Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 28, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BANK OF AMERICA CORP /DE/ | |
Entity Central Index Key | 70,858 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 10,468,545,156 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income | ||||
Loans and leases | $ 7,978 | $ 8,635 | $ 16,014 | $ 17,395 |
Debt securities | 3,070 | 2,124 | 4,957 | 4,121 |
Federal funds sold and securities borrowed or purchased under agreements to resell | 268 | 297 | 499 | 562 |
Trading account assets | 1,074 | 1,175 | 2,157 | 2,352 |
Other interest income | 742 | 710 | 1,468 | 1,446 |
Total interest income | 13,132 | 12,941 | 25,095 | 25,876 |
Interest expense | ||||
Deposits | 216 | 282 | 436 | 573 |
Short-term borrowings | 686 | 763 | 1,271 | 1,372 |
Trading account liabilities | 335 | 398 | 729 | 833 |
Long-term debt | 1,407 | 1,485 | 2,720 | 3,000 |
Total interest expense | 2,644 | 2,928 | 5,156 | 5,778 |
Net interest income | 10,488 | 10,013 | 19,939 | 20,098 |
Noninterest income | ||||
Card income | 1,477 | 1,441 | 2,871 | 2,834 |
Service charges | 1,857 | 1,866 | 3,621 | 3,692 |
Investment and brokerage services | 3,387 | 3,291 | 6,765 | 6,560 |
Investment banking income | 1,526 | 1,631 | 3,013 | 3,173 |
Equity investment income | 88 | 357 | 115 | 1,141 |
Trading account profits | 1,647 | 1,832 | 3,894 | 4,299 |
Mortgage banking income | 1,001 | 527 | 1,695 | 939 |
Gains on sales of debt securities | 168 | 382 | 436 | 759 |
Other income | 478 | 407 | 970 | 818 |
Total noninterest income | 11,629 | 11,734 | 23,380 | 24,215 |
Total revenue, net of interest expense | 22,117 | 21,747 | 43,319 | 44,313 |
Provision for credit losses | 780 | 411 | 1,545 | 1,420 |
Noninterest expense | ||||
Personnel | 7,890 | 8,306 | 17,504 | 18,055 |
Occupancy | 1,027 | 1,079 | 2,054 | 2,194 |
Equipment | 500 | 534 | 1,012 | 1,080 |
Marketing | 445 | 450 | 885 | 892 |
Professional fees | 494 | 626 | 915 | 1,184 |
Amortization of intangibles | 212 | 235 | 425 | 474 |
Data processing | 715 | 761 | 1,567 | 1,594 |
Telecommunications | 202 | 324 | 373 | 694 |
Other general operating | 2,333 | 6,226 | 4,778 | 14,612 |
Total noninterest expense | 13,818 | 18,541 | 29,513 | 40,779 |
Income before income taxes | 7,519 | 2,795 | 12,261 | 2,114 |
Income tax expense | 2,199 | 504 | 3,584 | 99 |
Net income | 5,320 | 2,291 | 8,677 | 2,015 |
Preferred stock dividends | 330 | 256 | 712 | 494 |
Net income applicable to common shareholders | $ 4,990 | $ 2,035 | $ 7,965 | $ 1,521 |
Per common share information | ||||
Earnings (in dollars per share) | $ 0.48 | $ 0.19 | $ 0.76 | $ 0.14 |
Diluted earnings (in dollars per share) | 0.45 | 0.19 | 0.72 | 0.14 |
Dividends paid (in dollars per share) | $ 0.05 | $ 0.01 | $ 0.10 | $ 0.02 |
Average common shares issued and outstanding (in thousands) | 10,488,137 | 10,519,359 | 10,503,379 | 10,539,769 |
Average diluted common shares issued and outstanding (in thousands) | 11,238,060 | 11,265,123 | 11,252,417 | 10,599,641 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 5,320 | $ 2,291 | $ 8,677 | $ 2,015 |
Other comprehensive income (loss), net-of-tax: | ||||
Net change in available-for-sale debt and marketable equity securities | (2,537) | 2,305 | (1,201) | 3,594 |
Net change in derivatives | 246 | 7 | 289 | 215 |
Employee benefit plan adjustments | 25 | 7 | 50 | 56 |
Net change in foreign currency translation adjustments | 43 | 7 | (8) | (119) |
Other comprehensive income (loss) | (2,223) | 2,326 | (870) | 3,746 |
Comprehensive income | $ 3,097 | $ 4,617 | $ 7,807 | $ 5,761 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 29,974 | $ 33,118 |
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | 133,540 | 105,471 |
Cash and cash equivalents | 163,514 | 138,589 |
Time deposits placed and other short-term investments | 7,996 | 7,510 |
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $70,791 and $62,182 measured at fair value) | 199,903 | 191,823 |
Trading account assets | 189,106 | 191,785 |
Derivative assets | 50,977 | 52,682 |
Debt securities: | ||
Carried at fair value (includes $41,309 and $46,976 pledged as collateral) | 332,307 | 320,695 |
Held-to-maturity, at cost (fair value – $59,163 and $59,641; $15,732 and $17,124 pledged as collateral) | 60,072 | 59,766 |
Total debt securities | 392,379 | 380,461 |
Loans and leases | 886,449 | 881,391 |
Allowance for loan and lease losses | (13,068) | (14,419) |
Loans and leases, net of allowance | 873,381 | 866,972 |
Premises and equipment, net | 9,700 | 10,049 |
Mortgage servicing rights (includes $3,521 and $3,530 measured at fair value) | 3,521 | 3,530 |
Goodwill | 69,775 | 69,777 |
Intangible assets | 4,188 | 4,612 |
Loans held-for-sale | 6,914 | 12,836 |
Customer and other receivables | 64,505 | 61,845 |
Other assets | 113,175 | 112,063 |
Total assets | 2,149,034 | 2,104,534 |
Deposits in U.S. offices: | ||
Noninterest-bearing | 411,862 | 393,102 |
Interest-bearing (includes $1,215 and $1,469 measured at fair value) | 668,447 | 660,161 |
Deposits in non-U.S. offices: | ||
Noninterest-bearing | 8,294 | 7,230 |
Interest-bearing | 60,957 | 58,443 |
Total deposits | 1,149,560 | 1,118,936 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $32,017 and $35,357 measured at fair value) | 213,024 | 201,277 |
Trading account liabilities | 72,596 | 74,192 |
Derivative liabilities | 43,583 | 46,909 |
Short-term borrowings (includes $1,841 and $2,697 measured at fair value) | 39,903 | 31,172 |
Accrued expenses and other liabilities (includes $13,124 and $12,055 measured at fair value and $588 and $528 of reserve for unfunded lending commitments) | 135,295 | 145,438 |
Long-term debt | 243,414 | 243,139 |
Total liabilities | $ 1,897,375 | $ 1,861,063 |
Commitments and contingencies | ||
Shareholders' equity | ||
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,767,790 and 3,647,790 shares | $ 22,273 | $ 19,309 |
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 10,471,836,636 and 10,516,542,476 shares | 152,638 | 153,458 |
Retained earnings | 81,938 | 75,024 |
Accumulated other comprehensive income (loss) | (5,190) | (4,320) |
Total shareholders' equity | 251,659 | 243,471 |
Total liabilities and shareholders' equity | 2,149,034 | 2,104,534 |
Consolidated VIEs | ||
Assets | ||
Trading account assets | 4,863 | 6,890 |
Debt securities: | ||
Loans and leases | 85,467 | 95,187 |
Allowance for loan and lease losses | (1,711) | (1,968) |
Loans and leases, net of allowance | 83,756 | 93,219 |
Loans held-for-sale | 413 | 1,822 |
Other assets | 3,681 | 2,769 |
Total assets | 92,713 | 104,700 |
Deposits in non-U.S. offices: | ||
Short-term borrowings (includes $1,841 and $2,697 measured at fair value) | 358 | 1,032 |
Long-term debt | 14,471 | 13,307 |
All other liabilities (includes $52 and $84 of non-recourse liabilities) | 109 | 138 |
Total liabilities | $ 14,938 | $ 14,477 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Federal funds sold and securities borrowed or purchased under agreements to resell measured at fair value | $ 70,791 | $ 62,182 |
Trading account assets, pledged as collateral | 116,777 | 110,621 |
Debt securities: | ||
Carried at fair value, pledged as collateral | 41,309 | 46,976 |
Held-to-maturity, fair value | 59,163 | 59,641 |
Held-to-maturity, pledged as collateral | 15,732 | 17,124 |
Loans and leases, measured at fair value | 7,629 | 8,681 |
Loans and leases, pledged as collateral | 56,259 | 52,959 |
Mortgage servicing rights, measured at fair value | 3,521 | 3,530 |
Loans held-for-sale, measured at fair value | 4,924 | 6,801 |
Other assets, measured at fair value | 14,545 | 13,873 |
Deposits in U.S. offices: | ||
Interest-bearing, measured at fair value | 1,215 | 1,469 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 32,017 | 35,357 |
Short-term borrowings, measured at fair value | 1,841 | 2,697 |
