale when all of the following accounting criteria for a sale are met: (1) the transferred financial assets are legally isolated from the Firm’s creditors; (2) the transferee or beneficial interest holder can pledge or exchange the transferred financial assets; and (3) the Firm does not maintain effective control over the transferred financial assets (e.g., the Firm cannot repurchase the transferred assets before their maturity and it does not have the ability to unilaterally cause the holder to return the transferred assets). For loan securitizations accounted for as a sale, the Firm recognizes a gain or loss based on the difference between the value of proceeds received (including cash, beneficial interests, or servicing assets received) and the carrying value of the assets sold. Gains and losses on securitizations are reported in noninterest revenue. Securitization activity The following table provides information related to the Firm’s securitization activities for the years ended December 31, 2015 , 2014 and 2013 , 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. 2015 2014 2013 Year ended December 31, (in millions, except rates) (a) Residential mortgage (d)(e) Commercial and other (e)(f) Residential mortgage (d)(e) Commercial and other (e)(f) Residential mortgage (d)(e) Commercial and other (e)(f) Principal securitized $ 3,008 $ 11,933 $ 2,558 $ 11,911 $ 1,404 $ 11,318 All cash flows during the period: Proceeds from new securitizations (b) $ 3,022 $ 12,011 $ 2,569 $ 12,079 $ 1,410 $ 11,507 Servicing fees collected 528 3 557 4 576 5 Purchases of previously transferred financial assets (or the underlying collateral) (c) 3 — 121 — 294 — Cash flows received on interests 407 597 179 578 156 325 (a) Excludes re-securitization transactions. (b) Proceeds from residential mortgage securitizations were received in the form of securities. During 2015, $3.0 billion of residential mortgage securitizations were received as securities and classified in level 2, and $59 million were classified in level 3 of the fair value hierarchy. During 2014, $2.4 billion of residential mortgage securitizations were received as securities and classified in level 2, and $185 million were classified in level 3 of the fair value hierarchy. During 2013, $1.4 billion of residential mortgage securitizations were received as securities and classified in level 2. Proceeds from commercial mortgage securitizations were received as securities and cash. During 2015, $12.0 billion of proceeds from commercial mortgage securitizations were received as securities and classified in level 2, and $43 million of proceeds were classified in level 3 of the fair value hierarchy; and zero of proceeds from commercial mortgage securitizations were received as cash. During 2014, $11.4 billion of proceeds from commercial mortgage securitizations were received as securities and classified in level 2, and $130 million of proceeds were classified in level 3 of the fair value hierarchy: and $568 million of proceeds from commercial mortgage securitizations were received as cash. During 2013, $11.3 billion of commercial mortgage securitizations were classified in level 2 of the fair value hierarchy, and $2 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and other intangible assets Goodwill Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired. Subsequent to initial recognition, goodwill is not amortized but is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate there may be impairment. The goodwill associated with each business combination is allocated to the related reporting units, which are determined based on how the Firm’s businesses are managed and how they are reviewed by the Firm’s Operating Committee. The following table presents goodwill attributed to the business segments. December 31, (in millions) 2015 2014 2013 Consumer & Community Banking $ 30,769 $ 30,941 $ 30,985 Corporate & Investment Bank 6,772 6,780 6,888 Commercial Banking 2,861 2,861 2,862 Asset Management 6,923 6,964 6,969 Corporate — 101 377 Total goodwill $ 47,325 $ 47,647 $ 48,081 The following table presents changes in the carrying amount of goodwill. Year ended December 31, (in millions) 2015 2014 2013 Balance at beginning of period $ 47,647 $ 48,081 $ 48,175 Changes during the period from: Business combinations 28 43 64 Dispositions (160 ) (b) (80 ) (5 ) Other (a) (190 ) (397 ) (153 ) Balance at December 31, $ 47,325 $ 47,647 $ 48,081 (a) Includes foreign currency translation adjustments, other tax-related adjustments, and, during 2014, goodwill impairment associated with the Firm’s Private Equity business of $276 million . (b) Includes $101 million of Private Equity goodwill, which was disposed of as part of the Private Equity sale completed in January 2015. Impairment testing The Firm’s goodwill was not impaired at December 31, 2015 . Further, except for the goodwill related to its Private Equity business, the Firm’s goodwill was not impaired at December 31, 2014 . $276 million of goodwill was written off during 2014 related to the goodwill impairment associated with the Firm’s Private Equity business. No goodwill was written off due to impairment during 2013 . The goodwill impairment test is performed in two steps. In the first step, the current fair value of each reporting unit is compared with its carrying value, including goodwill. If the fair value is in excess of the carrying value (including goodwill), then the reporting unit’s goodwill is considered not to be impaired. If the fair value is less than the carrying value (including goodwill), then a second step is performed. In the second step, the implied current fair value of the reporting unit’s goodwill is determined by comparing the fair value of the reporting unit (as determined in step one) to the fair value of the net assets of the reporting unit, as if the reporting unit were being acquired in a business combination. The resulting implied current fair value of goodwill is then compared with the carrying value of the reporting unit’s goodwill. If the carrying value of the goodwill exceeds its implied current fair value, then an impairment charge is recognized for the excess. If the carrying value of goodwill is less than its implied current fair value, then no goodwill impairment is recognized. The Firm uses the reporting units’ allocated equity plus goodwill capital as a proxy for the carrying amounts of equity for the reporting units in the goodwill impairment testing. Reporting unit equity is determined on a similar basis as the allocation of equity to the Firm’s lines of business, which takes into consideration the capital the business segment would require if it were operating independently, incorporating sufficient capital to address regulatory capital requirements (including Basel III), economic risk measures and capital levels for similarly rated peers. Proposed line of business equity levels are incorporated into the Firm’s annual budget process, which is reviewed by the Firm’s Board of Directors. Allocated equity is further reviewed on a periodic basis and updated as needed. The primary method the Firm uses to estimate the fair value of its reporting units is the income approach. The models project cash flows for the forecast period and use the perpetuity growth method to calculate terminal values. These cash flows and terminal values are then discounted using an appropriate discount rate. Projections of cash flows are based on the reporting units’ earnings forecasts, which include the estimated effects of regulatory and legislative changes (including, but not limited to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”)), and which are reviewed with the senior management of the Firm. The discount rate used for each reporting unit represents an estimate of the cost of equity for that reporting unit and is determined considering the Firm’s overall estimated cost of equity (estimated using the Capital Asset Pricing Model), as adjusted for the risk characteristics specific to each reporting unit (for example, for higher levels of risk or uncertainty associated with the business or management’s forecasts and assumptions). To assess the reasonableness of the discount rates used for each reporting unit management compares the discount rate to the estimated cost of equity for publicly traded institutions with similar businesses and risk characteristics. In addition, the weighted average cost of equity (aggregating the various reporting units) is compared with the Firms’ overall estimated cost of equity to ensure reasonableness. The valuations derived from the discounted cash flow models are then compared with market-based trading and transaction multiples for relevant competitors. Trading and transaction comparables are used as general indicators to assess the general reasonableness of the estimated fair values, although precise conclusions generally cannot be drawn due to the differences that naturally exist between the Firm’s businesses and competitor institutions. Management also takes into consideration a comparison between the aggregate fair value of the Firm’s reporting units and JPMorgan Chase’s market capitalization. In evaluating this comparison, management considers several factors, including (a) a control premium that would exist in a market transaction, (b) factors related to the level of execution risk that would exist at the firmwide level that do not exist at the reporting unit level and (c) short-term market volatility and other factors that do not directly affect the value of individual reporting units. Declines in business performance, increases in credit losses, increases in equity capital requirements, as well as deterioration in economic or market conditions, adverse estimates of regulatory or legislative changes 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 Mortgage servicing rights 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. As permitted by U.S. GAAP, the Firm has elected to account for its MSRs at fair value. The Firm treats its MSRs as a single class of servicing assets based on the availability of market inputs used to measure the fair value of its MSR asset and its treatment of MSRs as one aggregate pool for risk management purposes. The Firm estimates the fair value of MSRs using an option-adjusted spread (“OAS”) model, which projects MSR cash flows over multiple interest rate scenarios in conjunction with the Firm’s prepayment model, and then discounts these cash flows at risk-adjusted rates. The model considers portfolio characteristics, contractually specified servicing fees, prepayment assumptions, delinquency rates, costs to service, late charges and other ancillary revenue, and other economic factors. The Firm compares fair value estimates and assumptions to observable market data where available, and also considers recent market activity and actual portfolio experience. The fair value of MSRs is sensitive to changes in interest rates, including their effect on prepayment speeds. MSRs typically decrease in value when interest rates decline because declining interest rates tend to increase prepayments and therefore reduce the expected life of the net servicing cash flows that consist of the MSR asset. Conversely, securities (e.g., mortgage-backed securities), principal-only certificates and certain derivatives (i.e., those for which the Firm receives fixed-rate interest payments) increase in value when interest rates decline. JPMorgan Chase uses combinations of derivatives and securities to manage changes in the fair value of MSRs. The intent is to offset any interest-rate related changes in the fair value of MSRs with changes in the fair value of the related risk management instruments. The following table summarizes MSR activity for the years ended December 31, 2015 , 2014 and 2013 . As of or for the year ended December 31, (in millions, except where otherwise noted) 2015 2014 2013 Fair value at beginning of period $ 7,436 $ 9,614 $ 7,614 MSR activity: Originations of MSRs 550 757 2,214 Purchase of MSRs 435 11 1 Disposition of MSRs (a) (486 ) (209 ) (725 ) Net additions 499 559 1,490 Changes due to collection/realization of expected cash flows (922 ) (911 ) (1,102 ) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (b) (160 ) (1,608 ) 2,122 Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) (112 ) 133 109 Discount rates (10 ) (459 ) (e) (78 ) Prepayment model changes and other (c) (123 ) 108 (541 ) Total changes in valuation due to other inputs and assumptions (245 ) (218 ) (510 ) Total changes in valuation due to inputs and assumptions $ (405 ) $ (1,826 ) $ 1,612 Fair value at December 31, $ 6,608 $ 7,436 $ 9,614 Change in unrealized gains/(losses) included in income related to MSRs $ (405 ) $ (1,826 ) $ 1,612 Contractual service fees, late fees and other ancillary fees included in income $ 2,533 $ 2,884 $ 3,309 Third-party mortgage loans serviced at December 31, (in billions) $ 677 $ 756 $ 822 Servicer advances, net of an allowance for uncollectible amounts, at December 31, (in billions) (d) $ 6.5 $ 8.5 $ 9.6 (a) For 2014 and 2013, 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. (b) 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. (c) Represents changes in prepayments other than those attributable to changes in market interest rates. (d) Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, 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. (e) For the year ending December 31, 2014, the negative impact was primarily related to higher capital allocated to the Mortgage Servicing business, which, in turn, resulted in an increase in the OAS. The resulting OAS assumption was consistent with capital and return requirements the Firm believed a market participant would consider, taking into account factors such as the 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 years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, (in millions) 2015 2014 2013 CCB mortgage fees and related income Net production revenue $ 769 $ 1,190 $ 3,004 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 2,776 3,303 3,552 Changes in MSR asset fair value due to collection/realization of expected cash flows (917 ) (905 ) (1,094 ) Total operating revenue 1,859 2,398 2,458 Risk management: Changes in MSR asset fair value due to market interest rates and other (a) (160 ) (1,606 ) 2,119 Other changes in MSR asset fair value due to other inputs and assumptions in model (b) (245 ) (218 ) (511 ) Change in derivative fair value and other 288 1,796 (1,875 ) Total risk management (117 ) (28 ) (267 ) Total net mortgage servicing revenue 1,742 2,370 2,191 Total CCB mortgage fees and related income 2,511 3,560 5,195 All other 2 3 10 Mortgage fees and related income $ 2,513 $ 3,563 $ 5,205 (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 December 31, 2015 and 2014 , and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. December 31, (in millions, except rates) 2015 2014 Weighted-average prepayment speed assumption (“CPR”) 9.81 % 9.80 % Impact on fair value of 10% adverse change $ (275 ) $ (337 ) Impact on fair value of 20% adverse change (529 ) (652 ) Weighted-average option adjusted spread 9.02 % 9.43 % Impact on fair value of 100 basis points adverse change $ (258 ) $ (300 ) Impact on fair value of 200 basis points adverse change (498 ) (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. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment Premises and equipment, including leasehold improvements, are carried at cost less accumulated depreciation and amortization. JPMorgan Chase computes depreciation using the straight-line method over the estimated useful life of an asset. For leasehold improvements, the Firm uses the straight-line method computed over the lesser of the remaining term of the leased facility or the estimated useful life of the leased asset. JPMorgan Chase capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life and reviewed for impairment on an ongoing basis. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | Deposits At December 31, 2015 and 2014 , noninterest-bearing and interest-bearing deposits were as follows. December 31, (in millions) 2015 2014 U.S. offices Noninterest-bearing $ 392,721 $ 437,558 Interest-bearing Demand (a) 84,088 90,319 Savings (b) 486,043 466,730 Time (included $10,916 and $7,501 at fair value) (c) 92,873 86,301 Total interest-bearing deposits 663,004 643,350 Total deposits in U.S. offices 1,055,725 1,080,908 Non-U.S. offices Noninterest-bearing 18,921 19,078 Interest-bearing Demand 154,773 217,011 Savings 2,157 2,673 Time (included $1,600 and $1,306 at fair value) (c) 48,139 43,757 Total interest-bearing deposits 205,069 263,441 Total deposits in non-U.S. offices 223,990 282,519 Total deposits $ 1,279,715 $ 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. At December 31, 2015 and 2014, time deposits in denominations of $250,000 or more were as follows. December 31, (in millions) 2015 2014 U.S. offices $ 64,519 $ 56,983 Non-U.S. offices 48,091 43,719 Total $ 112,610 $ 100,702 At December 31, 2015 , the maturities of interest-bearing time deposits were as follows. December 31, 2015 (in millions) U.S. Non-U.S. Total 2016 78,246 47,791 126,037 2017 2,940 145 3,085 2018 2,172 39 2,211 2019 1,564 47 1,611 2020 1,615 117 1,732 After 5 years 6,336 — 6,336 Total $ 92,873 $ 48,139 $ 141,012 |
Accounts Payable and Other Liab
Accounts Payable and Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Other Liabilities | Accounts payable and other liabilities Accounts payable and other liabilities consist of payables to customers; payables to brokers, dealers and clearing organizations; payables from security purchases that did not settle; income taxes payables; accrued expense, including interest-bearing liabilities; and all other liabilities, including litigation reserves and obligations to return securities received as collateral. The following table details the components of accounts payable and other liabilities. December 31, (in millions) 2015 2014 Brokerage payables (a) $ 107,632 $ 134,467 Accounts payable and other liabilities 70,006 72,472 Total $ 177,638 $ 206,939 (a) Includes payables to customers, brokers, dealers and clearing organizations, and payables from security purchases that did not settle. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term debt JPMorgan Chase issues long-term debt denominated in various currencies, although predominantly U.S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value. Changes in fair value are recorded in principal transactions revenue in the Consolidated statements of income. The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2015 . By remaining maturity at December 31, 2015 2014 (in millions, except rates) Under 1 year 1-5 years After 5 years Total Total Parent company Senior debt: Fixed rate $ 12,014 $ 54,200 $ 51,544 $ 117,758 $ 108,529 Variable rate 15,158 23,254 5,766 44,178 42,201 Interest rates (a) 0.16-7.00% 0.24-7.25% 0.31-6.40% 0.16-7.25% 0.18-7.25% Subordinated debt: Fixed rate $ — $ 2,292 $ 13,958 $ 16,250 $ 16,645 Variable rate — 1,038 9 1,047 3,452 Interest rates (a) — % 1.06-8.53% 3.38-8.00% 1.06-8.53% 0.48-8.53% Subtotal $ 27,172 $ 80,784 $ 71,277 $ 179,233 $ 170,827 Subsidiaries Federal Home Loan Banks (“FHLB”) advances: Fixed rate $ 5 $ 30 $ 156 $ 191 $ 2,204 Variable rate 9,700 56,690 5,000 71,390 62,790 Interest rates (a) 0.37-0.65% 0.17-0.72% 0.50-0.70% 0.17-0.72% 0.11-2.04% Senior debt: Fixed rate $ 631 $ 1,288 $ 3,631 $ 5,550 $ 5,751 Variable rate 10,493 7,456 2,639 20,588 20,082 Interest rates (a) 0.47-1.00% 0.53-4.61% 1.30-7.28% 0.47-7.28% 0.26-8.00% Subordinated debt: Fixed rate $ 1,472 $ 3,647 $ 1,461 $ 6,580 $ 6,928 Variable rate 1,150 — — 1,150 2,362 Interest rates (a) 0.83-5.88% 6.00 % 4.38-8.25% 0.83-8.25% 0.57-8.25% Subtotal $ 23,451 $ 69,111 $ 12,887 $ 105,449 $ 100,117 Junior subordinated debt: Fixed rate $ — $ — $ 717 $ 717 $ 2,185 Variable rate — — 3,252 3,252 3,250 Interest rates (a) — % — % 0.83-8.75% 0.83-8.75% 0.73-8.75% Subtotal $ — $ — $ 3,969 $ 3,969 $ 5,435 Total long-term debt (b)(c)(d) $ 50,623 $ 149,895 $ 88,133 $ 288,651 (f)(g) $ 276,379 Long-term beneficial interests: Fixed rate $ 1,674 $ 10,931 $ 1,594 $ 14,199 $ 13,949 Variable rate 3,393 10,642 2,323 16,358 21,418 Interest rates 0.45-5.16% 0.37-5.23% 0.00-15.94% 0.00-15.94% 0.05-15.93% Total long-term beneficial interests (e) $ 5,067 $ 21,573 $ 3,917 $ 30,557 $ 35,367 (a) The interest rates shown are the range of contractual rates in effect at year-end, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The use of these derivative instruments modifies the Firm’s exposure to the contractual interest rates disclosed in the table above. Including the effects of the hedge accounting derivatives, the range of modified rates in effect at December 31, 2015 , for total long-term debt was (0.19)% to 8.88% , versus the contractual range of 0.16% to 8.75% presented in the table above. The interest rate ranges shown exclude structured notes accounted for at fair value. (b) Included long-term debt of $76.6 billion and $69.2 billion secured by assets totaling $171.6 billion and $156.7 billion at December 31, 2015 and 2014 , respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments. (c) Included $33.1 billion and $30.2 billion of long-term debt accounted for at fair value at December 31, 2015 and 2014 , respectively. (d) Included $5.5 billion and $2.9 billion of outstanding zero-coupon notes at December 31, 2015 and 2014 , respectively. The aggregate principal amount of these notes at their respective maturities is $16.2 billion and $7.5 billion , respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable. (e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included $787 million and $2.2 billion accounted for at fair value at December 31, 2015 and 2014 , respectively. Excluded short-term commercial paper and other short-term beneficial interests of $11.3 billion and $17.0 billion at December 31, 2015 and 2014 , respectively. (f) At December 31, 2015 , long-term debt in the aggregate of $39.1 billion was redeemable at the option of JPMorgan Chase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments. (g) The aggregate carrying values of debt that matures in each of the five years subsequent to 2015 is $50.6 billion in 2016, $49.5 billion in 2017, $39.2 billion in 2018, $30.4 billion in 2019 and $30.7 billion in 2020. The weighted-average contractual interest rates for total long-term debt excluding structured notes accounted for at fair value were 2.34% and 2.42% as of December 31, 2015 and 2014 , respectively. In order to modify exposure to interest rate and currency exchange rate movements, JPMorgan Chase utilizes derivative instruments, primarily interest rate and cross-currency interest rate swaps, in conjunction with some of its debt issues. The use of these instruments modifies the Firm’s interest expense on the associated debt. The modified weighted-average interest rates for total long-term debt, including the effects of related derivative instruments, were 1.64% and 1.50% as of December 31, 2015 and 2014 , respectively. JPMorgan Chase & Co. has guaranteed certain long-term debt of its subsidiaries, including both long-term debt and structured notes . These guarantees rank on parity with the Firm’s other unsecured and unsubordinated indebtedness. The amount of such guaranteed long-term debt was $152 million and $352 million at December 31, 2015 and 2014 , respectively. The Firm’s unsecured debt does not contain requirements that would call for an acceleration of payments, maturities or changes in the structure of the existing debt, provide any limitations on future borrowings or require additional collateral, based on unfavorable changes in the Firm’s credit ratings, financial ratios , earnings or stock price. Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities At December 31, 2015 , the Firm had outstanding eight wholly owned Delaware statutory business trusts (“issuer trusts”) that had issued trust preferred securities . The junior subordinated deferrable interest debentures issued by the Firm to the issuer trusts, totaling $4.0 billion and $5.4 billion at December 31, 2015 and 2014 , respectively, were reflected on the Firm’s Consolidated balance sheets in long-term debt, and in the table on the preceding page under the caption “Junior subordinated debt.” The Firm also records the common capital securities issued by the issuer trusts in other assets in its Consolidated balance sheets at December 31, 2015 and 2014 . Beginning in 2014, the debentures issued to the issuer trusts by the Firm, less the common capital securities of the issuer trusts, began being phased out from inclusion as Tier 1 capital under Basel III. As of December 31, 2015 and 2014 , $992 million and $2.7 billion of these debentures qualified as Tier 1 capital, while $3.0 billion and $2.7 billion qualified as Tier 2 capital. The following is a summary of the outstanding trust preferred securities, including unamortized original issue discount, issued by each trust, and the junior subordinated deferrable interest debenture issued to each trust, as of December 31, 2015 . December 31, 2015 (in millions) Amount of trust preferred securities issued by trust (a) Principal amount of debenture issued to trust (b) Issue date Stated maturity of trust preferred securities and debentures Earliest redemption date Interest rate of trust preferred securities and debentures Interest payment/distribution dates BANK ONE Capital III $ 474 $ 717 2000 2030 Any time 8.75% Semiannually Chase Capital II 483 496 1997 2027 Any time LIBOR + 0.50% Quarterly Chase Capital III 296 304 1997 2027 Any time LIBOR + 0.55% Quarterly Chase Capital VI 242 248 1998 2028 Any time LIBOR + 0.625% Quarterly First Chicago NBD Capital I 249 256 1997 2027 Any time LIBOR + 0.55% Quarterly J.P. Morgan Chase Capital XIII 466 477 2004 2034 Any time LIBOR + 0.95% Quarterly JPMorgan Chase Capital XXI 836 832 2007 2037 Any time LIBOR + 0.95% Quarterly JPMorgan Chase Capital XXIII 644 639 2007 2047 Any time LIBOR + 1.00% Quarterly Total $ 3,690 $ 3,969 (a) Represents the amount of trust preferred securities issued to the public by each trust, including unamortized original-issue discount. (b) Represents the principal amount of JPMorgan Chase debentures issued to each trust, including unamortized original-issue discount. The principal amount of debentures issued to the trusts includes the impact of hedging and purchase accounting fair value adjustments that were recorded on the Firm’s Consolidated Financial Statements. On April 2, 2015, the Firm redeemed $1.5 billion , or 100% of the liquidation amount, of the guaranteed capital debt securities (“trust preferred securities”) of JPMorgan Chase Capital XXIX trust preferred securities. On May 8, 2013, the Firm redeemed approximately $5.0 billion , or 100% of the liquidation amount, of the following eight series of trust preferred securities: JPMorgan Chase Capital X, XI, XII, XIV, XVI, XIX and XXIV, and BANK ONE Capital VI. Other income for the year ended December 31, 2013, reflected a modest loss related to the redemption of trust preferred securities. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Preferred Stock | |
Class of Stock [Line Items] | |
Preferred Stock | Preferred stock At December 31, 2015 and 2014 , JPMorgan Chase was authorized to issue 200 million shares of preferred stock, in one or more series, with a par value of $1 per share. In the event of a liquidation or dissolution of the Firm, JPMorgan Chase ’s preferred stock then outstanding takes precedence over the Firm’s common stock for the payment of dividends and the distribution of assets. The following is a summary of JPMorgan Chase ’s non-cumulative preferred stock outstanding as of December 31, 2015 and 2014 . Shares at December 31, (a) Carrying value Issue date Contractual rate Earliest redemption date Date at which dividend rate becomes floating Floating annual 2015 2014 2015 2014 Fixed-rate: Series O 125,750 125,750 $ 1,258 $ 1,258 8/27/2012 5.500 % 9/1/2017 NA NA Series P 90,000 90,000 900 900 2/5/2013 5.450 3/1/2018 NA NA Series T 92,500 92,500 925 925 1/30/2014 6.700 3/1/2019 NA NA Series W 88,000 88,000 880 880 6/23/2014 6.300 9/1/2019 NA NA Series Y 143,000 — 1,430 — 2/12/2015 6.125 3/1/2020 NA NA Series AA 142,500 — 1,425 — 6/4/2015 6.100 9/1/2020 NA NA Series BB 115,000 — 1,150 — 7/29/2015 6.150 9/1/2020 NA NA Fixed-to-floating-rate: Series I 600,000 600,000 6,000 6,000 4/23/2008 7.900 % 4/30/2018 4/30/2018 LIBOR + 3.47 % Series Q 150,000 150,000 1,500 1,500 4/23/2013 5.150 5/1/2023 5/1/2023 LIBOR + 3.25 Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 8/1/2023 LIBOR + 3.30 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 2/1/2024 LIBOR + 3.78 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 4/30/2024 LIBOR + 3.33 Series V 250,000 250,000 2,500 2,500 6/9/2014 5.000 7/1/2019 7/1/2019 LIBOR + 3.32 Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 10/1/2024 LIBOR + 3.33 Series Z 200,000 — 2,000 — 4/21/2015 5.300 5/1/2020 5/1/2020 LIBOR + 3.80 Total preferred stock 2,606,750 2,006,250 $ 26,068 $ 20,063 (a) Represented by depositary shares. Each series of preferred stock has a liquidation value and redemption price per share of $10,000 , plus any accrued but unpaid dividends. Dividends on fixed-rate preferred stock are payable quarterly. Dividends on fixed-to-floating-rate preferred stock are payable semiannually while at a fixed rate, and will become payable quarterly after converting to a floating rate. On September 1, 2013 , the Firm redeemed all of the outstanding shares of its 8.625% Non-Cumulative Preferred Stock, Series J at their stated redemption value. Redemption rights Each series of the Firm’s preferred stock may be redeemed on any dividend payment date on or after the earliest redemption date for that series. All outstanding preferred stock series except Series I may also be redeemed following a “capital treatment event”, as described in the terms of each series. Any redemption of the Firm’s preferred stock is subject to non-objection from the Board of Governors of the Federal Reserve System (the “Federal Reserve”). |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2015 | |
Common stock | |
Class of Stock [Line Items] | |
Common Stock | Common stock At December 31, 2015 and 2014 , JPMorgan Chase was authorized to issue 9.0 billion shares of common stock with a par value of $1 per share. Common shares issued (newly issued or distributed from treasury) by JPMorgan Chase during the years ended December 31, 2015 , 2014 and 2013 were as follows. Year ended December 31, (in millions) 2015 2014 2013 Total issued – balance at January 1 and December 31 4,104.9 4,104.9 4,104.9 Treasury – balance at January 1 (390.1 ) (348.8 ) (300.9 ) Purchase of treasury stock (89.8 ) (82.3 ) (96.1 ) Issued from treasury: Employee benefits and compensation plans 32.8 39.8 47.1 Issuance of shares for warrant exercise 4.7 — — Employee stock purchase plans 1.0 1.2 1.1 Total issued from treasury 38.5 41.0 48.2 Total treasury – balance at December 31 (441.4 ) (390.1 ) (348.8 ) Outstanding at December 31 3,663.5 3,714.8 3,756.1 At December 31, 2015 , 2014 , and 2013 , respectively, the Firm had 47.4 million , 59.8 million and 59.8 million warrants outstanding to purchase shares of common stock (the “Warrants”). The Warrants are currently traded on the New York Stock Exchange, and they are exercisable, in whole or in part, at any time and from time to time until October 28, 2018 . The original warrant exercise price was $42.42 per share. The number of shares issuable upon the exercise of each warrant and the warrant exercise price is subject to adjustment upon the occurrence of certain events, including, but not limited to, the extent to which regular quarterly cash dividends exceed $0.38 per share. As a result of the Firm’s quarterly common stock dividend exceeding $0.38 per share commencing with the second quarter of 2014, the exercise price of the Warrants has been adjusted each subsequent quarter, and was $42.284 as of December 31, 2015 . There has been no change in the number of shares issuable upon exercise. On March 11, 2015 , in conjunction with the Federal Reserve’s release of its 2015 Comprehensive Capital Analysis and Review (“CCAR”) results, the Firm’s Board of Directors has authorized a $6.4 billion common equity (i.e., common stock and warrants) repurchase program. As of December 31, 2015 , $2.7 billion (on a settlement-date basis) of authorized repurchase capacity remained under the program. This authorization includes shares repurchased to offset issuances under the Firm’s equity-based compensation plans. The following table sets forth the Firm’s repurchases of common equity for the years ended December 31, 2015 , 2014 and 2013 , on a settlement-date basis. There were no warrants repurchased during the years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, (in millions) 2015 2014 2013 Total number of shares of common stock repurchased 89.8 82.3 96.1 Aggregate purchase price of common stock repurchases $ 5,616 $ 4,760 $ 4,789 The Firm may, from time to time, enter into written trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate repurchases in accordance with the common equity repurchase program. A Rule 10b5-1 repurchase plan allows the Firm to repurchase its equity during periods when it would not otherwise be repurchasing common equity — for example, during internal trading “blackout periods.” All purchases under a Rule 10b5-1 plan must be made according to a predefined plan established when the Firm is not aware of material nonpublic information. For additional information regarding repurchases of the Firm’s equity securities, see Part II, Item 5: Market for registrant’s common equity, related stockholder matters and issuer purchases of equity securities, on page 20 . As of December 31, 2015 , approximately 195 million unissued shares of common stock were reserved for issuance under various employee incentive, compensation, option and stock purchase plans, director compensation plans, and the Warrants, as discussed above. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per share Earnings per share (“EPS”) is calculated under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to receive dividends. JPMorgan Chase grants restricted stock and RSUs to certain employees under its stock-based compensation programs, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock; these unvested awards meet the definition of participating securities. Options issued under employee benefit plans that have an antidilutive effect are excluded from the computation of diluted EPS. The following table presents the calculation of basic and diluted EPS for the years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, (in millions, except per share amounts) 2015 2014 2013 Basic earnings per share Net income $ 24,442 $ 21,745 $ 17,886 Less: Preferred stock dividends 1,515 1,125 805 Net income applicable to common equity 22,927 20,620 17,081 Less: Dividends and undistributed earnings allocated to participating securities 521 543 524 Net income applicable to common stockholders $ 22,406 $ 20,077 $ 16,557 Total weighted-average basic shares outstanding 3,700.4 3,763.5 3,782.4 Net income per share $ 6.05 $ 5.33 $ 4.38 Diluted earnings per share Net income applicable to common stockholders $ 22,406 $ 20,077 $ 16,557 Total weighted-average basic shares outstanding 3,700.4 3,763.5 3,782.4 Add: Employee stock options, SARs and warrants (a) 32.4 34.0 32.5 Total weighted-average diluted shares outstanding (b) 3,732.8 3,797.5 3,814.9 Net income per share $ 6.00 $ 5.29 $ 4.34 (a) Excluded from the computation of diluted EPS (due to the antidilutive effect) were certain options issued under employee benefit plans. The aggregate number of shares issuable upon the exercise of such options was not material for the year ended December 31, 2015 , and 1 million and 6 million for the years ended December 31, 2014 and 2013 , 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 Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 12 Months Ended |
Dec. 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. Year ended December 31, 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) (in millions) Balance at December 31, 2012 $ 6,868 $ (95 ) $ 120 $ (2,791 ) $ 4,102 Net change (4,070 ) (41 ) (259 ) 1,467 (2,903 ) Balance at December 31, 2013 $ 2,798 $ (136 ) $ (139 ) $ (1,324 ) $ 1,199 Net change 1,975 (11 ) 44 (1,018 ) 990 Balance at December 31, 2014 $ 4,773 $ (147 ) $ (95 ) $ (2,342 ) $ 2,189 Net change (2,144 ) (15 ) 51 111 (1,997 ) Balance at December 31, 2015 $ 2,629 $ (162 ) $ (44 ) $ (2,231 ) $ 192 (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 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 before- and after-tax changes in the components of other comprehensive income/(loss). 2015 2014 2013 Year ended December 31, (in millions) Pretax Tax effect After-tax Pretax Tax effect After-tax Pretax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ (3,315 ) $ 1,297 $ (2,018 ) $ 3,193 $ (1,170 ) $ 2,023 $ (5,987 ) $ 2,323 $ (3,664 ) Reclassification adjustment for realized (gains)/losses included in net income (a) (202 ) 76 (126 ) (77 ) 29 (48 ) (667 ) 261 (406 ) Net change (3,517 ) 1,373 (2,144 ) 3,116 (1,141 ) 1,975 (6,654 ) 2,584 (4,070 ) Translation adjustments: Translation (b) (1,876 ) 682 (1,194 ) (1,638 ) 588 (1,050 ) (807 ) 295 (512 ) Hedges (b) 1,885 (706 ) 1,179 1,698 (659 ) 1,039 773 (302 ) 471 Net change 9 (24 ) (15 ) 60 (71 ) (11 ) (34 ) (7 ) (41 ) Cash flow hedges: Net unrealized gains/(losses) arising during the period (97 ) 35 (62 ) 98 (39 ) 59 (525 ) 206 (319 ) Reclassification adjustment for realized (gains)/losses included in net income (c)(e) 180 (67 ) 113 (24 ) 9 (15 ) 101 (41 ) 60 Net change 83 (32 ) 51 74 (30 ) 44 (424 ) 165 (259 ) Defined benefit pension and OPEB plans: Prior service credits arising during the period — — — (53 ) 21 (32 ) — — — Net gains/(losses) arising during the period 29 (47 ) (18 ) (1,697 ) 688 (1,009 ) 2,055 (750 ) 1,305 Reclassification adjustments included in net income (d) : Amortization of net loss 282 (106 ) 176 72 (29 ) 43 321 (124 ) 197 Prior service costs/(credits) (36 ) 14 (22 ) (44 ) 17 (27 ) (43 ) 17 (26 ) Foreign exchange and other 33 (58 ) (25 ) 39 (32 ) 7 (14 ) 5 (9 ) Net change 308 (197 ) 111 (1,683 ) 665 (1,018 ) 2,319 (852 ) 1,467 Total other comprehensive income/(loss) $ (3,117 ) $ 1,120 $ (1,997 ) $ 1,567 $ (577 ) $ 990 $ (4,793 ) $ 1,890 $ (2,903 ) (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. (d) The pretax amount is reported in compensation expense in the Consolidated statements of income. (e) In 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 6. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income taxes JPMorgan Chase and its eligible subsidiaries file a consolidated U.S. federal income tax return. JPMorgan Chase uses the asset and liability method to provide income taxes on all transactions recorded in the Consolidated Financial Statements. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on the tax rates that the Firm expects to be in effect when the underlying items of income and expense are realized. JPMorgan Chase’s expense for income taxes includes the current and deferred portions of that expense. A valuation allowance is established to reduce deferred tax assets to the amount the Firm expects to realize. Due to the inherent complexities arising from the nature of the Firm’s businesses, and from conducting business and being taxed in a substantial number of jurisdictions, significant judgments and estimates are required to be made. Agreement of tax liabilities between JPMorgan Chase and the many tax jurisdictions in which the Firm files tax returns may not be finalized for several years. Thus, the Firm’s final tax-related assets and liabilities may ultimately be different from those currently reported. Effective tax rate and expense A reconciliation of the applicable statutory U.S. income tax rate to the effective tax rate for each of the years ended December 31, 2015 , 2014 and 2013 , is presented in the following table. Effective tax rate Year ended December 31, 2015 2014 2013 Statutory U.S. federal tax rate 35.0 % 35.0 % 35.0 % Increase/(decrease) in tax rate resulting from: U.S. state and local income taxes, net of U.S. federal income tax benefit 1.5 2.7 2.2 Tax-exempt income (3.3 ) (3.1 ) (3.0 ) Non-U.S. subsidiary earnings (a) (3.9 ) (2.0 ) (4.8 ) Business tax credits (3.7 ) (3.3 ) (3.4 ) Nondeductible legal expense 0.8 2.3 7.8 Tax audit resolutions (5.7 ) (1.4 ) (0.6 ) Other, net (0.3 ) (1.0 ) (0.3 ) Effective tax rate 20.4 % 29.2 % 32.9 % (a) Predominantly includes earnings of U.K. subsidiaries that are deemed to be reinvested indefinitely. The components of income tax expense/(benefit) included in the Consolidated statements of income were as follows for each of the years ended December 31, 2015 , 2014 , and 2013 . Income tax expense/(benefit) Year ended December 31, (in millions) 2015 2014 2013 Current income tax expense/(benefit) U.S. federal $ 3,160 $ 2,382 $ (654 ) Non-U.S. 1,220 1,353 1,308 U.S. state and local 547 857 (4 ) Total current income tax expense/(benefit) 4,927 4,592 650 Deferred income tax expense/(benefit) U.S. federal 1,213 3,890 7,216 Non-U.S. (95 ) 71 10 U.S. state and local 215 401 913 Total deferred income tax expense/(benefit) 1,333 4,362 8,139 Total income tax expense $ 6,260 $ 8,954 $ 8,789 Total income tax expense includes $2.4 billion , $451 million and $531 million of tax benefits recorded in 2015 , 2014 , and 2013 , respectively, as a result of tax audit resolutions. In 2013, the relationship between current and deferred income tax expense was largely driven by the reversal of significant deferred tax assets as well as prior-year tax adjustments and audit resolutions. Tax effect of items recorded in stockholders’ equity The preceding table does not reflect the tax effect of certain items that are recorded each period directly in stockholders’ equity and certain tax benefits associated with the Firm’s employee stock-based compensation plans. The tax effect of all items recorded directly to stockholders’ equity resulted in a increase of $1.5 billion in 2015 , a decrease of $140 million in 2014 , and an increase of $2.1 billion in 2013 . Results from Non-U.S. earnings The following table presents the U.S. and non-U.S. components of income before income tax expense for the years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, (in millions) 2015 2014 2013 U.S. $ 23,191 $ 23,422 $ 17,990 Non-U.S. (a) 7,511 7,277 8,685 Income before income tax expense $ 30,702 $ 30,699 $ 26,675 (a) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. U.S. federal income taxes have not been provided on the undistributed earnings of certain non-U.S. subsidiaries, to the extent that such earnings have been reinvested abroad for an indefinite period of time. Based on JPMorgan Chase’s ongoing review of the business requirements and capital needs of its non-U.S. subsidiaries, combined with the formation of specific strategies and steps taken to fulfill these requirements and needs, the Firm has determined that the undistributed earnings of certain of its subsidiaries would be indefinitely reinvested to fund current and future growth of the related businesses. As management does not intend to use the earnings of these subsidiaries as a source of funding for its U.S. operations, such earnings will not be distributed to the U.S. in the foreseeable future. For 2015 , pretax earnings of $3.5 billion were generated and will be indefinitely reinvested in these subsidiaries. At December 31, 2015 , the cumulative amount of undistributed pretax earnings in these subsidiaries were $34.6 billion . If the Firm were to record a deferred tax liability associated with these undistributed earnings, the amount would be $8.2 billion at December 31, 2015 . These undistributed earnings are related to subsidiaries located predominantly in the U.K. where the 2015 statutory tax rate was 20.25% . Affordable housing tax credits The Firm recognized $1.6 billion , $1.6 billion and $1.5 billion of tax credits and other tax benefits associated with investments in affordable housing projects within income tax expense for the years 2015 , 2014 and 2013 , respectively. The amount of amortization of such investments reported in income tax expense under the current period presentation during these years was $1.1 billion , $1.1 billion and $989 million , respectively. The carrying value of these investments, which are reported in other assets on the Firm’s Consolidated balance sheets, was $7.7 billion and $7.3 billion at December 31, 2015 and 2014 , respectively. The amount of commitments related to these investments, which are reported in accounts payable and other liabilities on the Firm’s Consolidated balance sheets, was $2.0 billion and $1.8 billion at December 31, 2015 and 2014 , respectively. Deferred taxes Deferred income tax expense/(benefit) results from differences between assets and liabilities measured for financial reporting purposes versus income tax return purposes. Deferred tax assets are recognized if, in management’s judgment, their realizability is determined to be more likely than not. If a deferred tax asset is determined to be unrealizable, a valuation allowance is established. The significant components of deferred tax assets and liabilities are reflected in the following table as of December 31, 2015 and 2014 . December 31, (in millions) 2015 2014 Deferred tax assets Allowance for loan losses $ 5,343 $ 5,756 Employee benefits 2,972 3,378 Accrued expenses and other 7,299 8,637 Non-U.S. operations 5,365 5,106 Tax attribute carryforwards 2,602 570 Gross deferred tax assets 23,581 23,447 Valuation allowance (735 ) (820 ) Deferred tax assets, net of valuation allowance $ 22,846 $ 22,627 Deferred tax liabilities Depreciation and amortization $ 3,167 $ 3,073 Mortgage servicing rights, net of hedges 4,968 5,533 Leasing transactions 3,042 2,495 Non-U.S. operations 4,285 4,444 Other, net 4,419 5,392 Gross deferred tax liabilities 19,881 20,937 Net deferred tax assets $ 2,965 $ 1,690 JPMorgan Chase has recorded deferred tax assets of $2.6 billion at December 31, 2015 , in connection with U.S. federal, state and local, and non-U.S. net operating loss (“NOL”) carryforwards and foreign tax credit carryforwards. At December 31, 2015 , total U.S. federal NOL carryforwards were approximately $5.2 billion , state and local NOL carryforwards were $509 million , and non-U.S. NOL carryforwards were $288 million . If not utilized, the U.S. federal NOLs will expire between 2025 and 2034 and the state and local and non-U.S. NOL carryforwards will expire between 2016 and 2017. Non-U.S. tax credit carryforwards were $704 million and will expire by 2023. The valuation allowance at December 31, 2015 , was due to losses associated with non-U.S. subsidiaries. Unrecognized tax benefits At December 31, 2015 , 2014 and 2013 , JPMorgan Chase ’s unrecognized tax benefits, excluding related interest expense and penalties, were $3.5 billion , $4.9 billion and $5.5 billion , respectively, of which $2.1 billion , $3.5 billion and $3.7 billion , respectively, if recognized, would reduce the annual effective tax rate. Included in the amount of unrecognized tax benefits are certain items that would not affect the effective tax rate if they were recognized in the Consolidated statements of income. These unrecognized items include the tax effect of certain temporary differences, the portion of gross state and local unrecognized tax benefits that would be offset by the benefit from associated U.S. federal income tax deductions, and the portion of gross non-U.S. unrecognized tax benefits that would have offsets in other jurisdictions. JPMorgan Chase is presently under audit by a number of taxing authorities, most notably by the Internal Revenue Service as summarized in the Tax examination status table below. As JPMorgan Chase is presently under audit by a number of taxing authorities, it is reasonably possible that over the next 12 months the resolution of these examinations may increase or decrease the gross balance of unrecognized tax benefits by as much as approximately $800 million . Upon settlement of an audit, the change in the unrecognized tax benefit balance would result from payment or income statement recognition. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, (in millions) 2015 2014 2013 Balance at January 1, $ 4,911 $ 5,535 $ 7,158 Increases based on tax positions related to the current period 408 810 542 Increases based on tax positions related to prior periods 1,028 477 88 Decreases based on tax positions related to prior periods (2,646 ) (1,902 ) (2,200 ) Decreases related to cash settlements with taxing authorities (204 ) (9 ) (53 ) Balance at December 31, $ 3,497 $ 4,911 $ 5,535 After-tax interest expense/(benefit) and penalties related to income tax liabilities recognized in income tax expense were $(156) million , $17 million and $(184) million in 2015 , 2014 and 2013 , respectively. At December 31, 2015 and 2014 , in addition to the liability for unrecognized tax benefits, the Firm had accrued $578 million and $1.2 billion , respectively, for income tax-related interest and penalties. Tax examination status JPMorgan Chase is continually under examination by the Internal Revenue Service, by taxing authorities throughout the world, and by many states throughout the U.S. The following table summarizes the status of significant income tax examinations of JPMorgan Chase and its consolidated subsidiaries as of December 31, 2015 . December 31, 2015 Periods under examination Status JPMorgan Chase – U.S. 2003 – 2005 Field examination completed; at Appellate level JPMorgan Chase – U.S. 2006 – 2010 Field examination completed, JPMorgan Chase filed amended returns and intends to appeal JPMorgan Chase – U.S. 2011 – 2013 Field Examination JPMorgan Chase – New York State 2008 – 2011 Field Examination JPMorgan Chase – California 2011 – 2012 Field Examination JPMorgan Chase – U.K. 2006 – 2012 Field examination of certain select entities |
Restrictions on Cash and Interc
Restrictions on Cash and Intercompany Funds Transfers | 12 Months Ended |
Dec. 31, 2015 | |
Restrictions on Cash and Intercompany Funds Transfers Disclosure [Abstract] | |
Restrictions on Cash and Intercompany Funds Transfers | Restrictions on cash and intercompany funds transfers The business of JPMorgan Chase Bank, National Association (“ JPMorgan Chase Bank, N.A. ”) is subject to examination and regulation by the Office of the Comptroller of the Currency. The Bank is a member of the U.S. Federal Reserve System, and its deposits in the U.S. are insured by the FDIC. The Federal Reserve requires depository institutions to maintain cash reserves with a Federal Reserve Bank. The average required amount of reserve balances deposited by the Firm’s bank subsidiaries with various Federal Reserve Banks was approximately $14.4 billion and $10.6 billion in 2015 and 2014 , respectively. Restrictions imposed by U.S. federal law prohibit JPMorgan Chase & Co. (“Parent Company”) and certain of its affiliates from borrowing from banking subsidiaries unless the loans are secured in specified amounts. Such secured loans provided by any banking subsidiary to the Parent Company or to any particular affiliate, together with certain other transactions with such affiliate, (collectively referred to as “covered transactions”), are generally limited to 10% of the banking subsidiary’s total capital, as determined by the risk-based capital guidelines; the aggregate amount of covered transactions between any banking subsidiary and all of its affiliates is limited to 20% of the banking subsidiary’s total capital. The principal sources of JPMorgan Chase ’s income (on a parent company-only basis) are dividends and interest from JPMorgan Chase Bank, N.A. , and the other banking and nonbanking subsidiaries of JPMorgan Chase . In addition to dividend restrictions set forth in statutes and regulations, the Federal Reserve, the Office of the Comptroller of the Currency (“OCC”) and the FDIC have authority under the Financial Institutions Supervisory Act to prohibit or to limit the payment of dividends by the banking organizations they supervise, including JPMorgan Chase and its subsidiaries that are banks or bank holding companies, if, in the banking regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in light of the financial condition of the banking organization. At January 1, 2016 , JPMorgan Chase ’s banking subsidiaries could pay, in the aggregate, approximately $25 billion in dividends to their respective bank holding companies without the prior approval of their relevant banking regulators. The capacity to pay dividends in 2016 will be supplemented by the banking subsidiaries’ earnings during the year. In compliance with rules and regulations established by U.S. and non-U.S. regulators, as of December 31, 2015 and 2014 , cash in the amount of $12.6 billion and $16.8 billion , respectively, were segregated in special bank accounts for the benefit of securities and futures brokerage customers. Also, as of December 31, 2015 and 2014, the Firm had receivables within other assets of $ 16.2 billion and $14.9 billion , respectively, consisting of cash deposited with clearing organizations for the benefit of customers. Securities with a fair value of $20.0 billion and $10.1 billion , respectively, were also restricted in relation to customer activity. In addition, as of December 31, 2015 and 2014 , the Firm had other restricted cash of $3.7 billion and $3.3 billion , respectively, primarily representing cash reserves held at non-U.S. central banks and held for other general purposes. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 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 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 capital rules, 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. Basel III 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 (“transitional period”). There are three categories of risk-based capital under the Basel III Transitional rules: 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 NOL and tax credit carryforwards. Tier 1 capital predominantly consists 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 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 at December 31, 2015 and 2014. JPMorgan Chase & Co. (f) Basel III Standardized Transitional Basel III Advanced Transitional (in millions, except ratios) Dec 31, Dec 31, Dec 31, Dec 31, Regulatory capital CET1 capital $ 175,398 $ 164,426 $ 175,398 $ 164,426 Tier 1 capital (a) 200,482 186,263 200,482 186,263 Total capital 234,413 221,117 224,616 210,576 Assets Risk-weighted (b) 1,465,262 1,472,602 1,485,336 1,608,240 Adjusted average (c) 2,361,177 2,464,915 2,361,177 2,464,915 Capital ratios (d) CET1 12.0 % 11.2 % 11.8 % 10.2 % Tier 1 (a) 13.7 12.6 13.5 11.6 Total 16.0 15.0 15.1 13.1 Tier 1 leverage (e) 8.5 7.6 8.5 7.6 JPMorgan Chase Bank, N.A. (f) Basel III Standardized Transitional Basel III Advanced Transitional (in millions, except ratios) Dec 31, Dec 31, Dec 31, Dec 31, Regulatory capital CET1 capital $ 168,857 $ 156,567 $ 168,857 $ 156,567 Tier 1 capital (a) 169,222 156,891 169,222 156,891 Total capital 183,262 173,322 176,423 166,326 Assets Risk-weighted (b) 1,264,056 1,230,358 1,249,607 1,330,175 Adjusted average (c) 1,913,448 1,968,131 1,913,448 1,968,131 Capital ratios (d) CET1 13.4 % 12.7 % 13.5 % 11.8 % Tier 1 (a) 13.4 12.8 13.5 11.8 Total 14.5 14.1 14.1 12.5 Tier 1 leverage (e) 8.8 8.0 8.8 8.0 Chase Bank USA, N.A. (f) Basel III Standardized Transitional Basel III Advanced Transitional (in millions, except ratios) Dec 31, Dec 31, Dec 31, Dec 31, Regulatory capital CET1 capital $ 15,419 $ 14,556 $ 15,419 $ 14,556 Tier 1 capital (a) 15,419 14,556 15,419 14,556 Total capital 21,418 20,517 20,069 19,206 Assets Risk-weighted (b) 105,807 103,468 181,775 157,565 Adjusted average (c) 134,152 128,111 134,152 128,111 Capital ratios (d) CET1 14.6 % 14.1 % 8.5 % 9.2 % Tier 1 (a) 14.6 14.1 8.5 9.2 Total 20.2 19.8 11.0 12.2 Tier 1 leverage (e) 11.5 11.4 11.5 11.4 (a) At December 31, 2015 , trust preferred securities included in Basel III Tier 1 capital were $992 million and $420 million for JPMorgan Chase and JPMorgan Chase Bank, N.A., respectively. At December 31, 2015 Chase Bank USA, N.A. had no trust preferred securities. (b) Effective January 1, 2015, the Basel III Standardized RWA is calculated under the Basel III definition of the Standardized approach. Prior periods were based on Basel I (inclusive of Basel 2.5). (c) Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, includes total quarterly average assets adjusted for unrealized gains/(losses) on securities, less deductions for goodwill and other intangible assets, defined benefit pension plan assets, and deferred tax assets related to net operating loss carryforwards. (d) For each of the risk-based capital ratios, 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 (the “Collins Floor”), as required by the Collins Amendment of the Dodd-Frank Act. (e) The Tier 1 leverage ratio is not a risk-based measure of capital. This ratio is calculated by dividing Tier 1 capital by adjusted average assets. (f) Asset and capital amounts for JPMorgan Chase ’s 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 non-taxable business combinations and from tax-deductible goodwill. The Firm had deferred tax liabilities resulting from non-taxable business combinations of $105 million and $130 million at December 31, 2015 , and 2014, respectively; and deferred tax liabilities resulting from tax-deductible goodwill of $3.0 billion and $2.7 billion at December 31, 2015 , and 2014, respectively. Under the risk-based capital guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios of CET1, Tier 1 and Total capital to risk-weighted assets, as well as minimum leverage ratios (which are 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. 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 December 31, 2015 . Minimum capital ratios (a) Well-capitalized ratios BHC (b) IDI (c) Capital ratios CET1 4.5 % — % 6.5 % Tier 1 6.0 6.0 8.0 Total 8.0 10.0 10.0 Tier 1 leverage 4.0 — 5.0 (a) As defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its national bank subsidiaries are subject. (b) Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve. (c) Represents requirements for bank subsidiaries pursuant to regulations issued under the FDIC Improvement Act. As of December 31, 2015 and 2014, JPMorgan Chase and all of its banking subsidiaries were well-capitalized and met all capital requirements to which each was subject. |
Off-Balance Sheet Lending-Relat
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments | 12 Months Ended |
Dec. 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. To provide for probable credit losses inherent in wholesale and certain consumer lending-commitments, an allowance for credit losses on lending-related commitments is maintained. See Note 15 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 December 31, 2015 and 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) 2015 2014 2015 2014 By remaining maturity at December 31, (in millions) Expires in 1 year or less Expires after Expires after Expires after 5 years Total Total Lending-related Consumer, excluding credit card: Home equity – senior lien $ 1,546 $ 3,817 $ 726 $ 4,743 $ 10,832 $ 11,807 $ — $ — Home equity – junior lien 2,375 4,354 657 4,538 11,924 14,859 — — Prime mortgage (a) 12,992 — — — 12,992 8,579 — — Subprime mortgage — — — — — — — — Auto 8,907 1,160 80 90 10,237 10,462 2 2 Business banking 11,085 699 92 475 12,351 11,894 12 11 Student and other 4 3 — 135 142 552 — — Total consumer, excluding credit card 36,909 10,033 1,555 9,981 58,478 58,153 14 13 Credit card 515,518 — — — 515,518 525,963 — — Total consumer (b) 552,427 10,033 1,555 9,981 573,996 584,116 14 13 Wholesale: Other unfunded commitments to extend credit (c)(d)(e) 85,861 89,925 140,640 6,899 323,325 318,278 649 491 Standby letters of credit and other financial guarantees (c)(d)(e) 16,083 14,287 5,819 2,944 39,133 44,272 548 671 Other letters of credit (c) 3,570 304 67 — 3,941 4,331 2 1 Total wholesale (f)(g) 105,514 104,516 146,526 9,843 366,399 366,881 1,199 1,163 Total lending-related $ 657,941 $ 114,549 $ 148,081 $ 19,824 $ 940,395 $ 950,997 $ 1,213 $ 1,176 Other guarantees and commitments Securities lending indemnification agreements and guarantees (h) $ 183,329 $ — $ — $ — $ 183,329 $ 171,059 $ — $ — Derivatives qualifying as guarantees 3,194 285 11,160 39,145 53,784 53,589 222 80 Unsettled reverse repurchase and securities borrowing agreements 42,482 — — — 42,482 40,993 — — Unsettled repurchase and securities lending agreements 21,798 — — — 21,798 42,578 — — Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 148 275 Loans sold with recourse NA NA NA NA 4,274 6,063 82 102 Other guarantees and commitments (i) 369 2,603 1,075 1,533 5,580 5,720 (94 ) (121 ) (a) Includes certain commitments to purchase loans from correspondents. (b) Predominantly all consumer lending-related commitments are in the U.S. (c) At December 31, 2015 and 2014 , reflects the contractual amount net of risk participations totaling $385 million and $243 million , respectively, for other unfunded commitments to extend credit; $11.2 billion and $13.0 billion , respectively, for standby letters of credit and other financial guarantees; and $341 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 December 31, 2015 and 2014 , included credit enhancements and bond and commercial paper liquidity commitments to U.S. states and municipalities, hospitals and other nonprofit entities of $12.3 billion and $14.8 billion , respectively, within other unfunded commitments to extend credit; and $9.6 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; see Note 16. (e) Effective in 2015, commitments to issue standby letters of credit, including those that could be issued under multipurpose facilities, are presented as other unfunded commitments to extend credit. Previously, such commitments were presented as standby letters of credit and other financial guarantees. At December 31, 2014, these commitments were $45.6 billion . Prior period amounts have been revised to conform with current period presentation. (f) At December 31, 2015 and 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 December 31, 2015 and 2014 , collateral held by the Firm in support of securities lending indemnification agreements was $190.6 billion and $177.1 billion , respectively. Securities lending collateral consist of 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 December 31, 2015 and 2014 , included unfunded commitments of $50 million and $147 million , respectively, to third-party private equity funds; and $871 million and $961 million , respectively, to other equity investments. These commitments included $73 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 December 31, 2015 and 2014 , included letters of credit hedged by derivative transactions and managed on a market risk basis of $4.6 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 consist of 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. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit. Also included in other unfunded commitments to extend credit are commitments to noninvestment-grade counterparties in connection with leveraged finance activities, which were $32.1 billion and $23.4 billion at December 31, 2015 and 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 December 31, 2015 and 2014 , the secured clearance advance facility maximum outstanding commitment amount was $2.9 billion and $12.6 billion , respectively. Guarantees U.S. GAAP requires that a guarantor recognize, at the inception of a guarantee, a liability in an amount equal to the fair value of the obligation undertaken in issuing the guarantee. U.S. GAAP defines a guarantee as a contract that contingently requires the guarantor to pay a guaranteed party based upon: (a) changes in an underlying asset, liability or equity security of the guaranteed party; or (b) a third party’s failure to perform under a specified agreement. 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. As required by U.S. GAAP, the Firm initially records guarantees at the inception date fair value of the obligation assumed (e.g., the amount of consideration received or the net present value of the premium receivable). For certain types of guarantees, the Firm records this fair value amount in other liabilities with an offsetting entry recorded in cash (for premiums received), or other assets (for premiums receivable). Any premium receivable recorded in other assets is reduced as cash is received under the contract, and the fair value of the liability recorded at inception is amortized into income as lending and deposit-related fees over the life of the guarantee contract. For indemnifications provided in sales agreements, a portion of the sale proceeds is allocated to the guarantee, which adjusts the gain or loss that would otherwise result from the transaction. For these indemnifications, the initial liability is amortized to income as the Firm’s risk is reduced (i.e., over time or when the indemnification expires). Any contingent liability that exists as a result of issuing the guarantee or indemnification is recognized when it becomes probable and reasonably estimable. The contingent portion of the liability is not recognized if the estimated amount is less than the carrying amount of the liability recognized at inception (adjusted for any amortization). The recorded amounts of the liabilities related to guarantees and indemnifications at December 31, 2015 and 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 $550 million and $672 million at December 31, 2015 and 2014 , respectively, which were classified in accounts payable and other liabilities on the Consolidated balance sheets; these carrying values included $123 million and $118 million , respectively, for the allowance for lending-related commitments, and $427 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 December 31, 2015 and 2014 . Standby letters of credit, other financial guarantees and other letters of credit 2015 2014 December 31, (in millions) Standby letters of (b) Other letters of credit Standby letters of (b) Other letters of credit Investment-grade (a) $ 31,751 $ 3,290 $ 37,709 $ 3,476 Noninvestment-grade (a) 7,382 651 6,563 855 Total contractual amount $ 39,133 $ 3,941 $ 44,272 $ 4,331 Allowance for lending-related commitments $ 121 $ 2 $ 117 $ 1 Commitments with collateral 18,825 996 20,750 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. (b) Effective in 2015, commitments to issue standby letters of credit, including those that could be issued under multipurpose facilities, are presented as other unfunded commitments to extend credit. Previously, such commitments were presented as standby letters of credit and other financial guarantees. At December 31, 2014, these commitments were $45.6 billion . Prior period amounts have been revised to conform with current period presentation. Securities lending indemnifications Through the Firm’s securities lending program, customers’ securities, via custodial and non-custodial arrangements, may be lent to third parties. As part of this program, the Firm provides an indemnification in the lending agreements which protects the lender against the failure of the borrower to return the lent securities. To minimize its liability under these indemnification agreements, the Firm obtains cash or other highly liquid collateral with a market value exceeding 100% of the value of the securities on loan from the borrower. Collateral is marked to market daily to help assure that collateralization is adequate. Additional collateral is called from the borrower if a shortfall exists, or collateral may be released to the borrower in the event of overcollateralization. If a borrower defaults, the Firm would use the collateral held to purchase replacement securities in the market or to credit the lending customer with the cash equivalent thereof. 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. These contracts include written put options that require the Firm to purchase assets upon exercise by the option holder at a specified price by a specified date in the future. The Firm may enter into written put option contracts in order to meet client needs, or for other trading purposes. The terms of written put options are typically five years or less. Derivatives deemed to be guarantees also include contracts such as stable value derivatives that require the Firm to make a payment of the difference between the market value and the book value of a counterparty’s reference portfolio of assets in the event that market value is less than book value and certain other conditions have been met. Stable value derivatives, commonly referred to as “stable value wraps”, are transacted in order to allow investors to realize investment returns with less volatility than an unprotected portfolio and are typically longer-term or may have no stated maturity, but allow the Firm to terminate the contract under certain conditions. Derivatives deemed to be guarantees are recorded on the Consolidated balance sheets at fair value in trading assets and trading liabilities. The total notional value of the derivatives that the Firm deems to be guarantees was $53.8 billion and $53.6 billion at December 31, 2015 and 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 $28.4 billion and $27.5 billion at December 31, 2015 and 2014 , respectively, and the maximum exposure to loss was $3.0 billion and $2.9 billion at December 31, 2015 and 2014 , respectively. The fair values of the contracts reflect the probability of whether the Firm will be required to perform under the contract. The fair value of derivatives that the Firm deems to be guarantees were derivative payables of $236 million and $102 million and derivative receivables of $14 million and $22 million at December 31, 2015 and 2014 , respectively. 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 6. Unsettled reverse repurchase and securities borrowing agreements , and unsettled repurchase and securities lending agreements In the normal course of business, the Firm enters into reverse repurchase agreements and securities borrowing agreements, which are secured financing agreements. Such agreements settle at a future date. At settlement, these commitments result in the Firm advancing cash to and receiving securities collateral from the counterparty. The Firm also enters into repurchase agreements and securities lending agreements. At settlement, these commitments result in the Firm receiving cash from and providing securities collateral to the counterparty. These agreements generally do not meet the definition of a derivative, and therefore, are not recorded on the Consolidated balance sheets until settlement date. These agreements predominantly consist of agreements with regular-way settlement periods. For a further discussion of securities purchased under resale agreements and securities borrowed, and securities sold under repurchase agreements and securities loaned, see Note 13. Loan sales- and securitization-related indemnifications Mortgage repurchase liability In connection with the Firm’s mortgage loan sale and securitization activities with U.S. GSEs, as described in Note 16, 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 U.S. GSEs (e.g., with “make-whole” payments to reimburse U.S. 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. The carrying values of the repurchase liabilities were $148 million and $275 million at December 31, 2015 and 2014 , respectively. 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. On November 15, 2013, the Firm announced that it had reached a $4.5 billion agreement with 21 major institutional investors to make a binding offer to the trustees of 330 residential mortgage-backed securities trusts issued by J.P.Morgan, Chase, and Bear Stearns (“RMBS Trust Settlement”) to resolve all representation and warranty claims, as well as all servicing claims, on all trusts issued by J.P. Morgan, Chase, and Bear Stearns between 2005 and 2008. For further information see Note 31 . In addition, from 2005 to 2008, Washington Mutual made certain loan level representations and warranties in connection with approximately $165 billion of residential mortgage loans that were originally sold or deposited into private-label securitizations by Washington Mutual. Of the $165 billion , approximately $81 billion has been repaid. In addition, approximately $50 billion of the principal amount of such loans has liquidated with an average loss severity of 59% . Accordingly, the remaining outstanding principal balance of these loans as of December 31, 2015 , was approximately $33 billion , of which $6 billion was 60 days or more past due. The Firm believes that any repurchase obligations related to these loans remain with the FDIC receivership. For additional information regarding litigation, see Note 31. 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 December 31, 2015 and 2014 , the unpaid principal balance of loans sold with recourse totaled $4.3 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 $82 million and $102 million at December 31, 2015 and 2014 , respectively. Other off-balance sheet arrangements Indemnification agreements – general In connection with issuing securities to investors, the Firm may enter into contractual arrangements with third parties that require the Firm to make a payment to them in the event of a change in tax law or an adverse interpretation of tax law. In certain cases, the contract also may include a termination clause, which would allow the Firm to settle the contract at its fair value in lieu of making a payment under the indemnification clause. The Firm may also enter into indemnification clauses in connection with the licensing of software to clients (“software licensees”) or when it sells a business or assets to a third party (“third-party purchasers”), pursuant to which it indemnifies software licensees for claims of liability or damages that may occur subsequent to the licensing of the software, or third-party purchasers for losses they may incur due to actions taken by the Firm prior to the sale of the business or assets. It is difficult to estimate the Firm’s maximum exposure under these indemnification arrangements, since this would require an assessment of future changes in tax law and future claims that may be made against the Firm that have not yet occurred. However, based on historical experience, management expects the risk of loss to be remote. Card charge-backs Commerce Solutions, Card’s merchant services business, is a global leader in payment processing and merchant acquiring. Under the rules of Visa USA, Inc., and MasterCard International, JPMorgan Chase Bank, N.A., is primarily liable for the amount of each processed card sales transaction that is the subject of a dispute between a cardmember and a merchant. If a dispute is resolved in the cardmember’s favor, Commerce Solutions will (through the cardmember’s issuing bank) credit or refund the amount to the cardmember and will charge back the transaction to the merchant. If Commerce Solutions is unable to collect the amount from the merchant, Commerce Solutions will bear the loss for the amount credited or refunded to the cardmember. Commerce Solutions mitigates this risk by withholding future settlements, retaining cash reserve accounts or by obtaining other security. However, in the unlikely event that: (1) a merchant ceases operations and is unable to deliver products, services or a refund; (2) Commerce Solutions does not have sufficient collateral from the merchant to provide customer refunds; and (3) Commerce Solutions does not have sufficient financial resources to provide customer refunds, JPMorgan Chase Bank, N.A., would recognize the loss. Commerce Solutions incurred aggregate losses of $12 million , $10 million , and $14 million on $949.3 billion , $847.9 billion , and $750.1 billion of aggregate volume processed for the years ended December 31, 2015 , 2014 and 2013 , respectively. Incurred losses from merchant charge-backs are charged to other expense, with the offset recorded in a valuation allowance against accrued interest and accounts receivable on the Consolidated balance sheets. The carrying value of the valuation allowance was $20 million and $4 million at December 31, 2015 and 2014 , respectively, which the Firm believes, based on historical experience and the collateral held by Commerce Solutions of $136 million and $174 million at December 31, 2015 and 2014 , respectively, is representative of the payment or performance risk to the Firm related to charge-backs. Clearing Services – Client Credit Risk The Firm provides clearing services for clients by entering into securities purchases and sales and derivative transactions, with CCPs, including ETDs such as futures and options, as well as OTC-cleared derivative contracts. As a clearing member, the Firm stands behind the performance of its clients, collects cash and securities collateral (margin) as well as any settlement amounts due from or to clients, and remits them to the relevant CCP or client in whole or part. There are two types of margin. Variation margin is posted on a daily basis based on the value of clients’ derivative contracts. Initial margin is posted at inception of a derivative contract, generally on the basis of the potential changes in the variation margin requirement for the contract. As clearing member, the Firm is exposed to the risk of nonperformance by its clients, but is not liable to clients for the performance of the CCPs. Where possible, the Firm seeks to mitigate its risk to the client through the collection of appropriate amounts of margin at inception and throughout the life of the transactions. The Firm can also cease providing clearing services if clients do not adhere to their obligations under the clearing agreement. In the event of non-performance by a client, the Firm would close out the client’s positions and access available margin. The CCP would utilize any margin it holds to make itself whole, with any remaining shortfalls required to be paid by the Firm as a clearing member. The Firm reflects its exposure to nonperformance risk of the client through the recognition of margin payables or receivables to clients and CCPs, but does not reflect the clients’ underlying securities or derivative contracts on its Consolidated Financial Statements. It is difficult to estimate the Firm’s maximum possible exposure through its role as a clearing member, as this would require an assessment of transactions that clients may execute in the future. However, based upon historical experience, and the credit risk mitigants available to the Firm, management believes it is unlikely that the Firm will have to make any material payments under these arrangements and the risk of loss is expected to be remote. For information on the derivatives that the Firm executes for its own account and records in its Consolidated Financial Statements, see Note 6. Exchange & Clearing House Memberships The Firm is a member of several securities and derivative exchanges and clearing houses, both in the U.S. and other countries, and it provides clearing services. Membership in some of these organizations requires the Firm to pay a pro rata share of the losses incurred by the organization as a result of the default of another member. Such obligations vary with different organizations. These obligations may be limited to members who dealt with the defaulting member or to the amount (or a multiple of the amount) of the Firm’s contribution to the guarantee fund maintained by a clearing house or exchange as part of the resources available to cover any losses in the event of a member default. Alternatively, these obligations may be a full pro-rata share of the residual losses after applying the guarantee fund. Additionally, certain clearing houses require the Firm as a member to pay a pro rata share of losses resulting from the clearing house’s investment of guarantee fund contributions and initial margin, unrelated to and independent of the default of another member. Generally a payment would only be required should such losses exceed the resources of the clearing house or exchange that are contractually required to absorb the losses in the first instance. It is difficult to estimate the Firm’s maximum possible exposure under these membership agreements, since this would require an assessment of future claims that may be made against the Firm that have not yet occurred. However, based on historical experience, management expects the risk of loss to be remote. Guarantees of subsidiaries In the normal course of business, JPMorgan Chase & Co. (“Parent Company”) may provide counterparties with guarantees of certain of the trading and other obligations of its subsidiaries on a contract-by-contract basis, as negotiated with the Firm’s counterparties. The obligations of the subsidiaries are included on the Firm’s Consolidated balance sheets or are reflected as off-balance sheet commitments; therefore, the Parent Company has not recognized a separate liability for these guarantees. The Firm believes that the occurrence of any event that would trigger payments by the Parent Company under these guarantees is remote. The Parent Company has guaranteed certain debt of its subsidiaries, including both long-term debt and structured notes . These guarantees are not included in the table on page 291 of this Note. For additional information, see Note 21. JPMorgan Chase Financial Company LLC (“JPMFC”), a direct, 100% -owned finance subsidiary of the Parent Company, was formed on September 30, 2015, for the purpose of issuing debt and other securities in offerings to investors. Any securities issued by JPMFC will be fully and unconditionally guaranteed by the Parent Company, and these guarantees will rank on a parity with the Firm’s unsecured and unsubordinated indebtedness. As of December 31, 2015, no securities had been issued by JPMFC. |
Commitments, Pledged Assets, an
Commitments, Pledged Assets, and Collateral | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Pledged Assets and Collateral | Commitments, pledged assets and collateral Lease commitments At December 31, 2015 , JPMorgan Chase and its subsidiaries were obligated under a number of noncancelable operating leases for premises and equipment used primarily for banking purposes , and for energy-related tolling service agreements. Certain leases contain renewal options or escalation clauses providing for increased rental payments based on maintenance, utility and tax increases, or they require the Firm to perform restoration work on leased premises. No lease agreement imposes restrictions on the Firm’s ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements. The following table presents required future minimum rental payments under operating leases with noncancelable lease terms that expire after December 31, 2015 . Year ended December 31, (in millions) 2016 $ 1,668 2017 1,647 2018 1,447 2019 1,263 2020 1,125 After 2020 4,679 Total minimum payments required 11,829 Less: Sublease rentals under noncancelable subleases (1,889 ) Net minimum payment required $ 9,940 Total rental expense was as follows. Year ended December 31, (in millions) 2015 2014 2013 Gross rental expense $ 2,015 $ 2,255 $ 2,187 Sublease rental income (411 ) (383 ) (341 ) Net rental expense $ 1,604 $ 1,872 $ 1,846 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 instruments owned (pledged to various parties) on the Consolidated balance sheets. At December 31, 2015 and 2014 , the Firm had pledged assets of $385.6 billion and $324.5 billion , respectively, at Federal Reserve Banks and FHLBs. In addition, as of December 31, 2015 and 2014 , the Firm had pledged $50.7 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 16 for additional information on assets and liabilities of consolidated VIEs. For additional information on the Firm’s securities financing activities and long-term debt, see Note 13 and Note 21, respectively. The significant components of the Firm’s pledged assets were as follows. December 31, (in billions) 2015 2014 Securities $ 124.3 $ 118.7 Loans 298.6 248.2 Trading assets and other 144.9 169.0 Total assets pledged $ 567.8 $ 535.9 Collateral At December 31, 2015 and 2014 , the Firm had accepted assets as collateral that it could sell or repledge, deliver or otherwise use with a fair value of approximately $748.5 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 $580.9 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 | 12 Months Ended |
Dec. 31, 2015 | |
Litigation [Abstract] | |
Litigation | Litigation Contingencies As of December 31, 2015 , the Firm and its subsidiaries and affiliates 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 $3.6 billion at December 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 matters, the Firm does not believe that such an estimate can be made. 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 significantly. Set forth below are descriptions of the Firm’s material legal proceedings. Auto Dealer Regulatory Matter. The U.S. Department of Justice (“DOJ”) is investigating potential statistical disparities in markups charged to borrowers of 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 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”). A settlement of the shareholder class action, under which the Firm will pay $150 million , has been preliminarily approved by the court. The putative ERISA class action has been dismissed, and plaintiffs have filed a notice of appeal. Six of the seven shareholder derivative actions have been dismissed. 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 asserted 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. In December 2015, the EC announced the closure of its investigation as to the Firm and other investment banks. Separately, the Firm and other defendants have entered separate agreements to settle 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 in this action had alleged 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. These settlements are subject to Court approval. Custody Assets Investigation . The U.K. Financial Conduct Authority (“FCA”) has closed its previously-reported 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. 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 and inquiries by other, non-U.S. government authorities, including competition authorities, remain ongoing, and the Firm is cooperating with those matters. The Firm is also one of a number of foreign exchange dealers defending a class action filed in the United States District Court for the Southern District of New York by U.S.-based plaintiffs, principally alleging violations of federal antitrust laws based on an alleged conspiracy to manipulate foreign exchange rates (the “U.S. class action”). In January 2015, the Firm entered into a settlement agreement in the U.S. class action. Following this settlement, a number of additional putative class actions were filed seeking damages for persons who transacted FX futures and options on futures (the “exchanged-based actions”), consumers who purchased foreign currencies at allegedly inflated rates (the “consumer actions”), and participants or beneficiaries of qualified ERISA plans (the “ERISA actions”). In July 2015, the plaintiffs in the U.S. class action filed an amended complaint, and the Court consolidated the exchange-based actions into the U.S. class action. The Firm has entered into a revised settlement agreement to resolve the consolidated U.S. class action, including the exchange-based actions, and that agreement is subject to Court approval. The consumer actions and ERISA actions remain pending. In September 2015, two class actions were filed in Canada against the Firm as well as a number of other FX dealers, principally for alleged violations of the Canadian Competition Act based on an alleged conspiracy to fix the prices of currency purchased in the FX market. The first action was filed in the province of Ontario, and seeks to represent all persons in Canada who transacted any FX instrument. The second action seeks to represent only those persons in Quebec who engaged in FX transactions. 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. The proceedings in the Bankruptcy Court continue 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 that was unaffected by the filing of the termination statement at issue. In addition, certain Term Loan lenders filed cross-claims against JPMorgan Chase Bank, N.A. in the Bankruptcy Court seeking indemnification and asserting various claims. 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 appealed, and oral argument was held in September 2015. Certain merchants and trade associations have also filed a motion with the District Court seeking to set aside the approval of the class settlement on the basis of alleged improper communications between one of MasterCard’s former outside counsel and one of plaintiffs’ outside counsel. That motion remains pending. 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 those actions was denied in July 2014. Investment Management Litigation. The Firm is defending two pending cases that are being coordinated for pre-trial purposes, alleging 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 total losses of more than $1 billion in market value of these securities. Discovery has been completed. In January 2016, plaintiffs filed a joint partial motion for summary judgment in the coordinated actions. 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 asserted both federal bankruptcy law and state common law claims, and sought, among other relief, to recover $7.9 billion in collateral (after deducting $700 million of returned collateral) that was transferred to JPMorgan Chase Bank, N.A. in the weeks preceding LBHI’s bankruptcy. The amended complaint also sought unspecified damages on the grounds that JPMorgan Chase Bank, N.A.’s collateral requests hastened LBHI’s bankruptcy. The Bankruptcy Court dismissed the claims in the amended complaint that sought to void the allegedly constructively fraudulent and preferential transfers made to the Firm during September 2008, but did not dismiss the other claims, including claims for duress and fraud. The Firm filed counterclaims against LBHI, including 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, which was repaid principally through collateral posted by LBHI and LBI. In September 2015, the District Court, to which the case had been transferred from the Bankruptcy Court, granted summary judgment in favor of JPMorgan Chase Bank, N.A. on most of the claims against it that the Bankruptcy Court had not previously dismissed, including the claims for duress and fraud. The District Court also denied LBHI’s motion for summary judgment on certain of its claims and for dismissal of the Firm’s counterclaims. The claims that remained following the District Court’s ruling challenged the propriety of the Firm’s post-petition payment, from collateral posted by LBHI, of approximately $1.9 billion of derivatives, repo and securities lending claims. In the Bankruptcy Court proceedings, LBHI and several of its subsidiaries that had been Chapter 11 debtors had 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. In January 2015, LBHI filed claims objections with respect to guaranty claims asserted by the Firm arising from close-outs of derivatives transactions with LBI and one of its affiliates, and a claim objection with respect to derivatives close-out claims acquired by the Firm in the Washington Mutual transaction. In January 2016, the parties reached an agreement, approved by the Bankruptcy Court, under which the Firm will pay $1.42 billion to settle all of the claims, counterclaims and claims objections, including all appeal rights, except for the claims specified in the following paragraph. One pro se objector is seeking to appeal the settlement. The settlement did not resolve the following remaining matters: In the Bankruptcy Court proceedings, LBHI and the Committee 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. In January 2015, LBHI brought two claims objections relating to securities lending claims and a group of other smaller claims. Discovery with respect to these objections is ongoing. 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 the 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 processes for the setting of U.S. dollar ISDAFIX rates and 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. As previously reported, the Firm has resolved EC inquiries relating to Yen LIBOR and Swiss Franc 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 and made oral representations. Other inquiries have been discontinued without any action against JPMorgan Chase, including by the FCA and the Canadian Competition Bureau. In addition, the Firm has been named as a defendant along with other banks in a series of individual and putative 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. These matters are in various stages of litigation. 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. The Court dismissed certain claims, including the antitrust claims, and permitted other claims under the Commodity Exchange Act and common law to proceed. Certain plaintiffs 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. The Court of Appeals heard oral argument on remand in November 2015. The Firm is 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. 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 -- and resolved as to the Firm -- 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. Plaintiffs subsequently served a motion in the Court of Appeals seeking to have the Court reconsider its prior decision in light of another recent appellate decision. That motion was denied in June 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. In January 2016, the Appellate Court affirmed the dismissal. A putative class action was 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 a prior 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 was filed in the United States District Court for the Middle District of Florida, although it was not styled as a class action, and included claims pursuant to Florida statutes. The Firm moved to transfer both the Florida and New Jersey actions to the United States District Court for the Southern District of New York. The Florida court denied the transfer motion, but subsequently granted the Firm’s motion to dismiss the case in September 2015. Plaintiffs have filed a notice of appeal, which is pending. In addition, the same plaintiffs have re-filed their dismissed state claims in Florida state court. The New Jersey court granted the transfer motion to the Southern District of New York, and the Firm has moved to dismiss the case pending in New York. 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. All three actions have been dismissed. The plaintiff in one action did not appeal, the dismissal has been affirmed on appeal in another action, and one appeal remains pending. Mortgage-Backed Securities and Repurchase Litigation and Related Regulatory Investigations. The Firm 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 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 below, there are currently pending and tolled investor claims involving MBS with an original principal balance of approximately $4.2 billion , of which $2.6 billion involves JPMC, Bear Stearns or Washington Mutual as issuer and $1.6 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 . JPMC has fully resolved all pending putative class actions on behalf of purchasers of MBS. Issuer Litigation – Individual Purchaser 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). The Firm has settled a number of these actions. Several actions remain pending in federal and state courts across the U.S. and are in various stages of litigation. Monoline Insurer Litigation . The Firm has settled two pending actions relating to a monoline insurer’s guarantees of principal and interest on certain classes of 11 different Bear Stearns MBS offerings. This settlement fully resolves all pending actions by monoline insurers against the Firm relating to RMBS issued and/or sponsored by the Firm. 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. Currently there is one such action pending against the Firm relating to a single offering of another issuer. Repurchase Litigation . The Firm is defending a number of actions brought by trustees, securities administrators or master servicers of various MBS trusts 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 330 MBS trusts created between 2005 and 2008. The offer does not resolve claims relating to Washington Mutual MBS. The 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. The judicial approval hearing was held in January 2016, and the parties are awaiting a decision. An investor in some of the trusts for which the settlement has been accepted has intervened in the judicial approval proceeding to challenge the trustees’ allocation of the settlement among the trusts. Separately, in October 2015, JPMC reached agreements to resolve repurchase and servicing claims for four trusts among the 16 that were previously excluded from the trustee settlement. In December 2015, the court approved the trustees’ decision to accept these separate settlements. The trustees are seeking to obtain certain remaining approvals necessary to effectuate these settlements. Additional actions have been filed against third-party trustees that relate to loan repurchase and servicing claims involving trusts sponsored by JPMC, Bear Stearns and Washington Mutual. 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, one of which 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 relating to jurisdiction. Government Enforcement Investigations and Litigation . The Firm is responding to an ongoing investigation being conducted by the DOJ’s Criminal Division and two United States Attorney’s Offices 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 the DOJ, including the United States Attorney’s Office for the District of Connecticut, and by 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. 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 in January 2016, the dismissal was affirmed on 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 and Equal Credit Opportunity Act in connection with its mortgage lending practices. In addition, three municipalities have commenced litigation against the Firm alleging violations of an unfair competition law or the Fair Housing Act. The municipalities seek, among other things, civil penalties for the unfair competition claim, and, for the Fair Housing Act claims, damages resulting from lost tax revenue and increased municipal costs associated with foreclosed properties. Two of the municipal actions are stayed, and a motion to dismiss is pending in the remaining action. 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 (collectively, the “Bankruptcy Trustee”) to resolve issues relating to mortgage payment change notices and escrow statements in bankruptcy proceedings. In January 2016, the OCC determined that, among other things, the mortgage payment change notices issues that were the subject of the settlement with the Bankruptcy Trustee violated the 2011 mortgage servicing-related consent order entered into by JPMorgan Chase Bank, N.A. and the OCC (as amended in 2013 and 2015), and assessed a $48 million civil money penalty. The OCC concurrently terminated that consent order. 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. Petters Bankruptcy and Related Matters. JPMorgan Chase and certain of its affiliates, including One Equity Partners (“OEP”), have been named as defendants |