Accrued expenses and other liabilities, measured at fair value | 13,124 | 12,055 |
Accrued expenses and other liabilities, reserve for unfunded lending commitments | 588 | 528 |
Long-term debt, measured at fair value | $ 32,920 | $ 36,404 |
Shareholders' equity | ||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 3,767,790 | 3,647,790 |
Preferred stock, shares outstanding | 3,767,790 | 3,647,790 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 12,800,000,000 | 12,800,000,000 |
Common stock, shares issued | 10,471,836,636 | 10,516,542,476 |
Common stock, shares outstanding | 10,471,836,636 | 10,516,542,476 |
Consolidated VIEs | Long-term debt | ||
Shareholders' equity | ||
Non-recourse debt | $ 12,969 | $ 11,943 |
Consolidated VIEs | Other liabilities | ||
Shareholders' equity | ||
Non-recourse debt | $ 52 | $ 84 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Preferred Stock | Common Stock and Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2013 | $ 232,685 | $ 13,352 | $ 155,293 | $ 72,497 | $ (8,457) |
Beginning Balance, Shares at Dec. 31, 2013 | 10,591,808 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 2,015 | 2,015 | |||
Net change in available-for-sale debt and marketable equity securities | 3,594 | 3,594 | |||
Net change in derivatives | 215 | 215 | |||
Employee benefit plan adjustments | 56 | 56 | |||
Net change in foreign currency translation adjustments | (119) | (119) | |||
Dividends paid: | |||||
Common | (210) | (210) | |||
Preferred | (494) | (494) | |||
Issuance of preferred stock | 1,494 | 1,494 | |||
Common stock issued under employee plans and related tax effects, Shares | 25,149 | ||||
Common stock issued under employee plans and related tax effects | (150) | $ (150) | |||
Common stock repurchased, Shares | (101,132) | ||||
Common stock repurchased | (1,675) | $ (1,675) | |||
Ending Balance at Jun. 30, 2014 | 237,411 | 14,846 | $ 153,468 | 73,808 | (4,711) |
Ending Balance, Shares at Jun. 30, 2014 | 10,515,825 | ||||
Beginning Balance at Dec. 31, 2014 | 243,471 | 19,309 | $ 153,458 | 75,024 | (4,320) |
Beginning Balance, Shares at Dec. 31, 2014 | 10,516,542 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 8,677 | 8,677 | |||
Net change in available-for-sale debt and marketable equity securities | (1,201) | (1,201) | |||
Net change in derivatives | 289 | 289 | |||
Employee benefit plan adjustments | 50 | 50 | |||
Net change in foreign currency translation adjustments | (8) | (8) | |||
Dividends paid: | |||||
Common | (1,051) | (1,051) | |||
Preferred | (712) | (712) | |||
Issuance of preferred stock | 2,964 | 2,964 | |||
Common stock issued under employee plans and related tax effects, Shares | 3,947 | ||||
Common stock issued under employee plans and related tax effects | (45) | $ (45) | |||
Common stock repurchased, Shares | (48,652) | ||||
Common stock repurchased | (775) | $ (775) | |||
Ending Balance at Jun. 30, 2015 | $ 251,659 | $ 22,273 | $ 152,638 | $ 81,938 | $ (5,190) |
Ending Balance, Shares at Jun. 30, 2015 | 10,471,837 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities | ||
Net income | $ 8,677 | $ 2,015 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for credit losses | 1,545 | 1,420 |
Gains on sales of debt securities | (436) | (759) |
Depreciation and premises improvements amortization | 786 | 781 |
Amortization of intangibles | 425 | 474 |
Net amortization of premium/discount on debt securities | 475 | 1,278 |
Deferred income taxes | 1,673 | 320 |
Loans held-for-sale: | ||
Originations and purchases | (19,868) | (18,794) |
Proceeds from sales and paydowns of loans originally classified as held-for-sale | 22,114 | 19,351 |
Net change in: | ||
Trading and derivative instruments | (848) | 12,874 |
Other assets | (16,189) | (6,936) |
Accrued expenses and other liabilities | (10,203) | 15,374 |
Other operating activities, net | (794) | 103 |
Net cash provided by (used in) operating activities | (12,643) | 27,501 |
Net change in: | ||
Time deposits placed and other short-term investments | (486) | 2,894 |
Federal funds sold and securities borrowed or purchased under agreements to resell | (8,080) | (39,121) |
Debt securities carried at fair value: | ||
Proceeds from sales | 40,872 | 43,062 |
Proceeds from paydowns and maturities | 37,294 | 36,773 |
Purchases | (81,512) | (97,512) |
Held-to-maturity debt securities: | ||
Proceeds from paydowns and maturities | 6,927 | 3,016 |
Purchases | (7,579) | (8,207) |
Loans and leases: | ||
Proceeds from sales | 11,662 | 11,863 |
Purchases | (5,807) | (5,079) |
Other changes in loans and leases, net | (11,695) | 7,389 |
Net purchases of premises and equipment | (437) | (451) |
Proceeds from sales of foreclosed properties | 377 | 394 |
Proceeds from sales of investments | 332 | 1,429 |
Other investing activities, net | (297) | (259) |
Net cash used in investing activities | (18,429) | (43,809) |
Net change in: | ||
Deposits | 30,624 | 15,058 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 11,747 | 19,723 |
Short-term borrowings | 8,731 | (126) |
Long-term debt: | ||
Proceeds from issuance | 25,661 | 35,789 |
Retirement of long-term debt | (20,842) | (31,871) |
Proceeds from issuance of preferred stock | 2,964 | 1,494 |
Common stock repurchased | (775) | (1,675) |
Cash dividends paid | (1,763) | (704) |
Excess tax benefits on share-based payments | 16 | 34 |
Other financing activities, net | (21) | (26) |
Net cash provided by financing activities | 56,342 | 37,696 |
Effect of exchange rate changes on cash and cash equivalents | (345) | 189 |
Net increase in cash and cash equivalents | 24,925 | 21,577 |
Cash and cash equivalents at January 1 | 138,589 | 131,322 |
Cash and cash equivalents at June 30 | $ 163,514 | $ 152,899 |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Principles | NOTE 1 – Summary of Significant Accounting Principles Bank of America Corporation (together with its consolidated subsidiaries, the Corporation), a bank holding company and a financial holding company, provides a diverse range of financial services and products throughout the U.S. and in certain international markets. The term "the Corporation" as used herein may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation's subsidiaries or affiliates. Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries, and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it owns a voting interest and for which it has the ability to exercise significant influence over operating and financing decisions using the equity method of accounting. These investments are included in other assets. Equity method investments are subject to impairment testing and the Corporation's proportionate share of income or loss is included in equity investment income. The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures. Realized results could differ from those estimates and assumptions. The Corporation's Annual Report on Form 10-K for the year ended December 31, 2014 as supplemented by a Current Report on Form 8-K filed on April 29, 2015 to reflect reclassified business segment information is referred to herein as the 2014 Annual Report on Form 10-K. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K. The nature of the Corporation's business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission (SEC). Certain prior-period amounts have been reclassified to conform to current period presentation. In the Consolidated Statement of Cash Flows for the six months ended June 30, 2014 , the Corporation revised certain line item amounts (e.g., purchases and proceeds from sales of debt securities carried at fair value) in the investing activities section to appropriately reflect sweep activity. This had no impact on total cash flows from investing activities. New Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (FASB) issued new accounting guidance that amends the criteria for determining whether limited partnerships and similar entities are VIEs, clarifies when a general partner or asset manager should consolidate an entity and eliminates the indefinite deferral of certain aspects of VIE accounting guidance for investments in certain investment funds. Money market funds registered under Rule 2a-7 of the Investment Company Act and similar funds are exempt from consolidation under the new guidance. The new accounting guidance is effective beginning on January 1, 2016. Early adoption is permitted; however, the Corporation does not expect to adopt this new guidance early. The Corporation does not expect the new guidance to have a material impact on its consolidated financial position or results of operations. In June 2014, the FASB issued new guidance on accounting and disclosure of repurchase-to-maturity (RTM) transactions and repurchase financings (repos). Under this new accounting guidance, RTMs are accounted for as secured borrowings rather than sales of an asset, and transfers of financial assets with a contemporaneous repo are no longer evaluated to determine whether they should be accounted for on a combined basis as forward contracts. The new guidance also prescribes additional disclosures particularly on the nature of collateral pledged in repos accounted for as secured borrowings. The new guidance was effective beginning on January 1, 2015 and did not have a material impact on the Corporation's consolidated financial position or results of operations. For the additional disclosures under this guidance, see Note 2 – Derivatives and Note 9 – Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings . In May 2014, the FASB issued new accounting guidance to clarify the principles for recognizing revenue from contracts with customers. The new accounting guidance, which does not apply to financial instruments, is effective on a retrospective basis beginning on January 1, 2018. The Corporation is assessing the impact of this new guidance on its consolidated financial position and results of operations. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | NOTE 2 – Derivatives Derivative Balances Derivatives are entered into on behalf of customers, for trading, or to support risk management activities. Derivatives used in risk management activities include derivatives that may or may not be designated in qualifying hedge accounting relationships. Derivatives that are not designated in qualifying hedge accounting relationships are referred to as other risk management derivatives. For more information on the Corporation's derivatives and hedging activities, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at June 30, 2015 and December 31, 2014 . Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by the cash collateral received or paid. June 30, 2015 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional (1) Trading and Other Risk Management Derivatives Qualifying Hedges Total Trading and Other Risk Management Derivatives Qualifying Hedges Total Interest rate contracts Swaps $ 22,487.0 $ 462.5 $ 7.2 $ 469.7 $ 462.1 $ 1.4 $ 463.5 Futures and forwards 8,595.9 1.7 — 1.7 1.7 — 1.7 Written options 1,648.3 — — — 63.2 — 63.2 Purchased options 1,626.4 63.9 — 63.9 — — — Foreign exchange contracts Swaps 2,195.2 46.1 0.8 46.9 48.4 2.4 50.8 Spot, futures and forwards 4,538.0 47.8 0.5 48.3 50.9 0.5 51.4 Written options 621.5 — — — 12.7 — 12.7 Purchased options 583.7 12.1 — 12.1 — — — Equity contracts Swaps 192.6 3.3 — 3.3 3.9 — 3.9 Futures and forwards 78.2 1.8 — 1.8 2.2 — 2.2 Written options 405.3 — — — 26.8 — 26.8 Purchased options 367.7 28.7 — 28.7 — — — Commodity contracts Swaps 59.3 3.6 — 3.6 6.5 — 6.5 Futures and forwards 378.5 3.8 — 3.8 1.3 — 1.3 Written options 119.6 — — — 6.4 — 6.4 Purchased options 135.1 6.6 — 6.6 — — — Credit derivatives Purchased credit derivatives: Credit default swaps 1,007.6 10.8 — 10.8 19.3 — 19.3 Total return swaps/other 60.3 0.2 — 0.2 1.2 — 1.2 Written credit derivatives: Credit default swaps 991.8 19.5 — 19.5 9.5 — 9.5 Total return swaps/other 63.9 1.0 — 1.0 0.8 — 0.8 Gross derivative assets/liabilities $ 713.4 $ 8.5 $ 721.9 $ 716.9 $ 4.3 $ 721.2 Less: Legally enforceable master netting agreements (631.2 ) (631.2 ) Less: Cash collateral received/paid (39.7 ) (46.4 ) Total derivative assets/liabilities $ 51.0 $ 43.6 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. December 31, 2014 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional (1) Trading and Other Risk Management Derivatives Qualifying Hedges Total Trading and Other Risk Management Derivatives Qualifying Hedges Total Interest rate contracts Swaps $ 29,445.4 $ 658.5 $ 8.5 $ 667.0 $ 658.2 $ 0.5 $ 658.7 Futures and forwards 10,159.4 1.7 — 1.7 2.0 — 2.0 Written options 1,725.2 — — — 85.4 — 85.4 Purchased options 1,739.8 85.6 — 85.6 — — — Foreign exchange contracts Swaps 2,159.1 51.5 0.8 52.3 54.6 1.9 56.5 Spot, futures and forwards 4,226.4 68.9 1.5 70.4 72.4 0.2 72.6 Written options 600.7 — — — 16.0 — 16.0 Purchased options 584.6 15.1 — 15.1 — — — Equity contracts Swaps 193.7 3.2 — 3.2 4.0 — 4.0 Futures and forwards 69.5 2.1 — 2.1 1.8 — 1.8 Written options 341.0 — — — 26.0 — 26.0 Purchased options 318.4 27.9 — 27.9 — — — Commodity contracts Swaps 74.3 5.8 — 5.8 8.5 — 8.5 Futures and forwards 376.5 4.5 — 4.5 1.8 — 1.8 Written options 129.5 — — — 11.5 — 11.5 Purchased options 141.3 10.7 — 10.7 — — — Credit derivatives Purchased credit derivatives: Credit default swaps 1,094.8 13.3 — 13.3 23.4 — 23.4 Total return swaps/other 44.3 0.2 — 0.2 1.4 — 1.4 Written credit derivatives: Credit default swaps 1,073.1 24.5 — 24.5 11.9 — 11.9 Total return swaps/other 61.0 0.5 — 0.5 0.3 — 0.3 Gross derivative assets/liabilities $ 974.0 $ 10.8 $ 984.8 $ 979.2 $ 2.6 $ 981.8 Less: Legally enforceable master netting agreements (884.8 ) (884.8 ) Less: Cash collateral received/paid (47.3 ) (50.1 ) Total derivative assets/liabilities $ 52.7 $ 46.9 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. Offsetting of Derivatives The Corporation enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting agreements or similar agreements with substantially all of the Corporation's derivative counterparties. Where legally enforceable, these master netting agreements give the Corporation, in the event of default by the counterparty, the right to liquidate securities held as collateral and to offset receivables and payables with the same counterparty. For purposes of the Consolidated Balance Sheet, the Corporation offsets derivative assets and liabilities and cash collateral held with the same counterparty where it has such a legally enforceable master netting agreement. The Offsetting of Derivatives table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at June 30, 2015 and December 31, 2014 by primary risk (e.g., interest rate risk) and the platform, where applicable, on which these derivatives are transacted. Exchange-traded derivatives include listed options transacted on an exchange. Over-the-counter (OTC) derivatives include bilateral transactions between the Corporation and a particular counterparty. OTC-cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements which includes reducing the balance for counterparty netting and cash collateral received or paid. Other gross derivative assets and liabilities in the table represent derivatives entered into under master netting agreements where uncertainty exists as to the enforceability of these agreements under bankruptcy laws in some countries or industries and, accordingly, receivables and payables with counterparties in these countries or industries are reported on a gross basis. Also included in the table is financial instruments collateral related to legally enforceable master