International Operations
International Operations | 12 Months Ended |
Dec. 31, 2015 | |
Segments, Geographical Areas [Abstract] | |
International Operations | International operations The following table presents income statement- and balance sheet-related information for JPMorgan Chase by major international geographic area. The Firm defines international activities for purposes of this footnote presentation as business transactions that involve clients residing outside of the U.S., and the information presented below is based predominantly on the domicile of the client, the location from which the client relationship is managed, or the location of the trading desk. However, many of the Firm’s U.S. operations serve international businesses. As the Firm’s operations are highly integrated, estimates and subjective assumptions have been made to apportion revenue and expense between U.S. and international operations. These estimates and assumptions are consistent with the allocations used for the Firm’s segment reporting as set forth in Note 33. The Firm’s long-lived assets for the periods presented are not considered by management to be significant in relation to total assets. The majority of the Firm’s long-lived assets are located in the U.S. As of or for the year ended December 31, (in millions) Revenue (b) Expense (c) Income before income tax expense Net income Total assets 2015 Europe/Middle East and Africa $ 14,206 $ 8,871 $ 5,335 $ 4,158 $ 347,647 (d) Asia and Pacific 6,151 4,241 1,910 1,285 138,747 Latin America and the Caribbean 1,923 1,508 415 253 48,185 Total international 22,280 14,620 7,660 5,696 534,579 North America (a) 71,263 48,221 23,042 18,746 1,817,119 Total $ 93,543 $ 62,841 $ 30,702 $ 24,442 $ 2,351,698 2014 Europe/Middle East and Africa $ 16,013 $ 10,123 $ 5,890 $ 3,935 $ 481,328 (d) Asia and Pacific 6,083 4,478 1,605 1,051 147,357 Latin America and the Caribbean 2,047 1,626 421 269 44,567 Total international 24,143 16,227 7,916 5,255 673,252 North America (a) 70,969 48,186 22,783 16,490 1,899,022 Total $ 95,112 $ 64,413 $ 30,699 $ 21,745 $ 2,572,274 2013 Europe/Middle East and Africa $ 15,585 $ 9,069 $ 6,516 $ 4,842 $ 514,747 (d) Asia and Pacific 6,168 4,248 1,920 1,254 145,999 Latin America and the Caribbean 2,251 1,626 625 381 41,473 Total international 24,004 14,943 9,061 6,477 702,219 North America (a) 73,363 55,749 17,614 11,409 1,712,660 Total $ 97,367 $ 70,692 $ 26,675 $ 17,886 $ 2,414,879 (a) Substantially reflects the U.S. (b) Revenue is composed of net interest income and noninterest revenue. (c) Expense is composed of noninterest expense and the provision for credit losses. (d) Total assets for the U.K. were approximately $306 billion , $434 billion , and $451 billion at December 31, 2015 , 2014 and 2013 , respectively. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 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 definition of managed basis, see Explanation and Reconciliation of the Firm’s use of non-GAAP financial measures, on pages 80–82 . For a further discussion concerning JPMorgan Chase ’s business segments, see Business Segment Results on pages 83–84 . The following is a description of each of the Firm’s business segments, and the products and services they provide to their respective client bases. Consumer & Community Banking Consumer & Community Banking (“CCB”) serves consumers and businesses through personal service at bank branches and through ATMs, online, mobile and telephone banking. CCB is organized into Consumer & Business Banking (including Consumer Banking/Chase Wealth Management and Business Banking), Mortgage Banking (including Mortgage Production, Mortgage Servicing and Real Estate Portfolios) and Card, Commerce Solutions & Auto (“Card”). Consumer & Business Banking offers deposit and investment products and services to consumers, and lending, deposit, and cash management and payment solutions to small businesses. Mortgage Banking includes mortgage origination and servicing activities, as well as portfolios consisting of residential mortgages and home equity loans. Card issues credit cards to consumers and small businesses, offers payment processing services to merchants, and provides auto loans and leases and student loan services. Corporate & Investment Bank The Corporate & Investment Bank (“CIB”), which consists of Banking and Markets & Investor Services, offers a broad suite of investment banking, market-making, prime brokerage, and treasury and securities products and services to a global client base of corporations, investors, financial institutions, government and municipal entities. Banking offers a full range of investment banking products and services in all major capital markets, including advising on corporate strategy and structure, capital-raising in equity and debt markets, as well as loan origination and syndication. Banking also includes Treasury Services, which provides transaction services, consisting of cash management and liquidity solutions. Markets & Investor Services is a global market-maker in cash securities and derivative instruments, and also offers sophisticated risk management solutions, prime brokerage, and research. Markets & Investor Services also includes Securities Services, a leading global custodian which provides custody, fund accounting and administration, and securities lending products principally for asset managers, insurance companies and public and private investment funds . Commercial Banking Commercial Banking (“CB”) delivers extensive industry knowledge, local expertise and dedicated service to U.S. and U.S. multinational clients, including corporations, municipalities, financial institutions and nonprofit entities with annual revenue generally ranging from $20 million to $2 billion . In addition, CB provides financing to real estate investors and owners. Partnering with the Firm’s other businesses, CB provides comprehensive financial solutions, including lending, treasury services, investment banking and asset management to meet its clients’ domestic and international financial needs. Asset Management Asset Management (“AM”), with client assets of $2.4 trillion , is a global leader in investment and wealth management. AM clients include institutions, high-net-worth individuals and retail investors in many major markets throughout the world. AM offers investment management across most major asset classes including equities, fixed income, alternatives and money market funds. AM also offers multi-asset investment management, providing solutions for a broad range of clients’ investment needs. For Global Wealth Management clients, AM also provides retirement products and services, brokerage and banking services including trusts and estates, loans, mortgages and deposits. The majority of AM’s client assets are in actively managed portfolios. Corporate The Corporate segment consists of Treasury and Chief Investment Office (“CIO”) and Other Corporate, which includes corporate staff units and expense that is centrally managed. Treasury and CIO are predominantly responsible for measuring, monitoring, reporting and managing the Firm’s liquidity, funding and structural interest rate and foreign exchange risks, as well as executing the Firm’s capital plan. The major Other Corporate units include Real Estate, Enterprise Technology, Legal, Compliance, Finance, Human Resources, Internal Audit, Risk Management, Oversight & Control, Corporate Responsibility and various Other Corporate groups. Other centrally managed expense includes the Firm’s occupancy and pension-related expenses that are subject to allocation to the businesses. Segment results The following tables provide a summary of the Firm’s segment results as of or for the years ended December 31, 2015 , 2014 and 2013 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). Preferred stock dividend allocation As part of its funds transfer pricing process, the Firm allocates substantially all of the cost of its outstanding preferred stock to its reportable business segments, while retaining the balance of the cost in Corporate. This cost is included as a reduction to net income applicable to common equity to be consistent with the presentation of firmwide results. Business segment capital allocation changes 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 the equity allocations to its lines of business as refinements are implemented. Each business segment is allocated capital by taking into consideration stand-alone peer comparisons, regulatory capital requirements (as estimated under Basel III Advanced Fully Phased-In rules) and economic risk. The amount of capital assigned to each business is referred to as equity. Segment results and reconciliation As of or for the year ended December 31, (in millions, except ratios) Consumer & Community Banking Corporate & Investment Bank Commercial Banking 2015 2014 2013 2015 2014 2013 2015 2014 2013 Noninterest revenue $ 15,592 $ 15,937 $ 17,552 $ 23,693 $ 23,420 $ 23,736 $ 2,365 $ 2,349 $ 2,298 Net interest income 28,228 28,431 28,985 9,849 11,175 10,976 4,520 4,533 4,794 Total net revenue 43,820 44,368 46,537 33,542 34,595 34,712 6,885 6,882 7,092 Provision for credit losses 3,059 3,520 335 332 (161 ) (232 ) 442 (189 ) 85 Noninterest expense 24,909 25,609 27,842 21,361 23,273 21,744 2,881 2,695 2,610 Income/(loss) before income tax expense/(benefit) 15,852 15,239 18,360 11,849 11,483 13,200 3,562 4,376 4,397 Income tax expense/(benefit) 6,063 6,054 7,299 3,759 4,575 4,350 1,371 1,741 1,749 Net income/(loss) $ 9,789 $ 9,185 $ 11,061 $ 8,090 $ 6,908 $ 8,850 $ 2,191 $ 2,635 $ 2,648 Average common equity $ 51,000 $ 51,000 $ 46,000 $ 62,000 $ 61,000 $ 56,500 $ 14,000 $ 14,000 $ 13,500 Total assets 502,652 455,634 452,929 748,691 861,466 843,248 200,700 195,267 190,782 Return on common equity 18 % 18 % 23 % 12 % 10 % 15 % 15 % 18 % 19 % Overhead ratio 57 58 60 64 67 63 42 39 37 (a) Segment managed results reflect revenue on a FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (table continued from previous page) Asset Management Corporate Reconciling Items (a) Total 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 $ 9,563 $ 9,588 $ 9,029 $ 800 $ 1,972 $ 3,093 $ (1,980 ) $ (1,788 ) $ (1,660 ) $ 50,033 $ 51,478 $ 54,048 2,556 2,440 2,376 (533 ) (1,960 ) (3,115 ) (1,110 ) (985 ) (697 ) 43,510 43,634 43,319 12,119 12,028 11,405 267 12 (22 ) (3,090 ) (2,773 ) (2,357 ) 93,543 95,112 97,367 4 4 65 (10 ) (35 ) (28 ) — — — 3,827 3,139 225 8,886 8,538 8,016 977 1,159 10,255 — — — 59,014 61,274 70,467 3,229 3,486 3,324 (700 ) (1,112 ) (10,249 ) (3,090 ) (2,773 ) (2,357 ) 30,702 30,699 26,675 1,294 1,333 1,241 (3,137 ) (1,976 ) (3,493 ) (3,090 ) (2,773 ) (2,357 ) 6,260 8,954 8,789 $ 1,935 $ 2,153 $ 2,083 $ 2,437 $ 864 $ (6,756 ) $ — $ — $ — $ 24,442 $ 21,745 $ 17,886 $ 9,000 $ 9,000 $ 9,000 $ 79,690 $ 72,400 $ 71,409 $ — $ — $ — $ 215,690 $ 207,400 $ 196,409 131,451 128,701 122,414 768,204 931,206 805,506 NA NA NA 2,351,698 2,572,274 2,414,879 21 % 23 % 23 % NM NM NM NM NM NM 11 % 10 % 9 % 73 71 70 NM NM NM NM NM NM 63 64 72 |
Parent Company
Parent Company | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company | Parent company Parent company – Statements of income and comprehensive income Year ended December 31, (in millions) 2015 2014 2013 Income Dividends from subsidiaries and affiliates: Bank and bank holding company $ 10,653 $ — $ 1,175 Nonbank (a) 8,172 14,716 876 Interest income from subsidiaries 443 378 757 Other interest income 234 284 303 Other income from subsidiaries, primarily fees: Bank and bank holding company 1,438 779 318 Nonbank (2,945 ) 52 2,065 Other income/(loss) 3,316 508 (1,380 ) Total income 21,311 16,717 4,114 Expense Interest expense to subsidiaries and affiliates (a) 98 169 309 Other interest expense 3,720 3,645 4,031 Other noninterest expense 2,611 827 9,597 Total expense 6,429 4,641 13,937 Income (loss) before income tax benefit and undistributed net income of subsidiaries 14,882 12,076 (9,823 ) Income tax benefit 1,640 1,430 4,301 Equity in undistributed net income of subsidiaries 7,920 8,239 23,408 Net income $ 24,442 $ 21,745 $ 17,886 Other comprehensive income, net (1,997 ) 990 (2,903 ) Comprehensive income $ 22,445 $ 22,735 $ 14,983 Parent company – Balance sheets December 31, (in millions) 2015 2014 Assets Cash and due from banks $ 74 $ 211 Deposits with banking subsidiaries 65,799 95,884 Trading assets 13,830 18,222 Available-for-sale securities 3,154 3,321 Loans 1,887 2,260 Advances to, and receivables from, subsidiaries: Bank and bank holding company 32,454 33,810 Nonbank 58,674 52,626 Investments (at equity) in subsidiaries and affiliates: Bank and bank holding company 225,613 215,732 Nonbank (a) 34,205 41,173 Other assets 18,088 18,200 Total assets $ 453,778 $ 481,439 Liabilities and stockholders’ equity Borrowings from, and payables to, subsidiaries and affiliates (a) $ 11,310 $ 17,381 Other borrowed funds, primarily commercial paper 3,722 49,586 Other liabilities 11,940 11,918 Long-term debt (b)(c) 179,233 170,827 Total liabilities (c) 206,205 249,712 Total stockholders’ equity 247,573 231,727 Total liabilities and stockholders’ equity $ 453,778 $ 481,439 Parent company – Statements of cash flows Year ended December 31, (in millions) 2015 2014 2013 Operating activities Net income $ 24,442 $ 21,745 $ 17,886 Less: Net income of subsidiaries and affiliates (a) 26,745 22,972 25,496 Parent company net loss (2,303 ) (1,227 ) (7,610 ) Cash dividends from subsidiaries and affiliates (a) 17,023 14,714 1,917 Other operating adjustments 2,483 (1,681 ) 3,217 Net cash provided by/(used in) operating activities 17,203 11,806 (2,476 ) Investing activities Net change in: Deposits with banking subsidiaries 30,085 (31,040 ) 10,679 Available-for-sale securities: Proceeds from paydowns and maturities 120 12,076 61 Purchases — — (12,009 ) Other changes in loans, net 321 (319 ) (713 ) Advances to and investments in subsidiaries and affiliates, net (81 ) 3,306 14,469 All other investing activities, net 153 32 22 Net cash provided by/(used in) investing activities 30,598 (15,945 ) 12,509 Financing activities Net change in: Borrowings from subsidiaries and affiliates (a) (4,062 ) 4,454 (2,715 ) Other borrowed funds (47,483 ) (5,778 ) (7,297 ) Proceeds from the issuance of long-term debt 42,121 40,284 31,303 Payments of long-term debt (30,077 ) (31,050 ) (21,510 ) Proceeds from issuance of preferred stock 5,893 8,847 3,873 Redemption of preferred stock — — (1,800 ) Treasury stock and warrants repurchased (5,616 ) (4,760 ) (4,789 ) Dividends paid (7,873 ) (6,990 ) (6,056 ) All other financing activities, net (840 ) (921 ) (994 ) Net cash provided by/(used in) financing activities (47,937 ) 4,086 (9,985 ) Net increase/(decrease) in cash and due from banks (137 ) (53 ) 48 Cash and due from banks at the beginning of the year, primarily with bank subsidiaries 211 264 216 Cash and due from banks at the end of the year, primarily with bank subsidiaries $ 74 $ 211 $ 264 Cash interest paid $ 3,873 $ 3,921 $ 4,409 Cash income taxes paid, net 8,251 200 2,390 (a) Affiliates include trusts that issued guaranteed capital debt securities (“issuer trusts”). The Parent received dividends of $2 million , $2 million and $5 million from the issuer trusts in 2015 , 2014 and 2013 , respectively. For further discussion on these issuer trusts, see Note 21. (b) At December 31, 2015 , long-term debt that contractually matures in 2016 through 2020 totaled $27.2 billion , $26.0 billion , $21.1 billion , $11.5 billion and $22.2 billion , respectively. (c) For information regarding the Parent’s guarantees of its subsidiaries’ obligations, see Notes 21 and 29. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 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. |
Reclassifications policy | Certain amounts reported in prior periods have been reclassified to conform with the current presentation. |
Consolidation policy | The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated. Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets. The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”). Voting Interest Entities Voting interest entities are entities that have sufficient equity and provide the equity investors voting rights that enable them to make significant decisions relating to the entity’s operations. For these types of entities, the Firm’s determination of whether it has a controlling interest is primarily based on the amount of voting equity interests held. Entities in which the Firm has a controlling financial interest, through ownership of the majority of the entities’ voting equity interests, or through other contractual rights that give the Firm control, are consolidated by the Firm. Investments in companies in which the Firm has significant influence over operating and financing decisions (but does not own a majority of the voting equity interests) are accounted for (i) in accordance with the equity method of accounting (which requires the Firm to recognize its proportionate share of the entity’s net earnings), or (ii) at fair value if the fair value option was elected. These investments are generally included in other assets, with income or loss included in other income. Certain Firm -sponsored asset management funds are structured as limited partnerships or limited liability companies. For many of these entities, the Firm is the general partner or managing member, but the non-affiliated partners or members have the ability to remove the Firm as the general partner or managing member without cause (i.e., kick-out rights), based on a simple majority vote, or the non-affiliated partners or members have rights to participate in important decisions. Accordingly, the Firm does not consolidate these funds. In the limited cases where the nonaffiliated partners or members do not have substantive kick-out or participating rights, the Firm consolidates the funds. The Firm’s investment companies have investments in both publicly-held and privately-held entities , including investments in buyouts, growth equity and venture opportunities. These investments are accounted for under investment company guidelines and accordingly, irrespective of the percentage of equity ownership interests held, are carried on the Consolidated balance sheets at fair value, and are recorded in other assets. Variable Interest Entities VIEs are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The most common type of VIE is a special purpose entity (“SPE”). SPEs are commonly used in securitization transactions in order to isolate certain assets and distribute the cash flows from those assets to investors. The basic SPE structure involves a company selling assets to the SPE; the SPE funds the purchase of those assets by issuing securities to investors. The legal documents that govern the transaction specify how the cash earned on the assets must be allocated to the SPE’s investors and other parties that have rights to those cash flows. SPEs are generally structured to insulate investors from claims on the SPE’s assets by creditors of other entities, including the creditors of the seller of the assets. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether the Firm has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Firm considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (such as asset managers, collateral managers, servicers, or owners of call options or liquidation rights over the VIE’s assets) or have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE. To assess whether the Firm has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Firm considers all of its economic interests, including debt and equity investments, servicing fees, and derivatives or other arrangements deemed to be variable interests in the VIE. This assessment requires that the Firm apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Firm. The Firm performs on-going reassessments of: (1) whether entities previously evaluated under the majority voting-interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework; and (2) whether changes in the facts and circumstances regarding the Firm’s involvement with a VIE cause the Firm’s consolidation conclusion to change. In February 2010, the Financial Accounting Standards Board (“FASB”) issued an amendment which deferred the requirements of the accounting guidance for VIEs for certain investment funds, including mutual funds, private equity funds and hedge funds. For the funds to which the deferral applies, the Firm continues to apply other existing authoritative accounting guidance to determine whether such funds should be consolidated. |
Use of estimates in the preparation of consolidated financial statements policy | The preparation of the Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense, and disclosures of contingent assets and liabilities. Actual results could be different from these estimates. |
Foreign currency translation policy | JPMorgan Chase revalues assets, liabilities, revenue and expense denominated in non-U.S. currencies into U.S. dollars using applicable exchange rates. Gains and losses relating to translating functional currency financial statements for U.S. reporting are included in other comprehensive income/(loss) (“OCI”) within stockholders’ equity. Gains and losses relating to nonfunctional currency transactions, including non-U.S. operations where the functional currency is the U.S. dollar, are reported in the Consolidated statements of income. |
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 Consolidated balance sheets 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. The Firm uses master netting agreements to mitigate counterparty credit risk in certain transactions, including derivatives transactions, repurchase and reverse repurchase agreements, and securities borrowed and loaned agreements. A master netting agreement is a single contract with a counterparty that permits multiple transactions governed by that contract to be terminated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due after expiration of any grace period). Upon the exercise of termination rights by the non-defaulting party (i) all transactions are terminated, (ii) all transactions are valued and the positive value or “in the money” transactions are netted against the negative value or “out of the money” transactions and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. Upon exercise of repurchase agreement and securities loan default rights in general (i) all transactions are terminated and accelerated, (ii) all values of securities or cash held or to be delivered are calculated, and all such sums are netted against each other and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. Typical master netting agreements for these types of transactions also often contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the “demanding party”). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to set-off any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty. |
New accounting pronouncements policy | Simplifying the presentation of debt issuance costs Effective October 1, 2015, the Firm early adopted new accounting guidance that simplifies the presentation of debt issuance costs, by requiring that unamortized debt issuance costs be presented as a reduction of the applicable liability rather than as an asset. The adoption of this guidance had no material impact on the Firm’s Consolidated balance sheets, and no impact on the Firm’s consolidated results of operations. The guidance was required to be applied retrospectively, and accordingly, certain prior period amounts have been revised to conform with the current period 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 $284 million as of January 1, 2013. The adoption of this accounting guidance resulted in an increase of $907 million and $924 million in other income and income tax expense, respectively, for the year ended December 31, 2014 and $761 million and $798 million , respectively, for the year ended December 2013, which led to an increase of approximately 2% in the effective tax rate for the year ended December 31, 2014 and 2013. The impact on net income and earnings per share in the periods affected was not material. |
Statements of cash flows policy | For JPMorgan Chase’s Consolidated statements of cash flows, cash is defined as those amounts included in cash and due from banks. |
Fair value policy | JPMorgan Chase carries a portion of its assets and liabilities at fair value. These assets and liabilities are predominantly carried at fair value on a recurring basis (i.e., assets and liabilities that are measured and reported at fair value on the Firm’s Consolidated balance sheets). Certain assets (e.g., certain mortgage, home equity and other loans where the carrying value is based on the fair value of the underlying collateral), liabilities and unfunded lending-related commitments are measured at fair value on a nonrecurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). |
Fair value option policy | The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments. The Firm has elected to measure certain instruments at fair value in order to: • Mitigate income statement volatility caused by the differences in the measurement basis of elected instruments (e.g. certain instruments elected were previously accounted for on an accrual basis) while the associated risk management arrangements are accounted for on a fair value basis; • Eliminate the complexities of applying certain accounting models (e.g., hedge accounting or bifurcation accounting for hybrid instruments); and/or • Better reflect those instruments that are managed on a fair value basis. The Firm’s election of fair value includes the following instruments: • Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis. • Certain securities financing arrangements with an embedded derivative and/or a maturity of greater than one year. • Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument. • Certain investments that receive tax credits and other equity investments acquired as part of the Washington Mutual transaction. • Structured notes issued as part of CIB’s client-driven activities. (Structured notes are predominantly financial instruments that contain embedded derivatives.) • Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value. |
Derivatives policy | All free-standing derivatives that the Firm executes for its own account are required to be recorded on the Consolidated balance sheets at fair value. As permitted under U.S. GAAP , the Firm nets derivative assets and liabilities, and the related cash collateral receivables and payables, when a legally enforceable master netting agreement exists between the Firm and the derivative counterparty. For further discussion of the offsetting of assets and liabilities, see Note 1. The accounting for changes in value of a derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings. The tabular disclosures on pages 212–218 of this Note provide additional information on the amount of, and reporting for, derivative assets, liabilities, gains and losses. For further discussion of derivatives embedded in structured notes, see Notes 3 and 4. Derivatives designated as hedges The Firm applies hedge accounting to certain derivatives executed for risk management purposes – generally interest rate, foreign exchange and commodity derivatives. However, JPMorgan Chase does not seek to apply hedge accounting to all of the derivatives involved in the Firm’s risk management activities. For example, the Firm does not apply hedge accounting to purchased credit default swaps used to manage the credit risk of loans and lending-related commitments, because of the difficulties in qualifying such contracts as hedges. For the same reason, the Firm does not apply hedge accounting to certain interest rate, foreign exchange, and commodity derivatives used for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a derivative to be designated as a hedge, the risk management objective and strategy must be documented. Hedge documentation must identify the derivative hedging instrument, the asset or liability or forecasted transaction and type of risk to be hedged, and how the effectiveness of the derivative is assessed prospectively and retrospectively. To assess effectiveness, the Firm uses statistical methods such as regression analysis, as well as nonstatistical methods including dollar-value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item. The extent to which a derivative has been, and is expected to continue to be, effective at offsetting changes in the fair value or cash flows of the hedged item must be assessed and documented at least quarterly. Any hedge ineffectiveness (i.e., the amount by which the gain or loss on the designated derivative instrument does not exactly offset the change in the hedged item attributable to the hedged risk) must be reported in current-period earnings. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. There are three types of hedge accounting designations: fair value hedges, cash flow hedges and net investment hedges. JPMorgan Chase uses fair value hedges primarily to hedge fixed-rate long-term debt, AFS securities and certain commodities inventories. For qualifying fair value hedges, the changes in the fair value of the derivative, and in the value of the hedged item for the risk being hedged, are recognized in earnings. If the hedge relationship is terminated, then the adjustment to the hedged item continues to be reported as part of the basis of the hedged item, and for benchmark interest rate hedges is amortized to earnings as a yield adjustment. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item – primarily net interest income and principal transactions revenue. JPMorgan Chase uses cash flow hedges primarily to hedge the exposure to variability in forecasted cash flows from floating-rate assets and liabilities and foreign currency–denominated revenue and expense. For qualifying cash flow hedges, the effective portion of the change in the fair value of the derivative is recorded in OCI and recognized in the Consolidated statements of income when the hedged cash flows affect earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item – primarily interest income, interest expense, noninterest revenue and compensation expense. The ineffective portions of cash flow hedges are immediately recognized in earnings. If the hedge relationship is terminated, then the value of the derivative recorded in accumulated other comprehensive income/(loss) (“AOCI”) is recognized in earnings when the cash flows that were hedged affect earnings. For hedge relationships that are discontinued because a forecasted transaction is not expected to occur according to the original hedge forecast, any related derivative values recorded in AOCI are immediately recognized in earnings. JPMorgan Chase uses foreign currency hedges to protect the value of the Firm’s net investments in certain non-U.S. subsidiaries or branches whose functional currencies are not the U.S. dollar. For foreign currency qualifying net investment hedges, changes in the fair value of the derivatives are recorded in the translation adjustments account within AOCI. |
Noninterest revenue policy | This revenue category includes equity and debt underwriting and advisory fees. Underwriting fees are recognized as revenue when the Firm has rendered all services to the issuer and is entitled to collect the fee from the issuer, as long as there are no other contingencies associated with the fee. Underwriting fees are net of syndicate expense; the Firm recognizes credit arrangement and syndication fees as revenue after satisfying certain retention, timing and yield criteria. Advisory fees are recognized as revenue when the related services have been performed and the fee has been earned. Principal transactions revenue consists of realized and unrealized gains and losses on derivatives and other instruments (including those accounted for under the fair value option) primarily used in client-driven market-making activities and on private equity investments. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities (including physical commodities inventories and financial instruments that reference commodities). Principal transactions revenue also includes realized and unrealized gains and losses related to hedge accounting and specified risk-management activities, including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specific risk management purposes, primarily to mitigate credit risk, foreign exchange risk and commodity risk, and (c) other derivatives. For further information on the income statement classification of gains and losses from derivatives activities, see Note 6. In the financial commodity markets, the Firm transacts in OTC derivatives (e.g., swaps, forwards, options) and exchange-traded derivatives that reference a wide range of underlying commodities. In the physical commodity markets, the Firm primarily purchases and sells precious and base metals and may hold other commodities inventories under financing and other arrangements with clients. Prior to the 2014 sale of certain parts of its physical commodity business, the Firm also engaged in the purchase, sale, transport and storage of power, gas, liquefied natural gas, coal, crude oil and refined products. Physical commodities inventories are generally carried at the lower of cost or market (market approximates fair value) subject to any applicable fair value hedge accounting adjustments, with realized gains and losses and unrealized losses recorded in 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 8 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. This revenue category primarily reflects CCB’s Mortgage Banking production and servicing revenue, including fees and income derived from mortgages originated with the intent to sell; mortgage sales and servicing including losses related to the repurchase of previously sold loans; the impact of risk-management activities associated with the mortgage pipeline, warehouse loans and MSRs; and revenue related to any residual interests held from mortgage securitizations. This revenue category also includes gains and losses on sales and lower of cost or fair value adjustments for mortgage loans held-for-sale, as well as changes in fair value for mortgage loans originated with the intent to sell and measured at fair value under the fair value option. Changes in the fair value of CCB MSRs are reported in mortgage fees and related income. Net interest income from mortgage loans is recorded in interest income. For a further discussion of MSRs, see Note 17. Card income This revenue category includes interchange income from credit and debit cards and net fees earned from processing credit card transactions for merchants. Card income is recognized as earned. Cost related to rewards programs is recorded when the rewards are earned by the customer and presented as a reduction to interchange income. Annual fees and direct loan origination costs are deferred and recognized on a straight-line basis over a 12 -month period. Credit card revenue sharing agreements The Firm has contractual agreements with numerous co-brand partners and affinity organizations (collectively, “partners”), which grant the Firm exclusive rights to market to the customers or members of such partners. These partners endorse the credit card programs and provide their customer and member lists to the Firm, and they may also conduct marketing activities and provide awards under the various credit card programs. The terms of these agreements generally range from three to ten years. The Firm typically makes incentive payments to the partners based on new account originations, sales volumes and the cost of the partners’ marketing activities and awards. Payments based on new account originations are accounted for as direct loan origination costs. Payments to partners based on sales volumes are deducted from interchange income as the related revenue is earned. Payments based on marketing efforts undertaken by the partners are expensed by the Firm as incurred and reported as noninterest expense. This revenue category includes fees from loan commitments, standby letters of credit, financial guarantees, deposit-related fees in lieu of compensating balances, cash management-related activities or transactions, deposit accounts and other loan-servicing activities. These fees are recognized over the period in which the related service is provided. Asset management, administration and commissions This revenue category includes fees from investment management and related services, custody, brokerage services, insurance premiums and commissions, and other products. These fees are recognized over the period in which the related service is provided. Performance-based fees, which are earned based on exceeding certain benchmarks or other performance targets, are accrued and recognized at the end of the performance period in which the target is met. The Firm has contractual arrangements with third parties to provide certain services in connection with its asset management activities. Amounts paid to third-party service providers are predominantly expensed, such that asset management fees are recorded gross of payments made to third parties. |
Interest income and interest expense policy | Interest income and interest expense are recorded in the Consolidated statements of income and classified based on the nature of the underlying asset or liability. Interest income and interest expense includes the current-period interest accruals for financial instruments measured at fair value, except for financial instruments containing embedded derivatives that would be separately accounted for in accordance with U.S. GAAP absent the fair value option election; for those instruments, all changes in fair value, including any interest elements, are reported in principal transactions revenue. For financial instruments that are not measured at fair value, the related interest is included within interest income or interest expense, as applicable. |
Pension and other postretirement plans policy | The Firm has various defined benefit pension plans and other postretirement employee benefit (“OPEB”) plans that provide benefits to its employees. These plans are discussed below. Defined benefit pension plans The Firm has a qualified noncontributory U.S. defined benefit pension plan that provides benefits to substantially all U.S. employees. The U.S. plan employs a cash balance formula in the form of pay and interest credits to determine the benefits to be provided at retirement, based on years of service and eligible compensation (generally base salary/regular pay and variable incentive compensation capped at $100,000 annually). Employees begin to accrue plan benefits after completing one year of service, and benefits generally vest after three years of service. The Firm also offers benefits through defined benefit pension plans to qualifying employees in certain non-U.S. locations based on factors such as eligible compensation, age and/or years of service. It is the Firm’s policy to fund the pension plans in amounts sufficient to meet the requirements under applicable laws. The Firm does not anticipate at this time any contribution to the U.S. defined benefit pension plan in 2016 . The 2016 contributions to the non-U.S. defined benefit pension plans are expected to be $47 million of which $31 million are contractually required. JPMorgan Chase also has a number of defined benefit pension plans that are not subject to Title IV of the Employee Retirement Income Security Act. The most significant of these plans is the Excess Retirement Plan, pursuant to which certain employees previously earned pay credits on compensation amounts above the maximum stipulated by law under a qualified plan; no further pay credits are allocated under this plan. The Excess Retirement Plan had an unfunded projected benefit obligation (“PBO”) in the amount of $237 million and $257 million , at December 31, 2015 and 2014 , respectively. Defined contribution plans JPMorgan Chase currently provides two qualified defined contribution plans in the U.S. and other similar arrangements in certain non-U.S. locations, all of which are administered in accordance with applicable local laws and regulations. The most significant of these plans is the JPMorgan Chase 401(k) Savings Plan (the “401(k) Savings Plan”), which covers substantially all U.S. employees. Employees can contribute to the 401(k) Savings Plan on a pretax and/or Roth 401(k) after-tax basis. The JPMorgan Chase Common Stock Fund, which is an investment option under the 401(k) Savings Plan, is a nonleveraged employee stock ownership plan. The Firm matches eligible employee contributions up to 5% of eligible compensation (generally base salary/regular pay and variable incentive compensation) on an annual basis. Employees begin to receive matching contributions after completing a one -year-of-service requirement. Employees with total annual cash compensation of $250,000 or more are not eligible for matching contributions. Matching contributions vest after three years of service. The 401(k) Savings Plan also permits discretionary profit-sharing contributions by participating companies for certain employees, subject to a specified vesting schedule. OPEB plans JPMorgan Chase offers postretirement medical and life insurance benefits to certain retirees and postretirement medical benefits to qualifying U.S. employees. These benefits vary with the length of service and the date of hire and provide for limits on the Firm’s share of covered medical benefits. The medical and life insurance benefits are both contributory. Effective January 1, 2015, there was a transition of certain Medicare eligible retirees from JPMC group sponsored coverage to Medicare exchanges. As a result of this change, eligible retirees will receive a Healthcare Reimbursement Account amount each year if they enroll through the Medicare exchange. The impact of this change was not material. Postretirement medical benefits also are offered to qualifying United Kingdom (“U.K.”) employees. JPMorgan Chase’s U.S. OPEB obligation is funded with corporate-owned life insurance (“COLI”) purchased on the lives of eligible employees and retirees. While the Firm owns the COLI policies, COLI proceeds (death benefits, withdrawals and other distributions) may be used only to reimburse the Firm for its net postretirement benefit claim payments and related administrative expense. The U.K. OPEB plan is unfunded. |
Share-based compensation, option and incentive plans policy | Restricted stock units (“RSUs”) are awarded at no cost to the recipient upon their grant. Generally, RSUs are granted annually and vest at a rate of 50% after two years and 50% after three years and are converted into shares of common stock as of the vesting date. In addition, RSUs typically include full-career eligibility provisions, which allow employees to continue to vest upon voluntary termination, subject to post-employment and other restrictions based on age or service-related requirements. All RSUs awards are subject to forfeiture until vested and contain clawback provisions that may result in cancellation under certain specified circumstances. RSUs entitle the recipient to receive cash payments equivalent to any dividends paid on the underlying common stock during the period the RSUs are outstanding and, as such, are considered participating securities as discussed in Note 24. Under the LTI Plans, stock options and stock appreciation rights (“SARs”) have generally been granted with an exercise price equal to the fair value of JPMorgan Chase ’s common stock on the grant date. The Firm periodically grants employee stock options to individual employees. There were no material grants of stock options or SARs in 2015 and 2014. Grants of SARs in 2013 become exercisable ratably over five years (i.e., 20% per year) and contain clawback provisions similar to RSUs. The 2013 grants of SARs contain full-career eligibility provisions. SARs generally expire ten years after the grant date. The Firm separately recognizes compensation expense for each tranche of each award as if it were a separate award with its own vesting date. Generally, for each tranche granted, compensation expense is recognized on a straight-line basis from the grant date until the vesting date of the respective tranche, provided that the employees will not become full-career eligible during the vesting period. For awards with full-career eligibility provisions and awards granted with no future substantive service requirement, the Firm accrues the estimated value of awards expected to be awarded to employees as of the grant date without giving consideration to the impact of post-employment restrictions. For each tranche granted to employees who will become full-career eligible during the vesting period, compensation expense is recognized on a straight-line basis from the grant date until the earlier of the employee’s full-career eligibility date or the vesting date of the respective tranche. |
Loans receivable policy | 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 The following provides a detailed accounting discussion of these loan categories: Loans held-for-investment (other than PCI loans) Originated or purchased loans held-for-investment, other than PCI loans, are measured at the principal amount outstanding, net of the following: allowance for loan losses; charge-offs; interest applied to principal (for loans accounted for on the cost recovery method); unamortized discounts and premiums; and net deferred loan fees or costs. Credit card loans also include billed finance charges and fees net of an allowance for uncollectible amounts. Interest income Interest income on performing loans held-for-investment, other than PCI loans, is accrued and recognized as interest income at the contractual rate of interest. Purchase price discounts or premiums, as well as net deferred loan fees or costs, are amortized into interest income over the life of the loan to produce a level rate of return. Nonaccrual loans Nonaccrual loans are those on which the accrual of interest has been suspended. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status and considered nonperforming when full payment of principal and interest is in doubt, or when principal and interest has been in default for a period of 90 days or more, unless the loan is both well-secured and in the process of collection. A loan is determined to be past due when the minimum payment is not received from the borrower by the contractually specified due date or for certain loans (e.g., residential real estate loans), when a monthly payment is due and unpaid for 30 days or more. Finally, collateral-dependent loans are typically maintained on nonaccrual status. On the date a loan is placed on nonaccrual status, all interest accrued but not collected is reversed against interest income. In addition, the amortization of deferred amounts is suspended. Interest income on nonaccrual loans may be recognized as cash interest payments are received (i.e., on a cash basis) if the recorded loan balance is deemed fully collectible; however, if there is doubt regarding the ultimate collectibility of the recorded loan balance, all interest cash receipts are applied to reduce the carrying value of the loan (the cost recovery method). For consumer loans, application of this policy typically results in the Firm recognizing interest income on nonaccrual consumer loans on a cash basis. A loan may be returned to accrual status when repayment is reasonably assured and there has been demonstrated performance under the terms of the loan or, if applicable, the terms of the restructured loan. As permitted by regulatory guidance, credit card loans are generally exempt from being placed on nonaccrual status; accordingly, interest and fees related to credit card loans continue to accrue until the loan is charged off or paid in full. However, the Firm separately establishes an allowance for the estimated uncollectible portion of accrued interest and fee income on credit card loans. The allowance is established with a charge to interest income and is reported as an offset to loans. Allowance for loan losses The allowance for loan losses represents the estimated probable credit losses inherent in the held-for-investment loan portfolio at the balance sheet date. Changes in the allowance for loan losses are recorded in the provision for credit losses on the Firm’s Consolidated statements of income. See Note 15 for further information on the Firm’s accounting policies for the allowance for loan losses. Charge-offs Consumer loans, other than risk-rated business banking, risk-rated auto and PCI loans, are generally charged off or charged down to the net realizable value of the underlying collateral (i.e., fair value less costs to sell), with an offset to the allowance for loan losses, upon reaching specified stages of delinquency in accordance with standards established by the Federal Financial Institutions Examination Council (“FFIEC”). Residential real estate loans, non-modified credit card loans and scored business banking loans are generally charged off at 180 days past due. Auto and student loans are charged off no later than 120 days past due, and modified credit card loans are charged off at 120 days past due. Certain consumer loans will be charged off earlier than the FFIEC charge-off standards in certain circumstances as follows: • A charge-off is recognized when a loan is modified in a troubled debt restructuring (“TDR”) if the loan is determined to be collateral-dependent. A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral, rather than by cash flows from the borrower’s operations, income or other resources. • Loans to borrowers who have experienced an event (e.g., bankruptcy) that suggests a loss is either known or highly certain are subject to accelerated charge-off standards. Residential real estate and auto loans are charged off when the loan becomes 60 days past due, or sooner if the loan is determined to be collateral-dependent. Credit card and scored business banking loans are charged off within 60 days of receiving notification of the bankruptcy filing or other event. Student loans are generally charged off when the loan becomes 60 days past due after receiving notification of a bankruptcy. • Auto loans are written down to net realizable value upon repossession of the automobile and after a redemption period (i.e., the period during which a borrower may cure the loan) has passed. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs on government-guaranteed loans. Wholesale loans, risk-rated business banking loans and risk-rated auto loans are charged off when it is highly certain that a loss has been realized, including situations where a loan is determined to be both impaired and collateral-dependent. The determination of whether to recognize a charge-off includes many factors, including the prioritization of the Firm’s claim in bankruptcy, expectations of the workout/restructuring of the loan and valuation of the borrower’s equity or the loan collateral. When a loan is charged down to the estimated net realizable value, the determination of the fair value of the collateral depends on the type of collateral (e.g., securities, real estate). In cases where the collateral is in the form of liquid securities, the fair value is based on quoted market prices or broker quotes. For illiquid securities or other financial assets, the fair value of the collateral is estimated using a discounted cash flow model. For residential real estate loans, collateral values are based upon external valuation sources. When it becomes likely that a borrower is either unable or unwilling to pay, the Firm obtains a broker’s price opinion of the home based on an exterior-only valuation (“exterior opinions”), which is then updated at least every six months thereafter. As soon as practicable after the Firm receives the property in satisfaction of a debt (e.g., by taking legal title or physical possession), generally, either through foreclosure or upon the execution of a deed in lieu of foreclosure transaction with the borrower, the Firm obtains an appraisal based on an inspection that includes the interior of the home (“interior appraisals”). Exterior opinions and interior appraisals are discounted based upon the Firm’s experience with actual liquidation values as compared with the estimated values provided by exterior opinions and interior appraisals, considering state- and product-specific factors. For commercial real estate loans, collateral values are generally based on appraisals from internal and external valuation sources. Collateral values are typically updated every six to twelve months , either by obtaining a new appraisal or by performing an internal analysis, in accordance with the Firm’s policies. The Firm also considers both borrower- and market-specific factors, which may result in obtaining appraisal updates or broker price opinions at more frequent intervals. Loans held-for-sale Held-for-sale loans are measured at the lower of cost or fair value, with valuation changes recorded in noninterest revenue. For consumer loans, the valuation is performed on a portfolio basis. For wholesale loans, the valuation is performed on an individual loan basis. Interest income on loans held-for-sale is accrued and recognized based on the contractual rate of interest. Loan origination fees or costs and purchase price discounts or premiums are deferred in a contra loan account until the related loan is sold. The deferred fees and discounts or premiums are an adjustment to the basis of the loan and therefore are included in the periodic determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. Held-for-sale loans are subject to the nonaccrual policies described above. Because held-for-sale loans are recognized at the lower of cost or fair value, the Firm’s allowance for loan losses and charge-off policies do not apply to these loans. Loans at fair value Loans used in a market-making strategy or risk managed on a fair value basis are measured at fair value, with changes in fair value recorded in noninterest revenue. For these loans, the earned current contractual interest payment is recognized in interest income. Changes in fair value are recognized in noninterest revenue. Loan origination fees are recognized upfront in noninterest revenue. Loan origination costs are recognized in the associated expense category as incurred. Because these loans are recognized at fair value, the Firm’s allowance for loan losses and charge-off policies do not apply to these loans. See Note 4 for further information on the Firm’s elections of fair value accounting under the fair value option. See Note 3 and Note 4 for further information on loans carried at fair value and classified as trading assets. PCI loans PCI loans held-for-investment are initially measured at fair value. PCI loans have evidence of credit deterioration since the loan’s origination date and therefore it is probable, at acquisition, that all contractually required payments will not be collected. Because PCI loans are initially measured at fair value, which includes an estimate of future credit losses, no allowance for loan losses related to PCI loans is recorded at the acquisition date. See page 255 of this Note for information on accounting for PCI loans subsequent to their acquisition. Loan classification changes Loans in the held-for-investment portfolio that management decides to sell are transferred to the held-for-sale portfolio at the lower of cost or fair value on the date of transfer. Credit-related losses are charged against the allowance for loan losses; non-credit related losses such as those due to changes in interest rates or foreign currency exchange rates are recognized in noninterest revenue. In the event that management decides to retain a loan in the held-for-sale portfolio, the loan is transferred to the held-for-investment portfolio at the lower of cost or fair value on the date of transfer. These loans are subsequently assessed for impairment based on the Firm’s allowance methodology. For a further discussion of the methodologies used in establishing the Firm’s allowance for loan losses, see Note 15. Loan modifications The Firm seeks to modify certain loans in conjunction with its loss-mitigation activities. Through the modification, JPMorgan Chase grants one or more concessions to a borrower who is experiencing financial difficulty in order to minimize the Firm’s economic loss, avoid foreclosure or repossession of the collateral, and to ultimately maximize payments received by the Firm from the borrower. The concessions granted vary by program and by borrower-specific characteristics, and may include interest rate reductions, term extensions, payment deferrals, principal forgiveness, or the acceptance of equity or other assets in lieu of payments. Such modifications are accounted for and reported as TDRs. A loan that has been modified in a TDR is generally considered to be impaired until it matures, is repaid, or is otherwise liquidated, regardless of whether the borrower performs under the modified terms. In certain limited cases, the effective interest rate applicable to the modified loan is at or above the current market rate at the time of the restructuring. In such circumstances, and assuming that the loan subsequently performs under its modified terms and the Firm expects to collect all contractual principal and interest cash flows, the loan is disclosed as impaired and as a TDR only during the year of the modification; in subsequent years, the loan is not disclosed as an impaired loan or as a TDR so long as repayment of the restructured loan under its modified terms is reasonably assured. Loans, except for credit card loans, modified in a TDR are generally placed on nonaccrual status, although in many cases such loans were already on nonaccrual status prior to modification. These loans may be returned to performing status (the accrual of interest is resumed) if the following criteria are met: (a) the borrower has performed under the modified terms for a minimum of six months and/or six payments, and (b) the Firm has an expectation that repayment of the modified loan is reasonably assured based on, for example, the borrower’s debt capacity and level of future earnings, collateral values, loan-to-value (“LTV”) ratios, and other current market considerations. In certain limited and well-defined circumstances in which the loan is current at the modification date, such loans are not placed on nonaccrual status at the time of modification. Because loans modified in TDRs are considered to be impaired, these loans are measured for impairment using the Firm’s established asset-specific allowance methodology, which considers the expected re-default rates for the modified loans. A loan modified in a TDR generally remains subject to the asset-specific allowance methodology throughout its remaining life, regardless of whether the loan is performing and has been returned to accrual status and/or the loan has been removed from the impaired loans disclosures (i.e., loans restructured at market rates). For further discussion of the methodology used to estimate the Firm’s asset-specific allowance, see Note 15. Foreclosed property The Firm acquires property from borrowers through loan restructurings, workouts, and foreclosures. Property acquired may include real property (e.g., residential real estate, land, and buildings) and commercial and personal property (e.g., automobiles, aircraft, railcars, and ships). The Firm recognizes foreclosed property upon receiving assets in satisfaction of a loan (e.g., by taking legal title or physical possession). For loans collateralized by real property, the Firm generally recognizes the asset received at foreclosure sale or upon the execution of a deed in lieu of foreclosure transaction with the borrower. Foreclosed assets are reported in other assets on the Consolidated balance sheets and initially recognized at fair value less costs to sell. Each quarter the fair value of the acquired property is reviewed and adjusted, if necessary, to the lower of cost or fair value. Subsequent adjustments to fair value are charged/credited to noninterest revenue. Operating expense, such as real estate taxes and maintenance, are charged to other expense. 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 (a) Credit card Wholesale (c) Residential real estate – excluding PCI • Home equity – senior lien • Home equity – junior lien • Prime mortgage, including option ARMs • 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 • Credit card loans • Commercial and industrial • Real estate • Financial institutions • Government agencies • Other (d) (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) Includes loans to: individuals; SPEs; holding companies; and private education and civic organizations. For more information on exposures to SPEs, see Note 16. |
Allowance for credit losses policy | JPMorgan Chase ’s allowance for loan losses covers the consumer, including credit card, portfolio segments (primarily scored); and wholesale (risk-rated) portfolio, and represents management’s estimate of probable credit losses inherent in the Firm’s loan portfolio. The allowance for loan losses includes an asset-specific component, a formula-based component and a component related to PCI loans, as described below. Management also estimates an allowance for wholesale and consumer lending-related commitments using methodologies similar to those used to estimate the allowance on the underlying loans. During 2015 , the Firm did not make any significant changes to the methodologies or policies used to determine its allowance for credit losses; such policies are described in the following paragraphs. The asset-specific component of the allowance relates to loans considered to be impaired, which includes loans that have been modified in TDRs as well as risk-rated loans that have been placed on nonaccrual status. To determine the asset-specific component of the allowance, larger loans are evaluated individually, while smaller loans are evaluated as pools using historical loss experience for the respective class of assets. Scored loans (i.e., consumer loans) are pooled by product type, while risk-rated loans (primarily wholesale loans) are segmented by risk rating. The Firm generally measures the asset-specific allowance as the difference between the recorded investment in the loan and the present value of the cash flows expected to be collected, discounted at the loan’s original effective interest rate. Subsequent changes in impairment are reported as an adjustment to the provision for loan losses. In certain cases, the asset-specific allowance is determined using an observable market price, and the allowance is measured as the difference between the recorded investment in the loan and the loan’s fair value. Impaired collateral-dependent loans are charged down to the fair value of collateral less costs to sell and therefore may not be subject to an asset-specific reserve as are other impaired loans. See Note 14 for more information about charge-offs and collateral-dependent loans. The asset-specific component of the allowance for impaired loans that have been modified in TDRs incorporates the effects of foregone interest, if any, in the present value calculation and also incorporates the effect of the modification on the loan’s expected cash flows, which considers the potential for redefault. For residential real estate loans modified in TDRs, the Firm develops product-specific probability of default estimates, which are applied at a loan level to compute expected losses. In developing these probabilities of default, the Firm considers the relationship between the credit quality characteristics of the underlying loans and certain assumptions about home prices and unemployment, based upon industry-wide data. The Firm also considers its own historical loss experience to date based on actual redefaulted modified loans. For credit card loans modified in TDRs, expected losses incorporate projected redefaults based on the Firm’s historical experience by type of modification program. For wholesale loans modified in TDRs, expected losses incorporate redefaults based on management’s expectation of the borrower’s ability to repay under the modified terms. The formula-based component is based on a statistical calculation to provide for incurred credit losses in performing risk-rated loans and all consumer loans, except for any loans restructured in TDRs and PCI loans. See Note 14 for more information on PCI loans. For scored loans, the statistical calculation is performed on pools of loans with similar risk characteristics (e.g., product type) and generally computed by applying loss factors to outstanding principal balances over an estimated loss emergence period. The loss emergence period represents the time period between the date at which the loss is estimated to have been incurred and the ultimate realization of that loss (through a charge-off). Estimated loss emergence periods may vary by product and may change over time; management applies judgment in estimating loss emergence periods, using available credit information and trends. Loss factors are statistically derived and sensitive to changes in delinquency status, credit scores, collateral values and other risk factors. The Firm uses a number of different forecasting models to estimate both the PD and the loss severity, including delinquency roll rate models and credit loss severity models. In developing PD and loss severity assumptions, the Firm also considers known and anticipated changes in the economic environment, including changes in home prices, unemployment rates and other risk indicators. A nationally recognized home price index measure is used to estimate both the PD and the loss severity on residential real estate loans at the metropolitan statistical areas (“MSA”) level. Loss severity estimates are regularly validated by comparison to actual losses recognized on defaulted loans, market-specific real estate appraisals and property sales activity. The economic impact of potential modifications of residential real estate loans is not included in the statistical calculation because of the uncertainty regarding the type and results of such modifications. For risk-rated loans, the statistical calculation is the product of an estimated PD and an estimated LGD. These factors are determined based on the credit quality and specific attributes of the Firm’s loans and lending-related commitments to each obligor. In assessing the risk rating of a particular loan, among the factors considered are the obligor’s debt capacity and financial flexibility, the level of the obligor’s earnings, the amount and sources for repayment, the level and nature of contingencies, management strength, and the industry and geography in which the obligor operates. These factors are based on an evaluation of historical and current information, and involve subjective assessment and interpretation. Emphasizing one factor over another or considering additional factors could impact the risk rating assigned by the Firm. PD estimates are based on observable external through-the-cycle data, using credit-rating agency default statistics. LGD estimates are based on the Firm’s history of actual credit losses over more than one credit cycle. Estimates of PD and LGD are subject to periodic refinement based on changes to underlying external and Firm -specific historical data. Management applies judgment within an established framework to adjust the results of applying the statistical calculation described above. The determination of the appropriate adjustment is based on management’s view of loss events that have occurred but that are not yet reflected in the loss factors and that relate to current macroeconomic and political conditions, the quality of underwriting standards and other relevant internal and external factors affecting the credit quality of the portfolio. For the scored loan portfolios, adjustments to the statistical calculation are made in part by analyzing the historical loss experience for each major product segment. Factors related to unemployment, home prices, borrower behavior and lien position, the estimated effects of the mortgage foreclosure-related settlement with federal and state officials and uncertainties regarding the ultimate success of loan modifications are incorporated into the calculation, as appropriate. For junior lien products, management considers the delinquency and/or modification status of any senior liens in determining the adjustment. In addition, for the risk-rated portfolios, any adjustments made to the statistical calculation take into consideration model imprecision, deteriorating conditions within an industry, product or portfolio type, geographic location, credit concentration, and current economic events that have occurred but that are not yet reflected in the factors used to derive the statistical calculation. Management establishes an asset-specific allowance for lending-related commitments that are considered impaired and computes a formula-based allowance for performing consumer and wholesale lending-related commitments. These are computed using a methodology similar to that used for the wholesale loan portfolio, modified for expected maturities and probabilities of drawdown. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowances for loan losses and lending-related commitments in future periods. At least quarterly, the allowance for credit losses is reviewed by the Chief Risk Officer, the Chief Financial Officer and the Controller of the Firm and discussed with the Risk Policy and Audit Committees of the Board of Directors of the Firm. As of December 31, 2015 , JPMorgan Chase deemed the allowance for credit losses to be appropriate (i.e., sufficient to absorb probable credit losses inherent in the portfolio). |
Loan securitizations policy | The Firm has securitized and sold a variety of loans, including residential mortgage, credit card, student and commercial (primarily related to real estate) loans, as well as debt securities. The purposes of these securitization transactions were to satisfy investor demand and to generate liquidity for the Firm. For loan securitizations in which the Firm is not required to consolidate the trust, the Firm records the transfer of the loan receivable to the trust as a sale when all of the following accounting criteria for a sale are met: (1) the transferred financial assets are legally isolated from the Firm’s creditors; (2) the transferee or beneficial interest holder can pledge or exchange the transferred financial assets; and (3) the Firm does not maintain effective control over the transferred financial assets (e.g., the Firm cannot repurchase the transferred assets before their maturity and it does not have the ability to unilaterally cause the holder to return the transferred assets). For loan securitizations accounted for as a sale, the Firm recognizes a gain or loss based on the difference between the value of proceeds received (including cash, beneficial interests, or servicing assets received) and the carrying value of the assets sold. Gains and losses on securitizations are reported in noninterest revenue. |
Goodwill policy | The goodwill associated with each business combination is allocated to the related reporting units, which are determined based on how the Firm’s businesses are managed and how they are reviewed by the Firm’s Operating Committee. |
Mortgage servicing rights policy | Mortgage servicing rights 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. As permitted by U.S. GAAP, the Firm has elected to account for its MSRs at fair value. The Firm treats its MSRs as a single class of servicing assets based on the availability of market inputs used to measure the fair value of its MSR asset and its treatment of MSRs as one aggregate pool for risk management purposes. The Firm estimates the fair value of MSRs using an option-adjusted spread (“OAS”) model, which projects MSR cash flows over multiple interest rate scenarios in conjunction with the Firm’s prepayment model, and then discounts these cash flows at risk-adjusted rates. The model considers portfolio characteristics, contractually specified servicing fees, prepayment assumptions, delinquency rates, costs to service, late charges and other ancillary revenue, and other economic factors. The Firm compares fair value estimates and assumptions to observable market data where available, and also considers recent market activity and actual portfolio experience. |
Property, plant and equipment policy | Premises and equipment, including leasehold improvements, are carried at cost less accumulated depreciation and amortization. JPMorgan Chase computes depreciation using the straight-line method over the estimated useful life of an asset. For leasehold improvements, the Firm uses the straight-line method computed over the lesser of the remaining term of the leased facility or the estimated useful life of the leased asset. |
Internal use software policy | JPMorgan Chase capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life and reviewed for impairment on an ongoing basis. |
Earnings per share policy | Earnings per share (“EPS”) is calculated under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to receive dividends. JPMorgan Chase grants restricted stock and RSUs to certain employees under its stock-based compensation programs, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock; these unvested awards meet the definition of participating securities. Options issued under employee benefit plans that have an antidilutive effect are excluded from the computation of diluted EPS. |
Debt policy | JPMorgan Chase issues long-term debt denominated in various currencies, although predominantly U.S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value. Changes in fair value are recorded in principal transactions revenue in the Consolidated statements of income. |
Income tax policy | JPMorgan Chase and its eligible subsidiaries file a consolidated U.S. federal income tax return. JPMorgan Chase uses the asset and liability method to provide income taxes on all transactions recorded in the Consolidated Financial Statements. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on the tax rates that the Firm expects to be in effect when the underlying items of income and expense are realized. JPMorgan Chase’s expense for income taxes includes the current and deferred portions of that expense. A valuation allowance is established to reduce deferred tax assets to the amount the Firm expects to realize. |
Off-balance sheet credit exposure policy | To provide for probable credit losses inherent in wholesale and certain consumer lending-commitments, an allowance for credit losses on lending-related commitments is maintained. Derivatives deemed to be guarantees are recorded on the Consolidated balance sheets at fair value in trading assets and trading liabilities. U.S. GAAP requires that a guarantor recognize, at the inception of a guarantee, a liability in an amount equal to the fair value of the obligation undertaken in issuing the guarantee. U.S. GAAP defines a guarantee as a contract that contingently requires the guarantor to pay a guaranteed party based upon: (a) changes in an underlying asset, liability or equity security of the guaranteed party; or (b) a third party’s failure to perform under a specified agreement. 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. As required by U.S. GAAP, the Firm initially records guarantees at the inception date fair value of the obligation assumed (e.g., the amount of consideration received or the net present value of the premium receivable). For certain types of guarantees, the Firm records this fair value amount in other liabilities with an offsetting entry recorded in cash (for premiums received), or other assets (for premiums receivable). Any premium receivable recorded in other assets is reduced as cash is received under the contract, and the fair value of the liability recorded at inception is amortized into income as lending and deposit-related fees over the life of the guarantee contract. For indemnifications provided in sales agreements, a portion of the sale proceeds is allocated to the guarantee, which adjusts the gain or loss that would otherwise result from the transaction. For these indemnifications, the initial liability is amortized to income as the Firm’s risk is reduced (i.e., over time or when the indemnification expires). Any contingent liability that exists as a result of issuing the guarantee or indemnification is recognized when it becomes probable and reasonably estimable. The contingent portion of the liability is not recognized if the estimated amount is less than the carrying amount of the liability recognized at inception (adjusted for any amortization). |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Significant Accounting Policies | The following table identifies JPMorgan Chase’s other significant accounting policies and the Note and page where a detailed description of each policy can be found. Fair value measurement Note 3 Page 184 Fair value option Note 4 Page 203 Derivative instruments Note 6 Page 208 Noninterest revenue Note 7 Page 221 Interest income and interest expense Note 8 Page 223 Pension and other postretirement employee benefit plans Note 9 Page 223 Employee stock-based incentives Note 10 Page 231 Securities Note 12 Page 233 Securities financing activities Note 13 Page 238 Loans Note 14 Page 242 Allowance for credit losses Note 15 Page 262 Variable interest entities Note 16 Page 266 Goodwill and other intangible assets Note 17 Page 274 Premises and equipment Note 18 Page 278 Long-term debt Note 21 Page 279 Income taxes Note 26 Page 285 Off–balance sheet lending-related financial instruments, guarantees and other commitments Note 29 Page 290 Litigation Note 31 Page 297 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value methodologies | The following table describes the valuation methodologies generally used by the Firm to measure its significant products/instruments at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Product/instrument Valuation methodology Classifications in the valuation hierarchy Securities financing agreements Valuations are based on discounted cash flows, which consider: Level 2 • Derivative features: for further information refer to the discussion of derivatives below. • Market rates for the respective maturity • Collateral Loans and lending-related commitments — wholesale Trading portfolio Where observable market data is available, valuations are based on: Level 2 or 3 • Observed market prices (circumstances are infrequent) • Relevant broker quotes • Observed market prices for similar instruments Where observable market data is unavailable or limited, valuations are based on discounted cash flows, which consider the following: • Credit spreads derived from the cost of credit default swaps (“CDS”); or benchmark credit curves developed by the Firm, by industry and credit rating • Prepayment speed Loans held for investment and associated lending-related commitments Valuations are based on discounted cash flows, which consider: Predominantly level 3 • Credit spreads, derived from the cost of CDS; or benchmark credit curves developed by the Firm, by industry and credit rating • Prepayment speed Lending-related commitments are valued similar to loans and reflect the portion of an unused commitment expected, based on the Firm’s average portfolio historical experience, to become funded prior to an obligor default For information regarding the valuation of loans measured at collateral value, see Note 14. Loans — consumer Held for investment consumer loans, excluding credit card Valuations are based on discounted cash flows, which consider: Predominantly level 3 • Expected lifetime credit losses -considering expected and current default rates, and loss severity • Prepayment speed • Discount rates • Servicing costs For information regarding the valuation of loans measured at collateral value, see Note 14. Held for investment credit card receivables Valuations are based on discounted cash flows, which consider: Level 3 • Credit costs — allowance for loan losses is considered a reasonable proxy for the credit cost • Projected interest income, late-fee revenue and loan repayment rates • Discount rates • Servicing costs Trading loans — conforming residential mortgage loans expected to be sold Fair value is based upon observable prices for mortgage-backed securities with similar collateral and incorporates adjustments to these prices to account for differences between the securities and the value of the underlying loans, which include credit characteristics, portfolio composition, and liquidity. Predominantly level 2 Product/instrument Valuation methodology, inputs and assumptions Classifications in the valuation hierarchy Investment and trading securities Quoted market prices are used where available. Level 1 In the absence of quoted market prices, securities are valued based on: Level 2 or 3 • Observable market prices for similar securities • Relevant broker quotes • Discounted cash flows In addition, the following inputs to discounted cash flows are used for the following products: Mortgage- and asset-backed securities specific inputs: • Collateral characteristics • Deal-specific payment and loss allocations • Current market assumptions related to yield, prepayment speed, conditional default rates and loss severity Collateralized loan obligations (“CLOs”), specific inputs: • Collateral characteristics • Deal-specific payment and loss allocations • Expected prepayment speed, conditional default rates, loss severity • Credit spreads • Credit rating data Physical commodities Valued using observable market prices or data Predominantly Level 1 and 2 Derivatives Exchange-traded derivatives that are actively traded and valued using the exchange price. Level 1 Derivatives that are valued using models such as the Black-Scholes option pricing model, simulation models, or a combination of models, that use observable or unobservable valuation inputs (e.g., plain vanilla options and interest rate and credit default swaps). Inputs include: Level 2 or 3 • Contractual terms including the period to maturity • Readily observable parameters including interest rates and volatility • Credit quality of the counterparty and of the Firm • Market funding levels • Correlation levels In addition, the following specific inputs are used for the following derivatives that are valued based on models with significant unobservable inputs: Structured credit derivatives specific inputs include: • CDS spreads and recovery rates • Credit correlation between the underlying debt instruments (levels are modeled on a transaction basis and calibrated to liquid benchmark tranche indices) • Actual transactions, where available, are used to regularly recalibrate unobservable parameters Certain long-dated equity option specific inputs include: • Long-dated equity volatilities Certain interest rate and foreign exchange (“FX ” ) exotic options specific inputs include: • Interest rate correlation • Interest rate spread volatility • Foreign exchange correlation • Correlation between interest rates and foreign exchange rates • Parameters describing the evolution of underlying interest rates Certain commodity derivatives specific inputs include: • Commodity volatility • Forward commodity price Additionally, adjustments are made to reflect counterparty credit quality (credit valuation adjustments or “CVA”), the Firm’s own creditworthiness (debit valuation adjustments or “DVA”), and funding valuation adjustment (“FVA”) to incorporate the impact of funding. See page 200 of this Note. Product/instrument Valuation methodology, inputs and assumptions Classification in the valuation hierarchy Mortgage servicing rights (“MSRs”) See Mortgage servicing rights in Note 17. Level 3 Private equity direct investments Private equity direct investments Level 2 or 3 Fair value is estimated using all available information and considering the range of potential inputs, including: • Transaction prices • Trading multiples of comparable public companies • Operating performance of the underlying portfolio company • Additional available inputs relevant to the investment • Adjustments as required, since comparable public companies are not identical to the company being valued, and for company-specific issues and lack of liquidity Public investments held in the Private Equity portfolio Level 1 or 2 • Valued using observable market prices less adjustments for relevant restrictions, where applicable Fund investments (i.e., mutual/collective investment funds, private equity funds, hedge funds, and real estate funds) Net asset value (“NAV”) • NAV is validated by sufficient level of observable activity (i.e., purchases and sales) Level 1 • Adjustments to the NAV as required, for restrictions on redemption (e.g., lock up periods or withdrawal limitations) or where observable activity is limited Level 2 or 3 (a) Beneficial interests issued by consolidated VIEs Valued using observable market information, where available Level 2 or 3 In the absence of observable market information, valuations are based on the fair value of the underlying assets held by the VIE Long-term debt, not carried at fair value Valuations are based on discounted cash flows, which consider: Predominantly level 2 • Market rates for respective maturity • The Firm’s own creditworthiness (DVA). See page 200 of this Note. Structured notes (included in deposits, other borrowed funds and long-term debt) • Valuations are based on discounted cash flow analyses that consider the embedded derivative and the terms and payment structure of the note. • The embedded derivative features are considered using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that use observable or unobservable valuation inputs, depending on the embedded derivative. The specific inputs used vary according to the nature of the embedded derivative features, as described in the discussion above regarding derivative valuation. Adjustments are then made to this base valuation to reflect the Firm’s own creditworthiness (DVA) and to incorporate the impact of funding (FVA). See page 200 of this Note. Level 2 or 3 (a) Excludes certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. |