netting agreements that represents securities collateral received or pledged and customer cash collateral held at third-party custodians. These amounts are not offset on the Consolidated Balance Sheet but are shown as a reduction to total derivative assets and liabilities in the table to derive net derivative assets and liabilities. For more information on offsetting of securities financing agreements, see Note 9 – Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings . Offsetting of Derivatives June 30, 2015 December 31, 2014 (Dollars in billions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter $ 316.5 $ 303.2 $ 386.6 $ 373.2 Exchange-traded 0.1 0.1 0.1 0.1 Over-the-counter cleared 216.6 221.4 365.7 368.7 Foreign exchange contracts Over-the-counter 103.3 110.2 133.0 139.9 Over-the-counter cleared 0.1 0.1 — — Equity contracts Over-the-counter 19.4 16.8 19.5 16.7 Exchange-traded 9.6 9.1 8.6 7.8 Commodity contracts Over-the-counter 6.4 8.8 10.2 11.9 Exchange-traded 4.0 3.9 7.4 7.7 Over-the-counter cleared 0.1 0.1 0.1 0.6 Credit derivatives Over-the-counter 24.3 24.1 30.8 30.2 Over-the-counter cleared 6.5 6.4 7.0 6.8 Total gross derivative assets/liabilities, before netting Over-the-counter 469.9 463.1 580.1 571.9 Exchange-traded 13.7 13.1 16.1 15.6 Over-the-counter cleared 223.3 228.0 372.8 376.1 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (437.0 ) (438.5 ) (545.7 ) (545.5 ) Exchange-traded (11.2 ) (11.2 ) (13.9 ) (13.9 ) Over-the-counter cleared (222.7 ) (227.9 ) (372.5 ) (375.5 ) Derivative assets/liabilities, after netting 36.0 26.6 36.9 28.7 Other gross derivative assets/liabilities 15.0 17.0 15.8 18.2 Total derivative assets/liabilities 51.0 43.6 52.7 46.9 Less: Financial instruments collateral (1) (12.3 ) (6.3 ) (13.3 ) (8.9 ) Total net derivative assets/liabilities $ 38.7 $ 37.3 $ 39.4 $ 38.0 (1) These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. ALM and Risk Management Derivatives The Corporation's asset and liability management (ALM) and risk management activities include the use of derivatives to mitigate risk to the Corporation including derivatives designated in qualifying hedge accounting relationships and derivatives used in other risk management activities. Interest rate, foreign exchange, equity, commodity and credit contracts are utilized in the Corporation's ALM and risk management activities. The Corporation maintains an overall interest rate risk management strategy that incorporates the use of interest rate contracts, which are generally non-leveraged generic interest rate and basis swaps, options, futures and forwards, to minimize significant fluctuations in earnings caused by interest rate volatility. The Corporation's goal is to manage interest rate sensitivity and volatility so that movements in interest rates do not significantly adversely affect earnings or capital. As a result of interest rate fluctuations, hedged fixed-rate assets and liabilities appreciate or depreciate in fair value. Gains or losses on the derivative instruments that are linked to the hedged fixed-rate assets and liabilities are expected to substantially offset this unrealized appreciation or depreciation. Market risk, including interest rate risk, can be substantial in the mortgage business. Market risk is the risk that values of mortgage assets or revenues will be adversely affected by changes in market conditions such as interest rate movements. To mitigate the interest rate risk in mortgage banking production income, the Corporation utilizes forward loan sale commitments and other derivative instruments, including purchased options, and certain debt securities. The Corporation also utilizes derivatives such as interest rate options, interest rate swaps, forward settlement contracts and eurodollar futures to hedge certain market risks of mortgage servicing rights (MSR). For more information on MSRs, see Note 17 – Mortgage Servicing Rights . The Corporation uses foreign exchange contracts to manage the foreign exchange risk associated with certain foreign currency-denominated assets and liabilities, as well as the Corporation's investments in non-U.S. subsidiaries. Foreign exchange contracts, which include spot and forward contracts, represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date. Exposure to loss on these contracts will increase or decrease over their respective lives as currency exchange and interest rates fluctuate. The Corporation enters into derivative commodity contracts such as futures, swaps, options and forwards as well as non-derivative commodity contracts to provide price risk management services to customers or to manage price risk associated with its physical and financial commodity positions. The non-derivative commodity contracts and physical inventories of commodities expose the Corporation to earnings volatility. Fair value accounting hedges provide a method to mitigate a portion of this earnings volatility. The Corporation purchases credit derivatives to manage credit risk related to certain funded and unfunded credit exposures. Credit derivatives include credit default swaps (CDS), total return swaps and swaptions. These derivatives are recorded on the Consolidated Balance Sheet at fair value with changes in fair value recorded in other income. Derivatives Designated as Accounting Hedges The Corporation uses various types of interest rate, commodity and foreign exchange derivative contracts to protect against changes in the fair value of its assets and liabilities due to fluctuations in interest rates, commodity prices and exchange rates (fair value hedges). The Corporation also uses these types of contracts and equity derivatives to protect against changes in the cash flows of its assets and liabilities, and other forecasted transactions (cash flow hedges). The Corporation hedges its net investment in consolidated non-U.S. operations determined to have functional currencies other than the U.S. Dollar using forward exchange contracts and cross-currency basis swaps, and by issuing foreign currency-denominated debt (net investment hedges). Fair Value Hedges The table below summarizes information related to fair value hedges for the three and six months ended June 30, 2015 and 2014 , including hedges of interest rate risk on long-term debt that were acquired as part of a business combination and redesignated at that time. At redesignation, the fair value of the derivatives was positive. As the derivatives mature, the fair value will approach zero. As a result, ineffectiveness will occur and the fair value changes in the derivatives and the long-term debt being hedged may be directionally the same in certain scenarios. Based on a regression analysis, the derivatives continue to be highly effective at offsetting changes in the fair value of the long-term debt attributable to interest rate risk. Derivatives Designated as Fair Value Hedges Gains (Losses) Three Months Ended June 30 Six Months Ended June 30 2015 2015 (Dollars in millions) Derivative Hedged Item Hedge Ineffectiveness Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (2,293 ) $ 2,041 $ (252 ) $ (1,197 ) $ 749 $ (448 ) Interest rate and foreign currency risk on long-term debt (1) 388 (402 ) (14 ) (1,256 ) 1,186 (70 ) Interest rate risk on available-for-sale securities (2) 2 (3 ) (1 ) 45 (48 ) (3 ) Price risk on commodity inventory (3) 2 (2 ) — 13 (9 ) 4 Total $ (1,901 ) $ 1,634 $ (267 ) $ (2,395 ) $ 1,878 $ (517 ) 2014 2014 Interest rate risk on long-term debt (1) $ 735 $ (944 ) $ (209 ) $ 1,101 $ (1,504 ) $ (403 ) Interest rate and foreign currency risk on long-term debt (1) 145 (171 ) (26 ) 263 (315 ) (52 ) Interest rate risk on available-for-sale securities (2) (23 ) 19 (4 ) (21 ) 16 (5 ) Price risk on commodity inventory (3) — (2 ) (2 ) 2 3 5 Total $ 857 $ (1,098 ) $ (241 ) $ 1,345 $ (1,800 ) $ (455 ) (1) Amounts are recorded in interest expense on long-term debt and in other income. (2) Amounts are recorded in interest income on debt securities. (3) Amounts relating to commodity inventory are recorded in trading account profits. Cash Flow and Net Investment Hedges The table below summarizes certain information related to cash flow hedges and net investment hedges for the three and six months ended June 30, 2015 and 2014 . Of the $1.4 billion net loss (after-tax) on derivatives in accumulated other comprehensive income (OCI) at June 30, 2015 , $698 million ( $436 million after-tax) is expected to be reclassified into earnings in the next 12 months. These net losses reclassified into earnings are expected to primarily reduce net interest income related to the respective hedged items. Amounts related to price risk on restricted stock awards reclassified from accumulated OCI are recorded in personnel expense. Derivatives Designated as Cash Flow and Net Investment Hedges Three Months Ended June 30 Six Months Ended June 30 2015 2015 (Dollars in millions, amounts pretax) Gains (Losses) Recognized in Accumulated OCI on Derivatives Gains (Losses) in Income Reclassified from Accumulated OCI Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing (1) Gains (Losses) Recognized in Accumulated OCI on Derivatives Gains (Losses) in Income Reclassified from Accumulated OCI Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing (1) Cash flow hedges Interest rate risk on variable-rate portfolios $ (19 ) $ (259 ) $ — $ 5 $ (514 ) $ (1 ) Price risk on restricted stock awards (2) 181 28 — (29 ) 27 — Total $ 162 $ (231 ) $ — $ (24 ) $ (487 ) $ (1 ) Net investment hedges Foreign exchange risk $ (992 ) $ 84 $ 11 $ 990 $ 84 $ (87 ) 2014 2014 Cash flow hedges Interest rate risk on variable-rate portfolios $ 28 $ (279 ) $ — $ 45 $ (560 ) $ — Price risk on restricted stock awards (2) (220 ) 75 — (64 ) 225 — Total $ (192 ) $ (204 ) $ — $ (19 ) $ (335 ) $ — Net investment hedges Foreign exchange risk $ (797 ) $ — $ (118 ) $ (978 ) $ (2 ) $ (176 ) (1) Amounts related to derivatives designated as cash flow hedges represent hedge ineffectiveness and amounts related to net investment hedges represent amounts excluded from effectiveness testing. (2) The hedge gain (loss) recognized in accumulated OCI is primarily related to the change in the Corporation's stock price for the period. Other Risk Management Derivatives Other risk management derivatives are used by the Corporation to reduce certain risk exposures. These derivatives are not qualifying accounting hedges because either they did not qualify for or were not designated as accounting hedges. The table below presents gains (losses) on these derivatives for the three and six months ended June 30, 2015 and 2014 . These gains (losses) are largely offset by the income or expense that is recorded on the hedged item. Other Risk Management Derivatives Gains (Losses) Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Interest rate risk on mortgage banking income (1) $ (390 ) $ 196 $ (94 ) $ 376 Credit risk on loans (2) (31 ) (27 ) (58 ) (33 ) Interest rate and foreign currency risk on ALM activities (3) 585 (713 ) 266 (1,311 ) Price risk on restricted stock awards (4) 226 (338 ) (244 ) 26 Other (20 ) (1 ) (7 ) (4 ) (1) Net gains (losses) on these derivatives are recorded in mortgage banking income as they are used to mitigate the interest rate risk related to MSRs, interest rate lock commitments and mortgage loans held-for-sale, all of which are measured at fair value with changes in fair value recorded in mortgage banking income. The net gains on interest rate lock commitments related to the origination of mortgage loans that are held-for-sale, which are not included in the table but are considered derivative instruments, were $167 million and $427 million for the three and six months ended June 30, 2015 compared to $225 million and $398 million for the same periods in 2014 . (2) Primarily related to derivatives that are economic hedges of credit risk on loans. Net gains (losses) on these derivatives are recorded in other income. (3) Primarily related to hedges of debt securities carried at fair value and hedges of foreign currency-denominated debt. Gains (losses) on these derivatives and the related hedged items are recorded in other income. (4) Gains (losses) on these derivatives are recorded in personnel expense. Transfers of Financial Assets with Risk Retained through Derivatives The Corporation enters into certain transactions involving the transfer of financial assets that are accounted for as sales where substantially all of the economic exposure to the transferred financial assets is retained by the Corporation through a derivative agreement with the initial transferee. These transactions are accounted for as sales because the Corporation does not retain control over the assets transferred. Through June 30, 2015 , the Corporation transferred $8.9 billion of non-U.S. government-guaranteed mortgage-backed securities (MBS) and non-U.S. government securities primarily to a trust created by a third party. The Corporation received gross cash proceeds of $8.9 billion at the transfer dates. The Corporation simultaneously entered into derivatives with those counterparties whereby the Corporation retained certain economic exposures to those securities (e.g., interest rate and/or credit risk). Generally, the maturity of the derivatives is the same as the maturity of assets initially transferred. A derivative asset of $110 million and a liability of $15 million were recorded at June 30, 2015 and are included in credit derivatives in the derivative instruments table on page 142 . At June 30, 2015 , the fair value of the securities previously transferred was $9.1 billion . The economic exposure retained by the Corporation, which is primarily interest rate risk and prepayment risk, is typically hedged with interest rate swaps and interest rate swaptions and, to a lesser extent, total return swaps. Sales and Trading Revenue The Corporation enters into trading derivatives to facilitate client transactions and to manage risk exposures arising from trading account assets and liabilities. It is the Corporation's policy to include these derivative instruments in its trading activities which include derivatives and non-derivative cash instruments. The resulting risk from these derivatives is managed on a portfolio basis as part of the Corporation's Global Markets business segment. The related sales and trading revenue generated within Global Markets is recorded in various income statement line items including trading account profits and net interest income as well as other revenue categories. Sales and trading revenue includes changes in the fair value and realized gains and losses on the sales of trading and other assets, net interest income, and fees primarily from commissions on equity securities. Revenue is generated by the difference in the client price for an instrument and the price at which the trading desk can execute the trade in the dealer market. For equity securities, commissions related to purchases and sales are recorded in the "Other" column in the Sales and Trading Revenue table. Changes in the fair value of these securities are included in trading account profits. For debt securities, revenue, with the exception of interest associated with the debt securities, is typically included in trading account profits. Unlike commissions for equity securities, the initial revenue related to broker-dealer services for debt securities is typically included in the pricing of the instrument rather than being charged through separate fee arrangements. Therefore, this revenue is recorded in trading account profits as part of the initial mark to fair value. For derivatives, the