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 December 31, 2015 and 2014 , by major product category and fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy December 31, 2015 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 23,141 $ — $ — $ 23,141 Securities borrowed — 395 — — 395 Trading assets: Debt instruments: Mortgage-backed securities: U.S. government agencies (a) 6 31,815 715 — 32,536 Residential – nonagency — 1,299 194 — 1,493 Commercial – nonagency — 1,080 115 — 1,195 Total mortgage-backed securities 6 34,194 1,024 — 35,224 U.S. Treasury and government agencies (a) 12,036 6,985 — — 19,021 Obligations of U.S. states and municipalities — 6,986 651 — 7,637 Certificates of deposit, bankers’ acceptances and commercial paper — 1,042 — — 1,042 Non-U.S. government debt securities 27,974 25,064 74 — 53,112 Corporate debt securities — 22,807 736 — 23,543 Loans (b) — 22,211 6,604 — 28,815 Asset-backed securities — 2,392 1,832 — 4,224 Total debt instruments 40,016 121,681 10,921 — 172,618 Equity securities 94,059 606 265 — 94,930 Physical commodities (c) 3,593 1,064 — — 4,657 Other — 11,152 744 — 11,896 Total debt and equity instruments (d) 137,668 134,503 11,930 — 284,101 Derivative receivables: Interest rate 354 666,491 2,766 (643,248 ) 26,363 Credit — 48,850 2,618 (50,045 ) 1,423 Foreign exchange 734 177,525 1,616 (162,698 ) 17,177 Equity — 35,150 709 (30,330 ) 5,529 Commodity 108 24,720 237 (15,880 ) 9,185 Total derivative receivables (e) 1,196 952,736 7,946 (902,201 ) 59,677 Total trading assets 138,864 1,087,239 19,876 (902,201 ) 343,778 Available-for-sale securities: Mortgage-backed securities: U.S. government agencies (a) — 55,066 — — 55,066 Residential – nonagency — 27,618 1 — 27,619 Commercial – nonagency — 22,897 — — 22,897 Total mortgage-backed securities — 105,581 1 — 105,582 U.S. Treasury and government agencies (a) 10,998 38 — — 11,036 Obligations of U.S. states and municipalities — 33,550 — — 33,550 Certificates of deposit — 283 — — 283 Non-U.S. government debt securities 23,199 13,477 — — 36,676 Corporate debt securities — 12,436 — — 12,436 Asset-backed securities: Collateralized loan obligations — 30,248 759 — 31,007 Other — 9,033 64 — 9,097 Equity securities 2,087 — — — 2,087 Total available-for-sale securities 36,284 204,646 824 — 241,754 Loans — 1,343 1,518 — 2,861 Mortgage servicing rights — — 6,608 — 6,608 Other assets: Private equity investments (f) 102 101 1,657 — 1,860 All other 3,815 28 744 — 4,587 Total other assets 3,917 129 2,401 — 6,447 Total assets measured at fair value on a recurring basis $ 179,065 $ 1,316,893 (g) $ 31,227 (g) $ (902,201 ) $ 624,984 Deposits $ — $ 9,566 $ 2,950 $ — $ 12,516 Federal funds purchased and securities loaned or sold under repurchase agreements — 3,526 — — 3,526 Other borrowed funds — 9,272 639 — 9,911 Trading liabilities: Debt and equity instruments (d) 53,845 20,199 63 — 74,107 Derivative payables: Interest rate 216 633,060 1,890 (624,945 ) 10,221 Credit — 48,460 2,069 (48,988 ) 1,541 Foreign exchange 669 187,890 2,341 (171,131 ) 19,769 Equity — 36,440 2,223 (29,480 ) 9,183 Commodity 52 26,430 1,172 (15,578 ) 12,076 Total derivative payables (e) 937 932,280 9,695 (890,122 ) 52,790 Total trading liabilities 54,782 952,479 9,758 (890,122 ) 126,897 Accounts payable and other liabilities 4,382 — 19 — 4,401 Beneficial interests issued by consolidated VIEs — 238 549 — 787 Long-term debt — 21,452 11,613 — 33,065 Total liabilities measured at fair value on a recurring basis $ 59,164 $ 996,533 $ 25,528 $ (890,122 ) $ 191,103 Fair value hierarchy December 31, 2014 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments 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 104,890 624 431 — 105,945 Physical commodities (c) 2,739 1,741 2 — 4,482 Other — 8,762 1,050 — 9,812 Total debt and equity instruments (d) 151,313 146,087 22,489 — 319,889 Derivative receivables: Interest rate 473 945,635 (g) 4,149 (916,532 ) (g) 33,725 Credit — 73,853 2,989 (75,004 ) 1,838 Foreign exchange 758 212,153 (g) 2,276 (193,934 ) (g) 21,253 Equity — 39,937 (g) 2,552 (34,312 ) (g) 8,177 Commodity 247 42,807 599 (29,671 ) 13,982 Total derivative receivables (e) 1,478 1,314,385 (g) 12,565 (1,249,453 ) (g) 78,975 Total trading assets 152,791 1,460,472 (g) 35,054 (1,249,453 ) (g) 398,864 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 2,225 — 5,497 All other 4,018 17 959 — 4,994 Total other assets 4,666 2,641 3,184 — 10,491 Total assets measured at fair value on a recurring basis $ 197,652 $ 1,750,280 (g) $ 49,252 $ (1,249,453 ) (g) $ 747,731 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 (g) 3,523 (900,634 ) (g) 17,745 Credit — 73,095 2,800 (74,302 ) 1,593 Foreign exchange 746 221,066 (g) 2,802 (201,644 ) (g) 22,970 Equity — 41,925 (g) 4,337 (34,522 ) (g) 11,740 Commodity 141 44,318 1,164 (28,555 ) 17,068 Total derivative payables (e) 1,386 1,294,761 (g) 14,626 (1,239,657 ) (g) 71,116 Total trading liabilities 64,300 1,313,474 (g) 14,698 (1,239,657 ) (g) 152,815 Accounts payable and other liabilities (g) 4,129 — 26 — 4,155 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 $ 68,429 $ 1,355,052 (g) $ 32,059 $ (1,239,657 ) (g) $ 215,883 Note: Effective April 1, 2015, the Firm adopted new accounting guidance for investments in certain entities that calculate net asset value per share (or its equivalent). As a result of the adoption of this new guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At December 31, 2015 and 2014, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $1.2 billion and $1.5 billion , respectively, of which $337 million and $1.2 billion had been previously classified in level 2 and level 3, respectively, at December 31, 2014. Included on the Firm’s balance sheet at December 31, 2015 and 2014, were trading assets of $61 million and $124 million , respectively, and other assets of $1.2 billion and $1.4 billion , respectively. The guidance was required to be applied retrospectively, and accordingly, prior period amounts have been revised to conform with the current period presentation. (a) At December 31, 2015 and 2014 , included total U.S. government-sponsored enterprise obligations of $67.0 billion and $84.1 billion , respectively, which were predominantly mortgage-related. (b) At December 31, 2015 and 2014 , included within trading loans were $11.8 billion and $17.0 billion , respectively, of residential first-lien mortgages, and $4.3 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 $5.3 billion and $7.7 billion , respectively, and reverse mortgages of $2.5 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 6. 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. 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 $546 million and $2.5 billion at December 31, 2015 and 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 $3.5 billion and $6.0 billion at December 31, 2015 and 2014 , respectively. (g) Certain prior period amounts (including the corresponding fair value parenthetical disclosure for accounts payable and other liabilities on the Consolidated balance sheets) were revised to conform with the current period presentation. |
Fair value inputs, assets and liabilities, quantitative information | Level 3 inputs (a) December 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 $ 5,212 Discounted cash flows Yield 3% - 26% 6% Prepayment speed 0% - 20% 6% Conditional default rate 0% - 33% 2% Loss severity 0% - 100% 28% Commercial mortgage-backed securities and loans (b) 2,844 Discounted cash flows Yield 1% - 25% 6% Conditional default rate 0% - 91% 29% Loss severity 40% 40% Corporate debt securities, obligations of U.S. states and municipalities, and other (c) 3,277 Discounted cash flows Credit spread 60 bps - 225 bps 146 bps Yield 1% - 20% 5% 2,740 Market comparables Price $ — - $168 $89 Net interest rate derivatives 876 Option pricing Interest rate correlation (52 )% - 99% Interest rate spread volatility 3% - 38% Net credit derivatives (b)(c) 549 Discounted cash flows Credit correlation 35% - 90% Net foreign exchange derivatives (725 ) Option pricing Foreign exchange correlation 0% - 60% Net equity derivatives (1,514 ) Option pricing Equity volatility 20% - 65% Net commodity derivatives (935 ) Discounted cash flows Forward commodity price $ 22 - $46 per barrel Collateralized loan obligations 759 Discounted cash flows Credit spread 354 bps - 550 bps 396 bps Prepayment speed 20% 20% Conditional default rate 2% 2% Loss severity 40% 40% 180 Market comparables Price $ — - $99 $69 Mortgage servicing rights 6,608 Discounted cash flows Refer to Note 17 Private equity investments 1,657 Market comparables EBITDA multiple 7.2x - 10.4x 8.5x Liquidity adjustment 0% - 13% 8% Long-term debt, other borrowed funds, and deposits (d) 14,707 Option pricing Interest rate correlation (52 )% - 99% Interest rate spread volatility 3% - 38% Foreign exchange correlation 0% - 60% Equity correlation (50 )% - 80% 495 Discounted cash flows Credit correlation 35% - 90% Beneficial interests issued by consolidated VIEs (e) 549 Discounted cash flows Yield 4% - 28% 4% Prepayment Speed 1% - 12% 6% Conditional default rate 2% - 15% 2% Loss severity 30% - 100% 31% (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 $349 million of credit derivative receivables and $310 million of credit derivative payables with underlying commercial mortgage risk have been included in the inputs and ranges provided for commercial mortgage-backed securities and loans. (c) The unobservable inputs and associated input ranges for approximately $434 million of credit derivative receivables and $401 million of credit derivative payables with underlying asset-backed securities 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 parameters are related to residential mortgage-backed securities. |
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 years ended December 31, 2015 , 2014 and 2013 . 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 Year ended (in millions) Fair value at January 1, 2015 Total realized/unrealized gains/(losses) Transfers into and/or out of level 3 (i) Fair value at Dec. 31, 2015 Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2015 Purchases (g) Sales Settlements (h) Assets: Trading assets: Debt instruments: Mortgage-backed securities: U.S. government agencies $ 922 $ (28 ) $ 327 $ (303 ) $ (132 ) $ (71 ) $ 715 $ (27 ) Residential – nonagency 663 130 253 (611 ) (23 ) (218 ) 194 4 Commercial – nonagency 306 (14 ) 246 (262 ) (22 ) (139 ) 115 (5 ) Total mortgage-backed securities 1,891 88 826 (1,176 ) (177 ) (428 ) 1,024 (28 ) Obligations of U.S. states and municipalities 1,273 14 352 (133 ) (27 ) (828 ) 651 (1 ) Non-U.S. government debt securities 302 9 205 (123 ) (64 ) (255 ) 74 (16 ) Corporate debt securities 2,989 (77 ) 1,171 (1,038 ) (125 ) (2,184 ) 736 2 Loans 13,287 (174 ) 3,532 (4,661 ) (3,112 ) (2,268 ) 6,604 (181 ) Asset-backed securities 1,264 (41 ) 1,920 (1,229 ) (35 ) (47 ) 1,832 (32 ) Total debt instruments 21,006 (181 ) 8,006 (8,360 ) (3,540 ) (6,010 ) 10,921 (256 ) Equity securities 431 96 89 (193 ) (26 ) (132 ) 265 82 Physical commodities 2 (2 ) — — — — — — Other 1,050 119 1,581 (1,313 ) 192 (885 ) 744 85 Total trading assets – debt and equity instruments 22,489 32 (c) 9,676 (9,866 ) (3,374 ) (7,027 ) 11,930 (89 ) (c) Net derivative receivables: (a) Interest rate 626 962 513 (173 ) (732 ) (320 ) 876 263 Credit 189 118 129 (136 ) 165 84 549 260 Foreign exchange (526 ) 657 19 (149 ) (296 ) (430 ) (725 ) 49 Equity (1,785 ) 731 890 (1,262 ) (158 ) 70 (1,514 ) 5 Commodity (565 ) (856 ) 1 (24 ) 512 (3 ) (935 ) (41 ) Total net derivative receivables (2,061 ) 1,612 (c) 1,552 (1,744 ) (509 ) (599 ) (1,749 ) 536 (c) Available-for-sale securities: Asset-backed securities 908 (32 ) 51 (43 ) (61 ) — 823 (28 ) Other 129 — — — (29 ) (99 ) 1 — Total available-for-sale securities 1,037 (32 ) (d) 51 (43 ) (90 ) (99 ) 824 (28 ) (d) Loans 2,541 (133 ) (c) 1,290 (92 ) (1,241 ) (847 ) 1,518 (32 ) (c) Mortgage servicing rights 7,436 (405 ) (e) 985 (486 ) (922 ) — 6,608 (405 ) (e) Other assets: Private equity investments 2,225 (120 ) (c) 281 (362 ) (187 ) (180 ) 1,657 (304 ) (c) All other 959 91 (f) 65 (147 ) (224 ) — 744 15 (f) Fair value measurements using significant unobservable inputs Year ended (in millions) Fair value at January 1, 2015 Total realized/unrealized (gains)/losses Transfers into and/or out of level 3 (i) Fair value at Dec. 31, 2015 Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2015 Purchases (g) Sales Issuances Settlements (h) Liabilities: (b) Deposits $ 2,859 $ (39 ) (c) $ — $ — $ 1,993 $ (850 ) $ (1,013 ) $ 2,950 $ (29 ) (c) Other borrowed funds 1,453 (697 ) (c) — — 3,334 (2,963 ) (488 ) 639 (57 ) (c) Trading liabilities – debt and equity instruments 72 15 (c) (163 ) 160 — (17 ) (4 ) 63 (4 ) (c) Accounts payable and other liabilities 26 — — — — (7 ) — 19 — Beneficial interests issued by consolidated VIEs 1,146 (82 ) (c) — — 286 (574 ) (227 ) 549 (63 ) (c) Long-term debt 11,877 (480 ) (c) (58 ) — 9,359 (6,299 ) (2,786 ) 11,613 385 (c) Fair value measurements using significant unobservable inputs Year ended (in millions) Fair value at January 1, 2014 Total realized/unrealized gains/(losses) Transfers into and/or out of level 3 (i) Fair value at Dec. 31, 2014 Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2014 Purchases (g) Sales Settlements (h) Assets: Trading assets: Debt instruments: Mortgage-backed securities: U.S. government agencies $ 1,005 $ (97 ) $ 351 $ (186 ) $ (121 ) $ (30 ) $ 922 $ (92 ) Residential – nonagency 726 66 827 (761 ) (41 ) (154 ) 663 (15 ) Commercial – nonagency 432 17 980 (914 ) (60 ) (149 ) 306 (12 ) Total mortgage-backed securities 2,163 (14 ) 2,158 (1,861 ) (222 ) (333 ) 1,891 (119 ) Obligations of U.S. states and municipalities 1,382 90 298 (358 ) (139 ) — 1,273 (27 ) Non-U.S. government debt securities 143 24 719 (617 ) (3 ) 36 302 10 Corporate debt securities 5,920 210 5,854 (3,372 ) (4,531 ) (1,092 ) 2,989 379 Loans 13,455 387 13,551 (7,917 ) (4,623 ) (1,566 ) 13,287 123 Asset-backed securities 1,272 19 2,240 (2,126 ) (283 ) 142 1,264 (30 ) Total debt instruments 24,335 716 24,820 (16,251 ) (9,801 ) (2,813 ) 21,006 336 Equity securities 867 113 248 (259 ) (286 ) (252 ) 431 46 Physical commodities 4 (1 ) — — (1 ) — 2 — Other 2,000 239 1,426 (276 ) (201 ) (2,138 ) 1,050 329 Total trading assets – debt and equity instruments 27,206 1,067 (c) 26,494 (16,786 ) (10,289 ) (5,203 ) 22,489 711 (c) Net derivative receivables: (a) Interest rate 2,379 184 198 (256 ) (1,771 ) (108 ) 626 (853 ) Credit 95 (149 ) 272 (47 ) 92 (74 ) 189 (107 ) Foreign exchange (1,200 ) (137 ) 139 (27 ) 668 31 (526 ) (62 ) Equity (1,063 ) 154 2,044 (2,863 ) 10 (67 ) (1,785 ) 583 Commodity 115 (465 ) 1 (113 ) (109 ) 6 (565 ) (186 ) Total net derivative receivables 326 (413 ) (c) 2,654 (3,306 ) (1,110 ) (212 ) (2,061 ) (625 ) (c) Available-for-sale securities: Asset-backed securities 1,088 (41 ) 275 (2 ) (101 ) (311 ) 908 (40 ) Other 1,234 (19 ) 122 — (223 ) (985 ) 129 (2 ) Total available-for-sale securities 2,322 (60 ) (d) 397 (2 ) (324 ) (1,296 ) 1,037 (42 ) (d) Loans 1,931 (254 ) (c) 3,258 (845 ) (1,549 ) — 2,541 (234 ) (c) Mortgage servicing rights 9,614 (1,826 ) (e) 768 (209 ) (911 ) — 7,436 (1,826 ) (e) Other assets: Private equity investments 5,816 400 (c) 145 (1,967 ) (197 ) (1,972 ) 2,225 33 (c) All other 1,382 83 (f) 10 (357 ) (159 ) — 959 59 (f) Fair value measurements using significant unobservable inputs Year ended (in millions) Fair value at January 1, 2014 Total realized/unrealized (gains)/losses Transfers into and/or out of level 3 (i) Fair value at Dec. 31, 2014 Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2014 Purchases (g) Sales Issuances Settlements (h) Liabilities: (b) Deposits $ 2,255 $ 149 (c) $ — $ — $ 1,578 $ (197 ) $ (926 ) $ 2,859 $ 130 (c) Other borrowed funds 2,074 (596 ) (c) — — 5,377 (6,127 ) 725 1,453 (415 ) (c) Trading liabilities – debt and equity instruments 113 (5 ) (c) (305 ) 323 — (5 ) (49 ) 72 2 (c) Accounts payable and other liabilities — 27 (c) — — — (1 ) — 26 — Beneficial interests issued by consolidated VIEs 1,240 (4 ) (c) — — 775 (763 ) (102 ) 1,146 (22 ) (c) Long-term debt 10,008 (40 ) (c) — — 7,421 (5,231 ) (281 ) 11,877 (9 ) (c) Fair value measurements using significant unobservable inputs Year ended (in millions) Fair value at January 1, 2013 Total realized/unrealized gains/(losses) Transfers into and/or out of level 3 (i) Fair value at Dec. 31, 2013 Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2013 Purchases (g) Sales Settlements (h) Assets: Trading assets: Debt instruments: Mortgage-backed securities: U.S. government agencies $ 498 $ 169 $ 819 $ (381 ) $ (100 ) $ — $ 1,005 $ 200 Residential – nonagency 663 407 780 (1,028 ) (91 ) (5 ) 726 205 Commercial – nonagency 1,207 114 841 (1,522 ) (208 ) — 432 (4 ) Total mortgage-backed securities 2,368 690 2,440 (2,931 ) (399 ) (5 ) 2,163 401 Obligations of U.S. states and municipalities 1,436 71 472 (251 ) (346 ) — 1,382 18 Non-U.S. government debt securities 67 4 1,449 (1,479 ) (8 ) 110 143 (1 ) Corporate debt securities 5,308 103 7,602 (5,975 ) (1,882 ) 764 5,920 466 Loans 10,787 665 10,411 (7,431 ) (685 ) (292 ) 13,455 315 Asset-backed securities 3,696 191 1,912 (2,379 ) (292 ) (1,856 ) 1,272 105 Total debt instruments 23,662 1,724 24,286 (20,446 ) (3,612 ) (1,279 ) 24,335 1,304 Equity securities 1,092 (37 ) 328 (266 ) (135 ) (115 ) 867 46 Physical commodities — (4 ) — (8 ) — 16 4 (4 ) Other 863 558 659 (95 ) (120 ) 135 2,000 1,074 Total trading assets – debt and equity instruments 25,617 2,241 (c) 25,273 (20,815 ) (3,867 ) (1,243 ) 27,206 2,420 (c) Net derivative receivables: (a) Interest rate 3,322 1,358 344 (220 ) (2,391 ) (34 ) 2,379 107 Credit 1,873 (1,697 ) 115 (12 ) (357 ) 173 95 (1,449 ) Foreign exchange (1,750 ) (101 ) 3 (4 ) 683 (31 ) (1,200 ) (110 ) Equity (1,806 ) 2,528 1,305 (2,111 ) (1,353 ) 374 (1,063 ) 872 Commodity 254 816 105 (3 ) (1,107 ) 50 115 410 Total net derivative receivables 1,893 2,904 (c) 1,872 (2,350 ) (4,525 ) 532 326 (170 ) (c) Available-for-sale securities: Asset-backed securities 28,024 4 579 (57 ) (57 ) (27,405 ) 1,088 4 Other 892 26 508 (216 ) (6 ) 30 1,234 25 Total available-for-sale securities 28,916 30 (d) 1,087 (273 ) (63 ) (27,375 ) 2,322 29 (d) Loans 2,282 81 (c) 1,065 (191 ) (1,306 ) — 1,931 (21 ) (c) Mortgage servicing rights 7,614 1,612 (e) 2,215 (725 ) (1,102 ) — 9,614 1,612 (e) Other assets: Private equity investments 5,590 824 (c) 537 (1,080 ) 140 (195 ) 5,816 42 (c) All other 2,122 (17 ) (f) 49 (427 ) (345 ) — 1,382 (64 ) (f) Fair value measurements using significant unobservable inputs Year ended (in millions) Fair value at January 1, 2013 Total realized/unrealized (gains)/losses Transfers into and/or out of level 3 (i) Fair value at Dec. 31, 2013 Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2013 Purchases (g) Sales Issuances Settlements (h) Liabilities: (b) Deposits $ 1,983 $ (82 ) (c) $ — $ — $ 1,248 $ (222 ) $ (672 ) $ 2,255 $ (88 ) (c) Other borrowed funds 1,619 (177 ) (c) — — 7,108 (6,845 ) 369 2,074 291 (c) Trading liabilities – debt and equity instruments 205 (83 ) (c) (2,418 ) 2,594 — (54 ) (131 ) 113 (100 ) (c) Accounts payable and other liabilities — — — — — — — — — Beneficial interests issued by consolidated VIEs 925 174 (c) — — 353 (212 ) — 1,240 167 (c) Long-term debt 8,476 (435 ) (c) — — 6,830 (4,362 ) (501 ) 10,008 (85 ) (c) Note: Effective April 1, 2015, the Firm adopted new accounting guidance for certain investments where the Firm measures fair value using the net asset value per share (or its equivalent) as a practical expedient and excluded such investments from the fair value hierarchy. The guidance was required to be applied retrospectively, and accordingly, prior period amounts have been revised to conform with the current period presentation. For further information, see page 190. (a) All level 3 derivatives are presented on a net basis, irrespective of 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) were 13% , 15% and 18% at December 31, 2015 , 2014 and 2013 , respectively. (c) Predominantly reported in principal transactions revenue, except for changes in fair value for CCB 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 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 , $(43) million , and $17 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Unrealized gains/(losses) recorded on AFS securities in OCI were $(25) million , $(16) million and $13 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. (e) Changes in fair value for CCB MSRs are reported in mortgage fees and related income. (f) Predominantly reported in other income. (g) Loan originations are included in purchases. (h) Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, and deconsolidations associated with beneficial interests in VIEs. (i) 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. |
Impact of credit adjustments on earnings | The DVA and FVA reported below include the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time. Year ended December 31, (in millions) 2015 2014 2013 Credit adjustments: Derivatives CVA $ 620 $ (322 ) $ 1,886 Derivatives DVA and FVA (a) 73 (58 ) (1,152 ) Structured notes DVA and FVA (b) 754 200 (760 ) (a) Included derivatives DVA of $(6) million , $(1) million and $(115) million for the years ended December 31, 2015 , 2014 and 2013 , respectively. (b) Included structured notes DVA of $171 million , $20 million and $(337) million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Carrying value and estimated fair value of financial assets and liabilities | The following table presents by fair value hierarchy classification the carrying values and estimated fair values at December 31, 2015 and 2014 , of financial assets and liabilities, excluding financial instruments which are carried at fair value on a recurring basis. 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 pages 185–188 of this Note. December 31, 2015 December 31, 2014 Estimated fair value hierarchy Estimated fair value hierarchy (in billions) Carrying value Level 1 Level 2 Level 3 Total estimated fair value Carrying value Level 1 Level 2 Level 3 Total estimated fair value Financial assets Cash and due from banks $ 20.5 $ 20.5 $ — $ — $ 20.5 $ 27.8 $ 27.8 $ — $ — $ 27.8 Deposits with banks 340.0 335.9 4.1 — 340.0 484.5 480.4 4.1 — 484.5 Accrued interest and accounts receivable 46.6 — 46.4 0.2 46.6 70.1 — 70.0 0.1 70.1 Federal funds sold and securities purchased under resale agreements 189.5 — 189.5 — 189.5 187.2 — 187.2 — 187.2 Securities borrowed 98.3 — 98.3 — 98.3 109.4 — 109.4 — 109.4 Securities, held-to-maturity (a) 49.1 — 50.6 — 50.6 49.3 — 51.2 — 51.2 Loans, net of allowance for loan losses (b) 820.8 — 25.4 802.7 828.1 740.5 — 21.8 723.1 744.9 Other 66.0 0.1 56.3 14.3 70.7 64.7 — 55.7 13.3 69.0 Financial liabilities Deposits $ 1,267.2 $ — $ 1,266.1 $ 1.2 $ 1,267.3 $ 1,354.6 $ — $ 1,353.6 $ 1.2 $ 1,354.8 Federal funds purchased and securities loaned or sold under repurchase agreements 149.2 — 149.2 — 149.2 189.1 — 189.1 — 189.1 Commercial paper 15.6 — 15.6 — 15.6 66.3 — 66.3 — 66.3 Other borrowed funds 11.2 — 11.2 — 11.2 15.5 15.5 — 15.5 Accounts payable and other liabilities (c) 144.6 — 141.7 2.8 144.5 172.6 — 169.6 2.9 172.5 Beneficial interests issued by consolidated VIEs (d) 41.1 — 40.2 0.9 41.1 50.2 — 48.2 2.0 50.2 Long-term debt and junior subordinated deferrable interest debentures (e) 255.6 — 257.4 4.3 261.7 246.2 — 251.2 3.8 255.0 (a) Carrying value reflects 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 185–188 . (c) Certain prior period amounts have been revised to conform with the current presentation. (d) Carrying value reflects unamortized issuance costs. (e) Carrying value reflects unamortized premiums and discounts, issuance costs, 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 of the allowance and the estimated fair value of the Firm’s wholesale lending-related commitments were as follows for the periods indicated. December 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 $ 0.8 $ — $ — $ 3.0 $ 3.0 $ 0.6 $ — $ — $ 1.6 $ 1.6 (a) 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) | 12 Months Ended |
Dec. 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 years ended December 31, 2015 , 2014 and 2013 , 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. 2015 2014 2013 December 31, (in millions) Principal transactions All other income Total changes in fair value recorded Principal transactions All other income Total changes in fair value recorded Principal transactions All other income Total changes in fair value recorded Federal funds sold and securities purchased under resale agreements $ (38 ) $ — $ (38 ) $ (15 ) $ — $ (15 ) $ (454 ) $ — $ (454 ) Securities borrowed (6 ) — (6 ) (10 ) — (10 ) 10 — 10 Trading assets: Debt and equity instruments, excluding loans 756 (10 ) (d) 746 639 — 639 582 7 (c) 589 Loans reported as trading assets: Changes in instrument-specific credit risk 138 41 (c) 179 885 29 (c) 914 1,161 23 (c) 1,184 Other changes in fair value 232 818 (c) 1,050 352 1,353 (c) 1,705 (133 ) 1,833 (c) 1,700 Loans: Changes in instrument-specific credit risk 35 — 35 40 — 40 36 — 36 Other changes in fair value 4 — 4 34 — 34 17 — 17 Other assets 79 (1 ) (d) 78 24 6 (d) 30 32 86 (d) 118 Deposits (a) 93 — 93 (287 ) — (287 ) 260 — 260 Federal funds purchased and securities loaned or sold under repurchase agreements 8 — 8 (33 ) — (33 ) 73 — 73 Other borrowed funds (a) 1,996 — 1,996 (891 ) — (891 ) (399 ) — (399 ) Trading liabilities (20 ) — (20 ) (17 ) — (17 ) (46 ) — (46 ) Beneficial interests issued by consolidated VIEs 49 — 49 (233 ) — (233 ) (278 ) — (278 ) Other liabilities — — — (27 ) — (27 ) — — — Long-term debt: Changes in instrument-specific credit risk (a) 300 — 300 101 — 101 (271 ) — (271 ) Other changes in fair value (b) 1,088 — 1,088 (615 ) — (615 ) 1,280 — 1,280 (a) Total changes in instrument-specific credit risk (DVA) related to structured notes were $171 million , $20 million and $(337) million for the years ended December 31, 2015 , 2014 and 2013 , 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 December 31, 2015 and 2014 , for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. 2015 2014 December 31, (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 $ 3,484 $ 631 $ (2,853 ) $ 3,847 $ 905 $ (2,942 ) Loans 7 7 — 7 7 — Subtotal 3,491 638 (2,853 ) 3,854 912 (2,942 ) All other performing loans Loans reported as trading assets 30,780 28,184 (2,596 ) 37,608 35,462 (2,146 ) Loans 2,771 2,752 (19 ) 2,397 2,389 (8 ) Total loans $ 37,042 $ 31,574 $ (5,468 ) $ 43,859 $ 38,763 $ (5,096 ) Long-term debt Principal-protected debt $ 17,910 (c) $ 16,611 $ (1,299 ) $ 14,660 (c) $ 15,484 $ 824 Nonprincipal-protected debt (b) NA 16,454 NA NA 14,742 NA Total long-term debt NA $ 33,065 NA NA $ 30,226 NA Long-term beneficial interests Nonprincipal-protected debt NA $ 787 NA NA $ 2,162 NA Total long-term beneficial interests NA $ 787 NA NA $ 2,162 NA (a) There were no performing loans that were ninety days or more past due as of December 31, 2015 and 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 reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date. |
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. December 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 $ 12,531 $ 58 $ 3,340 $ 15,929 $ 10,858 $ 460 $ 2,119 $ 13,437 Credit 3,195 547 — 3,742 4,023 450 — 4,473 Foreign exchange 1,765 77 11 1,853 2,150 211 17 2,378 Equity 14,293 8,447 4,993 27,733 12,348 12,412 4,415 29,175 Commodity 640 50 1,981 2,671 710 644 2,012 3,366 Total structured notes $ 32,424 $ 9,179 $ 10,325 $ 51,928 $ 30,089 $ 14,177 $ 8,563 $ 52,829 |
Credit Risk Concentrations (Tab
Credit Risk Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Credit Risk Concentrations [Abstract] | |
Concentrations of credit exposure | The table below presents both on–balance sheet and off–balance sheet consumer and wholesale-related credit exposure by the Firm’s three credit portfolio segments as of December 31, 2015 and 2014 . 2015 2014 Credit exposure On-balance sheet Off-balance sheet (f) Credit exposure On-balance sheet Off-balance sheet (f)(g) December 31, (in millions) Loans Derivatives Loans Derivatives Total consumer, excluding credit card $ 403,424 $ 344,821 $ — $ 58,478 $ 353,635 $ 295,374 $ — $ 58,153 Total credit card 646,981 131,463 — 515,518 657,011 131,048 — 525,963 Total consumer 1,050,405 476,284 — 573,996 1,010,646 426,422 — 584,116 Wholesale-related (a) Real Estate 116,857 92,820 312 23,725 105,975 79,113 327 26,535 Consumer & Retail 85,460 27,175 1,573 56,712 83,663 25,094 1,845 56,724 Technology, Media & Telecommunications 57,382 11,079 1,032 45,271 46,655 11,362 2,190 33,103 Industrials 54,386 16,791 1,428 36,167 47,859 16,040 1,303 30,516 Healthcare 46,053 16,965 2,751 26,337 56,516 13,794 4,542 38,180 Banks & Finance Cos 43,398 20,401 10,218 12,779 55,098 23,367 15,706 16,025 Oil & Gas 42,077 13,343 1,902 26,832 43,148 15,616 1,836 25,696 Utilities 30,853 5,294 1,689 23,870 27,441 4,844 2,272 20,325 State & Municipal Govt 29,114 9,626 3,287 16,201 31,068 7,593 4,002 19,473 Asset Managers 23,815 6,703 7,733 9,379 27,488 8,043 9,386 10,059 Transportation 19,227 9,157 1,575 8,495 20,619 10,381 2,247 7,991 Central Govt 17,968 2,000 13,240 2,728 19,881 1,103 15,527 3,251 Chemicals & Plastics 15,232 4,033 369 10,830 12,612 3,087 410 9,115 Metals & Mining 14,049 4,622 607 8,820 14,969 5,628 589 8,752 Automotive 13,864 4,473 1,350 8,041 12,754 3,779 766 8,209 Insurance 11,889 1,094 1,992 8,803 13,350 1,175 3,474 8,701 Financial Markets Infrastructure 7,973 724 2,602 4,647 11,986 928 6,789 4,269 Securities Firms 4,412 861 1,424 2,127 4,801 1,025 1,351 2,425 All other (b) 149,117 109,889 4,593 34,635 134,475 92,530 4,413 37,532 Subtotal 783,126 357,050 59,677 366,399 770,358 324,502 78,975 366,881 Loans held-for-sale and loans at fair value 3,965 3,965 — — 6,412 6,412 — — Receivables from customers and other (c) 13,372 — — — 28,972 — — — Total wholesale-related 800,463 361,015 59,677 366,399 805,742 330,914 78,975 366,881 Total exposure (d)(e) $ 1,850,868 $ 837,299 $ 59,677 $ 940,395 $ 1,816,388 $ 757,336 $ 78,975 $ 950,997 (a) Effective in the fourth quarter 2015, the Firm realigned its wholesale industry divisions in order to better monitor and manage industry concentrations. Prior period amounts have been revised to conform with current period presentation. For additional information, see Wholesale credit portfolio on pages 122–129 . (b) All other includes: individuals; SPEs; holding companies; and private education and civic organizations. For more information on exposures to SPEs, see Note 16. (c) Primarily consists of margin loans to prime brokerage customers that are generally over-collateralized through a pledge of assets maintained in clients’ brokerage accounts and are subject to daily minimum collateral requirements. As a result of the Firm’s credit risk mitigation practices, the Firm did not hold any reserves for credit impairment on these receivables. (d) For further information regarding on–balance sheet credit concentrations by major product and/or geography, see Note 6 and Note 14. For information regarding concentrations of off–balance sheet lending-related financial instruments by major product, see Note 29. (e) Excludes cash placed with banks of $351.0 billion and $501.5 billion , at December 31, 2015 and 2014 , respectively, placed with various central banks, predominantly Federal Reserve Banks. (f) Represents lending-related financial instruments. (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. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 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 segment or unit Page reference Manage specifically identified risk exposures in qualifying hedge accounting relationships: ◦ Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 216 ◦ Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 217 ◦ Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 216 ◦ Foreign exchange Hedge forecasted revenue and expense Cash flow hedge Corporate 217 ◦ Foreign exchange Hedge the value of the Firm’s investments in non-U.S. subsidiaries Net investment hedge Corporate 218 ◦ Commodity Hedge commodity inventory Fair value hedge CIB 216 Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: ◦ Interest rate Manage the risk of the mortgage pipeline, warehouse loans and MSRs Specified risk management CCB 218 ◦ Credit Manage the credit risk of wholesale lending exposures Specified risk management CIB 218 ◦ Commodity Manage the risk of certain commodities-related contracts and investments Specified risk management CIB 218 ◦ Interest rate and foreign exchange Manage the risk of certain other specified assets and liabilities Specified risk management Corporate 218 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 218 • Various Other derivatives Market-making and other CIB, Corporate 218 |
Notional amount of derivative contracts | The following table summarizes the notional amount of derivative contracts outstanding as of December 31, 2015 and 2014 . Notional amounts (b) December 31, (in billions) 2015 2014 Interest rate contracts Swaps $ 24,162 $ 29,734 Futures and forwards 5,167 10,189 Written options 3,506 3,903 Purchased options 3,896 4,259 Total interest rate contracts 36,731 48,085 Credit derivatives (a) 2,900 4,249 Foreign exchange contracts Cross-currency swaps 3,199 3,346 Spot, futures and forwards 5,028 4,669 Written options 690 790 Purchased options 706 780 Total foreign exchange contracts 9,623 9,585 Equity contracts Swaps 232 206 Futures and forwards 43 50 Written options 395 432 Purchased options 326 375 Total equity contracts 996 1,063 Commodity contracts Swaps 83 126 Spot, futures and forwards 99 193 Written options 115 181 Purchased options 112 180 Total commodity contracts 409 680 Total derivative notional amounts $ 50,659 $ 63,662 (a) For more information on volumes and types of credit derivative contracts, see the Credit derivatives discussion on pages 218–220 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 December 31, 2015 and 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 December 31, 2015 (in millions) Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 665,531 $ 4,080 $ 669,611 $ 26,363 $ 632,928 $ 2,238 $ 635,166 $ 10,221 Credit 51,468 — 51,468 1,423 50,529 — 50,529 1,541 Foreign exchange 179,072 803 179,875 17,177 189,397 1,503 190,900 19,769 Equity 35,859 — 35,859 5,529 38,663 — 38,663 9,183 Commodity 23,713 1,352 25,065 9,185 27,653 1 27,654 12,076 Total fair value of trading assets and liabilities $ 955,643 $ 6,235 $ 961,878 $ 59,677 $ 939,170 $ 3,742 $ 942,912 $ 52,790 Gross derivative receivables Gross derivative payables December 31, 2014 (in millions) Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b) 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 Firm’s Consolidated balance sheets or its results of operations. |
Offsetting assets | The following table presents, as of December 31, 2015 and 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. 2015 2014 December 31, (in millions) Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables U.S. GAAP nettable derivative receivables Interest rate contracts: OTC $ 417,386 $ (396,506 ) $ 20,880 $ 542,107 (c) $ (514,914 ) (c) $ 27,193 OTC–cleared 246,750 (246,742 ) 8 401,656 (401,618 ) 38 Exchange-traded (a) — — — — — — Total interest rate contracts 664,136 (643,248 ) 20,888 943,763 (c) (916,532 ) (c) 27,231 Credit contracts: OTC 44,082 (43,182 ) 900 66,636 (65,720 ) 916 OTC–cleared 6,866 (6,863 ) 3 9,320 (9,284 ) 36 Total credit contracts 50,948 (50,045 ) 903 75,956 (75,004 ) 952 Foreign exchange contracts: OTC 175,060 (162,377 ) 12,683 208,803 (c) (193,900 ) (c) 14,903 OTC–cleared 323 (321 ) 2 36 (34 ) 2 Exchange-traded (a) — — — — — — Total foreign exchange contracts 175,383 (162,698 ) 12,685 208,839 (c) (193,934 ) (c) 14,905 Equity contracts: OTC 20,690 (20,439 ) 251 23,258 (22,826 ) 432 OTC–cleared — — — — — — Exchange-traded (a) 12,285 (9,891 ) 2,394 13,840 (c) (11,486 ) (c) 2,354 Total equity contracts 32,975 (30,330 ) 2,645 37,098 (c) (34,312 ) (c) 2,786 Commodity contracts: OTC 15,001 (6,772 ) 8,229 22,555 (14,327 ) 8,228 OTC–cleared — — — — — — Exchange-traded (a) 9,199 (9,108 ) 91 19,500 (15,344 ) 4,156 Total commodity contracts 24,200 (15,880 ) 8,320 42,055 (29,671 ) 12,384 Derivative receivables with appropriate legal opinion $ 947,642 $ (902,201 ) (b) $ 45,441 $ 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 14,236 14,236 20,717 20,717 Total derivative receivables recognized on the Consolidated balance sheets $ 961,878 $ 59,677 $ 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 $73.7 billion and $74.0 billion at December 31, 2015, and 2014, respectively. (c) The prior period amounts have been revised to conform with the current period presentation. These revisions had no impact on Firm’s Consolidated balance sheets or its results of operations. |
Offsetting liabilities | The following table presents, as of December 31, 2015 and 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. 2015 2014 December 31, (in millions) Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables U.S. GAAP nettable derivative payables Interest rate contracts: OTC $ 393,709 $ (384,576 ) $ 9,133 $ 515,904 (c) $ (503,384 ) (c) $ 12,520 OTC–cleared 240,398 (240,369 ) 29 398,518 (397,250 ) 1,268 Exchange-traded (a) — — — — — — Total interest rate contracts 634,107 (624,945 ) 9,162 914,422 (c) (900,634 ) (c) 13,788 Credit contracts: OTC 44,379 (43,019 ) 1,360 65,432 (64,904 ) 528 OTC–cleared 5,969 (5,969 ) — 9,398 (9,398 ) — Total credit contracts 50,348 (48,988 ) 1,360 74,830 (74,302 ) 528 Foreign exchange contracts: OTC 185,178 (170,830 ) 14,348 217,998 (c) (201,578 ) (c) 16,420 OTC–cleared 301 (301 ) — 66 (66 ) — Exchange-traded (a) — — — — — — Total foreign exchange contracts 185,479 (171,131 ) 14,348 218,064 (c) (201,644 ) (c) 16,420 Equity contracts: OTC 23,458 (19,589 ) 3,869 27,908 (23,036 ) 4,872 OTC–cleared — — — — — — Exchange-traded (a) 10,998 (9,891 ) 1,107 12,864 (c) (11,486 ) (c) 1,378 Total equity contracts 34,456 (29,480 ) 4,976 40,772 (c) (34,522 ) (c) 6,250 Commodity contracts: OTC 16,953 (6,256 ) 10,697 25,129 (13,211 ) 11,918 OTC–cleared — — — — — — Exchange-traded (a) 9,374 (9,322 ) 52 18,486 (15,344 ) 3,142 Total commodity contracts 26,327 (15,578 ) 10,749 43,615 (28,555 ) 15,060 Derivative payables with appropriate legal opinions $ 930,717 $ (890,122 ) (b) $ 40,595 $ 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 12,195 12,195 19,070 19,070 Total derivative payables recognized on the Consolidated balance sheets $ 942,912 $ 52,790 $ 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 $61.6 billion and $64.2 billion related to OTC and OTC-cleared derivatives at December 31, 2015, and 2014, respectively. (c) The prior period amounts have been revised to conform with the current period presentation. These revisions had no impact on 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 December 31, 2015 and 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 2015 2014 December 31, (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 $ 45,441 $ (13,543 ) (a) $ 31,898 $ 58,258 $ (16,194 ) (a) $ 42,064 Derivative payable collateral (b) 2015 2014 December 31, (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 $ 40,595 $ (7,957 ) (a) $ 32,638 $ 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 payables 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. While derivative receivables expose the Firm to credit risk, derivative payables expose the Firm to liquidity risk, as the derivative contracts typically require the Firm to post cash or securities collateral with counterparties as the fair value of the contracts moves in the counterparties’ favor or upon specified downgrades in the Firm’s and its subsidiaries’ respective credit ratings. Certain derivative contracts also provide for termination of the contract, generally upon a downgrade of either the Firm or the counterparty, at the fair value of the derivative contracts. 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 December 31, 2015 and 2014. OTC and OTC-cleared derivative payables containing downgrade triggers December 31, (in millions) 2015 2014 Aggregate fair value of net derivative payables $ 22,328 $ 32,303 Collateral posted 18,942 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 December 31, 2015 and 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), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating by the rating agencies referred to in the derivative contract. Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives 2015 2014 December 31, (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 807 $ 3,028 $ 1,046 $ 3,331 Amount required to settle contracts with termination triggers upon downgrade (b) 271 1,093 366 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 Firm includes gains/(losses) on the hedging derivative and the related hedged item in the same line item in the Consolidated statements of income. Gains/(losses) recorded in income Income statement impact due to: Year ended December 31, 2015 (in millions) Derivatives Hedged items Total income statement impact Hedge ineffectiveness (d) Excluded components (e) Contract type Interest rate (a) $ 38 $ 911 $ 949 $ 3 $ 946 Foreign exchange (b) 6,030 (6,006 ) 24 — 24 Commodity (c) 1,153 (1,142 ) 11 (13 ) 24 Total $ 7,221 $ (6,237 ) $ 984 $ (10 ) $ 994 Gains/(losses) recorded in income Income statement impact due to: Year ended December 31, 2014 (in millions) Derivatives Hedged items Total income statement impact Hedge ineffectiveness (d) Excluded components (e) Contract type Interest rate (a) $ 2,106 $ (801 ) $ 1,305 $ 131 $ 1,174 Foreign exchange (b) 8,279 (8,532 ) (253 ) — (253 ) Commodity (c) 49 145 194 42 152 Total $ 10,434 $ (9,188 ) $ 1,246 $ 173 $ 1,073 Gains/(losses) recorded in income Income statement impact due to: Year ended December 31, 2013 (in millions) Derivatives Hedged items Total income statement impact Hedge ineffectiveness (d) Excluded components (e) Contract type Interest rate (a) $ (3,469 ) $ 4,851 $ 1,382 $ (132 ) $ 1,514 Foreign exchange (b) (1,096 ) 864 (232 ) — (232 ) Commodity (c) 485 (1,304 ) (819 ) 38 (857 ) Total $ (4,080 ) $ 4,411 $ 331 $ (94 ) $ 425 (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 primarily 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 Firm includes the gain/(loss) on the hedging derivative and the change in cash flows on the hedged item in the same line item in the Consolidated statements of income. Gains/(losses) recorded in income and other comprehensive income/(loss) Year ended December 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) $ (99 ) $ — $ (99 ) $ (44 ) $ 55 Foreign exchange (b) (81 ) — (81 ) (53 ) 28 Total $ (180 ) $ — $ (180 ) $ (97 ) $ 83 Gains/(losses) recorded in income and other comprehensive income/(loss) Year ended December 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 Contract type Interest rate (a) $ (54 ) $ — $ (54 ) $ 189 $ 243 Foreign exchange (b) 78 — 78 (91 ) (169 ) Total $ 24 $ — $ 24 $ 98 $ 74 Gains/(losses) recorded in income and other comprehensive income/(loss) Year ended December 31, 2013 (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 Contract type Interest rate (a) $ (108 ) $ — $ (108 ) $ (565 ) $ (457 ) Foreign exchange (b) 7 — 7 40 33 Total $ (101 ) $ — $ (101 ) $ (525 ) $ (424 ) (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 the forecasted transactions that the Firm determined during the year ended December 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 years ended December 31, 2015 , 2014 and 2013 . Gains/(losses) recorded in income and other comprehensive income/(loss) 2015 2014 2013 Year ended December 31, (in millions) Excluded components recorded directly in income (a) Effective portion recorded in OCI Excluded components recorded directly in income (a) Effective portion recorded in OCI Excluded components recorded directly in income (a) Effective portion recorded in OCI Foreign exchange derivatives $(379) $1,885 $(448) $1,698 $(383) $773 (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 2015 , 2014 and 2013 . |
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 assets and liabilities, and commodities-related contracts and investments. Derivatives gains/(losses) recorded in income Year ended December 31, (in millions) 2015 2014 2013 Contract type Interest rate (a) $ 853 $ 2,308 $ 617 Credit (b) 70 (58 ) (142 ) Foreign exchange (c) 25 (7 ) 1 Commodity (d) (12 ) 156 178 Total $ 936 $ 2,399 $ 654 (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 and credit-related notes | Total credit derivatives and credit-related notes Maximum payout/Notional amount Protection sold Protection purchased with identical underlyings (b) Net protection (sold)/purchased (c) Other protection purchased (d) December 31, 2015 (in millions) Credit derivatives Credit default swaps $ (1,386,071 ) $ 1,402,201 $ 16,130 $ 12,011 Other credit derivatives (a) (42,738 ) 38,158 (4,580 ) 18,792 Total credit derivatives (1,428,809 ) 1,440,359 11,550 30,803 Credit-related notes (30 ) — (30 ) 4,715 Total $ (1,428,839 ) $ 1,440,359 $ 11,520 $ 35,518 Maximum payout/Notional amount Protection sold Protection purchased with identical underlyings (b) Net protection (sold)/purchased (c) Other protection purchased (d) December 31, 2014 (in millions) 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 December 31, 2015 and 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 December 31, 2015 (in millions) <1 year 1–5 years >5 years Total notional amount Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (307,211 ) $ (699,227 ) $ (46,970 ) $ (1,053,408 ) $ 13,539 $ (6,836 ) $ 6,703 Noninvestment-grade (109,195 ) (245,151 ) (21,085 ) (375,431 ) 10,823 (18,891 ) (8,068 ) Total $ (416,406 ) $ (944,378 ) $ (68,055 ) $ (1,428,839 ) $ 24,362 $ (25,727 ) $ (1,365 ) December 31, 2014 (in millions) <1 year 1–5 years >5 years Total notional amount Fair value of receivables (b) Fair value of payables (b) Net fair value 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 Investors Service (“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) | 12 Months Ended |
Dec. 31, 2015 | |
Noninterest Income [Abstract] | |
Components of investment banking fees | The following table presents the components of investment banking fees. Year ended December 31, (in millions) 2015 2014 2013 Underwriting Equity $ 1,408 $ 1,571 $ 1,499 Debt 3,232 3,340 3,537 Total underwriting 4,640 4,911 5,036 Advisory 2,111 1,631 1,318 Total investment banking fees $ 6,751 $ 6,542 $ 6,354 |
Principal transactions revenue | 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. Year ended December 31, (in millions) 2015 2014 2013 Trading revenue by instrument type Interest rate $ 1,933 $ 1,362 $ 284 Credit 1,735 1,880 2,654 Foreign exchange 2,557 1,556 1,801 Equity 2,990 2,563 2,517 Commodity (a) 842 1,663 2,083 Total trading revenue 10,057 9,024 9,339 Private equity gains (b) 351 1,507 802 Principal transactions $ 10,408 $ 10,531 $ 10,141 (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 6. (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 Firmwide asset management, administration and commissions. Year ended December 31, (in millions) 2015 2014 2013 Asset management fees Investment management fees (a) $ 9,403 $ 9,169 $ 8,044 All other asset management fees (b) 352 477 505 Total asset management fees 9,755 9,646 8,549 Total administration fees (c) 2,015 2,179 2,101 Commissions and other fees Brokerage commissions 2,304 2,270 2,321 All other commissions and fees 1,435 1,836 2,135 Total commissions and fees 3,739 4,106 4,456 Total asset management, administration and commissions $ 15,509 $ 15,931 $ 15,106 (a) Represents fees earned from managing assets on behalf of the Firm’s 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. |
Schedule of amounts included in other income | Other income on the Firm’s Consolidated statements of income included the following: Year ended December 31, (in millions) 2015 2014 2013 Operating lease income $ 2,081 $ 1,699 $ 1,472 Gain from sale of Visa B shares — — 1,310 |
Interest Income and Interest 50
Interest Income and Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Interest Income (Expense), Net [Abstract] | |
Details of interest income and interest expense | Details of interest income and interest expense were as follows. Year ended December 31, (in millions) 2015 2014 2013 Interest Income Loans $ 33,134 $ 32,218 $ 33,489 Taxable securities 6,550 7,617 6,916 Non taxable securities (a) 1,706 1,423 896 Total securities 8,256 9,040 7,812 Trading assets 6,621 7,312 8,099 Federal funds sold and securities purchased under resale agreements 1,592 1,642 1,940 Securities borrowed (b) (532 ) (501 ) (127 ) Deposits with banks 1,250 1,157 918 Other assets (c) 652 663 538 Total interest income $ 50,973 $ 51,531 $ 52,669 Interest expense Interest bearing deposits $ 1,252 $ 1,633 $ 2,067 Federal funds purchased and securities loaned or sold under repurchase agreements 609 604 582 Commercial paper 110 134 112 Trading liabilities - debt, short-term and other liabilities 622 712 1,104 Long-term debt 4,435 4,409 5,007 Beneficial interest issued by consolidated VIEs 435 405 478 Total interest expense $ 7,463 $ 7,897 $ 9,350 Net interest income $ 43,510 $ 43,634 $ 43,319 Provision for credit losses 3,827 3,139 225 Net interest income after provision for credit losses $ 39,683 $ 40,495 $ 43,094 (a) Represents securities which are tax exempt for U.S. federal income tax purposes. (b) Negative interest income for the years ended December 31, 2015, 2014 and 2013, 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. (c) Largely margin loans. (d) Includes brokerage customer payables. |
Pension and Other Postretirem51
Pension and Other Postretirement Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Changes in benefit obligations and plan assets and funded status amounts | The following table presents the changes in benefit obligations, plan assets and funded status amounts reported on the Consolidated balance sheets for the Firm’s U.S. and non-U.S. defined benefit pension and OPEB plans. Defined benefit pension plans As of or for the year ended December 31, U.S. Non-U.S. OPEB plans (d) (in millions) 2015 2014 2015 2014 2015 2014 Change in benefit obligation Benefit obligation, beginning of year $ (12,536 ) $ (10,776 ) $ (3,640 ) $ (3,433 ) $ (842 ) $ (826 ) Benefits earned during the year (340 ) (281 ) (37 ) (33 ) (1 ) — Interest cost on benefit obligations (498 ) (534 ) (112 ) (137 ) (31 ) (38 ) Plan amendments — (53 ) — — — — Special termination benefits — — (1 ) (1 ) — — Curtailments — — — — — (3 ) Employee contributions NA NA (7 ) (7 ) (25 ) (62 ) Net gain/(loss) 702 (1,669 ) 146 (408 ) 71 (58 ) Benefits paid 760 777 120 119 88 145 Expected Medicare Part D subsidy receipts NA NA NA NA (6 ) (2 ) Foreign exchange impact and other — — 184 260 2 2 Benefit obligation, end of year $ (11,912 ) $ (12,536 ) $ (3,347 ) $ (3,640 ) $ (744 ) $ (842 ) Change in plan assets Fair value of plan assets, beginning of year $ 14,623 $ 14,354 $ 3,718 $ 3,532 $ 1,903 $ 1,757 Actual return on plan assets 231 1,010 52 518 13 159 Firm contributions 31 36 45 46 2 3 Employee contributions — — 7 7 — — Benefits paid (760 ) (777 ) (120 ) (119 ) (63 ) (16 ) Foreign exchange impact and other — — (191 ) (266 ) — — Fair value of plan assets, end of year $ 14,125 $ 14,623 (b)(c) $ 3,511 $ 3,718 $ 1,855 $ 1,903 Net funded status (a) $ 2,213 $ 2,087 $ 164 $ 78 $ 1,111 $ 1,061 Accumulated benefit obligation, end of year $ (11,774 ) $ (12,375 ) $ (3,322 ) $ (3,615 ) NA NA (a) Represents plans with an aggregate overfunded balance of $4.1 billion and $3.9 billion at December 31, 2015 and 2014 , respectively, and plans with an aggregate underfunded balance of $636 million and $708 million at December 31, 2015 and 2014 , respectively. (b) At December 31, 2015 and 2014 , approximately $533 million and $336 million , respectively, of U.S. plan assets included participation rights under participating annuity contracts. (c) At December 31, 2015 and 2014 , defined benefit pension plan amounts not measured at fair value included $74 million and $106 million , respectively, of accrued receivables, and $123 million and $257 million , respectively, of accrued liabilities, for U.S. plans. (d) Includes an unfunded accumulated postretirement benefit obligation of $32 million and $37 million at December 31, 2015 and 2014 , respectively, for the U.K. plan. |
Pretax pension and OPEB amounts recorded in AOCI | The following table presents pretax pension and OPEB amounts recorded in AOCI. Defined benefit pension plans December 31, U.S. Non-U.S. OPEB plans (in millions) 2015 2014 2015 2014 2015 2014 Net gain/(loss) $ (3,096 ) $ (3,346 ) $ (513 ) $ (628 ) $ 109 $ 130 Prior service credit/(cost) 68 102 9 11 — — Accumulated other comprehensive income/(loss), pretax, end of year $ (3,028 ) $ (3,244 ) $ (504 ) $ (617 ) $ 109 $ 130 |
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 and other comprehensive 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 Year ended December 31, (in millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost Benefits earned during the year $ 340 $ 281 $ 314 $ 37 $ 33 $ 34 $ 1 $ — $ 1 Interest cost on benefit obligations 498 534 447 112 137 125 31 38 35 Expected return on plan assets (929 ) (985 ) (956 ) (150 ) (172 ) (142 ) (106 ) (101 ) (92 ) Amortization: Net (gain)/loss 247 25 271 35 47 49 — — 1 Prior service cost/(credit) (34 ) (41 ) (41 ) (2 ) (2 ) (2 ) — (1 ) — Special termination benefits — — — 1 — — — — — Net periodic defined benefit cost 122 (186 ) 35 33 43 64 (74 ) (64 ) (55 ) Other defined benefit pension plans (a) 14 14 15 10 6 14 NA NA NA Total defined benefit plans 136 (172 ) 50 43 49 78 (74 ) (64 ) (55 ) Total defined contribution plans 449 438 447 320 329 321 NA NA NA Total pension and OPEB cost included in compensation expense $ 585 $ 266 $ 497 $ 363 $ 378 $ 399 $ (74 ) $ (64 ) $ (55 ) Changes in plan assets and benefit obligations recognized in other comprehensive income Net (gain)/loss arising during the year $ (3 ) $ 1,645 $ (1,817 ) $ (47 ) $ 57 $ 19 $ 21 $ (5 ) $ (257 ) Prior service credit arising during the year — 53 — — — — — — — Amortization of net loss (247 ) (25 ) (271 ) (35 ) (47 ) (49 ) — — (1 ) Amortization of prior service (cost)/credit 34 41 41 2 2 2 — 1 — Foreign exchange impact and other — — — (33 ) (a) (39 ) (a) 14 (a) — — — Total recognized in other comprehensive income $ (216 ) $ 1,714 $ (2,047 ) $ (113 ) $ (27 ) $ (14 ) $ 21 $ (4 ) $ (258 ) Total recognized in net periodic benefit cost and other comprehensive income $ (94 ) $ 1,528 $ (2,012 ) $ (80 ) $ 16 $ 50 $ (53 ) $ (68 ) $ (313 ) (a) Includes various defined benefit pension plans which are individually immaterial. |
Estimated pretax amounts that will be amortized from AOCI into net periodic benefit cost | The estimated pretax amounts that will be amortized from AOCI into net periodic benefit cost in 2016 are as follows. Defined benefit pension plans OPEB plans (in millions) U.S. Non-U.S. U.S. Non-U.S. Net loss/(gain) $ 231 $ 23 $ — $ — Prior service cost/(credit) (34 ) (2 ) — — Total $ 197 $ 21 $ — $ — |
Actual rate of return on plan assets | The following table presents the actual rate of return on plan assets for the U.S. and non-U.S. defined benefit pension and OPEB plans. U.S. Non-U.S. Year ended December 31, 2015 2014 2013 2015 2014 2013 Actual rate of return: Defined benefit pension plans 0.88 % 7.29 % 15.95 % (0.48) – 4.92% 5.62 – 17.69% 3.74 – 23.80% OPEB plans 1.16 9.84 13.88 NA NA NA |
Weighted-average assumptions used to determine benefit obligations | Weighted-average assumptions used to determine benefit obligations U.S. Non-U.S. December 31, 2015 2014 2015 2014 Discount rate: Defined benefit pension plans 4.50 % 4.00 % 0.80 – 3.70% 1.00 – 3.60% OPEB plans 4.40 4.10 — — Rate of compensation increase 3.50 3.50 2.25 – 4.30 2.75 – 4.20 Health care cost trend rate: Assumed for next year 5.50 6.00 — — Ultimate 5.00 5.00 — — Year when rate will reach ultimate 2017 2017 — — |
Weighted-average assumptions used to determine net periodic benefit costs | Weighted-average assumptions used to determine net periodic benefit costs U.S. Non-U.S. Year ended December 31, 2015 2014 2013 2015 2014 2013 Discount rate: Defined benefit pension plans 4.00 % 5.00 % 3.90 % 1.00 – 3.60% 1.10 – 4.40% 1.40 – 4.40% OPEB plans 4.10 4.90 3.90 — — — Expected long-term rate of return on plan assets: Defined benefit pension plans 6.50 7.00 7.50 0.90 – 4.80 1.20 – 5.30 2.40 – 4.90 OPEB plans 6.00 6.25 6.25 NA NA NA Rate of compensation increase 3.50 3.50 4.00 2.75 – 4.20 2.75 – 4.60 2.75 – 4.10 Health care cost trend rate: Assumed for next year 6.00 6.50 7.00 — — — Ultimate 5.00 5.00 5.00 — — — Year when rate will reach ultimate 2017 2017 2017 — — — |
Effect of a one-percentage-point change in the assumed health care cost trend rate on the Firm's total service and interest cost and accumulated postretirement benefit obligation | As of December 31, 2015 , there was no material effect on total service and interest cost. Year ended December 31, 2015 (in millions) 1-Percentage point increase 1-Percentage point decrease Effect on accumulated postretirement benefit obligation $ 8 $ (7 ) |
Weighted-average asset allocation of the fair values of total plan assets | The following table presents the weighted-average asset allocation of the fair values of total plan assets at December 31 for the years indicated, as well as the respective approved range/target allocation by asset category, for the Firm’s U.S. and non-U.S. defined benefit pension and OPEB plans. Defined benefit pension plans U.S. Non-U.S. OPEB plans (c) Target % of plan assets Target % of plan assets Target % of plan assets December 31, Allocation 2015 2014 Allocation 2015 2014 Allocation 2015 2014 Asset category Debt securities (a) 0-80% 32 % 31 % 59 % 60 % 61 % 30-70% 50 % 50 % Equity securities 0-85 48 46 40 38 38 30-70 50 50 Real estate 0-10 4 4 — 1 — — — — Alternatives (b) 0-35 16 19 1 1 1 — — — Total 100% 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % (a) Debt securities primarily include corporate debt, U.S. federal, state, local and non-U.S. government, and mortgage-backed securities. (b) Alternatives primarily include limited partnerships. (c) Represents the U.S. OPEB plan only, as the U.K. OPEB plan is unfunded. |
Pension and OPEB plan assets and liabilities measured at fair value | For information on fair value measurements, including descriptions of level 1, 2, and 3 of the fair value hierarchy and the valuation methods employed by the Firm, see Note 3. Pension and OPEB plan assets and liabilities measured at fair value U.S. defined benefit pension plans Non-U.S. defined benefit pension plans (g) December 31, 2015 (in millions) Level 1 Level 2 Level 3 Total fair value Level 1 Level 2 Total fair value Cash and cash equivalents $ 112 $ — $ — $ 112 $ 114 $ 1 $ 115 Equity securities 4,826 5 2 4,833 1,002 157 1,159 Common/collective trust funds (a) 339 — — 339 135 — 135 Limited partnerships (b) 53 — — 53 — — — Corporate debt securities (c) — 1,619 2 1,621 — 758 758 U.S. federal, state, local and non-U.S. government debt securities 580 108 — 688 212 504 716 Mortgage-backed securities — 67 1 68 2 26 28 Derivative receivables — 104 — 104 — 209 209 Other (d) 1,760 27 534 2,321 257 53 310 Total assets measured at fair value $ 7,670 $ 1,930 $ 539 $ 10,139 (e) $ 1,722 $ 1,708 $ 3,430 Derivative payables $ — $ (35 ) $ — $ (35 ) $ — $ (153 ) $ (153 ) Total liabilities measured at fair value $ — $ (35 ) $ — $ (35 ) (f) $ — $ (153 ) $ (153 ) U.S. defined benefit pension plans Non-U.S. defined benefit pension plans (g) December 31, 2014 (in millions) Level 1 Level 2 Level 3 Total fair value Level 1 Level 2 Total fair value Cash and cash equivalents $ 87 $ — $ — $ 87 $ 128 $ 1 $ 129 Equity securities 5,286 20 4 5,310 1,019 169 1,188 Common/collective trust funds (a) 345 — — 345 112 — 112 Limited partnerships (b) 70 — — 70 — — — Corporate debt securities (c) — 1,454 9 1,463 — 724 724 U.S. federal, state, local and non-U.S. government debt securities 446 161 — 607 235 540 775 Mortgage-backed securities 1 73 1 75 2 77 79 Derivative receivables — 114 — 114 — 258 258 Other (d) 2,031 27 337 2,395 283 58 341 Total assets measured at fair value $ 8,266 $ 1,849 $ 351 $ 10,466 (e) $ 1,779 $ 1,827 $ 3,606 Derivative payables $ — $ (23 ) $ — $ (23 ) $ — $ (139 ) $ (139 ) Total liabilities measured at fair value $ — $ (23 ) $ — $ (23 ) (f) $ — $ (139 ) $ (139 ) Note: Effective April 1, 2015, the Firm adopted new accounting guidance for certain investments where the Firm measures fair value using the net asset value per share (or its equivalent) as a practical expedient and excluded them from the fair value hierarchy. Accordingly, such investments are not included within these tables. At December 31, 2015 and 2014, the fair values of these investments, which include certain limited partnerships and common/collective trust funds, were $4.1 billion and $4.3 billion , respectively, of U.S. defined benefit pension plan investments, and $234 million and $251 million , respectively, of non-U.S. defined benefit pension plan investments. Of these investments $1.3 billion and $3.0 billion , respectively, of U.S. defined benefit pension plan investments had been previously classified in level 2 and level 3, respectively, and $251 million of non-U.S. defined benefit pension plan investments had been previously classified in level 2 at December 31, 2014. The guidance was required to be applied retrospectively, and accordingly, prior period amounts have been revised to conform with the current period presentation. (a) At December 31, 2015 and 2014 , common/collective trust funds primarily included a mix of short-term investment funds, domestic and international equity investments (including index) and real estate funds. (b) Unfunded commitments to purchase limited partnership investments for the plans were $895 million and $1.2 billion for 2015 and 2014, respectively. (c) Corporate debt securities include debt securities of U.S. and non-U.S. corporations. (d) Other consists of money markets funds, exchange-traded funds and participating and non-participating annuity contracts. Money markets funds and exchange-traded funds are primarily classified within level 1 of the fair value hierarchy given they are valued using market observable prices. Participating and non-participating annuity contracts are classified within level 3 of the fair value hierarchy due to lack of market mechanisms for transferring each policy and surrender restrictions. (e) At December 31, 2015 and 2014 , excluded U.S. defined benefit pension plan receivables for investments sold and dividends and interest receivables of $74 million and $106 million , respectively. (f) At December 31, 2015 and 2014 , excluded $106 million and $241 million , respectively, of U.S. defined benefit pension plan payables for investments purchased; and $17 million and $16 million , respectively, of other liabilities. (g) There were zero assets or liabilities classified as level 3 for the non-U.S. defined benefit pension plans as of December 31, 2015 and 2014. |
Changes in level 3 fair value measurements using significant unobservable inputs | Changes in level 3 fair value measurements using significant unobservable inputs Year ended December 31, 2015 (in millions) Fair value, January 1, 2015 Actual return on plan assets Purchases, sales and settlements, net Transfers in and/or out of level 3 Fair value, December 31, 2015 Realized gains/(losses) Unrealized gains/(losses) U.S. defined benefit pension plans Equities $ 4 $ — $ (2 ) $ — $ — $ 2 Corporate debt securities 9 — — (7 ) — 2 Mortgage-backed securities 1 — — — — 1 Other 337 — 197 — — 534 Total U.S. defined benefit pension plans $ 351 $ — $ 195 $ (7 ) $ — $ 539 OPEB plans COLI $ 1,903 $ — $ (48 ) $ — $ — $ 1,855 Total OPEB plans $ 1,903 $ — $ (48 ) $ — $ — $ 1,855 Year ended December 31, 2014 (in millions) Fair value, January 1, 2014 Actual return on plan assets Purchases, sales and settlements, net Transfers in and/or out of level 3 Fair value, December 31, 2014 Realized gains/(losses) Unrealized gains/(losses) U.S. defined benefit pension plans Equities $ 4 $ — $ — $ — $ — $ 4 Corporate debt securities 7 (2 ) 2 4 (2 ) 9 Mortgage-backed securities — — — 1 — 1 Other 430 — (93 ) — — 337 Total U.S. defined benefit pension plans $ 441 $ (2 ) $ (91 ) $ 5 $ (2 ) $ 351 OPEB plans COLI $ 1,749 $ — $ 154 $ — $ — $ 1,903 Total OPEB plans $ 1,749 $ — $ 154 $ — $ — $ 1,903 Year ended December 31, 2013 (in millions) Fair value, January 1, 2013 Actual return on plan assets Purchases, sales and settlements, net Transfers in and/or out of level 3 Fair value, December 31, 2013 Realized gains/(losses) Unrealized gains/(losses) U.S. defined benefit pension plans Equities $ 4 $ — $ — $ — $ — $ 4 Corporate debt securities 1 — — — 6 7 Mortgage-backed securities — — — — — — Other 420 — 10 — — 430 Total U.S. defined benefit pension plans $ 425 $ — $ 10 $ — $ 6 $ 441 OPEB plans COLI $ 1,554 $ — $ 195 $ — $ — $ 1,749 Total OPEB plans $ 1,554 $ — $ 195 $ — $ — $ 1,749 |
Estimated future benefit payments | The following table presents benefit payments expected to be paid, which include the effect of expected future service, for the years indicated. The OPEB medical and life insurance payments are net of expected retiree contributions. Year ended December 31, (in millions) U.S. defined benefit pension plans Non-U.S. defined benefit pension plans OPEB before Medicare Part D subsidy Medicare Part D subsidy 2016 $ 762 $ 107 $ 68 $ 1 2017 798 110 66 1 2018 927 119 63 1 2019 966 123 61 1 2020 1,009 129 59 1 Years 2021–2025 4,409 722 259 4 |
Employee Stock-Based Incentiv52
Employee Stock-Based Incentives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Unit (RSU) activity | The following table summarizes JPMorgan Chase ’s RSUs, employee stock options and SARs activity for 2015 . RSUs Options/SARs Year ended December 31, 2015 Number of shares Weighted-average grant date fair value Number of awards Weighted-average exercise price Weighted-average remaining contractual life (in years) Aggregate intrinsic value (in thousands, except weighted-average data, and where otherwise stated) Outstanding, January 1 100,568 $ 47.81 59,195 $ 45.00 Granted 36,096 56.31 107 64.41 Exercised or vested (47,709 ) 41.64 (14,313 ) 40.44 Forfeited (3,648 ) 54.17 (943 ) 43.04 Canceled NA NA (580 ) 278.93 Outstanding, December 31 85,307 $ 54.60 43,466 $ 43.51 4.6 $ 1,109,411 Exercisable, December 31 NA NA 31,853 43.85 4.0 832,929 |
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. Year ended December 31, (in millions) 2015 2014 2013 Cost of prior grants of RSUs and SARs that are amortized over their applicable vesting periods $ 1,109 $ 1,371 $ 1,440 Accrual of estimated costs of stock-based awards to be granted in future periods including those to full-career eligible employees 878 819 779 Total noncash compensation expense related to employee stock-based incentive plans $ 1,987 $ 2,190 $ 2,219 |
Cash received from the exercise of stock options and income tax benefit realized | The following table sets forth the cash received from the exercise of stock options under all stock-based incentive arrangements, and the actual income tax benefit realized related to tax deductions from the exercise of the stock options. Year ended December 31, (in millions) 2015 2014 2013 Cash received for options exercised $ 20 $ 63 $ 166 Tax benefit realized (a) 64 104 42 (a) The tax benefit realized from dividends or dividend equivalents paid on equity-classified share-based payment awards that are charged to retained earnings are recorded as an increase to additional paid-in capital and included in the pool of excess tax benefits available to absorb tax deficiencies on share-based payment awards. |
Assumptions used to value employee stock options and Stock Appreciation Rights (SARs) | There were no material grants of stock options or SARs for the years ended December 31, 2015 and 2014. Year ended December 31, 2013 Weighted-average annualized valuation assumptions Risk-free interest rate 1.18 % Expected dividend yield 2.66 Expected common stock price volatility 28 Expected life (in years) 6.6 |
Noninterest Expense (Tables)
Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noninterest Expense [Abstract] | |
Components of noninterest expense | For details on noninterest expense, see Consolidated statements of income on page 176 . Included within other expense is the following: Year ended December 31, (in millions) 2015 2014 2013 Legal expense $ 2,969 $ 2,883 $ 11,143 Federal Deposit Insurance Corporation-related (“FDIC”) expense 1,227 1,037 1,496 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
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. 2015 2014 December 31, (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) $ 53,689 $ 1,483 $ 106 $ 55,066 $ 63,089 $ 2,302 $ 72 $ 65,319 Residential: Prime and Alt-A 7,462 40 57 7,445 5,595 78 29 5,644 Subprime 210 7 — 217 677 14 — 691 Non-U.S. 19,629 341 13 19,957 43,550 1,010 — 44,560 Commercial 22,990 150 243 22,897 20,687 438 17 21,108 Total mortgage-backed securities 103,980 2,021 419 105,582 133,598 3,842 118 137,322 U.S. Treasury and government agencies (a) 11,202 — 166 11,036 13,603 56 14 13,645 Obligations of U.S. states and municipalities 31,328 2,245 23 33,550 27,841 2,243 16 30,068 Certificates of deposit 282 1 — 283 1,103 1 1 1,103 Non-U.S. government debt securities 35,864 853 41 36,676 51,492 1,272 21 52,743 Corporate debt securities 12,464 142 170 12,436 18,158 398 24 18,532 Asset-backed securities: Collateralized loan obligations 31,146 52 191 31,007 30,229 147 182 30,194 Other 9,125 72 100 9,097 12,442 184 11 12,615 Total available-for-sale debt securities 235,391 5,386 1,110 239,667 288,466 8,143 387 296,222 Available-for-sale equity securities 2,067 20 — 2,087 2,513 17 — 2,530 Total available-for-sale securities 237,458 5,406 1,110 241,754 290,979 8,160 387 298,752 Total held-to-maturity securities (b) $ 49,073 $ 1,560 $ 46 $ 50,587 $ 49,252 $ 1,902 $ — $ 51,154 (a) Includes total U.S. government-sponsored enterprise obligations with fair values of $42.3 billion and $59.3 billion at December 31, 2015 and 2014 , respectively, which were predominantly mortgage-related. (b) As of December 31, 2015, consists of mortgage backed securities (“MBS”) issued by U.S. government-sponsored enterprises with an amortized cost of $30.8 billion , MBS issued by U.S. government agencies with an amortized cost of $5.5 billion and obligations of U.S. states and municipalities with an amortized cost of $12.8 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 the investment securities portfolio by aging category at December 31, 2015 and 2014 . Securities with gross unrealized losses Less than 12 months 12 months or more December 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 $ 13,002 $ 95 $ 697 $ 11 $ 13,699 $ 106 Residential: Prime and Alt-A 5,147 51 238 6 5,385 57 Subprime — — — — — — Non-U.S. 2,021 12 167 1 2,188 13 Commercial 13,779 239 658 4 14,437 243 Total mortgage-backed securities 33,949 397 1,760 22 35,709 419 U.S. Treasury and government agencies 10,998 166 — — 10,998 166 Obligations of U.S. states and municipalities 1,676 18 205 5 1,881 23 Certificates of deposit — — — — — — Non-U.S. government debt securities 3,267 26 367 15 3,634 41 Corporate debt securities 3,198 125 848 45 4,046 170 Asset-backed securities: Collateralized loan obligations 15,340 67 10,692 124 26,032 191 Other 4,284 60 1,005 40 5,289 100 Total available-for-sale debt securities 72,712 859 14,877 251 87,589 1,110 Available-for-sale equity securities — — — — — — Held-to-maturity securities 3,763 46 — — 3,763 46 Total securities with gross unrealized losses $ 76,475 $ 905 $ 14,877 $ 251 $ 91,352 $ 1,156 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 |
Securities gains and losses | The following table presents realized gains and losses and OTTI from AFS securities that were recognized in income. Year ended December 31, (in millions) 2015 2014 2013 Realized gains $ 351 $ 314 $ 1,302 Realized losses (127 ) (233 ) (614 ) OTTI losses (22 ) (4 ) (21 ) Net securities gains 202 77 667 OTTI losses Credit losses recognized in income (1 ) (2 ) (1 ) Securities the Firm intends to sell (a) (21 ) (2 ) (20 ) Total OTTI losses recognized in income $ (22 ) $ (4 ) $ (21 ) (a) Excludes realized losses on securities sold of $5 million , $3 million and $12 million for the years ended December 31, 2015, 2014 and 2013, respectively that had been previously reported as an OTTI loss due to the intention to sell the securities. |
Changes in the credit loss component of credit-impaired debt securities | The following table presents a rollforward for the years ended December 31, 2015 , 2014 and 2013 , 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. Year ended December 31, (in millions) 2015 2014 2013 Balance, beginning of period $ 3 $ 1 $ 522 Additions: Newly credit-impaired securities 1 2 1 Losses reclassified from other comprehensive income on previously credit-impaired securities — — — Reductions: Sales and redemptions of credit-impaired securities — — (522 ) Balance, end of period $ 4 $ 3 $ 1 |
Amortized cost and estimated fair value by contractual maturity | The following table presents the amortized cost and estimated fair value at December 31, 2015 , of JPMorgan Chase ’s investment securities portfolio by contractual maturity. By remaining maturity December 31, 2015 (in millions) Due in one year or less Due after one year through five years Due after five years through 10 years Due after 10 years (c) Total Available-for-sale debt securities Mortgage-backed securities (a) Amortized cost $ 2,415 $ 9,728 $ 6,562 $ 85,275 $ 103,980 Fair value 2,421 9,886 6,756 86,519 105,582 Average yield (b) 1.48 % 1.86 % 3.15 % 3.08 % 2.93 % U.S. Treasury and government agencies (a) Amortized cost $ — $ — $ 10,069 $ 1,133 $ 11,202 Fair value — — 9,932 1,104 11,036 Average yield (b) — % — % 0.31 % 0.48 % 0.33 % Obligations of U.S. states and municipalities Amortized cost $ 184 $ 754 $ 1,520 $ 28,870 $ 31,328 Fair value 187 774 1,600 30,989 33,550 Average yield (b) 5.21 % 3.50 % 5.57 % 6.68 % 6.54 % Certificates of deposit Amortized cost $ 230 $ 52 $ — $ — $ 282 Fair value 231 52 — — 283 Average yield (b) 8.66 % 3.28 % — % — % 7.68 % Non-U.S. government debt securities Amortized cost $ 6,126 $ 11,177 $ 16,575 $ 1,986 $ 35,864 Fair value 6,422 11,429 16,747 2,078 36,676 Average yield (b) 3.11 % 1.84 % 1.06 % 0.67 % 1.63 % Corporate debt securities Amortized cost $ 2,761 $ 7,175 $ 2,385 $ 143 $ 12,464 Fair value 2,776 7,179 2,347 134 12,436 Average yield (b) 2.87 % 2.32 % 3.09 % 4.46 % 2.61 % Asset-backed securities Amortized cost $ 39 $ 442 $ 20,501 $ 19,289 $ 40,271 Fair value 40 449 20,421 19,194 40,104 Average yield (b) 0.71 % 1.72 % 1.79 % 1.84 % 1.81 % Total available-for-sale debt securities Amortized cost $ 11,755 $ 29,328 $ 57,612 $ 136,696 $ 235,391 Fair value 12,077 29,769 57,803 140,018 239,667 Average yield (b) 2.85 % 2.00 % 1.63 % 3.61 % 2.89 % Available-for-sale equity securities Amortized cost $ — $ — $ — $ 2,067 $ 2,067 Fair value — — — 2,087 2,087 Average yield (b) — % — % — % 0.30 % 0.30 % Total available-for-sale securities Amortized cost $ 11,755 $ 29,328 $ 57,612 $ 138,763 $ 237,458 Fair value 12,077 29,769 57,803 142,105 241,754 Average yield (b) 2.85 % 2.00 % 1.63 % 3.56 % 2.87 % Total held-to-maturity securities Amortized cost $ 51 $ — $ 931 $ 48,091 $ 49,073 Fair value 50 — 976 49,561 50,587 Average yield (b) 4.42 % — % 5.01 % 3.98 % 4.00 % (a) U.S. government-sponsored enterprises were the only issuers whose securities exceeded 10% of JPMorgan Chase ’s total stockholders’ equity at December 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 weighted-average life, which reflects anticipated future prepayments, is approximately five years for agency residential mortgage-backed securities, two years for agency residential collateralized mortgage obligations and four years for nonagency residential collateralized mortgage obligations. |
Securities Financing Activiti55
Securities Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Securities Financing Transactions Disclosures [Abstract] | |
Schedule of securities purchased under resale agreements, netting & securities borrowed | The following table presents as of December 31, 2015 and 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. 2015 2014 December 31, (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 $ 365,805 $ (156,258 ) $ 209,547 $ 347,142 $ (142,719 ) $ 204,423 Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained 2,343 2,343 10,598 10,598 Total securities purchased under resale agreements $ 368,148 $ (156,258 ) $ 211,890 (a) $ 357,740 $ (142,719 ) $ 215,021 (a) Securities borrowed $ 98,721 NA $ 98,721 (b)(c) $ 110,435 NA $ 110,435 (b)(c) (a) At December 31, 2015 and 2014 , included securities purchased under resale agreements of $23.1 billion and $28.6 billion , respectively, accounted for at fair value. (b) At December 31, 2015 and 2014 , included securities borrowed of $395 million and $992 million , respectively, accounted for at fair value. (c) Included $31.3 billion and $35.3 billion at December 31, 2015 and 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 December 31, 2015 and 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 below table excludes information related to resale agreements and securities borrowed where such a legal opinion has not been either sought or obtained. 2015 2014 Amounts not nettable on the Consolidated balance sheets (a) Amounts not nettable on the Consolidated balance sheets (a) December 31, (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 $ 209,547 $ (206,423 ) $ (351 ) $ 2,773 $ 204,423 $ (201,375 ) $ (246 ) $ 2,802 Securities borrowed $ 67,453 $ (65,081 ) $ — $ 2,372 $ 75,113 $ (72,730 ) $ — $ 2,383 (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 December 31, 2015 and 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. 2015 2014 December 31, (in millions) Gross liability balance Amounts netted on the Consolidated balance sheets Net liability balance Gross liability balance Amounts netted on the Consolidated balance sheets Net liability balance Securities sold under repurchase agreements Securities sold under repurchase agreements with an appropriate legal opinion $ 277,415 $ (156,258 ) $ 121,157 $ 290,529 $ (142,719 ) $ 147,810 Securities sold under repurchase agreements where an appropriate legal opinion has not been either sought or obtained (a) 12,629 12,629 21,996 21,996 Total securities sold under repurchase agreements $ 290,044 $ (156,258 ) $ 133,786 (c) $ 312,525 $ (142,719 ) $ 169,806 (c) Securities loaned (b) $ 22,556 NA $ 22,556 (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 $4.4 billion and $4.1 billion at December 31, 2015 and 2014 , respectively, accounted for at fair value, where the Firm is acting as lender. These amounts are presented within other liabilities in the Consolidated balance sheets. (c) At December 31, 2015 and 2014 , included securities sold under repurchase agreements of $3.5 billion and $3.0 billion , respectively, accounted for at fair value. (d) There were no securities loaned accounted for at fair value at December 31, 2015 and 2014, respectively. (e) Included $45 million and $271 million at December 31, 2015 and 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 December 31, 2015 and 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 below table excludes information related to repurchase agreements and securities loaned where such a legal opinion has not been either sought or obtained. 2015 2014 Amounts not nettable on the Consolidated balance sheets (a) Amounts not nettable on the Consolidated balance sheets (a) December 31, (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 $ 121,157 $ (117,825 ) $ (1,007 ) $ 2,325 $ 147,810 $ (145,732 ) $ (497 ) $ 1,581 Securities loaned $ 22,511 $ (22,245 ) $ — $ 266 $ 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. |
Schedule of types of assets pledged in secured financing transactions | Effective April 1, 2015, the Firm adopted new accounting guidance, which requires enhanced disclosures with respect to the types of financial assets pledged in secured financing transactions and the remaining contractual maturity of the secured financing transactions; the following tables present this information as of December 31, 2015 . Gross liability balance December 31, 2015 (in millions) Securities sold under repurchase agreements Securities loaned Mortgage-backed securities $ 12,790 $ — U.S. Treasury and government agencies 154,377 5 Obligations of U.S. states and municipalities 1,316 — Non-U.S. government debt 80,162 4,426 Corporate debt securities 21,286 78 Asset-backed securities 4,394 — Equity securities 15,719 18,047 Total $ 290,044 $ 22,556 Remaining contractual maturity of the agreements Overnight and continuous Greater than 90 days December 31, 2015 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 114,595 $ 100,082 $ 29,955 $ 45,412 $ 290,044 Total securities loaned 8,320 708 793 12,735 22,556 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loan portfolio segment descriptions | 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 (a) Credit card Wholesale (c) Residential real estate – excluding PCI • Home equity – senior lien • Home equity – junior lien • Prime mortgage, including option ARMs • 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 • Credit card loans • Commercial and industrial • Real estate • Financial institutions • Government agencies • Other (d) (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) Includes loans to: individuals; SPEs; holding companies; and private education and civic organizations. For more information on exposures to SPEs, see Note 16. |
Schedule of loans by portfolio segment | The following tables summarize the Firm’s loan balances by portfolio segment. December 31, 2015 Consumer, excluding credit card Credit card (a) Wholesale Total (in millions) Retained $ 344,355 $ 131,387 $ 357,050 $ 832,792 (b) Held-for-sale 466 76 1,104 1,646 At fair value — — 2,861 2,861 Total $ 344,821 $ 131,463 $ 361,015 $ 837,299 December 31, 2014 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. These amounts were not material as of December 31, 2015 and 2014 . |
Schedule of retained loans purchased, sold and reclassified to held-for-sale | 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 Year ended December 31, Consumer, excluding credit card Credit card Wholesale Total Purchases $ 5,279 (a)(b) $ — $ 2,154 $ 7,433 Sales 5,099 — 9,188 14,287 Retained loans reclassified to held-for-sale 1,514 79 642 2,235 2014 Year ended December 31, Consumer, excluding credit card Credit card Wholesale Total Purchases $ 7,434 (a)(b) $ — $ 885 $ 8,319 Sales 6,655 — (c) 7,381 14,036 Retained loans reclassified to held-for-sale 1,190 3,039 581 4,810 2013 Year ended December 31, Consumer, excluding credit card Credit card Wholesale Total Purchases $ 7,616 (a)(b) $ 328 $ 697 $ 8,641 Sales 4,845 — 4,232 9,077 Retained loans reclassified to held-for-sale 1,261 309 5,641 7,211 (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) Excludes purchases of retained loans sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. Such purchases were $50.3 billion , $15.1 billion and $5.7 billion for the years ended December 31, 2015 , 2014 and 2013 , respectively. (c) Prior period amounts have been revised to conform with current period presentation. |
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. Year ended December 31, (in millions) 2015 2014 2013 Net gains/(losses) on sales of loans (including lower of cost or fair value adjustments) (a) Consumer, excluding credit card $ 305 $ 341 $ 313 Credit card 1 (241 ) 3 Wholesale 34 101 (76 ) Total net gains on sales of loans (including lower of cost or fair value adjustments) $ 340 $ 201 $ 240 (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. December 31, (in millions) 2015 2014 Residential real estate – excluding PCI Home equity: Senior lien $ 14,848 $ 16,367 Junior lien 30,711 36,375 Mortgages: Prime, including option ARMs 162,549 104,921 Subprime 3,690 5,056 Other consumer loans Auto 60,255 54,536 Business banking 21,208 20,058 Student and other 10,096 10,970 Residential real estate – PCI Home equity 14,989 17,095 Prime mortgage 8,893 10,220 Subprime mortgage 3,263 3,673 Option ARMs 13,853 15,708 Total retained loans $ 344,355 $ 294,979 |
Consumer, excluding credit card | Residential real estate - PCI | |
Loans and Leases Receivable Disclosure [Line Items] | |
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 years ended December 31, 2015 , 2014 and 2013 , 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. Year ended December 31, Total PCI 2015 2014 2013 Beginning balance $ 14,592 $ 16,167 $ 18,457 Accretion into interest income (1,700 ) (1,934 ) (2,201 ) Changes in interest rates on variable-rate loans 279 (174 ) (287 ) Other changes in expected cash flows (a) 230 533 198 Reclassification from nonaccretable difference (b) 90 — — Balance at December 31 $ 13,491 $ 14,592 $ 16,167 Accretable yield percentage 4.20 % 4.19 % 4.31 % (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 years ended December 31, 2015 and December 31, 2014 , other changes in expected cash flows were driven by changes in prepayment assumptions. For the year ended December 31, 2013 , other changes in expected cash flows were due to refining the expected interest cash flows on HELOCs with balloon payments, partially offset by changes in prepayment assumptions. (b) Reclassifications from the nonaccretable difference in the year ended December 31, 2015 were driven by continued improvement in home prices and delinquencies, as well as increased granularity in the impairment estimates. |
Consumer, excluding credit card | Residential real estate | |
Loans and Leases Receivable Disclosure [Line Items] | |
Schedule of financing receivable credit quality indicators | The following factors should be considered in analyzing certain credit statistics applicable to the Firm’s residential real estate — excluding PCI loans portfolio: (i) junior lien home equity loans may be fully charged off when the loan becomes 180 days past due, and the value of the collateral does not support the repayment of the loan, resulting in relatively high charge-off rates for this product class; and (ii) the lengthening of loss-mitigation timelines may result in higher delinquency rates for loans carried at the net realizable value of the collateral that remain on the Firm’s Consolidated balance sheets. Residential real estate – excluding PCI loans Home equity (i) Mortgages December 31, (in millions, except ratios) Senior lien Junior lien Prime, including option ARMs (i) Subprime Total residential real estate – excluding PCI 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Loan delinquency (a) Current $ 14,278 $ 15,730 $ 30,021 $ 35,575 $ 153,323 $ 93,951 $ 3,140 $ 4,296 $ 200,762 $ 149,552 30–149 days past due 238 275 470 533 3,666 4,091 376 489 4,750 5,388 150 or more days past due 332 362 220 267 5,560 6,879 174 271 6,286 7,779 Total retained loans $ 14,848 $ 16,367 $ 30,711 $ 36,375 $ 162,549 $ 104,921 $ 3,690 $ 5,056 $ 211,798 $ 162,719 % of 30+ days past due to total retained loans (b) 3.84 % 3.89 % 2.25 % 2.20 % 0.71 % 1.42 % 14.91 % 15.03 % 1.40 % 2.27 % 90 or more days past due and government guarantee d (c) — — — — 6,056 7,544 — — 6,056 7,544 Nonaccrual loans 867 938 1,324 1,590 1,752 2,190 751 1,036 4,694 5,754 Current estimated LTV ratios (d)(e)(f)(g) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 42 $ 37 $ 123 $ 252 $ 56 $ 97 $ 2 $ 4 $ 223 $ 390 Less than 660 3 6 29 65 65 72 12 28 109 171 101% to 125% and refreshed FICO scores: Equal to or greater than 660 50 83 1,294 2,105 249 478 25 76 1,618 2,742 Less than 660 23 40 411 651 190 282 101 207 725 1,180 80% to 100% and refreshed FICO scores: Equal to or greater than 660 311 466 4,226 5,849 3,013 2,686 146 382 7,696 9,383 Less than 660 142 206 1,267 1,647 597 838 399 703 2,405 3,394 Less than 80% and refreshed FICO scores: Equal to or greater than 660 11,721 12,588 17,927 19,435 140,942 82,350 1,299 1,624 171,889 115,997 Less than 660 1,942 2,184 2,992 3,326 5,280 4,872 1,517 1,795 11,731 12,177 No FICO/LTV available 614 757 2,442 3,045 1,469 1,136 189 237 4,714 5,175 U.S. government-guaranteed — — — — 10,688 12,110 — — 10,688 12,110 Total retained loans $ 14,848 $ 16,367 $ 30,711 $ 36,375 $ 162,549 $ 104,921 $ 3,690 $ 5,056 $ 211,798 $ 162,719 Geographic region California $ 2,072 $ 2,232 $ 6,873 $ 8,144 $ 46,745 $ 28,133 $ 518 $ 718 $ 56,208 $ 39,227 New York 2,583 2,805 6,564 7,685 20,941 16,550 521 677 30,609 27,717 Illinois 1,189 1,306 2,231 2,605 11,379 6,654 145 207 14,944 10,772 Texas 1,581 1,845 951 1,087 8,986 4,935 142 177 11,660 8,044 Florida 797 861 1,612 1,923 6,763 5,106 414 632 9,586 8,522 New Jersey 647 654 1,943 2,233 5,395 3,361 172 227 8,157 6,475 Washington 442 506 1,009 1,216 4,097 2,410 79 109 5,627 4,241 Arizona 815 927 1,328 1,595 3,081 1,805 74 112 5,298 4,439 Michigan 650 736 700 848 1,866 1,203 79 121 3,295 2,908 Ohio 1,014 1,150 638 778 1,166 615 81 112 2,899 2,655 All other (h) 3,058 3,345 6,862 8,261 52,130 34,149 1,465 1,964 63,515 47,719 Total retained loans $ 14,848 $ 16,367 $ 30,711 $ 36,375 $ 162,549 $ 104,921 $ 3,690 $ 5,056 $ 211,798 $ 162,719 (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $2.6 billion and $2.6 billion ; 30 – 149 days past due included $3.2 billion and $3.5 billion ; and 150 or more days past due included $4.9 billion and $6.0 billion at December 31, 2015 and 2014 , respectively. (b) At December 31, 2015 and 2014 , Prime, including option ARMs loans excluded mortgage loans insured by U.S. government agencies of $8.1 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, were excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At December 31, 2015 and 2014 , these balances included $3.4 billion and $4.2 billion , respectively, of loans that are no longer accruing interest based on the agreed-upon servicing guidelines. For the remaining balance, interest is being accrued at the guaranteed reimbursement rate. There were no loans not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing at December 31, 2015 and 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. Effective December 31, 2015, the current estimated LTV ratios reflect updates to the nationally recognized home price index valuation estimates incorporated into the Firm’s home valuation models. The prior period ratios have been revised to conform with these updates in the home price index. (e) Junior lien represents combined 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) The current period current estimated LTV ratios disclosures have been updated to reflect where either the FICO score or estimated property value is unavailable. The prior period amounts have been revised to conform with the current presentation. (h) At December 31, 2015 and 2014 , included mortgage loans insured by U.S. government agencies of $10.7 billion and $12.1 billion , respectively. (i) Includes residential real estate loans to private banking clients in AM, for which the primary credit quality indicators are the borrower’s financial position and LTV |
Schedule of impaired financing receivables, average recorded investment | The following table presents average impaired loans and the related interest income reported by the Firm. Year ended December 31, Average impaired loans Interest income on impaired loans (a) Interest income on impaired loans on a cash basis (a) (in millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Home equity Senior lien $ 1,077 $ 1,122 $ 1,151 $ 51 $ 55 $ 59 $ 35 $ 37 $ 40 Junior lien 1,292 1,313 1,297 77 82 82 50 53 55 Mortgages Prime, including option ARMs 5,397 6,730 7,214 217 262 280 46 54 59 Subprime 2,300 3,444 3,798 131 182 200 41 51 55 Total residential real estate – excluding PCI $ 10,066 $ 12,609 $ 13,460 $ 476 $ 581 $ 621 $ 172 $ 195 $ 209 (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. |
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 TDR. All impaired loans are evaluated for an asset-specific allowance as described in Note 15. Home equity Mortgages Total residential real estate – excluding PCI December 31, (in millions) Senior lien Junior lien Prime, including option ARMs Subprime 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Impaired loans With an allowance $ 557 $ 552 $ 736 $ 722 $ 3,850 $ 4,949 $ 1,393 $ 2,239 $ 6,536 $ 8,462 Without an allowance (a) 491 549 574 582 976 1,196 471 639 2,512 2,966 Total impaired loans (b)(c) $ 1,048 $ 1,101 $ 1,310 $ 1,304 $ 4,826 $ 6,145 $ 1,864 $ 2,878 $ 9,048 $ 11,428 Allowance for loan losses related to impaired loans $ 53 $ 84 $ 85 $ 147 $ 93 $ 127 $ 15 $ 64 $ 246 $ 422 Unpaid principal balance of impaired loans (d) 1,370 1,451 2,590 2,603 6,225 7,813 2,857 4,200 13,042 16,067 Impaired loans on nonaccrual status (e) 581 628 639 632 1,287 1,559 670 931 3,177 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 December 31, 2015 , Chapter 7 residential real estate loans included approximately 17% of senior lien home equity, 9% of junior lien home equity, 18% of prime mortgages, including option ARMs, and 15% of subprime mortgages that were 30 days or more past due. (b) At December 31, 2015 and 2014 , $3.8 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 December 31, 2015 and 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 December 31, 2015 and 2014 , nonaccrual loans included $2.5 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 on pages 242–244 of this Note. |
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. Year ended Dec. 31, Home equity Mortgages Total residential real estate – excluding PCI Senior lien Junior lien Prime, including option ARMs Subprime 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 Number of loans approved for a trial modification 1,345 939 1,719 2,588 626 884 1,103 1,052 2,846 1,608 2,056 4,233 6,644 4,673 9,682 Number of loans permanently modified 1,096 1,171 1,765 3,200 2,813 5,040 1,495 2,507 4,356 1,650 3,141 5,364 7,441 9,632 16,525 Concession granted: (a) Interest rate reduction 75 % 53 % 70 % 63 % 84 % 88 % 72 % 43 % 73 % 71 % 47 % 72 % 68 % 58 % 77 % Term or payment extension 86 67 76 90 83 80 80 51 73 82 53 56 86 63 70 Principal and/or interest deferred 32 16 12 19 23 24 34 19 30 21 12 13 24 18 21 Principal forgiveness 4 36 38 8 22 32 24 51 38 31 53 48 16 41 39 Other (b) — — — — — — 9 10 23 13 10 14 5 6 11 (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. Year ended December 31, Home equity Mortgages Total residential real estate – excluding PCI Senior lien Junior lien Prime, including option ARMs Subprime 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 Weighted-average interest rate of loans with interest rate reductions – before TDR 5.69 % 6.38 % 6.35 % 4.93 % 4.81 % 5.05 % 5.03 % 4.82 % 5.28 % 6.67 % 7.16 % 7.33 % 5.51 % 5.61 % 5.88 % Weighted-average interest rate of loans with interest rate reductions – after TDR 2.70 3.03 3.23 2.17 2.00 2.14 2.55 2.69 2.77 3.15 3.37 3.52 2.64 2.78 2.92 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 17 17 19 18 19 20 25 25 25 24 24 24 22 23 23 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 32 30 31 36 35 34 37 37 37 36 36 35 36 36 36 Charge-offs recognized upon permanent modification $ 1 $ 2 $ 7 $ 3 $ 25 $ 70 $ 9 $ 9 $ 16 $ 2 $ 3 $ 5 $ 15 $ 39 $ 98 Principal deferred 13 5 7 14 11 24 41 39 129 17 19 43 85 74 203 Principal forgiven 2 14 30 4 21 51 34 83 206 32 89 218 72 207 505 Balance of loans that redefaulted within one year of permanent modification (a) $ 14 $ 19 $ 26 $ 7 $ 10 $ 20 $ 75 $ 121 $ 164 $ 58 $ 93 $ 106 $ 154 $ 243 $ 316 (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 | Residential real estate | Residential real estate - PCI | |
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. December 31, (in millions, except ratios) Home equity Prime mortgage Subprime mortgage Option ARMs Total PCI 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Carrying value (a) $ 14,989 $ 17,095 $ 8,893 $ 10,220 $ 3,263 $ 3,673 $ 13,853 $ 15,708 $ 40,998 $ 46,696 Related allowance for loan losses (b) 1,708 1,758 985 1,193 — 180 49 194 2,742 3,325 Loan delinquency (based on unpaid principal balance) Current $ 14,387 $ 16,295 $ 7,894 $ 8,912 $ 3,232 $ 3,565 $ 12,370 $ 13,814 $ 37,883 $ 42,586 30–149 days past due 322 445 424 500 439 536 711 858 1,896 2,339 150 or more days past due 633 1,000 601 837 380 551 1,272 1,824 2,886 4,212 Total loans $ 15,342 $ 17,740 $ 8,919 $ 10,249 $ 4,051 $ 4,652 $ 14,353 $ 16,496 $ 42,665 $ 49,137 % of 30+ days past due to total loans 6.22 % 8.15 % 11.49 % 13.05 % 20.22 % 23.37 % 13.82 % 16.26 % 11.21 % 13.33 % Current estimated LTV ratios (based on unpaid principal balance) (c)(d)(e) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 153 $ 301 $ 10 $ 22 $ 10 $ 22 $ 19 $ 50 $ 192 $ 395 Less than 660 80 159 28 52 55 106 36 84 199 401 101% to 125% and refreshed FICO scores: Equal to or greater than 660 942 1,448 120 268 77 144 166 330 1,305 2,190 Less than 660 444 728 152 284 220 390 239 448 1,055 1,850 80% to 100% and refreshed FICO scores: Equal to or greater than 660 2,709 3,591 816 1,405 331 451 977 1,695 4,833 7,142 Less than 660 1,136 1,485 614 969 643 911 1,050 1,610 3,443 4,975 Lower than 80% and refreshed FICO scores: Equal to or greater than 660 6,724 6,626 4,243 4,211 863 787 7,073 7,053 18,903 18,677 Less than 660 2,265 2,308 2,438 2,427 1,642 1,585 4,065 4,291 10,410 10,611 No FICO/LTV available 889 1,094 498 611 210 256 728 935 2,325 2,896 Total unpaid principal balance $ 15,342 $ 17,740 $ 8,919 $ 10,249 $ 4,051 $ 4,652 $ 14,353 $ 16,496 $ 42,665 $ 49,137 Geographic region (based on unpaid principal balance) California $ 9,205 $ 10,671 $ 5,172 $ 5,965 $ 1,005 $ 1,138 $ 8,108 $ 9,190 $ 23,490 $ 26,964 New York 788 876 580 672 400 463 813 933 2,581 2,944 Illinois 358 405 263 301 196 229 333 397 1,150 1,332 Texas 224 273 94 92 243 281 75 85 636 731 Florida 1,479 1,696 586 689 373 432 1,183 1,440 3,621 4,257 New Jersey 310 348 238 279 139 165 470 553 1,157 1,345 Washington 819 959 194 225 81 95 339 395 1,433 1,674 Arizona 281 323 143 167 76 85 203 227 703 802 Michigan 44 53 141 166 113 130 150 182 448 531 Ohio 17 20 45 48 62 72 61 69 185 209 All other 1,817 2,116 1,463 1,645 1,363 1,562 2,618 3,025 7,261 8,348 Total unpaid principal balance $ 15,342 $ 17,740 $ 8,919 $ 10,249 $ 4,051 $ 4,652 $ 14,353 $ 16,496 $ 42,665 $ 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. Effective December 31, 2015, the current estimated LTV ratios reflect updates to the nationally recognized home price index valuation estimates incorporated into the Firm’s home valuation models. The prior period ratios have been revised to conform with these updates in the home price index. (d) Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. (e) The current period current estimated LTV ratios disclosures have been updated to reflect where either the FICO score or estimated property value is unavailable. The prior period amounts have been revised to conform with the current presentation. |
Consumer, excluding credit card | Home equity | Residential real estate - PCI | Junior lien | |
Loans and Leases Receivable Disclosure [Line Items] | |
Schedule of financing receivable credit quality indicators | Approximately 23% of the PCI home equity portfolio are senior lien loans; the remaining balance are junior lien HELOANs or HELOCs. The following table sets forth delinquency statistics for PCI junior lien home equity loans and lines of credit based on the unpaid principal balance as of December 31, 2015 and 2014 . Total loans Total 30+ day delinquency rate December 31, 2015 2014 2015 2014 (in millions, except ratios) HELOCs: (a) Within the revolving period (b) $ 5,000 $ 8,972 4.10 % 6.42 % Beyond the revolving period (c) 6,252 4,143 4.46 6.42 HELOANs 582 736 5.33 8.83 Total $ 11,834 $ 13,851 4.35 % 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. |
Consumer, excluding credit card | Total 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. December 31, (in millions, except ratios) Auto Business banking Student and other Total other consumer 2015 2014 2015 2014 2015 2014 2015 2014 Loan delinquency (a) Current $ 59,442 $ 53,866 $ 20,887 $ 19,710 $ 9,405 $ 10,080 $ 89,734 $ 83,656 30–119 days past due 804 663 215 208 445 576 1,464 1,447 120 or more days past due 9 7 106 140 246 314 361 461 Total retained loans $ 60,255 $ 54,536 $ 21,208 $ 20,058 $ 10,096 $ 10,970 $ 91,559 $ 85,564 % of 30+ days past due to total retained loans 1.35 % 1.23 % 1.51 % 1.73 % 1.63 % (d) 2.15 % (d) 1.42 % (d) 1.47 % (d) 90 or more days past due and still accruing (b) $ — $ — $ — $ — $ 290 $ 367 $ 290 $ 367 Nonaccrual loans 116 115 263 279 242 270 621 664 Geographic region California $ 7,186 $ 6,294 $ 3,530 $ 3,008 $ 1,051 $ 1,143 $ 11,767 $ 10,445 New York 3,874 3,662 3,359 3,187 1,224 1,259 8,457 8,108 Illinois 3,678 3,175 1,459 1,373 679 729 5,816 5,277 Texas 6,457 5,608 2,622 2,626 839 868 9,918 9,102 Florida 2,843 2,301 941 827 516 521 4,300 3,649 New Jersey 1,998 1,945 500 451 366 378 2,864 2,774 Washington 1,135 1,019 264 258 212 235 1,611 1,512 Arizona 2,033 2,003 1,205 1,083 236 239 3,474 3,325 Michigan 1,550 1,633 1,361 1,375 415 466 3,326 3,474 Ohio 2,340 2,157 1,363 1,354 559 629 4,262 4,140 All other 27,161 24,739 4,604 4,516 3,999 4,503 35,764 33,758 Total retained loans $ 60,255 $ 54,536 $ 21,208 $ 20,058 $ 10,096 $ 10,970 $ 91,559 $ 85,564 Loans by risk ratings (c) Noncriticized $ 11,277 $ 9,822 $ 15,505 $ 14,619 NA NA $ 26,782 $ 24,441 Criticized performing 76 35 815 708 NA NA 891 743 Criticized nonaccrual — — 210 213 NA NA 210 213 (a) Student loan delinquency classifications included loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) as follows: current included $3.8 billion and $4.3 billion ; 30 - 119 days past due included $299 million and $364 million ; and 120 or more days past due included $227 million and $290 million at December 31, 2015 and 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) December 31, 2015 and 2014 , excluded loans 30 days or more past due and still accruing, which are insured by U.S. government agencies under the FFELP, of $526 million and $654 million , respectively. These amounts were excluded as reimbursement of insured amounts is proceeding normally. |
Troubled debt restructuring on financing receivables | The following table presents new TDRs reported by the Firm. Year ended December 31, 2015 2014 2013 Home equity: Senior lien $ 108 $ 110 $ 210 Junior lien 293 211 388 Mortgages: Prime, including option ARMs 209 287 770 Subprime 58 124 319 Total residential real estate – excluding PCI $ 668 $ 732 $ 1,687 The following table provides information about the Firm’s other consumer loans modified in TDRs. New TDRs were not material for the years ended December 31, 2015 and 2014. December 31, (in millions) 2015 2014 Loans modified in TDRs (a)(b) $ 384 $ 442 TDRs on nonaccrual status 275 306 (a) The impact of these modifications was not material to the Firm for the years ended December 31, 2015 and 2014 . (b) Additional commitments to lend to borrowers whose loans have been modified in TDRs as of December 31, 2015 and 2014 were imm |
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. December 31, (in millions) 2015 2014 Impaired loans With an allowance $ 527 $ 557 Without an allowance (a) 31 35 Total impaired loans (b)(c) $ 558 $ 592 Allowance for loan losses related to impaired loans $ 118 $ 117 Unpaid principal balance of impaired loans (d) 668 719 Impaired loans on nonaccrual status 449 456 (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 $566 million , $599 million and $648 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The related interest income on impaired loans, including those on a cash basis, was not material for the years ended December 31, 2015 , 2014 and 2013 . (d) Represents the contractual amount of principal owed at December 31, 2015 and 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. |
Consumer, excluding credit card | Home equity | |
Loans and Leases Receivable Disclosure [Line Items] | |
Schedule of financing receivable credit quality indicators | The following table represent the Firm’s delinquency statistics for junior lien home equity loans and lines as of December 31, 2015 and 2014 . Total loans Total 30+ day delinquency rate December 31, 2015 2014 2015 2014 (in millions, except ratios) HELOCs: (a) Within the revolving period (b) $ 17,050 25,252 1.57 % 1.75 % Beyond the revolving period 11,252 7,979 3.10 3.16 HELOANs 2,409 3,144 3.03 3.34 Total $ 30,711 36,375 2.25 % 2.20 % (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 allow 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. |
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. As of or for the year ended December 31, (in millions, except ratios) 2015 2014 Net charge-offs $ 3,122 $ 3,429 % of net charge-offs to retained loans 2.51 % 2.75 % Loan delinquency Current and less than 30 days past due $ 129,502 $ 126,189 30–89 days past due and still accruing 941 943 90 or more days past due and still accruing 944 895 Total retained credit card loans $ 131,387 $ 128,027 Loan delinquency ratios % of 30+ days past due to total retained loans 1.43 % 1.44 % % of 90+ days past due to total retained loans 0.72 0.70 Credit card loans by geographic region California $ 18,802 $ 17,940 Texas 11,847 11,088 New York 11,360 10,940 Florida 7,806 7,398 Illinois 7,655 7,497 New Jersey 5,879 5,750 Ohio 4,700 4,707 Pennsylvania 4,533 4,489 Michigan 3,562 3,552 Colorado 3,399 3,226 All other 51,844 51,440 Total retained credit card loans $ 131,387 $ 128,027 Percentage of portfolio based on carrying value with estimated refreshed FICO scores Equal to or greater than 660 84.4 % 85.7 % Less than 660 15.6 14.3 |
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. Year ended December 31, (in millions) 2015 2014 2013 Average impaired credit card loans $ 1,710 $ 2,503 $ 3,882 Interest income on impaired credit card loans 82 123 198 |
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. December 31, (in millions) 2015 2014 Impaired credit card loans with an allowance (a)(b) Credit card loans with modified payment terms (c) $ 1,286 $ 1,775 Modified credit card loans that have reverted to pre-modification payment terms (d) 179 254 Total impaired credit card loans (e) $ 1,465 $ 2,029 Allowance for loan losses related to impaired credit card loans $ 460 $ 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 December 31, 2015 and 2014 , $113 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 $66 million and $95 million at December 31, 2015 and 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. |
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. Year ended December 31, (in millions, except weighted-average data) 2015 2014 2013 Weighted-average interest rate of loans – before TDR 15.08 % 14.96 % 15.37 % Weighted-average interest rate of loans – after TDR 4.40 4.40 4.38 Loans that redefaulted within one year of modification (a) $ 85 $ 119 $ 167 (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. As of or for the year ended December 31, (in millions, except ratios) Commercial and industrial Real estate Financial Government agencies Other (e) Total 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Loans by risk ratings Investment grade $ 62,150 $ 63,069 $ 74,330 $ 61,006 $ 21,786 $ 27,111 $ 11,363 $ 8,393 $ 98,107 $ 82,087 $ 267,736 $ 241,666 Noninvestment grade: Noncriticized 45,632 44,117 17,008 16,541 7,667 7,093 (d) 256 300 11,390 10,067 (d) 81,953 78,118 Criticized performing 4,542 2,251 1,251 1,313 320 316 7 3 253 236 6,373 4,119 Criticized nonaccrual 608 188 231 253 10 18 — — 139 140 988 599 Total noninvestment grade 50,782 46,556 18,490 18,107 7,997 7,427 (d) 263 303 11,782 10,443 (d) 89,314 82,836 Total retained loans $ 112,932 $ 109,625 $ 92,820 $ 79,113 $ 29,783 $ 34,538 (d) $ 11,626 $ 8,696 $ 109,889 $ 92,530 (d) $ 357,050 $ 324,502 % of total criticized to total retained loans 4.56 % 2.22 % 1.60 % 1.98 % 1.11 % 0.97 % 0.06 % 0.03 % 0.36 % 0.41 % 2.06 % 1.45 % % of nonaccrual loans to total retained loans 0.54 0.17 0.25 0.32 0.03 0.05 — — 0.13 0.15 0.28 0.18 Loans by geographic distribution (a) Total non-U.S. $ 30,063 $ 33,739 $ 3,003 $ 2,099 $ 17,166 $ 20,944 $ 1,788 $ 1,122 $ 42,031 $ 42,961 $ 94,051 $ 100,865 Total U.S. 82,869 75,886 89,817 77,014 12,617 13,594 (d) 9,838 7,574 67,858 49,569 (d) 262,999 223,637 Total retained loans $ 112,932 $ 109,625 $ 92,820 $ 79,113 $ 29,783 $ 34,538 (d) $ 11,626 $ 8,696 $ 109,889 $ 92,530 (d) $ 357,050 $ 324,502 Net charge-offs/(recoveries) $ 26 $ 22 $ (14 ) $ (9 ) $ (5 ) $ (12 ) $ (8 ) $ 25 $ 11 $ (14 ) $ 10 $ 12 % of net charge-offs/(recoveries) to end-of-period retained loans 0.02 % 0.02 % (0.02 )% (0.01 )% (0.02 )% (0.04 ) % (0.07 )% 0.29 % 0.01 % (0.02 ) % — % — % Loan delinquency (b) Current and less than 30 days past due and still accruing $ 112,058 $ 108,857 $ 92,381 $ 78,552 $ 29,713 $ 34,416 (d) $ 11,565 $ 8,627 $ 108,734 $ 91,160 (d) $ 354,451 $ 321,612 30–89 days past due and still accruing 259 566 193 275 49 104 55 69 988 1,201 1,544 2,215 90 or more days past due and still accruing (c) 7 14 15 33 11 — 6 — 28 29 67 76 Criticized nonaccrual 608 188 231 253 10 18 — — 139 140 988 599 Total retained loans $ 112,932 $ 109,625 $ 92,820 $ 79,113 $ 29,783 $ 34,538 (d) $ 11,626 $ 8,696 $ 109,889 $ 92,530 (d) $ 357,050 $ 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. (c) Represents loans that are considered well-collateralized and therefore still accruing interest. (d) Effective in the fourth quarter 2015, the Firm realigned its wholesale industry divisions in order to better monitor and manage industry concentrations. Prior period amounts have been revised to conform with current period presentation. For additional information, see Wholesale credit portfolio on pages 122–129 . (e) Other includes: individuals; SPEs; holding companies; and private education and civic organizations. For more information on exposures to SPEs, see Note 16. |
Schedule of impaired financing receivables, average recorded investment | The following table presents the Firm’s average impaired loans for the years ended 2015 , 2014 and 2013 . Year ended December 31, (in millions) 2015 2014 2013 Commercial and industrial $ 453 $ 243 $ 412 Real estate 250 297 484 Financial institutions 13 20 17 Government agencies — — — Other 129 155 211 Total (a) $ 845 $ 715 $ 1,124 (a) The related interest income on accruing impaired loans and interest income recognized on a cash basis were not material for the years ended December 31, 2015 , 2014 and 2013 . |
Schedule of impaired financing receivables | The table below sets forth information about the Firm’s wholesale impaired loans. December 31, (in millions) Commercial and industrial Real estate Financial institutions Government agencies Other Total retained loans 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Impaired loans With an allowance $ 522 $ 174 $ 148 $ 193 $ 10 $ 15 $ — $ — $ 46 $ 89 $ 726 $ 471 Without an allowance (a) 98 24 106 87 — 3 — — 94 52 298 166 Total impaired loans $ 620 $ 198 $ 254 $ 280 $ 10 $ 18 $ — $ — $ 140 $ 141 $ 1,024 (c) $ 637 (c) Allowance for loan losses related to impaired loans $ 220 $ 34 $ 27 $ 36 $ 3 $ 4 $ — $ — $ 24 $ 13 $ 274 $ 87 Unpaid principal balance of impaired loans (b) 669 266 363 345 13 22 — — 164 202 1,209 835 (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 December 31, 2015 and 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, largely consists of loans in the U.S. |
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. The real estate class primarily consists of secured commercial loans mainly to borrowers for multi-family and commercial lessor properties. Multifamily lending specifically finances apartment buildings. Commercial lessors receive financing specifically for real estate leased to retail, office and industrial tenants. Commercial construction and development loans represent financing for the construction of apartments, office and professional buildings and malls. Other real estate loans include lodging, real estate investment trusts (“REITs”), single-family, homebuilders and other real estate. December 31, (in millions, except ratios) Multifamily Commercial lessors Commercial construction and development Other Total real estate loans 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Real estate retained loans $ 60,290 $ 51,049 $ 20,062 $ 17,438 $ 4,920 $ 4,264 $ 7,548 $ 6,362 $ 92,820 $ 79,113 Criticized 520 652 844 841 43 42 75 31 1,482 1,566 % of criticized to total real estate retained loans 0.86 % 1.28 % 4.21 % 4.82 % 0.87 % 0.98 % 0.99 % 0.49 % 1.60 % 1.98 % Criticized nonaccrual $ 85 $ 126 $ 100 $ 110 $ 1 $ — $ 45 $ 17 $ 231 $ 253 % of criticized nonaccrual to total real estate retained loans 0.14 % 0.25 % 0.50 % 0.63 % 0.02 % — % 0.60 % 0.27 % 0.25 % 0.32 % |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Allowance for Credit Losses [Abstract] | |
Allowance for credit losses on financing receivables | The table below summarizes information about the allowances for loan losses, and lending-relating commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology. 2015 Year ended December 31, (in millions) 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 Gross charge-offs 1,658 3,488 95 5,241 Gross recoveries (704 ) (366 ) (85 ) (1,155 ) Net charge-offs/(recoveries) 954 3,122 10 4,086 Write-offs of PCI loans (a) 208 — — 208 Provision for loan losses (82 ) 3,122 623 3,663 Other — (5 ) 6 1 Ending balance at December 31, $ 5,806 $ 3,434 $ 4,315 $ 13,555 Allowance for loan losses by impairment methodology Asset-specific (b) $ 364 $ 460 (c) $ 274 $ 1,098 Formula-based 2,700 2,974 4,041 9,715 PCI 2,742 — — 2,742 Total allowance for loan losses $ 5,806 $ 3,434 $ 4,315 $ 13,555 Loans by impairment methodology Asset-specific $ 9,606 $ 1,465 $ 1,024 $ 12,095 Formula-based 293,751 129,922 356,022 779,695 PCI 40,998 — 4 41,002 Total retained loans $ 344,355 $ 131,387 $ 357,050 $ 832,792 Impaired collateral-dependent loans Net charge-offs $ 104 $ — $ 16 $ 120 Loans measured at fair value of collateral less cost to sell 2,566 — 283 2,849 Allowance for lending-related commitments Beginning balance at January 1, $ 13 $ — $ 609 $ 622 Provision for lending-related commitments 1 — 163 164 Other — — — — Ending balance at December 31, $ 14 $ — $ 772 $ 786 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 73 $ 73 Formula-based 14 — 699 713 Total allowance for lending-related commitments $ 14 $ — $ 772 $ 786 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 193 $ 193 Formula-based 58,478 515,518 366,206 940,202 Total lending-related commitments $ 58,478 $ 515,518 $ 366,399 $ 940,395 (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). During the fourth quarter of 2014, the Firm recorded a $291 million adjustment to reduce the PCI allowance and the recorded investment in the Firm’s PCI loan portfolio, primarily reflecting the cumulative effect of interest forgiveness modifications. This adjustment had no impact to the Firm’s Consolidated statements of income. (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. (d) 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. (table continued from previous page) 2014 2013 Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total $ 8,456 $ 3,795 $ 4,013 $ 16,264 $ 12,292 $ 5,501 $ 4,143 $ 21,936 2,132 3,831 151 6,114 2,754 4,472 241 7,467 (814 ) (402 ) (139 ) (1,355 ) (847 ) (593 ) (225 ) (1,665 ) 1,318 3,429 12 4,759 1,907 3,879 16 5,802 533 — — 533 53 — — 53 414 3,079 (269 ) 3,224 (1,872 ) 2,179 (119 ) 188 31 (6 ) (36 ) (11 ) (4 ) (6 ) 5 (5 ) $ 7,050 $ 3,439 $ 3,696 $ 14,185 $ 8,456 $ 3,795 $ 4,013 $ 16,264 $ 539 $ 500 (c) $ 87 $ 1,126 $ 601 $ 971 (c) $ 181 $ 1,753 3,186 2,939 3,609 9,734 3,697 2,824 3,832 10,353 3,325 — — 3,325 4,158 — — 4,158 $ 7,050 $ 3,439 $ 3,696 $ 14,185 $ 8,456 $ 3,795 $ 4,013 $ 16,264 $ 12,020 $ 2,029 $ 637 $ 14,686 $ 13,785 $ 3,115 $ 845 $ 17,745 236,263 125,998 323,861 686,122 221,609 124,350 307,412 653,371 46,696 — 4 46,700 53,055 — 6 53,061 $ 294,979 $ 128,027 $ 324,502 $ 747,508 $ 288,449 $ 127,465 $ 308,263 $ 724,177 $ 133 $ — $ 21 $ 154 $ 235 $ — $ 37 $ 272 3,025 — 326 3,351 3,105 — 362 3,467 $ 8 $ — $ 697 $ 705 $ 7 $ — $ 661 $ 668 5 — (90 ) (85 ) 1 — 36 37 — — 2 2 — — — — $ 13 $ — $ 609 $ 622 $ 8 $ — $ 697 $ 705 $ — $ — $ 60 $ 60 $ — $ — $ 60 $ 60 13 — 549 562 8 — 637 645 $ 13 $ — $ 609 $ 622 $ 8 $ — $ 697 $ 705 $ — $ — $ 103 $ 103 $ — $ — $ 206 $ 206 58,153 525,963 366,778 (d) 950,894 56,057 529,383 344,032 (d) 929,472 $ 58,153 $ 525,963 $ 366,881 $ 950,997 $ 56,057 $ 529,383 $ 344,238 $ 929,678 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 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. The Firm considers a “sponsored” VIE to include any entity where: (1) JPMorgan Chase is the primary beneficiary of the structure; (2) the VIE is used by JPMorgan Chase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorgan Chase name; or (4) the entity is a JPMorgan Chase –administered asset-backed commercial paper conduit. Line-of-Business Transaction Type Activity Annual Report page references CCB Credit card securitization trusts Securitization of both originated and purchased credit card receivables 266 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 267–269 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages and student loans 267–269 Multi-seller conduits Investor intermediation activities: Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs 269–271 Municipal bond vehicles 269–270 |
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 272 of this Note for further information regarding the Firm’s cash flows with and interests retained in nonconsolidated VIEs, and pages 272–273 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) December 31, 2015 (a) (in billions) Total assets held by securitization VIEs Assets held in consolidated securitization VIEs Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets AFS securities Total interests held by JPMorgan Chase Securitization-related Residential mortgage: Prime/Alt-A and option ARMs $ 85.7 $ 1.4 $ 66.7 $ 0.4 $ 1.6 $ 2.0 Subprime 24.4 0.1 22.6 0.1 — 0.1 Commercial and other (b) 123.5 0.1 80.3 0.4 3.5 3.9 Total $ 233.6 $ 1.6 $ 169.6 $ 0.9 $ 5.1 $ 6.0 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 held in consolidated securitization VIEs Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets AFS securities Total interests held by 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 $ 1.0 $ 4.2 $ 5.2 (a) Excludes U.S. government agency securitizations. See pages 272–273 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 17 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 6 for further information on derivatives); senior and subordinated securities of $163 million and $73 million , respectively, at December 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 December 31, 2015 and 2014 , 76% 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 $1.9 billion and $1.1 billion of investment-grade and $93 million and $185 million of noninvestment-grade retained interests at December 31, 2015 and 2014, respectively. The retained interests in commercial and other securitizations trusts consisted of $3.7 billion and $3.7 billion of investment-grade and $198 million and $194 million of noninvestment-grade retained interests at December 31, 2015 and 2014 , respectively. |
Firm's exposure to nonconsolidated municipal bond VIEs | The Firm’s exposure to nonconsolidated municipal bond VIEs at December 31, 2015 and 2014 , including the ratings profile of the VIEs’ assets, was as follows. December 31, (in billions) Fair value of assets held by VIEs Liquidity facilities Excess (a) Maximum exposure Nonconsolidated municipal bond vehicles 2015 $ 6.9 $ 3.8 $ 3.1 $ 3.8 2014 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 December 31, (in billions, except where otherwise noted) AAA to AAA- AA+ to AA- A+ to A- BBB+ to BBB- BB+ and below 2015 $ 1.7 $ 4.6 $ 0.5 $ — $ 0.1 $ 6.9 4.0 2014 2.7 8.4 0.4 — — $ 11.5 4.9 (a) Represents the excess 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 December 31, 2015 and 2014 . Assets Liabilities December 31, 2015 (in billions) (a) Trading assets Loans Other (c) Total (d) Beneficial interests in (e) Other (f) Total VIE program type Firm-sponsored credit card trusts $ — $ 47.4 $ 0.7 $ 48.1 $ 27.9 $ — $ 27.9 Firm-administered multi-seller conduits — 24.4 — 24.4 8.7 — 8.7 Municipal bond vehicles 2.7 — — 2.7 2.6 — 2.6 Mortgage securitization entities (b) 0.8 1.4 — 2.2 0.8 0.7 1.5 Student loan securitization entities — 1.9 0.1 2.0 1.8 — 1.8 Other 0.2 — 2.0 2.2 0.1 0.1 0.2 Total $ 3.7 $ 75.1 $ 2.8 $ 81.6 $ 41.9 $ 0.8 $ 42.7 Assets Liabilities December 31, 2014 (in billions) (a) Trading assets Loans Other (c) Total (d) Beneficial interests in (e) Other (f) Total VIE program type Firm-sponsored credit card trusts $ — $ 48.3 $ 0.7 $ 49.0 $ 31.2 $ — $ 31.2 Firm-administered multi-seller conduits — 17.7 0.1 17.8 12.0 — 12.0 Municipal bond vehicles 5.3 — — 5.3 4.9 — 4.9 Mortgage securitization entities (b) 3.3 0.7 — 4.0 2.1 0.8 2.9 Student loan securitization entities 0.2 2.2 — 2.4 2.1 — 2.1 Other 0.3 — 1.0 1.3 — 0.2 0.2 Total $ 9.1 $ 68.9 $ 1.8 $ 79.8 $ 52.3 $ 1.0 $ 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 $30.6 billion and $35.4 billion at December 31, 2015 and 2014 , respectively. The maturities of the long-term beneficial interests as of December 31, 2015 , were as follows: $5.1 billion under one year, $21.6 billion between one and five years, and $3.9 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 years ended December 31, 2015 , 2014 and 2013 , 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. 2015 2014 2013 Year ended December 31, (in millions, except rates) (a) Residential mortgage (d)(e) Commercial and other (e)(f) Residential mortgage (d)(e) Commercial and other (e)(f) Residential mortgage (d)(e) Commercial and other (e)(f) Principal securitized $ 3,008 $ 11,933 $ 2,558 $ 11,911 $ 1,404 $ 11,318 All cash flows during the period: Proceeds from new securitizations (b) $ 3,022 $ 12,011 $ 2,569 $ 12,079 $ 1,410 $ 11,507 Servicing fees collected 528 3 557 4 576 5 Purchases of previously transferred financial assets (or the underlying collateral) (c) 3 — 121 — 294 — Cash flows received on interests 407 597 179 578 156 325 (a) Excludes re-securitization transactions. (b) Proceeds from residential mortgage securitizations were received in the form of securities. During 2015, $3.0 billion of residential mortgage securitizations were received as securities and classified in level 2, and $59 million were classified in level 3 of the fair value hierarchy. During 2014, $2.4 billion of residential mortgage securitizations were received as securities and classified in level 2, and $185 million were classified in level 3 of the fair value hierarchy. During 2013, $1.4 billion of residential mortgage securitizations were received as securities and classified in level 2. Proceeds from commercial mortgage securitizations were received as securities and cash. During 2015, $12.0 billion of proceeds from commercial mortgage securitizations were received as securities and classified in level 2, and $43 million of proceeds were classified in level 3 of the fair value hierarchy; and zero of proceeds from commercial mortgage securitizations were received as cash. During 2014, $11.4 billion of proceeds from commercial mortgage securitizations were received as securities and classified in level 2, and $130 million of proceeds were classified in level 3 of the fair value hierarchy: and $568 million of proceeds from commercial mortgage securitizations were received as cash. During 2013, $11.3 billion of commercial mortgage securitizations were classified in level 2 of the fair value hierarchy, and $207 million of proceeds from commercial mortgage securitizations were received as cash. (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) Key assumptions used to measure residential mortgage retained interests originated during the year included weighted-average life (in years) of 4.2 , 5.9 and 3.9 for the years ended December 31, 2015, 2014 and 2013, respectively, and weighted-average discount rate of 2.9% , 3.4% and 2.5% for the years ended December 31, 2015, 2014 and 2013, respectively. Key assumptions used to measure commercial and other retained interests originated during the year included weighted-average life (in years) of 6.2 , 6.5 and 8.3 for the years ended December 31, 2015, 2014, and 2013, respectively, and weighted-average discount rate of 4.1% , 4.8% and 3.2% for the years ended December 31, 2015, 2014 and 2013, respectively. (f) Includes commercial and student loan securitizations. |
Summary of loan sale activities | The following table summarizes the activities related to loans sold to the U.S. GSEs, loans in securitization transactions pursuant to Ginnie Mae guidelines, and other third-party-sponsored securitization entities. Year ended December 31, (in millions) 2015 2014 2013 Carrying value of loans sold $ 42,161 $ 55,802 $ 166,028 Proceeds received from loan sales as cash $ 313 $ 260 $ 782 Proceeds from loans sales as securities (a) 41,615 55,117 163,373 Total proceeds received from loan sales (b) $ 41,928 $ 55,377 $ 164,155 Gains on loan sales (c) $ 299 $ 316 $ 302 (a) Predominantly includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt. (b) Excludes the value of MSRs retained upon the sale of loans. Gains on loan sales include the value of MSRs. (c) The carrying value of the loans accounted for at fair value approximated the 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 December 31, 2015 and 2014 . Securitized assets 90 days past due Liquidation losses As of or for the year ended December 31, (in millions) 2015 2014 2015 2014 2015 2014 Securitized loans (a) Residential mortgage: Prime/ Alt-A & option ARMs $ 66,708 $ 78,294 $ 8,325 $ 11,363 $ 1,946 $ 2,166 Subprime 22,549 25,659 5,448 6,473 1,431 1,931 Commercial and other 80,319 94,438 1,808 1,522 375 1,267 Total loans securitized (b) $ 169,576 $ 198,391 $ 15,581 $ 19,358 $ 3,752 $ 5,364 (a) Total assets held in securitization-related SPEs were $233.6 billion and $254.3 billion , respectively, at December 31, 2015 and 2014 . The $169.6 billion and $198.4 billion , respectively, of loans securitized at December 31, 2015 and 2014 , excludes: $62.4 billion and $52.2 billion , respectively, of securitized loans in which the Firm has no continuing involvement, and $1.6 billion and $3.7 billion , respectively, of loan securitizations consolidated on the Firm’s Consolidated balance sheets at December 31, 2015 and 2014 . (b) Includes securitized loans that were previously recorded at fair value and classified as trading assets. |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill attributed to the business segments | The following table presents goodwill attributed to the business segments. December 31, (in millions) 2015 2014 2013 Consumer & Community Banking $ 30,769 $ 30,941 $ 30,985 Corporate & Investment Bank 6,772 6,780 6,888 Commercial Banking 2,861 2,861 2,862 Asset Management 6,923 6,964 6,969 Corporate — 101 377 Total goodwill $ 47,325 $ 47,647 $ 48,081 The following table presents changes in the carrying amount of goodwill. Year ended December 31, (in millions) 2015 2014 2013 Balance at beginning of period $ 47,647 $ 48,081 $ 48,175 Changes during the period from: Business combinations 28 43 64 Dispositions (160 ) (b) (80 ) (5 ) Other (a) (190 ) (397 ) (153 ) Balance at December 31, $ 47,325 $ 47,647 $ 48,081 (a) Includes foreign currency translation adjustments, other tax-related adjustments, and, during 2014, goodwill impairment associated with the Firm’s Private Equity business of $276 million . (b) Includes $101 million of Private Equity goodwill, which was disposed of as part of the Private Equity sale completed in January 2015. |
Mortgage servicing rights activity | The following table summarizes MSR activity for the years ended December 31, 2015 , 2014 and 2013 . As of or for the year ended December 31, (in millions, except where otherwise noted) 2015 2014 2013 Fair value at beginning of period $ 7,436 $ 9,614 $ 7,614 MSR activity: Originations of MSRs 550 757 2,214 Purchase of MSRs 435 11 1 Disposition of MSRs (a) (486 ) (209 ) (725 ) Net additions 499 559 1,490 Changes due to collection/realization of expected cash flows (922 ) (911 ) (1,102 ) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (b) (160 ) (1,608 ) 2,122 Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) (112 ) 133 109 Discount rates (10 ) (459 ) (e) (78 ) Prepayment model changes and other (c) (123 ) 108 (541 ) Total changes in valuation due to other inputs and assumptions (245 ) (218 ) (510 ) Total changes in valuation due to inputs and assumptions $ (405 ) $ (1,826 ) $ 1,612 Fair value at December 31, $ 6,608 $ 7,436 $ 9,614 Change in unrealized gains/(losses) included in income related to MSRs $ (405 ) $ (1,826 ) $ 1,612 Contractual service fees, late fees and other ancillary fees included in income $ 2,533 $ 2,884 $ 3,309 Third-party mortgage loans serviced at December 31, (in billions) $ 677 $ 756 $ 822 Servicer advances, net of an allowance for uncollectible amounts, at December 31, (in billions) (d) $ 6.5 $ 8.5 $ 9.6 (a) For 2014 and 2013, 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. (b) 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. (c) Represents changes in prepayments other than those attributable to changes in market interest rates. (d) Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, 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. (e) For the year ending December 31, 2014, the negative impact was primarily related to higher capital allocated to the Mortgage Servicing business, which, in turn, resulted in an increase in the OAS. The resulting OAS assumption was consistent with capital and return requirements the Firm believed a market participant would consider, taking into account factors such as the 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 years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, (in millions) 2015 2014 2013 CCB mortgage fees and related income Net production revenue $ 769 $ 1,190 $ 3,004 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 2,776 3,303 3,552 Changes in MSR asset fair value due to collection/realization of expected cash flows (917 ) (905 ) (1,094 ) Total operating revenue 1,859 2,398 2,458 Risk management: Changes in MSR asset fair value due to market interest rates and other (a) (160 ) (1,606 ) 2,119 Other changes in MSR asset fair value due to other inputs and assumptions in model (b) (245 ) (218 ) (511 ) Change in derivative fair value and other 288 1,796 (1,875 ) Total risk management (117 ) (28 ) (267 ) Total net mortgage servicing revenue 1,742 2,370 2,191 Total CCB mortgage fees and related income 2,511 3,560 5,195 All other 2 3 10 Mortgage fees and related income $ 2,513 $ 3,563 $ 5,205 (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 the fair value of the Firm's Mortgage Servicing Rights (MSRs) | The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at December 31, 2015 and 2014 , and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. December 31, (in millions, except rates) 2015 2014 Weighted-average prepayment speed assumption (“CPR”) 9.81 % 9.80 % Impact on fair value of 10% adverse change $ (275 ) $ (337 ) Impact on fair value of 20% adverse change (529 ) (652 ) Weighted-average option adjusted spread 9.02 % 9.43 % Impact on fair value of 100 basis points adverse change $ (258 ) $ (300 ) Impact on fair value of 200 basis points adverse change (498 ) (578 ) CPR: Constant prepayment rate. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Noninterest-bearing and interest-bearing deposits | At December 31, 2015 and 2014 , noninterest-bearing and interest-bearing deposits were as follows. December 31, (in millions) 2015 2014 U.S. offices Noninterest-bearing $ 392,721 $ 437,558 Interest-bearing Demand (a) 84,088 90,319 Savings (b) 486,043 466,730 Time (included $10,916 and $7,501 at fair value) (c) 92,873 86,301 Total interest-bearing deposits 663,004 643,350 Total deposits in U.S. offices 1,055,725 1,080,908 Non-U.S. offices Noninterest-bearing 18,921 19,078 Interest-bearing Demand 154,773 217,011 Savings 2,157 2,673 Time (included $1,600 and $1,306 at fair value) (c) 48,139 43,757 Total interest-bearing deposits 205,069 263,441 Total deposits in non-U.S. offices 223,990 282,519 Total deposits $ 1,279,715 $ 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. |
Time deposits one hundred thousand or more | At December 31, 2015 and 2014, time deposits in denominations of $250,000 or more were as follows. December 31, (in millions) 2015 2014 U.S. offices $ 64,519 $ 56,983 Non-U.S. offices 48,091 43,719 Total $ 112,610 $ 100,702 |
Time deposits, by maturity | At December 31, 2015 , the maturities of interest-bearing time deposits were as follows. December 31, 2015 (in millions) U.S. Non-U.S. Total 2016 78,246 47,791 126,037 2017 2,940 145 3,085 2018 2,172 39 2,211 2019 1,564 47 1,611 2020 1,615 117 1,732 After 5 years 6,336 — 6,336 Total $ 92,873 $ 48,139 $ 141,012 |
Accounts Payable and Other Li61
Accounts Payable and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Components of accounts payable and other liabilities | The following table details the components of accounts payable and other liabilities. December 31, (in millions) 2015 2014 Brokerage payables (a) $ 107,632 $ 134,467 Accounts payable and other liabilities 70,006 72,472 Total $ 177,638 $ 206,939 (a) Includes payables to customers, brokers, dealers and clearing organizations, and payables from security purchases that did not settle. |
Long-Term debt (Tables)
Long-Term debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term debt carrying values by contractual maturity | The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2015 . By remaining maturity at December 31, 2015 2014 (in millions, except rates) Under 1 year 1-5 years After 5 years Total Total Parent company Senior debt: Fixed rate $ 12,014 $ 54,200 $ 51,544 $ 117,758 $ 108,529 Variable rate 15,158 23,254 5,766 44,178 42,201 Interest rates (a) 0.16-7.00% 0.24-7.25% 0.31-6.40% 0.16-7.25% 0.18-7.25% Subordinated debt: Fixed rate $ — $ 2,292 $ 13,958 $ 16,250 $ 16,645 Variable rate — 1,038 9 1,047 3,452 Interest rates (a) — % 1.06-8.53% 3.38-8.00% 1.06-8.53% 0.48-8.53% Subtotal $ 27,172 $ 80,784 $ 71,277 $ 179,233 $ 170,827 Subsidiaries Federal Home Loan Banks (“FHLB”) advances: Fixed rate $ 5 $ 30 $ 156 $ 191 $ 2,204 Variable rate 9,700 56,690 5,000 71,390 62,790 Interest rates (a) 0.37-0.65% 0.17-0.72% 0.50-0.70% 0.17-0.72% 0.11-2.04% Senior debt: Fixed rate $ 631 $ 1,288 $ 3,631 $ 5,550 $ 5,751 Variable rate 10,493 7,456 2,639 20,588 20,082 Interest rates (a) 0.47-1.00% 0.53-4.61% 1.30-7.28% 0.47-7.28% 0.26-8.00% Subordinated debt: Fixed rate $ 1,472 $ 3,647 $ 1,461 $ 6,580 $ 6,928 Variable rate 1,150 — — 1,150 2,362 Interest rates (a) 0.83-5.88% 6.00 % 4.38-8.25% 0.83-8.25% 0.57-8.25% Subtotal $ 23,451 $ 69,111 $ 12,887 $ 105,449 $ 100,117 Junior subordinated debt: Fixed rate $ — $ — $ 717 $ 717 $ 2,185 Variable rate — — 3,252 3,252 3,250 Interest rates (a) — % — % 0.83-8.75% 0.83-8.75% 0.73-8.75% Subtotal $ — $ — $ 3,969 $ 3,969 $ 5,435 Total long-term debt (b)(c)(d) $ 50,623 $ 149,895 $ 88,133 $ 288,651 (f)(g) $ 276,379 Long-term beneficial interests: Fixed rate $ 1,674 $ 10,931 $ 1,594 $ 14,199 $ 13,949 Variable rate 3,393 10,642 2,323 16,358 21,418 Interest rates 0.45-5.16% 0.37-5.23% 0.00-15.94% 0.00-15.94% 0.05-15.93% Total long-term beneficial interests (e) $ 5,067 $ 21,573 $ 3,917 $ 30,557 $ 35,367 (a) The interest rates shown are the range of contractual rates in effect at year-end, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The use of these derivative instruments modifies the Firm’s exposure to the contractual interest rates disclosed in the table above. Including the effects of the hedge accounting derivatives, the range of modified rates in effect at December 31, 2015 , for total long-term debt was (0.19)% to 8.88% , versus the contractual range of 0.16% to 8.75% presented in the table above. The interest rate ranges shown exclude structured notes accounted for at fair value. (b) Included long-term debt of $76.6 billion and $69.2 billion secured by assets totaling $171.6 billion and $156.7 billion at December 31, 2015 and 2014 , respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments. (c) Included $33.1 billion and $30.2 billion of long-term debt accounted for at fair value at December 31, 2015 and 2014 , respectively. (d) Included $5.5 billion and $2.9 billion of outstanding zero-coupon notes at December 31, 2015 and 2014 , respectively. The aggregate principal amount of these notes at their respective maturities is $16.2 billion and $7.5 billion , respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable. (e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included $787 million and $2.2 billion accounted for at fair value at December 31, 2015 and 2014 , respectively. Excluded short-term commercial paper and other short-term beneficial interests of $11.3 billion and $17.0 billion at December 31, 2015 and 2014 , respectively. (f) At December 31, 2015 , long-term debt in the aggregate of $39.1 billion was redeemable at the option of JPMorgan Chase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments. (g) The aggregate carrying values of debt that matures in each of the five years subsequent to 2015 is $50.6 billion in 2016, $49.5 billion in 2017, $39.2 billion in 2018, $30.4 billion in 2019 and $30.7 billion in 2020. |
Outstanding trust preferred capital debt securities | The following is a summary of the outstanding trust preferred securities, including unamortized original issue discount, issued by each trust, and the junior subordinated deferrable interest debenture issued to each trust, as of December 31, 2015 . December 31, 2015 (in millions) Amount of trust preferred securities issued by trust (a) Principal amount of debenture issued to trust (b) Issue date Stated maturity of trust preferred securities and debentures Earliest redemption date Interest rate of trust preferred securities and debentures Interest payment/distribution dates BANK ONE Capital III $ 474 $ 717 2000 2030 Any time 8.75% Semiannually Chase Capital II 483 496 1997 2027 Any time LIBOR + 0.50% Quarterly Chase Capital III 296 304 1997 2027 Any time LIBOR + 0.55% Quarterly Chase Capital VI 242 248 1998 2028 Any time LIBOR + 0.625% Quarterly First Chicago NBD Capital I 249 256 1997 2027 Any time LIBOR + 0.55% Quarterly J.P. Morgan Chase Capital XIII 466 477 2004 2034 Any time LIBOR + 0.95% Quarterly JPMorgan Chase Capital XXI 836 832 2007 2037 Any time LIBOR + 0.95% Quarterly JPMorgan Chase Capital XXIII 644 639 2007 2047 Any time LIBOR + 1.00% Quarterly Total $ 3,690 $ 3,969 (a) Represents the amount of trust preferred securities issued to the public by each trust, including unamortized original-issue discount. (b) Represents the principal amount of JPMorgan Chase debentures issued to each trust, including unamortized original-issue discount. The principal amount of debentures issued to the trusts includes the impact of hedging and purchase accounting fair value adjustments that were recorded on the Firm’s Consolidated Financial Statements. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Preferred Stock | |
Class of Stock [Line Items] | |
Schedule of stock by class | The following is a summary of JPMorgan Chase ’s non-cumulative preferred stock outstanding as of December 31, 2015 and 2014 . Shares at December 31, (a) Carrying value Issue date Contractual rate Earliest redemption date Date at which dividend rate becomes floating Floating annual 2015 2014 2015 2014 Fixed-rate: Series O 125,750 125,750 $ 1,258 $ 1,258 8/27/2012 5.500 % 9/1/2017 NA NA Series P 90,000 90,000 900 900 2/5/2013 5.450 3/1/2018 NA NA Series T 92,500 92,500 925 925 1/30/2014 6.700 3/1/2019 NA NA Series W 88,000 88,000 880 880 6/23/2014 6.300 9/1/2019 NA NA Series Y 143,000 — 1,430 — 2/12/2015 6.125 3/1/2020 NA NA Series AA 142,500 — 1,425 — 6/4/2015 6.100 9/1/2020 NA NA Series BB 115,000 — 1,150 — 7/29/2015 6.150 9/1/2020 NA NA Fixed-to-floating-rate: Series I 600,000 600,000 6,000 6,000 4/23/2008 7.900 % 4/30/2018 4/30/2018 LIBOR + 3.47 % Series Q 150,000 150,000 1,500 1,500 4/23/2013 5.150 5/1/2023 5/1/2023 LIBOR + 3.25 Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 8/1/2023 LIBOR + 3.30 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 2/1/2024 LIBOR + 3.78 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 4/30/2024 LIBOR + 3.33 Series V 250,000 250,000 2,500 2,500 6/9/2014 5.000 7/1/2019 7/1/2019 LIBOR + 3.32 Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 10/1/2024 LIBOR + 3.33 Series Z 200,000 — 2,000 — 4/21/2015 5.300 5/1/2020 5/1/2020 LIBOR + 3.80 Total preferred stock 2,606,750 2,006,250 $ 26,068 $ 20,063 (a) Represented by depositary shares. |
Common Stock (Tables)
Common Stock (Tables) - Common stock | 12 Months Ended |
Dec. 31, 2015 | |
Class of Stock [Line Items] | |
Schedule of stock by class | Common shares issued (newly issued or distributed from treasury) by JPMorgan Chase during the years ended December 31, 2015 , 2014 and 2013 were as follows. Year ended December 31, (in millions) 2015 2014 2013 Total issued – balance at January 1 and December 31 4,104.9 4,104.9 4,104.9 Treasury – balance at January 1 (390.1 ) (348.8 ) (300.9 ) Purchase of treasury stock (89.8 ) (82.3 ) (96.1 ) Issued from treasury: Employee benefits and compensation plans 32.8 39.8 47.1 Issuance of shares for warrant exercise 4.7 — — Employee stock purchase plans 1.0 1.2 1.1 Total issued from treasury 38.5 41.0 48.2 Total treasury – balance at December 31 (441.4 ) (390.1 ) (348.8 ) Outstanding at December 31 3,663.5 3,714.8 3,756.1 |
Schedule of common equity repurchases | There were no warrants repurchased during the years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, (in millions) 2015 2014 2013 Total number of shares of common stock repurchased 89.8 82.3 96.1 Aggregate purchase price of common stock repurchases $ 5,616 $ 4,760 $ 4,789 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, (in millions, except per share amounts) 2015 2014 2013 Basic earnings per share Net income $ 24,442 $ 21,745 $ 17,886 Less: Preferred stock dividends 1,515 1,125 805 Net income applicable to common equity 22,927 20,620 17,081 Less: Dividends and undistributed earnings allocated to participating securities 521 543 524 Net income applicable to common stockholders $ 22,406 $ 20,077 $ 16,557 Total weighted-average basic shares outstanding 3,700.4 3,763.5 3,782.4 Net income per share $ 6.05 $ 5.33 $ 4.38 Diluted earnings per share Net income applicable to common stockholders $ 22,406 $ 20,077 $ 16,557 Total weighted-average basic shares outstanding 3,700.4 3,763.5 3,782.4 Add: Employee stock options, SARs and warrants (a) 32.4 34.0 32.5 Total weighted-average diluted shares outstanding (b) 3,732.8 3,797.5 3,814.9 Net income per share $ 6.00 $ 5.29 $ 4.34 (a) Excluded from the computation of diluted EPS (due to the antidilutive effect) were certain options issued under employee benefit plans. The aggregate number of shares issuable upon the exercise of such options was not material for the year ended December 31, 2015 , and 1 million and 6 million for the years ended December 31, 2014 and 2013 , 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 Comprehensi66
Accumulated Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 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. Year ended December 31, 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) (in millions) Balance at December 31, 2012 $ 6,868 $ (95 ) $ 120 $ (2,791 ) $ 4,102 Net change (4,070 ) (41 ) (259 ) 1,467 (2,903 ) Balance at December 31, 2013 $ 2,798 $ (136 ) $ (139 ) $ (1,324 ) $ 1,199 Net change 1,975 (11 ) 44 (1,018 ) 990 Balance at December 31, 2014 $ 4,773 $ (147 ) $ (95 ) $ (2,342 ) $ 2,189 Net change (2,144 ) (15 ) 51 111 (1,997 ) Balance at December 31, 2015 $ 2,629 $ (162 ) $ (44 ) $ (2,231 ) $ 192 (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 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 before- and after-tax changes in the components of other comprehensive income/(loss). 2015 2014 2013 Year ended December 31, (in millions) Pretax Tax effect After-tax Pretax Tax effect After-tax Pretax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ (3,315 ) $ 1,297 $ (2,018 ) $ 3,193 $ (1,170 ) $ 2,023 $ (5,987 ) $ 2,323 $ (3,664 ) Reclassification adjustment for realized (gains)/losses included in net income (a) (202 ) 76 (126 ) (77 ) 29 (48 ) (667 ) 261 (406 ) Net change (3,517 ) 1,373 (2,144 ) 3,116 (1,141 ) 1,975 (6,654 ) 2,584 (4,070 ) Translation adjustments: Translation (b) (1,876 ) 682 (1,194 ) (1,638 ) 588 (1,050 ) (807 ) 295 (512 ) Hedges (b) 1,885 (706 ) 1,179 1,698 (659 ) 1,039 773 (302 ) 471 Net change 9 (24 ) (15 ) 60 (71 ) (11 ) (34 ) (7 ) (41 ) Cash flow hedges: Net unrealized gains/(losses) arising during the period (97 ) 35 (62 ) 98 (39 ) 59 (525 ) 206 (319 ) Reclassification adjustment for realized (gains)/losses included in net income (c)(e) 180 (67 ) 113 (24 ) 9 (15 ) 101 (41 ) 60 Net change 83 (32 ) 51 74 (30 ) 44 (424 ) 165 (259 ) Defined benefit pension and OPEB plans: Prior service credits arising during the period — — — (53 ) 21 (32 ) — — — Net gains/(losses) arising during the period 29 (47 ) (18 ) (1,697 ) 688 (1,009 ) 2,055 (750 ) 1,305 Reclassification adjustments included in net income (d) : Amortization of net loss 282 (106 ) 176 72 (29 ) 43 321 (124 ) 197 Prior service costs/(credits) (36 ) 14 (22 ) (44 ) 17 (27 ) (43 ) 17 (26 ) Foreign exchange and other 33 (58 ) (25 ) 39 (32 ) 7 (14 ) 5 (9 ) Net change 308 (197 ) 111 (1,683 ) 665 (1,018 ) 2,319 (852 ) 1,467 Total other comprehensive income/(loss) $ (3,117 ) $ 1,120 $ (1,997 ) $ 1,567 $ (577 ) $ 990 $ (4,793 ) $ 1,890 $ (2,903 ) (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. (d) The pretax amount is reported in compensation expense in the Consolidated statements of income. (e) In 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 6. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of the applicable statutory U.S. income tax rate to the effective tax rate the effective tax rate | A reconciliation of the applicable statutory U.S. income tax rate to the effective tax rate for each of the years ended December 31, 2015 , 2014 and 2013 , is presented in the following table. Effective tax rate Year ended December 31, 2015 2014 2013 Statutory U.S. federal tax rate 35.0 % 35.0 % 35.0 % Increase/(decrease) in tax rate resulting from: U.S. state and local income taxes, net of U.S. federal income tax benefit 1.5 2.7 2.2 Tax-exempt income (3.3 ) (3.1 ) (3.0 ) Non-U.S. subsidiary earnings (a) (3.9 ) (2.0 ) (4.8 ) Business tax credits (3.7 ) (3.3 ) (3.4 ) Nondeductible legal expense 0.8 2.3 7.8 Tax audit resolutions (5.7 ) (1.4 ) (0.6 ) Other, net (0.3 ) (1.0 ) (0.3 ) Effective tax rate 20.4 % 29.2 % 32.9 % (a) Predominantly includes earnings of U.K. subsidiaries that are deemed to be reinvested indefinitely. |
Components of income tax expense/(benefit) included in the Consolidated Statements of Income | The components of income tax expense/(benefit) included in the Consolidated statements of income were as follows for each of the years ended December 31, 2015 , 2014 , and 2013 . Income tax expense/(benefit) Year ended December 31, (in millions) 2015 2014 2013 Current income tax expense/(benefit) U.S. federal $ 3,160 $ 2,382 $ (654 ) Non-U.S. 1,220 1,353 1,308 U.S. state and local 547 857 (4 ) Total current income tax expense/(benefit) 4,927 4,592 650 Deferred income tax expense/(benefit) U.S. federal 1,213 3,890 7,216 Non-U.S. (95 ) 71 10 U.S. state and local 215 401 913 Total deferred income tax expense/(benefit) 1,333 4,362 8,139 Total income tax expense $ 6,260 $ 8,954 $ 8,789 |
U.S. and non-U.S. components of income before income tax expense/(benefit) and extraordinary gain income | The following table presents the U.S. and non-U.S. components of income before income tax expense for the years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, (in millions) 2015 2014 2013 U.S. $ 23,191 $ 23,422 $ 17,990 Non-U.S. (a) 7,511 7,277 8,685 Income before income tax expense $ 30,702 $ 30,699 $ 26,675 (a) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. |
Significant components of deferred tax assets and liabilities | The significant components of deferred tax assets and liabilities are reflected in the following table as of December 31, 2015 and 2014 . December 31, (in millions) 2015 2014 Deferred tax assets Allowance for loan losses $ 5,343 $ 5,756 Employee benefits 2,972 3,378 Accrued expenses and other 7,299 8,637 Non-U.S. operations 5,365 5,106 Tax attribute carryforwards 2,602 570 Gross deferred tax assets 23,581 23,447 Valuation allowance (735 ) (820 ) Deferred tax assets, net of valuation allowance $ 22,846 $ 22,627 Deferred tax liabilities Depreciation and amortization $ 3,167 $ 3,073 Mortgage servicing rights, net of hedges 4,968 5,533 Leasing transactions 3,042 2,495 Non-U.S. operations 4,285 4,444 Other, net 4,419 5,392 Gross deferred tax liabilities 19,881 20,937 Net deferred tax assets $ 2,965 $ 1,690 |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, (in millions) 2015 2014 2013 Balance at January 1, $ 4,911 $ 5,535 $ 7,158 Increases based on tax positions related to the current period 408 810 542 Increases based on tax positions related to prior periods 1,028 477 88 Decreases based on tax positions related to prior periods (2,646 ) (1,902 ) (2,200 ) Decreases related to cash settlements with taxing authorities (204 ) (9 ) (53 ) Balance at December 31, $ 3,497 $ 4,911 $ 5,535 |
Tax examination status | The following table summarizes the status of significant income tax examinations of JPMorgan Chase and its consolidated subsidiaries as of December 31, 2015 . December 31, 2015 Periods under examination Status JPMorgan Chase – U.S. 2003 – 2005 Field examination completed; at Appellate level JPMorgan Chase – U.S. 2006 – 2010 Field examination completed, JPMorgan Chase filed amended returns and intends to appeal JPMorgan Chase – U.S. 2011 – 2013 Field Examination JPMorgan Chase – New York State 2008 – 2011 Field Examination JPMorgan Chase – California 2011 – 2012 Field Examination JPMorgan Chase – U.K. 2006 – 2012 Field examination of certain select entities |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Reconciliation of regulatory capital, assets and risk-based capital ratios | 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 at December 31, 2015 and 2014. JPMorgan Chase & Co. (f) Basel III Standardized Transitional Basel III Advanced Transitional (in millions, except ratios) Dec 31, Dec 31, Dec 31, Dec 31, Regulatory capital CET1 capital $ 175,398 $ 164,426 $ 175,398 $ 164,426 Tier 1 capital (a) 200,482 186,263 200,482 186,263 Total capital 234,413 221,117 224,616 210,576 Assets Risk-weighted (b) 1,465,262 1,472,602 1,485,336 1,608,240 Adjusted average (c) 2,361,177 2,464,915 2,361,177 2,464,915 Capital ratios (d) CET1 12.0 % 11.2 % 11.8 % 10.2 % Tier 1 (a) 13.7 12.6 13.5 11.6 Total 16.0 15.0 15.1 13.1 Tier 1 leverage (e) 8.5 7.6 8.5 7.6 JPMorgan Chase Bank, N.A. (f) Basel III Standardized Transitional Basel III Advanced Transitional (in millions, except ratios) Dec 31, Dec 31, Dec 31, Dec 31, Regulatory capital CET1 capital $ 168,857 $ 156,567 $ 168,857 $ 156,567 Tier 1 capital (a) 169,222 156,891 169,222 156,891 Total capital 183,262 173,322 176,423 166,326 Assets Risk-weighted (b) 1,264,056 1,230,358 1,249,607 1,330,175 Adjusted average (c) 1,913,448 1,968,131 1,913,448 1,968,131 Capital ratios (d) CET1 13.4 % 12.7 % 13.5 % 11.8 % Tier 1 (a) 13.4 12.8 13.5 11.8 Total 14.5 14.1 14.1 12.5 Tier 1 leverage (e) 8.8 8.0 8.8 8.0 Chase Bank USA, N.A. (f) Basel III Standardized Transitional Basel III Advanced Transitional (in millions, except ratios) Dec 31, Dec 31, Dec 31, Dec 31, Regulatory capital CET1 capital $ 15,419 $ 14,556 $ 15,419 $ 14,556 Tier 1 capital (a) 15,419 14,556 15,419 14,556 Total capital 21,418 20,517 20,069 19,206 Assets Risk-weighted (b) 105,807 103,468 181,775 157,565 Adjusted average (c) 134,152 128,111 134,152 128,111 Capital ratios (d) CET1 14.6 % 14.1 % 8.5 % 9.2 % Tier 1 (a) 14.6 14.1 8.5 9.2 Total 20.2 19.8 11.0 12.2 Tier 1 leverage (e) 11.5 11.4 11.5 11.4 (a) At December 31, 2015 , trust preferred securities included in Basel III Tier 1 capital were $992 million and $420 million for JPMorgan Chase and JPMorgan Chase Bank, N.A., respectively. At December 31, 2015 Chase Bank USA, N.A. had no trust preferred securities. (b) Effective January 1, 2015, the Basel III Standardized RWA is calculated under the Basel III definition of the Standardized approach. Prior periods were based on Basel I (inclusive of Basel 2.5). (c) Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, includes total quarterly average assets adjusted for unrealized gains/(losses) on securities, less deductions for goodwill and other intangible assets, defined benefit pension plan assets, and deferred tax assets related to net operating loss carryforwards. (d) For each of the risk-based capital ratios, 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 (the “Collins Floor”), as required by the Collins Amendment of the Dodd-Frank Act. (e) The Tier 1 leverage ratio is not a risk-based measure of capital. This ratio is calculated by dividing Tier 1 capital by adjusted average assets. (f) Asset and capital amounts for JPMorgan Chase ’s 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 non-taxable business combinations and from tax-deductible goodwill. The Firm had deferred tax liabilities resulting from non-taxable business combinations of $105 million and $130 million at December 31, 2015 , and 2014, respectively; and deferred tax liabilities resulting from tax-deductible goodwill of $3.0 billion and $2.7 billion at December 31, 2015 , and 2014, respectively. Under the risk-based capital guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios of CET1, Tier 1 and Total capital to risk-weighted assets, as well as minimum leverage ratios (which are 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. 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 December 31, 2015 . Minimum capital ratios (a) Well-capitalized ratios BHC (b) IDI (c) Capital ratios CET1 4.5 % — % 6.5 % Tier 1 6.0 6.0 8.0 Total 8.0 10.0 10.0 Tier 1 leverage 4.0 — 5.0 (a) As defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its national bank subsidiaries are subject. (b) Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve. (c) Represents requirements for bank subsidiaries pursuant to regulations issued under the FDIC Improvement Act. |
Off-Balance Sheet Lending-Rel69
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments (Tables) | 12 Months Ended |
Dec. 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 | Off–balance sheet lending-related financial instruments, guarantees and other commitments Contractual amount Carrying value (j) 2015 2014 2015 2014 By remaining maturity at December 31, (in millions) Expires in 1 year or less Expires after Expires after Expires after 5 years Total Total Lending-related Consumer, excluding credit card: Home equity – senior lien $ 1,546 $ 3,817 $ 726 $ 4,743 $ 10,832 $ 11,807 $ — $ — Home equity – junior lien 2,375 4,354 657 4,538 11,924 14,859 — — Prime mortgage (a) 12,992 — — — 12,992 8,579 — — Subprime mortgage — — — — — — — — Auto 8,907 1,160 80 90 10,237 10,462 2 2 Business banking 11,085 699 92 475 12,351 11,894 12 11 Student and other 4 3 — 135 142 552 — — Total consumer, excluding credit card 36,909 10,033 1,555 9,981 58,478 58,153 14 13 Credit card 515,518 — — — 515,518 525,963 — — Total consumer (b) 552,427 10,033 1,555 9,981 573,996 584,116 14 13 Wholesale: Other unfunded commitments to extend credit (c)(d)(e) 85,861 89,925 140,640 6,899 323,325 318,278 649 491 Standby letters of credit and other financial guarantees (c)(d)(e) 16,083 14,287 5,819 2,944 39,133 44,272 548 671 Other letters of credit (c) 3,570 304 67 — 3,941 4,331 2 1 Total wholesale (f)(g) 105,514 104,516 146,526 9,843 366,399 366,881 1,199 1,163 Total lending-related $ 657,941 $ 114,549 $ 148,081 $ 19,824 $ 940,395 $ 950,997 $ 1,213 $ 1,176 Other guarantees and commitments Securities lending indemnification agreements and guarantees (h) $ 183,329 $ — $ — $ — $ 183,329 $ 171,059 $ — $ — Derivatives qualifying as guarantees 3,194 285 11,160 39,145 53,784 53,589 222 80 Unsettled reverse repurchase and securities borrowing agreements 42,482 — — — 42,482 40,993 — — Unsettled repurchase and securities lending agreements 21,798 — — — 21,798 42,578 — — Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 148 275 Loans sold with recourse NA NA NA NA 4,274 6,063 82 102 Other guarantees and commitments (i) 369 2,603 1,075 1,533 5,580 5,720 (94 ) (121 ) (a) Includes certain commitments to purchase loans from correspondents. (b) Predominantly all consumer lending-related commitments are in the U.S. (c) At December 31, 2015 and 2014 , reflects the contractual amount net of risk participations totaling $385 million and $243 million , respectively, for other unfunded commitments to extend credit; $11.2 billion and $13.0 billion , respectively, for standby letters of credit and other financial guarantees; and $341 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 December 31, 2015 and 2014 , included credit enhancements and bond and commercial paper liquidity commitments to U.S. states and municipalities, hospitals and other nonprofit entities of $12.3 billion and $14.8 billion , respectively, within other unfunded commitments to extend credit; and $9.6 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; see Note 16. (e) Effective in 2015, commitments to issue standby letters of credit, including those that could be issued under multipurpose facilities, are presented as other unfunded commitments to extend credit. Previously, such commitments were presented as standby letters of credit and other financial guarantees. At December 31, 2014, these commitments were $45.6 billion . Prior period amounts have been revised to conform with current period presentation. (f) At December 31, 2015 and 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 December 31, 2015 and 2014 , collateral held by the Firm in support of securities lending indemnification agreements was $190.6 billion and $177.1 billion , respectively. Securities lending collateral consist of 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 December 31, 2015 and 2014 , included unfunded commitments of $50 million and $147 million , respectively, to third-party private equity funds; and $871 million and $961 million , respectively, to other equity investments. These commitments included $73 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 December 31, 2015 and 2014 , included letters of credit hedged by derivative transactions and managed on a market risk basis of $4.6 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 December 31, 2015 and 2014 . Standby letters of credit, other financial guarantees and other letters of credit 2015 2014 December 31, (in millions) Standby letters of (b) Other letters of credit Standby letters of (b) Other letters of credit Investment-grade (a) $ 31,751 $ 3,290 $ 37,709 $ 3,476 Noninvestment-grade (a) 7,382 651 6,563 855 Total contractual amount $ 39,133 $ 3,941 $ 44,272 $ 4,331 Allowance for lending-related commitments $ 121 $ 2 $ 117 $ 1 Commitments with collateral 18,825 996 20,750 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. (b) Effective in 2015, commitments to issue standby letters of credit, including those that could be issued under multipurpose facilities, are presented as other unfunded commitments to extend credit. Previously, such commitments were presented as standby letters of credit and other financial guarantees. At December 31, 2014, these commitments were $45.6 billion . Prior period amounts have been revised to conform with current period presentation. |
Commitments, Pledged Assets, 70
Commitments, Pledged Assets, and Collateral (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum rental payments under operating leases | The following table presents required future minimum rental payments under operating leases with noncancelable lease terms that expire after December 31, 2015 . Year ended December 31, (in millions) 2016 $ 1,668 2017 1,647 2018 1,447 2019 1,263 2020 1,125 After 2020 4,679 Total minimum payments required 11,829 Less: Sublease rentals under noncancelable subleases (1,889 ) Net minimum payment required $ 9,940 Total rental expense was as follows. |
Total rental expense | Total rental expense was as follows. Year ended December 31, (in millions) 2015 2014 2013 Gross rental expense $ 2,015 $ 2,255 $ 2,187 Sublease rental income (411 ) (383 ) (341 ) Net rental expense $ 1,604 $ 1,872 $ 1,846 |
Significant components of assets pledged | The significant components of the Firm’s pledged assets were as follows. December 31, (in billions) 2015 2014 Securities $ 124.3 $ 118.7 Loans 298.6 248.2 Trading assets and other 144.9 169.0 Total assets pledged $ 567.8 $ 535.9 |
International Operations (Table
International Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segments, Geographical Areas [Abstract] | |
Schedule of revenue from external customers attributed to foreign countries by geographic area | The majority of the Firm’s long-lived assets are located in the U.S. As of or for the year ended December 31, (in millions) Revenue (b) Expense (c) Income before income tax expense Net income Total assets 2015 Europe/Middle East and Africa $ 14,206 $ 8,871 $ 5,335 $ 4,158 $ 347,647 (d) Asia and Pacific 6,151 4,241 1,910 1,285 138,747 Latin America and the Caribbean 1,923 1,508 415 253 48,185 Total international 22,280 14,620 7,660 5,696 534,579 North America (a) 71,263 48,221 23,042 18,746 1,817,119 Total $ 93,543 $ 62,841 $ 30,702 $ 24,442 $ 2,351,698 2014 Europe/Middle East and Africa $ 16,013 $ 10,123 $ 5,890 $ 3,935 $ 481,328 (d) Asia and Pacific 6,083 4,478 1,605 1,051 147,357 Latin America and the Caribbean 2,047 1,626 421 269 44,567 Total international 24,143 16,227 7,916 5,255 673,252 North America (a) 70,969 48,186 22,783 16,490 1,899,022 Total $ 95,112 $ 64,413 $ 30,699 $ 21,745 $ 2,572,274 2013 Europe/Middle East and Africa $ 15,585 $ 9,069 $ 6,516 $ 4,842 $ 514,747 (d) Asia and Pacific 6,168 4,248 1,920 1,254 145,999 Latin America and the Caribbean 2,251 1,626 625 381 41,473 Total international 24,004 14,943 9,061 6,477 702,219 North America (a) 73,363 55,749 17,614 11,409 1,712,660 Total $ 97,367 $ 70,692 $ 26,675 $ 17,886 $ 2,414,879 (a) Substantially reflects the U.S. (b) Revenue is composed of net interest income and noninterest revenue. (c) Expense is composed of noninterest expense and the provision for credit losses. (d) Total assets for the U.K. were approximately $306 billion , $434 billion , and $451 billion at December 31, 2015 , 2014 and 2013 , respectively. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment results and reconciliation | Segment results and reconciliation As of or for the year ended December 31, (in millions, except ratios) Consumer & Community Banking Corporate & Investment Bank Commercial Banking 2015 2014 2013 2015 2014 2013 2015 2014 2013 Noninterest revenue $ 15,592 $ 15,937 $ 17,552 $ 23,693 $ 23,420 $ 23,736 $ 2,365 $ 2,349 $ 2,298 Net interest income 28,228 28,431 28,985 9,849 11,175 10,976 4,520 4,533 4,794 Total net revenue 43,820 44,368 46,537 33,542 34,595 34,712 6,885 6,882 7,092 Provision for credit losses 3,059 3,520 335 332 (161 ) (232 ) 442 (189 ) 85 Noninterest expense 24,909 25,609 27,842 21,361 23,273 21,744 2,881 2,695 2,610 Income/(loss) before income tax expense/(benefit) 15,852 15,239 18,360 11,849 11,483 13,200 3,562 4,376 4,397 Income tax expense/(benefit) 6,063 6,054 7,299 3,759 4,575 4,350 1,371 1,741 1,749 Net income/(loss) $ 9,789 $ 9,185 $ 11,061 $ 8,090 $ 6,908 $ 8,850 $ 2,191 $ 2,635 $ 2,648 Average common equity $ 51,000 $ 51,000 $ 46,000 $ 62,000 $ 61,000 $ 56,500 $ 14,000 $ 14,000 $ 13,500 Total assets 502,652 455,634 452,929 748,691 861,466 843,248 200,700 195,267 190,782 Return on common equity 18 % 18 % 23 % 12 % 10 % 15 % 15 % 18 % 19 % Overhead ratio 57 58 60 64 67 63 42 39 37 (a) Segment managed results reflect revenue on a FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (table continued from previous page) Asset Management Corporate Reconciling Items (a) Total 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 $ 9,563 $ 9,588 $ 9,029 $ 800 $ 1,972 $ 3,093 $ (1,980 ) $ (1,788 ) $ (1,660 ) $ 50,033 $ 51,478 $ 54,048 2,556 2,440 2,376 (533 ) (1,960 ) (3,115 ) (1,110 ) (985 ) (697 ) 43,510 43,634 43,319 12,119 12,028 11,405 267 12 (22 ) (3,090 ) (2,773 ) (2,357 ) 93,543 95,112 97,367 4 4 65 (10 ) (35 ) (28 ) — — — 3,827 3,139 225 8,886 8,538 8,016 977 1,159 10,255 — — — 59,014 61,274 70,467 3,229 3,486 3,324 (700 ) (1,112 ) (10,249 ) (3,090 ) (2,773 ) (2,357 ) 30,702 30,699 26,675 1,294 1,333 1,241 (3,137 ) (1,976 ) (3,493 ) (3,090 ) (2,773 ) (2,357 ) 6,260 8,954 8,789 $ 1,935 $ 2,153 $ 2,083 $ 2,437 $ 864 $ (6,756 ) $ — $ — $ — $ 24,442 $ 21,745 $ 17,886 $ 9,000 $ 9,000 $ 9,000 $ 79,690 $ 72,400 $ 71,409 $ — $ — $ — $ 215,690 $ 207,400 $ 196,409 131,451 128,701 122,414 768,204 931,206 805,506 NA NA NA 2,351,698 2,572,274 2,414,879 21 % 23 % 23 % NM NM NM NM NM NM 11 % 10 % 9 % 73 71 70 NM NM NM NM NM NM 63 64 72 |
Parent Company (Tables)
Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Financial Information of Parent Company Only | Parent company – Statements of income and comprehensive income Year ended December 31, (in millions) 2015 2014 2013 Income Dividends from subsidiaries and affiliates: Bank and bank holding company $ 10,653 $ — $ 1,175 Nonbank (a) 8,172 14,716 876 Interest income from subsidiaries 443 378 757 Other interest income 234 284 303 Other income from subsidiaries, primarily fees: Bank and bank holding company 1,438 779 318 Nonbank (2,945 ) 52 2,065 Other income/(loss) 3,316 508 (1,380 ) Total income 21,311 16,717 4,114 Expense Interest expense to subsidiaries and affiliates (a) 98 169 309 Other interest expense 3,720 3,645 4,031 Other noninterest expense 2,611 827 9,597 Total expense 6,429 4,641 13,937 Income (loss) before income tax benefit and undistributed net income of subsidiaries 14,882 12,076 (9,823 ) Income tax benefit 1,640 1,430 4,301 Equity in undistributed net income of subsidiaries 7,920 8,239 23,408 Net income $ 24,442 $ 21,745 $ 17,886 Other comprehensive income, net (1,997 ) 990 (2,903 ) Comprehensive income $ 22,445 $ 22,735 $ 14,983 Parent company – Balance sheets December 31, (in millions) 2015 2014 Assets Cash and due from banks $ 74 $ 211 Deposits with banking subsidiaries 65,799 95,884 Trading assets 13,830 18,222 Available-for-sale securities 3,154 3,321 Loans 1,887 2,260 Advances to, and receivables from, subsidiaries: Bank and bank holding company 32,454 33,810 Nonbank 58,674 52,626 Investments (at equity) in subsidiaries and affiliates: Bank and bank holding company 225,613 215,732 Nonbank (a) 34,205 41,173 Other assets 18,088 18,200 Total assets $ 453,778 $ 481,439 Liabilities and stockholders’ equity Borrowings from, and payables to, subsidiaries and affiliates (a) $ 11,310 $ 17,381 Other borrowed funds, primarily commercial paper 3,722 49,586 Other liabilities 11,940 11,918 Long-term debt (b)(c) 179,233 170,827 Total liabilities (c) 206,205 249,712 Total stockholders’ equity 247,573 231,727 Total liabilities and stockholders’ equity $ 453,778 $ 481,439 Parent company – Statements of cash flows Year ended December 31, (in millions) 2015 2014 2013 Operating activities Net income $ 24,442 $ 21,745 $ 17,886 Less: Net income of subsidiaries and affiliates (a) 26,745 22,972 25,496 Parent company net loss (2,303 ) (1,227 ) (7,610 ) Cash dividends from subsidiaries and affiliates (a) 17,023 14,714 1,917 Other operating adjustments 2,483 (1,681 ) 3,217 Net cash provided by/(used in) operating activities 17,203 11,806 (2,476 ) Investing activities Net change in: Deposits with banking subsidiaries 30,085 (31,040 ) 10,679 Available-for-sale securities: Proceeds from paydowns and maturities 120 12,076 61 Purchases — — (12,009 ) Other changes in loans, net 321 (319 ) (713 ) Advances to and investments in subsidiaries and affiliates, net (81 ) 3,306 14,469 All other investing activities, net 153 32 22 Net cash provided by/(used in) investing activities 30,598 (15,945 ) 12,509 Financing activities Net change in: Borrowings from subsidiaries and affiliates (a) (4,062 ) 4,454 (2,715 ) Other borrowed funds (47,483 ) (5,778 ) (7,297 ) Proceeds from the issuance of long-term debt 42,121 40,284 31,303 Payments of long-term debt (30,077 ) (31,050 ) (21,510 ) Proceeds from issuance of preferred stock 5,893 8,847 3,873 Redemption of preferred stock — — (1,800 ) Treasury stock and warrants repurchased (5,616 ) (4,760 ) (4,789 ) Dividends paid (7,873 ) (6,990 ) (6,056 ) All other financing activities, net (840 ) (921 ) (994 ) Net cash provided by/(used in) financing activities (47,937 ) 4,086 (9,985 ) Net increase/(decrease) in cash and due from banks (137 ) (53 ) 48 Cash and due from banks at the beginning of the year, primarily with bank subsidiaries 211 264 216 Cash and due from banks at the end of the year, primarily with bank subsidiaries $ 74 $ 211 $ 264 Cash interest paid $ 3,873 $ 3,921 $ 4,409 Cash income taxes paid, net 8,251 200 2,390 (a) Affiliates include trusts that issued guaranteed capital debt securities (“issuer trusts”). The Parent received dividends of $2 million , $2 million and $5 million from the issuer trusts in 2015 , 2014 and 2013 , respectively. For further discussion on these issuer trusts, see Note 21. (b) At December 31, 2015 , long-term debt that contractually matures in 2016 through 2020 totaled $27.2 billion , $26.0 billion , $21.1 billion , $11.5 billion and $22.2 billion , respectively. (c) For information regarding the Parent’s guarantees of its subsidiaries’ obligations, see Notes 21 and 29. |
Basis of Presentation Basis o74
Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase in other income, adoption of accounting guidance | $ 907 | $ 761 | |
Increase in income tax expense, adoption of accounting guidance | $ 924 | $ 798 | |
Increase in the effective income tax rate | 2.00% | 2.00% | |
Retained earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of change in accounting principle | $ 0 | $ 0 | $ (284) |
Fair Value Measurement - Recurr
Fair Value Measurement - Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | $ 961,878 | $ 1,328,428 | ||
Amounts netted on the Consolidated balance sheets | (902,201) | (1,249,453) | ||
Derivative receivables balance | 59,677 | 78,975 | ||
Trading assets | 343,839 | 398,988 | ||
Available-for-sale securities | 241,754 | 298,752 | ||
Mortgage servicing rights | 6,608 | 7,436 | $ 9,614 | $ 7,614 |
Derivative payables, gross | 942,912 | 1,310,773 | ||
Derivative netting adjustments | (890,122) | (1,239,657) | ||
Derivative payables, net | 52,790 | 71,116 | ||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Alternative investments, net asset value, fair value | 1,200 | 1,500 | ||
Reduction in level 3 derivative receivable and derivative payable balances | 546 | 2,500 | ||
Costs of the private equity investment portfolio | 3,500 | 6,000 | ||
Fair Value Hierarchy, Previous Classification, Level 2 | ||||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Alternative investments, net asset value, fair value | 337 | |||
Fair Value Hierarchy, Previous Classification, Level 3 | ||||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Alternative investments, net asset value, fair value | 1,200 | |||
Trading assets | ||||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Alternative investments, net asset value, fair value | 61 | 124 | ||
Other assets | ||||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Alternative investments, net asset value, fair value | 1,200 | 1,400 | ||
Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 669,611 | 950,257 | ||
Amounts netted on the Consolidated balance sheets | (643,248) | (916,532) | ||
Derivative receivables balance | 26,363 | 33,725 | ||
Derivative payables, gross | 635,166 | 918,379 | ||
Derivative netting adjustments | (624,945) | (900,634) | ||
Derivative payables, net | 10,221 | 17,745 | ||
Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 51,468 | 76,842 | ||
Amounts netted on the Consolidated balance sheets | (50,045) | (75,004) | ||
Derivative receivables balance | 1,423 | 1,838 | ||
Derivative payables, gross | 50,529 | 75,895 | ||
Derivative netting adjustments | (48,988) | (74,302) | ||
Derivative payables, net | 1,541 | 1,593 | ||
Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 179,875 | 215,187 | ||
Amounts netted on the Consolidated balance sheets | (162,698) | (193,934) | ||
Derivative receivables balance | 17,177 | 21,253 | ||
Derivative payables, gross | 190,900 | 224,614 | ||
Derivative netting adjustments | (171,131) | (201,644) | ||
Derivative payables, net | 19,769 | 22,970 | ||
Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 35,859 | 42,489 | ||
Amounts netted on the Consolidated balance sheets | (30,330) | (34,312) | ||
Derivative receivables balance | 5,529 | 8,177 | ||
Derivative payables, gross | 38,663 | 46,262 | ||
Derivative netting adjustments | (29,480) | (34,522) | ||
Derivative payables, net | 9,183 | 11,740 | ||
Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 25,065 | 43,653 | ||
Amounts netted on the Consolidated balance sheets | (15,880) | (29,671) | ||
Derivative receivables balance | 9,185 | 13,982 | ||
Derivative payables, gross | 27,654 | 45,623 | ||
Derivative netting adjustments | (15,578) | (28,555) | ||
Derivative payables, net | 12,076 | 17,068 | ||
US government-sponsored and enterprises obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 42,300 | 59,300 | ||
Residential real estate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 11,800 | 17,000 | ||
Total retained loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 4,300 | 5,800 | ||
Residential conforming mortgage intended for sale to government agency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 5,300 | 7,700 | ||
Reverse mortgage | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 2,500 | 3,400 | ||
Recurring | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 23,141 | 28,585 | ||
Securities borrowed | 395 | 992 | ||
Trading assets | 284,101 | 319,889 | ||
Amounts netted on the Consolidated balance sheets | (902,201) | (1,249,453) | ||
Derivative receivables balance | 59,677 | 78,975 | ||
Trading assets | 343,778 | 398,864 | ||
Available-for-sale securities | 241,754 | 298,752 | ||
Loans | 2,861 | 2,611 | ||
Mortgage servicing rights | 6,608 | 7,436 | ||
Total assets measured at fair value on a recurring basis | 624,984 | 747,731 | ||
Deposits | 12,516 | 8,807 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 3,526 | 2,979 | ||
Other borrowed funds | 9,911 | 14,739 | ||
Trading liabilities, Debt and equity instruments | 74,107 | 81,699 | ||
Derivative netting adjustments | (890,122) | (1,239,657) | ||
Derivative payables, net | 52,790 | 71,116 | ||
Trading liabilities | 126,897 | 152,815 | ||
Accounts payable and other liabilities | 4,401 | 4,155 | ||
Beneficial interests issued by consolidated VIEs | 787 | 2,162 | ||
Long-term debt | 33,065 | 30,226 | ||
Total liabilities measured at fair value on a recurring basis | 191,103 | 215,883 | ||
Recurring | Private equity investments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 1,860 | 5,497 | ||
Recurring | All other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 4,587 | 4,994 | ||
Recurring | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 7,604 | 11,909 | ||
Recurring | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Amounts netted on the Consolidated balance sheets | (643,248) | (916,532) | ||
Derivative receivables balance | 26,363 | 33,725 | ||
Derivative netting adjustments | (624,945) | (900,634) | ||
Derivative payables, net | 10,221 | 17,745 | ||
Recurring | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Amounts netted on the Consolidated balance sheets | (50,045) | (75,004) | ||
Derivative receivables balance | 1,423 | 1,838 | ||
Derivative netting adjustments | (48,988) | (74,302) | ||
Derivative payables, net | 1,541 | 1,593 | ||
Recurring | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Amounts netted on the Consolidated balance sheets | (162,698) | (193,934) | ||
Derivative receivables balance | 17,177 | 21,253 | ||
Derivative netting adjustments | (171,131) | (201,644) | ||
Derivative payables, net | 19,769 | 22,970 | ||
Recurring | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Amounts netted on the Consolidated balance sheets | (30,330) | (34,312) | ||
Derivative receivables balance | 5,529 | 8,177 | ||
Derivative netting adjustments | (29,480) | (34,522) | ||
Derivative payables, net | 9,183 | 11,740 | ||
Recurring | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Amounts netted on the Consolidated balance sheets | (15,880) | (29,671) | ||
Derivative receivables balance | 9,185 | 13,982 | ||
Derivative netting adjustments | (15,578) | (28,555) | ||
Derivative payables, net | 12,076 | 17,068 | ||
Recurring | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 172,618 | 199,650 | ||
Recurring | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 35,224 | 36,117 | ||
Available-for-sale securities | 105,582 | 137,322 | ||
Recurring | Mortgage-backed securities, U.S. government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 32,536 | 32,840 | ||
Available-for-sale securities | 55,066 | 65,319 | ||
Recurring | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,493 | 2,044 | ||
Available-for-sale securities | 27,619 | 50,895 | ||
Recurring | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,195 | 1,233 | ||
Available-for-sale securities | 22,897 | 21,108 | ||
Recurring | U.S. Treasury and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 19,021 | 26,276 | ||
Available-for-sale securities | 11,036 | 13,645 | ||
Recurring | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 7,637 | 10,571 | ||
Available-for-sale securities | 33,550 | 30,068 | ||
Recurring | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,042 | 1,429 | ||
Recurring | Certificates of deposit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 283 | 1,103 | ||
Recurring | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 53,112 | 53,450 | ||
Available-for-sale securities | 36,676 | 52,743 | ||
Recurring | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 23,543 | 31,088 | ||
Available-for-sale securities | 12,436 | 18,532 | ||
Recurring | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 28,815 | 36,367 | ||
Recurring | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 4,224 | 4,352 | ||
Recurring | Asset-backed securities, Collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 31,007 | 30,194 | ||
Recurring | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 9,097 | 12,615 | ||
Recurring | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 94,930 | 105,945 | ||
Available-for-sale securities | 2,087 | 2,530 | ||
Recurring | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 4,657 | 4,482 | ||
Recurring | Other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 11,896 | 9,812 | ||
Recurring | US government-sponsored and enterprises obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 67,000 | 84,100 | ||
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 | 137,668 | 151,313 | ||
Gross derivative receivables | 1,196 | 1,478 | ||
Trading assets | 138,864 | 152,791 | ||
Available-for-sale securities | 36,284 | 40,195 | ||
Loans | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Total assets measured at fair value on a recurring basis | 179,065 | 197,652 | ||
Deposits | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Other borrowed funds | 0 | 0 | ||
Trading liabilities, Debt and equity instruments | 53,845 | 62,914 | ||
Derivative payables, gross | 937 | 1,386 | ||
Trading liabilities | 54,782 | 64,300 | ||
Accounts payable and other liabilities | 4,382 | 4,129 | ||
Beneficial interests issued by consolidated VIEs | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Total liabilities measured at fair value on a recurring basis | 59,164 | 68,429 | ||
Recurring | Level 1 | Private equity investments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 102 | 648 | ||
Recurring | Level 1 | All other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 3,815 | 4,018 | ||
Recurring | Level 1 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 3,917 | 4,666 | ||
Recurring | Level 1 | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 354 | 473 | ||
Derivative payables, gross | 216 | 499 | ||
Recurring | Level 1 | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 0 | 0 | ||
Derivative payables, gross | 0 | 0 | ||
Recurring | Level 1 | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 734 | 758 | ||
Derivative payables, gross | 669 | 746 | ||
Recurring | Level 1 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 0 | 0 | ||
Derivative payables, gross | 0 | 0 | ||
Recurring | Level 1 | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 108 | 247 | ||
Derivative payables, gross | 52 | 141 | ||
Recurring | Level 1 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 40,016 | 43,684 | ||
Recurring | Level 1 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 6 | 14 | ||
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 | 6 | 14 | ||
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 | 12,036 | 17,816 | ||
Available-for-sale securities | 10,998 | 13,591 | ||
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, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 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 | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 27,974 | 25,854 | ||
Available-for-sale securities | 23,199 | 24,074 | ||
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 | 94,059 | 104,890 | ||
Available-for-sale securities | 2,087 | 2,530 | ||
Recurring | Level 1 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 3,593 | 2,739 | ||
Recurring | Level 1 | Other | ||||
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 | 23,141 | 28,585 | ||
Securities borrowed | 395 | 992 | ||
Trading assets | 134,503 | 146,087 | ||
Gross derivative receivables | 952,736 | 1,314,385 | ||
Trading assets | 1,087,239 | 1,460,472 | ||
Available-for-sale securities | 204,646 | 257,520 | ||
Loans | 1,343 | 70 | ||
Mortgage servicing rights | 0 | 0 | ||
Total assets measured at fair value on a recurring basis | 1,316,893 | 1,750,280 | ||
Deposits | 9,566 | 5,948 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 3,526 | 2,979 | ||
Other borrowed funds | 9,272 | 13,286 | ||
Trading liabilities, Debt and equity instruments | 20,199 | 18,713 | ||
Derivative payables, gross | 932,280 | 1,294,761 | ||
Trading liabilities | 952,479 | 1,313,474 | ||
Accounts payable and other liabilities | 0 | 0 | ||
Beneficial interests issued by consolidated VIEs | 238 | 1,016 | ||
Long-term debt | 21,452 | 18,349 | ||
Total liabilities measured at fair value on a recurring basis | 996,533 | 1,355,052 | ||
Recurring | Level 2 | Private equity investments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 101 | 2,624 | ||
Recurring | Level 2 | All other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 28 | 17 | ||
Recurring | Level 2 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 129 | 2,641 | ||
Recurring | Level 2 | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 666,491 | 945,635 | ||
Derivative payables, gross | 633,060 | 914,357 | ||
Recurring | Level 2 | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 48,850 | 73,853 | ||
Derivative payables, gross | 48,460 | 73,095 | ||
Recurring | Level 2 | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 177,525 | 212,153 | ||
Derivative payables, gross | 187,890 | 221,066 | ||