majority of revenue is included in trading account profits. In transactions where the Corporation acts as agent, which include exchange-traded futures and options, fees are recorded in other income. The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation's sales and trading revenue in Global Markets , categorized by primary risk, for the three and six months ended June 30, 2015 and 2014 . The difference between total trading account profits in the table below and in the Consolidated Statement of Income represents trading activities in business segments other than Global Markets . This table includes debit valuation and funding valuation adjustment (DVA/FVA) gains (losses). Global Markets results in Note 18 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis. Sales and Trading Revenue Three Months Ended June 30 Six Months Ended June 30 2015 2015 (Dollars in millions) Trading Account Profits Net Interest Income Other (1) Total Trading Net Interest Income Other (1) Total Interest rate risk $ 333 $ 333 $ 129 $ 795 $ 845 $ 639 $ 216 $ 1,700 Foreign exchange risk 295 (1 ) (31 ) 263 741 (3 ) (62 ) 676 Equity risk 667 (37 ) 565 1,195 1,237 (24 ) 1,142 2,355 Credit risk 297 603 125 1,025 741 1,190 292 2,223 Other risk 101 (18 ) 18 101 256 (39 ) 75 292 Total sales and trading revenue $ 1,693 $ 880 $ 806 $ 3,379 $ 3,820 $ 1,763 $ 1,663 $ 7,246 2014 2014 Interest rate risk $ 438 $ 302 $ 81 $ 821 $ 807 $ 581 $ 219 $ 1,607 Foreign exchange risk 228 2 (31 ) 199 465 4 (61 ) 408 Equity risk 550 (69 ) 566 1,047 1,151 (83 ) 1,170 2,238 Credit risk 509 679 207 1,395 1,536 1,378 362 3,276 Other risk 43 (94 ) 14 (37 ) 176 (184 ) 84 76 Total sales and trading revenue $ 1,768 $ 820 $ 837 $ 3,425 $ 4,135 $ 1,696 $ 1,774 $ 7,605 (1) Represents amounts in investment and brokerage services and other income that are recorded in Global Markets and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of $544 million and $1.1 billion for the three and six months ended June 30, 2015 and $540 million and $1.1 billion for the same periods in 2014 . Credit Derivatives The Corporation enters into credit derivatives primarily to facilitate client transactions and to manage credit risk exposures. Credit derivatives derive value based on an underlying third-party referenced obligation or a portfolio of referenced obligations and generally require the Corporation, as the seller of credit protection, to make payments to a buyer upon the occurrence of a pre-defined credit event. Such credit events generally include bankruptcy of the referenced credit entity and failure to pay under the obligation, as well as acceleration of indebtedness and payment repudiation or moratorium. For credit derivatives based on a portfolio of referenced credits or credit indices, the Corporation may not be required to make payment until a specified amount of loss has occurred and/or may only be required to make payment up to a specified amount. Credit derivative instruments where the Corporation is the seller of credit protection and their expiration are summarized in the table below. These instruments are classified as investment and non-investment grade based on the credit quality of the underlying referenced obligation. The Corporation considers ratings of BBB- or higher as investment grade. Non-investment grade includes non-rated credit derivative instruments. The Corporation discloses internal categorizations of investment grade and non-investment grade consistent with how risk is managed for these instruments. Credit Derivative Instruments June 30, 2015 Carrying Value (Dollars in millions) Less than One Year One to Three Years Three to Five Years Over Five Years Total Credit default swaps: Investment grade $ 38 $ 239 $ 876 $ 876 $ 2,029 Non-investment grade 301 1,775 1,558 3,853 7,487 Total 339 2,014 2,434 4,729 9,516 Total return swaps/other: Investment grade 53 — — — 53 Non-investment grade 315 249 8 170 742 Total 368 249 8 170 795 Total credit derivatives $ 707 $ 2,263 $ 2,442 $ 4,899 $ 10,311 Credit-related notes: Investment grade $ 28 $ 71 $ 427 $ 2,985 $ 3,511 Non-investment grade 72 172 84 1,125 1,453 Total credit-related notes $ 100 $ 243 $ 511 $ 4,110 $ 4,964 Maximum Payout/Notional Credit default swaps: Investment grade $ 124,622 $ 325,859 $ 204,971 $ 30,565 $ 686,017 Non-investment grade 53,198 172,583 59,595 20,416 305,792 Total 177,820 498,442 264,566 50,981 991,809 Total return swaps/other: Investment grade 33,482 — — — 33,482 Non-investment grade 20,293 9,238 650 229 30,410 Total 53,775 9,238 650 229 63,892 Total credit derivatives $ 231,595 $ 507,680 $ 265,216 $ 51,210 $ 1,055,701 December 31, 2014 Carrying Value Credit default swaps: Investment grade $ 100 $ 714 $ 1,455 $ 939 $ 3,208 Non-investment grade 916 2,107 1,338 4,301 8,662 Total 1,016 2,821 2,793 5,240 11,870 Total return swaps/other: Investment grade 24 — — — 24 Non-investment grade 64 247 2 — 313 Total 88 247 2 — 337 Total credit derivatives $ 1,104 $ 3,068 $ 2,795 $ 5,240 $ 12,207 Credit-related notes: Investment grade $ 2 $ 365 $ 568 $ 2,634 $ 3,569 Non-investment grade 5 141 85 1,443 1,674 Total credit-related notes $ 7 $ 506 $ 653 $ 4,077 $ 5,243 Maximum Payout/Notional Credit default swaps: Investment grade $ 132,974 $ 342,914 $ 242,728 $ 28,982 $ 747,598 Non-investment grade 54,326 170,580 80,011 20,586 325,503 Total 187,300 513,494 322,739 49,568 1,073,101 Total return swaps/other: Investment grade 22,645 — — — 22,645 Non-investment grade 23,839 10,792 3,268 487 38,386 Total 46,484 10,792 3,268 487 61,031 Total credit derivatives $ 233,784 $ 524,286 $ 326,007 $ 50,055 $ 1,134,132 The notional amount represents the maximum amount payable by the Corporation for most credit derivatives. However, the Corporation does not monitor its exposure to credit derivatives based solely on the notional amount because this measure does not take into consideration the probability of occurrence. As such, the notional amount is not a reliable indicator of the Corporation's exposure to these contracts. Instead, a risk framework is used to define risk tolerances and establish limits to help ensure that certain credit risk-related losses occur within acceptable, predefined limits. The Corporation manages its market risk exposure to credit derivatives by entering into a variety of offsetting derivative contracts and security positions. For example, in certain instances, the Corporation may purchase credit protection with identical underlying referenced names to offset its exposure. The carrying value and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names and terms were $5.1 billion and $814.1 billion at June 30, 2015 , and $5.7 billion and $880.6 billion at December 31, 2014 . Credit-related notes in the table on page 150 include investments in securities issued by collateralized debt obligation (CDO), collateralized loan obligation (CLO) and credit-linked note vehicles. These instruments are primarily classified as trading securities. The carrying value of these instruments equals the Corporation's maximum exposure to loss. The Corporation is not obligated to make any payments to the entities under the terms of the securities owned. Credit-related Contingent Features and Collateral The Corporation executes the majority of its derivative contracts in the OTC market with large, international financial institutions, including broker-dealers and, to a lesser degree, with a variety of non-financial companies. Substantially all of the derivative transactions are executed on a daily margin basis. Therefore, events such as a credit rating downgrade (depending on the ultimate rating level) or a breach of credit covenants would typically require an increase in the amount of collateral required of the counterparty, where applicable, and/or allow the Corporation to take additional protective