Recurring | Level 2 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 35,150 | 39,937 | ||
Derivative payables, gross | 36,440 | 41,925 | ||
Recurring | Level 2 | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 24,720 | 42,807 | ||
Derivative payables, gross | 26,430 | 44,318 | ||
Recurring | Level 2 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 121,681 | 134,960 | ||
Recurring | Level 2 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 34,194 | 34,212 | ||
Available-for-sale securities | 105,581 | 137,193 | ||
Recurring | Level 2 | Mortgage-backed securities, U.S. government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 31,815 | 31,904 | ||
Available-for-sale securities | 55,066 | 65,319 | ||
Recurring | Level 2 | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,299 | 1,381 | ||
Available-for-sale securities | 27,618 | 50,865 | ||
Recurring | Level 2 | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,080 | 927 | ||
Available-for-sale securities | 22,897 | 21,009 | ||
Recurring | Level 2 | U.S. Treasury and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 6,985 | 8,460 | ||
Available-for-sale securities | 38 | 54 | ||
Recurring | Level 2 | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 6,986 | 9,298 | ||
Available-for-sale securities | 33,550 | 30,068 | ||
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 | 1,042 | 1,429 | ||
Recurring | Level 2 | Certificates of deposit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 283 | 1,103 | ||
Recurring | Level 2 | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 25,064 | 27,294 | ||
Available-for-sale securities | 13,477 | 28,669 | ||
Recurring | Level 2 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 22,807 | 28,099 | ||
Available-for-sale securities | 12,436 | 18,532 | ||
Recurring | Level 2 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 22,211 | 23,080 | ||
Recurring | Level 2 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 2,392 | 3,088 | ||
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 | 30,248 | 29,402 | ||
Recurring | Level 2 | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 9,033 | 12,499 | ||
Recurring | Level 2 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 606 | 624 | ||
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 | 1,064 | 1,741 | ||
Recurring | Level 2 | Other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 11,152 | 8,762 | ||
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 | 11,930 | 22,489 | ||
Gross derivative receivables | 7,946 | 12,565 | ||
Trading assets | 19,876 | 35,054 | ||
Available-for-sale securities | 824 | 1,037 | ||
Loans | 1,518 | 2,541 | ||
Mortgage servicing rights | 6,608 | 7,436 | ||
Total assets measured at fair value on a recurring basis | 31,227 | 49,252 | ||
Deposits | 2,950 | 2,859 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Other borrowed funds | 639 | 1,453 | ||
Trading liabilities, Debt and equity instruments | 63 | 72 | ||
Derivative payables, gross | 9,695 | 14,626 | ||
Trading liabilities | 9,758 | 14,698 | ||
Accounts payable and other liabilities | 19 | 26 | ||
Beneficial interests issued by consolidated VIEs | 549 | 1,146 | ||
Long-term debt | 11,613 | 11,877 | ||
Total liabilities measured at fair value on a recurring basis | 25,528 | 32,059 | ||
Recurring | Level 3 | Private equity investments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 1,657 | 2,225 | ||
Recurring | Level 3 | All other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 744 | 959 | ||
Recurring | Level 3 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | 2,401 | 3,184 | ||
Recurring | Level 3 | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 2,766 | 4,149 | ||
Derivative payables, gross | 1,890 | 3,523 | ||
Recurring | Level 3 | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 2,618 | 2,989 | ||
Derivative payables, gross | 2,069 | 2,800 | ||
Recurring | Level 3 | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 1,616 | 2,276 | ||
Derivative payables, gross | 2,341 | 2,802 | ||
Recurring | Level 3 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 709 | 2,552 | ||
Derivative payables, gross | 2,223 | 4,337 | ||
Recurring | Level 3 | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Gross derivative receivables | 237 | 599 | ||
Derivative payables, gross | 1,172 | 1,164 | ||
Recurring | Level 3 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 10,921 | 21,006 | ||
Recurring | Level 3 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,024 | 1,891 | ||
Available-for-sale securities | 1 | 129 | ||
Recurring | Level 3 | Mortgage-backed securities, U.S. government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 715 | 922 | ||
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 | 194 | 663 | ||
Available-for-sale securities | 1 | 30 | ||
Recurring | Level 3 | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 115 | 306 | ||
Available-for-sale securities | 0 | 99 | ||
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 | 651 | 1,273 | ||
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 | Certificates of deposit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 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 | 74 | 302 | ||
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 | 736 | 2,989 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 6,604 | 13,287 | ||
Recurring | Level 3 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 1,832 | 1,264 | ||
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 | 759 | 792 | ||
Recurring | Level 3 | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 64 | 116 | ||
Recurring | Level 3 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 265 | 431 | ||
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 | ||
Recurring | Level 3 | Other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 744 | 1,050 | ||
Recurring, Excluding Amounts Measured at NAV | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other | $ 6,447 | $ 10,491 |
Fair Value Measurement - Transf
Fair Value Measurement - Transfers (Details) - Recurring - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long-term debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 3 into level 2, liabilities | $ 3.1 | $ 1.3 | $ 1.3 |
Transfers from level 2 into level 3, liabilities | 1 | ||
Derivative payables | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 3 into level 2, liabilities | 4.4 | ||
Other borrowed funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, liabilities | 1.1 | ||
Deposits | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 3 into level 2, assets | 1 | ||
Derivative receivables | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 3 into level 2, assets | 2.1 | 4.3 | |
Transfers from level 2 into level 3, assets | 1.2 | ||
Trading loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 3 into level 2, assets | 2.8 | 2.7 | |
Transfers from level 2 into level 3, assets | 1.1 | ||
Corporate debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 3 into level 2, assets | $ 2.4 | 2 | |
Transfers from level 2 into level 3, assets | 1.4 | ||
Private equity investments | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 3 into level 2, assets | 2.3 | ||
Margin loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 3 into level 2, assets | $ 2.6 | ||
AFS securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 3 into level 2, assets | 27.4 | ||
Trading assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 3 into level 2, assets | $ 1.4 |
Fair Value Measurement - Level
Fair Value Measurement - Level 3 Inputs (Details) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)$ / bbl | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Net derivative asset (liability) | $ (1,749,000,000) | $ (1,749,000,000) | $ (2,061,000,000) | $ 326,000,000 | $ 1,893,000,000 |
Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Liability fair value | 191,103,000,000 | 191,103,000,000 | 215,883,000,000 | ||
Beneficial interests issued by consolidated VIEs | 787,000,000 | 787,000,000 | 2,162,000,000 | ||
Level 3 Analysis - Supplemental Data: | |||||
Trading securities | 284,101,000,000 | 284,101,000,000 | 319,889,000,000 | ||
Trading liabilities | 126,897,000,000 | 126,897,000,000 | 152,815,000,000 | ||
Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Liability fair value | 25,528,000,000 | 25,528,000,000 | 32,059,000,000 | ||
Beneficial interests issued by consolidated VIEs | 549,000,000 | 549,000,000 | 1,146,000,000 | ||
Level 3 Analysis - Supplemental Data: | |||||
Trading securities | 11,930,000,000 | 11,930,000,000 | 22,489,000,000 | ||
Trading liabilities | 9,758,000,000 | 9,758,000,000 | 14,698,000,000 | ||
Interest rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Net derivative asset (liability) | $ 876,000,000 | 876,000,000 | 626,000,000 | 2,379,000,000 | 3,322,000,000 |
Interest rate | Option pricing | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Interest rate correlation | (52.00%) | ||||
Interest rate spread volatility | 3.00% | ||||
Interest rate | Option pricing | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Interest rate correlation | 99.00% | ||||
Interest rate spread volatility | 38.00% | ||||
Interest rate | Option pricing | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Net derivative asset (liability) | $ 876,000,000 | 876,000,000 | |||
Credit | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Net derivative asset (liability) | $ 549,000,000 | 549,000,000 | 189,000,000 | 95,000,000 | 1,873,000,000 |
Credit | Discounted cash flows | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Credit correlation | 35.00% | ||||
Credit | Discounted cash flows | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Credit correlation | 90.00% | ||||
Credit | Discounted cash flows | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Net derivative asset (liability) | $ 549,000,000 | 549,000,000 | |||
Foreign exchange | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Net derivative asset (liability) | $ (725,000,000) | (725,000,000) | (526,000,000) | (1,200,000,000) | (1,750,000,000) |
Foreign exchange | Option pricing | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Foreign exchange correlation | 0.00% | ||||
Foreign exchange | Option pricing | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Foreign exchange correlation | 60.00% | ||||
Foreign exchange | Option pricing | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Net derivative asset (liability) | $ (725,000,000) | (725,000,000) | |||
Equity | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Net derivative asset (liability) | $ (1,514,000,000) | (1,514,000,000) | (1,785,000,000) | (1,063,000,000) | (1,806,000,000) |
Equity | Option pricing | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Equity volatility | 20.00% | ||||
Equity | Option pricing | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Equity volatility | 65.00% | ||||
Equity | Option pricing | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Net derivative asset (liability) | $ (1,514,000,000) | (1,514,000,000) | |||
Commodity | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Net derivative asset (liability) | (935,000,000) | $ (935,000,000) | $ (565,000,000) | $ 115,000,000 | $ 254,000,000 |
Commodity | Discounted cash flows | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Forward commodity price | $ / bbl | 22 | ||||
Commodity | Discounted cash flows | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Forward commodity price | $ / bbl | 46 | ||||
Commodity | Discounted cash flows | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Net derivative asset (liability) | $ (935,000,000) | $ (935,000,000) | |||
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 | 35.00% | ||||
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 | Discounted cash flows | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Liability fair value | $ 495,000,000 | 495,000,000 | |||
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 | (52.00%) | ||||
Interest rate spread volatility | 3.00% | ||||
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 | 99.00% | ||||
Interest rate spread volatility | 38.00% | ||||
Foreign exchange correlation | 60.00% | ||||
Equity correlation | 80.00% | ||||
Long-term debt, other borrowed funds, and deposits | Option pricing | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Liability fair value | $ 14,707,000,000 | 14,707,000,000 | |||
Beneficial interests issued by consolidated VIEs | Discounted cash flows | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Yield | 4.00% | ||||
Prepayment speed | 1.00% | ||||
Conditional default rate | 2.00% | ||||
Loss severity | 30.00% | ||||
Beneficial interests issued by consolidated VIEs | Discounted cash flows | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Yield | 28.00% | ||||
Prepayment speed | 12.00% | ||||
Conditional default rate | 15.00% | ||||
Loss severity | 100.00% | ||||
Beneficial interests issued by consolidated VIEs | Discounted cash flows | Weighted Average | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Yield | 4.00% | ||||
Prepayment speed | 6.00% | ||||
Conditional default rate | 2.00% | ||||
Loss severity | 31.00% | ||||
Credit derivatives with underlying mortgage risk | Recurring | Level 3 | |||||
Level 3 Analysis - Supplemental Data: | |||||
Trading liabilities | $ 310,000,000 | 310,000,000 | |||
Credit derivatives with underlying asset-backed securities risk | Recurring | Level 3 | |||||
Level 3 Analysis - Supplemental Data: | |||||
Trading liabilities | $ 401,000,000 | 401,000,000 | |||
Residential mortgage-backed securities and loans | Discounted cash flows | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Yield | 3.00% | ||||
Prepayment speed | 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] | |||||
Yield | 26.00% | ||||
Prepayment speed | 20.00% | ||||
Conditional default rate | 33.00% | ||||
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] | |||||
Yield | 6.00% | ||||
Prepayment speed | 6.00% | ||||
Conditional default rate | 2.00% | ||||
Loss severity | 28.00% | ||||
Residential mortgage-backed securities and loans | Discounted cash flows | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Asset fair value | $ 5,212,000,000 | 5,212,000,000 | |||
Commercial mortgage-backed securities and loans | Discounted cash flows | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Yield | 1.00% | ||||
Conditional default rate | 0.00% | ||||
Loss severity | 40.00% | ||||
Commercial mortgage-backed securities and loans | Discounted cash flows | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Yield | 25.00% | ||||
Conditional default rate | 91.00% | ||||
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] | |||||
Yield | 6.00% | ||||
Conditional default rate | 29.00% | ||||
Loss severity | 40.00% | ||||
Commercial mortgage-backed securities and loans | Discounted cash flows | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Asset fair value | $ 2,844,000,000 | $ 2,844,000,000 | |||
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] | |||||
Yield | 1.00% | ||||
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] | |||||
Yield | 20.00% | ||||
Credit spread | 2.25% | ||||
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] | |||||
Yield | 5.00% | ||||
Credit spread | 1.46% | ||||
Corporate debt securities, obligations of U.S. states and municipalities, and other | Discounted cash flows | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Asset fair value | $ 3,277,000,000 | $ 3,277,000,000 | |||
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 | 168 | ||||
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 | 89 | ||||
Corporate debt securities, obligations of U.S. states and municipalities, and other | Market comparables | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Asset fair value | $ 2,740,000,000 | $ 2,740,000,000 | |||
Collateralized loan obligations | Discounted cash flows | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Prepayment speed | 20.00% | ||||
Conditional default rate | 2.00% | ||||
Loss severity | 40.00% | ||||
Credit spread | 3.54% | ||||
Collateralized loan obligations | Discounted cash flows | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Prepayment speed | 20.00% | ||||
Conditional default rate | 2.00% | ||||
Loss severity | 40.00% | ||||
Credit spread | 5.50% | ||||
Collateralized loan obligations | Discounted cash flows | Weighted Average | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Prepayment speed | 20.00% | ||||
Conditional default rate | 2.00% | ||||
Loss severity | 40.00% | ||||
Credit spread | 3.96% | ||||
Collateralized loan obligations | Discounted cash flows | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Asset fair value | $ 759,000,000 | $ 759,000,000 | |||
Collateralized loan obligations | Market comparables | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Price | 0 | ||||
Collateralized loan obligations | Market comparables | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Price | 99 | ||||
Collateralized loan obligations | Market comparables | Weighted Average | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Price | 69 | ||||
Collateralized loan obligations | Market comparables | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Asset fair value | 180,000,000 | 180,000,000 | |||
Mortgage servicing rights | Discounted cash flows | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Asset fair value | $ 6,608,000,000 | 6,608,000,000 | |||
Private equity investments | Market comparables | Private equity investments | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
EBITDA multiple | 7.2 | ||||
Liquidity adjustment | 0.00% | ||||
Private equity investments | Market comparables | Private equity investments | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
EBITDA multiple | 10.4 | ||||
Liquidity adjustment | 13.00% | ||||
Private equity investments | Market comparables | Private equity investments | Weighted Average | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
EBITDA multiple | 8.5 | ||||
Liquidity adjustment | 8.00% | ||||
Private equity investments | Market comparables | Recurring | Level 3 | Private equity investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Asset fair value | $ 1,657,000,000 | 1,657,000,000 | |||
Credit derivatives with underlying mortgage risk | Recurring | Level 3 | |||||
Level 3 Analysis - Supplemental Data: | |||||
Trading securities | 349,000,000 | 349,000,000 | |||
Credit derivatives with underlying asset-backed securities risk | Recurring | Level 3 | |||||
Level 3 Analysis - Supplemental Data: | |||||
Trading securities | $ 434,000,000 | $ 434,000,000 |
Fair Value Measurement - Change
Fair Value Measurement - Changes in Level 3 Recurring Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net derivative receivables: | |||
Beginning balance | $ (2,061) | $ 326 | $ 1,893 |
Total realized/unrealized gains/(losses) | 1,612 | (413) | 2,900 |
Purchases | 1,552 | 2,654 | 1,872 |
Sales | (1,744) | (3,306) | (2,350) |
Settlements | (509) | (1,110) | (4,525) |
Transfers into and/or out of level 3 | (599) | (212) | 532 |
Ending balance | (1,749) | (2,061) | 326 |
Change in unrealized gains/(losses) related to financial instruments held | $ 536 | $ (625) | $ (170) |
Level 3 Rollforward Supplemental Data [Abstract] | |||
Level 3 liabilities as a percentage of total firm liabilities at fair value | 13.00% | 15.00% | 18.00% |
Deposits | |||
Liabilities | |||
Beginning balance | $ 2,859 | $ 2,255 | $ 1,983 |
Total realized/unrealized (gains)/losses | (39) | 149 | (82) |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 1,993 | 1,578 | 1,248 |
Settlements | (850) | (197) | (222) |
Transfers into and/or out of level 3 | (1,013) | (926) | (672) |
Ending balance | 2,950 | 2,859 | 2,255 |
Change in unrealized gains(losses) related to financials instruments held | (29) | 130 | (88) |
Other borrowed funds | |||
Liabilities | |||
Beginning balance | 1,453 | 2,074 | 1,619 |
Total realized/unrealized (gains)/losses | (697) | (596) | (177) |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 3,334 | 5,377 | 7,108 |
Settlements | (2,963) | (6,127) | (6,845) |
Transfers into and/or out of level 3 | (488) | 725 | 369 |
Ending balance | 639 | 1,453 | 2,074 |
Change in unrealized gains(losses) related to financials instruments held | (57) | (415) | 291 |
Total debt and equity instruments | |||
Liabilities | |||
Beginning balance | 72 | 113 | 205 |
Total realized/unrealized (gains)/losses | 15 | (5) | (83) |
Purchases | (163) | (305) | (2,418) |
Sales | 160 | 323 | 2,594 |
Issuances | 0 | 0 | 0 |
Settlements | (17) | (5) | (54) |
Transfers into and/or out of level 3 | (4) | (49) | (131) |
Ending balance | 63 | 72 | 113 |
Change in unrealized gains(losses) related to financials instruments held | (4) | 2 | (100) |
Accounts payable and other liabilities | |||
Liabilities | |||
Beginning balance | 26 | 0 | 0 |
Total realized/unrealized (gains)/losses | 0 | 27 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (7) | (1) | 0 |
Transfers into and/or out of level 3 | 0 | 0 | 0 |
Ending balance | 19 | 26 | 0 |
Change in unrealized gains(losses) related to financials instruments held | 0 | 0 | 0 |
Beneficial interests issued by consolidated VIEs | |||
Liabilities | |||
Beginning balance | 1,146 | 1,240 | 925 |
Total realized/unrealized (gains)/losses | (82) | (4) | 174 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 286 | 775 | 353 |
Settlements | (574) | (763) | (212) |
Transfers into and/or out of level 3 | (227) | (102) | 0 |
Ending balance | 549 | 1,146 | 1,240 |
Change in unrealized gains(losses) related to financials instruments held | (63) | (22) | 167 |
Long-term debt | |||
Liabilities | |||
Beginning balance | 11,877 | 10,008 | 8,476 |
Total realized/unrealized (gains)/losses | (480) | (40) | (435) |
Purchases | (58) | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 9,359 | 7,421 | 6,830 |
Settlements | (6,299) | (5,231) | (4,362) |
Transfers into and/or out of level 3 | (2,786) | (281) | (501) |
Ending balance | 11,613 | 11,877 | 10,008 |
Change in unrealized gains(losses) related to financials instruments held | 385 | (9) | (85) |
Interest rate contracts | |||
Net derivative receivables: | |||
Beginning balance | 626 | 2,379 | 3,322 |
Total realized/unrealized gains/(losses) | 962 | 184 | 1,358 |
Purchases | 513 | 198 | 344 |
Sales | (173) | (256) | (220) |
Settlements | (732) | (1,771) | (2,391) |
Transfers into and/or out of level 3 | (320) | (108) | (34) |
Ending balance | 876 | 626 | 2,379 |
Change in unrealized gains/(losses) related to financial instruments held | 263 | (853) | 107 |
Credit | |||
Net derivative receivables: | |||
Beginning balance | 189 | 95 | 1,873 |
Total realized/unrealized gains/(losses) | 118 | (149) | (1,697) |
Purchases | 129 | 272 | 115 |
Sales | (136) | (47) | (12) |
Settlements | 165 | 92 | (357) |
Transfers into and/or out of level 3 | 84 | (74) | 173 |
Ending balance | 549 | 189 | 95 |
Change in unrealized gains/(losses) related to financial instruments held | 260 | (107) | (1,449) |
Foreign exchange contracts | |||
Net derivative receivables: | |||
Beginning balance | (526) | (1,200) | (1,750) |
Total realized/unrealized gains/(losses) | 657 | (137) | (101) |
Purchases | 19 | 139 | 3 |
Sales | (149) | (27) | (4) |
Settlements | (296) | 668 | 683 |
Transfers into and/or out of level 3 | (430) | 31 | (31) |
Ending balance | (725) | (526) | (1,200) |
Change in unrealized gains/(losses) related to financial instruments held | 49 | (62) | (110) |
Equity | |||
Net derivative receivables: | |||
Beginning balance | (1,785) | (1,063) | (1,806) |
Total realized/unrealized gains/(losses) | 731 | 154 | 2,528 |
Purchases | 890 | 2,044 | 1,305 |
Sales | (1,262) | (2,863) | (2,111) |
Settlements | (158) | 10 | (1,353) |
Transfers into and/or out of level 3 | 70 | (67) | 374 |
Ending balance | (1,514) | (1,785) | (1,063) |
Change in unrealized gains/(losses) related to financial instruments held | 5 | 583 | 872 |
Commodity contracts | |||
Net derivative receivables: | |||
Beginning balance | (565) | 115 | 254 |
Total realized/unrealized gains/(losses) | (856) | (465) | 816 |
Purchases | 1 | 1 | 105 |
Sales | (24) | (113) | (3) |
Settlements | 512 | (109) | (1,107) |
Transfers into and/or out of level 3 | (3) | 6 | 50 |
Ending balance | (935) | (565) | 115 |
Change in unrealized gains/(losses) related to financial instruments held | (41) | (186) | 410 |
Derivative | |||
Net derivative receivables: | |||
Total realized/unrealized gains/(losses) | 2,904 | ||
Total debt and equity instruments | |||
Assets | |||
Fair value, beginning balance | 22,489 | 27,206 | 25,617 |
Total realized/unrealized gains/(losses) | 32 | 1,067 | 2,241 |
Purchases | 9,676 | 26,494 | 25,273 |
Sales | (9,866) | (16,786) | (20,815) |
Settlements | (3,374) | (10,289) | (3,867) |
Transfers into and/or out of level 3 | (7,027) | (5,203) | (1,243) |
Fair value, ending balance | 11,930 | 22,489 | 27,206 |
Change in unrealized gains/(losses) related to financial instruments held | (89) | 711 | 2,420 |
Mortgage-backed securities | |||
Assets | |||
Fair value, beginning balance | 1,891 | 2,163 | 2,368 |
Total realized/unrealized gains/(losses) | 88 | (14) | 690 |
Purchases | 826 | 2,158 | 2,440 |
Sales | (1,176) | (1,861) | (2,931) |
Settlements | (177) | (222) | (399) |
Transfers into and/or out of level 3 | (428) | (333) | (5) |
Fair value, ending balance | 1,024 | 1,891 | 2,163 |
Change in unrealized gains/(losses) related to financial instruments held | (28) | (119) | 401 |
Mortgage-backed securities, U.S. government agencies | |||
Assets | |||
Fair value, beginning balance | 922 | 1,005 | 498 |
Total realized/unrealized gains/(losses) | (28) | (97) | 169 |
Purchases | 327 | 351 | 819 |
Sales | (303) | (186) | (381) |
Settlements | (132) | (121) | (100) |
Transfers into and/or out of level 3 | (71) | (30) | 0 |
Fair value, ending balance | 715 | 922 | 1,005 |
Change in unrealized gains/(losses) related to financial instruments held | (27) | (92) | 200 |
Mortgage-backed securities, Residential - nonagency | |||
Assets | |||
Fair value, beginning balance | 663 | 726 | 663 |
Total realized/unrealized gains/(losses) | 130 | 66 | 407 |
Purchases | 253 | 827 | 780 |
Sales | (611) | (761) | (1,028) |
Settlements | (23) | (41) | (91) |
Transfers into and/or out of level 3 | (218) | (154) | (5) |
Fair value, ending balance | 194 | 663 | 726 |
Change in unrealized gains/(losses) related to financial instruments held | 4 | (15) | 205 |
Mortgage-backed securities, Commercial - nonagency | |||
Assets | |||
Fair value, beginning balance | 306 | 432 | 1,207 |
Total realized/unrealized gains/(losses) | (14) | 17 | 114 |
Purchases | 246 | 980 | 841 |
Sales | (262) | (914) | (1,522) |
Settlements | (22) | (60) | (208) |
Transfers into and/or out of level 3 | (139) | (149) | 0 |
Fair value, ending balance | 115 | 306 | 432 |
Change in unrealized gains/(losses) related to financial instruments held | (5) | (12) | (4) |
Obligations of U.S. states and municipalities | |||
Assets | |||
Fair value, beginning balance | 1,273 | 1,382 | 1,436 |
Total realized/unrealized gains/(losses) | 14 | 90 | 71 |
Purchases | 352 | 298 | 472 |
Sales | (133) | (358) | (251) |
Settlements | (27) | (139) | (346) |
Transfers into and/or out of level 3 | (828) | 0 | 0 |
Fair value, ending balance | 651 | 1,273 | 1,382 |
Change in unrealized gains/(losses) related to financial instruments held | (1) | (27) | 18 |
Non-U.S. government debt securities | |||
Assets | |||
Fair value, beginning balance | 302 | 143 | 67 |
Total realized/unrealized gains/(losses) | 9 | 24 | 4 |
Purchases | 205 | 719 | 1,449 |
Sales | (123) | (617) | (1,479) |
Settlements | (64) | (3) | (8) |
Transfers into and/or out of level 3 | (255) | 36 | 110 |
Fair value, ending balance | 74 | 302 | 143 |
Change in unrealized gains/(losses) related to financial instruments held | (16) | 10 | (1) |
Corporate debt securities | |||
Assets | |||
Fair value, beginning balance | 2,989 | 5,920 | 5,308 |
Total realized/unrealized gains/(losses) | (77) | 210 | 103 |
Purchases | 1,171 | 5,854 | 7,602 |
Sales | (1,038) | (3,372) | (5,975) |
Settlements | (125) | (4,531) | (1,882) |
Transfers into and/or out of level 3 | (2,184) | (1,092) | 764 |
Fair value, ending balance | 736 | 2,989 | 5,920 |
Change in unrealized gains/(losses) related to financial instruments held | 2 | 379 | 466 |
Loans | |||
Assets | |||
Fair value, beginning balance | 13,287 | 13,455 | 10,787 |
Total realized/unrealized gains/(losses) | (174) | 387 | 665 |
Purchases | 3,532 | 13,551 | 10,411 |
Sales | (4,661) | (7,917) | (7,431) |
Settlements | (3,112) | (4,623) | (685) |
Transfers into and/or out of level 3 | (2,268) | (1,566) | (292) |
Fair value, ending balance | 6,604 | 13,287 | 13,455 |
Change in unrealized gains/(losses) related to financial instruments held | (181) | 123 | 315 |
Asset-backed securities | |||
Assets | |||
Fair value, beginning balance | 1,264 | 1,272 | 3,696 |
Total realized/unrealized gains/(losses) | (41) | 19 | 191 |
Purchases | 1,920 | 2,240 | 1,912 |
Sales | (1,229) | (2,126) | (2,379) |
Settlements | (35) | (283) | (292) |
Transfers into and/or out of level 3 | (47) | 142 | (1,856) |
Fair value, ending balance | 1,832 | 1,264 | 1,272 |
Change in unrealized gains/(losses) related to financial instruments held | (32) | (30) | 105 |
Total debt instruments | |||
Assets | |||
Fair value, beginning balance | 21,006 | 24,335 | 23,662 |
Total realized/unrealized gains/(losses) | (181) | 716 | 1,724 |
Purchases | 8,006 | 24,820 | 24,286 |
Sales | (8,360) | (16,251) | (20,446) |
Settlements | (3,540) | (9,801) | (3,612) |
Transfers into and/or out of level 3 | (6,010) | (2,813) | (1,279) |
Fair value, ending balance | 10,921 | 21,006 | 24,335 |
Change in unrealized gains/(losses) related to financial instruments held | (256) | 336 | 1,304 |
Equity securities | |||
Assets | |||
Fair value, beginning balance | 431 | 867 | 1,092 |
Total realized/unrealized gains/(losses) | 96 | 113 | (37) |
Purchases | 89 | 248 | 328 |
Sales | (193) | (259) | (266) |
Settlements | (26) | (286) | (135) |
Transfers into and/or out of level 3 | (132) | (252) | (115) |
Fair value, ending balance | 265 | 431 | 867 |
Change in unrealized gains/(losses) related to financial instruments held | 82 | 46 | 46 |
Physical commodities | |||
Assets | |||
Fair value, beginning balance | 2 | 4 | 0 |
Total realized/unrealized gains/(losses) | (2) | (1) | (4) |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | (8) |
Settlements | 0 | (1) | 0 |
Transfers into and/or out of level 3 | 0 | 0 | 16 |
Fair value, ending balance | 0 | 2 | 4 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | (4) |
Other | |||
Assets | |||
Fair value, beginning balance | 1,050 | 2,000 | 863 |
Total realized/unrealized gains/(losses) | 119 | 239 | 558 |
Purchases | 1,581 | 1,426 | 659 |
Sales | (1,313) | (276) | (95) |
Settlements | 192 | (201) | (120) |
Transfers into and/or out of level 3 | (885) | (2,138) | 135 |
Fair value, ending balance | 744 | 1,050 | 2,000 |
Change in unrealized gains/(losses) related to financial instruments held | 85 | 329 | 1,074 |
Total available-for-sale securities | |||
Assets | |||
Fair value, beginning balance | 1,037 | 2,322 | 28,916 |
Total realized/unrealized gains/(losses) | (32) | (60) | 30 |
Purchases | 51 | 397 | 1,087 |
Sales | (43) | (2) | (273) |
Settlements | (90) | (324) | (63) |
Transfers into and/or out of level 3 | (99) | (1,296) | (27,375) |
Fair value, ending balance | 824 | 1,037 | 2,322 |
Change in unrealized gains/(losses) related to financial instruments held | (28) | (42) | 29 |
Level 3 Rollforward Supplemental Data [Abstract] | |||
Realized gains/(losses) recorded in income | (7) | (43) | 17 |
Unrealized gains/(losses) recorded in OCI | (25) | (16) | 13 |
Available-for-sale securities, Asset-backed securities | |||
Assets | |||
Fair value, beginning balance | 908 | 1,088 | 28,024 |
Total realized/unrealized gains/(losses) | (32) | (41) | 4 |
Purchases | 51 | 275 | 579 |
Sales | (43) | (2) | (57) |
Settlements | (61) | (101) | (57) |
Transfers into and/or out of level 3 | 0 | (311) | (27,405) |
Fair value, ending balance | 823 | 908 | 1,088 |
Change in unrealized gains/(losses) related to financial instruments held | (28) | (40) | 4 |
Available-for-sale securities, Other | |||
Assets | |||
Fair value, beginning balance | 129 | 1,234 | 892 |
Total realized/unrealized gains/(losses) | 0 | (19) | 26 |
Purchases | 0 | 122 | 508 |
Sales | 0 | 0 | (216) |
Settlements | (29) | (223) | (6) |
Transfers into and/or out of level 3 | (99) | (985) | 30 |
Fair value, ending balance | 1 | 129 | 1,234 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | (2) | 25 |
Loans | |||
Assets | |||
Fair value, beginning balance | 2,541 | 1,931 | 2,282 |
Total realized/unrealized gains/(losses) | (133) | (254) | 81 |
Purchases | 1,290 | 3,258 | 1,065 |
Sales | (92) | (845) | (191) |
Settlements | (1,241) | (1,549) | (1,306) |
Transfers into and/or out of level 3 | (847) | 0 | 0 |
Fair value, ending balance | 1,518 | 2,541 | 1,931 |
Change in unrealized gains/(losses) related to financial instruments held | (32) | (234) | (21) |
Mortgage servicing rights | |||
Assets | |||
Fair value, beginning balance | 7,436 | 9,614 | 7,614 |
Total realized/unrealized gains/(losses) | (405) | (1,826) | 1,612 |
Purchases | 985 | 768 | 2,215 |
Sales | (486) | (209) | (725) |
Settlements | (922) | (911) | (1,102) |
Transfers into and/or out of level 3 | 0 | 0 | 0 |
Fair value, ending balance | 6,608 | 7,436 | 9,614 |
Change in unrealized gains/(losses) related to financial instruments held | (405) | (1,826) | 1,612 |
Private equity investments | |||
Assets | |||
Fair value, beginning balance | 2,225 | 5,816 | 5,590 |
Total realized/unrealized gains/(losses) | (120) | 400 | 824 |
Purchases | 281 | 145 | 537 |
Sales | (362) | (1,967) | (1,080) |
Settlements | (187) | (197) | 140 |
Transfers into and/or out of level 3 | (180) | (1,972) | (195) |
Fair value, ending balance | 1,657 | 2,225 | 5,816 |
Change in unrealized gains/(losses) related to financial instruments held | (304) | 33 | 42 |
All other | |||
Assets | |||
Fair value, beginning balance | 959 | 1,382 | 2,122 |
Total realized/unrealized gains/(losses) | 91 | 83 | (17) |
Purchases | 65 | 10 | 49 |
Sales | (147) | (357) | (427) |
Settlements | (224) | (159) | (345) |
Transfers into and/or out of level 3 | 0 | 0 | 0 |
Fair value, ending balance | 744 | 959 | 1,382 |
Change in unrealized gains/(losses) related to financial instruments held | $ 15 | $ 59 | $ (64) |
Fair Value Measurement - Leve79
Fair Value Measurement - Level 3 Analysis (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Level 3 Analysis - Supplemental Data [Abstract] | |||
Percentage of level 3 assets in total Firm assets | 1.40% | ||
Liabilities, total realized/unrealized gains/(losses) | $ 1,612 | $ (413) | $ 2,900 |
Equity contracts | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Liabilities, total realized/unrealized gains/(losses) | 731 | 154 | 2,528 |
Interest rate contracts | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Liabilities, total realized/unrealized gains/(losses) | 962 | 184 | 1,358 |
Credit derivatives | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Liabilities, total realized/unrealized gains/(losses) | 118 | (149) | (1,697) |
Derivative receivables | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Liabilities, total realized/unrealized gains/(losses) | 2,904 | ||
Corporate debt securities | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Asset, total realized/unrealized gains/(losses) | 77 | (210) | (103) |
Debt and equity instruments | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Asset, total realized/unrealized gains/(losses) | (32) | (1,067) | (2,241) |
Mortgage servicing rights (MSRs) | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Asset, total realized/unrealized gains/(losses) | 405 | 1,826 | $ (1,612) |
Level 3 | Liability | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Liabilities, total realized/unrealized gains/(losses) | (1,300) | ||
Recurring | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Assets fair value | 624,984 | 747,731 | |
Recurring | Trading assets | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Increase (decrease) in level 3 assets | 10,600 | ||
Recurring | Derivative receivables | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Increase (decrease) in level 3 assets | 4,600 | ||
Recurring | Derivative receivables | Equity contracts | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Increase (decrease) in level 3 assets | 3,900 | ||
Recurring | Corporate debt securities | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Increase (decrease) in level 3 assets | 2,300 | ||
Recurring | Debt and equity instruments | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Increase (decrease) in level 3 assets | 6,700 | ||
Recurring | Level 3 | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Assets fair value | 31,227 | $ 49,252 | |
Increase (decrease) in level 3 assets | $ 18,000 |
Fair Value Measurement - Impact
Fair Value Measurement - Impact of Credit Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
One-time loss in principal transactions revenue | $ (10,057) | $ (9,024) | $ (9,339) | |
Impact of credit adjustments on earnings [Abstract] | ||||
Structured note credit adjustments | 300 | 101 | (271) | |
DVA or Structured Notes FVA | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
One-time loss in principal transactions revenue | $ 1,500 | |||
Derivatives CVA | ||||
Impact of credit adjustments on earnings [Abstract] | ||||
Derivative credit adjustments | 620 | (322) | 1,886 | |
DVA and FVA | ||||
Impact of credit adjustments on earnings [Abstract] | ||||
Derivative credit adjustments | 73 | (58) | (1,152) | |
Structured note credit adjustments | 754 | 200 | (760) | |
DVA | ||||
Impact of credit adjustments on earnings [Abstract] | ||||
Derivative credit adjustments | (6) | (1) | (115) | |
Structured note credit adjustments | $ 171 | $ 20 | $ (337) |
Fair Value Measurement - Nonrec
Fair Value Measurement - Nonrecurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value option, changes in fair value gain (loss) | $ (294) | $ (992) | $ (789) |
Residential real estate | Broker price opinion | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, liquidation value discount | 4.00% | ||
Residential real estate | Broker price opinion | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, liquidation value discount | 59.00% | ||
Residential real estate | Broker price opinion | Weighted average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, liquidation value discount | 22.00% | ||
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value, nonrecurring | $ 1,700 | 4,500 | |
Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value, nonrecurring | 696 | 1,300 | |
Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value, nonrecurring | 959 | $ 3,200 | |
Nonrecurring | Level 3 | Residential real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value, nonrecurring | $ 556 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial assets | ||||
Cash and due from banks | $ 20,490 | $ 27,831 | $ 39,771 | $ 53,723 |
Deposits with banks | 340,015 | 484,477 | ||
Federal funds sold and securities purchased under resale agreements | 212,575 | 215,803 | ||
Securities, held-to-maturity | 50,587 | 51,154 | ||
Financial liabilities | ||||
Commercial paper | 15,562 | 66,344 | ||
Beneficial interests issued by consolidated VIEs | 41,879 | 52,320 | ||
Carrying value | ||||
Financial assets | ||||
Cash and due from banks | 20,500 | 27,800 | ||
Deposits with banks | 340,000 | 484,500 | ||
Accrued interest and accounts receivable | 46,600 | 70,100 | ||
Federal funds sold and securities purchased under resale agreements | 189,500 | 187,200 | ||
Securities borrowed | 98,300 | 109,400 | ||
Securities, held-to-maturity | 49,100 | 49,300 | ||
Loans, net of allowance for loan losses | 820,800 | 740,500 | ||
Other | 66,000 | 64,700 | ||
Financial liabilities | ||||
Deposits | 1,267,200 | 1,354,600 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 149,200 | 189,100 | ||
Commercial paper | 15,600 | 66,300 | ||
Other borrowed funds | 11,200 | 15,500 | ||
Accounts payable and other liabilities | 144,600 | 172,600 | ||
Beneficial interests issued by consolidated VIEs | 41,100 | 50,200 | ||
Long-term debt and junior subordinated deferrable interest debentures | 255,600 | 246,200 | ||
Wholesale lending-related commitments | 800 | 600 | ||
Estimate of Fair Value | ||||
Financial assets | ||||
Cash and due from banks | 20,500 | 27,800 | ||
Deposits with banks | 340,000 | 484,500 | ||
Accrued interest and accounts receivable | 46,600 | 70,100 | ||
Federal funds sold and securities purchased under resale agreements | 189,500 | 187,200 | ||
Securities borrowed | 98,300 | 109,400 | ||
Securities, held-to-maturity | 50,600 | 51,200 | ||
Loans, net of allowance for loan losses | 828,100 | 744,900 | ||
Other | 70,700 | 69,000 | ||
Financial liabilities | ||||
Deposits | 1,267,300 | 1,354,800 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 149,200 | 189,100 | ||
Commercial paper | 15,600 | 66,300 | ||
Other borrowed funds | 11,200 | 15,500 | ||
Accounts payable and other liabilities | 144,500 | 172,500 | ||
Beneficial interests issued by consolidated VIEs | 41,100 | 50,200 | ||
Long-term debt and junior subordinated deferrable interest debentures | 261,700 | 255,000 | ||
Wholesale lending-related commitments | 3,000 | 1,600 | ||
Estimate of Fair Value | Level 1 | ||||
Financial assets | ||||
Cash and due from banks | 20,500 | 27,800 | ||
Deposits with banks | 335,900 | 480,400 | ||
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 | 100 | 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 | 4,100 | 4,100 | ||
Accrued interest and accounts receivable | 46,400 | 70,000 | ||
Federal funds sold and securities purchased under resale agreements | 189,500 | 187,200 | ||
Securities borrowed | 98,300 | 109,400 | ||
Securities, held-to-maturity | 50,600 | 51,200 | ||
Loans, net of allowance for loan losses | 25,400 | 21,800 | ||
Other | 56,300 | 55,700 | ||
Financial liabilities | ||||
Deposits | 1,266,100 | 1,353,600 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 149,200 | 189,100 | ||
Commercial paper | 15,600 | 66,300 | ||
Other borrowed funds | 11,200 | 15,500 | ||
Accounts payable and other liabilities | 141,700 | 169,600 | ||
Beneficial interests issued by consolidated VIEs | 40,200 | 48,200 | ||
Long-term debt and junior subordinated deferrable interest debentures | 257,400 | 251,200 | ||
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 | 200 | 100 | ||
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 | 802,700 | 723,100 | ||
Other | 14,300 | 13,300 | ||
Financial liabilities | ||||
Deposits | 1,200 | 1,200 | ||
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 | 2,800 | 2,900 | ||
Beneficial interests issued by consolidated VIEs | 900 | 2,000 | ||
Long-term debt and junior subordinated deferrable interest debentures | 4,300 | 3,800 | ||
Wholesale lending-related commitments | $ 3,000 | $ 1,600 |
Fair Value Option - Changes in
Fair Value Option - Changes in fair value under the fair value option (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | $ (294) | $ (992) | $ (789) |
Federal funds sold and securities purchased under resale agreements | (38) | (15) | (454) |
Securities borrowed | (6) | (10) | 10 |
Trading assets: | |||
Debt and equity instruments, excluding loans | 746 | 639 | 589 |
Loans reported as trading assets: | |||
Changes in instrument-specific credit risk | 179 | 914 | 1,184 |
Other changes in fair value | 1,050 | 1,705 | 1,700 |
Loans: | |||
Changes in instrument-specific credit risk | 35 | 40 | 36 |
Other changes in fair value | 4 | 34 | 17 |
Other assets | 78 | 30 | 118 |
Deposits | 93 | (287) | 260 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 8 | (33) | 73 |
Other borrowed funds | 1,996 | (891) | (399) |
Trading liabilities | (20) | (17) | (46) |
Beneficial interests issued by consolidated VIEs | 49 | (233) | (278) |
Other liabilities | 0 | (27) | 0 |
Long-term debt: | |||
Changes in instrument-specific credit risk related to structured notes | 300 | 101 | (271) |
Other changes in fair value | 1,088 | (615) | 1,280 |
DVA | |||
Long-term debt: | |||
Changes in instrument-specific credit risk related to structured notes | 171 | 20 | (337) |
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) | (38) | (15) | (454) |
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 | 0 |
Securities borrowed | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (6) | (10) | 10 |
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 | 0 |
Debt and equity instruments, excluding loans | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 756 | 639 | 582 |
Debt and equity instruments, excluding loans | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (10) | 0 | 7 |
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) | 138 | 885 | 1,161 |
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) | 41 | 29 | 23 |
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) | 232 | 352 | (133) |
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) | 818 | 1,353 | 1,833 |
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) | 35 | 40 | 36 |
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 | 0 |
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) | 4 | 34 | 17 |
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 | 0 |
Other assets | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 79 | 24 | 32 |
Other assets | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (1) | 6 | 86 |
Deposits | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 93 | (287) | |
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 | |
Deposits | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 260 | ||
Deposits | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | ||
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) | 8 | (33) | 73 |
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 | 0 |
Other borrowed funds | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 1,996 | (891) | (399) |
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 | 0 |
Trading liabilities | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (20) | (17) | (46) |
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 | 0 |
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) | 49 | (233) | (278) |
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 | 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 | (27) | 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 | 0 |
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) | 300 | 101 | (271) |
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 | 0 |
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) | 1,088 | (615) | 1,280 |
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 | $ 0 |
Fair Value Option - Aggregate d
Fair Value Option - Aggregate differences (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Long-term beneficial interests | ||
Performing loans, ninety days or more past due | $ 0 | $ 0 |
Other guarantees and commitments | ||
Long-term beneficial interests | ||
Contractual amount of letters of credit | 5,580,000,000 | 5,720,000,000 |
Contractual letters of credit, fair value | 94,000,000 | 121,000,000 |
Letters of credit which fair value option was elected | Other guarantees and commitments | ||
Long-term beneficial interests | ||
Contractual amount of letters of credit | 4,600,000,000 | 4,500,000,000 |
Contractual letters of credit, fair value | (94,000,000) | (147,000,000) |
Carrying value | ||
Loans | ||
Nonaccrual loans | 3,491,000,000 | 3,854,000,000 |
Total loans | 37,042,000,000 | 43,859,000,000 |
Carrying value | Trading assets | ||
Loans | ||
Nonaccrual loans | 3,484,000,000 | 3,847,000,000 |
All other performing loans | 30,780,000,000 | 37,608,000,000 |
Carrying value | Loans | ||
Loans | ||
Nonaccrual loans | 7,000,000 | 7,000,000 |
All other performing loans | 2,771,000,000 | 2,397,000,000 |
Carrying value | Principal-protected debt | ||
Long-term debt | ||
Long-term debt | 17,910,000,000 | 14,660,000,000 |
Estimate of Fair Value | ||
Loans | ||
Nonaccrual loans | 638,000,000 | 912,000,000 |
Total loans | 31,574,000,000 | 38,763,000,000 |
Long-term debt | ||
Long-term debt | 33,065,000,000 | 30,226,000,000 |
Long-term beneficial interests | ||
Long-term beneficial interests | 787,000,000 | 2,162,000,000 |
Estimate of Fair Value | Trading assets | ||
Loans | ||
Nonaccrual loans | 631,000,000 | 905,000,000 |
All other performing loans | 28,184,000,000 | 35,462,000,000 |
Estimate of Fair Value | Loans | ||
Loans | ||
Nonaccrual loans | 7,000,000 | 7,000,000 |
All other performing loans | 2,752,000,000 | 2,389,000,000 |
Estimate of Fair Value | Principal-protected debt | ||
Long-term debt | ||
Long-term debt | 16,611,000,000 | 15,484,000,000 |
Estimate of Fair Value | Nonprincipal-protected debt | ||
Long-term debt | ||
Long-term debt | 16,454,000,000 | 14,742,000,000 |
Long-term beneficial interests | ||
Long-term beneficial interests | 787,000,000 | 2,162,000,000 |
Change During Period | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,853,000,000) | (2,942,000,000) |
Total loans | (5,468,000,000) | (5,096,000,000) |
Change During Period | Trading assets | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,853,000,000) | (2,942,000,000) |
All other performing loans | (2,596,000,000) | (2,146,000,000) |
Change During Period | Loans | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | 0 | 0 |
All other performing loans | (19,000,000) | (8,000,000) |
Change During Period | Principal-protected debt | ||
Long-term debt | ||
Long-term debt | $ (1,299,000,000) | $ 824,000,000 |
Fair Value Option - Structured
Fair Value Option - Structured note products by balance sheet classification and risk component (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | $ 51,928 | $ 52,829 |
Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 15,929 | 13,437 |
Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 3,742 | 4,473 |
Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 1,853 | 2,378 |
Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 27,733 | 29,175 |
Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 2,671 | 3,366 |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 32,424 | 30,089 |
Long-term debt | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 12,531 | 10,858 |
Long-term debt | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 3,195 | 4,023 |
Long-term debt | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 1,765 | 2,150 |
Long-term debt | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 14,293 | 12,348 |
Long-term debt | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 640 | 710 |
Other borrowed funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 9,179 | 14,177 |
Other borrowed funds | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 58 | 460 |
Other borrowed funds | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 547 | 450 |
Other borrowed funds | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 77 | 211 |
Other borrowed funds | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 8,447 | 12,412 |
Other borrowed funds | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 50 | 644 |
Deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 10,325 | 8,563 |
Deposits | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 3,340 | 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 | 11 | 17 |
Deposits | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | 4,993 | 4,415 |
Deposits | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Structured notes balance | $ 1,981 | $ 2,012 |
Credit Risk Concentrations (Det
Credit Risk Concentrations (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Concentration Risk [Line Items] | ||
Cash Placed with Banks | $ 351,000 | $ 501,500 |
Credit exposure | 1,850,868 | 1,816,388 |
On-balance sheet, Loans | 837,299 | 757,336 |
On-balance sheet, Derivatives | 59,677 | 78,975 |
Off-balance sheet | 940,395 | 950,997 |
Consumer | ||
Concentration Risk [Line Items] | ||
Credit exposure | 1,050,405 | 1,010,646 |
On-balance sheet, Loans | 476,284 | 426,422 |
On-balance sheet, Derivatives | 0 | 0 |
Off-balance sheet | 573,996 | 584,116 |
Consumer, excluding credit card | ||
Concentration Risk [Line Items] | ||
Credit exposure | 403,424 | 353,635 |
On-balance sheet, Loans | 344,821 | 295,374 |
On-balance sheet, Derivatives | 0 | 0 |
Off-balance sheet | 58,478 | 58,153 |
Credit card | ||
Concentration Risk [Line Items] | ||
Credit exposure | 646,981 | 657,011 |
On-balance sheet, Loans | 131,463 | 131,048 |
On-balance sheet, Derivatives | 0 | 0 |
Off-balance sheet | 515,518 | 525,963 |
Wholesale | ||
Concentration Risk [Line Items] | ||
Credit exposure | 800,463 | 805,742 |
On-balance sheet, Loans | 361,015 | 330,914 |
On-balance sheet, Derivatives | 59,677 | 78,975 |
Off-balance sheet | 366,399 | 366,881 |
Wholesale | Subtotal | ||
Concentration Risk [Line Items] | ||
Credit exposure | 783,126 | 770,358 |
On-balance sheet, Loans | 357,050 | 324,502 |
On-balance sheet, Derivatives | 59,677 | 78,975 |
Off-balance sheet | 366,399 | 366,881 |
Wholesale | Real Estate | ||
Concentration Risk [Line Items] | ||
Credit exposure | 116,857 | 105,975 |
On-balance sheet, Loans | 92,820 | 79,113 |
On-balance sheet, Derivatives | 312 | 327 |
Off-balance sheet | 23,725 | 26,535 |
Wholesale | Consumer & Retail | ||
Concentration Risk [Line Items] | ||
Credit exposure | 85,460 | 83,663 |
On-balance sheet, Loans | 27,175 | 25,094 |
On-balance sheet, Derivatives | 1,573 | 1,845 |
Off-balance sheet | 56,712 | 56,724 |
Wholesale | Technology, Media & Telecommunications | ||
Concentration Risk [Line Items] | ||
Credit exposure | 57,382 | 46,655 |
On-balance sheet, Loans | 11,079 | 11,362 |
On-balance sheet, Derivatives | 1,032 | 2,190 |
Off-balance sheet | 45,271 | 33,103 |
Wholesale | Industrials | ||
Concentration Risk [Line Items] | ||
Credit exposure | 54,386 | 47,859 |
On-balance sheet, Loans | 16,791 | 16,040 |
On-balance sheet, Derivatives | 1,428 | 1,303 |
Off-balance sheet | 36,167 | 30,516 |
Wholesale | Healthcare | ||
Concentration Risk [Line Items] | ||
Credit exposure | 46,053 | 56,516 |
On-balance sheet, Loans | 16,965 | 13,794 |
On-balance sheet, Derivatives | 2,751 | 4,542 |
Off-balance sheet | 26,337 | 38,180 |
Wholesale | Banks & Finance Cos | ||
Concentration Risk [Line Items] | ||
Credit exposure | 43,398 | 55,098 |
On-balance sheet, Loans | 20,401 | 23,367 |
On-balance sheet, Derivatives | 10,218 | 15,706 |
Off-balance sheet | 12,779 | 16,025 |
Wholesale | Oil & Gas | ||
Concentration Risk [Line Items] | ||
Credit exposure | 42,077 | 43,148 |
On-balance sheet, Loans | 13,343 | 15,616 |
On-balance sheet, Derivatives | 1,902 | 1,836 |
Off-balance sheet | 26,832 | 25,696 |
Wholesale | Utilities | ||
Concentration Risk [Line Items] | ||
Credit exposure | 30,853 | 27,441 |
On-balance sheet, Loans | 5,294 | 4,844 |
On-balance sheet, Derivatives | 1,689 | 2,272 |
Off-balance sheet | 23,870 | 20,325 |
Wholesale | State & Municipal Govt | ||
Concentration Risk [Line Items] | ||
Credit exposure | 29,114 | 31,068 |
On-balance sheet, Loans | 9,626 | 7,593 |
On-balance sheet, Derivatives | 3,287 | 4,002 |
Off-balance sheet | 16,201 | 19,473 |
Wholesale | Asset Managers | ||
Concentration Risk [Line Items] | ||
Credit exposure | 23,815 | 27,488 |
On-balance sheet, Loans | 6,703 | 8,043 |
On-balance sheet, Derivatives | 7,733 | 9,386 |
Off-balance sheet | 9,379 | 10,059 |
Wholesale | Transportation | ||
Concentration Risk [Line Items] | ||
Credit exposure | 19,227 | 20,619 |
On-balance sheet, Loans | 9,157 | 10,381 |
On-balance sheet, Derivatives | 1,575 | 2,247 |
Off-balance sheet | 8,495 | 7,991 |
Wholesale | Central Govt | ||
Concentration Risk [Line Items] | ||
Credit exposure | 17,968 | 19,881 |
On-balance sheet, Loans | 2,000 | 1,103 |
On-balance sheet, Derivatives | 13,240 | 15,527 |
Off-balance sheet | 2,728 | 3,251 |
Wholesale | Chemicals & Plastics | ||
Concentration Risk [Line Items] | ||
Credit exposure | 15,232 | 12,612 |
On-balance sheet, Loans | 4,033 | 3,087 |
On-balance sheet, Derivatives | 369 | 410 |
Off-balance sheet | 10,830 | 9,115 |
Wholesale | Metals & Mining | ||
Concentration Risk [Line Items] | ||
Credit exposure | 14,049 | 14,969 |
On-balance sheet, Loans | 4,622 | 5,628 |
On-balance sheet, Derivatives | 607 | 589 |
Off-balance sheet | 8,820 | 8,752 |
Wholesale | Automotive | ||
Concentration Risk [Line Items] | ||
Credit exposure | 13,864 | 12,754 |
On-balance sheet, Loans | 4,473 | 3,779 |
On-balance sheet, Derivatives | 1,350 | 766 |
Off-balance sheet | 8,041 | 8,209 |
Wholesale | Insurance | ||
Concentration Risk [Line Items] | ||
Credit exposure | 11,889 | 13,350 |
On-balance sheet, Loans | 1,094 | 1,175 |
On-balance sheet, Derivatives | 1,992 | 3,474 |
Off-balance sheet | 8,803 | 8,701 |
Wholesale | Financial Markets Infrastructure | ||
Concentration Risk [Line Items] | ||
Credit exposure | 7,973 | 11,986 |
On-balance sheet, Loans | 724 | 928 |
On-balance sheet, Derivatives | 2,602 | 6,789 |
Off-balance sheet | 4,647 | 4,269 |
Wholesale | Securities Firms | ||
Concentration Risk [Line Items] | ||
Credit exposure | 4,412 | 4,801 |
On-balance sheet, Loans | 861 | 1,025 |
On-balance sheet, Derivatives | 1,424 | 1,351 |
Off-balance sheet | 2,127 | 2,425 |
Wholesale | All other | ||
Concentration Risk [Line Items] | ||
Credit exposure | 149,117 | 134,475 |
On-balance sheet, Loans | 109,889 | 92,530 |
On-balance sheet, Derivatives | 4,593 | 4,413 |
Off-balance sheet | 34,635 | 37,532 |
Wholesale | Loans held-for-sale and loans at fair value | ||
Concentration Risk [Line Items] | ||
Credit exposure | 3,965 | 6,412 |
On-balance sheet, Loans | 3,965 | 6,412 |
On-balance sheet, Derivatives | 0 | 0 |
Off-balance sheet | 0 | 0 |
Wholesale | Receivables from customers and other | ||
Concentration Risk [Line Items] | ||
Credit exposure | 13,372 | 28,972 |
On-balance sheet, Loans | 0 | 0 |
On-balance sheet, Derivatives | 0 | 0 |
Off-balance sheet | $ 0 | $ 0 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amount of Derivative Contracts (Details) - USD ($) $ in Billions | Dec. 31, 2015 | Dec. 31, 2014 |
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 50,659 | $ 63,662 |
Interest rate contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 36,731 | 48,085 |
Interest rate swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 24,162 | 29,734 |
Interest rate futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 5,167 | 10,189 |
Interest rate options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,506 | 3,903 |
Interest rate options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,896 | 4,259 |
Credit derivatives | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 2,900 | 4,249 |
Foreign exchange contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 9,623 | 9,585 |
Foreign exchange cross-currency swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,199 | 3,346 |
Foreign exchange spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 5,028 | 4,669 |
Foreign exchange options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 690 | 790 |
Foreign exchange options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 706 | 780 |
Equity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 996 | 1,063 |
Equity swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 232 | 206 |
Equity futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 43 | 50 |
Equity options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 395 | 432 |
Equity options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 326 | 375 |
Commodity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 409 | 680 |
Commodity swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 83 | 126 |
Commodity spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 99 | 193 |
Commodity options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 115 | 181 |
Commodity options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 112 | $ 180 |
Derivative Instruments - Impact
Derivative Instruments - Impact on Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | $ 961,878 | $ 1,328,428 |
Net derivative receivables | 59,677 | 78,975 |
Gross derivative payables | 942,912 | 1,310,773 |
Net derivative payables | 52,790 | 71,116 |
Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 669,611 | 950,257 |
Net derivative receivables | 26,363 | 33,725 |
Gross derivative payables | 635,166 | 918,379 |
Net derivative payables | 10,221 | 17,745 |
Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 51,468 | 76,842 |
Net derivative receivables | 1,423 | 1,838 |
Gross derivative payables | 50,529 | 75,895 |
Net derivative payables | 1,541 | 1,593 |
Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 179,875 | 215,187 |
Net derivative receivables | 17,177 | 21,253 |
Gross derivative payables | 190,900 | 224,614 |
Net derivative payables | 19,769 | 22,970 |
Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 35,859 | 42,489 |
Net derivative receivables | 5,529 | 8,177 |
Gross derivative payables | 38,663 | 46,262 |
Net derivative payables | 9,183 | 11,740 |
Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 25,065 | 43,653 |
Net derivative receivables | 9,185 | 13,982 |
Gross derivative payables | 27,654 | 45,623 |
Net derivative payables | 12,076 | 17,068 |
Not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 955,643 | 1,318,904 |
Gross derivative payables | 939,170 | 1,306,968 |
Not designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 665,531 | 944,885 |
Gross derivative payables | 632,928 | 915,368 |
Not designated as hedges | Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 51,468 | 76,842 |
Gross derivative payables | 50,529 | 75,895 |
Not designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 179,072 | 211,537 |
Gross derivative payables | 189,397 | 223,988 |
Not designated as hedges | Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 35,859 | 42,489 |
Gross derivative payables | 38,663 | 46,262 |
Not designated as hedges | Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 23,713 | 43,151 |
Gross derivative payables | 27,653 | 45,455 |
Designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 6,235 | 9,524 |
Gross derivative payables | 3,742 | 3,805 |
Designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 4,080 | 5,372 |
Gross derivative payables | 2,238 | 3,011 |
Designated as hedges | Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 0 | 0 |
Gross derivative payables | 0 | 0 |
Designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 803 | 3,650 |
Gross derivative payables | 1,503 | 626 |
Designated as hedges | Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 0 | 0 |
Gross derivative payables | 0 | 0 |
Designated as hedges | Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 1,352 | 502 |
Gross derivative payables | $ 1 | $ 168 |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives Netting (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | $ 947,642 | $ 1,307,711 |
Amounts netted on the Consolidated balance sheets | (902,201) | (1,249,453) |
Net derivative receivables | 45,441 | 58,258 |
Derivative receivables where an appropriate legal opinion has not been either sought or obtained | 14,236 | 20,717 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 961,878 | 1,328,428 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 59,677 | 78,975 |
Net cash collateral payables | 73,700 | 74,000 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 930,717 | 1,291,703 |
Amounts netted on the Consolidated balance sheets | (890,122) | (1,239,657) |
Net derivative payables | 40,595 | 52,046 |
Derivative payables where an appropriate legal opinion has not been either sought or obtained | 12,195 | 19,070 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 942,912 | 1,310,773 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 52,790 | 71,116 |
Netted cash collateral receivables | 61,600 | 64,200 |
Interest rate contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 664,136 | 943,763 |
Amounts netted on the Consolidated balance sheets | (643,248) | (916,532) |
Net derivative receivables | 20,888 | 27,231 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 669,611 | 950,257 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 26,363 | 33,725 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 634,107 | 914,422 |
Amounts netted on the Consolidated balance sheets | (624,945) | (900,634) |
Net derivative payables | 9,162 | 13,788 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 635,166 | 918,379 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 10,221 | 17,745 |
Interest rate contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 417,386 | 542,107 |
Amounts netted on the Consolidated balance sheets | (396,506) | (514,914) |
Net derivative receivables | 20,880 | 27,193 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 393,709 | 515,904 |
Amounts netted on the Consolidated balance sheets | (384,576) | (503,384) |
Net derivative payables | 9,133 | 12,520 |
Interest rate contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 246,750 | 401,656 |
Amounts netted on the Consolidated balance sheets | (246,742) | (401,618) |
Net derivative receivables | 8 | 38 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 240,398 | 398,518 |
Amounts netted on the Consolidated balance sheets | (240,369) | (397,250) |
Net derivative payables | 29 | 1,268 |
Interest rate contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Net derivative receivables | 0 | 0 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Net derivative payables | 0 | 0 |
Credit contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 50,948 | 75,956 |
Amounts netted on the Consolidated balance sheets | (50,045) | (75,004) |
Net derivative receivables | 903 | 952 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 51,468 | 76,842 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 1,423 | 1,838 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 50,348 | 74,830 |
Amounts netted on the Consolidated balance sheets | (48,988) | (74,302) |
Net derivative payables | 1,360 | 528 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 50,529 | 75,895 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 1,541 | 1,593 |
Credit contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 44,082 | 66,636 |
Amounts netted on the Consolidated balance sheets | (43,182) | (65,720) |
Net derivative receivables | 900 | 916 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 44,379 | 65,432 |
Amounts netted on the Consolidated balance sheets | (43,019) | (64,904) |
Net derivative payables | 1,360 | 528 |
Credit contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 6,866 | 9,320 |
Amounts netted on the Consolidated balance sheets | (6,863) | (9,284) |
Net derivative receivables | 3 | 36 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 5,969 | 9,398 |
Amounts netted on the Consolidated balance sheets | (5,969) | (9,398) |
Net derivative payables | 0 | 0 |
Foreign exchange contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 175,383 | 208,839 |
Amounts netted on the Consolidated balance sheets | (162,698) | (193,934) |
Net derivative receivables | 12,685 | 14,905 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 179,875 | 215,187 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 17,177 | 21,253 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 185,479 | 218,064 |
Amounts netted on the Consolidated balance sheets | (171,131) | (201,644) |
Net derivative payables | 14,348 | 16,420 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 190,900 | 224,614 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 19,769 | 22,970 |
Foreign exchange contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 175,060 | 208,803 |
Amounts netted on the Consolidated balance sheets | (162,377) | (193,900) |
Net derivative receivables | 12,683 | 14,903 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 185,178 | 217,998 |
Amounts netted on the Consolidated balance sheets | (170,830) | (201,578) |
Net derivative payables | 14,348 | 16,420 |
Foreign exchange contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 323 | 36 |
Amounts netted on the Consolidated balance sheets | (321) | (34) |
Net derivative receivables | 2 | 2 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 301 | 66 |
Amounts netted on the Consolidated balance sheets | (301) | (66) |
Net derivative payables | 0 | 0 |
Foreign exchange contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Net derivative receivables | 0 | 0 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Net derivative payables | 0 | 0 |
Equity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 32,975 | 37,098 |
Amounts netted on the Consolidated balance sheets | (30,330) | (34,312) |
Net derivative receivables | 2,645 | 2,786 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 35,859 | 42,489 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 5,529 | 8,177 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 34,456 | 40,772 |
Amounts netted on the Consolidated balance sheets | (29,480) | (34,522) |
Net derivative payables | 4,976 | 6,250 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 38,663 | 46,262 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 9,183 | 11,740 |
Equity contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 20,690 | 23,258 |
Amounts netted on the Consolidated balance sheets | (20,439) | (22,826) |
Net derivative receivables | 251 | 432 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 23,458 | 27,908 |
Amounts netted on the Consolidated balance sheets | (19,589) | (23,036) |
Net derivative payables | 3,869 | 4,872 |
Equity contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Net derivative receivables | 0 | 0 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Net derivative payables | 0 | 0 |
Equity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 12,285 | 13,840 |
Amounts netted on the Consolidated balance sheets | (9,891) | (11,486) |
Net derivative receivables | 2,394 | 2,354 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 10,998 | 12,864 |
Amounts netted on the Consolidated balance sheets | (9,891) | (11,486) |
Net derivative payables | 1,107 | 1,378 |
Commodity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 24,200 | 42,055 |
Amounts netted on the Consolidated balance sheets | (15,880) | (29,671) |
Net derivative receivables | 8,320 | 12,384 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 25,065 | 43,653 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 9,185 | 13,982 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 26,327 | 43,615 |
Amounts netted on the Consolidated balance sheets | (15,578) | (28,555) |
Net derivative payables | 10,749 | 15,060 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 27,654 | 45,623 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 12,076 | 17,068 |
Commodity contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 15,001 | 22,555 |
Amounts netted on the Consolidated balance sheets | (6,772) | (14,327) |
Net derivative receivables | 8,229 | 8,228 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 16,953 | 25,129 |
Amounts netted on the Consolidated balance sheets | (6,256) | (13,211) |
Net derivative payables | 10,697 | 11,918 |
Commodity contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Net derivative receivables | 0 | 0 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 0 | 0 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Net derivative payables | 0 | 0 |
Commodity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 9,199 | 19,500 |
Amounts netted on the Consolidated balance sheets | (9,108) | (15,344) |
Net derivative receivables | 91 | 4,156 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 9,374 | 18,486 |
Amounts netted on the Consolidated balance sheets | (9,322) | (15,344) |
Net derivative payables | $ 52 | $ 3,142 |
Derivative Instruments - Deri90
Derivative Instruments - Derivatives Collateral (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative receivable collateral: | ||
Derivative receivables with appropriate legal opinions, Net derivative receivables | $ 45,441 | $ 58,258 |
Derivative receivables with appropriate legal opinions, Collateral not nettable on the Consolidated balance sheets | (13,543) | (16,194) |
Derivative receivables with appropriate legal opinions, Net exposure | 31,898 | 42,064 |
Derivative payable collateral: | ||
Derivative receivables with appropriate legal opinions, Net derivative payables | 40,595 | 52,046 |
Derivative receivables with appropriate legal opinions, Collateral not nettable on the Consolidated balance sheets | (7,957) | (10,505) |
Derivative receivables with appropriate legal opinions, Net amount | $ 32,638 | $ 41,541 |
Derivative Instruments - Liquid
Derivative Instruments - Liquidity Risk and Credit-Related Contingent Features (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
OTC and OTC-cleared derivative payables containing downgrade triggers | ||
Aggregate fair value of net derivative payables | $ 22,328 | $ 32,303 |
Collateral posted | 18,942 | 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 | 807 | 1,046 |
Amount required to settle contracts with termination triggers upon downgrade | 271 | 366 |
Two-notch downgrade | ||
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives | ||
Amount of additional collateral to be posted upon downgrade | 3,028 | 3,331 |
Amount required to settle contracts with termination triggers upon downgrade | $ 1,093 | $ 1,388 |
Derivative Instruments - Impa92
Derivative Instruments - Impact on Statements of Income, Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Net losses reclassified from AOCI to other income | $ 150 | |||
Recognition of net losses related to cash flow hedges in Income | $ (95) | |||
Terminated cash flow hedges | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Maximum length of time hedged in forecasted transactions | 7 years | |||
Open cash flow hedges | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Maximum length of time hedged in forecasted transactions | 2 years | |||
Cash Flow Hedging | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Derivatives – effective portion reclassified from AOCI to income | $ (180) | $ 24 | $ (101) | |
Hedge ineffectiveness recorded directly in income | 0 | 0 | 0 | |
Total income statement impact | (180) | 24 | (101) | |
Derivatives – effective portion recorded in OCI | (97) | 98 | (525) | |
Total change in OCI for period | 83 | 74 | (424) | |
Cash Flow Hedging | Interest rate | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Derivatives – effective portion reclassified from AOCI to income | (99) | (54) | (108) | |
Hedge ineffectiveness recorded directly in income | 0 | 0 | 0 | |
Total income statement impact | (99) | (54) | (108) | |
Derivatives – effective portion recorded in OCI | (44) | 189 | (565) | |
Total change in OCI for period | 55 | 243 | (457) | |
Cash Flow Hedging | Foreign exchange | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Derivatives – effective portion reclassified from AOCI to income | (81) | 78 | 7 | |
Hedge ineffectiveness recorded directly in income | 0 | 0 | 0 | |
Total income statement impact | (81) | 78 | 7 | |
Derivatives – effective portion recorded in OCI | (53) | (91) | 40 | |
Total change in OCI for period | $ 28 | $ (169) | $ 33 |
Derivative Instruments - Impa93
Derivative Instruments - Impact on Statements of Income, Fair Value Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gains/(losses) recorded in income | |||
Derivatives | $ 7,221 | $ 10,434 | $ (4,080) |
Hedged items | (6,237) | (9,188) | 4,411 |
Total income statement impact | 984 | 1,246 | 331 |
Income statement impact due to: | |||
Hedge ineffectiveness | (10) | 173 | (94) |
Excluded components | 994 | 1,073 | 425 |
Interest rate | |||
Gains/(losses) recorded in income | |||
Derivatives | 38 | 2,106 | (3,469) |
Hedged items | 911 | (801) | 4,851 |
Total income statement impact | 949 | 1,305 | 1,382 |
Income statement impact due to: | |||
Hedge ineffectiveness | 3 | 131 | (132) |
Excluded components | 946 | 1,174 | 1,514 |
Foreign exchange | |||
Gains/(losses) recorded in income | |||
Derivatives | 6,030 | 8,279 | (1,096) |
Hedged items | (6,006) | (8,532) | 864 |
Total income statement impact | 24 | (253) | (232) |
Income statement impact due to: | |||
Hedge ineffectiveness | 0 | 0 | 0 |
Excluded components | 24 | (253) | (232) |
Commodity | |||
Gains/(losses) recorded in income | |||
Derivatives | 1,153 | 49 | 485 |
Hedged items | (1,142) | 145 | (1,304) |
Total income statement impact | 11 | 194 | (819) |
Income statement impact due to: | |||
Hedge ineffectiveness | (13) | 42 | 38 |
Excluded components | $ 24 | $ 152 | $ (857) |
Derivative Instruments - Impa94
Derivative Instruments - Impact on Statements of Income, Net Investment Hedges (Details) - Net Investment Hedging - Foreign exchange derivatives - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net investment hedge gains and losses [Abstract] | |||
Excluded components recorded directly in income | $ (379) | $ (448) | $ (383) |
Effective portion recorded in OCI | $ 1,885 | $ 1,698 | $ 773 |
Derivative Instruments - Impa95
Derivative Instruments - Impact on Statements of Income, Risk Management Derivatives (Details) - Risk Management Activities - Not designated as hedges - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | $ 936 | $ 2,399 | $ 654 |
Interest rate | |||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | 853 | 2,308 | 617 |
Credit | |||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | 70 | (58) | (142) |
Foreign exchange | |||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | 25 | (7) | 1 |
Commodity | |||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | $ (12) | $ 156 | $ 178 |
Derivative Instruments - Credit
Derivative Instruments - Credit Derivatives (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Credit Derivatives - supplemental information | ||
Tranche credit default swap realized credit loss protection | $ 1,000,000 | |
Tranche credit default swap portfolio of exposure | 10,000,000 | |
Total credit derivatives and credit-related notes | ||
Protection sold | (1,428,839,000,000) | $ (2,100,303,000,000) |
Protection purchased with identical underlyings | 1,440,359,000,000 | 2,110,144,000,000 |
Net protection (sold)/purchased | 11,520,000,000 | 9,841,000,000 |
Other protection purchased | 35,518,000,000 | 41,810,000,000 |
Total credit derivatives | ||
Total credit derivatives and credit-related notes | ||
Protection sold | (1,428,809,000,000) | (2,100,263,000,000) |
Protection purchased with identical underlyings | 1,440,359,000,000 | 2,110,144,000,000 |
Net protection (sold)/purchased | 11,550,000,000 | 9,881,000,000 |
Other protection purchased | 30,803,000,000 | 38,106,000,000 |
Credit default swaps | ||
Total credit derivatives and credit-related notes | ||
Protection sold | (1,386,071,000,000) | (2,056,982,000,000) |
Protection purchased with identical underlyings | 1,402,201,000,000 | 2,078,096,000,000 |
Net protection (sold)/purchased | 16,130,000,000 | 21,114,000,000 |
Other protection purchased | 12,011,000,000 | 18,631,000,000 |
Other credit derivatives | ||
Total credit derivatives and credit-related notes | ||
Protection sold | (42,738,000,000) | (43,281,000,000) |
Protection purchased with identical underlyings | 38,158,000,000 | 32,048,000,000 |
Net protection (sold)/purchased | (4,580,000,000) | (11,233,000,000) |
Other protection purchased | 18,792,000,000 | 19,475,000,000 |
Credit-related notes | ||
Total credit derivatives and credit-related notes | ||
Protection sold | (30,000,000) | (40,000,000) |
Protection purchased with identical underlyings | 0 | 0 |
Net protection (sold)/purchased | (30,000,000) | (40,000,000) |
Other protection purchased | $ 4,715,000,000 | $ 3,704,000,000 |
Derivative Instruments - Cred97
Derivative Instruments - Credit Derivatives, Protection Sold, Notional and Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile - less than 1 year | $ (416,406) | $ (480,679) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - from 1-5 years | (944,378) | (1,515,091) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - more than 5 years | (68,055) | (104,533) |
Total notional amount | (1,428,839) | (2,100,303) |
Fair value of receivables | 24,362 | 46,444 |
Fair value of payables | (25,727) | (28,769) |
Net fair value | (1,365) | 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 1 year | (307,211) | (323,398) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - from 1-5 years | (699,227) | (1,118,293) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - more than 5 years | (46,970) | (79,486) |
Total notional amount | (1,053,408) | (1,521,177) |
Fair value of receivables | 13,539 | 25,767 |
Fair value of payables | (6,836) | (6,314) |
Net fair value | 6,703 | 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 1 year | (109,195) | (157,281) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - from 1-5 years | (245,151) | (396,798) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - more than 5 years | (21,085) | (25,047) |
Total notional amount | (375,431) | (579,126) |
Fair value of receivables | 10,823 | 20,677 |
Fair value of payables | (18,891) | (22,455) |
Net fair value | $ (8,068) | $ (1,778) |
Noninterest Revenue - Investmen
Noninterest Revenue - Investment Banking Fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Non interest Revenue [Line Items] | |||
Underwriting | $ 4,640 | $ 4,911 | $ 5,036 |
Advisory | 2,111 | 1,631 | 1,318 |
Total investment banking fees | 6,751 | 6,542 | 6,354 |
Equity | |||
Schedule of Non interest Revenue [Line Items] | |||
Underwriting | 1,408 | 1,571 | 1,499 |
Debt | |||
Schedule of Non interest Revenue [Line Items] | |||
Underwriting | $ 3,232 | $ 3,340 | $ 3,537 |
Noninterest Revenue - Principal
Noninterest Revenue - Principal Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Non interest Revenue [Line Items] | |||
Trading revenue | $ 10,057 | $ 9,024 | $ 9,339 |
Private equity gains | 351 | 1,507 | 802 |
Principal transactions | 10,408 | 10,531 | 10,141 |
Interest rate | |||
Schedule of Non interest Revenue [Line Items] | |||
Trading revenue | 1,933 | 1,362 | 284 |
Credit | |||
Schedule of Non interest Revenue [Line Items] | |||
Trading revenue | 1,735 | 1,880 | 2,654 |
Foreign exchange | |||
Schedule of Non interest Revenue [Line Items] | |||
Trading revenue | 2,557 | 1,556 | 1,801 |
Equity | |||
Schedule of Non interest Revenue [Line Items] | |||
Trading revenue | 2,990 | 2,563 | 2,517 |
Commodity | |||
Schedule of Non interest Revenue [Line Items] | |||
Trading revenue | $ 842 | $ 1,663 | $ 2,083 |
Noninterest Revenue - Asset Man
Noninterest Revenue - Asset Management, Administration and Commissions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset management fees | |||
Investment management fees | $ 9,403 | $ 9,169 | $ 8,044 |
All other asset management fees | 352 | 477 | 505 |
Total asset management fees | 9,755 | 9,646 | 8,549 |
Total administrative fees | 2,015 | 2,179 | 2,101 |
Commissions and other fees | |||
Brokerage commissions | 2,304 | 2,270 | 2,321 |
All other commissions and fees | 1,435 | 1,836 | 2,135 |
Total commissions and fees | 3,739 | 4,106 | 4,456 |
Total asset management, administration and commissions | $ 15,509 | $ 15,931 | $ 15,106 |
Noninterest Revenue - Card Inco
Noninterest Revenue - Card Income (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Non interest Revenue [Line Items] | ||
Credit cost amortization period | 12 months | |
Minimum | ||
Schedule of Non interest Revenue [Line Items] | ||
Credit card revenue sharing agreement terms | 3 years | |
Maximum | ||
Schedule of Non interest Revenue [Line Items] | ||
Credit card revenue sharing agreement terms | 10 years |
Noninterest Revenue - Other Inc
Noninterest Revenue - Other Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Revenue Disclosure [Abstract] | |||
Operating lease income | $ 2,081 | $ 1,699 | $ 1,472 |
Gain from sale of Visa B shares | $ 0 | $ 0 | $ 1,310 |
Interest Income and Interest103
Interest Income and Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income | |||
Loans | $ 33,134 | $ 32,218 | $ 33,489 |
Taxable securities | 6,550 | 7,617 | 6,916 |
Non-taxable securities | 1,706 | 1,423 | 896 |
Total securities | 8,256 | 9,040 | 7,812 |
Trading assets | 6,621 | 7,312 | 8,099 |
Federal funds sold and securities purchased under resale agreements | 1,592 | 1,642 | 1,940 |
Securities borrowed | (532) | (501) | (127) |
Deposits with banks | 1,250 | 1,157 | 918 |
Other assets | 652 | 663 | 538 |
Total interest income | 50,973 | 51,531 | 52,669 |
Interest expense | |||
Interest bearing deposits | 1,252 | 1,633 | 2,067 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 609 | 604 | 582 |
Commercial paper | 110 | 134 | 112 |
Trading liabilities - debt, short-term and other liabilities | 622 | 712 | 1,104 |
Long-term debt | 4,435 | 4,409 | 5,007 |
Beneficial interest issued by consolidated VIEs | 435 | 405 | 478 |
Total interest expense | 7,463 | 7,897 | 9,350 |
Net interest income | 43,510 | 43,634 | 43,319 |
Provision for credit losses | 3,827 | 3,139 | 225 |
Net interest income after provision for credit losses | $ 39,683 | $ 40,495 | $ 43,094 |
Pension and Other Postretire104
Pension and Other Postretirement Employee Benefit Plans - Defined Benefit Pension Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan, benefit obligation expense retirement plan | $ 237,000,000 | $ 257,000,000 | |
Defined contribution plans | |||
Employer matching percent of employees' gross pay | 5.00% | ||
Employee annual compensation amount not eligible for employers matching contributions | $ 250,000 | ||
Defined benefit pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Period after which employees begin to accrue plan benefits | 1 year | ||
Period after which benefits generally vest | 3 years | ||
Defined contribution plans | |||
Period after which employees begin to receive matching contributions | 1 year | ||
Period after which matching contributions vest for employees hired after May 1, 2009 | 3 years | ||
Funded status of plan - supplemental information | |||
Unfunded postretirement benefit obligation, U.K. Plan | $ 32,000,000 | 37,000,000 | |
Defined benefit pension plans, U.S. | |||
Change in benefit obligation | |||
Benefit obligation, beginning of year | (12,536,000,000) | (10,776,000,000) | |
Benefits earned during the year | (340,000,000) | (281,000,000) | $ (314,000,000) |
Interest cost on benefit obligations | (498,000,000) | (534,000,000) | (447,000,000) |
Plan amendments | 0 | (53,000,000) | |
Special termination benefits | 0 | 0 | |
Curtailments | 0 | 0 | |
Net gain/(loss) | 702,000,000 | (1,669,000,000) | |
Benefits paid | 760,000,000 | 777,000,000 | |
Foreign exchange impact and other | 0 | 0 | |
Benefit obligation, end of year | (11,912,000,000) | (12,536,000,000) | (10,776,000,000) |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 14,623,000,000 | 14,354,000,000 | |
Actual return on plan assets | 231,000,000 | 1,010,000,000 | |
Firm contributions | 31,000,000 | 36,000,000 | |
Employee contributions | 0 | 0 | |
Benefits paid | (760,000,000) | (777,000,000) | |
Foreign exchange impact and other | 0 | 0 | |
Fair value of plan assets, end of year | 14,125,000,000 | 14,623,000,000 | 14,354,000,000 |
Net funded status | 2,213,000,000 | 2,087,000,000 | |
Accumulated benefit obligation, end of year | (11,774,000,000) | (12,375,000,000) | |
Defined benefit pension plans, U.S. | Participation rights under participating annuity contracts | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 336,000,000 | ||
Fair value of plan assets, end of year | 533,000,000 | 336,000,000 | |
Defined benefit pension plans, U.S. | Accrued receivables | |||
Funded status of plan - supplemental information | |||
Defined benefit plans, amounts not measured at fair value | 74,000,000 | 106,000,000 | |
Defined benefit pension plans, U.S. | Accrued liabilities | |||
Funded status of plan - supplemental information | |||
Defined benefit plans, amounts not measured at fair value | 123,000,000 | 257,000,000 | |
Non-U.S. defined benefit pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan, estimated future employer contributions in next fiscal year | 47,000,000 | ||
Defined benefit plan, contractually required future employer contributions in next fiscal year | 31,000,000 | ||
Change in benefit obligation | |||
Benefit obligation, beginning of year | (3,640,000,000) | (3,433,000,000) | |
Benefits earned during the year | (37,000,000) | (33,000,000) | (34,000,000) |
Interest cost on benefit obligations | (112,000,000) | (137,000,000) | (125,000,000) |
Plan amendments | 0 | 0 | |
Special termination benefits | (1,000,000) | (1,000,000) | |
Curtailments | 0 | 0 | |
Employee contributions | (7,000,000) | (7,000,000) | |
Net gain/(loss) | 146,000,000 | (408,000,000) | |
Benefits paid | 120,000,000 | 119,000,000 | |
Foreign exchange impact and other | 184,000,000 | 260,000,000 | |
Benefit obligation, end of year | (3,347,000,000) | (3,640,000,000) | (3,433,000,000) |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 3,718,000,000 | 3,532,000,000 | |
Actual return on plan assets | 52,000,000 | 518,000,000 | |
Firm contributions | 45,000,000 | 46,000,000 | |
Employee contributions | 7,000,000 | 7,000,000 | |
Benefits paid | (120,000,000) | (119,000,000) | |
Foreign exchange impact and other | (191,000,000) | (266,000,000) | |
Fair value of plan assets, end of year | 3,511,000,000 | 3,718,000,000 | 3,532,000,000 |
Net funded status | 164,000,000 | 78,000,000 | |
Accumulated benefit obligation, end of year | (3,322,000,000) | (3,615,000,000) | |
OPEB plans | |||
Change in benefit obligation | |||
Benefit obligation, beginning of year | (842,000,000) | (826,000,000) | |
Benefits earned during the year | (1,000,000) | 0 | (1,000,000) |
Interest cost on benefit obligations | (31,000,000) | (38,000,000) | (35,000,000) |
Plan amendments | 0 | 0 | |
Special termination benefits | 0 | 0 | |
Curtailments | 0 | (3,000,000) | |
Employee contributions | (25,000,000) | (62,000,000) | |
Net gain/(loss) | 71,000,000 | (58,000,000) | |
Benefits paid | 88,000,000 | 145,000,000 | |
Expected Medicare Part D subsidy receipts | (6,000,000) | (2,000,000) | |
Foreign exchange impact and other | 2,000,000 | 2,000,000 | |
Benefit obligation, end of year | (744,000,000) | (842,000,000) | (826,000,000) |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 1,903,000,000 | 1,757,000,000 | |
Actual return on plan assets | 13,000,000 | 159,000,000 | |
Firm contributions | 2,000,000 | 3,000,000 | |
Employee contributions | 0 | 0 | |
Benefits paid | (63,000,000) | (16,000,000) | |
Foreign exchange impact and other | 0 | 0 | |
Fair value of plan assets, end of year | 1,855,000,000 | 1,903,000,000 | $ 1,757,000,000 |
Net funded status | 1,111,000,000 | 1,061,000,000 | |
OPEB plans | Overfunded plans | |||
Change in plan assets | |||
Net funded status | 4,100,000,000 | 3,900,000,000 | |
OPEB plans | Underfunded plans | |||
Change in plan assets | |||
Net funded status | $ 636,000,000 | $ 708,000,000 |
Pension and Other Postretire105
Pension and Other Postretirement Employee Benefit Plans - Pretax Pension and OPEB in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | |
Defined benefit pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percent above which amortization of net gains and losses is included in annual net periodic benefit cost | 10.00% | |
Defined benefit pension plans, U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Average future service period | 7 years | |
Average remaining amortization period | 4 years | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||
Net gain/(loss) | $ (3,346) | $ (3,096) |
Prior service credit/(cost) | 102 | 68 |
Accumulated other comprehensive income/(loss), pretax, end of year | (3,244) | (3,028) |
Non-U.S. defined benefit pension plans | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||
Net gain/(loss) | (628) | (513) |
Prior service credit/(cost) | 11 | 9 |
Accumulated other comprehensive income/(loss), pretax, end of year | $ (617) | (504) |
OPEB plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percent above which amortization of net gains and losses is included in annual net periodic benefit cost | 10.00% | |
Average future service period | 13 years | |
Average remaining amortization period | 2 years | |
Period over which the firm uses a calculated value that recognizes changes in fair value to determine expected return on plan assets | 5 years | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ||
Net gain/(loss) | $ 130 | 109 |
Prior service credit/(cost) | 0 | 0 |
Accumulated other comprehensive income/(loss), pretax, end of year | $ 130 | $ 109 |
Pension and Other Postretire106
Pension and Other Postretirement Employee Benefit Plans - Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined benefit pension plans, U.S. | |||
Amortization: | |||
Total defined contribution plans | $ 449 | $ 438 | $ 447 |
Pension plans, Non-U.S. | |||
Amortization: | |||
Total defined contribution plans | 320 | 329 | 321 |
Defined benefit pension plans, U.S. | |||
Components of net periodic benefit cost [Abstract] | |||
Benefits earned during the year | 340 | 281 | 314 |
Interest cost on benefit obligations | 498 | 534 | 447 |
Expected return on plan assets | (929) | (985) | (956) |
Amortization: | |||
Net (gain)/loss | 247 | 25 | 271 |
Prior service cost/(credit) | (34) | (41) | (41) |
Special termination benefits | 0 | 0 | 0 |
Net periodic defined benefit cost | 122 | (186) | 35 |
Other defined benefit pension plans | 14 | 14 | 15 |
Total defined benefit plans | 136 | (172) | 50 |
Total pension and OPEB cost included in compensation expense | 585 | 266 | 497 |
Changes in plan assets and benefit obligations recognized in other comprehensive income | |||
Net (gain)/loss arising during the year | (3) | 1,645 | (1,817) |
Prior service credit arising during the year | 0 | 53 | 0 |
Amortization of net loss | (247) | (25) | (271) |
Amortization of prior service (cost)/credit | 34 | 41 | 41 |
Foreign exchange impact and other | 0 | 0 | 0 |
Total recognized in other comprehensive income | (216) | 1,714 | (2,047) |
Total recognized in net periodic benefit cost and other comprehensive income | (94) | 1,528 | (2,012) |
Pension plans, Non-U.S. | |||
Components of net periodic benefit cost [Abstract] | |||
Benefits earned during the year | 37 | 33 | 34 |
Interest cost on benefit obligations | 112 | 137 | 125 |
Expected return on plan assets | (150) | (172) | (142) |
Amortization: | |||
Net (gain)/loss | 35 | 47 | 49 |
Prior service cost/(credit) | (2) | (2) | (2) |
Special termination benefits | 1 | 0 | 0 |
Net periodic defined benefit cost | 33 | 43 | 64 |
Other defined benefit pension plans | 10 | 6 | 14 |
Total defined benefit plans | 43 | 49 | 78 |
Total pension and OPEB cost included in compensation expense | 363 | 378 | 399 |
Changes in plan assets and benefit obligations recognized in other comprehensive income | |||
Net (gain)/loss arising during the year | (47) | 57 | 19 |
Prior service credit arising during the year | 0 | 0 | 0 |
Amortization of net loss | (35) | (47) | (49) |
Amortization of prior service (cost)/credit | 2 | 2 | 2 |
Foreign exchange impact and other | (33) | (39) | 14 |
Total recognized in other comprehensive income | (113) | (27) | (14) |
Total recognized in net periodic benefit cost and other comprehensive income | (80) | 16 | 50 |
OPEB plans | |||
Components of net periodic benefit cost [Abstract] | |||
Benefits earned during the year | 1 | 0 | 1 |
Interest cost on benefit obligations | 31 | 38 | 35 |
Expected return on plan assets | (106) | (101) | (92) |
Amortization: | |||
Net (gain)/loss | 0 | 0 | 1 |
Prior service cost/(credit) | 0 | (1) | 0 |
Special termination benefits | 0 | 0 | 0 |
Net periodic defined benefit cost | (74) | (64) | (55) |
Total defined benefit plans | (74) | (64) | (55) |
Total pension and OPEB cost included in compensation expense | (74) | (64) | (55) |
Changes in plan assets and benefit obligations recognized in other comprehensive income | |||
Net (gain)/loss arising during the year | 21 | (5) | (257) |
Prior service credit arising during the year | 0 | 0 | 0 |
Amortization of net loss | 0 | 0 | (1) |
Amortization of prior service (cost)/credit | 0 | 1 | 0 |
Foreign exchange impact and other | 0 | 0 | 0 |
Total recognized in other comprehensive income | 21 | (4) | (258) |
Total recognized in net periodic benefit cost and other comprehensive income | $ (53) | $ (68) | $ (313) |
Pension and Other Postretire107
Pension and Other Postretirement Employee Benefit Plans - Pretax Amortization from AOCI (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined benefit pension plans, U.S. | |
Estimated pretax amounts that will be amortized from AOCI into net periodic benefit cost | |
Net loss/(gain) | $ 231 |
Prior service cost/(credit) | (34) |
Total | 197 |
Non-U.S. defined benefit pension plans | |
Estimated pretax amounts that will be amortized from AOCI into net periodic benefit cost | |
Net loss/(gain) | 23 |
Prior service cost/(credit) | (2) |
Total | 21 |
OBEP plans, U.S. | |
Estimated pretax amounts that will be amortized from AOCI into net periodic benefit cost | |
Net loss/(gain) | 0 |
Prior service cost/(credit) | 0 |
Total | 0 |
OPEB plans, Non-U.S. | |
Estimated pretax amounts that will be amortized from AOCI into net periodic benefit cost | |
Net loss/(gain) | 0 |
Prior service cost/(credit) | 0 |
Total | $ 0 |
Pension and Other Postretire108
Pension and Other Postretirement Employee Benefit Plans - Actual Rate of Return on Plan Assets (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined benefit pension plans, U.S. | |||
Actual rate of return: | |||
Actual rate of return | 0.88% | 7.29% | 15.95% |
Non-U.S. defined benefit pension plans | Minimum | |||
Actual rate of return: | |||
Actual rate of return | (0.48%) | 5.62% | 3.74% |
Non-U.S. defined benefit pension plans | Maximum | |||
Actual rate of return: | |||
Actual rate of return | 4.92% | 17.69% | 23.80% |
OBEP plans, U.S. | |||
Actual rate of return: | |||
Actual rate of return | 1.16% | 9.84% | 13.88% |
Pension and Other Postretire109
Pension and Other Postretirement Employee Benefit Plans - Plan Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Investment advisor definition of long-term | 10 years | ||
Forward rate implied by the Citigroup pension discount curve at which excess cash is assumed to be reinvested | 1 year | ||
Increase (decrease) in PBO | $ 112 | $ (533) | |
Additional years of historical data | 2 years | ||
Decrease in expense due to increased discount rates | $ 63 | ||
Defined benefit pension plans, U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 6.50% | ||
OBEP plans, U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 5.75% | ||
Assumed for next year | 5.50% | 6.00% | |
Ultimate rate | 5.00% | 5.00% | 5.00% |
Year when rate will reach ultimate | 2,017 | 2,017 | 2,017 |
Pension and other postretirement employee benefit plans, U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest crediting rate | 5.00% | ||
Assumed rate of compensation increase | 3.50% | 3.50% | 4.00% |
Pension and Other Postretire110
Pension and Other Postretirement Employee Benefit Plans - Weighted-average Assumptions Benefit Obligations (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined benefit pension plans, U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.50% | 4.00% | |
Rate of compensation increase | 3.50% | 3.50% | |
Non-U.S. defined benefit pension plans | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 0.80% | 1.00% | |
Rate of compensation increase | 2.25% | 2.75% | |
Non-U.S. defined benefit pension plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.70% | 3.60% | |
Rate of compensation increase | 4.30% | 4.20% | |
OBEP plans, U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.40% | 4.10% | |
Assumed for next year | 5.50% | 6.00% | |
Ultimate | 5.00% | 5.00% | 5.00% |
Year when rate will reach ultimate | 2,017 | 2,017 | 2,017 |
Pension and Other Postretire111
Pension and Other Postretirement Employee Benefit Plans - Weighted-Average Assumptions Net Periodic Benefit Costs (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined benefit pension plans, U.S. | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 4.00% | 5.00% | 3.90% |
Expected long-term rate of return on plan assets | 6.50% | ||
Expected long-term rate of return on plan assets | 7.00% | 7.50% | |
Non-U.S. defined benefit pension plans | Minimum | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 1.00% | 1.10% | 1.40% |
Expected long-term rate of return on plan assets | 0.90% | 1.20% | 2.40% |
Non-U.S. defined benefit pension plans | Maximum | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 3.60% | 4.40% | 4.40% |
Expected long-term rate of return on plan assets | 4.80% | 5.30% | 4.90% |
OBEP plans, U.S. | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 4.10% | 4.90% | 3.90% |
Expected long-term rate of return on plan assets | 5.75% | ||
Expected long-term rate of return on plan assets | 6.00% | 6.25% | 6.25% |
Health care cost trend rate: | |||
Assumed for next year | 6.00% | 6.50% | 7.00% |
Ultimate | 5.00% | 5.00% | 5.00% |
Year when rate will reach ultimate | 2,017 | 2,017 | 2,017 |
Rate of compensation increase, U.S. | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Rate of compensation increase | 3.50% | 3.50% | 4.00% |
Rate of compensation, Non-U.S. | Minimum | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Rate of compensation increase | 2.75% | 2.75% | 2.75% |
Rate of compensation, Non-U.S. | Maximum | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Rate of compensation increase | 4.20% | 4.60% | 4.10% |
Pension and Other Postretire112
Pension and Other Postretirement Employee Benefit Plans - One Percentage Point Increase Effects (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Effect of a one-percentage-point change in the assumed health care cost trend rate on the Firms total service and interest cost and accumulated postretirement benefit obligation | |
Effect on accumulated postretirement benefit obligation, 1-Percentage-point increase | $ 8 |
Effect on accumulated postretirement benefit obligation, 1-Percentage-point decrease | (7) |
Pension and other postretirement employee benefit plans, U.S. | |
Effect of a one-percentage-point change in the assumed health care cost trend rate on the Firms total service and interest cost and accumulated postretirement benefit obligation | |
Aggregate increase from 25-basis point decline | 39 |
Aggregate expense from a 25-basis point decline | 31 |
Increase in related benefit obligations from a 25-basis point decline | 296 |
Decrease in related PBO from a 25-basis point decrease | 145 |
U.S. defined benefit pension plans | |
Effect of a one-percentage-point change in the assumed health care cost trend rate on the Firms total service and interest cost and accumulated postretirement benefit obligation | |
Decrease in pension expense from a 25-basis point decrease | 35 |
Non-U.S. pension and other postretirement employee benefit plans | |
Effect of a one-percentage-point change in the assumed health care cost trend rate on the Firms total service and interest cost and accumulated postretirement benefit obligation | |
Increase in plan expense from a 25-basis point decline | $ 17 |
Pension and Other Postretire113
Pension and Other Postretirement Employee Benefit Plans - Investment Strategy and Asset Allocation (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension and other postretirement employee benefit plans, U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments sponsored or managed by affiliates | $ 3.2 | $ 3.7 |
Non-U.S. pension and other postretirement employee benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments sponsored or managed by affiliates | $ 1.2 | $ 1.4 |
United States equity securities | Defined benefit pension plans, U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, minimum | 0.00% | |
Target allocation, maximum | 45.00% | |
International equity securities | Defined benefit pension plans, U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, minimum | 0.00% | |
Target allocation, maximum | 40.00% | |
Debt securities | Defined benefit pension plans, U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, minimum | 0.00% | |
Target allocation, maximum | 80.00% | |
Hedge funds | Defined benefit pension plans, U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, minimum | 0.00% | |
Target allocation, maximum | 5.00% | |
Real estate | Defined benefit pension plans, U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, minimum | 0.00% | |
Target allocation, maximum | 10.00% | |
Real assets | Defined benefit pension plans, U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, minimum | 0.00% | |
Target allocation, maximum | 10.00% | |
Private equity | Defined benefit pension plans, U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, minimum | 0.00% | |
Target allocation, maximum | 20.00% |
Pension and Other Postretire114
Pension and Other Postretirement Employee Benefit Plans - Weighted Average Asset Allocation (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. defined benefit pension plans | ||
Asset category | ||
Target plan asset allocations | 100.00% | |
Actual plan asset allocations | 100.00% | 100.00% |
U.S. defined benefit pension plans | Debt securities | ||
Asset category | ||
Target Allocation, Minimum | 0.00% | |
Target Allocation, Maximum | 80.00% | |
Actual plan asset allocations | 32.00% | 31.00% |
U.S. defined benefit pension plans | Equity securities | ||
Asset category | ||
Target Allocation, Minimum | 0.00% | |
Target Allocation, Maximum | 85.00% | |
Actual plan asset allocations | 48.00% | 46.00% |
U.S. defined benefit pension plans | Real estate | ||
Asset category | ||
Target Allocation, Minimum | 0.00% | |
Target Allocation, Maximum | 10.00% | |
Actual plan asset allocations | 4.00% | 4.00% |
U.S. defined benefit pension plans | Alternatives | ||
Asset category | ||
Target Allocation, Minimum | 0.00% | |
Target Allocation, Maximum | 35.00% | |
Actual plan asset allocations | 16.00% | 19.00% |
Non-U.S. defined benefit pension plans | ||
Asset category | ||
Target plan asset allocations | 100.00% | |
Actual plan asset allocations | 100.00% | 100.00% |
Non-U.S. defined benefit pension plans | Debt securities | ||
Asset category | ||
Target plan asset allocations | 59.00% | |
Actual plan asset allocations | 60.00% | 61.00% |
Non-U.S. defined benefit pension plans | Equity securities | ||
Asset category | ||
Target plan asset allocations | 40.00% | |
Actual plan asset allocations | 38.00% | 38.00% |
Non-U.S. defined benefit pension plans | Real estate | ||
Asset category | ||
Target plan asset allocations | 0.00% | |
Actual plan asset allocations | 1.00% | 0.00% |
Non-U.S. defined benefit pension plans | Alternatives | ||
Asset category | ||
Target plan asset allocations | 1.00% | |
Actual plan asset allocations | 1.00% | 1.00% |
OPEB plans | ||
Asset category | ||
Target plan asset allocations | 100.00% | |
Actual plan asset allocations | 100.00% | 100.00% |
OPEB plans | Debt securities | ||
Asset category | ||
Target Allocation, Minimum | 30.00% | |
Target Allocation, Maximum | 70.00% | |
Actual plan asset allocations | 50.00% | 50.00% |
OPEB plans | Equity securities | ||
Asset category | ||
Target Allocation, Minimum | 30.00% | |
Target Allocation, Maximum | 70.00% | |
Actual plan asset allocations | 50.00% | 50.00% |
OPEB plans | Real estate | ||
Asset category | ||
Target plan asset allocations | 0.00% | |
Actual plan asset allocations | 0.00% | 0.00% |
OPEB plans | Alternatives | ||
Asset category | ||
Target plan asset allocations | 0.00% | |
Actual plan asset allocations | 0.00% | 0.00% |
Pension and Other Postretire115
Pension and Other Postretirement Employee Benefit Plans - Plan Assets and Liabilities Measured At Fair Value (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined benefit pension plans | ||||
Pension and OPEB plan assets and liabilities - supplemental information | ||||
Unfunded commitments to purchase limited partnership investments for the plan | $ 895,000,000 | $ 1,200,000,000 | ||
Excluded amount of US receivables for investments sold and dividends and interest receivables | 74,000,000 | 106,000,000 | ||
Excluded amount of other liabilities | 17,000,000 | 16,000,000 | ||
U.S. defined benefit pension plans | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 14,125,000,000 | 14,623,000,000 | $ 14,354,000,000 | |
Pension and OPEB plan assets and liabilities - supplemental information | ||||
Excluded amount of payables for investments purchased | 106,000,000 | 241,000,000 | ||
U.S. defined benefit pension plans | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 539,000,000 | 351,000,000 | 441,000,000 | $ 425,000,000 |
U.S. defined benefit pension plans | Total assets measured at fair value | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 10,139,000,000 | 10,466,000,000 | ||
U.S. defined benefit pension plans | Total assets measured at fair value | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 7,670,000,000 | 8,266,000,000 | ||
U.S. defined benefit pension plans | Total assets measured at fair value | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 1,930,000,000 | 1,849,000,000 | ||
U.S. defined benefit pension plans | Total assets measured at fair value | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 539,000,000 | 351,000,000 | ||
U.S. defined benefit pension plans | Cash and cash equivalents | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 112,000,000 | 87,000,000 | ||
U.S. defined benefit pension plans | Cash and cash equivalents | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 112,000,000 | 87,000,000 | ||
U.S. defined benefit pension plans | Cash and cash equivalents | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Cash and cash equivalents | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Equity securities | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 4,833,000,000 | 5,310,000,000 | ||
U.S. defined benefit pension plans | Equity securities | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 4,826,000,000 | 5,286,000,000 | ||
U.S. defined benefit pension plans | Equity securities | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 5,000,000 | 20,000,000 | ||
U.S. defined benefit pension plans | Equity securities | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 2,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
U.S. defined benefit pension plans | Common/collective trust funds | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 339,000,000 | 345,000,000 | ||
U.S. defined benefit pension plans | Common/collective trust funds | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 339,000,000 | 345,000,000 | ||
U.S. defined benefit pension plans | Common/collective trust funds | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Common/collective trust funds | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Limited partnerships | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 53,000,000 | 70,000,000 | ||
U.S. defined benefit pension plans | Limited partnerships | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 53,000,000 | 70,000,000 | ||
U.S. defined benefit pension plans | Limited partnerships | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Limited partnerships | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Corporate debt securities | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 1,621,000,000 | 1,463,000,000 | ||
U.S. defined benefit pension plans | Corporate debt securities | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Corporate debt securities | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 1,619,000,000 | 1,454,000,000 | ||
U.S. defined benefit pension plans | Corporate debt securities | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 2,000,000 | 9,000,000 | 7,000,000 | 1,000,000 |
U.S. defined benefit pension plans | U.S. federal, state, local and non-U.S. government debt securities | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 688,000,000 | 607,000,000 | ||
U.S. defined benefit pension plans | U.S. federal, state, local and non-U.S. government debt securities | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 580,000,000 | 446,000,000 | ||
U.S. defined benefit pension plans | U.S. federal, state, local and non-U.S. government debt securities | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 108,000,000 | 161,000,000 | ||
U.S. defined benefit pension plans | U.S. federal, state, local and non-U.S. government debt securities | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Mortgage-backed securities | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 68,000,000 | 75,000,000 | ||
U.S. defined benefit pension plans | Mortgage-backed securities | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 1,000,000 | ||
U.S. defined benefit pension plans | Mortgage-backed securities | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 67,000,000 | 73,000,000 | ||
U.S. defined benefit pension plans | Mortgage-backed securities | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 1,000,000 | 1,000,000 | 0 | 0 |
U.S. defined benefit pension plans | Derivative receivables | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 104,000,000 | 114,000,000 | ||
U.S. defined benefit pension plans | Derivative receivables | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Derivative receivables | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 104,000,000 | 114,000,000 | ||
U.S. defined benefit pension plans | Derivative receivables | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Other | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 2,321,000,000 | 2,395,000,000 | ||
U.S. defined benefit pension plans | Other | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 1,760,000,000 | 2,031,000,000 | ||
U.S. defined benefit pension plans | Other | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 27,000,000 | 27,000,000 | ||
U.S. defined benefit pension plans | Other | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 534,000,000 | 337,000,000 | 430,000,000 | 420,000,000 |
U.S. defined benefit pension plans | Certain limited partnerships and common/collective trust funds | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 4,100,000,000 | 4,300,000,000 | ||
U.S. defined benefit pension plans | Certain limited partnerships and common/collective trust funds | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 1,300,000,000 | |||
U.S. defined benefit pension plans | Certain limited partnerships and common/collective trust funds | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 3,000,000,000 | |||
U.S. defined benefit pension plans | Total liabilities measured at fair value | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | (35,000,000) | (23,000,000) | ||
U.S. defined benefit pension plans | Total liabilities measured at fair value | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Total liabilities measured at fair value | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | (35,000,000) | (23,000,000) | ||
U.S. defined benefit pension plans | Total liabilities measured at fair value | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Derivative payables | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | (35,000,000) | (23,000,000) | ||
U.S. defined benefit pension plans | Derivative payables | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | 0 | 0 | ||
U.S. defined benefit pension plans | Derivative payables | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | (35,000,000) | (23,000,000) | ||
U.S. defined benefit pension plans | Derivative payables | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | 0 | 0 | ||
Non-U.S. defined benefit pension plans | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 3,511,000,000 | 3,718,000,000 | 3,532,000,000 | |
Non-U.S. defined benefit pension plans | Level 3 | ||||
Pension and OPEB plan assets and liabilities - supplemental information | ||||
Fair value of plan assets and liabilities | 0 | 0 | ||
Non-U.S. defined benefit pension plans | Total assets measured at fair value | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 3,430,000,000 | 3,606,000,000 | ||
Non-U.S. defined benefit pension plans | Total assets measured at fair value | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 1,722,000,000 | 1,779,000,000 | ||
Non-U.S. defined benefit pension plans | Total assets measured at fair value | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 1,708,000,000 | 1,827,000,000 | ||
Non-U.S. defined benefit pension plans | Cash and cash equivalents | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 115,000,000 | 129,000,000 | ||
Non-U.S. defined benefit pension plans | Cash and cash equivalents | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 114,000,000 | 128,000,000 | ||
Non-U.S. defined benefit pension plans | Cash and cash equivalents | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 1,000,000 | 1,000,000 | ||
Non-U.S. defined benefit pension plans | Equity securities | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 1,159,000,000 | 1,188,000,000 | ||
Non-U.S. defined benefit pension plans | Equity securities | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 1,002,000,000 | 1,019,000,000 | ||
Non-U.S. defined benefit pension plans | Equity securities | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 157,000,000 | 169,000,000 | ||
Non-U.S. defined benefit pension plans | Common/collective trust funds | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 135,000,000 | 112,000,000 | ||
Non-U.S. defined benefit pension plans | Common/collective trust funds | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 135,000,000 | 112,000,000 | ||
Non-U.S. defined benefit pension plans | Common/collective trust funds | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
Non-U.S. defined benefit pension plans | Limited partnerships | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
Non-U.S. defined benefit pension plans | Limited partnerships | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
Non-U.S. defined benefit pension plans | Limited partnerships | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
Non-U.S. defined benefit pension plans | Corporate debt securities | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 758,000,000 | 724,000,000 | ||
Non-U.S. defined benefit pension plans | Corporate debt securities | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
Non-U.S. defined benefit pension plans | Corporate debt securities | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 758,000,000 | 724,000,000 | ||
Non-U.S. defined benefit pension plans | U.S. federal, state, local and non-U.S. government debt securities | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 716,000,000 | 775,000,000 | ||
Non-U.S. defined benefit pension plans | U.S. federal, state, local and non-U.S. government debt securities | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 212,000,000 | 235,000,000 | ||
Non-U.S. defined benefit pension plans | U.S. federal, state, local and non-U.S. government debt securities | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 504,000,000 | 540,000,000 | ||
Non-U.S. defined benefit pension plans | Mortgage-backed securities | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 28,000,000 | 79,000,000 | ||
Non-U.S. defined benefit pension plans | Mortgage-backed securities | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 2,000,000 | 2,000,000 | ||
Non-U.S. defined benefit pension plans | Mortgage-backed securities | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 26,000,000 | 77,000,000 | ||
Non-U.S. defined benefit pension plans | Derivative receivables | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 209,000,000 | 258,000,000 | ||
Non-U.S. defined benefit pension plans | Derivative receivables | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 0 | 0 | ||
Non-U.S. defined benefit pension plans | Derivative receivables | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 209,000,000 | 258,000,000 | ||
Non-U.S. defined benefit pension plans | Other | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 310,000,000 | 341,000,000 | ||
Non-U.S. defined benefit pension plans | Other | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 257,000,000 | 283,000,000 | ||
Non-U.S. defined benefit pension plans | Other | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 53,000,000 | 58,000,000 | ||
Non-U.S. defined benefit pension plans | Certain limited partnerships and common/collective trust funds | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 234,000,000 | 251,000,000 | ||
Non-U.S. defined benefit pension plans | Certain limited partnerships and common/collective trust funds | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 251,000,000 | |||
Non-U.S. defined benefit pension plans | Total liabilities measured at fair value | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | (153,000,000) | (139,000,000) | ||
Non-U.S. defined benefit pension plans | Total liabilities measured at fair value | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | 0 | 0 | ||
Non-U.S. defined benefit pension plans | Total liabilities measured at fair value | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | (153,000,000) | (139,000,000) | ||
Non-U.S. defined benefit pension plans | Derivative payables | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | (153,000,000) | (139,000,000) | ||
Non-U.S. defined benefit pension plans | Derivative payables | Level 1 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | 0 | 0 | ||
Non-U.S. defined benefit pension plans | Derivative payables | Level 2 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan liabilities measured at fair value | (153,000,000) | (139,000,000) | ||
OPEB plans | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | 1,855,000,000 | 1,903,000,000 | 1,757,000,000 | |
OPEB plans | Level 3 | ||||
Pension and OPEB plan assets and liabilities measured at fair value | ||||
Plan assets measured at fair value | $ 1,855,000,000 | $ 1,903,000,000 | $ 1,749,000,000 | $ 1,554,000,000 |
Pension and Other Postretire116
Pension and Other Postretirement Employee Benefit Plans - Changes In Level 3 Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. defined benefit pension plans | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | $ 14,623 | $ 14,354 | |
Fair value of plan assets, end of year | 14,125 | 14,623 | $ 14,354 |
U.S. defined benefit pension plans | Equity securities | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 5,310 | ||
Fair value of plan assets, end of year | 4,833 | 5,310 | |
U.S. defined benefit pension plans | Corporate debt securities | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 1,463 | ||
Fair value of plan assets, end of year | 1,621 | 1,463 | |
U.S. defined benefit pension plans | Mortgage-backed securities | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 75 | ||
Fair value of plan assets, end of year | 68 | 75 | |
U.S. defined benefit pension plans | Other | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 2,395 | ||
Fair value of plan assets, end of year | 2,321 | 2,395 | |
OPEB plans | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 1,903 | 1,757 | |
Fair value of plan assets, end of year | 1,855 | 1,903 | 1,757 |
Level 3 | U.S. defined benefit pension plans | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 351 | 441 | 425 |
Actual return on plan assets, Realized gains/(losses) | 0 | (2) | 0 |
Actual return on plan assets, Unrealized gains/(losses) | 195 | (91) | 10 |
Purchases, sales and settlements, net | (7) | 5 | 0 |
Transfers in and/or out of level 3 | 0 | (2) | 6 |
Fair value of plan assets, end of year | 539 | 351 | 441 |
Level 3 | U.S. defined benefit pension plans | Equity securities | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 4 | 4 | 4 |
Actual return on plan assets, Realized gains/(losses) | 0 | 0 | 0 |
Actual return on plan assets, Unrealized gains/(losses) | (2) | 0 | 0 |
Purchases, sales and settlements, net | 0 | 0 | 0 |
Transfers in and/or out of level 3 | 0 | 0 | 0 |
Fair value of plan assets, end of year | 2 | 4 | 4 |
Level 3 | U.S. defined benefit pension plans | Corporate debt securities | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 9 | 7 | 1 |
Actual return on plan assets, Realized gains/(losses) | 0 | (2) | 0 |
Actual return on plan assets, Unrealized gains/(losses) | 0 | 2 | 0 |
Purchases, sales and settlements, net | (7) | 4 | 0 |
Transfers in and/or out of level 3 | 0 | (2) | 6 |
Fair value of plan assets, end of year | 2 | 9 | 7 |
Level 3 | U.S. defined benefit pension plans | Mortgage-backed securities | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 1 | 0 | 0 |
Actual return on plan assets, Realized gains/(losses) | 0 | 0 | 0 |
Actual return on plan assets, Unrealized gains/(losses) | 0 | 0 | 0 |
Purchases, sales and settlements, net | 0 | 1 | 0 |
Transfers in and/or out of level 3 | 0 | 0 | 0 |
Fair value of plan assets, end of year | 1 | 1 | 0 |
Level 3 | U.S. defined benefit pension plans | Other | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 337 | 430 | 420 |
Actual return on plan assets, Realized gains/(losses) | 0 | 0 | 0 |
Actual return on plan assets, Unrealized gains/(losses) | 197 | (93) | 10 |
Purchases, sales and settlements, net | 0 | 0 | 0 |
Transfers in and/or out of level 3 | 0 | 0 | 0 |
Fair value of plan assets, end of year | 534 | 337 | 430 |
Level 3 | OPEB plans | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 1,903 | 1,749 | 1,554 |
Actual return on plan assets, Realized gains/(losses) | 0 | 0 | 0 |
Actual return on plan assets, Unrealized gains/(losses) | (48) | 154 | 195 |
Purchases, sales and settlements, net | 0 | 0 | 0 |
Transfers in and/or out of level 3 | 0 | 0 | 0 |
Fair value of plan assets, end of year | $ 1,855 | $ 1,903 | $ 1,749 |
Pension and Other Postretire117
Pension and Other Postretirement Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2015USD ($) |
U.S. defined benefit pension plans | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,016 | $ 762 |
2,017 | 798 |
2,018 | 927 |
2,019 | 966 |
2,020 | 1,009 |
Years 2021–2025 | 4,409 |
Non-U.S. defined benefit pension plans | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,016 | 107 |
2,017 | 110 |
2,018 | 119 |
2,019 | 123 |
2,020 | 129 |
Years 2021–2025 | 722 |
OPEB plans | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,016 | 68 |
2,017 | 66 |
2,018 | 63 |
2,019 | 61 |
2,020 | 59 |
Years 2021–2025 | 259 |
Prescription Drug Subsidy Receipts, Fiscal Year Maturity [Abstract] | |
2,016 | 1 |
2,017 | 1 |
2,018 | 1 |
2,019 | 1 |
2,020 | 1 |
Years 2021–2025 | $ 4 |
Employee Stock-Based Incenti118
Employee Stock-Based Incentives - Employee Stock-Based Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2008 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee stock-based awards general disclosures | |||||
Compensation expense recognized | $ 3 | $ 14 | |||
Stock Appreciation Rights (SARs) | |||||
Employee stock-based awards general disclosures | |||||
Award vesting period | 5 years | ||||
Award vesting percentage | 20.00% | ||||
Award expiration period | 10 years | ||||
Stock Appreciation Rights (SARs) | Chief Executive Officer | |||||
Employee stock-based awards general disclosures | |||||
Shares awarded (up to) (in shares) | 2,000,000 | ||||
Exercise price (in dollars per share) | $ 39.83 | ||||
Service period | 5 years | 6 years 6 months | |||
1st 50% | RSUs | |||||
Employee stock-based awards general disclosures | |||||
Award vesting period | 2 years | ||||
2nd 50% | RSUs | |||||
Employee stock-based awards general disclosures | |||||
Award vesting period | 3 years | ||||
Long-Term Incentive Plan | |||||
Employee stock-based awards general disclosures | |||||
Shares of common stock available for issuance (in shares) | 93,000,000 |
Employee Stock-Based Incenti119
Employee Stock-Based Incentives - RSUs, Employee Stock Options and SARS Activities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
RSUs | |||
RSU Number of Shares: | |||
Outstanding, January 1 (in shares) | 100,568 | ||
Granted (in shares) | 36,096 | ||
Vested (in shares) | (47,709) | ||
Forfeited (in shares) | (3,648) | ||
Outstanding, December 31 (in shares) | 85,307 | 100,568 | |
RSU's Weighted-Average Grant Date Fair Value (in dollars per share): | |||
Outstanding, January 1 (in dollars per share) | $ 47.81 | ||
Granted (in dollars per share) | 56.31 | ||
Vested (in dollars per share) | 41.64 | ||
Forfeited (in dollars per share) | 54.17 | ||
Outstanding, December 31 (in dollars per share) | $ 54.60 | $ 47.81 | |
Employee Stock Options and SARs Weighted-Average Exercise Price (in dollars per share): | |||
Total fair value of RSUs that vested | $ 2,800,000 | $ 3,200,000 | $ 2,900,000 |
Options/SARs | |||
Employee Stock Options and SARs Number of Shares: | |||
Outstanding, January 1 (in shares) | 59,195 | ||
Granted (in shares) | 107 | ||
Exercised (in shares) | (14,313) | ||
Forfeited (in shares) | (943) | ||
Canceled (in shares) | (580) | ||
Outstanding, December 31 (in shares) | 43,466 | 59,195 | |
Exercisable, December 31 (in shares) | 31,853 | ||
Employee Stock Options and SARs Weighted-Average Exercise Price (in dollars per share): | |||
Outstanding, January 1 (in dollars per share) | $ 45 | ||
Granted (in dollars per share) | 64.41 | ||
Exercised (in dollars per share) | 40.44 | ||
Forfeited (in dollars per share) | 43.04 | ||
Canceled (in dollars per share) | 278.93 | ||
Outstanding, December 31 (in dollars per share) | 43.51 | $ 45 | |
Exercisable, December 31 (in dollars per share) | $ 43.85 | ||
Weighted-average remaining contractual life, Outstanding | 4 years 7 months 12 days | ||
Weighted-average remaining contractual life, Exercisable | 4 years 12 days | ||
Aggregate intrinsic value, Outstanding | $ 1,109,411 | ||
Aggregate intrinsic value, Exercisable | 832,929 | ||
Weighted average grant date per share of stock options and SARs granted (in dollars per share) | $ 9.58 | ||
Stock options | |||
Employee Stock Options and SARs Weighted-Average Exercise Price (in dollars per share): | |||
Total intrinsic value of options exercised | $ 335,000 | $ 539,000 | $ 507,000 |
Employee Stock-Based Incenti120
Employee Stock-Based Incentives - Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncash compensation expense related to employee stock-based incentive plans | |||
Cost of prior grants of RSUs and SARs that are amortized over their applicable vesting periods | $ 1,109 | $ 1,371 | $ 1,440 |
Accrual of estimated costs of stock-based awards to be granted in future periods including those to full-career eligible employees | 878 | 819 | 779 |
Total noncash compensation expense related to employee stock-based incentive plans | 1,987 | $ 2,190 | $ 2,219 |
Compensation cost related to unvested awards not charged to net income | $ 688 | ||
Weighted average period for cost expected to be amortized into compensation expense | 10 months 24 days |
Employee Stock-Based Incenti121
Employee Stock-Based Incentives - Cash Flows and Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit from compensation expense | $ 746 | $ 854 | $ 865 |
Employee Stock Option | |||
Cash received from the exercise of stock options under all stock-based incentive arrangements, and the actual income tax benefit realized related to tax deductions from the exercise of the stock options | |||
Cash received for options exercised | 20 | 63 | 166 |
Tax benefit realized | $ 64 | $ 104 | $ 42 |
Employee Stock-Based Incenti122
Employee Stock-Based Incentives - Valuation Assumptions (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Weighted-average annualized valuation assumptions | |
Risk-free interest rate | 1.18% |
Expected dividend yield | 2.66% |
Expected common stock price volatility | 28.00% |
Expected life (in years) | 6 years 7 months 6 days |
Noninterest Expense (Details)
Noninterest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Non interest Expense [Line Items] | |||
Federal Deposit Insurance Corporation-related (“FDIC”) expense | $ 1,227 | $ 1,037 | $ 1,496 |
Threatened or Pending Litigation | |||
Non interest Expense [Line Items] | |||
Legal expense | $ 2,969 | $ 2,883 | $ 11,143 |
Securities - Amortized Costs, F
Securities - Amortized Costs, Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of securities transferred from available-for-sale to held-to-maturity | $ 19,300 | ||
Net pre-tax unrealized losses in AOCI on securities on the date of transfer | $ (9) | ||
Available-for-sale Debt Securities: | |||
Amortized cost | $ 235,391 | $ 288,466 | |
Gross unrealized gains | 5,386 | 8,143 | |
Gross unrealized losses | 1,110 | 387 | |
Fair value | 239,667 | 296,222 | |
Available-for-sale Equity Securities: | |||
Amortized cost | 2,067 | 2,513 | |
Gross unrealized gains | 20 | 17 | |
Gross unrealized losses | 0 | 0 | |
Fair value | 2,087 | 2,530 | |
Available-for-sale Securities: | |||
Amortized cost | 237,458 | 290,979 | |
Gross unrealized gains | 5,406 | 8,160 | |
Gross unrealized losses | 1,110 | 387 | |
Fair value | 241,754 | 298,752 | |
Held-to-maturity Securities: | |||
Amortized cost | 49,073 | 49,252 | |
Gross unrealized gains | 1,560 | 1,902 | |
Gross unrealized losses | 46 | 0 | |
Fair value | 50,587 | 51,154 | |
Total mortgage-backed securities | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 103,980 | 133,598 | |
Gross unrealized gains | 2,021 | 3,842 | |
Gross unrealized losses | 419 | 118 | |
Fair value | 105,582 | 137,322 | |
U.S. government agencies | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 53,689 | 63,089 | |
Gross unrealized gains | 1,483 | 2,302 | |
Gross unrealized losses | 106 | 72 | |
Fair value | 55,066 | 65,319 | |
Residential: Prime and Alt-A | Residential mortgage-backed securities | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 7,462 | 5,595 | |
Gross unrealized gains | 40 | 78 | |
Gross unrealized losses | 57 | 29 | |
Fair value | 7,445 | 5,644 | |
Residential: Subprime | Residential mortgage-backed securities | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 210 | 677 | |
Gross unrealized gains | 7 | 14 | |
Gross unrealized losses | 0 | 0 | |
Fair value | 217 | 691 | |
Residential: Non-U.S. | Residential mortgage-backed securities | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 19,629 | 43,550 | |
Gross unrealized gains | 341 | 1,010 | |
Gross unrealized losses | 13 | 0 | |
Fair value | 19,957 | 44,560 | |
Commercial | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 22,990 | 20,687 | |
Gross unrealized gains | 150 | 438 | |
Gross unrealized losses | 243 | 17 | |
Fair value | 22,897 | 21,108 | |
U.S. Treasury and government agencies | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 11,202 | 13,603 | |
Gross unrealized gains | 0 | 56 | |
Gross unrealized losses | 166 | 14 | |
Fair value | 11,036 | 13,645 | |
Obligations of U.S. states and municipalities | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 31,328 | 27,841 | |
Gross unrealized gains | 2,245 | 2,243 | |
Gross unrealized losses | 23 | 16 | |
Fair value | 33,550 | 30,068 | |
Held-to-maturity Securities: | |||
Amortized cost | 12,800 | 10,200 | |
Certificates of deposit | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 282 | 1,103 | |
Gross unrealized gains | 1 | 1 | |
Gross unrealized losses | 0 | 1 | |
Fair value | 283 | 1,103 | |
Non-U.S. government debt securities | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 35,864 | 51,492 | |
Gross unrealized gains | 853 | 1,272 | |
Gross unrealized losses | 41 | 21 | |
Fair value | 36,676 | 52,743 | |
Corporate debt securities | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 12,464 | 18,158 | |
Gross unrealized gains | 142 | 398 | |
Gross unrealized losses | 170 | 24 | |
Fair value | 12,436 | 18,532 | |
Asset-backed securities: Collateralized loan obligations | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 31,146 | 30,229 | |
Gross unrealized gains | 52 | 147 | |
Gross unrealized losses | 191 | 182 | |
Fair value | 31,007 | 30,194 | |
Asset-backed securities: Other | |||
Available-for-sale Debt Securities: | |||
Amortized cost | 9,125 | 12,442 | |
Gross unrealized gains | 72 | 184 | |
Gross unrealized losses | 100 | 11 | |
Fair value | 9,097 | 12,615 | |
US government-sponsored and enterprises obligations | |||
Available-for-sale Securities: | |||
Fair value | 42,300 | 59,300 | |
Held-to-maturity Securities: | |||
Amortized cost | 30,800 | 35,300 | |
US Government agencies | |||
Held-to-maturity Securities: | |||
Amortized cost | $ 5,500 | $ 3,700 |
Securities - Continuous Unreali
Securities - Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Held-to-maturity Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | $ 3,763 | $ 0 |
Less than 12 months, Gross unrealized losses | 46 | 0 |
12 months or more, Fair value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 3,763 | 0 |
Total gross unrealized losses | 46 | 0 |
Investment Securities, Continuous Unrealized Loss Position: | ||
Less than 12 months, Fair value | 76,475 | 41,720 |
Less than 12 months, Gross unrealized losses | 905 | 173 |
12 months or more, Fair value | 14,877 | 15,614 |
12 months or more, Gross unrealized losses | 251 | 214 |
Total fair value | 91,352 | 57,334 |
Total gross unrealized losses | 1,156 | 387 |
Debt securities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 72,712 | 41,720 |
Less than 12 months, Gross unrealized losses | 859 | 173 |
12 months or more, Fair Value | 14,877 | 15,614 |
12 months or more, Gross unrealized losses | 251 | 214 |
Total fair value | 87,589 | 57,334 |
Total gross unrealized losses | 1,110 | 387 |
Total mortgage-backed securities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 33,949 | 7,761 |
Less than 12 months, Gross unrealized losses | 397 | 30 |
12 months or more, Fair Value | 1,760 | 5,486 |
12 months or more, Gross unrealized losses | 22 | 88 |
Total fair value | 35,709 | 13,247 |
Total gross unrealized losses | 419 | 118 |
U.S. government agencies | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 13,002 | 1,118 |
Less than 12 months, Gross unrealized losses | 95 | 5 |
12 months or more, Fair Value | 697 | 4,989 |
12 months or more, Gross unrealized losses | 11 | 67 |
Total fair value | 13,699 | 6,107 |
Total gross unrealized losses | 106 | 72 |
Residential: Prime and Alt-A | Residential mortgage-backed securities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 5,147 | 1,840 |
Less than 12 months, Gross unrealized losses | 51 | 10 |
12 months or more, Fair Value | 238 | 405 |
12 months or more, Gross unrealized losses | 6 | 19 |
Total fair value | 5,385 | 2,245 |
Total gross unrealized losses | 57 | 29 |
Residential: Subprime | Residential mortgage-backed 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: Non-U.S. | Residential mortgage-backed securities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 2,021 | 0 |
Less than 12 months, Gross unrealized losses | 12 | 0 |
12 months or more, Fair Value | 167 | 0 |
12 months or more, Gross unrealized losses | 1 | 0 |
Total fair value | 2,188 | 0 |
Total gross unrealized losses | 13 | 0 |
Commercial | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 13,779 | 4,803 |
Less than 12 months, Gross unrealized losses | 239 | 15 |
12 months or more, Fair Value | 658 | 92 |
12 months or more, Gross unrealized losses | 4 | 2 |
Total fair value | 14,437 | 4,895 |
Total gross unrealized losses | 243 | 17 |
U.S. Treasury and government agencies | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 10,998 | 8,412 |
Less than 12 months, Gross unrealized losses | 166 | 14 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 10,998 | 8,412 |
Total gross unrealized losses | 166 | 14 |
Obligations of U.S. states and municipalities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 1,676 | 1,405 |
Less than 12 months, Gross unrealized losses | 18 | 15 |
12 months or more, Fair Value | 205 | 130 |
12 months or more, Gross unrealized losses | 5 | 1 |
Total fair value | 1,881 | 1,535 |
Total gross unrealized losses | 23 | 16 |
Certificates of deposit | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 0 | 1,050 |
Less than 12 months, Gross unrealized losses | 0 | 1 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 0 | 1,050 |
Total gross unrealized losses | 0 | 1 |
Non-U.S. government debt securities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 3,267 | 4,433 |
Less than 12 months, Gross unrealized losses | 26 | 4 |
12 months or more, Fair Value | 367 | 906 |
12 months or more, Gross unrealized losses | 15 | 17 |
Total fair value | 3,634 | 5,339 |
Total gross unrealized losses | 41 | 21 |
Corporate debt securities | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 3,198 | 2,492 |
Less than 12 months, Gross unrealized losses | 125 | 22 |
12 months or more, Fair Value | 848 | 80 |
12 months or more, Gross unrealized losses | 45 | 2 |
Total fair value | 4,046 | 2,572 |
Total gross unrealized losses | 170 | 24 |
Asset-backed securities: Collateralized loan obligations | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 15,340 | 13,909 |
Less than 12 months, Gross unrealized losses | 67 | 76 |
12 months or more, Fair Value | 10,692 | 9,012 |
12 months or more, Gross unrealized losses | 124 | 106 |
Total fair value | 26,032 | 22,921 |
Total gross unrealized losses | 191 | 182 |
Asset-backed securities: Other | ||
Available-for-sale Securities, Securities with Gross Unrealized Losses: | ||
Less than 12 months, Fair value | 4,284 | 2,258 |
Less than 12 months, Gross unrealized losses | 60 | 11 |
12 months or more, Fair Value | 1,005 | 0 |
12 months or more, Gross unrealized losses | 40 | 0 |
Total fair value | 5,289 | 2,258 |
Total gross unrealized losses | 100 | 11 |
Available-for-sale 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 |
Securities - Realized Gain (Los
Securities - Realized Gain (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Securities gains and losses | ||||
Realized gains | $ 351 | $ 314 | $ 1,302 | |
Realized losses | (127) | (233) | (614) | |
OTTI losses | (22) | (4) | (21) | |
Net securities gains | [1] | 202 | 77 | 667 |
Other than temporary impairment losses investments portion previously recognized in earnings intends to sell net | 5 | 3 | 12 | |
Credit losses recognized in income | ||||
Securities gains and losses | ||||
OTTI losses | (1) | (2) | (1) | |
Securities the Firm intends to sell | ||||
Securities gains and losses | ||||
OTTI losses | $ (21) | $ (2) | $ (20) | |
[1] | The Firm recognized other-than-temporary impairment (“OTTI”) losses of $22 million, $4 million, and $21 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Securities - Changes in Credit
Securities - Changes in Credit Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in the credit loss component of credit-impaired debt securities, securities with no intent to sell [Abstract] | |||
Balance, beginning of period | $ 3 | $ 1 | $ 522 |
Additions: | |||
Newly credit-impaired securities | 1 | 2 | 1 |
Losses reclassified from other comprehensive income on previously credit-impaired securities | 0 | 0 | 0 |
Reductions: | |||
Sales and redemptions of credit-impaired securities | 0 | 0 | (522) |
Balance, end of period | $ 4 | $ 3 | $ 1 |
Securities - Amortized Cost, Fa
Securities - Amortized Cost, Fair Value, by Contract Maturity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale debt securities, Amortized Cost: | ||
Due in one year or less | $ 11,755 | |
Due after one year through five years | 29,328 | |
Due after five years through 10 years | 57,612 | |
Due after 10 years | 136,696 | |
Amortized cost | 235,391 | $ 288,466 |
Available-for-sale debt securities, Fair value | ||
Due in one year or less | 12,077 | |
Due after one year through five years | 29,769 | |
Due after five years through 10 years | 57,803 | |
Due after 10 years | 140,018 | |
Fair value | $ 239,667 | 296,222 |
Available-for-sale debt securities, Average yield | ||
Due in one year or less | 2.85% | |
Due after one year through five years | 2.00% | |
Due after five years through 10 years | 1.63% | |
Due after 10 years | 3.61% | |
Average yield | 2.89% | |
Available-for-sale equity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 2,067 | |
Amortized cost | 2,067 | |
Available-for-sale equity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 2,087 | |
Fair value | $ 2,087 | |
Available-for-sale equity securities, 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 | 0.30% | |
Available-for-sale securities, equity maturities, average yield, total | 0.30% | |
Available-for-sale securities, Amortized cost | ||
Due in 1 year or less, amortized cost | $ 11,755 | |
Due after 1 year through 5 years, amortized cost | 29,328 | |
Due after 5 years through 10 years, amortized cost | 57,612 | |
Due after 10 years, amortized cost | 138,763 | |
Amortized cost | 237,458 | 290,979 |
Available-for-sale securities, Fair value | ||
Due in 1 year or less, fair value | 12,077 | |
Due after 1 year through 5 years, fair value | 29,769 | |
Due after 5 years through 10 years, fair value | 57,803 | |
Due after 10 years, fair value | 142,105 | |
Fair value | $ 241,754 | 298,752 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 2.85% | |
Due after one year through five years | 2.00% | |
Due after five years through 10 years | 1.63% | |
Due after 10 years | 3.56% | |
Average yield | 2.87% | |
Held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 51 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 931 | |
Due after 10 years | 48,091 | |
Amortized cost | 49,073 | 49,252 |
Held-to-maturity securities, Fair value | ||
Due in one year or less | 50 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 976 | |
Due after 10 years | 49,561 | |
Fair value | $ 50,587 | 51,154 |
Held-to-maturity securities, Average yield | ||
Due in one year or less | 4.42% | |
Due after one year through five years | 0.00% | |
Due after five years through 10 years | 5.01% | |
Due after 10 years | 3.98% | |
Average yield | 4.00% | |
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 | 2 years | |
Non-agency residential collateralized mortgage obligations estimated duration | 4 years | |
Minimum | ||
Supplemental information | ||
Due period of mortgage-backed securities and collateralized mortgage obligations | 10 years | |
Mortgage-backed securities | ||
Available-for-sale debt securities, Amortized Cost: | ||
Due in one year or less | $ 2,415 | |
Due after one year through five years | 9,728 | |
Due after five years through 10 years | 6,562 | |
Due after 10 years | 85,275 | |
Amortized cost | 103,980 | 133,598 |
Available-for-sale debt securities, Fair value | ||
Due in one year or less | 2,421 | |
Due after one year through five years | 9,886 | |
Due after five years through 10 years | 6,756 | |
Due after 10 years | 86,519 | |
Fair value | $ 105,582 | 137,322 |
Available-for-sale debt securities, Average yield | ||
Due in one year or less | 1.48% | |
Due after one year through five years | 1.86% | |
Due after five years through 10 years | 3.15% | |
Due after 10 years | 3.08% | |
Average yield | 2.93% | |
U.S. Treasury and government agencies | ||
Available-for-sale debt securities, Amortized Cost: | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 10,069 | |
Due after 10 years | 1,133 | |
Amortized cost | 11,202 | 13,603 |
Available-for-sale debt securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 9,932 | |
Due after 10 years | 1,104 | |
Fair value | $ 11,036 | 13,645 |
Available-for-sale debt securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 0.00% | |
Due after five years through 10 years | 0.31% | |
Due after 10 years | 0.48% | |
Average yield | 0.33% | |
Obligations of U.S. states and municipalities | ||
Available-for-sale debt securities, Amortized Cost: | ||
Due in one year or less | $ 184 | |
Due after one year through five years | 754 | |
Due after five years through 10 years | 1,520 | |
Due after 10 years | 28,870 | |
Amortized cost | 31,328 | 27,841 |
Available-for-sale debt securities, Fair value | ||
Due in one year or less | 187 | |
Due after one year through five years | 774 | |
Due after five years through 10 years | 1,600 | |
Due after 10 years | 30,989 | |
Fair value | $ 33,550 | 30,068 |
Available-for-sale debt securities, Average yield | ||
Due in one year or less | 5.21% | |
Due after one year through five years | 3.50% | |
Due after five years through 10 years | 5.57% | |
Due after 10 years | 6.68% | |
Average yield | 6.54% | |
Held-to-maturity securities, Amortized cost | ||
Amortized cost | $ 12,800 | 10,200 |
Certificates of deposit | ||
Available-for-sale debt securities, Amortized Cost: | ||
Due in one year or less | 230 | |
Due after one year through five years | 52 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 0 | |
Amortized cost | 282 | 1,103 |
Available-for-sale debt securities, Fair value | ||
Due in one year or less | 231 | |
Due after one year through five years | 52 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 0 | |
Fair value | $ 283 | 1,103 |
Available-for-sale debt securities, Average yield | ||
Due in one year or less | 8.66% | |
Due after one year through five years | 3.28% | |
Due after five years through 10 years | 0.00% | |
Due after 10 years | 0.00% | |
Average yield | 7.68% | |
Non-U.S. government debt securities | ||
Available-for-sale debt securities, Amortized Cost: | ||
Due in one year or less | $ 6,126 | |
Due after one year through five years | 11,177 | |
Due after five years through 10 years | 16,575 | |
Due after 10 years | 1,986 | |
Amortized cost | 35,864 | 51,492 |
Available-for-sale debt securities, Fair value | ||
Due in one year or less | 6,422 | |
Due after one year through five years | 11,429 | |
Due after five years through 10 years | 16,747 | |
Due after 10 years | 2,078 | |
Fair value | $ 36,676 | 52,743 |
Available-for-sale debt securities, Average yield | ||
Due in one year or less | 3.11% | |
Due after one year through five years | 1.84% | |
Due after five years through 10 years | 1.06% | |
Due after 10 years | 0.67% | |
Average yield | 1.63% | |
Corporate debt securities | ||
Available-for-sale debt securities, Amortized Cost: | ||
Due in one year or less | $ 2,761 | |
Due after one year through five years | 7,175 | |
Due after five years through 10 years | 2,385 | |
Due after 10 years | 143 | |
Amortized cost | 12,464 | 18,158 |
Available-for-sale debt securities, Fair value | ||
Due in one year or less | 2,776 | |
Due after one year through five years | 7,179 | |
Due after five years through 10 years | 2,347 | |
Due after 10 years | 134 | |
Fair value | $ 12,436 | $ 18,532 |
Available-for-sale debt securities, Average yield | ||
Due in one year or less | 2.87% | |
Due after one year through five years | 2.32% | |
Due after five years through 10 years | 3.09% | |
Due after 10 years | 4.46% | |
Average yield | 2.61% | |
Asset-backed securities | ||
Available-for-sale debt securities, Amortized Cost: | ||
Due in one year or less | $ 39 | |
Due after one year through five years | 442 | |
Due after five years through 10 years | 20,501 | |
Due after 10 years | 19,289 | |
Amortized cost | 40,271 | |
Available-for-sale debt securities, Fair value | ||
Due in one year or less | 40 | |
Due after one year through five years | 449 | |
Due after five years through 10 years | 20,421 | |
Due after 10 years | 19,194 | |
Fair value | $ 40,104 | |
Available-for-sale debt securities, Average yield | ||
Due in one year or less | 0.71% | |
Due after one year through five years | 1.72% | |
Due after five years through 10 years | 1.79% | |
Due after 10 years | 1.84% | |
Average yield | 1.81% |
Securities Financing Activit129
Securities Financing Activities - Schedule of securities purchased under resale agreements, netting & securities borrowed (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Securities purchased under resale agreements: | ||
Securities purchased under resale agreements with an appropriate legal opinion, Gross asset balance | $ 365,805 | $ 347,142 |
Amounts netted on the Consolidated Balance Sheets | (156,258) | (142,719) |
Securities purchased under resale agreements with an appropriate legal opinion, Net asset balance | 209,547 | 204,423 |
Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained | 2,343 | 10,598 |
Total securities purchased under resale agreements, gross asset balance | 368,148 | 357,740 |
Total securities purchased under resale agreements, net asset balance | 211,890 | 215,021 |
Securities borrowed | 98,721 | 110,435 |
Securities borrowed where an appropriate legal opinion has not been either sought or obtained | 31,300 | 35,300 |
Securities Financing Transaction, Fair Value | ||
Securities purchased under resale agreements: | ||
Total securities purchased under resale agreements, net asset balance | 23,100 | 28,600 |
Securities borrowed, fair value | $ 395 | $ 992 |
Securities Financing Activit130
Securities Financing Activities - Schedule of securities purchased under resale agreements & securities borrowed collateral netting (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Securities purchased under resale agreements with an appropriate legal opinion | ||
Net asset balance | $ 209,547 | $ 204,423 |
Amounts not nettable on the Consolidated Balance Sheets, Financial instruments | (206,423) | (201,375) |
Amounts not nettable on the Consolidated Balance Sheets, Cash collateral | (351) | (246) |
Net exposure | 2,773 | 2,802 |
Securities borrowed | ||
Net asset balance | 67,453 | 75,113 |
Amounts not nettable on the Consolidated Balance Sheets, Financial instruments | (65,081) | (72,730) |
Amounts not nettable on the Consolidated Balance Sheets, Cash collateral | 0 | 0 |
Net exposure | $ 2,372 | $ 2,383 |
Securities Financing Activit131
Securities Financing Activities - Schedule of securities sold under repurchase agreements, netting & securities loaned (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements with an appropriate legal opinion, Gross liability | $ 277,415 | $ 290,529 |
Amounts netted on the Consolidated balance sheets | (156,258) | (142,719) |
Securities sold under repurchase agreements with an appropriate legal opinion, Net liability | 121,157 | 147,810 |
Securities sold under repurchase agreements where an appropriate legal opinion has not been either sought or obtained(a) | 12,629 | 21,996 |
Total securities sold under repurchase agreements, Gross liability balance | 290,044 | 312,525 |
Total securities sold under repurchase agreements, net liability balance | 133,786 | 169,806 |
Securities loaned including not subject to master netting arrangement | 22,556 | 25,927 |
Securities loaned where an appropriate legal opinion has not been either sought or obtained | 45 | 271 |
Securities-For-Securities Borrow Versus Pledge Transactions | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | 4,400 | 4,100 |
Securities Financing Transaction, Fair Value | ||
Securities Financing Transaction [Line Items] | ||
Total securities sold under repurchase agreements, net liability balance | $ 3,500 | $ 3,000 |
Securities Financing Activit132
Securities Financing Activities - Schedule of securities sold under repurchase agreements & securities loaned collateral netting (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Securities sold under repurchase agreements with an appropriate legal opinion: | ||
Net liability balance | $ 121,157 | $ 147,810 |
Amounts not nettable on the Consolidated balance sheets, Financial Instruments | (117,825) | (145,732) |
Amounts not nettable on the Consolidated balance sheets, Cash collateral | (1,007) | (497) |
Net amount | 2,325 | 1,581 |
Securities loaned: | ||
Net liability | 22,511 | 25,656 |
Amounts not nettable on the Consolidated balance sheets, Financial Instruments | (22,245) | (25,287) |
Amounts not nettable on the Consolidated balance sheets, Cash collateral | 0 | 0 |
Net amount | $ 266 | $ 369 |
Securities Financing Activit133
Securities Financing Activities - Schedule of secured financing transactions by assets pledged & remaining maturity (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements, gross | $ 290,044 | $ 312,525 |
Securities loaned, gross | 22,556 | $ 25,927 |
Mortgage-backed securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements, gross | 12,790 | |
Securities loaned, gross | 0 | |
U.S. Treasury and government agencies | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements, gross | 154,377 | |
Securities loaned, gross | 5 | |
Obligations of U.S. states and municipalities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements, gross | 1,316 | |
Securities loaned, gross | 0 | |
Non-U.S. government debt | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements, gross | 80,162 | |
Securities loaned, gross | 4,426 | |
Corporate debt securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements, gross | 21,286 | |
Securities loaned, gross | 78 | |
Asset-backed securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements, gross | 4,394 | |
Securities loaned, gross | 0 | |
Equity securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements, gross | 15,719 | |
Securities loaned, gross | 18,047 | |
Overnight and continuous | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements, gross | 114,595 | |
Securities loaned, gross | 8,320 | |
Up to 30 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements, gross | 100,082 | |
Securities loaned, gross | 708 | |
30 – 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements, gross | 29,955 | |
Securities loaned, gross | 793 | |
Greater than 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements, gross | 45,412 | |
Securities loaned, gross | $ 12,735 |
Securities Financing Activit134
Securities Financing Activities - Schedule of transfers not qualifying for sale accounting (Details) - USD ($) $ in Billions | Dec. 31, 2015 | Dec. 31, 2014 |
Securities Financing Transactions Disclosures [Abstract] | ||
Transfers not qualifying for sale accounting | $ 7.5 | $ 13.8 |
Loans - Narrative and Balances
Loans - Narrative and Balances By Portfolio Segment (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)loan_paymentpayment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Loan balances by portfolio segment: | |||
Retained | $ 832,792 | $ 747,508 | $ 724,177 |
Held-for-sale | 1,646 | 7,217 | |
At fair value | 2,861 | 2,611 | |
Total | $ 837,299 | 757,336 | |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 90 days | ||
Loan balances by portfolio segment: | |||
Retained | $ 344,355 | 294,979 | 288,449 |
Held-for-sale | 466 | 395 | |
At fair value | 0 | 0 | |
Total | $ 344,821 | 295,374 | |
Consumer, excluding credit card | Minimum | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of payments under modified terms to recognize interest on cash basis | loan_payment | 6 | ||
Credit card | |||
Loan balances by portfolio segment: | |||
Retained | $ 131,387 | 128,027 | 127,465 |
Held-for-sale | 76 | 3,021 | |
At fair value | 0 | 0 | |
Total | 131,463 | 131,048 | |
Wholesale | |||
Loan balances by portfolio segment: | |||
Retained | 357,050 | 324,502 | $ 308,263 |
Held-for-sale | 1,104 | 3,801 | |
At fair value | 2,861 | 2,611 | |
Total | $ 361,015 | 330,914 | |
30 or more days past due | Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 30 days | ||
Consumer, excluding credit card | |||
Loan balances by portfolio segment: | |||
Total | $ 344,821 | 295,374 | |
Consumer, excluding credit card | 90 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 90 days | ||
Consumer, excluding credit card | 30 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 30 days | ||
Residential real estate loans, non-modified credit card loans and scored business ranking loans | Days Past Due, 180 or More | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 180 days | ||
Credit card | Credit card | |||
Loan balances by portfolio segment: | |||
Retained | $ 131,387 | 128,027 | |
Credit card | 90 or more days past due | Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 90 days | ||
Credit card | 30 or more days past due | Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 30 days | ||
Credit card | Days Past Due, 120 or More | Financing Receivable, Policy, Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 120 days | ||
Auto and student loans | Days Past Due, 120 or More | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 120 days | ||
Residential real estate and auto loans | Days Past Due, 60 or More, or Sooner with Determination of Collateral Dependence | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 60 days | ||
Credit card and scored business loans | Days Until Charge-Off, Less Than 60, with Notification of Bankruptcy Filing or Other Event | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 60 days | ||
Student loan securitization | Days Past Due, 60 or More, with Notification of Bankruptcy Filing or Other Event | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 60 days | ||
Residential real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of months the borrower has performed under modified terms | 6 months | ||
Residential real estate | Maximum | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of months before updating exterior opinion on home valuation | 6 months | ||
Residential real estate | Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of payments under modified terms to recognize interest on cash basis | payment | 6 | ||
Loan balances by portfolio segment: | |||
Retained | $ 211,798 | 162,719 | |
Real estate | Minimum | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of months before updating collateral values on commercial real estate loans | 6 months | ||
Real estate | Maximum | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of months before updating collateral values on commercial real estate loans | 12 months | ||
Real estate | Wholesale | |||
Loan balances by portfolio segment: | |||
Retained | $ 92,820 | $ 79,113 |
Loans - Purchased, Sold and Rec
Loans - Purchased, Sold and Reclassified to Held-for-Sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retained Loans Purchases Sales and Transfer Into Held For Sale By Portfolio Segment [Line Items] | |||
Purchases | $ 7,433 | $ 8,319 | $ 8,641 |
Sales | 14,287 | 14,036 | 9,077 |
Retained loans reclassified to held-for-sale | 2,235 | 4,810 | 7,211 |
Consumer, excluding credit card | |||
Retained Loans Purchases Sales and Transfer Into Held For Sale By Portfolio Segment [Line Items] | |||
Purchases | 5,279 | 7,434 | 7,616 |
Sales | 5,099 | 6,655 | 4,845 |
Retained loans reclassified to held-for-sale | 1,514 | 1,190 | 1,261 |
Excluded retained loans purchased from correspondents that were originated in accordance with the Firm's underwriting standards | 50,300 | 15,100 | 5,700 |
Credit card | |||
Retained Loans Purchases Sales and Transfer Into Held For Sale By Portfolio Segment [Line Items] | |||
Purchases | 0 | 0 | 328 |
Sales | 0 | 0 | 0 |
Retained loans reclassified to held-for-sale | 79 | 3,039 | 309 |
Wholesale | |||
Retained Loans Purchases Sales and Transfer Into Held For Sale By Portfolio Segment [Line Items] | |||
Purchases | 2,154 | 885 | 697 |
Sales | 9,188 | 7,381 | 4,232 |
Retained loans reclassified to held-for-sale | $ 642 | $ 581 | $ 5,641 |
Loans - Net Gains and Losses on
Loans - Net Gains and Losses on Sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total net gains on sales of loans (including lower of cost or fair value adjustments) | $ 340 | $ 201 | $ 240 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total net gains on sales of loans (including lower of cost or fair value adjustments) | 305 | 341 | 313 |
Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total net gains on sales of loans (including lower of cost or fair value adjustments) | 1 | (241) | 3 |
Wholesale | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total net gains on sales of loans (including lower of cost or fair value adjustments) | $ 34 | $ 101 | $ (76) |
Loans - Consumer, Excluding Cre
Loans - Consumer, Excluding Credit Card Loan Portfolio (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 832,792 | $ 747,508 | $ 724,177 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 344,355 | 294,979 | $ 288,449 |
Period past due, credit analysis factors, charge off criteria | 90 days | ||
Consumer, excluding credit card | 30 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 30 days | ||
Consumer, excluding credit card | 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 | Junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 180 days | ||
Consumer, excluding credit card | Home equity | Residential real estate - PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 14,989 | 17,095 | |
Consumer, excluding credit card | Home equity | Senior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 14,848 | 16,367 | |
Consumer, excluding credit card | Home equity | Senior lien | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 332 | 362 | |
Consumer, excluding credit card | Home equity | Junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 30,711 | 36,375 | |
Consumer, excluding credit card | Home equity | Junior lien | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 220 | 267 | |
Consumer, excluding credit card | Home equity | Junior lien | Residential real estate - PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,834 | 13,851 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 162,549 | 104,921 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,560 | 6,879 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Residential real estate - PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,893 | 10,220 | |
Consumer, excluding credit card | Mortgages | Subprime | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,690 | 5,056 | |
Consumer, excluding credit card | Mortgages | Subprime | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 174 | 271 | |
Consumer, excluding credit card | Mortgages | Subprime | Residential real estate - PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,263 | 3,673 | |
Consumer, excluding credit card | Mortgages | Option ARMs | Residential real estate - PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 13,853 | 15,708 | |
Consumer, excluding credit card | Residential real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 211,798 | 162,719 | |
Consumer, excluding credit card | Residential real estate | Refreshed FICO scores less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Low FICO score (or below) | 660 | ||
Consumer, excluding credit card | Residential real estate | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 6,286 | 7,779 | |
Consumer, excluding credit card | Residential real estate | Residential real estate - PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 40,998 | 46,696 | |
Consumer, excluding credit card | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 60,255 | 54,536 | |
Consumer, excluding credit card | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 21,208 | 20,058 | |
Consumer, excluding credit card | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 10,096 | $ 10,970 |
Loans - Consumer, Excluding 139
Loans - Consumer, Excluding Credit Card Loans, Residential Real Estate, Excluding PCI Loans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 832,792 | $ 747,508 | $ 724,177 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 344,355 | 294,979 | $ 288,449 |
Period past due, credit analysis factors, charge off criteria | 90 days | ||
Consumer, excluding credit card | 150 or more 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 | 30 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 30 days | ||
Consumer, excluding credit card | Junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 180 days | ||
Consumer, excluding credit card | Residential real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 211,798 | $ 162,719 | |
Total 30 day delinquency rate | 1.40% | 2.27% | |
Consumer, excluding credit card | Residential real estate | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 56,208 | $ 39,227 | |
Consumer, excluding credit card | Residential real estate | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 30,609 | 27,717 | |
Consumer, excluding credit card | Residential real estate | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 14,944 | 10,772 | |
Consumer, excluding credit card | Residential real estate | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,660 | 8,044 | |
Consumer, excluding credit card | Residential real estate | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,586 | 8,522 | |
Consumer, excluding credit card | Residential real estate | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,157 | 6,475 | |
Consumer, excluding credit card | Residential real estate | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,627 | 4,241 | |
Consumer, excluding credit card | Residential real estate | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,298 | 4,439 | |
Consumer, excluding credit card | Residential real estate | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,295 | 2,908 | |
Consumer, excluding credit card | Residential real estate | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,899 | 2,655 | |
Consumer, excluding credit card | Residential real estate | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 63,515 | 47,719 | |
Consumer, excluding credit card | Residential real estate | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,714 | 5,175 | |
Consumer, excluding credit card | Residential real estate | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 223 | 390 | |
Consumer, excluding credit card | Residential real estate | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 109 | 171 | |
Consumer, excluding credit card | Residential real estate | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,618 | 2,742 | |
Consumer, excluding credit card | Residential real estate | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 725 | 1,180 | |
Consumer, excluding credit card | Residential real estate | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,696 | 9,383 | |
Consumer, excluding credit card | Residential real estate | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,405 | 3,394 | |
Consumer, excluding credit card | Residential real estate | Less than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 171,889 | 115,997 | |
Consumer, excluding credit card | Residential real estate | Less than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,731 | 12,177 | |
Consumer, excluding credit card | Residential real estate | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 10,688 | 12,110 | |
Consumer, excluding credit card | Residential real estate | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 200,762 | 149,552 | |
Consumer, excluding credit card | Residential real estate | Current | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,600 | 2,600 | |
Consumer, excluding credit card | Residential real estate | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,750 | 5,388 | |
Consumer, excluding credit card | Residential real estate | 30–149 days past due | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 3,200 | 3,500 | |
Consumer, excluding credit card | Residential real estate | 30–149 days past due | US Government guaranteed | Minimum | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 30 days | ||
Consumer, excluding credit card | Residential real estate | 30–149 days past due | US Government guaranteed | Maximum | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 149 days | ||
Consumer, excluding credit card | Residential real estate | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 6,286 | 7,779 | |
Consumer, excluding credit card | Residential real estate | 150 or more days past due | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 4,900 | 6,000 | |
Consumer, excluding credit card | Residential real estate | 150 or more days past due | US Government guaranteed | Minimum | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 150 days | ||
Consumer, excluding credit card | Residential real estate | 90 or more days past due and government guaranteed | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 6,056 | 7,544 | |
Consumer, excluding credit card | Residential real estate | 90 or more days past due and still accruing | Minimum | |||
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 | Nonaccrual loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 4,694 | 5,754 | |
Consumer, excluding credit card | Residential real estate | Nonaccrual loans | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,400 | 4,200 | |
Consumer, excluding credit card | Home equity | Senior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 14,848 | $ 16,367 | |
Total 30 day delinquency rate | 3.84% | 3.89% | |
Consumer, excluding credit card | Home equity | Senior lien | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 2,072 | $ 2,232 | |
Consumer, excluding credit card | Home equity | Senior lien | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,583 | 2,805 | |
Consumer, excluding credit card | Home equity | Senior lien | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,189 | 1,306 | |
Consumer, excluding credit card | Home equity | Senior lien | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,581 | 1,845 | |
Consumer, excluding credit card | Home equity | Senior lien | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 797 | 861 | |
Consumer, excluding credit card | Home equity | Senior lien | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 647 | 654 | |
Consumer, excluding credit card | Home equity | Senior lien | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 442 | 506 | |
Consumer, excluding credit card | Home equity | Senior lien | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 815 | 927 | |
Consumer, excluding credit card | Home equity | Senior lien | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 650 | 736 | |
Consumer, excluding credit card | Home equity | Senior lien | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,014 | 1,150 | |
Consumer, excluding credit card | Home equity | Senior lien | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,058 | 3,345 | |
Consumer, excluding credit card | Home equity | Senior lien | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 614 | 757 | |
Consumer, excluding credit card | Home equity | Senior lien | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 42 | 37 | |
Consumer, excluding credit card | Home equity | Senior lien | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3 | 6 | |
Consumer, excluding credit card | Home equity | Senior lien | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 50 | 83 | |
Consumer, excluding credit card | Home equity | Senior lien | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 23 | 40 | |
Consumer, excluding credit card | Home equity | Senior lien | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 311 | 466 | |
Consumer, excluding credit card | Home equity | Senior lien | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 142 | 206 | |
Consumer, excluding credit card | Home equity | Senior lien | Less than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,721 | 12,588 | |
Consumer, excluding credit card | Home equity | Senior lien | Less than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,942 | 2,184 | |
Consumer, excluding credit card | Home equity | Senior lien | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Home equity | Senior lien | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 14,278 | 15,730 | |
Consumer, excluding credit card | Home equity | Senior lien | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 238 | 275 | |
Consumer, excluding credit card | Home equity | Senior lien | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 332 | 362 | |
Consumer, excluding credit card | Home equity | Senior lien | 90 or more days past due and government guaranteed | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Home equity | Senior lien | Nonaccrual loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 867 | 938 | |
Consumer, excluding credit card | Home equity | Junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 30,711 | $ 36,375 | |
Total 30 day delinquency rate | 2.25% | 2.20% | |
Consumer, excluding credit card | Home equity | Junior lien | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 6,873 | $ 8,144 | |
Consumer, excluding credit card | Home equity | Junior lien | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,564 | 7,685 | |
Consumer, excluding credit card | Home equity | Junior lien | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,231 | 2,605 | |
Consumer, excluding credit card | Home equity | Junior lien | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 951 | 1,087 | |
Consumer, excluding credit card | Home equity | Junior lien | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,612 | 1,923 | |
Consumer, excluding credit card | Home equity | Junior lien | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,943 | 2,233 | |
Consumer, excluding credit card | Home equity | Junior lien | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,009 | 1,216 | |
Consumer, excluding credit card | Home equity | Junior lien | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,328 | 1,595 | |
Consumer, excluding credit card | Home equity | Junior lien | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 700 | 848 | |
Consumer, excluding credit card | Home equity | Junior lien | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 638 | 778 | |
Consumer, excluding credit card | Home equity | Junior lien | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,862 | 8,261 | |
Consumer, excluding credit card | Home equity | Junior lien | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,442 | 3,045 | |
Consumer, excluding credit card | Home equity | Junior lien | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 123 | 252 | |
Consumer, excluding credit card | Home equity | Junior lien | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 29 | 65 | |
Consumer, excluding credit card | Home equity | Junior lien | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,294 | 2,105 | |
Consumer, excluding credit card | Home equity | Junior lien | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 411 | 651 | |
Consumer, excluding credit card | Home equity | Junior lien | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,226 | 5,849 | |
Consumer, excluding credit card | Home equity | Junior lien | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,267 | 1,647 | |
Consumer, excluding credit card | Home equity | Junior lien | Less than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 17,927 | 19,435 | |
Consumer, excluding credit card | Home equity | Junior lien | Less than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,992 | 3,326 | |
Consumer, excluding credit card | Home equity | Junior lien | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Home equity | Junior lien | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 30,021 | 35,575 | |
Consumer, excluding credit card | Home equity | Junior lien | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 470 | 533 | |
Consumer, excluding credit card | Home equity | Junior lien | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 220 | 267 | |
Consumer, excluding credit card | Home equity | Junior lien | 90 or more days past due and government guaranteed | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Home equity | Junior lien | Nonaccrual loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,324 | 1,590 | |
Consumer, excluding credit card | Mortgages | US Government guaranteed | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 10,700 | 12,100 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 162,549 | $ 104,921 | |
Total 30 day delinquency rate | 0.71% | 1.42% | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 46,745 | $ 28,133 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 20,941 | 16,550 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,379 | 6,654 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,986 | 4,935 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,763 | 5,106 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,395 | 3,361 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,097 | 2,410 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,081 | 1,805 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,866 | 1,203 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,166 | 615 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 52,130 | 34,149 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,469 | 1,136 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 56 | 97 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 65 | 72 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 249 | 478 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 190 | 282 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,013 | 2,686 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 597 | 838 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Less than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 140,942 | 82,350 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Less than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,280 | 4,872 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 10,688 | 12,110 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 153,323 | 93,951 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,666 | 4,091 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,560 | 6,879 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | 90 or more days past due and government guaranteed | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,056 | 7,544 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | 30 or more days past due | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,100 | 9,500 | |
Consumer, excluding credit card | Mortgages | Prime, including option ARMs | Nonaccrual loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,752 | 2,190 | |
Consumer, excluding credit card | Mortgages | Subprime | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 3,690 | $ 5,056 | |
Total 30 day delinquency rate | 14.91% | 15.03% | |
Consumer, excluding credit card | Mortgages | Subprime | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 518 | $ 718 | |
Consumer, excluding credit card | Mortgages | Subprime | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 521 | 677 | |
Consumer, excluding credit card | Mortgages | Subprime | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 145 | 207 | |
Consumer, excluding credit card | Mortgages | Subprime | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 142 | 177 | |
Consumer, excluding credit card | Mortgages | Subprime | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 414 | 632 | |
Consumer, excluding credit card | Mortgages | Subprime | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 172 | 227 | |
Consumer, excluding credit card | Mortgages | Subprime | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 79 | 109 | |
Consumer, excluding credit card | Mortgages | Subprime | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 74 | 112 | |
Consumer, excluding credit card | Mortgages | Subprime | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 79 | 121 | |
Consumer, excluding credit card | Mortgages | Subprime | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 81 | 112 | |
Consumer, excluding credit card | Mortgages | Subprime | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,465 | 1,964 | |
Consumer, excluding credit card | Mortgages | Subprime | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 189 | 237 | |
Consumer, excluding credit card | Mortgages | Subprime | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2 | 4 | |
Consumer, excluding credit card | Mortgages | Subprime | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 12 | 28 | |
Consumer, excluding credit card | Mortgages | Subprime | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 25 | 76 | |
Consumer, excluding credit card | Mortgages | Subprime | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 101 | 207 | |
Consumer, excluding credit card | Mortgages | Subprime | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 146 | 382 | |
Consumer, excluding credit card | Mortgages | Subprime | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 399 | 703 | |
Consumer, excluding credit card | Mortgages | Subprime | Less than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,299 | 1,624 | |
Consumer, excluding credit card | Mortgages | Subprime | Less than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,517 | 1,795 | |
Consumer, excluding credit card | Mortgages | Subprime | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Mortgages | Subprime | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,140 | 4,296 | |
Consumer, excluding credit card | Mortgages | Subprime | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 376 | 489 | |
Consumer, excluding credit card | Mortgages | Subprime | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 174 | 271 | |
Consumer, excluding credit card | Mortgages | Subprime | 90 or more days past due and government guaranteed | US Government guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Mortgages | Subprime | Nonaccrual loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 751 | $ 1,036 |
Loans - Consumer, Excluding 140
Loans - Consumer, Excluding Credit Card Loans, Delinquency Statistics Junior Lien Home Equity Loans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 832,792 | $ 747,508 | $ 724,177 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 344,355 | 294,979 | $ 288,449 |
Consumer, excluding credit card | HELOCs | Within the revolving period | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 17,050 | $ 25,252 | |
Total 30 day delinquency rate | 1.57% | 1.75% | |
Open-ended revolving period | 10 years | ||
Amortization period | 20 years | ||
Consumer, excluding credit card | HELOCs | Beyond the revolving period | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 11,252 | $ 7,979 | |
Total 30 day delinquency rate | 3.10% | 3.16% | |
Consumer, excluding credit card | HELOANs | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 2,409 | $ 3,144 | |
Total 30 day delinquency rate | 3.03% | 3.34% | |
Consumer, excluding credit card | Junior lien | Home equity | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 30,711 | $ 36,375 | |
Total 30 day delinquency rate | 2.25% | 2.20% |
Loans - Consumer, Excluding 141
Loans - Consumer, Excluding Credit Card Loans, Impaired Loans (Details) - Consumer, excluding credit card $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)loan_paymentpayment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Impaired loans: | |||
Period past due, credit analysis factors, charge off criteria | 90 days | ||
Loans modified subsequent to repurchase from Ginnie Mae | $ 3,800 | $ 4,900 | |
TDRs not having yet made six payments | 2,500 | 2,900 | |
Average impaired loans | 10,066 | 12,609 | $ 13,460 |
Interest income on impaired credit card loans | 476 | 581 | 621 |
Interest income on impaired loans on a cash basis | $ 172 | 195 | 209 |
Minimum | |||
Impaired loans: | |||
Number of payments under modified terms to recognize interest on cash basis | loan_payment | 6 | ||
Total residential real estate - excluding PCI | |||
Impaired loans: | |||
With an allowance | $ 6,536 | 8,462 | |
Without an allowance | 2,512 | 2,966 | |
Total impaired loans | 9,048 | 11,428 | |
Allowance for loan losses related to impaired loans | 246 | 422 | |
Unpaid principal balance of impaired loans | 13,042 | 16,067 | |
Impaired loans on nonaccrual status | $ 3,177 | 3,750 | |
Number of payments under modified terms to recognize interest on cash basis | payment | 6 | ||
Mortgages | Minimum | Regulatory Guidance Regarding Chapter 7 Loans | |||
Impaired loans: | |||
Period past due, credit analysis factors, charge off criteria | 30 days | ||
Prime, including option ARMs | Total residential real estate - excluding PCI | Permanent Modification | Regulatory Guidance Regarding Chapter 7 Loans | |||
Impaired loans: | |||
Rate of default for modified loans, estimated weighted average | 18.00% | ||
Prime, including option ARMs | Mortgages | |||
Impaired loans: | |||
With an allowance | $ 3,850 | 4,949 | |
Without an allowance | 976 | 1,196 | |
Total impaired loans | 4,826 | 6,145 | |
Allowance for loan losses related to impaired loans | 93 | 127 | |
Unpaid principal balance of impaired loans | 6,225 | 7,813 | |
Impaired loans on nonaccrual status | 1,287 | 1,559 | |
Average impaired loans | 5,397 | 6,730 | 7,214 |
Interest income on impaired credit card loans | 217 | 262 | 280 |
Interest income on impaired loans on a cash basis | 46 | 54 | 59 |
Subprime | Mortgages | |||
Impaired loans: | |||
With an allowance | 1,393 | 2,239 | |
Without an allowance | 471 | 639 | |
Total impaired loans | 1,864 | 2,878 | |
Allowance for loan losses related to impaired loans | 15 | 64 | |
Unpaid principal balance of impaired loans | 2,857 | 4,200 | |
Impaired loans on nonaccrual status | 670 | 931 | |
Average impaired loans | 2,300 | 3,444 | 3,798 |
Interest income on impaired credit card loans | 131 | 182 | 200 |
Interest income on impaired loans on a cash basis | $ 41 | 51 | 55 |
Subprime | Mortgages | Permanent Modification | Regulatory Guidance Regarding Chapter 7 Loans | |||
Impaired loans: | |||
Rate of default for modified loans, estimated weighted average | 15.00% | ||
Senior lien | Permanent Modification | Regulatory Guidance Regarding Chapter 7 Loans | |||
Impaired loans: | |||
Rate of default for modified loans, estimated weighted average | 17.00% | ||
Senior lien | Home equity | |||
Impaired loans: | |||
With an allowance | $ 557 | 552 | |
Without an allowance | 491 | 549 | |
Total impaired loans | 1,048 | 1,101 | |
Allowance for loan losses related to impaired loans | 53 | 84 | |
Unpaid principal balance of impaired loans | 1,370 | 1,451 | |
Impaired loans on nonaccrual status | 581 | 628 | |
Average impaired loans | 1,077 | 1,122 | 1,151 |
Interest income on impaired credit card loans | 51 | 55 | 59 |
Interest income on impaired loans on a cash basis | $ 35 | 37 | 40 |
Junior lien | |||
Impaired loans: | |||
Period past due, credit analysis factors, charge off criteria | 180 days | ||
Junior lien | Permanent Modification | Regulatory Guidance Regarding Chapter 7 Loans | |||
Impaired loans: | |||
Rate of default for modified loans, estimated weighted average | 9.00% | ||
Junior lien | Home equity | |||
Impaired loans: | |||
With an allowance | $ 736 | 722 | |
Without an allowance | 574 | 582 | |
Total impaired loans | 1,310 | 1,304 | |
Allowance for loan losses related to impaired loans | 85 | 147 | |
Unpaid principal balance of impaired loans | 2,590 | 2,603 | |
Impaired loans on nonaccrual status | 639 | 632 | |
Average impaired loans | 1,292 | 1,313 | 1,297 |
Interest income on impaired credit card loans | 77 | 82 | 82 |
Interest income on impaired loans on a cash basis | $ 50 | $ 53 | $ 55 |
Loans - Consumer, Excluding 142
Loans - Consumer, Excluding Credit Card Loans, Loan Modifications, New TDRs (Details) - Consumer, excluding credit card - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
New TDRs | $ 668 | $ 732 | $ 1,687 |
Prime, including option ARMs | Mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
New TDRs | 209 | 287 | 770 |
Subprime | Mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
New TDRs | 58 | 124 | 319 |
Senior lien | Home equity | |||
Financing Receivable, Impaired [Line Items] | |||
New TDRs | 108 | 110 | 210 |
Junior lien | Home equity | |||
Financing Receivable, Impaired [Line Items] | |||
New TDRs | $ 293 | $ 211 | $ 388 |
Loans - Consumer, Excluding 143
Loans - Consumer, Excluding Credit Card Loans, Loan Modifications, Nature and Extent of Modifications (Details) - Consumer, excluding credit card - loan | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Concession granted - Interest rate reduction | 68.00% | 58.00% | 77.00% |
Concession granted - Term of payment extension | 86.00% | 63.00% | 70.00% |
Concession granted - Principal and/or interest deferred | 24.00% | 18.00% | 21.00% |
Concession granted - principal forgiveness | 16.00% | 41.00% | 39.00% |
Concession granted - other | 5.00% | 6.00% | 11.00% |
Percentage, sum of items by type, may exceed | 100.00% | ||
Trial Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of contract modifications | 6,644 | 4,673 | 9,682 |
Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of contract modifications | 7,441 | 9,632 | 16,525 |
Home equity | Senior lien | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted - Interest rate reduction | 75.00% | 53.00% | 70.00% |
Concession granted - Term of payment extension | 86.00% | 67.00% | 76.00% |
Concession granted - Principal and/or interest deferred | 32.00% | 16.00% | 12.00% |
Concession granted - principal forgiveness | 4.00% | 36.00% | 38.00% |
Concession granted - other | 0.00% | 0.00% | 0.00% |
Home equity | Senior lien | Trial Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of contract modifications | 1,345 | 939 | 1,719 |
Home equity | Senior lien | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of contract modifications | 1,096 | 1,171 | 1,765 |
Home equity | Junior lien | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted - Interest rate reduction | 63.00% | 84.00% | 88.00% |
Concession granted - Term of payment extension | 90.00% | 83.00% | 80.00% |
Concession granted - Principal and/or interest deferred | 19.00% | 23.00% | 24.00% |
Concession granted - principal forgiveness | 8.00% | 22.00% | 32.00% |
Concession granted - other | 0.00% | 0.00% | 0.00% |
Home equity | Junior lien | Trial Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of contract modifications | 2,588 | 626 | 884 |
Home equity | Junior lien | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of contract modifications | 3,200 | 2,813 | 5,040 |
Mortgages | Prime, including option ARMs | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted - Interest rate reduction | 72.00% | 43.00% | 73.00% |
Concession granted - Term of payment extension | 80.00% | 51.00% | 73.00% |
Concession granted - Principal and/or interest deferred | 34.00% | 19.00% | 30.00% |
Concession granted - principal forgiveness | 24.00% | 51.00% | 38.00% |
Concession granted - other | 9.00% | 10.00% | 23.00% |
Mortgages | Prime, including option ARMs | Trial Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of contract modifications | 1,103 | 1,052 | 2,846 |
Mortgages | Prime, including option ARMs | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of contract modifications | 1,495 | 2,507 | 4,356 |
Mortgages | Subprime | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted - Interest rate reduction | 71.00% | 47.00% | 72.00% |
Concession granted - Term of payment extension | 82.00% | 53.00% | 56.00% |
Concession granted - Principal and/or interest deferred | 21.00% | 12.00% | 13.00% |
Concession granted - principal forgiveness | 31.00% | 53.00% | 48.00% |
Concession granted - other | 13.00% | 10.00% | 14.00% |
Mortgages | Subprime | Trial Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of contract modifications | 1,608 | 2,056 | 4,233 |
Mortgages | Subprime | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of contract modifications | 1,650 | 3,141 | 5,364 |
Loans - Consumer, Excluding 144
Loans - Consumer, Excluding Credit Card Loans, Financial Effects of Modifications and Redefaults (Details) - Consumer, excluding credit card $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)loan_payment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 5.51% | 5.61% | 5.88% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 2.64% | 2.78% | 2.92% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 22 years | 23 years | 23 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 36 years | 36 years | 36 years |
Charge-offs recognized upon permanent modification | $ 15 | $ 39 | $ 98 |
Principal deferred | 85 | 74 | 203 |
Principal forgiven | 72 | 207 | 505 |
Balance of loans that redefaulted within one year of permanent modification | $ 154 | $ 243 | $ 316 |
Senior lien | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Modifications, weighted-average remaining life | 10 years | ||
Junior lien | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Modifications, weighted-average remaining life | 9 years | ||
Home equity | Senior lien | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 5.69% | 6.38% | 6.35% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 2.70% | 3.03% | 3.23% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 17 years | 17 years | 19 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 32 years | 30 years | 31 years |
Charge-offs recognized upon permanent modification | $ 1 | $ 2 | $ 7 |
Principal deferred | 13 | 5 | 7 |
Principal forgiven | 2 | 14 | 30 |
Balance of loans that redefaulted within one year of permanent modification | $ 14 | $ 19 | $ 26 |
Home equity | Junior lien | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 4.93% | 4.81% | 5.05% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 2.17% | 2.00% | 2.14% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 18 years | 19 years | 20 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 36 years | 35 years | 34 years |
Charge-offs recognized upon permanent modification | $ 3 | $ 25 | $ 70 |
Principal deferred | 14 | 11 | 24 |
Principal forgiven | 4 | 21 | 51 |
Balance of loans that redefaulted within one year of permanent modification | $ 7 | $ 10 | $ 20 |
Mortgages | Prime, including option ARMs | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 5.03% | 4.82% | 5.28% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 2.55% | 2.69% | 2.77% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 25 years | 25 years | 25 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 37 years | 37 years | 37 years |
Charge-offs recognized upon permanent modification | $ 9 | $ 9 | $ 16 |
Principal deferred | 41 | 39 | 129 |
Principal forgiven | 34 | 83 | 206 |
Balance of loans that redefaulted within one year of permanent modification | $ 75 | $ 121 | $ 164 |
Mortgages | Subprime | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 6.67% | 7.16% | 7.33% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 3.15% | 3.37% | 3.52% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 24 years | 24 years | 24 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 36 years | 36 years | 35 years |
Charge-offs recognized upon permanent modification | $ 2 | $ 3 | $ 5 |
Principal deferred | 17 | 19 | 43 |
Principal forgiven | 32 | 89 | 218 |
Balance of loans that redefaulted within one year of permanent modification | $ 58 | $ 93 | $ 106 |
Modifications, weighted-average remaining life | 8 years | ||
Business banking | Maximum | |||
Financing Receivable, Impaired [Line Items] | |||
Number of years before payment default under a modified loan | 1 year | ||
Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Number of payments past due for deemed payment | loan_payment | 2 | ||
Residential real estate | Maximum | |||
Financing Receivable, Impaired [Line Items] | |||
Number of months before a payment redefault under modified loans | 12 months | ||
Residential real estate | Prime, including option ARMs | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Modifications, weighted-average remaining life | 10 years |
Loans - Consumer, Excluding 145
Loans - Consumer, Excluding Credit Card Loans, Other Consumer Loans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 832,792 | $ 747,508 | $ 724,177 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 344,355 | 294,979 | $ 288,449 |
Consumer, excluding credit card | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 60,255 | $ 54,536 | |
Total 30 day delinquency rate | 1.35% | 1.23% | |
Consumer, excluding credit card | Auto | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 11,277 | $ 9,822 | |
Consumer, excluding credit card | Auto | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 76 | 35 | |
Consumer, excluding credit card | Auto | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 0 | 0 | |
Consumer, excluding credit card | Auto | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,186 | 6,294 | |
Consumer, excluding credit card | Auto | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,874 | 3,662 | |
Consumer, excluding credit card | Auto | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,678 | 3,175 | |
Consumer, excluding credit card | Auto | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,457 | 5,608 | |
Consumer, excluding credit card | Auto | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,843 | 2,301 | |
Consumer, excluding credit card | Auto | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,998 | 1,945 | |
Consumer, excluding credit card | Auto | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,135 | 1,019 | |
Consumer, excluding credit card | Auto | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,033 | 2,003 | |
Consumer, excluding credit card | Auto | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,550 | 1,633 | |
Consumer, excluding credit card | Auto | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,340 | 2,157 | |
Consumer, excluding credit card | Auto | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 27,161 | 24,739 | |
Consumer, excluding credit card | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 21,208 | $ 20,058 | |
Total 30 day delinquency rate | 1.51% | 1.73% | |
Consumer, excluding credit card | Business banking | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 15,505 | $ 14,619 | |
Consumer, excluding credit card | Business banking | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 815 | 708 | |
Consumer, excluding credit card | Business banking | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 210 | 213 | |
Consumer, excluding credit card | Business banking | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,530 | 3,008 | |
Consumer, excluding credit card | Business banking | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,359 | 3,187 | |
Consumer, excluding credit card | Business banking | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,459 | 1,373 | |
Consumer, excluding credit card | Business banking | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,622 | 2,626 | |
Consumer, excluding credit card | Business banking | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 941 | 827 | |
Consumer, excluding credit card | Business banking | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 500 | 451 | |
Consumer, excluding credit card | Business banking | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 264 | 258 | |
Consumer, excluding credit card | Business banking | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,205 | 1,083 | |
Consumer, excluding credit card | Business banking | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,361 | 1,375 | |
Consumer, excluding credit card | Business banking | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,363 | 1,354 | |
Consumer, excluding credit card | Business banking | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,604 | 4,516 | |
Consumer, excluding credit card | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 10,096 | $ 10,970 | |
Total 30 day delinquency rate | 1.63% | 2.15% | |
Consumer, excluding credit card | Student and other | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 1,051 | $ 1,143 | |
Consumer, excluding credit card | Student and other | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,224 | 1,259 | |
Consumer, excluding credit card | Student and other | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 679 | 729 | |
Consumer, excluding credit card | Student and other | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 839 | 868 | |
Consumer, excluding credit card | Student and other | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 516 | 521 | |
Consumer, excluding credit card | Student and other | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 366 | 378 | |
Consumer, excluding credit card | Student and other | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 212 | 235 | |
Consumer, excluding credit card | Student and other | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 236 | 239 | |
Consumer, excluding credit card | Student and other | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 415 | 466 | |
Consumer, excluding credit card | Student and other | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 559 | 629 | |
Consumer, excluding credit card | Student and other | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,999 | 4,503 | |
Consumer, excluding credit card | Total other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 91,559 | $ 85,564 | |
Total 30 day delinquency rate | 1.42% | 1.47% | |
Consumer, excluding credit card | Total other consumer | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 26,782 | $ 24,441 | |
Consumer, excluding credit card | Total other consumer | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 891 | 743 | |
Consumer, excluding credit card | Total other consumer | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 210 | 213 | |
Consumer, excluding credit card | Total other consumer | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,767 | 10,445 | |
Consumer, excluding credit card | Total other consumer | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,457 | 8,108 | |
Consumer, excluding credit card | Total other consumer | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,816 | 5,277 | |
Consumer, excluding credit card | Total other consumer | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,918 | 9,102 | |
Consumer, excluding credit card | Total other consumer | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,300 | 3,649 | |
Consumer, excluding credit card | Total other consumer | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,864 | 2,774 | |
Consumer, excluding credit card | Total other consumer | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,611 | 1,512 | |
Consumer, excluding credit card | Total other consumer | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,474 | 3,325 | |
Consumer, excluding credit card | Total other consumer | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,326 | 3,474 | |
Consumer, excluding credit card | Total other consumer | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,262 | 4,140 | |
Consumer, excluding credit card | Total other consumer | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 35,764 | 33,758 | |
Consumer, excluding credit card | In the process of active or suspended foreclosure | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,200 | 1,500 | |
Consumer, excluding credit card | Current | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 59,442 | 53,866 | |
Consumer, excluding credit card | Current | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 20,887 | 19,710 | |
Consumer, excluding credit card | Current | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,405 | 10,080 | |
Consumer, excluding credit card | Current | Student loan | Student Loans Insured or Guaranteed by U.S. Government Agencies [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,800 | 4,300 | |
Consumer, excluding credit card | Current | Total other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 89,734 | 83,656 | |
Consumer, excluding credit card | Days Past Due, 30 to 119 | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 804 | 663 | |
Consumer, excluding credit card | Days Past Due, 30 to 119 | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 215 | 208 | |
Consumer, excluding credit card | Days Past Due, 30 to 119 | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 445 | 576 | |
Consumer, excluding credit card | Days Past Due, 30 to 119 | Student loan | Student Loans Insured or Guaranteed by U.S. Government Agencies [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 299 | 364 | |
Consumer, excluding credit card | Days Past Due, 30 to 119 | Student loan | Minimum | Student Loans Insured or Guaranteed by U.S. Government Agencies [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 30 days | ||
Consumer, excluding credit card | Days Past Due, 30 to 119 | Student loan | Maximum | Student Loans Insured or Guaranteed by U.S. Government Agencies [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 119 days | ||
Consumer, excluding credit card | Days Past Due, 30 to 119 | Total other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 1,464 | 1,447 | |
Consumer, excluding credit card | Days Past Due, 120 or More | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9 | 7 | |
Consumer, excluding credit card | Days Past Due, 120 or More | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 106 | 140 | |
Consumer, excluding credit card | Days Past Due, 120 or More | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 246 | 314 | |
Consumer, excluding credit card | Days Past Due, 120 or More | Student loan | Student Loans Insured or Guaranteed by U.S. Government Agencies [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 227 | 290 | |
Consumer, excluding credit card | Days Past Due, 120 or More | Student loan | Minimum | Student Loans Insured or Guaranteed by U.S. Government Agencies [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 120 days | ||
Consumer, excluding credit card | Days Past Due, 120 or More | Total other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 361 | 461 | |
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 | 290 | 367 | |
Consumer, excluding credit card | 90 or more days past due and still accruing | Total other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 290 | 367 | |
Consumer, excluding credit card | Nonaccrual | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 116 | 115 | |
Consumer, excluding credit card | Nonaccrual | Business banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 263 | 279 | |
Consumer, excluding credit card | Nonaccrual | Student and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 242 | 270 | |
Consumer, excluding credit card | Nonaccrual | Total other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 621 | 664 | |
Consumer, excluding credit card | Days Past Due, 30 or More, and Still Accruing | Student and other | Student and Other Loans Insured or Guaranteed by U.S. Government Agencies | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 526 | $ 654 | |
Consumer, excluding credit card | Days Past Due, 30 or More, and Still Accruing | Total other consumer | Minimum | Student and Other Loans Insured or Guaranteed by U.S. Government Agencies | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 30 days |
Loans - Consumer, Excluding 146
Loans - Consumer, Excluding Credit Card Loans, Other Consumer Impaired Loans and Loan Modifications (Details) - Consumer, excluding credit card - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | $ 10,066 | $ 12,609 | $ 13,460 |
Total other consumer | |||
Financing Receivable, Impaired [Line Items] | |||
With an allowance | 527 | 557 | |
Without an allowance | 31 | 35 | |
Total impaired loans | 558 | 592 | |
Allowance for loan losses related to impaired loans | 118 | 117 | |
Unpaid principal balance of impaired loans | 668 | 719 | |
Impaired loans on nonaccrual status | 449 | 456 | |
Average impaired loans | 566 | 599 | $ 648 |
Troubled debt restructuring | 384 | 442 | |
Impaired loans on nonaccrual status | $ 275 | $ 306 |
Loans - Consumer, Excluding 147
Loans - Consumer, Excluding Credit Card Loans, PCI Loans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 832,792 | $ 747,508 | $ 724,177 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 344,355 | 294,979 | $ 288,449 |
Consumer, excluding credit card | Residential real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 211,798 | 162,719 | |
Consumer, excluding credit card | Residential real estate | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 56,208 | 39,227 | |
Consumer, excluding credit card | Residential real estate | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 30,609 | 27,717 | |
Consumer, excluding credit card | Residential real estate | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 14,944 | 10,772 | |
Consumer, excluding credit card | Residential real estate | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,660 | 8,044 | |
Consumer, excluding credit card | Residential real estate | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,586 | 8,522 | |
Consumer, excluding credit card | Residential real estate | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,157 | 6,475 | |
Consumer, excluding credit card | Residential real estate | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,627 | 4,241 | |
Consumer, excluding credit card | Residential real estate | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,298 | 4,439 | |
Consumer, excluding credit card | Residential real estate | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,295 | 2,908 | |
Consumer, excluding credit card | Residential real estate | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,899 | 2,655 | |
Consumer, excluding credit card | Residential real estate | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 63,515 | 47,719 | |
Consumer, excluding credit card | Residential real estate | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,714 | 5,175 | |
Consumer, excluding credit card | Residential real estate | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 223 | 390 | |
Consumer, excluding credit card | Residential real estate | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 109 | 171 | |
Consumer, excluding credit card | Residential real estate | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,618 | 2,742 | |
Consumer, excluding credit card | Residential real estate | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 725 | 1,180 | |
Consumer, excluding credit card | Residential real estate | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,696 | 9,383 | |
Consumer, excluding credit card | Residential real estate | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2,405 | 3,394 | |
Consumer, excluding credit card | Residential real estate | Lower than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 171,889 | 115,997 | |
Consumer, excluding credit card | Residential real estate | Lower than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,731 | 12,177 | |
Consumer, excluding credit card | Residential real estate | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,750 | 5,388 | |
Consumer, excluding credit card | Residential real estate | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,286 | 7,779 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 162,549 | 104,921 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 46,745 | 28,133 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 20,941 | 16,550 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,379 | 6,654 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,986 | 4,935 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,763 | 5,106 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,395 | 3,361 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,097 | 2,410 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,081 | 1,805 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,866 | 1,203 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,166 | 615 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 52,130 | 34,149 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,469 | 1,136 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 56 | 97 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 65 | 72 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 249 | 478 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 190 | 282 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,013 | 2,686 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 597 | 838 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | Lower than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 140,942 | 82,350 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | Lower than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,280 | 4,872 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,666 | 4,091 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,560 | 6,879 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,690 | 5,056 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 518 | 718 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 521 | 677 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 145 | 207 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 142 | 177 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 414 | 632 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 172 | 227 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 79 | 109 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 74 | 112 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 79 | 121 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 81 | 112 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,465 | 1,964 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 189 | 237 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 2 | 4 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 12 | 28 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 25 | 76 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 101 | 207 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 146 | 382 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 399 | 703 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | Lower than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,299 | 1,624 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | Lower than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,517 | 1,795 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 376 | 489 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 174 | 271 | |
Consumer, excluding credit card | Residential real estate - PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Remaining weighted-average life | 9 years | ||
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 40,998 | 46,696 | |
Related allowance for loan losses | 2,742 | 3,325 | |
Total loans | $ 42,665 | $ 49,137 | |
% of 30 plus days past due to total loans | 11.21% | 13.33% | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 23,490 | $ 26,964 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,581 | 2,944 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,150 | 1,332 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 636 | 731 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,621 | 4,257 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,157 | 1,345 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,433 | 1,674 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 703 | 802 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 448 | 531 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 185 | 209 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 7,261 | 8,348 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,325 | 2,896 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 192 | 395 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 199 | 401 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,305 | 2,190 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,055 | 1,850 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 4,833 | 7,142 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,443 | 4,975 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | Lower than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 18,903 | 18,677 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | Lower than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 10,410 | 10,611 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 37,883 | 42,586 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,896 | 2,339 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,886 | 4,212 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 14,989 | 17,095 | |
Related allowance for loan losses | 1,708 | 1,758 | |
Total loans | $ 15,342 | $ 17,740 | |
% of 30 plus days past due to total loans | 6.22% | 8.15% | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 9,205 | $ 10,671 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 788 | 876 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 358 | 405 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 224 | 273 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,479 | 1,696 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 310 | 348 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 819 | 959 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 281 | 323 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 44 | 53 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 17 | 20 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,817 | 2,116 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 889 | 1,094 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 153 | 301 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 80 | 159 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 942 | 1,448 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 444 | 728 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,709 | 3,591 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,136 | 1,485 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Lower than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 6,724 | 6,626 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Lower than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,265 | 2,308 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 14,387 | 16,295 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 322 | 445 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 633 | 1,000 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 8,893 | 10,220 | |
Related allowance for loan losses | 985 | 1,193 | |
Total loans | $ 8,919 | $ 10,249 | |
% of 30 plus days past due to total loans | 11.49% | 13.05% | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 5,172 | $ 5,965 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 580 | 672 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 263 | 301 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 94 | 92 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 586 | 689 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 238 | 279 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 194 | 225 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 143 | 167 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 141 | 166 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 45 | 48 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,463 | 1,645 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 498 | 611 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 10 | 22 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 28 | 52 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 120 | 268 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 152 | 284 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 816 | 1,405 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 614 | 969 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | Lower than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 4,243 | 4,211 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | Lower than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,438 | 2,427 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 7,894 | 8,912 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 424 | 500 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Prime mortgage | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 601 | 837 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,263 | 3,673 | |
Related allowance for loan losses | 0 | 180 | |
Total loans | $ 4,051 | $ 4,652 | |
% of 30 plus days past due to total loans | 20.22% | 23.37% | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 1,005 | $ 1,138 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 400 | 463 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 196 | 229 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 243 | 281 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 373 | 432 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 139 | 165 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 81 | 95 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 76 | 85 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 113 | 130 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 62 | 72 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,363 | 1,562 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 210 | 256 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 10 | 22 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 55 | 106 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 77 | 144 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 220 | 390 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 331 | 451 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 643 | 911 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | Lower than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 863 | 787 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | Lower than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,642 | 1,585 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,232 | 3,565 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 439 | 536 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Subprime mortgage | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 380 | 551 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 13,853 | 15,708 | |
Related allowance for loan losses | 49 | 194 | |
Total loans | $ 14,353 | $ 16,496 | |
% of 30 plus days past due to total loans | 13.82% | 16.26% | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 8,108 | $ 9,190 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 813 | 933 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 333 | 397 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 75 | 85 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,183 | 1,440 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 470 | 553 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 339 | 395 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 203 | 227 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 150 | 182 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 61 | 69 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,618 | 3,025 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | No FICO or LTV Score [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 728 | 935 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 19 | 50 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 36 | 84 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | 101 percent to 125 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 166 | 330 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | 101 percent to 125 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 239 | 448 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | 80 percent to 100 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 977 | 1,695 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | 80 percent to 100 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,050 | 1,610 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | Lower than 80 percent and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 7,073 | 7,053 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | Lower than 80 percent and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 4,065 | 4,291 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 12,370 | 13,814 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 711 | 858 | |
Consumer, excluding credit card | Residential real estate - PCI | Mortgages | Option ARMs | 150 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 1,272 | $ 1,824 |
Loans - Consumer, Excluding 148
Loans - Consumer, Excluding Credit Card Loans, PCI Delinquency Statistics (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 832,792 | $ 747,508 | $ 724,177 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 344,355 | 294,979 | $ 288,449 |
Consumer, excluding credit card | Home equity | Senior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 14,848 | $ 16,367 | |
Total 30 plus day delinquency rate | 3.84% | 3.89% | |
Consumer, excluding credit card | Home equity | Junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 30,711 | $ 36,375 | |
Total 30 plus day delinquency rate | 2.25% | 2.20% | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 14,989 | $ 17,095 | |
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Senior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Percentage of senior liens to total financing receivables | 23.00% | ||
Consumer, excluding credit card | Residential real estate - PCI | Home equity | Junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 11,834 | $ 13,851 | |
Total 30 plus day delinquency rate | 4.35% | 6.55% | |
Consumer, excluding credit card | Residential real estate - PCI | HELOCs | Junior lien | Within the revolving period | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 5,000 | $ 8,972 | |
Total 30 plus day delinquency rate | 4.10% | 6.42% | |
Open-ended revolving period | 10 years | ||
Consumer, excluding credit card | Residential real estate - PCI | HELOCs | Junior lien | Beyond the revolving period | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 6,252 | $ 4,143 | |
Total 30 plus day delinquency rate | 4.46% | 6.42% | |
Consumer, excluding credit card | Residential real estate - PCI | HELOANs | Junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 582 | $ 736 | |
Total 30 plus day delinquency rate | 5.33% | 8.83% |
Loans - Consumer, Excluding 149
Loans - Consumer, Excluding Credit Card Loans, PCI Accretable Yield Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Total retained loans | $ 832,792 | $ 747,508 | $ 724,177 |
Consumer, excluding credit card | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Total retained loans | 344,355 | 294,979 | 288,449 |
Consumer, excluding credit card | In the process of active or suspended foreclosure | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Total retained loans | 1,200 | 1,500 | |
Consumer, excluding credit card | Residential real estate | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Total retained loans | 211,798 | 162,719 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Beginning balance | 14,592 | 16,167 | 18,457 |
Accretion into interest income | (1,700) | (1,934) | (2,201) |
Changes in interest rates on variable-rate loans | 279 | (174) | (287) |
Other changes in expected cash flows | 230 | 533 | 198 |
Reclassification from nonaccretable difference | 90 | 0 | 0 |
Balance at December 31 | $ 13,491 | $ 14,592 | $ 16,167 |
Accretable yield percentage | 4.20% | 4.19% | 4.31% |
Total retained loans | $ 40,998 | $ 46,696 | |
Consumer, excluding credit card | Residential real estate - PCI | Residential real estate | In the process of active or suspended foreclosure | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Total retained loans | $ 2,300 | $ 3,200 |
Loans - Credit Card Loan Portfo
Loans - Credit Card Loan Portfolio (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 832,792 | $ 747,508 | $ 724,177 |
Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 131,387 | 128,027 | $ 127,465 |
Credit card loans | Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Net charge-offs | $ 3,122 | $ 3,429 | |
% of net charge-offs to retained loans | 2.51% | 2.75% | |
Total retained loans | $ 131,387 | $ 128,027 | |
Total 30 day delinquency rate | 1.43% | 1.44% | |
% of 90 days past due to total retained loans | 0.72% | 0.70% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Equal to or greater than 660 | 84.40% | 85.70% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Less than 660 | 15.60% | 14.30% | |
Credit card loans | Credit card | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 18,802 | $ 17,940 | |
Credit card loans | Credit card | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,847 | 11,088 | |
Credit card loans | Credit card | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,360 | 10,940 | |
Credit card loans | Credit card | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,806 | 7,398 | |
Credit card loans | Credit card | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,655 | 7,497 | |
Credit card loans | Credit card | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 5,879 | 5,750 | |
Credit card loans | Credit card | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,700 | 4,707 | |
Credit card loans | Credit card | Pennsylvania | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,533 | 4,489 | |
Credit card loans | Credit card | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,562 | 3,552 | |
Credit card loans | Credit card | Colorado | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,399 | 3,226 | |
Credit card loans | Credit card | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 51,844 | 51,440 | |
Credit card loans | Credit card | 30 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 30 days | ||
Credit card loans | Credit card | 90 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 90 days | ||
Credit card loans | Credit card | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 129,502 | 126,189 | |
Credit card loans | Credit card | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 941 | 943 | |
Credit card loans | Credit card | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 944 | $ 895 |
Loans - Credit Card Portfolio -
Loans - Credit Card Portfolio - Impaired Loans (Details) - Credit card - Credit card loans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Credit card loans with modified payments terms | $ 1,286 | $ 1,775 | |
Modified credit card loans that have reverted to pre-modification payment terms | 179 | 254 | |
Total impaired loans | 1,465 | 2,029 | |
Allowance for loan losses related to credit card impaired loans | 460 | 500 | |
Average impaired credit card loans | 1,710 | 2,503 | $ 3,882 |
Interest income on impaired credit card loans | 82 | 123 | $ 198 |
Completion of short-term modification | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with modified payment terms | 66 | 95 | |
Noncompliance with modified terms | |||
Financing Receivable, Impaired [Line Items] | |||
Modified credit card loans that have reverted to pre-modification payment terms | $ 113 | $ 159 |
Loans - Credit Card Portfoli152
Loans - Credit Card Portfolio - Loan Modifications (Details) - Credit card - Credit card $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)payment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Fixed payment plan period | 60 months | ||
Weighted-average interest rate of loans – before TDR | 15.08% | 14.96% | 15.37% |
Weighted-average interest rate of loans – after TDR | 4.40% | 4.40% | 4.38% |
Loans that redefaulted within one year of modification | $ 85 | $ 119 | $ 167 |
Number of years before payment default under a modified loan | 1 year | ||
Number of payments past due for deemed payment | payment | 2 | ||
Rate of default for modified loans, estimated weighted average | 25.61% | 27.91% | 30.72% |
Total new enrollments | |||
Financing Receivable, Impaired [Line Items] | |||
New TDRs | $ 638 | $ 807 | $ 1,200 |
Loans - Wholesale Loan Portfoli
Loans - Wholesale Loan Portfolio - By Class of Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 832,792 | $ 747,508 | $ 724,177 |
Wholesale | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 357,050 | $ 324,502 | $ 308,263 |
% of total criticized to total retained loans | 2.06% | 1.45% | |
% of nonaccrual loans to total retained loans | 0.28% | 0.18% | |
Net charge-offs/(recoveries) | $ 10 | $ 12 | |
% of net charge-offs/(recoveries) to end-of-period retained loans | 0.00% | 0.00% | |
Wholesale | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 354,451 | $ 321,612 | |
Wholesale | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,544 | 2,215 | |
Wholesale | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 67 | 76 | |
Wholesale | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 988 | 599 | |
Wholesale | Total non-U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 94,051 | 100,865 | |
Wholesale | Total U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 262,999 | 223,637 | |
Wholesale | Investment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 267,736 | 241,666 | |
Wholesale | Total noninvestment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 89,314 | 82,836 | |
Wholesale | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 81,953 | 78,118 | |
Wholesale | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6,373 | 4,119 | |
Wholesale | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 988 | 599 | |
Wholesale | Commercial and industrial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 112,932 | $ 109,625 | |
% of total criticized to total retained loans | 4.56% | 2.22% | |
% of nonaccrual loans to total retained loans | 0.54% | 0.17% | |
Net charge-offs/(recoveries) | $ 26 | $ 22 | |
% of net charge-offs/(recoveries) to end-of-period retained loans | 0.02% | 0.02% | |
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 | $ 112,058 | $ 108,857 | |
Wholesale | Commercial and industrial | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 259 | 566 | |
Wholesale | Commercial and industrial | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7 | 14 | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 608 | 188 | |
Wholesale | Commercial and industrial | Total non-U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 30,063 | 33,739 | |
Wholesale | Commercial and industrial | Total U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 82,869 | 75,886 | |
Wholesale | Commercial and industrial | Investment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 62,150 | 63,069 | |
Wholesale | Commercial and industrial | Total noninvestment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 50,782 | 46,556 | |
Wholesale | Commercial and industrial | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 45,632 | 44,117 | |
Wholesale | Commercial and industrial | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 4,542 | 2,251 | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 608 | 188 | |
Wholesale | Real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 92,820 | $ 79,113 | |
% of total criticized to total retained loans | 1.60% | 1.98% | |
% of nonaccrual loans to total retained loans | 0.25% | 0.32% | |
Net charge-offs/(recoveries) | $ (14) | $ (9) | |
% of net charge-offs/(recoveries) to end-of-period retained loans | (0.02%) | (0.01%) | |
Wholesale | Real estate | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 92,381 | $ 78,552 | |
Wholesale | Real estate | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 193 | 275 | |
Wholesale | Real estate | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 15 | 33 | |
Wholesale | Real estate | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 231 | 253 | |
Wholesale | Real estate | Total non-U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 3,003 | 2,099 | |
Wholesale | Real estate | Total U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 89,817 | 77,014 | |
Wholesale | Real estate | Investment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 74,330 | 61,006 | |
Wholesale | Real estate | Total noninvestment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 18,490 | 18,107 | |
Wholesale | Real estate | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 17,008 | 16,541 | |
Wholesale | Real estate | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1,251 | 1,313 | |
Wholesale | Real estate | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 231 | 253 | |
Wholesale | Financial institutions | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 29,783 | $ 34,538 | |
% of total criticized to total retained loans | 1.11% | 0.97% | |
% of nonaccrual loans to total retained loans | 0.03% | 0.05% | |
Net charge-offs/(recoveries) | $ (5) | $ (12) | |
% of net charge-offs/(recoveries) to end-of-period retained loans | (0.02%) | (0.04%) | |
Wholesale | Financial institutions | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 29,713 | $ 34,416 | |
Wholesale | Financial institutions | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 49 | 104 | |
Wholesale | Financial institutions | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11 | 0 | |
Wholesale | Financial institutions | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 10 | 18 | |
Wholesale | Financial institutions | Total non-U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 17,166 | 20,944 | |
Wholesale | Financial institutions | Total U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 12,617 | 13,594 | |
Wholesale | Financial institutions | Investment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 21,786 | 27,111 | |
Wholesale | Financial institutions | Total noninvestment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,997 | 7,427 | |
Wholesale | Financial institutions | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7,667 | 7,093 | |
Wholesale | Financial institutions | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 320 | 316 | |
Wholesale | Financial institutions | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 10 | 18 | |
Wholesale | Government agencies | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 11,626 | $ 8,696 | |
% of total criticized to total retained loans | 0.06% | 0.03% | |
% of nonaccrual loans to total retained loans | 0.00% | 0.00% | |
Net charge-offs/(recoveries) | $ (8) | $ 25 | |
% of net charge-offs/(recoveries) to end-of-period retained loans | (0.07%) | 0.29% | |
Wholesale | Government agencies | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 11,565 | $ 8,627 | |
Wholesale | Government agencies | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 55 | 69 | |
Wholesale | Government agencies | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 6 | 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 | 1,788 | 1,122 | |
Wholesale | Government agencies | Total U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 9,838 | 7,574 | |
Wholesale | Government agencies | Investment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,363 | 8,393 | |
Wholesale | Government agencies | Total noninvestment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 263 | 303 | |
Wholesale | Government agencies | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 256 | 300 | |
Wholesale | Government agencies | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 7 | 3 | |
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 | $ 109,889 | $ 92,530 | |
% of total criticized to total retained loans | 0.36% | 0.41% | |
% of nonaccrual loans to total retained loans | 0.13% | 0.15% | |
Net charge-offs/(recoveries) | $ 11 | $ (14) | |
% of net charge-offs/(recoveries) to end-of-period retained loans | 0.01% | (0.02%) | |
Wholesale | Other | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 108,734 | $ 91,160 | |
Wholesale | Other | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 988 | 1,201 | |
Wholesale | Other | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 28 | 29 | |
Wholesale | Other | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 139 | 140 | |
Wholesale | Other | Total non-U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 42,031 | 42,961 | |
Wholesale | Other | Total U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 67,858 | 49,569 | |
Wholesale | Other | Investment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 98,107 | 82,087 | |
Wholesale | Other | Total noninvestment grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,782 | 10,443 | |
Wholesale | Other | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 11,390 | 10,067 | |
Wholesale | Other | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 253 | 236 | |
Wholesale | Other | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 139 | $ 140 |
Loans - Wholesale Loan Portf154
Loans - Wholesale Loan Portfolio - Real Estate Class of Loans (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 832,792 | $ 747,508 | $ 724,177 |
Wholesale | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 357,050 | $ 324,502 | $ 308,263 |
% of criticized to total real estate retained loans | 2.06% | 1.45% | |
% of criticized nonaccrual to total real estate retained loans | 0.28% | 0.18% | |
Wholesale | Total real estate loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 92,820 | $ 79,113 | |
% of criticized to total real estate retained loans | 1.60% | 1.98% | |
% of criticized nonaccrual to total real estate retained loans | 0.25% | 0.32% | |
Wholesale | Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 60,290 | $ 51,049 | |
% of criticized to total real estate retained loans | 0.86% | 1.28% | |
% of criticized nonaccrual to total real estate retained loans | 0.14% | 0.25% | |
Wholesale | Commercial lessors | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 20,062 | $ 17,438 | |
% of criticized to total real estate retained loans | 4.21% | 4.82% | |
% of criticized nonaccrual to total real estate retained loans | 0.50% | 0.63% | |
Wholesale | Commercial construction and development | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 4,920 | $ 4,264 | |
% of criticized to total real estate retained loans | 0.87% | 0.98% | |
% of criticized nonaccrual to total real estate retained loans | 0.02% | 0.00% | |
Wholesale | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 7,548 | $ 6,362 | |
% of criticized to total real estate retained loans | 0.99% | 0.49% | |
% of criticized nonaccrual to total real estate retained loans | 0.60% | 0.27% | |
Wholesale | Criticized | Total real estate loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 1,482 | $ 1,566 | |
Wholesale | Criticized | Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 520 | 652 | |
Wholesale | Criticized | Commercial lessors | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 844 | 841 | |
Wholesale | Criticized | Commercial construction and development | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 43 | 42 | |
Wholesale | Criticized | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 75 | 31 | |
Wholesale | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 988 | 599 | |
Wholesale | Criticized nonaccrual | Total real estate loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 231 | 253 | |
Wholesale | Criticized nonaccrual | Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 85 | 126 | |
Wholesale | Criticized nonaccrual | Commercial lessors | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 100 | 110 | |
Wholesale | Criticized nonaccrual | Commercial construction and development | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | 1 | 0 | |
Wholesale | Criticized nonaccrual | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 45 | $ 17 |
Loans - Wholesale Loan Portf155
Loans - Wholesale Loan Portfolio - Impaired Loans (Details) - Wholesale - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total retained loans | |||
Impaired loans: | |||
With an allowance | $ 726 | $ 471 | |
Without an allowance | 298 | 166 | |
Total impaired loans | 1,024 | 637 | |
Allowance for loan losses related to impaired loans | 274 | 87 | |
Unpaid principal balance of impaired loans | 1,209 | 835 | |
Average impaired loans | 845 | 715 | $ 1,124 |
Commercial and industrial | |||
Impaired loans: | |||
With an allowance | 522 | 174 | |
Without an allowance | 98 | 24 | |
Total impaired loans | 620 | 198 | |
Allowance for loan losses related to impaired loans | 220 | 34 | |
Unpaid principal balance of impaired loans | 669 | 266 | |
Average impaired loans | 453 | 243 | 412 |
Real estate | |||
Impaired loans: | |||
With an allowance | 148 | 193 | |
Without an allowance | 106 | 87 | |
Total impaired loans | 254 | 280 | |
Allowance for loan losses related to impaired loans | 27 | 36 | |
Unpaid principal balance of impaired loans | 363 | 345 | |
Average impaired loans | 250 | 297 | 484 |
Financial institutions | |||
Impaired loans: | |||
With an allowance | 10 | 15 | |
Without an allowance | 0 | 3 | |
Total impaired loans | 10 | 18 | |
Allowance for loan losses related to impaired loans | 3 | 4 | |
Unpaid principal balance of impaired loans | 13 | 22 | |
Average impaired loans | 13 | 20 | 17 |
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 | 0 |
Other | |||
Impaired loans: | |||
With an allowance | 46 | 89 | |
Without an allowance | 94 | 52 | |
Total impaired loans | 140 | 141 | |
Allowance for loan losses related to impaired loans | 24 | 13 | |
Unpaid principal balance of impaired loans | 164 | 202 | |
Average impaired loans | $ 129 | $ 155 | $ 211 |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Gross charge-offs/Write-offs of PCI loans | $ 208 | $ 533 | $ 53 | ||||
Provision for loan losses/lending-related commitments | 3,827 | 3,139 | 225 | ||||
Loans by impairment methodology | |||||||
Asset-specific | $ 12,095 | $ 14,686 | $ 17,745 | ||||
Formula-based | 779,695 | 686,122 | 653,371 | ||||
PCI | 41,002 | 46,700 | 53,061 | ||||
Total retained loans | 832,792 | 747,508 | 724,177 | ||||
Lending-related commitments by impairment methodology | |||||||
Asset-specific | 193 | 103 | 206 | ||||
Formula-based | 940,202 | 950,894 | 929,472 | ||||
Total lending-related commitments | 940,395 | 950,997 | 929,678 | ||||
Impaired collateral-dependent loans | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Net charge-offs/(recoveries) | 120 | 154 | 272 | ||||
Impaired collateral-dependent loans | |||||||
Loans measured at fair value of collateral less cost to sell | 2,849 | 3,351 | 3,467 | ||||
Allowance for loan losses | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | 14,185 | 16,264 | 21,936 | ||||
Gross charge-offs/Write-offs of PCI loans | 5,241 | 6,114 | 7,467 | ||||
Gross recoveries | (1,155) | (1,355) | (1,665) | ||||
Net charge-offs/(recoveries) | 4,086 | 4,759 | 5,802 | ||||
Provision for loan losses/lending-related commitments | 3,663 | 3,224 | 188 | ||||
Other | 1 | (11) | (5) | ||||
Ending balance | $ 14,185 | 13,555 | 14,185 | 16,264 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||||||
Asset-specific | 1,098 | 1,126 | 1,753 | ||||
Formula-based | 9,715 | 9,734 | 10,353 | ||||
PCI | 2,742 | 3,325 | 4,158 | ||||
Total allowance for loan losses/lending-related commitments | 14,185 | 14,185 | 16,264 | 21,936 | 13,555 | 14,185 | 16,264 |
Allowance for lending-related commitments | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | 622 | 705 | 668 | ||||
Provision for loan losses/lending-related commitments | 164 | (85) | 37 | ||||
Other | 0 | 2 | 0 | ||||
Ending balance | 622 | 786 | 622 | 705 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||||||
Allowance for lending-related commitments by impairment methodology, Asset-specific | 73 | 60 | 60 | ||||
Allowance for lending-related commitments by impairment methodology, Formula-based | 713 | 562 | 645 | ||||
Total allowance for loan losses/lending-related commitments | 622 | 622 | 705 | 668 | 786 | 622 | 705 |
Consumer, excluding credit card | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Gross charge-offs/Write-offs of PCI loans | 208 | 533 | 53 | ||||
Loans by impairment methodology | |||||||
Asset-specific | 9,606 | 12,020 | 13,785 | ||||
Formula-based | 293,751 | 236,263 | 221,609 | ||||
PCI | 40,998 | 46,696 | 53,055 | ||||
Total retained loans | 344,355 | 294,979 | 288,449 | ||||
Lending-related commitments by impairment methodology | |||||||
Asset-specific | 0 | 0 | 0 | ||||
Formula-based | 58,478 | 58,153 | 56,057 | ||||
Total lending-related commitments | 58,478 | 58,153 | 56,057 | ||||
Consumer, excluding credit card | Impaired collateral-dependent loans | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Net charge-offs/(recoveries) | 104 | 133 | 235 | ||||
Impaired collateral-dependent loans | |||||||
Loans measured at fair value of collateral less cost to sell | 2,566 | 3,025 | 3,105 | ||||
Consumer, excluding credit card | Allowance for loan losses | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | 7,050 | 8,456 | 12,292 | ||||
Gross charge-offs/Write-offs of PCI loans | 291 | 1,658 | 2,132 | 2,754 | |||
Gross recoveries | (704) | (814) | (847) | ||||
Net charge-offs/(recoveries) | 954 | 1,318 | 1,907 | ||||
Provision for loan losses/lending-related commitments | (82) | 414 | (1,872) | ||||
Other | 0 | 31 | (4) | ||||
Ending balance | 7,050 | 5,806 | 7,050 | 8,456 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||||||
Asset-specific | 364 | 539 | 601 | ||||
Formula-based | 2,700 | 3,186 | 3,697 | ||||
PCI | 2,742 | 3,325 | 4,158 | ||||
Total allowance for loan losses/lending-related commitments | 7,050 | 7,050 | 8,456 | 12,292 | 5,806 | 7,050 | 8,456 |
Consumer, excluding credit card | Allowance for lending-related commitments | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | 13 | 8 | 7 | ||||
Provision for loan losses/lending-related commitments | 1 | 5 | 1 | ||||
Other | 0 | 0 | 0 | ||||
Ending balance | 13 | 14 | 13 | 8 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||||||
Allowance for lending-related commitments by impairment methodology, Asset-specific | 0 | 0 | 0 | ||||
Allowance for lending-related commitments by impairment methodology, Formula-based | 14 | 13 | 8 | ||||
Total allowance for loan losses/lending-related commitments | 13 | 13 | 8 | 7 | 14 | 13 | 8 |
Credit card | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Gross charge-offs/Write-offs of PCI loans | 0 | 0 | 0 | ||||
Loans by impairment methodology | |||||||
Asset-specific | 1,465 | 2,029 | 3,115 | ||||
Formula-based | 129,922 | 125,998 | 124,350 | ||||
PCI | 0 | 0 | 0 | ||||
Total retained loans | 131,387 | 128,027 | 127,465 | ||||
Lending-related commitments by impairment methodology | |||||||
Asset-specific | 0 | 0 | 0 | ||||
Formula-based | 515,518 | 525,963 | 529,383 | ||||
Total lending-related commitments | 515,518 | 525,963 | 529,383 | ||||
Credit card | Impaired collateral-dependent loans | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Net charge-offs/(recoveries) | 0 | 0 | 0 | ||||
Impaired collateral-dependent loans | |||||||
Loans measured at fair value of collateral less cost to sell | 0 | 0 | 0 | ||||
Credit card | Allowance for loan losses | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | 3,439 | 3,795 | 5,501 | ||||
Gross charge-offs/Write-offs of PCI loans | 3,488 | 3,831 | 4,472 | ||||
Gross recoveries | (366) | (402) | (593) | ||||
Net charge-offs/(recoveries) | 3,122 | 3,429 | 3,879 | ||||
Provision for loan losses/lending-related commitments | 3,122 | 3,079 | 2,179 | ||||
Other | (5) | (6) | (6) | ||||
Ending balance | 3,439 | 3,434 | 3,439 | 3,795 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||||||
Asset-specific | 460 | 500 | 971 | ||||
Formula-based | 2,974 | 2,939 | 2,824 | ||||
PCI | 0 | 0 | 0 | ||||
Total allowance for loan losses/lending-related commitments | 3,439 | 3,439 | 3,795 | 5,501 | 3,434 | 3,439 | 3,795 |
Credit card | Allowance for lending-related commitments | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | 0 | 0 | 0 | ||||
Provision for loan losses/lending-related commitments | 0 | 0 | 0 | ||||
Other | 0 | 0 | 0 | ||||
Ending balance | 0 | 0 | 0 | 0 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||||||
Allowance for lending-related commitments by impairment methodology, Asset-specific | 0 | 0 | 0 | ||||
Allowance for lending-related commitments by impairment methodology, Formula-based | 0 | 0 | 0 | ||||
Total allowance for loan losses/lending-related commitments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Wholesale | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Gross charge-offs/Write-offs of PCI loans | 0 | 0 | 0 | ||||
Loans by impairment methodology | |||||||
Asset-specific | 1,024 | 637 | 845 | ||||
Formula-based | 356,022 | 323,861 | 307,412 | ||||
PCI | 4 | 4 | 6 | ||||
Total retained loans | 357,050 | 324,502 | 308,263 | ||||
Lending-related commitments by impairment methodology | |||||||
Asset-specific | 193 | 103 | 206 | ||||
Formula-based | 366,206 | 366,778 | 344,032 | ||||
Total lending-related commitments | 366,399 | 366,881 | 344,238 | ||||
Wholesale | Impaired collateral-dependent loans | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Net charge-offs/(recoveries) | 16 | 21 | 37 | ||||
Impaired collateral-dependent loans | |||||||
Loans measured at fair value of collateral less cost to sell | 283 | 326 | 362 | ||||
Wholesale | Allowance for loan losses | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | 3,696 | 4,013 | 4,143 | ||||
Gross charge-offs/Write-offs of PCI loans | 95 | 151 | 241 | ||||
Gross recoveries | (85) | (139) | (225) | ||||
Net charge-offs/(recoveries) | 10 | 12 | 16 | ||||
Provision for loan losses/lending-related commitments | 623 | (269) | (119) | ||||
Other | 6 | (36) | 5 | ||||
Ending balance | 3,696 | 4,315 | 3,696 | 4,013 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||||||
Asset-specific | 274 | 87 | 181 | ||||
Formula-based | 4,041 | 3,609 | 3,832 | ||||
PCI | 0 | 0 | 0 | ||||
Total allowance for loan losses/lending-related commitments | 3,696 | 3,696 | 4,013 | 4,143 | 4,315 | 3,696 | 4,013 |
Wholesale | Allowance for lending-related commitments | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | 609 | 697 | 661 | ||||
Provision for loan losses/lending-related commitments | 163 | (90) | 36 | ||||
Other | 0 | 2 | 0 | ||||
Ending balance | 609 | 772 | 609 | 697 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | |||||||
Allowance for lending-related commitments by impairment methodology, Asset-specific | 73 | 60 | 60 | ||||
Allowance for lending-related commitments by impairment methodology, Formula-based | 699 | 549 | 637 | ||||
Total allowance for loan losses/lending-related commitments | $ 609 | $ 609 | $ 697 | $ 661 | $ 772 | $ 609 | $ 697 |
Variable Interest Entities - Cr
Variable Interest Entities - Credit Card Securitizations (Details) - Firm-sponsored credit card trusts - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | ||
Minimum undivided interest in credit card trusts | 22.00% | 22.00% |
Undivided interests in Firm-sponsored credit card securitization trusts | $ 13,600 | $ 10,900 |
Senior securities | ||
Variable Interest Entity [Line Items] | ||
Undivided interests in Firm-sponsored credit card securitization trusts | 0 | 40 |
Subordinated securities | ||
Variable Interest Entity [Line Items] | ||
Undivided interests in Firm-sponsored credit card securitization trusts | $ 5,300 | $ 5,300 |
Minimum | ||
Variable Interest Entity [Line Items] | ||
Minimum undivided interest in credit card trusts | 4.00% |
Variable Interest Entities - Fi
Variable Interest Entities - Firm Sponsored Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | $ 233,600 | $ 254,300 |
Retained securitization interests, risk-rated 'A' or better, at fair value | 76.00% | 77.00% |
Corporate & Investment Bank | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Senior securities purchased in connection with CIB's secondary market-making activities | $ 163 | $ 136 |
Subordinated securities purchased in connection with CIB's secondary market-making activities | 73 | 34 |
Residential mortgage | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 85,700 | 96,300 |
Residential mortgage | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 24,400 | 28,400 |
Residential mortgage | Investment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 1,900 | 1,100 |
Residential mortgage | Noninvestment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 93 | 185 |
Commercial and other | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 123,500 | 129,600 |
Commercial and other | Investment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 3,700 | 3,700 |
Commercial and other | Noninvestment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 198 | 194 |
VIEs consolidated by the Firm | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 1,600 | 3,700 |
VIEs consolidated by the Firm | Residential mortgage | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 1,400 | 2,700 |
VIEs consolidated by the Firm | Residential mortgage | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 100 | 800 |
VIEs consolidated by the Firm | Commercial and other | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 100 | 200 |
Nonconsolidated entities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 169,576 | 198,391 |
Interest in securitized assets in nonconsolidated VIEs | 6,000 | 5,200 |
Nonconsolidated entities | Trading assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 900 | 1,000 |
Nonconsolidated entities | AFS securities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 5,100 | 4,200 |
Nonconsolidated entities | Residential mortgage | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 66,708 | 78,294 |
Interest in securitized assets in nonconsolidated VIEs | 2,000 | 1,200 |
Nonconsolidated entities | Residential mortgage | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 22,549 | 25,659 |
Interest in securitized assets in nonconsolidated VIEs | 100 | 100 |
Nonconsolidated entities | Residential mortgage | Trading assets | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 400 | 500 |
Nonconsolidated entities | Residential mortgage | Trading assets | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 100 | 100 |
Nonconsolidated entities | Residential mortgage | AFS securities | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 1,600 | 700 |
Nonconsolidated entities | Residential mortgage | AFS securities | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated entities | Commercial and other | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 80,319 | 94,438 |
Interest in securitized assets in nonconsolidated VIEs | 3,900 | 3,900 |
Nonconsolidated entities | Commercial and other | Trading assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 400 | 400 |
Nonconsolidated entities | Commercial and other | AFS securities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | $ 3,500 | $ 3,500 |
Variable Interest Entities - Re
Variable Interest Entities - Resecuritizations, Multi-seller Conduits (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Variable Interest Entity [Line Items] | |||||
Securities transferred to agency resecuritization VIEs | $ 21,900 | $ 22,700 | $ 25,300 | ||
Securities transferred to private-label re-securitization VIEs | 777 | 1,100 | 55 | ||
Total assets (including notional amount of interest-only securities) | 2,351,698 | [1] | 2,572,274 | [1] | 2,414,879 |
Off-balance sheet lending-related financial commitments, contractual amount | $ 940,395 | 950,997 | $ 929,678 | ||
Maximum | |||||
Variable Interest Entity [Line Items] | |||||
Program-wide credit enhancement required amount | 10.00% | ||||
Nonconsolidated rirm-sponsored private-label re-securitizations | |||||
Variable Interest Entity [Line Items] | |||||
Total assets (including notional amount of interest-only securities) | $ 2,200 | 2,900 | |||
Re-securitization | Re-securitizations | |||||
Variable Interest Entity [Line Items] | |||||
Senior and subordinated interest in nonconsolidated agency re-securitization entities | 4,600 | 2,400 | |||
Firm-administered multi-seller conduits | |||||
Variable Interest Entity [Line Items] | |||||
Commercial paper issued by consolidated Variable Interest Entities eliminated in Consolidation | 15,700 | 5,700 | |||
Firm-administered multi-seller conduits | Commercial and other | |||||
Variable Interest Entity [Line Items] | |||||
Off-balance sheet lending-related financial commitments, contractual amount | $ 5,600 | $ 9,900 | |||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2015 and 2014. The difference between total VIE assets and liabilities represents the Firm’s interests in those entities, which were eliminated in consolidation.December 31, (in millions)2015 2014Assets Trading assets$3,736 $9,090Loans75,104 68,880All other assets2,765 1,815Total assets$81,605 $79,785Liabilities Beneficial interests issued by consolidated variable interest entities$41,879 $52,320All other liabilities809 949Total liabilities$42,688 $53,269The 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 both December 31, 2015 and 2014, the Firm provided limited program-wide credit enhancement of $2.0 billion, related to its Firm-administered multi-seller conduits, which are eliminated in consolidation. For further discussion, see Note 16. |
Variable Interest Entities - No
Variable Interest Entities - Nonconsolidated Municipal Bond VIEs (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Variable Interest Entity [Line Items] | |||||
Total assets | $ 2,351,698 | [1] | $ 2,572,274 | [1] | $ 2,414,879 |
Nonconsolidated municipal bond vehicles | Municipal bond vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 6,900 | 11,500 | |||
Liquidity facilities | 3,800 | 6,300 | |||
Excess | $ 3,100 | $ 5,200 | |||
Wt. avg. expected life of assets (years) | 4 years | 4 years 10 months 24 days | |||
Nonconsolidated municipal bond vehicles | Municipal bond vehicles | Investment-grade AAA to AAA- | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | $ 1,700 | $ 2,700 | |||
Nonconsolidated municipal bond vehicles | Municipal bond vehicles | Investment-grade AAplus to AA- | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 4,600 | 8,400 | |||
Nonconsolidated municipal bond vehicles | Municipal bond vehicles | Investment-grade Aplus to A- | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 500 | 400 | |||
Nonconsolidated municipal bond vehicles | Municipal bond vehicles | Investment-grade BBBplus to BBB- | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 0 | 0 | |||
Nonconsolidated municipal bond vehicles | Municipal bond vehicles | Noninvestment-grade BBplus and below | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 100 | 0 | |||
Nonconsolidated entities | Municipal bond vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum exposure | $ 3,800 | $ 6,300 | |||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2015 and 2014. The difference between total VIE assets and liabilities represents the Firm’s interests in those entities, which were eliminated in consolidation.December 31, (in millions)2015 2014Assets Trading assets$3,736 $9,090Loans75,104 68,880All other assets2,765 1,815Total assets$81,605 $79,785Liabilities Beneficial interests issued by consolidated variable interest entities$41,879 $52,320All other liabilities809 949Total liabilities$42,688 $53,269The 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 both December 31, 2015 and 2014, the Firm provided limited program-wide credit enhancement of $2.0 billion, related to its Firm-administered multi-seller conduits, which are eliminated in consolidation. For further discussion, see Note 16. |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | $ 343,839 | $ 398,988 | ||||
Loans | 837,299 | 757,336 | ||||
Other | 105,572 | 102,098 | ||||
Total assets | 2,351,698 | [1] | 2,572,274 | [1] | $ 2,414,879 | |
Beneficial interests issued by consolidated VIEs | 41,879 | 52,320 | ||||
Total liabilities | [1] | 2,104,125 | 2,340,547 | |||
VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 75,100 | 68,900 | ||||
Other | 2,800 | 1,800 | ||||
Total assets | 81,600 | 79,800 | ||||
Beneficial interests issued by consolidated VIEs | 41,900 | 52,300 | ||||
Other | 800 | 1,000 | ||||
Total liabilities | 42,700 | 53,300 | ||||
VIEs consolidated by the Firm | 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 | 30,600 | 35,400 | ||||
VIEs consolidated by the Firm | Long-term beneficial interests maturities under one year | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Beneficial interests issued by consolidated VIEs | 5,100 | |||||
VIEs consolidated by the Firm | Long-term beneficial interests maturities between one and five years | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Beneficial interests issued by consolidated VIEs | 21,600 | |||||
VIEs consolidated by the Firm | Long-term beneficial interests maturities over five years | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Beneficial interests issued by consolidated VIEs | 3,900 | |||||
VIEs consolidated by the Firm | Debt and equity securities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 3,700 | 9,100 | ||||
VIEs consolidated by the Firm | Firm-sponsored credit card trusts | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 47,400 | 48,300 | ||||
Other | 700 | 700 | ||||
Total assets | 48,100 | 49,000 | ||||
Beneficial interests issued by consolidated VIEs | 27,900 | 31,200 | ||||
Other | 0 | 0 | ||||
Total liabilities | 27,900 | 31,200 | ||||
VIEs consolidated by the Firm | 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 | ||||
VIEs consolidated by the Firm | Firm-administered multi-seller conduits | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 24,400 | 17,700 | ||||
Other | 0 | 100 | ||||
Total assets | 24,400 | 17,800 | ||||
Beneficial interests issued by consolidated VIEs | 8,700 | 12,000 | ||||
Other | 0 | 0 | ||||
Total liabilities | 8,700 | 12,000 | ||||
VIEs consolidated by the Firm | 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 | ||||
VIEs consolidated by the Firm | Municipal bond vehicles | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 0 | 0 | ||||
Other | 0 | 0 | ||||
Total assets | 2,700 | 5,300 | ||||
Beneficial interests issued by consolidated VIEs | 2,600 | 4,900 | ||||
Other | 0 | 0 | ||||
Total liabilities | 2,600 | 4,900 | ||||
VIEs consolidated by the Firm | Municipal bond vehicles | Debt and equity securities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 2,700 | 5,300 | ||||
VIEs consolidated by the Firm | Mortgage securitization entities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 1,400 | 700 | ||||
Other | 0 | 0 | ||||
Total assets | 2,200 | 4,000 | ||||
Beneficial interests issued by consolidated VIEs | 800 | 2,100 | ||||
Other | 700 | 800 | ||||
Total liabilities | 1,500 | 2,900 | ||||
VIEs consolidated by the Firm | Mortgage securitization entities | Debt and equity securities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 800 | 3,300 | ||||
VIEs consolidated by the Firm | Student loan securitization entities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 1,900 | 2,200 | ||||
Other | 100 | 0 | ||||
Total assets | 2,000 | 2,400 | ||||
Beneficial interests issued by consolidated VIEs | 1,800 | 2,100 | ||||
Other | 0 | 0 | ||||
Total liabilities | 1,800 | 2,100 | ||||
VIEs consolidated by the Firm | 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 | 0 | 200 | ||||
VIEs consolidated by the Firm | Other | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 0 | 0 | ||||
Other | 2,000 | 1,000 | ||||
Total assets | 2,200 | 1,300 | ||||
Beneficial interests issued by consolidated VIEs | 100 | 0 | ||||
Other | 100 | 200 | ||||
Total liabilities | 200 | 200 | ||||
VIEs consolidated by the Firm | Other | Debt and equity securities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | $ 200 | $ 300 | ||||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2015 and 2014. The difference between total VIE assets and liabilities represents the Firm’s interests in those entities, which were eliminated in consolidation.December 31, (in millions)2015 2014Assets Trading assets$3,736 $9,090Loans75,104 68,880All other assets2,765 1,815Total assets$81,605 $79,785Liabilities Beneficial interests issued by consolidated variable interest entities$41,879 $52,320All other liabilities809 949Total liabilities$42,688 $53,269The 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 both December 31, 2015 and 2014, the Firm provided limited program-wide credit enhancement of $2.0 billion, related to its Firm-administered multi-seller conduits, which are eliminated in consolidation. For further discussion, see Note 16. |
Variable Interest Entities - Se
Variable Interest Entities - Securitization Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Residential mortgage | Level 2 | |||
All cash flows during the period: | |||
Proceeds from new securitizations | $ 3,000,000,000 | $ 2,400,000,000 | $ 1,400,000,000 |
Residential mortgage | Level 3 | |||
All cash flows during the period: | |||
Proceeds from new securitizations | 59,000,000 | 185,000,000 | |
Commercial and other | Level 2 | |||
All cash flows during the period: | |||
Proceeds from new securitizations | 12,000,000,000 | 11,400,000,000 | 11,300,000,000 |
Commercial and other | Level 3 | |||
All cash flows during the period: | |||
Proceeds from new securitizations | 43,000,000 | 130,000,000 | |
Commercial and other | Cash | |||
All cash flows during the period: | |||
Proceeds from new securitizations | 207,000,000 | ||
Commercial and other | Cash | Level 2 | |||
All cash flows during the period: | |||
Proceeds from new securitizations | 0 | ||
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability | Residential mortgage | |||
Securitization activity [Abstract] | |||
Principal securitized | 3,008,000,000 | 2,558,000,000 | 1,404,000,000 |
All cash flows during the period: | |||
Proceeds from new securitizations | 3,022,000,000 | 2,569,000,000 | 1,410,000,000 |
Servicing fees collected | 528,000,000 | 557,000,000 | 576,000,000 |
Purchases of previously transferred financial assets (or the underlying collateral) | 3,000,000 | 121,000,000 | 294,000,000 |
Cash flows received on interests | $ 407,000,000 | $ 179,000,000 | $ 156,000,000 |
Weighted-average life | 4 years 2 months 12 days | 5 years 10 months 24 days | 3 years 10 months 24 days |
Discount rate | 2.90% | 3.40% | 2.50% |
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability | Commercial and other | |||
Securitization activity [Abstract] | |||
Principal securitized | $ 11,933,000,000 | $ 11,911,000,000 | $ 11,318,000,000 |
All cash flows during the period: | |||
Proceeds from new securitizations | 12,011,000,000 | 12,079,000,000 | 11,507,000,000 |
Servicing fees collected | 3,000,000 | 4,000,000 | 5,000,000 |
Purchases of previously transferred financial assets (or the underlying collateral) | 0 | 0 | 0 |
Cash flows received on interests | $ 597,000,000 | $ 578,000,000 | $ 325,000,000 |
Weighted-average life | 6 years 2 months 12 days | 6 years 6 months | 8 years 3 months 18 days |
Discount rate | 4.10% | 4.80% | 3.20% |
Cash | Commercial and other | |||
All cash flows during the period: | |||
Proceeds from new securitizations | $ 568,000,000 |
Variable Interest Entities - Lo
Variable Interest Entities - Loans Sold to Third-Party Sponsored Securitization Entities (Details) - Nonconsolidated entities - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of loan sale activities [Abstract] | |||
Carrying value of loans sold | $ 42,161 | $ 55,802 | $ 166,028 |
Proceeds received from loan sales as cash | 313 | 260 | 782 |
Proceeds received from loan sales as securities | 41,615 | 55,117 | 163,373 |
Total proceeds received from loan sales | 41,928 | 55,377 | 164,155 |
Gains on loan sales | 299 | 316 | $ 302 |
Loans repurchased | 11,100 | 12,400 | |
Real estate acquired through foreclosure | $ 343 | $ 464 |
Variable Interest Entities -164
Variable Interest Entities - Loan Delinquencies and Net Charge-offs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | 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 | $ 233,600 | $ 254,300 |
Commercial and other | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Total assets held by securitization VIEs | 123,500 | 129,600 |
Securitized loans | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
90 days past due | 15,581 | 19,358 |
Liquidation Losses | 3,752 | 5,364 |
Securitized loans in which the firm has no continuing involvement | 62,400 | 52,200 |
Securitized loans | Commercial and other | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
90 days past due | 1,808 | 1,522 |
Liquidation Losses | 375 | 1,267 |
Nonconsolidated entities | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Securitized assets | 169,576 | 198,391 |
Nonconsolidated entities | Commercial and other | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Securitized assets | 80,319 | 94,438 |
VIEs consolidated by the Firm | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Assets held in consolidated securitization VIEs | 1,600 | 3,700 |
VIEs consolidated by the Firm | Commercial and other | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Assets held in consolidated securitization VIEs | 100 | 200 |
Prime/Alt-A and option ARMs | Residential mortgage | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Total assets held by securitization VIEs | 85,700 | 96,300 |
Prime/Alt-A and option ARMs | Securitized loans | Residential mortgage | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
90 days past due | 8,325 | 11,363 |
Liquidation Losses | 1,946 | 2,166 |
Prime/Alt-A and option ARMs | Nonconsolidated entities | Residential mortgage | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Securitized assets | 66,708 | 78,294 |
Prime/Alt-A and option ARMs | VIEs consolidated by the Firm | Residential mortgage | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Assets held in consolidated securitization VIEs | 1,400 | 2,700 |
Subprime | Residential mortgage | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Total assets held by securitization VIEs | 24,400 | 28,400 |
Subprime | Securitized loans | Residential mortgage | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
90 days past due | 5,448 | 6,473 |
Liquidation Losses | 1,431 | 1,931 |
Subprime | Nonconsolidated entities | Residential mortgage | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Securitized assets | 22,549 | 25,659 |
Subprime | VIEs consolidated by the Firm | Residential mortgage | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Assets held in consolidated securitization VIEs | $ 100 | $ 800 |
Goodwill and Other Intangibl165
Goodwill and Other Intangible Assets - by Business Segment (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | |||||
Goodwill | $ 47,325 | $ 47,647 | $ 48,081 | $ 48,175 | |
Consumer & Community Banking | |||||
Goodwill [Line Items] | |||||
Goodwill | 30,769 | 30,941 | 30,985 | ||
Corporate & Investment Bank | |||||
Goodwill [Line Items] | |||||
Goodwill | 6,772 | 6,780 | 6,888 | ||
Commercial Banking | |||||
Goodwill [Line Items] | |||||
Goodwill | 2,861 | 2,861 | 2,862 | ||
Asset Management | |||||
Goodwill [Line Items] | |||||
Goodwill | 6,923 | 6,964 | 6,969 | ||
Corporate | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 0 | $ 101 | $ 101 | $ 377 |
Goodwill and Other Intangibl166
Goodwill and Other Intangible Assets - Changes During Period (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in the carrying amount of goodwill [Abstract] | |||
Balance at beginning of period | $ 47,647,000,000 | $ 48,081,000,000 | $ 48,175,000,000 |
Changes during the period: | |||
Business combinations | 28,000,000 | 43,000,000 | 64,000,000 |
Dispositions | (160,000,000) | (80,000,000) | (5,000,000) |
Other | (190,000,000) | (397,000,000) | (153,000,000) |
Balance at end of period | 47,325,000,000 | 47,647,000,000 | 48,081,000,000 |
Corporate | |||
Changes in the carrying amount of goodwill [Abstract] | |||
Balance at beginning of period | 101,000,000 | 377,000,000 | |
Changes during the period: | |||
Balance at end of period | $ 0 | 101,000,000 | 377,000,000 |
Goodwill impairment loss | $ 276,000,000 | $ 0 |
Goodwill and Other Intangibl167
Goodwill and Other Intangible Assets - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mortgage servicing rights activity [Abstract] | |||
Fair value at the beginning of the period | $ 7,436 | $ 9,614 | $ 7,614 |
MSR activity: | |||
Originations of MSRs | 550 | 757 | 2,214 |
Purchase of MSRs | 435 | 11 | 1 |
Disposition of MSRs | (486) | (209) | (725) |
Net additions | 499 | 559 | 1,490 |
Changes due to collection/realization of expected cash flows | (922) | (911) | (1,102) |
Changes in valuation due to inputs and assumptions: | |||
Changes due to market interest rates and other | (160) | (1,608) | 2,122 |
Changes in valuation due to other inputs and assumptions: | |||
Projected cash flows (e.g., cost to service) | (112) | 133 | 109 |
Discount rates | (10) | (459) | (78) |
Prepayment model changes and other | (123) | 108 | (541) |
Total changes in valuation due to other inputs and assumptions | (245) | (218) | (510) |
Total changes in valuation due to inputs and assumptions | (405) | (1,826) | 1,612 |
Fair value at December 31 | 6,608 | 7,436 | 9,614 |
Change in unrealized gains/(losses) included in income related to MSRs held | (405) | (1,826) | 1,612 |
Contractual service fees, late fees and other ancillary fees included in income | 2,533 | 2,884 | 3,309 |
Third-party mortgage loans serviced | 677,000 | 756,000 | 822,000 |
Servicer advances, net of an allowance for uncollectible amounts | $ 6,500 | $ 8,500 | $ 9,600 |
Goodwill and Other Intangibl168
Goodwill and Other Intangible Assets - Mortgage Fees and Related Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Risk management: | |||
All other | $ 2 | $ 3 | $ 10 |
Mortgage fees and related income | 2,513 | 3,563 | 5,205 |
Consumer & Community Banking | |||
CCB mortgage fees and related income | |||
Net production revenue | 769 | 1,190 | 3,004 |
Operating revenue: | |||
Loan servicing revenue | 2,776 | 3,303 | 3,552 |
Changes in MSR asset fair value due to collection/realization of expected cash flows | (917) | (905) | (1,094) |
Total operating revenue | 1,859 | 2,398 | 2,458 |
Risk management: | |||
Changes in MSR asset fair value due to market interest rates | (160) | (1,606) | 2,119 |
Other changes in MSR asset fair value due to inputs or assumptions in model | (245) | (218) | (511) |
Change in derivative fair value and other | 288 | 1,796 | (1,875) |
Total risk management | (117) | (28) | (267) |
Total CCB net mortgage servicing revenue | 1,742 | 2,370 | 2,191 |
Mortgage fees and related income | $ 2,511 | $ 3,560 | $ 5,195 |
Goodwill and Other Intangibl169
Goodwill and Other Intangible Assets - Key Economic Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Weighted-average prepayment speed assumption (“CPR”) | 9.81% | 9.80% |
Impact on fair value of 10% adverse change | $ (275) | $ (337) |
Impact on fair value of 20% adverse change | $ (529) | $ (652) |
Weighted-average option adjusted spread | 9.02% | 9.43% |
Impact on fair value of 100 basis points adverse change | $ (258) | $ (300) |
Impact on fair value of 200 basis points adverse change | $ (498) | $ (578) |
Deposits - Noninterest and Inte
Deposits - Noninterest and Interest-bearing (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. offices | ||
Noninterest-bearing | $ 392,721 | $ 437,558 |
Interest-bearing | ||
Demand | 84,088 | 90,319 |
Savings | 486,043 | 466,730 |
Time (included $10,916 and $7,501 at fair value) | 92,873 | 86,301 |
Total interest-bearing deposits | 663,004 | 643,350 |
Total deposits in U.S. offices | 1,055,725 | 1,080,908 |
Non-U.S. offices | ||
Noninterest-bearing | 18,921 | 19,078 |
Interest-bearing | ||
Demand | 154,773 | 217,011 |
Savings | 2,157 | 2,673 |
Time (included $1,600 and $1,306 at fair value) | 48,139 | 43,757 |
Total interest-bearing deposits | 205,069 | 263,441 |
Total deposits in non-U.S. offices | 223,990 | 282,519 |
Total deposits | 1,279,715 | 1,363,427 |
Estimate of Fair Value | ||
Interest-bearing | ||
Time (included $10,916 and $7,501 at fair value) | 10,916 | 7,501 |
Interest-bearing | ||
Time (included $1,600 and $1,306 at fair value) | $ 1,600 | $ 1,306 |
Deposits - Time Deposits (Detai
Deposits - Time Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Time deposits in denominations of $100,000 or more | ||
U.S. offices | $ 64,519 | $ 56,983 |
Non-U.S. offices | 48,091 | 43,719 |
Total | 112,610 | $ 100,702 |
Maturities of interest bearing time deposits | ||
2,016 | 126,037 | |
2,017 | 3,085 | |
2,018 | 2,211 | |
2,019 | 1,611 | |
2,020 | 1,732 | |
After 5 years | 6,336 | |
Total | 141,012 | |
U.S. | ||
Maturities of interest bearing time deposits | ||
2,016 | 78,246 | |
2,017 | 2,940 | |
2,018 | 2,172 | |
2,019 | 1,564 | |
2,020 | 1,615 | |
After 5 years | 6,336 | |
Total | 92,873 | |
Non-U.S. | ||
Maturities of interest bearing time deposits | ||
2,016 | 47,791 | |
2,017 | 145 | |
2,018 | 39 | |
2,019 | 47 | |
2,020 | 117 | |
After 5 years | 0 | |
Total | $ 48,139 |
Accounts Payable and Other L172
Accounts Payable and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Brokerage payables | $ 107,632 | $ 134,467 |
Accounts payable and other liabilities | 70,006 | 72,472 |
Total | $ 177,638 | $ 206,939 |
Long-Term debt - Summary of Lon
Long-Term debt - Summary of Long-Term Debt (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 50,623 | |
1-5 years | 149,895 | |
After 5 years | 88,133 | |
Long-term debt | $ 288,651 | $ 276,379 |
Interest rates, Minimum | 0.16% | |
Interest rates, Maximum | 8.75% | |
Long Term Debt - Supplemental Information | ||
Interest rate modified for the effects of hedge accounting, Minimum | (0.19%) | |
Interest rate modified for the effects of hedge accounting, Maximum | 8.88% | |
Collateral used to secure Long Term Debt | $ 171,600 | 156,700 |
Zero-coupon notes | 5,500 | 2,900 |
Zero-coupon notes - aggregate principal amount at maturity | 16,200 | 7,500 |
Commercial paper | 15,562 | $ 66,344 |
Redeemable Long Term Debt | 39,100 | |
Long term debt maturing in 2017 | 49,500 | |
Long term debt maturing in 2018 | 39,200 | |
Long term debt maturing in 2019 | 30,400 | |
Long term debt maturing in 2020 | $ 30,700 | |
Weighted-average contractual interest rates for long term debt | 2.34% | 2.42% |
Modified weighted-average interest rates total long-term debt | 0.0164 | 0.0150 |
Guarantee of Indebtedness of Others | ||
Long Term Debt - Supplemental Information | ||
Guaranteed liabilities | $ 152 | $ 352 |
Recurring | ||
Long Term Debt - Supplemental Information | ||
Long-term debt and junior subordinated deferrable interest debentures | 33,065 | 30,226 |
Beneficial interest, fair value disclosures | 787 | 2,162 |
Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 3,969 | |
Long-term debt | $ 3,969 | $ 5,435 |
Under 1 year, Minimum | 0.00% | |
1-5 years, Minimum | 0.00% | |
Under 1 year, Maximum | 0.00% | |
1-5 years, Maximum | 0.00% | |
After 5 years, Minimum | 0.83% | |
After 5 years, maximum | 8.75% | |
Interest rates, Minimum | 0.83% | 0.73% |
Interest rates, Maximum | 8.75% | 8.75% |
Long-term beneficial interests | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 5,067 | |
1-5 years | 21,573 | |
After 5 years | 3,917 | |
Long-term debt | $ 30,557 | $ 35,367 |
Under 1 year, Minimum | 0.45% | |
1-5 years, Minimum | 0.37% | |
Under 1 year, Maximum | 5.16% | |
1-5 years, Maximum | 5.23% | |
After 5 years, Minimum | 0.00% | |
After 5 years, maximum | 15.94% | |
Interest rates, Minimum | 0.00% | 0.05% |
Interest rates, Maximum | 15.94% | 15.93% |
Long Term Debt - Supplemental Information | ||
Commercial paper | $ 11,300 | $ 17,000 |
Secured debt | ||
Long Term Debt - Supplemental Information | ||
Long-term debt | 76,600 | 69,200 |
Fixed rate | Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 717 | |
Long-term debt | 717 | 2,185 |
Fixed rate | Long-term beneficial interests | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 1,674 | |
1-5 years | 10,931 | |
After 5 years | 1,594 | |
Long-term debt | 14,199 | 13,949 |
Variable rate | Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 3,252 | |
Long-term debt | 3,252 | 3,250 |
Variable rate | Long-term beneficial interests | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 3,393 | |
1-5 years | 10,642 | |
After 5 years | 2,323 | |
Long-term debt | 16,358 | 21,418 |
Parent company | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 27,172 | |
1-5 years | 80,784 | |
After 5 years | 71,277 | |
Long-term debt | 179,233 | 170,827 |
Long Term Debt - Supplemental Information | ||
Long-term debt | 179,233 | $ 170,827 |
Long term debt maturing in 2017 | 26,000 | |
Long term debt maturing in 2018 | 21,100 | |
Long term debt maturing in 2019 | 11,500 | |
Long term debt maturing in 2020 | $ 22,200 | |
Parent company | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 0.16% | |
1-5 years, Minimum | 0.24% | |
Under 1 year, Maximum | 7.00% | |
1-5 years, Maximum | 7.25% | |
After 5 years, Minimum | 0.31% | |
After 5 years, maximum | 6.40% | |
Interest rates, Minimum | 0.16% | 0.18% |
Interest rates, Maximum | 7.25% | 7.25% |
Parent company | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 0.00% | |
1-5 years, Minimum | 1.06% | |
Under 1 year, Maximum | 0.00% | |
1-5 years, Maximum | 8.53% | |
After 5 years, Minimum | 3.38% | |
After 5 years, maximum | 8.00% | |
Interest rates, Minimum | 1.06% | 0.48% |
Interest rates, Maximum | 8.53% | 8.53% |
Parent company | Fixed rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 12,014 | |
1-5 years | 54,200 | |
After 5 years | 51,544 | |
Long-term debt | 117,758 | $ 108,529 |
Parent company | Fixed rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 2,292 | |
After 5 years | 13,958 | |
Long-term debt | 16,250 | 16,645 |
Parent company | Variable rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 15,158 | |
1-5 years | 23,254 | |
After 5 years | 5,766 | |
Long-term debt | 44,178 | 42,201 |
Parent company | Variable rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 1,038 | |
After 5 years | 9 | |
Long-term debt | 1,047 | 3,452 |
Subsidiaries | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 23,451 | |
1-5 years | 69,111 | |
After 5 years | 12,887 | |
Long-term debt | $ 105,449 | $ 100,117 |
Subsidiaries | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 0.47% | |
1-5 years, Minimum | 0.53% | |
Under 1 year, Maximum | 1.00% | |
1-5 years, Maximum | 4.61% | |
After 5 years, Minimum | 1.30% | |
After 5 years, maximum | 7.28% | |
Interest rates, Minimum | 0.47% | 0.26% |
Interest rates, Maximum | 7.28% | 8.00% |
Subsidiaries | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Debt Instrument Maturities in Years One Through Five, Interest Rate, Stated Percentage | 6.00% | |
Under 1 year, Minimum | 0.83% | |
Under 1 year, Maximum | 5.88% | |
After 5 years, Minimum | 4.38% | |
After 5 years, maximum | 8.25% | |
Interest rates, Minimum | 0.83% | 0.57% |
Interest rates, Maximum | 8.25% | 8.25% |
Subsidiaries | Federal Home Loan Banks (“FHLB”) advances | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 0.37% | |
1-5 years, Minimum | 0.17% | |
Under 1 year, Maximum | 0.65% | |
1-5 years, Maximum | 0.72% | |
After 5 years, Minimum | 0.50% | |
After 5 years, maximum | 0.70% | |
Interest rates, Minimum | 0.17% | 0.11% |
Interest rates, Maximum | 0.72% | 2.04% |
Subsidiaries | Fixed rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 631 | |
1-5 years | 1,288 | |
After 5 years | 3,631 | |
Long-term debt | 5,550 | $ 5,751 |
Subsidiaries | Fixed rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 1,472 | |
1-5 years | 3,647 | |
After 5 years | 1,461 | |
Long-term debt | 6,580 | 6,928 |
Subsidiaries | Fixed rate | Federal Home Loan Banks (“FHLB”) advances | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 5 | |
1-5 years | 30 | |
After 5 years | 156 | |
Long-term debt | 191 | 2,204 |
Subsidiaries | Variable rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 10,493 | |
1-5 years | 7,456 | |
After 5 years | 2,639 | |
Long-term debt | 20,588 | 20,082 |
Subsidiaries | Variable rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 1,150 | |
1-5 years | 0 | |
After 5 years | 0 | |
Long-term debt | 1,150 | 2,362 |
Subsidiaries | Variable rate | Federal Home Loan Banks (“FHLB”) advances | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 9,700 | |
1-5 years | 56,690 | |
After 5 years | 5,000 | |
Long-term debt | $ 71,390 | $ 62,790 |
Long-term debt - Junior Subordi
Long-term debt - Junior Subordinated Debt (Details) $ in Millions | Apr. 02, 2015USD ($) | May. 08, 2013USD ($) | Dec. 31, 2015USD ($)entity | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||
Number of issuer trusts that had issued guaranteed capital debt securities | entity | 8 | |||
Outstanding trust preferred debt security issuance | ||||
Amount of trust preferred capital debt securities issued by trust | $ 3,690 | |||
Principal amount of debenture issued to trust | 3,969 | $ 5,400 | ||
BANK ONE Capital III | ||||
Outstanding trust preferred debt security issuance | ||||
Amount of trust preferred capital debt securities issued by trust | 474 | |||
Principal amount of debenture issued to trust | $ 717 | |||
Issue date | Dec. 31, 2000 | |||
Stated maturity of trust preferred securities and debentures | Dec. 31, 2030 | |||
Earliest redemption date | Any time | |||
Interest rate of trust preferred securities and debentures | 8.75% | |||
Interest payment/distribution dates | Semiannually | |||
Chase Capital II | ||||
Outstanding trust preferred debt security issuance | ||||
Amount of trust preferred capital debt securities issued by trust | $ 483 | |||
Principal amount of debenture issued to trust | $ 496 | |||
Issue date | Dec. 31, 1997 | |||
Stated maturity of trust preferred securities and debentures | Dec. 31, 2027 | |||
Earliest redemption date | Any time | |||
Interest payment/distribution dates | Quarterly | |||
Chase Capital II | LIBOR | ||||
Outstanding trust preferred debt security issuance | ||||
Interest rate spread of trust preferred capital securities and debentures | 0.50% | |||
Chase Capital III | ||||
Outstanding trust preferred debt security issuance | ||||
Amount of trust preferred capital debt securities issued by trust | $ 296 | |||
Principal amount of debenture issued to trust | $ 304 | |||
Issue date | Dec. 31, 1997 | |||
Stated maturity of trust preferred securities and debentures | Dec. 31, 2027 | |||
Earliest redemption date | Any time | |||
Interest payment/distribution dates | Quarterly | |||
Chase Capital III | LIBOR | ||||
Outstanding trust preferred debt security issuance | ||||
Interest rate spread of trust preferred capital securities and debentures | 0.55% | |||
Chase Capital VI | ||||
Outstanding trust preferred debt security issuance | ||||
Amount of trust preferred capital debt securities issued by trust | $ 242 | |||
Principal amount of debenture issued to trust | $ 248 | |||
Issue date | Dec. 31, 1998 | |||
Stated maturity of trust preferred securities and debentures | Dec. 31, 2028 | |||
Earliest redemption date | Any time | |||
Interest payment/distribution dates | Quarterly | |||
Chase Capital VI | LIBOR | ||||
Outstanding trust preferred debt security issuance | ||||
Interest rate spread of trust preferred capital securities and debentures | 0.625% | |||
First Chicago NBD Capital I | ||||
Outstanding trust preferred debt security issuance | ||||
Amount of trust preferred capital debt securities issued by trust | $ 249 | |||
Principal amount of debenture issued to trust | $ 256 | |||
Issue date | Dec. 31, 1997 | |||
Stated maturity of trust preferred securities and debentures | Dec. 31, 2027 | |||
Earliest redemption date | Any time | |||
Interest payment/distribution dates | Quarterly | |||
First Chicago NBD Capital I | LIBOR | ||||
Outstanding trust preferred debt security issuance | ||||
Interest rate spread of trust preferred capital securities and debentures | 0.55% | |||
J.P. Morgan Chase Capital XIII | ||||
Outstanding trust preferred debt security issuance | ||||
Amount of trust preferred capital debt securities issued by trust | $ 466 | |||
Principal amount of debenture issued to trust | $ 477 | |||
Issue date | Dec. 31, 2004 | |||
Stated maturity of trust preferred securities and debentures | Dec. 31, 2034 | |||
Earliest redemption date | Any time | |||
Interest payment/distribution dates | Quarterly | |||
J.P. Morgan Chase Capital XIII | LIBOR | ||||
Outstanding trust preferred debt security issuance | ||||
Interest rate spread of trust preferred capital securities and debentures | 0.95% | |||
JPMorgan Chase Capital XXI | ||||
Outstanding trust preferred debt security issuance | ||||
Amount of trust preferred capital debt securities issued by trust | $ 836 | |||
Principal amount of debenture issued to trust | $ 832 | |||
Issue date | Dec. 31, 2007 | |||
Stated maturity of trust preferred securities and debentures | Dec. 31, 2037 | |||
Earliest redemption date | Any time | |||
Interest payment/distribution dates | Quarterly | |||
JPMorgan Chase Capital XXI | LIBOR | ||||
Outstanding trust preferred debt security issuance | ||||
Interest rate spread of trust preferred capital securities and debentures | 0.95% | |||
JPMorgan Chase Capital XXIII | ||||
Outstanding trust preferred debt security issuance | ||||
Amount of trust preferred capital debt securities issued by trust | $ 644 | |||
Principal amount of debenture issued to trust | $ 639 | |||
Issue date | Dec. 31, 2007 | |||
Stated maturity of trust preferred securities and debentures | Dec. 31, 2047 | |||
Earliest redemption date | Any time | |||
Interest payment/distribution dates | Quarterly | |||
JPMorgan Chase Capital XXIII | LIBOR | ||||
Outstanding trust preferred debt security issuance | ||||
Interest rate spread of trust preferred capital securities and debentures | 1.00% | |||
JPMorgan Chase & Co. | ||||
Outstanding trust preferred debt security issuance | ||||
Payments for repurchase of trust preferred securities | $ 1,500 | $ 5,000 | ||
Junior subordinated debenture owed to unconsolidated subsidiary trust, liquidation preference, percentage | 100.00% | 100.00% | ||
JPMorgan Chase & Co. | Basel III | ||||
Debt Instrument [Line Items] | ||||
Debentures qualified as Tier 1 capital | $ 992 | 2,700 | ||
Debentures qualified as Tier 2 capital | $ 3,000 | $ 2,700 |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | Sep. 01, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares of preferred stock authorized to issue, in one or more series (in shares) | 200,000,000 | 200,000,000 | |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Shares (in shares) | 2,606,750 | 2,006,250 | |
Carrying value | $ 26,068 | $ 20,063 | |
Share value and redemption price per share (in dollars per share) | $ 10,000 | ||
Series O | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 125,750 | 125,750 | |
Carrying value | $ 1,258 | $ 1,258 | |
Issue date | Aug. 27, 2012 | ||
Contractual rate in effect | 5.50% | ||
Series O | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Sep. 1, 2017 | ||
Series P | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 90,000 | 90,000 | |
Carrying value | $ 900 | $ 900 | |
Issue date | Feb. 5, 2013 | ||
Contractual rate in effect | 5.45% | ||
Series P | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Mar. 1, 2018 | ||
Series T | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 92,500 | 92,500 | |
Carrying value | $ 925 | $ 925 | |
Issue date | Jan. 30, 2014 | ||
Contractual rate in effect | 6.70% | ||
Series T | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Mar. 1, 2019 | ||
Series W | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 88,000 | 88,000 | |
Carrying value | $ 880 | $ 880 | |
Issue date | Jun. 23, 2014 | ||
Contractual rate in effect | 6.30% | ||
Series W | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Sep. 1, 2019 | ||
Series Y | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 143,000 | 0 | |
Carrying value | $ 1,430 | $ 0 | |
Issue date | Feb. 12, 2015 | ||
Contractual rate in effect | 6.125% | ||
Series Y | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Mar. 1, 2020 | ||
Series AA | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 142,500 | 0 | |
Carrying value | $ 1,425 | $ 0 | |
Issue date | Jun. 4, 2015 | ||
Contractual rate in effect | 6.10% | ||
Series AA | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Sep. 1, 2020 | ||
Series BB | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 115,000 | 0 | |
Carrying value | $ 1,150 | $ 0 | |
Issue date | Jul. 29, 2015 | ||
Contractual rate in effect | 6.15% | ||
Series BB | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Sep. 1, 2020 | ||
Series I | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 600,000 | 600,000 | |
Carrying value | $ 6,000 | $ 6,000 | |
Issue date | Apr. 23, 2008 | ||
Contractual rate in effect | 7.90% | ||
Date at which dividend rate becomes floating | Apr. 30, 2018 | ||
Floating annual rate of three-month LIBOR plus | LIBOR + 3.47 | ||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||
Preferred stock dividend rate, variable, basis spread | 3.47% | ||
Series I | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Apr. 30, 2018 | ||
Series Q | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 150,000 | 150,000 | |
Carrying value | $ 1,500 | $ 1,500 | |
Issue date | Apr. 23, 2013 | ||
Contractual rate in effect | 5.15% | ||
Date at which dividend rate becomes floating | May 1, 2023 | ||
Floating annual rate of three-month LIBOR plus | LIBOR + 3.25 | ||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||
Preferred stock dividend rate, variable, basis spread | 3.25% | ||
Series Q | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | May 1, 2023 | ||
Series R | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 150,000 | 150,000 | |
Carrying value | $ 1,500 | $ 1,500 | |
Issue date | Jul. 29, 2013 | ||
Contractual rate in effect | 6.00% | ||
Date at which dividend rate becomes floating | Aug. 1, 2023 | ||
Floating annual rate of three-month LIBOR plus | LIBOR + 3.30 | ||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||
Preferred stock dividend rate, variable, basis spread | 3.30% | ||
Series R | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Aug. 1, 2023 | ||
Series S | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 200,000 | 200,000 | |
Carrying value | $ 2,000 | $ 2,000 | |
Issue date | Jan. 22, 2014 | ||
Contractual rate in effect | 6.75% | ||
Date at which dividend rate becomes floating | Feb. 1, 2024 | ||
Floating annual rate of three-month LIBOR plus | LIBOR + 3.78 | ||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||
Preferred stock dividend rate, variable, basis spread | 3.78% | ||
Series S | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Feb. 1, 2024 | ||
Series U | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 100,000 | 100,000 | |
Carrying value | $ 1,000 | $ 1,000 | |
Issue date | Mar. 10, 2014 | ||
Contractual rate in effect | 6.125% | ||
Date at which dividend rate becomes floating | Apr. 30, 2024 | ||
Floating annual rate of three-month LIBOR plus | LIBOR + 3.33 | ||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||
Preferred stock dividend rate, variable, basis spread | 3.33% | ||
Series U | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Apr. 30, 2024 | ||
Series V | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 250,000 | 250,000 | |
Carrying value | $ 2,500 | $ 2,500 | |
Issue date | Jun. 9, 2014 | ||
Contractual rate in effect | 5.00% | ||
Date at which dividend rate becomes floating | Jul. 1, 2019 | ||
Floating annual rate of three-month LIBOR plus | LIBOR + 3.32 | ||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||
Preferred stock dividend rate, variable, basis spread | 3.32% | ||
Series V | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Jul. 1, 2019 | ||
Series X | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 160,000 | 160,000 | |
Carrying value | $ 1,600 | $ 1,600 | |
Issue date | Sep. 23, 2014 | ||
Contractual rate in effect | 6.10% | ||
Date at which dividend rate becomes floating | Oct. 1, 2024 | ||
Floating annual rate of three-month LIBOR plus | LIBOR + 3.33 | ||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||
Preferred stock dividend rate, variable, basis spread | 3.33% | ||
Series X | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | Oct. 1, 2024 | ||
Series Z | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Shares (in shares) | 200,000 | 0 | |
Carrying value | $ 2,000 | $ 0 | |
Issue date | Apr. 21, 2015 | ||
Contractual rate in effect | 5.30% | ||
Date at which dividend rate becomes floating | May 1, 2020 | ||
Floating annual rate of three-month LIBOR plus | LIBOR + 3.80 | ||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||
Preferred stock dividend rate, variable, basis spread | 3.80% | ||
Series Z | Minimum | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Earliest redemption date | May 1, 2020 | ||
Series J | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Contractual rate in effect | 8.625% | ||
Redemption Date | Sep. 1, 2013 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 11, 2015 | Jun. 30, 2014 | |
Class of Stock [Line Items] | ||||||
Common stock, shares authorized (in shares) | 9,000,000,000 | 9,000,000,000 | ||||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | ||||
Original warrant exercisable price (in dollars per share) | 42.284 | $ 42.42 | ||||
Common stock quarterly dividend (in dollars per share) | $ 1.72 | $ 1.58 | $ 1.44 | |||
Stock repurchase program, shares authorized | $ 6,400,000,000 | |||||
Remaining authorized repurchase amount | $ 2,700,000,000 | |||||
Warrant | JPMorgan Chase & Co. | ||||||
Class of Stock [Line Items] | ||||||
Warrants outstanding (in shares) | 47,400,000 | 59,800,000 | 59,800,000 | |||
Common stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock quarterly dividend (in dollars per share) | $ 0.38 | |||||
Common stock capital shares reserved for future issuance (shares) | 195,000,000 |
Common Stock - Shares Issued (D
Common Stock - Shares Issued (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Common Stock Shares | |||
Total issued - balance at January 1 (shares) | 4,104,933,895 | 4,104,933,895 | 4,104,900,000 |
Total issued - balance at December 31 (shares) | 4,104,933,895 | 4,104,933,895 | 4,104,933,895 |
Increase (Decrease) in Treasury Stock Shares | |||
Treasury - balance at January 1 (in shares) | (390,144,630) | ||
Issuance of shares for warrant exercise (in shares) | 4,700,000 | 0 | 0 |
Total treasury - balance at December 31 (in shares) | (441,459,392) | (390,144,630) | |
Outstanding (in shares) | 3,663,500,000 | 3,714,800,000 | 3,756,100,000 |
Treasury stock, at cost | |||
Increase (Decrease) in Treasury Stock Shares | |||
Treasury - balance at January 1 (in shares) | (390,100,000) | (348,800,000) | (300,900,000) |
Purchase of treasury stock (in shares) | (89,800,000) | (82,300,000) | (96,100,000) |
Issued from treasury (in shares) | 38,500,000 | 41,000,000 | 48,200,000 |
Issued from treasury: Employee stock purchase plans (in shares) | 1,000,000 | 1,200,000 | 1,100,000 |
Total treasury - balance at December 31 (in shares) | (441,400,000) | (390,100,000) | (348,800,000) |
Treasury stock, at cost | Stock Compensation Plan | |||
Increase (Decrease) in Treasury Stock Shares | |||
Issued from treasury (in shares) | 32,800,000 | 39,800,000 | 47,100,000 |
Common Stock - Repurchases (Det
Common Stock - Repurchases (Details) - Common stock - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Total number of shares of common stock repurchased (in shares) | 89.8 | 82.3 | 96.1 |
Aggregate purchase price of common stock repurchases | $ 5,616 | $ 4,760 | $ 4,789 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Basic, Two Class Method [Abstract] | |||
Net income | $ 24,442 | $ 21,745 | $ 17,886 |
Less: Preferred stock dividends | 1,515 | 1,125 | 805 |
Net income applicable to common equity | 22,927 | 20,620 | 17,081 |
Less: Dividends and undistributed earnings allocated to participating securities | 521 | 543 | 524 |
Net income applicable to common stockholders | $ 22,406 | $ 20,077 | $ 16,557 |
Weighted-average basic shares (in shares) | 3,700.4 | 3,763.5 | 3,782.4 |
Basic earnings per share (in dollars per share) | $ 6.05 | $ 5.33 | $ 4.38 |
Earnings Per Share, Diluted, Two Class Method [Abstract] | |||
Net income applicable to common stockholders | $ 22,406 | $ 20,077 | $ 16,557 |
Weighted-average basic shares (in shares) | 3,700.4 | 3,763.5 | 3,782.4 |
Add: Employee stock options, SARs and warrants (in shares) | 32.4 | 34 | 32.5 |
Total weighted-average diluted shares (in shares) | 3,732.8 | 3,797.5 | 3,814.9 |
Diluted earnings per share (in dollars per share) | $ 6 | $ 5.29 | $ 4.34 |
Earnings Per Share, Diluted, Other Disclosures [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1 | 6 |
Accumulated Other Comprehens180
Accumulated Other Comprehensive Income/(Loss) - Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 2,189 | |||
Net change, Unrealized gains/(losses) on investment securities | (2,144) | $ 1,975 | $ (4,070) | |
Net change, Translation adjustments, net of hedges | (15) | (11) | (41) | |
Net change, Cash flow hedges | 51 | 44 | (259) | |
Net change, Defined benefit pension and OPEB plans | 111 | (1,018) | 1,467 | |
Net change, Accumulated other comprehensive income/(loss) | (1,997) | 990 | (2,903) | |
Ending balance | 192 | 2,189 | ||
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 | 6,868 | |
Net change, Unrealized gains/(losses) on investment securities | (2,144) | 1,975 | (4,070) | |
Ending balance | 2,629 | 4,773 | 2,798 | |
Translation adjustments, net of hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (147) | (136) | (95) | |
Net change, Translation adjustments, net of hedges | (15) | (11) | (41) | |
Ending balance | (162) | (147) | (136) | |
Cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (95) | (139) | 120 | |
Net change, Cash flow hedges | 51 | 44 | (259) | |
Ending balance | (44) | (95) | (139) | |
Defined benefit pension and OPEB plans | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (2,342) | (1,324) | (2,791) | |
Net change, Defined benefit pension and OPEB plans | 111 | (1,018) | 1,467 | |
Ending balance | (2,231) | (2,342) | (1,324) | |
Accumulated other comprehensive income/(loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 2,189 | 1,199 | 4,102 | |
Net change, Accumulated other comprehensive income/(loss) | (1,997) | 990 | (2,903) | |
Ending balance | $ 192 | $ 2,189 | $ 1,199 |
Accumulated Other Comprehens181
Accumulated Other Comprehensive Income/(Loss) - Components of Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrealized gains/(losses) on AFS securities: | ||||
Net change, After-tax | $ (2,144) | $ 1,975 | $ (4,070) | |
Translation adjustments: | ||||
Net change, After-tax | (15) | (11) | (41) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||||
Net change, After-tax | 51 | 44 | (259) | |
Defined benefit pension and OPEB plans: | ||||
Net change, After-tax | 111 | (1,018) | 1,467 | |
Total other comprehensive income/(loss), after–tax | (1,997) | 990 | (2,903) | |
Reclass of net losses 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 | (3,315) | 3,193 | (5,987) | |
Net unrealized gains/(losses) arising during the period tax effect | 1,297 | (1,170) | 2,323 | |
Net unrealized gains/(losses) arising during the period after tax | (2,018) | 2,023 | (3,664) | |
Reclassification adjustment for realized (gains)/losses included in net income before tax | (202) | (77) | (667) | |
Reclassification adjustment for realized (gains)/losses included in net income tax effect | 76 | 29 | 261 | |
Reclassification adjustment for realized (gains)/losses included in net income after tax | (126) | (48) | (406) | |
Net change before tax | (3,517) | 3,116 | (6,654) | |
Net change tax effect | 1,373 | (1,141) | 2,584 | |
Net change, After-tax | (2,144) | 1,975 | (4,070) | |
Translation adjustments, net of hedges | ||||
Translation adjustments: | ||||
Translation before tax | (1,876) | (1,638) | (807) | |
Translation tax effect | 682 | 588 | 295 | |
Translation after tax | (1,194) | (1,050) | (512) | |
Hedges before tax | 1,885 | 1,698 | 773 | |
Hedges tax effect | (706) | (659) | (302) | |
Hedges after tax | 1,179 | 1,039 | 471 | |
Net change before tax | 9 | 60 | (34) | |
Net change tax effect | (24) | (71) | (7) | |
Net change, After-tax | (15) | (11) | (41) | |
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 | (97) | 98 | (525) | |
Net unrealized gains/(losses) arising during the period tax effect | 35 | (39) | 206 | |
Net unrealized gains/(losses) arising during the period after tax | (62) | 59 | (319) | |
Reclassification adjustment for realized (gains)/losses included in net income before tax | 180 | (24) | 101 | |
Reclassification adjustment for realized (gains)/losses included in net income tax effect | (67) | 9 | (41) | |
Reclassification adjustment for realized (gains)/losses included in net income after tax | 113 | (15) | 60 | |
Net change before tax | 83 | 74 | (424) | |
Net change tax effect | (32) | (30) | 165 | |
Net change, After-tax | 51 | 44 | (259) | |
Defined benefit pension and OPEB plans | ||||
Defined benefit pension and OPEB plans: | ||||
Prior service credits arising during the period before tax | 0 | (53) | 0 | |
Prior service credits arising during the period tax effect | 0 | 21 | 0 | |
Prior service credits arising during the period after tax | 0 | (32) | 0 | |
Net gains/(losses) arising during the period before tax | 29 | (1,697) | 2,055 | |
Net gains/(losses) arising during the period tax effect | (47) | 688 | (750) | |
Net gains/(losses) arising during the period after tax | (18) | (1,009) | 1,305 | |
Reclassification adjustments included in net income, amortization of net loss before tax | 282 | 72 | 321 | |
Reclassification adjustments included in net income, amortization of net loss tax effect | (106) | (29) | (124) | |
Reclassification adjustments included in net income, amortization of net loss after tax | 176 | 43 | 197 | |
Reclassification adjustments included in net income, prior service costs/(credits) before tax | (36) | (44) | (43) | |
Reclassification adjustments included in net income, prior service costs/(credits) tax effect | 14 | 17 | 17 | |
Reclassification adjustments included in net income, prior service costs/(credits) after tax | (22) | (27) | (26) | |
Foreign exchange and other before tax | 33 | 39 | (14) | |
Foreign exchange and other tax effect | (58) | (32) | 5 | |
Foreign exchange and other after tax | (25) | 7 | (9) | |
Net change before tax | 308 | (1,683) | 2,319 | |
Net change tax effect | (197) | 665 | (852) | |
Net change, After-tax | 111 | (1,018) | 1,467 | |
Accumulated other comprehensive income/(loss) | ||||
Defined benefit pension and OPEB plans: | ||||
Total other comprehensive income/(loss) before tax | (3,117) | 1,567 | (4,793) | |
Total other comprehensive income/(loss) tax effect | 1,120 | (577) | 1,890 | |
Total other comprehensive income/(loss), after–tax | $ (1,997) | $ 990 | $ (2,903) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of the applicable statutory U.S. income tax rate to the effective tax rate | |||
Statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Increase/(decrease) in tax rate resulting from: | |||
U.S. state and local income taxes, net of U.S. federal income tax benefit | 1.50% | 2.70% | 2.20% |
Tax-exempt income | (3.30%) | (3.10%) | (3.00%) |
Non-U.S. subsidiary earnings | (3.90%) | (2.00%) | (4.80%) |
Business tax credits | (3.70%) | (3.30%) | (3.40%) |
Nondeductible legal expense | 0.80% | 2.30% | 7.80% |
Tax audit resolutions | (5.70%) | (1.40%) | (0.60%) |
Other, net | (0.30%) | (1.00%) | (0.30%) |
Effective tax rate | 20.40% | 29.20% | 32.90% |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense/(Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current income tax expense/(benefit) | |||
U.S. federal | $ 3,160 | $ 2,382 | $ (654) |
Non-U.S. | 1,220 | 1,353 | 1,308 |
U.S. state and local | 547 | 857 | (4) |
Total current income tax expense/(benefit) | 4,927 | 4,592 | 650 |
Deferred income tax expense/(benefit) | |||
U.S. federal | 1,213 | 3,890 | 7,216 |
Non-U.S. | (95) | 71 | 10 |
U.S. state and local | 215 | 401 | 913 |
Total deferred income tax expense/(benefit) | 1,333 | 4,362 | 8,139 |
Total income tax expense | 6,260 | 8,954 | 8,789 |
Components of income tax expense/(benefit), supplemental information | |||
Tax benefits recorded as a result of tax audit resolutions | 2,400 | 451 | 531 |
Income tax effects allocated directly to equity | $ 1,500 | $ (140) | $ 2,100 |
Income Taxes - Results from Non
Income Taxes - Results from Non-U.S. Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Income Tax Expense (Benefit) [Line Items] | |||
U.S. | $ 23,191 | $ 23,422 | $ 17,990 |
Non-U.S. | 7,511 | 7,277 | 8,685 |
Income before income tax expense | 30,702 | 30,699 | $ 26,675 |
Pretax earnings to be reinvested in subsidiaries | 3,500 | ||
Cumulative amount of undistributed pretax earnings | 34,600 | ||
Deferred tax liability from undistributed earnings, if recorded | $ 4,285 | $ 4,444 | |
UNITED KINGDOM | |||
Components of Income Tax Expense (Benefit) [Line Items] | |||
Statutory foreign tax rate | 20.25% | ||
Pro Forma | |||
Components of Income Tax Expense (Benefit) [Line Items] | |||
Deferred tax liability from undistributed earnings, if recorded | $ 8,200 |
Income Taxes - Affordable Housi
Income Taxes - Affordable Housing Tax Credits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Tax credit and other tax benefits | $ 1,600 | $ 1,600 | $ 1,500 |
Amount of amortization reported in income tax expense | 1,100 | 1,100 | $ 989 |
Carrying value of investments, reported in other assets | 7,700 | 7,300 | |
Amount of commitments, reported in account payable and other liabilities | $ 2,000 | $ 1,800 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Allowance for loan losses | $ 5,343 | $ 5,756 |
Employee benefits | 2,972 | 3,378 |
Accrued expenses and other | 7,299 | 8,637 |
Non-U.S. operations | 5,365 | 5,106 |
Tax attribute carryforwards | 2,602 | 570 |
Gross deferred tax assets | 23,581 | 23,447 |
Valuation allowance | (735) | (820) |
Deferred tax assets, net of valuation allowance | 22,846 | 22,627 |
Deferred tax liabilities | ||
Depreciation and amortization | 3,167 | 3,073 |
Mortgage servicing rights, net of hedges | 4,968 | 5,533 |
Leasing transactions | 3,042 | 2,495 |
Non-U.S. operations | 4,285 | 4,444 |
Other, net | 4,419 | 5,392 |
Gross deferred tax liabilities | 19,881 | 20,937 |
Net deferred tax assets | 2,965 | $ 1,690 |
U.S. federal | ||
Deferred tax liabilities | ||
NOL carryforwards | 5,200 | |
State and local | ||
Deferred tax liabilities | ||
NOL carryforwards | 509 | |
Non-U.S. | ||
Deferred tax liabilities | ||
NOL carryforwards | 288 | |
Non-U.S. tax credit carryforwards | $ 704 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits that would impact effective tax rate | $ 2,100 | $ 3,500 | $ 3,700 |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | |||
Balance at January 1, | 4,911 | 5,535 | 7,158 |
Increases based on tax positions related to the current period | 408 | 810 | 542 |
Increases based on tax positions related to prior periods | 1,028 | 477 | 88 |
Decreases based on tax positions related to prior periods | (2,646) | (1,902) | (2,200) |
Decreases related to cash settlements with taxing authorities | (204) | (9) | (53) |
Balance at December 31, | 3,497 | 4,911 | 5,535 |
Income tax expense, penalties and interest expense | |||
Penalties and interest expense | (156) | 17 | $ (184) |
Penalties and interest accrued | 578 | $ 1,200 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 800 |
Restrictions on Cash and Int188
Restrictions on Cash and Intercompany Funds Transfers (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 01, 2016 | Dec. 31, 2014 | |
Reserve Balances Deposited with Federal Reserve Banks [Abstract] | |||
Average amount of reserve balances deposited by the Firm's bank subsidiaries with various Federal Reserve Banks | $ 14.4 | $ 10.6 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |||
Percentage of total capital (limited to) loans limited to | 10.00% | ||
Percentage of total capital (limited to) for aggregate covered transactions | 20.00% | ||
Cash and Securities Segregated under Federal and Other Regulations Disclosures [Abstract] | |||
Amount of cash that was segregated in special bank accounts for the benefit of securities and futures brokerage customers | $ 12.6 | 16.8 | |
Receivables within other assets | 16.2 | 14.9 | |
Amount of securities at fair value that were segregated in special bank accounts for the benefit of securities and futures brokerage customers | 20 | 10.1 | |
Restricted cash and cash equivalents | $ 3.7 | $ 3.3 | |
Bank and Bank Holding Company Subsidiaries | Subsequent Event | |||
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |||
Aggregate dividends payable | $ 25 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Basel III | ||
Minimum capital ratios | ||
CET1 | 4.50% | |
Tier 1 | 6.00% | |
Total | 8.00% | |
Tier 1 leverage | 4.00% | |
Well-capitalized ratios | ||
CET1 | 6.50% | |
Tier 1 | 8.00% | |
Total | 10.00% | |
Tier 1 leverage | 5.00% | |
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | ||
Adjustments to capital for deferred tax liabilities resulting from nontaxable business combinations | $ 105,000,000 | $ 130,000,000 |
Adjustments to capital for deferred tax liabilities resulting from tax-deductible goodwill | 3,000,000,000 | 2,700,000,000 |
JPMorgan Chase & Co. | Basel III Standardized Transitional | ||
Regulatory capital | ||
CET1 capital | 175,398,000,000 | 164,426,000,000 |
Tier 1 capital | 200,482,000,000 | 186,263,000,000 |
Total capital | 234,413,000,000 | 221,117,000,000 |
Assets | ||
Risk-weighted assets | 1,465,262,000,000 | 1,472,602,000,000 |
Adjusted average | $ 2,361,177,000,000 | $ 2,464,915,000,000 |
Capital ratios | ||
CET1 | 12.00% | 11.20% |
Tier 1 | 13.70% | 12.60% |
Total | 16.00% | 15.00% |
Tier 1 leverage | 8.50% | 7.60% |
JPMorgan Chase & Co. | Basel III Advanced Transitional | ||
Regulatory capital | ||
CET1 capital | $ 175,398,000,000 | $ 164,426,000,000 |
Tier 1 capital | 200,482,000,000 | 186,263,000,000 |
Total capital | 224,616,000,000 | 210,576,000,000 |
Assets | ||
Risk-weighted assets | 1,485,336,000,000 | 1,608,240,000,000 |
Adjusted average | $ 2,361,177,000,000 | $ 2,464,915,000,000 |
Capital ratios | ||
CET1 | 11.80% | 10.20% |
Tier 1 | 13.50% | 11.60% |
Total | 15.10% | 13.10% |
Tier 1 leverage | 8.50% | 7.60% |
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 | $ 992,000,000 | $ 2,700,000,000 |
JPMorgan Chase Bank, N.A. | Basel III Standardized Transitional | ||
Regulatory capital | ||
CET1 capital | 168,857,000,000 | 156,567,000,000 |
Tier 1 capital | 169,222,000,000 | 156,891,000,000 |
Total capital | 183,262,000,000 | 173,322,000,000 |
Assets | ||
Risk-weighted assets | 1,264,056,000,000 | 1,230,358,000,000 |
Adjusted average | $ 1,913,448,000,000 | $ 1,968,131,000,000 |
Capital ratios | ||
CET1 | 13.40% | 12.70% |
Tier 1 | 13.40% | 12.80% |
Total | 14.50% | 14.10% |
Tier 1 leverage | 8.80% | 8.00% |
JPMorgan Chase Bank, N.A. | Basel III Advanced Transitional | ||
Regulatory capital | ||
CET1 capital | $ 168,857,000,000 | $ 156,567,000,000 |
Tier 1 capital | 169,222,000,000 | 156,891,000,000 |
Total capital | 176,423,000,000 | 166,326,000,000 |
Assets | ||
Risk-weighted assets | 1,249,607,000,000 | 1,330,175,000,000 |
Adjusted average | $ 1,913,448,000,000 | $ 1,968,131,000,000 |
Capital ratios | ||
CET1 | 13.50% | 11.80% |
Tier 1 | 13.50% | 11.80% |
Total | 14.10% | 12.50% |
Tier 1 leverage | 8.80% | 8.00% |
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 | $ 420,000,000 | |
Chase Bank USA, N.A. | Basel III Standardized Transitional | ||
Regulatory capital | ||
CET1 capital | 15,419,000,000 | $ 14,556,000,000 |
Tier 1 capital | 15,419,000,000 | 14,556,000,000 |
Total capital | 21,418,000,000 | 20,517,000,000 |
Assets | ||
Risk-weighted assets | 105,807,000,000 | 103,468,000,000 |
Adjusted average | $ 134,152,000,000 | $ 128,111,000,000 |
Capital ratios | ||
CET1 | 14.60% | 14.10% |
Tier 1 | 14.60% | 14.10% |
Total | 20.20% | 19.80% |
Tier 1 leverage | 11.50% | 11.40% |
Chase Bank USA, N.A. | Basel III Advanced Transitional | ||
Regulatory capital | ||
CET1 capital | $ 15,419,000,000 | $ 14,556,000,000 |
Tier 1 capital | 15,419,000,000 | 14,556,000,000 |
Total capital | 20,069,000,000 | 19,206,000,000 |
Assets | ||
Risk-weighted assets | 181,775,000,000 | 157,565,000,000 |
Adjusted average | $ 134,152,000,000 | $ 128,111,000,000 |
Capital ratios | ||
CET1 | 8.50% | 9.20% |
Tier 1 | 8.50% | 9.20% |
Total | 11.00% | 12.20% |
Tier 1 leverage | 11.50% | 11.40% |
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 |
Off-Balance Sheet Lending-Re190
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | $ 940,395 | $ 950,997 | $ 929,678 |
Off-balance sheet lending-related financial commitments, carrying value | 1,213 | 1,176 | |
Allowance for lending-related commitments | 148 | 275 | |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | |||
Standby letters of credit, unissued commitments | 45,600 | ||
Unfunded commitments investments private equity funds third party | 50 | 147 | |
Unfunded commitments investments other equity investments | 871 | 961 | |
Investments entities that calculate net asset value per share, unfunded commitments | 73 | 150 | |
Commitments to noninvestment-grade counterparties in connection with leveraged finance activities | 32,100 | 23,400 | |
Maximum | |||
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | |||
Secured clearance advance facility outstanding commitment | 2,900 | 12,600 | |
Wholesale | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 366,399 | 366,881 | $ 344,238 |
Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 657,941 | ||
Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 114,549 | ||
Expires after 3 years through 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 148,081 | ||
Expires after 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 19,824 | ||
Total consumer | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 573,996 | 584,116 | |
Off-balance sheet lending-related financial commitments, carrying value | 14 | 13 | |
Total consumer | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 552,427 | ||
Total consumer | Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 10,033 | ||
Total consumer | Expires after 3 years through 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 1,555 | ||
Total consumer | Expires after 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 9,981 | ||
Total consumer, excluding credit card | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 58,478 | 58,153 | |
Off-balance sheet lending-related financial commitments, carrying value | 14 | 13 | |
Total consumer, excluding credit card | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 36,909 | ||
Total consumer, excluding credit card | Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 10,033 | ||
Total consumer, excluding credit card | Expires after 3 years through 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 1,555 | ||
Total consumer, excluding credit card | Expires after 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 9,981 | ||
Home equity | Senior lien | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 10,832 | 11,807 | |
Off-balance sheet lending-related financial commitments, carrying value | 0 | 0 | |
Home equity | Junior lien | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 11,924 | 14,859 | |
Off-balance sheet lending-related financial commitments, carrying value | 0 | 0 | |
Home equity | Expires in 1 year or less | Senior lien | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 1,546 | ||
Home equity | Expires in 1 year or less | Junior lien | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 2,375 | ||
Home equity | Expires after 1 year through 3 years | Senior lien | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 3,817 | ||
Home equity | Expires after 1 year through 3 years | Junior lien | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 4,354 | ||
Home equity | Expires after 3 years through 5 years | Senior lien | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 726 | ||
Home equity | Expires after 3 years through 5 years | Junior lien | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 657 | ||
Home equity | Expires after 5 years | Senior lien | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 4,743 | ||
Home equity | Expires after 5 years | Junior lien | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 4,538 | ||
Mortgage | Warranty Reserves | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Allowance for lending-related commitments | 148 | 275 | |
Mortgage | Prime mortgage | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 12,992 | 8,579 | |
Off-balance sheet lending-related financial commitments, carrying value | 0 | 0 | |
Mortgage | Subprime | |||
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 | |
Mortgage | Expires in 1 year or less | Prime mortgage | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 12,992 | ||
Mortgage | Expires in 1 year or less | Subprime | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | ||
Mortgage | Expires after 1 year through 3 years | Prime mortgage | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | ||
Mortgage | Expires after 1 year through 3 years | Subprime | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | ||
Mortgage | Expires after 3 years through 5 years | Prime mortgage | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | ||
Mortgage | Expires after 3 years through 5 years | Subprime | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | ||
Mortgage | Expires after 5 years | Prime mortgage | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | ||
Mortgage | Expires after 5 years | Subprime | |||
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 | 10,237 | 10,462 | |
Off-balance sheet lending-related financial commitments, carrying value | 2 | 2 | |
Auto | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 8,907 | ||
Auto | Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 1,160 | ||
Auto | Expires after 3 years through 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 80 | ||
Auto | Expires after 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 90 | ||
Business banking | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 12,351 | 11,894 | |
Off-balance sheet lending-related financial commitments, carrying value | 12 | 11 | |
Business banking | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 11,085 | ||
Business banking | Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 699 | ||
Business banking | Expires after 3 years through 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 92 | ||
Business banking | Expires after 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 475 | ||
Student and other | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 142 | 552 | |
Off-balance sheet lending-related financial commitments, carrying value | 0 | 0 | |
Student and other | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 4 | ||
Student and other | Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 3 | ||
Student and other | Expires after 3 years through 5 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 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 135 | ||
Credit card | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 515,518 | 525,963 | |
Off-balance sheet lending-related financial commitments, carrying value | 0 | 0 | |
Credit card | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 515,518 | ||
Credit card | Expires after 1 year through 3 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 3 years through 5 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 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 0 | ||
Total wholesale | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 366,399 | 366,881 | |
Off-balance sheet lending-related financial commitments, carrying value | $ 1,199 | $ 1,163 | |
Total wholesale | 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 | 77.00% | 73.00% | |
Total wholesale | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | $ 105,514 | ||
Total wholesale | Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 104,516 | ||
Total wholesale | Expires after 3 years through 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 146,526 | ||
Total wholesale | Expires after 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 9,843 | ||
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 | 323,325 | $ 318,278 | |
Off-balance sheet lending-related financial commitments, carrying value | 649 | 491 | |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | |||
Risk participations for other unfunded commitments to extend credit | 385 | 243 | |
Credit enhancements and bond and commercial paper liquidity commitments to US states and municipalities hospitals and other not for profit entities | 12,300 | 14,800 | |
Other unfunded commitments to extend credit | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 85,861 | ||
Other unfunded commitments to extend credit | Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 89,925 | ||
Other unfunded commitments to extend credit | Expires after 3 years through 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 140,640 | ||
Other unfunded commitments to extend credit | Expires after 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 6,899 | ||
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 | 39,133 | 44,272 | |
Off-balance sheet lending-related financial commitments, carrying value | 548 | 671 | |
Allowance for lending-related commitments | 121 | 117 | |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | |||
Risk participations for standby letters of credit and other financial guarantees | 11,200 | 13,000 | |
Credit enhancements and bond and commercial paper liquidity commitments to US states and municipalities hospitals and other not for profit entities | 9,600 | 13,300 | |
Standby letters of credit and other financial guarantees | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 16,083 | ||
Standby letters of credit and other financial guarantees | Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 14,287 | ||
Standby letters of credit and other financial guarantees | Expires after 3 years through 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 5,819 | ||
Standby letters of credit and other financial guarantees | Expires after 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 2,944 | ||
Other letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 3,941 | 4,331 | |
Off-balance sheet lending-related financial commitments, carrying value | 2 | 1 | |
Allowance for lending-related commitments | 2 | 1 | |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | |||
Risk participations for other letters of credit | 341 | 469 | |
Other letters of credit | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 3,570 | ||
Other letters of credit | Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 304 | ||
Other letters of credit | Expires after 3 years through 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | 67 | ||
Other letters of credit | Expires after 5 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 | 183,329 | 171,059 | |
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 | 190,600 | 177,100 | |
Securities lending indemnification agreements and guarantees | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 183,329 | ||
Securities lending indemnification agreements and guarantees | Expires after 1 year through 3 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 3 years through 5 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 5 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 | 53,784 | 53,589 | |
Guarantor obligations, current carrying value | 222 | 80 | |
Derivatives qualifying as guarantees | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 3,194 | ||
Derivatives qualifying as guarantees | Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 285 | ||
Derivatives qualifying as guarantees | Expires after 3 years through 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 11,160 | ||
Derivatives qualifying as guarantees | Expires after 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 39,145 | ||
Unsettled reverse repurchase and securities borrowing agreements | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 42,482 | 40,993 | |
Guarantor obligations, current carrying value | 0 | 0 | |
Unsettled reverse repurchase and securities borrowing agreements | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 42,482 | ||
Unsettled reverse repurchase and securities borrowing agreements | Expires after 1 year through 3 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 3 years through 5 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 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 0 | ||
Unsettled repurchase and securities lending agreements [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 21,798 | 42,578 | |
Guarantor obligations, current carrying value | 0 | 0 | |
Unsettled repurchase and securities lending agreements [Member] | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 21,798 | ||
Unsettled repurchase and securities lending agreements [Member] | Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 0 | ||
Unsettled repurchase and securities lending agreements [Member] | Expires after 3 years through 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 0 | ||
Unsettled repurchase and securities lending agreements [Member] | Expires after 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 0 | ||
Loans sold with recourse | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loan sale and securitization-related indemnifications, Contractual amount | 4,274 | 6,063 | |
Loan sale and securitization-related indemnifications, Carrying value | 82 | 102 | |
Other guarantees and commitments | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 5,580 | 5,720 | |
Guarantor obligations, current carrying value | (94) | (121) | |
Other guarantees and commitments | Expires in 1 year or less | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 369 | ||
Other guarantees and commitments | Expires after 1 year through 3 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 2,603 | ||
Other guarantees and commitments | Expires after 3 years through 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 1,075 | ||
Other guarantees and commitments | Expires after 5 years | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | 1,533 | ||
Letters of credit hedged by derivative transactions | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, contractual amount | $ 4,600 | $ 4,500 | |
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 |
Off-Balance Sheet Lending-Re191
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments - Standby Letters of Credit and Other Financial Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | |||
Total lending-related commitments | $ 950,997 | $ 940,395 | $ 929,678 |
Allowance for lending-related commitments | 275 | 148 | |
Standby letters of credit, unissued commitments | 45,600 | ||
Derivatives qualifying as guarantees | |||
Notional amount on stable value contracts | 63,662,000 | 50,659,000 | |
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 | 672 | 550 | |
Standby and other letters of credit, allowance | 118 | 123 | |
Guarantor obligations, current carrying value | 554 | 427 | |
Standby letters of credit and other financial guarantees | |||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | |||
Investment-grade | 37,709 | 31,751 | |
Noninvestment-grade | 6,563 | 7,382 | |
Total lending-related commitments | 44,272 | 39,133 | |
Allowance for lending-related commitments | 117 | 121 | |
Commitments with collateral | $ 20,750 | 18,825 | |
Percentage exceeding value of securities for obtaining cash or other highly liquid collateral | 100.00% | ||
Other letters of credit | |||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | |||
Investment-grade | $ 3,476 | 3,290 | |
Noninvestment-grade | 855 | 651 | |
Total lending-related commitments | 4,331 | 3,941 | |
Allowance for lending-related commitments | 1 | 2 | |
Commitments with collateral | 1,509 | 996 | |
Derivatives qualifying as guarantees | |||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | |||
Guarantor obligations, current carrying value | 80 | 222 | |
Derivatives qualifying as guarantees | |||
Total notional value of derivatives the Firm deems guarantees | 53,589 | 53,784 | |
Notional amount on stable value contracts | 27,500 | 28,400 | |
Maximum exposure to loss | 2,900 | 3,000 | |
Derivative qualifying as guarantees payables | 102 | 236 | |
Derivative qualifying as guarantees receivables | $ 22 | $ 14 |
Off-Balance Sheet Lending-Re192
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments - Loan Sales- and Securitization-Related Indemnifications (Details) $ in Millions | 12 Months Ended | 48 Months Ended | |
Dec. 31, 2015USD ($)trustinvestor | Dec. 31, 2014USD ($) | Dec. 31, 2008USD ($) | |
Summary of changes in mortgage repurchase liability | |||
Repurchase liability at beginning of period | $ 148 | $ 275 | |
Private label securitizations | |||
Amount of residential mortgage loans, private-label securitization by Washington Mutual | $ 165,000 | ||
Amount of residential mortgage private-label securitization loans by Washington Mutual repaid | 81,000 | ||
Amount of residential mortgage private-label securitization loans by Washington Mutual liquidated | $ 50,000 | ||
Percent of residential mortgage loans originally sold or deposited into private-label securitization by Washington Mutual, Average Loss Severity | 59.00% | ||
Amount of residential mortgage private-label securitization loans by Washington Mutual remaining | 33,000 | ||
Days Past Due, 60 or More | |||
Private label securitizations | |||
Amount of residential mortgage private-label securitization loans by Washington Mutual remaining | 6,000 | ||
Loans sold with recourse | |||
Loans sold with recourse | |||
Unpaid principal balance of loans sold with recourse | $ 4,274 | 6,063 | |
Carrying value of related liability for recourse obligations | 82 | $ 102 | |
Residential Real Estate [Member] | |||
Private label securitizations | |||
Period past due, credit analysis factors, charge off criteria | 60 days | ||
MBS Litigation Related to MBS Offerings Issued By JPMC and Bear Stearns | |||
Private label securitizations | |||
Settlement agreement | $ 4,500 | ||
Number of residential mortgage-backed securities trusts issued | trust | 330 | ||
MBS Litigation Related to MBS Offerings Sponsored By Washington Mutual | |||
Private label securitizations | |||
Number of major institutional investors to make binding offer to trustee | investor | 21 |
Off-Balance Sheet Lending-Re193
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments - Other Off-Balance Sheet Arrangements (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Other off-balance sheet arrangements - supplemental information [Abstract] | ||||
Other expense | $ 9,593 | $ 11,146 | $ 20,398 | |
Allowance for lending-related commitments | 148 | 275 | ||
Chase Paymentech Solutions | ||||
Other off-balance sheet arrangements - supplemental information [Abstract] | ||||
Other expense | 12 | 10 | 14 | |
Aggregate volume processed by electronic payment services business | 949,300 | 847,900 | $ 750,100 | |
Allowance for lending-related commitments | 20 | 4 | ||
Cash collateral held | $ 136 | $ 174 | ||
JPMorgan Chase Financial Company LLC | ||||
Other off-balance sheet arrangements - supplemental information [Abstract] | ||||
Direct-owned finance subsidiary ownership | 100.00% |
Commitments, Pledged Assets,194
Commitments, Pledged Assets, and Collateral - Lease Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Future minimum rental payments under operating leases | |||
2,016 | $ 1,668 | ||
2,017 | 1,647 | ||
2,018 | 1,447 | ||
2,019 | 1,263 | ||
2,020 | 1,125 | ||
After 2,020 | 4,679 | ||
Total minimum payments required | 11,829 | ||
Less: Sublease rentals under noncancelable subleases | (1,889) | ||
Net minimum payment required | 9,940 | ||
Total rental expense | |||
Gross rental expense | 2,015 | $ 2,255 | $ 2,187 |
Sublease rental income | (411) | (383) | (341) |
Net rental expense | $ 1,604 | $ 1,872 | $ 1,846 |
Commitments, Pledged Assets,195
Commitments, Pledged Assets, and Collateral - Pledged Assets and Collateral (Details) - USD ($) $ in Billions | Dec. 31, 2015 | Dec. 31, 2014 |
Significant components of assets pledged | ||
Significant components of assets pledged as collateral, fair value | $ 567.8 | $ 535.9 |
Financial instruments pledged by the Firm that may not be sold or repledged by the secured parties | 50.7 | 60.1 |
Collateral Received that Can be Resold or Repledged | ||
Assets accepted by the Firm as collateral that it could sell or repledge, deliver or otherwise use at fair value | 748.5 | 761.7 |
Assets accepted by the Firm as collateral that the Firm has sold or repledged | 580.9 | 596.8 |
Securities | ||
Significant components of assets pledged | ||
Significant components of assets pledged as collateral, fair value | 124.3 | 118.7 |
Loans | ||
Significant components of assets pledged | ||
Significant components of assets pledged as collateral, fair value | 298.6 | 248.2 |
Trading assets and other | ||
Significant components of assets pledged | ||
Significant components of assets pledged as collateral, fair value | 144.9 | 169 |
Assets pledged to Federal Reserve Banks and Federal Home Loan Banks | ||
Significant components of assets pledged | ||
Significant components of assets pledged as collateral, fair value | $ 385.6 | $ 324.5 |
Litigation (Details)
Litigation (Details) | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2016USD ($) | May. 31, 2010USD ($) | Dec. 31, 2015USD ($)entityofferingtrustactioninvestordefendanttransactionmunicipality | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015action | Jan. 31, 2015claim | |
CIO Investigations and Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Number of legal proceedings | action | 7 | ||||||
Estimate of settlement to be paid | $ 150,000,000 | ||||||
CIO Investigations and Litigation | Litigation Dismissed | |||||||
Loss Contingencies [Line Items] | |||||||
Number of legal proceedings | action | 6 | ||||||
Madoff Litigation and Investigations | New York federal and state court | |||||||
Loss Contingencies [Line Items] | |||||||
Number of legal proceedings | action | 3 | ||||||
Threatened or Pending Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Legal expense incurred | $ 2,969,000,000 | $ 2,883,000,000 | $ 11,143,000,000 | ||||
Threatened or Pending Litigation | Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency range of possible loss | 0 | ||||||
Threatened or Pending Litigation | Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency range of possible loss | 3,600,000,000 | ||||||
Foreign Investigations and Litigation | Canada | |||||||
Loss Contingencies [Line Items] | |||||||
Number of legal proceedings | action | 2 | ||||||
General Motors Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Syndicated term loan facility for General Motors Corporation | 1,500,000,000 | ||||||
Interchange Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Settlement amount agreed to pay by defendant group | $ 6,100,000,000 | ||||||
Settlement amount consideration percentage | 20.00% | ||||||
Basis points of credit card 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 | ||||||
Investment Management Litigation | Assured Guaranty (U.K.) and Ambac Assurance UK Limited | |||||||
Loss Contingencies [Line Items] | |||||||
Number of legal proceedings | action | 2 | ||||||
Investment Management Litigation | Minimum | Assured Guaranty (U.K.) and Ambac Assurance UK Limited | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought value | $ 1,000,000,000 | ||||||
Lehman Brothers Bankruptcy Proceedings | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought value | $ 7,900,000,000 | ||||||
Collateral | $ 700,000,000 | ||||||
Lehman Brothers Bankruptcy Proceedings | Subsequent Event | |||||||
Loss Contingencies [Line Items] | |||||||
Assessed civil money penalty | $ 1,420,000,000 | ||||||
Lehman Brothers Bankruptcy Proceedings | Claims Objections Relating to Securities Lending Claims and Smaller Claims | |||||||
Loss Contingencies [Line Items] | |||||||
Number of legal proceedings | claim | 2 | ||||||
Lehman Brothers Bankruptcy Proceedings | Claims Relating to Derivatives Transactions | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought, counterclaims value | 1,900,000,000 | ||||||
Lehman Brothers Bankruptcy Proceedings | Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought, counterclaims value | $ 25,000,000,000 | ||||||
LIBOR and Other Benchmark Rate Investigations and Litigation | Defendant Banks and ICAP Manipulation of U.S. Dollar ISDAFIX Rates | Pending Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Number of defendants | defendant | 1 | ||||||
Madoff Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Number of legal proceedings | action | 2 | ||||||
Damages sought recoveries value | $ 155,000,000 | ||||||
Breach of Fiduciary Duty Litigation | Madoff Litigation and Investigations | New York State Court | |||||||
Loss Contingencies [Line Items] | |||||||
Number of legal proceedings | action | 5 | ||||||
Mortgage Backed Securities Litigation and Regulatory Investigations | |||||||
Loss Contingencies [Line Items] | |||||||
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 | $ 4,200,000,000 | ||||||
Amount of original principal balance of MBS involved claims by investors or monoline insurers against JPMC, Bear Stearns or Washington Mutual as issuer | 2,600,000,000 | ||||||
Amount of original principal balance of MBS involved claims by investors or monoline insurers against JPMC, Bear Stearns or Washington Mutual as underwriter | $ 1,600,000,000 | ||||||
Mortgage Backed Securities Litigation and Regulatory Investigations | U.S. Department of Justice | |||||||
Loss Contingencies [Line Items] | |||||||
Number of US Attorney's Offices performing investigation | action | 2 | ||||||
Mortgage Backed Securities Litigation and Regulatory Investigations | New York State Court | |||||||
Loss Contingencies [Line Items] | |||||||
Claims dismissed | action | 2 | ||||||
Claims dismissed but on appeal | action | 1 | ||||||
MBS Litigation Related to MBS Offerings Sponsored By EMC | Monoline Insurer Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Pending actions | 2 | ||||||
Number of offerings by entity related to filed suit | offering | 11 | ||||||
MBS Litigation Related to MBS Offerings Sponsored By EMC | Underwriter Actions | |||||||
Loss Contingencies [Line Items] | |||||||
Number of legal proceedings | action | 1 | ||||||
MBS Litigation Related to MBS Offerings Sponsored By Washington Mutual | |||||||
Loss Contingencies [Line Items] | |||||||
Number of transactions | transaction | 1 | ||||||
Number of institutional MBS investors directing or threatening litigation | investor | 21 | ||||||
MBS Litigation Related to MBS Offerings Issued By JPMC and Bear Stearns | |||||||
Loss Contingencies [Line Items] | |||||||
Number of legal proceedings | trust | 4 | ||||||
Loss contingency, settlement agreement, consideration | $ (4,500,000,000) | ||||||
Number of MBS for which repurchase and servicing claims have been or could have been assumed | trust | 330 | ||||||
Number of MBS trusts for which an offer is accepted in part or whole | trust | 319 | ||||||
Number of MBS trusts excluded from the settlement in part of in whole | trust | 16 | ||||||
Mortgage-Related Investigations and Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Number of legal proceedings | action | 2 | ||||||
Number of municipalities pursuing investigations into the impact if any of alleged violations of the FHA and ECOA on their respective communities | municipality | 3 | ||||||
Mortgage-Related Investigations and Litigation | Subsequent Event | |||||||
Loss Contingencies [Line Items] | |||||||
Assessed civil money penalty | $ 48,000,000 | ||||||
Mortgage-Related Investigations and Litigation | Shareholder Derivative Action | New York State Supreme Court | |||||||
Loss Contingencies [Line Items] | |||||||
Number of legal proceedings | action | 1 | ||||||
Municipal Derivatives Litigation | Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Warrants the firm was chosen to underwrite based upon alleged payments made to certain third parties (more than) | $ 3,000,000,000 | ||||||
Petters Bankruptcy and Related Matters | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought recoveries value | $ 450,000,000 | ||||||
Number of entities whose trustee in bankruptcy brought actions against JPMorgan Chase | entity | 3 | ||||||
Number of credit facilities entered into with Polaroid | entity | 2 | ||||||
Proprietary Products Investigations and Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Assessed civil money penalty | $ 307,000,000 | ||||||
Washington Mutual Litigations | Minimum | Plaintiff, Deutsche Bank National Trust Company | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought value | 6,000,000,000 | ||||||
Washington Mutual Litigations | Maximum | Plaintiff, Deutsche Bank National Trust Company | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought value | $ 10,000,000,000 |
International Operations (Detai
International Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Entity-Wide Information by Geographic Areas | |||||
Revenue | $ 93,543 | $ 95,112 | $ 97,367 | ||
Expense | 62,841 | 64,413 | 70,692 | ||
Income before income tax expense | 30,702 | 30,699 | 26,675 | ||
Net income | 24,442 | 21,745 | 17,886 | ||
Total assets | 2,351,698 | [1] | 2,572,274 | [1] | 2,414,879 |
Europe/Middle East and Africa | |||||
Entity-Wide Information by Geographic Areas | |||||
Revenue | 14,206 | 16,013 | 15,585 | ||
Expense | 8,871 | 10,123 | 9,069 | ||
Income before income tax expense | 5,335 | 5,890 | 6,516 | ||
Net income | 4,158 | 3,935 | 4,842 | ||
Total assets | 347,647 | 481,328 | 514,747 | ||
Asia and Pacific | |||||
Entity-Wide Information by Geographic Areas | |||||
Revenue | 6,151 | 6,083 | 6,168 | ||
Expense | 4,241 | 4,478 | 4,248 | ||
Income before income tax expense | 1,910 | 1,605 | 1,920 | ||
Net income | 1,285 | 1,051 | 1,254 | ||
Total assets | 138,747 | 147,357 | 145,999 | ||
Latin America and the Caribbean | |||||
Entity-Wide Information by Geographic Areas | |||||
Revenue | 1,923 | 2,047 | 2,251 | ||
Expense | 1,508 | 1,626 | 1,626 | ||
Income before income tax expense | 415 | 421 | 625 | ||
Net income | 253 | 269 | 381 | ||
Total assets | 48,185 | 44,567 | 41,473 | ||
Total international | |||||
Entity-Wide Information by Geographic Areas | |||||
Revenue | 22,280 | 24,143 | 24,004 | ||
Expense | 14,620 | 16,227 | 14,943 | ||
Income before income tax expense | 7,660 | 7,916 | 9,061 | ||
Net income | 5,696 | 5,255 | 6,477 | ||
Total assets | 534,579 | 673,252 | 702,219 | ||
North America | |||||
Entity-Wide Information by Geographic Areas | |||||
Revenue | 71,263 | 70,969 | 73,363 | ||
Expense | 48,221 | 48,186 | 55,749 | ||
Income before income tax expense | 23,042 | 22,783 | 17,614 | ||
Net income | 18,746 | 16,490 | 11,409 | ||
Total assets | 1,817,119 | 1,899,022 | 1,712,660 | ||
U.K. | |||||
Entity-Wide Information by Geographic Areas | |||||
Total assets | $ 306,000 | $ 434,000 | $ 451,000 | ||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2015 and 2014. The difference between total VIE assets and liabilities represents the Firm’s interests in those entities, which were eliminated in consolidation.December 31, (in millions)2015 2014Assets Trading assets$3,736 $9,090Loans75,104 68,880All other assets2,765 1,815Total assets$81,605 $79,785Liabilities Beneficial interests issued by consolidated variable interest entities$41,879 $52,320All other liabilities809 949Total liabilities$42,688 $53,269The 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 both December 31, 2015 and 2014, the Firm provided limited program-wide credit enhancement of $2.0 billion, related to its Firm-administered multi-seller conduits, which are eliminated in consolidation. For further discussion, see Note 16. |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)segment | |
Segment Reporting Information [Line Items] | |
Number of major reportable business segments | segment | 4 |
Asset Management | |
Segment Reporting Information [Line Items] | |
Asset Management client assets | $ 2,400,000,000,000 |
Minimum | Commercial Banking | |
Segment Reporting Information [Line Items] | |
Annual client revenue | 20,000,000 |
Maximum | Commercial Banking | |
Segment Reporting Information [Line Items] | |
Annual client revenue | $ 2,000,000,000 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Segment results and reconciliation | |||||
Noninterest revenue | $ 50,033 | $ 51,478 | $ 54,048 | ||
Net interest income | 43,510 | 43,634 | 43,319 | ||
Total net revenue | 93,543 | 95,112 | 97,367 | ||
Provision for credit losses | 3,827 | 3,139 | 225 | ||
Noninterest expense | 59,014 | 61,274 | 70,467 | ||
Income before income tax expense | 30,702 | 30,699 | 26,675 | ||
Income tax expense/(benefit) | 6,260 | 8,954 | 8,789 | ||
Net income | 24,442 | 21,745 | 17,886 | ||
Average common equity | 215,690 | 207,400 | 196,409 | ||
Total assets | $ 2,351,698 | [1] | $ 2,572,274 | [1] | $ 2,414,879 |
Return on average common equity | 11.00% | 10.00% | 9.00% | ||
Overhead ratio | 63.00% | 64.00% | 72.00% | ||
Operating Segments | Consumer & Community Banking | |||||
Segment results and reconciliation | |||||
Noninterest revenue | $ 15,592 | $ 15,937 | $ 17,552 | ||
Net interest income | 28,228 | 28,431 | 28,985 | ||
Total net revenue | 43,820 | 44,368 | 46,537 | ||
Provision for credit losses | 3,059 | 3,520 | 335 | ||
Noninterest expense | 24,909 | 25,609 | 27,842 | ||
Income before income tax expense | 15,852 | 15,239 | 18,360 | ||
Income tax expense/(benefit) | 6,063 | 6,054 | 7,299 | ||
Net income | 9,789 | 9,185 | 11,061 | ||
Average common equity | 51,000 | 51,000 | 46,000 | ||
Total assets | $ 502,652 | $ 455,634 | $ 452,929 | ||
Return on average common equity | 18.00% | 18.00% | 23.00% | ||
Overhead ratio | 57.00% | 58.00% | 60.00% | ||
Operating Segments | Corporate & Investment Bank | |||||
Segment results and reconciliation | |||||
Noninterest revenue | $ 23,693 | $ 23,420 | $ 23,736 | ||
Net interest income | 9,849 | 11,175 | 10,976 | ||
Total net revenue | 33,542 | 34,595 | 34,712 | ||
Provision for credit losses | 332 | (161) | (232) | ||
Noninterest expense | 21,361 | 23,273 | 21,744 | ||
Income before income tax expense | 11,849 | 11,483 | 13,200 | ||
Income tax expense/(benefit) | 3,759 | 4,575 | 4,350 | ||
Net income | 8,090 | 6,908 | 8,850 | ||
Average common equity | 62,000 | 61,000 | 56,500 | ||
Total assets | $ 748,691 | $ 861,466 | $ 843,248 | ||
Return on average common equity | 12.00% | 10.00% | 15.00% | ||
Overhead ratio | 64.00% | 67.00% | 63.00% | ||
Operating Segments | Commercial Banking | |||||
Segment results and reconciliation | |||||
Noninterest revenue | $ 2,365 | $ 2,349 | $ 2,298 | ||
Net interest income | 4,520 | 4,533 | 4,794 | ||
Total net revenue | 6,885 | 6,882 | 7,092 | ||
Provision for credit losses | 442 | (189) | 85 | ||
Noninterest expense | 2,881 | 2,695 | 2,610 | ||
Income before income tax expense | 3,562 | 4,376 | 4,397 | ||
Income tax expense/(benefit) | 1,371 | 1,741 | 1,749 | ||
Net income | 2,191 | 2,635 | 2,648 | ||
Average common equity | 14,000 | 14,000 | 13,500 | ||
Total assets | $ 200,700 | $ 195,267 | $ 190,782 | ||
Return on average common equity | 15.00% | 18.00% | 19.00% | ||
Overhead ratio | 42.00% | 39.00% | 37.00% | ||
Operating Segments | Asset Management | |||||
Segment results and reconciliation | |||||
Noninterest revenue | $ 9,563 | $ 9,588 | $ 9,029 | ||
Net interest income | 2,556 | 2,440 | 2,376 | ||
Total net revenue | 12,119 | 12,028 | 11,405 | ||
Provision for credit losses | 4 | 4 | 65 | ||
Noninterest expense | 8,886 | 8,538 | 8,016 | ||
Income before income tax expense | 3,229 | 3,486 | 3,324 | ||
Income tax expense/(benefit) | 1,294 | 1,333 | 1,241 | ||
Net income | 1,935 | 2,153 | 2,083 | ||
Average common equity | 9,000 | 9,000 | 9,000 | ||
Total assets | $ 131,451 | $ 128,701 | $ 122,414 | ||
Return on average common equity | 21.00% | 23.00% | 23.00% | ||
Overhead ratio | 73.00% | 71.00% | 70.00% | ||
Corporate | |||||
Segment results and reconciliation | |||||
Noninterest revenue | $ 800 | $ 1,972 | $ 3,093 | ||
Net interest income | (533) | (1,960) | (3,115) | ||
Total net revenue | 267 | 12 | (22) | ||
Provision for credit losses | (10) | (35) | (28) | ||
Noninterest expense | 977 | 1,159 | 10,255 | ||
Income before income tax expense | (700) | (1,112) | (10,249) | ||
Income tax expense/(benefit) | (3,137) | (1,976) | (3,493) | ||
Net income | 2,437 | 864 | (6,756) | ||
Average common equity | 79,690 | 72,400 | 71,409 | ||
Total assets | 768,204 | 931,206 | 805,506 | ||
Reconciling Items | |||||
Segment results and reconciliation | |||||
Noninterest revenue | (1,980) | (1,788) | (1,660) | ||
Net interest income | (1,110) | (985) | (697) | ||
Total net revenue | (3,090) | (2,773) | (2,357) | ||
Provision for credit losses | 0 | 0 | 0 | ||
Noninterest expense | 0 | 0 | 0 | ||
Income before income tax expense | (3,090) | (2,773) | (2,357) | ||
Income tax expense/(benefit) | (3,090) | (2,773) | (2,357) | ||
Net income | 0 | 0 | 0 | ||
Average common equity | $ 0 | $ 0 | $ 0 | ||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2015 and 2014. The difference between total VIE assets and liabilities represents the Firm’s interests in those entities, which were eliminated in consolidation.December 31, (in millions)2015 2014Assets Trading assets$3,736 $9,090Loans75,104 68,880All other assets2,765 1,815Total assets$81,605 $79,785Liabilities Beneficial interests issued by consolidated variable interest entities$41,879 $52,320All other liabilities809 949Total liabilities$42,688 $53,269The 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 both December 31, 2015 and 2014, the Firm provided limited program-wide credit enhancement of $2.0 billion, related to its Firm-administered multi-seller conduits, which are eliminated in consolidation. For further discussion, see Note 16. |
Parent Company - Statements of
Parent Company - Statements of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income | |||
Other income/(loss) | $ 50,033 | $ 51,478 | $ 54,048 |
Total income | 93,543 | 95,112 | 97,367 |
Expense | |||
Other interest expense | 7,463 | 7,897 | 9,350 |
Other noninterest expense | 9,593 | 11,146 | 20,398 |
Income tax benefit | (6,260) | (8,954) | (8,789) |
Net income | 24,442 | 21,745 | 17,886 |
Other comprehensive income, net | (1,997) | 990 | (2,903) |
Comprehensive income | 22,445 | 22,735 | 14,983 |
JPMorgan Chase & Co. | |||
Income | |||
Interest income from subsidiaries | 443 | 378 | 757 |
Other interest income | 234 | 284 | 303 |
Other income/(loss) | 3,316 | 508 | (1,380) |
Total income | 21,311 | 16,717 | 4,114 |
Expense | |||
Interest expense to subsidiaries and affiliates | 98 | 169 | 309 |
Other interest expense | 3,720 | 3,645 | 4,031 |
Other noninterest expense | 2,611 | 827 | 9,597 |
Total expense | 6,429 | 4,641 | 13,937 |
Income (loss) before income tax benefit and undistributed net income of subsidiaries | 14,882 | 12,076 | (9,823) |
Income tax benefit | 1,640 | 1,430 | 4,301 |
Equity in undistributed net income of subsidiaries | 7,920 | 8,239 | 23,408 |
Net income | 24,442 | 21,745 | 17,886 |
Other comprehensive income, net | (1,997) | 990 | (2,903) |
Comprehensive income | 22,445 | 22,735 | 14,983 |
JPMorgan Chase & Co. | Bank and bank holding company | |||
Income | |||
Dividends from subsidiaries and affiliates | 10,653 | 0 | 1,175 |
Other income(loss) from subsidiaries, primarily fees | 1,438 | 779 | 318 |
JPMorgan Chase & Co. | Nonbank | |||
Income | |||
Dividends from subsidiaries and affiliates | 8,172 | 14,716 | 876 |
Other income(loss) from subsidiaries, primarily fees | $ (2,945) | $ 52 | $ 2,065 |
Parent Company - Balance Sheets
Parent Company - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Assets | |||||||
Cash and due from banks | $ 20,490 | $ 27,831 | $ 39,771 | $ 53,723 | |||
Trading assets | 343,839 | 398,988 | |||||
Available-for-sale securities | 241,754 | 298,752 | |||||
Loans | 837,299 | 757,336 | |||||
Other assets | 105,572 | 102,098 | |||||
Total assets | 2,351,698 | [1] | 2,572,274 | [1] | 2,414,879 | ||
Liabilities and stockholders’ equity | |||||||
Total liabilities | [1] | 2,104,125 | 2,340,547 | ||||
Total stockholders’ equity | 247,573 | 231,727 | |||||
Total liabilities and stockholders’ equity | 2,351,698 | 2,572,274 | |||||
JPMorgan Chase & Co. | |||||||
Assets | |||||||
Cash and due from banks | 74 | 211 | $ 264 | $ 216 | |||
Deposits with banking subsidiaries | 65,799 | 95,884 | |||||
Trading assets | 13,830 | 18,222 | |||||
Available-for-sale securities | 3,154 | 3,321 | |||||
Loans | 1,887 | 2,260 | |||||
Other assets | 18,088 | 18,200 | |||||
Total assets | 453,778 | 481,439 | |||||
Liabilities and stockholders’ equity | |||||||
Borrowings from, and payables to, subsidiaries and affiliates | 11,310 | 17,381 | |||||
Other borrowed funds, primarily commercial paper | 3,722 | 49,586 | |||||
Other liabilities | 11,940 | 11,918 | |||||
Long-term debt | 179,233 | 170,827 | |||||
Total liabilities | 206,205 | 249,712 | |||||
Total stockholders’ equity | 247,573 | 231,727 | |||||
Total liabilities and stockholders’ equity | 453,778 | 481,439 | |||||
JPMorgan Chase & Co. | Bank and bank holding company | |||||||
Assets | |||||||
Advances to, and receivables from, subsidiaries | 32,454 | 33,810 | |||||
Investments (at equity) in subsidiaries and affiliates | 225,613 | 215,732 | |||||
JPMorgan Chase & Co. | Nonbank | |||||||
Assets | |||||||
Advances to, and receivables from, subsidiaries | 58,674 | 52,626 | |||||
Investments (at equity) in subsidiaries and affiliates | $ 34,205 | $ 41,173 | |||||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2015 and 2014. The difference between total VIE assets and liabilities represents the Firm’s interests in those entities, which were eliminated in consolidation.December 31, (in millions)2015 2014Assets Trading assets$3,736 $9,090Loans75,104 68,880All other assets2,765 1,815Total assets$81,605 $79,785Liabilities Beneficial interests issued by consolidated variable interest entities$41,879 $52,320All other liabilities809 949Total liabilities$42,688 $53,269The 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 both December 31, 2015 and 2014, the Firm provided limited program-wide credit enhancement of $2.0 billion, related to its Firm-administered multi-seller conduits, which are eliminated in consolidation. For further discussion, see Note 16. |
Parent Company - Statements 202
Parent Company - Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 24,442 | $ 21,745 | $ 17,886 |
Other operating adjustments | (5,122) | 314 | (2,129) |
Net cash provided by operating activities | 73,466 | 36,593 | 107,953 |
Investing activities | |||
Available-for-sale securities: Proceeds from paydowns and maturities | 76,448 | 90,664 | 89,631 |
Available-for-sale securities: Purchases | (70,804) | (121,504) | (130,266) |
Other changes in loans, net | (108,962) | (51,749) | (23,721) |
All other investing activities, net | 3,703 | 2,181 | (828) |
Net cash provided by/(used in) investing activities | 106,980 | (165,636) | (150,501) |
Financing activities | |||
Net change in: Other borrowed funds | (57,828) | 9,242 | 2,784 |
Proceeds from the issuance of long-term debt | 79,611 | 78,515 | 83,546 |
Payments of long-term debt | (67,247) | (65,275) | (60,497) |
Proceeds from issuance of preferred stock | 5,893 | 8,847 | 3,873 |
Redemption of preferred stock | 0 | 0 | (1,800) |
Treasury stock and warrants repurchased | (5,616) | (4,760) | (4,789) |
Dividends paid | (7,873) | (6,990) | (6,056) |
All other financing activities, net | (726) | (768) | (913) |
Net cash provided by/(used in) financing activities | (187,511) | 118,228 | 28,324 |
Net decrease in cash and due from banks | (7,341) | (11,940) | (13,952) |
Cash and due from banks at the beginning of the period | 27,831 | 39,771 | 53,723 |
Cash and due from banks at the end of the period | 20,490 | 27,831 | 39,771 |
Cash interest paid | 7,220 | 8,194 | 9,573 |
JPMorgan Chase & Co. | |||
Operating activities | |||
Net income | 24,442 | 21,745 | 17,886 |
Less: Net income of subsidiaries and affiliates | 26,745 | 22,972 | 25,496 |
Parent company net loss | (2,303) | (1,227) | (7,610) |
Cash dividends from subsidiaries and affiliates | 17,023 | 14,714 | 1,917 |
Other operating adjustments | 2,483 | (1,681) | 3,217 |
Net cash provided by operating activities | 17,203 | 11,806 | (2,476) |
Investing activities | |||
Net change in: Deposits with banking subsidiaries | 30,085 | (31,040) | 10,679 |
Available-for-sale securities: Proceeds from paydowns and maturities | 120 | 12,076 | 61 |
Available-for-sale securities: Purchases | 0 | 0 | (12,009) |
Other changes in loans, net | 321 | (319) | (713) |
Advances to and investments in subsidiaries and affiliates, net | (81) | 3,306 | 14,469 |
All other investing activities, net | 153 | 32 | 22 |
Net cash provided by/(used in) investing activities | 30,598 | (15,945) | 12,509 |
Financing activities | |||
Net change in: Borrowings from subsidiaries and affiliates | (4,062) | 4,454 | (2,715) |
Net change in: Other borrowed funds | (47,483) | (5,778) | (7,297) |
Proceeds from the issuance of long-term debt | 42,121 | 40,284 | 31,303 |
Payments of long-term debt | (30,077) | (31,050) | (21,510) |
Proceeds from issuance of preferred stock | 5,893 | 8,847 | 3,873 |
Redemption of preferred stock | 0 | 0 | (1,800) |
Treasury stock and warrants repurchased | (5,616) | (4,760) | (4,789) |
Dividends paid | (7,873) | (6,990) | (6,056) |
All other financing activities, net | (840) | (921) | (994) |
Net cash provided by/(used in) financing activities | (47,937) | 4,086 | (9,985) |
Net decrease in cash and due from banks | (137) | (53) | 48 |
Cash and due from banks at the beginning of the period | 211 | 264 | 216 |
Cash and due from banks at the end of the period | 74 | 211 | 264 |
Cash interest paid | 3,873 | 3,921 | 4,409 |
Cash income taxes paid, net | $ 8,251 | $ 200 | $ 2,390 |
Parent Company - Footnote Infor
Parent Company - Footnote Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
2,016 | $ 50,623 | ||
2,017 | 49,500 | ||
2,018 | 39,200 | ||
2,019 | 30,400 | ||
2,020 | 30,700 | ||
JPMorgan Chase & Co. | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
2,016 | 27,172 | ||
2,017 | 26,000 | ||
2,018 | 21,100 | ||
2,019 | 11,500 | ||
2,020 | 22,200 | ||
JPMorgan Chase & Co. | Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from the issuer trusts | $ 2 | $ 2 | $ 5 |