measures such as early termination of all trades. Further, as previously discussed on page 142 , the Corporation enters into legally enforceable master netting agreements which reduce risk by permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. A majority of the Corporation's derivative contracts contain credit risk-related contingent features, primarily in the form of ISDA master netting agreements and credit support documentation that enhance the creditworthiness of these instruments compared to other obligations of the respective counterparty with whom the Corporation has transacted. These contingent features may be for the benefit of the Corporation as well as its counterparties with respect to changes in the Corporation's creditworthiness and the mark-to-market exposure under the derivative transactions. At June 30, 2015 and December 31, 2014 , the Corporation held cash and securities collateral of $73.5 billion and $82.0 billion , and posted cash and securities collateral of $62.5 billion and $67.7 billion in the normal course of business under derivative agreements. In connection with certain OTC derivative contracts and other trading agreements, the Corporation can be required to provide additional collateral or to terminate transactions with certain counterparties in the event of a downgrade of the senior debt ratings of the Corporation or certain subsidiaries. The amount of additional collateral required depends on the contract and is usually a fixed incremental amount and/or the market value of the exposure. At June 30, 2015 , the amount of collateral, calculated based on the te |
Securities
Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | NOTE 3 – Securities The table below presents the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale (AFS) debt securities, other debt securities carried at fair value, held-to-maturity (HTM) debt securities and AFS marketable equity securities at June 30, 2015 and December 31, 2014 . Debt Securities and Available-for-Sale Marketable Equity Securities June 30, 2015 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale debt securities U.S. Treasury and agency securities $ 57,699 $ 661 $ (16 ) $ 58,344 Mortgage-backed securities: Agency 189,228 931 (1,899 ) 188,260 Agency-collateralized mortgage obligations 12,749 224 (42 ) 12,931 Non-agency residential (1) 3,649 299 (62 ) 3,886 Commercial 5,087 54 (31 ) 5,110 Non-U.S. securities 6,124 25 (4 ) 6,145 Corporate/Agency bonds 252 6 (1 ) 257 Other taxable securities, substantially all asset-backed securities 10,389 35 (21 ) 10,403 Total taxable securities 285,177 2,235 (2,076 ) 285,336 Tax-exempt securities 10,811 15 (25 ) 10,801 Total available-for-sale debt securities 295,988 2,250 (2,101 ) 296,137 Other debt securities carried at fair value 36,452 164 (446 ) 36,170 Total debt securities carried at fair value 332,440 2,414 (2,547 ) 332,307 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 60,072 160 (1,069 ) 59,163 Total debt securities $ 392,512 $ 2,574 $ (3,616 ) $ 391,470 Available-for-sale marketable equity securities (2) $ 336 $ 104 $ — $ 440 December 31, 2014 Available-for-sale debt securities U.S. Treasury and agency securities $ 69,267 $ 360 $ (32 ) $ 69,595 Mortgage-backed securities: Agency 163,592 2,040 (593 ) 165,039 Agency-collateralized mortgage obligations 14,175 152 (79 ) 14,248 Non-agency residential (1) 4,244 287 (77 ) 4,454 Commercial 3,931 69 — 4,000 Non-U.S. securities 6,208 33 (11 ) 6,230 Corporate/Agency bonds 361 9 (2 ) 368 Other taxable securities, substantially all asset-backed securities 10,774 39 (22 ) 10,791 Total taxable securities 272,552 2,989 (816 ) 274,725 Tax-exempt securities 9,556 12 (19 ) 9,549 Total available-for-sale debt securities 282,108 3,001 (835 ) 284,274 Other debt securities carried at fair value 36,524 261 (364 ) 36,421 Total debt securities carried at fair value 318,632 3,262 (1,199 ) 320,695 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 59,766 486 (611 ) 59,641 Total debt securities $ 378,398 $ 3,748 $ (1,810 ) $ 380,336 Available-for-sale marketable equity securities (2) $ 336 $ 27 $ — $ 363 (1) At June 30, 2015 and December 31, 2014 , the underlying collateral type included approximately 74 percent and 76 percent prime, 14 percent and 14 percent Alt-A, and 12 percent and 10 percent subprime. (2) Classified in other assets on the Consolidated Balance Sheet. At June 30, 2015 , the accumulated net unrealized gain on AFS debt securities included in accumulated OCI was $94 million , net of the related income tax expense of $55 million . At June 30, 2015 and December 31, 2014 , the Corporation had nonperforming AFS debt securities of $182 million and $161 million . The table below presents the components of other debt securities carried at fair value where the changes in fair value are reported in other income. In the three and six months ended June 30, 2015 , the Corporation recorded unrealized mark-to-market net losses of $359 million and $170 million , and realized net losses of $17 million and $13 million , compared to unrealized net gains of $416 million and $860 million , and realized net gains of $100 million and $83 million for the same periods in 2014 . These amounts exclude hedge results. Other Debt Securities Carried at Fair Value (Dollars in millions) June 30 December 31 U.S. Treasury and agency securities $ — $ 1,541 Mortgage-backed securities: Agency 14,885 15,704 Agency-collateralized mortgage obligations 9 — Non-agency residential 3,787 3,745 Non-U.S. securities (1) 17,198 15,132 Other taxable securities, substantially all asset-backed securities 291 299 Total $ 36,170 $ 36,421 (1) These securities are primarily used to satisfy certain international regulatory liquidity requirements. The gross realized gains and losses on sales of AFS debt securities for the three and six months ended June 30, 2015 and 2014 are presented in the table below. Gains and Losses on Sales of AFS Debt Securities Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Gross gains $ 170 $ 383 $ 445 $ 761 Gross losses (2 ) (1 ) (9 ) (2 ) Net gains on sales of AFS debt securities $ 168 $ 382 $ 436 $ 759 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 64 $ 145 $ 166 $ 288 The table below presents the amortized cost and fair value of the Corporation's debt securities carried at fair value and HTM debt securities from Fannie Mae (FNMA), the Government National Mortgage Association (GNMA), U.S. Treasury and Freddie Mac (FHLMC), where the investment exceeded 10 percent of consolidated shareholders' equity at June 30, 2015 and December 31, 2014 . Selected Securities Exceeding 10 Percent of Shareholders' Equity June 30, 2015 December 31, 2014 (Dollars in millions) Amortized Cost Fair Value Amortized Cost Fair Value Fannie Mae $ 145,370 $ 144,395 $ 130,725 $ 131,418 Government National Mortgage Association 90,844 90,049 98,278 98,633 U.S. Treasury 55,590 56,174 68,481 68,801 Freddie Mac 46,282 46,059 28,288 28,556 The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer as of June 30, 2015 and December 31, 2014 . Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities June 30, 2015 Less than Twelve Months Twelve Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Temporarily impaired AFS debt securities U.S. Treasury and agency securities $ 1,561 $ (12 ) $ 259 $ (4 ) $ 1,820 $ (16 ) Mortgage-backed securities: Agency 106,914 (1,362 ) 16,042 (537 ) 122,956 (1,899 ) Agency-collateralized mortgage obligations 1,648 (12 ) 1,339 (30 ) 2,987 (42 ) Non-agency residential 385 (3 ) 724 (43 ) 1,109 (46 ) Commercial 1,716 (31 ) — — 1,716 (31 ) Non-U.S. securities 125 (1 ) 45 (3 ) 170 (4 ) Corporate/Agency bonds 79 (1 ) — — 79 (1 ) Other taxable securities, substantially all asset-backed securities 787 (3 ) 1,208 (18 ) 1,995 (21 ) Total taxable securities 113,215 (1,425 ) 19,617 (635 ) 132,832 (2,060 ) Tax-exempt securities 2,092 (2 ) 1,496 (23 ) 3,588 (25 ) Total temporarily impaired AFS debt securities 115,307 (1,427 ) 21,113 (658 ) 136,420 (2,085 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 407 (9 ) 87 (7 ) 494 (16 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 115,714 $ (1,436 ) $ 21,200 $ (665 ) $ 136,914 $ (2,101 ) December 31, 2014 Temporarily impaired AFS debt securities U.S. Treasury and agency securities $ 10,121 $ (22 ) $ 667 $ (10 ) $ 10,788 $ (32 ) Mortgage-backed securities: Agency 1,366 (8 ) 43,118 (585 ) 44,484 (593 ) Agency-collateralized mortgage obligations 2,242 (19 ) 3,075 (60 ) 5,317 (79 ) Non-agency residential 307 (3 ) 809 (41 ) 1,116 (44 ) Non-U.S. securities 157 (9 ) 32 (2 ) 189 (11 ) Corporate/Agency bonds 43 (1 ) 93 (1 ) 136 (2 ) Other taxable securities, substantially all asset-backed securities 575 (3 ) 1,080 (19 ) 1,655 (22 ) Total taxable securities 14,811 (65 ) 48,874 (718 ) 63,685 (783 ) Tax-exempt securities 980 (1 ) 680 (18 ) 1,660 (19 ) Total temporarily impaired AFS debt securities 15,791 (66 ) 49,554 (736 ) 65,345 (802 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 555 (33 ) — — 555 (33 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 16,346 $ (99 ) $ 49,554 $ (736 ) $ 65,900 $ (835 ) (1) Includes other-than-temporarily impaired AFS debt securities on which an OTTI loss, primarily related to changes in interest rates, remains in accumulated OCI. The Corporation recorded other-than-temporary impairment (OTTI) losses on AFS debt securities for the three and six months ended June 30, 2015 and 2014 as presented in the Net Credit-related Impairment Losses Recognized in Earnings table. Substantially all OTTI losses in the three and six months ended June 30, 2015 and 2014 consisted of credit losses on non-agency residential mortgage-backed securities (RMBS) and were recorded in other income in the Consolidated Statement of Income. The credit losses on the RMBS during the six months ended June 30, 2015 were driven by decreases in the estimated RMBS cash flows primarily due to a model change resulting in the refinement of the expected cash flows. A debt security is impaired when its fair value is less than its amortized cost. If the Corporation intends or will more-likely-than-not be required to sell a debt security prior to recovery, the entire impairment loss is recorded in the Consolidated Statement of Income. For AFS debt securities the Corporation does not intend or will not more-likely-than-not be required to sell, an analysis is performed to determine if any of the impairment is due to credit or whether it is due to other factors (e.g., interest rate). Credit losses are considered unrecoverable and are recorded in the Consolidated Statement of Income with the remaining unrealized losses recorded in OCI. In certain instances, the credit loss on a debt security may exceed the total impairment, in which case, the excess of the credit loss over the total impairment is recorded as an unrealized gain in OCI. Net Credit-related Impairment Losses Recognized in Earnings Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Total OTTI losses $ (11 ) $ (12 ) $ (82 ) $ (13 ) Less: non-credit portion of total OTTI losses recognized in OCI 6 2 7 2 Net credit-related impairment losses recognized in earnings $ (5 ) $ (10 ) $ (75 ) $ (11 ) The table below presents a rollforward of the credit losses recognized in earnings for the three and six months ended June 30, 2015 and 2014 on AFS debt securities that the Corporation does not have the intent to sell or will not more-likely-than-not be required to sell. Rollforward of OTTI Credit Losses Recognized Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Balance, beginning of period $ 256 $ 185 $ 201 $ 184 Additions for credit losses recognized on AFS debt securities that had no previous impairment losses 2 10 49 10 Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses 3 — 26 1 Reductions for AFS debt securities matured, sold or intended to be sold — — (15 ) — Balance, June 30 $ 261 $ 195 $ 261 $ 195 The Corporation estimates the portion of a loss on a security that is attributable to credit using a discounted cash flow model and estimates the expected cash flows of the underlying collateral using internal credit, interest rate and prepayment risk models that incorporate management's best estimate of current key assumptions such as default rates, loss severity and prepayment rates. Assumptions used for the underlying loans that support the MBS can vary widely from loan to loan and are influenced by such factors as loan interest rate, geographic location of the borrower, borrower characteristics and collateral type. Based on these assumptions, the Corporation then determines how the underlying collateral cash flows will be distributed to each MBS issued from the applicable special purpose entity. Expected principal and interest cash flows on an impaired AFS debt security are discounted using the effective yield of each individual impaired AFS debt security. Significant assumptions used in estimating the expected cash flows for measuring credit losses on non-agency RMBS were as follows at June 30, 2015 . Significant Assumptions Range (1) Weighted- average 10th Percentile (2) 90th Percentile (2) Annual prepayment speed 12.0 % 3.7 % 24.2 % Loss severity 38.9 13.2 48.0 Life default rate 34.6 1.3 97.5 (1) Represents the range of inputs/assumptions based upon the underlying collateral. (2) The value of a variable below which the indicated percentile of observations will fall. Annual constant prepayment speed and loss severity rates are projected considering collateral characteristics such as loan-to-value (LTV), creditworthiness of borrowers as measured using FICO scores, and geographic concentrations. The weighted-average severity by collateral type was 35.6 percent for prime, 37.4 percent for Alt-A and 50.4 percent for subprime at June 30, 2015 . Additionally, default rates are projected by considering collateral characteristics including, but not limited to, LTV, FICO and geographic concentration. Weighted-average life default rates by collateral type were 21.5 percent for prime, 36.9 percent for Alt-A and 38.2 percent for subprime at June 30, 2015 . The expected maturity distribution of the Corporation's MBS, the contractual maturity distribution of the Corporation's other debt securities carried at fair value and HTM debt securities, and the yields on the Corporation's debt securities carried at fair value and HTM debt securities at June 30, 2015 are summarized in the table below. Actual maturities may differ from the contractual or expected maturities since borrowers may have the right to prepay obligations with or without prepayment penalties. Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities June 30, 2015 Due in One Year or Less Due after One Year through Five Years Due after Five Years through Ten Years Due after Ten Years Total (Dollars in millions) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amortized cost of debt securities carried at fair value U.S. Treasury and agency securities $ 572 0.23 % $ 51,424 1.60 % $ 5,701 2.20 % $ 2 4.60 % $ 57,699 1.69 % Mortgage-backed securities: Agency 37 4.40 18,004 2.60 170,756 2.80 15,618 2.90 204,415 2.80 Agency-collateralized mortgage obligations 372 0.60 2,567 2.00 9,816 2.80 1 0.60 12,756 2.60 Non-agency residential 409 4.10 1,512 4.90 1,324 4.52 4,188 8.19 7,433 6.61 Commercial 87 6.40 519 2.10 4,478 2.80 3 2.83 5,087 2.76 Non-U.S. securities 21,371 0.57 1,933 2.96 6 2.87 — — 23,310 0.79 Corporate/Agency bonds 66 3.51 89 3.64 95 3.48 2 6.34 252 3.48 Other taxable securities, substantially all asset-backed securities 2,726 1.07 4,908 1.29 2,131 2.40 912 3.23 10,677 1.57 Total taxable securities 25,640 0.90 80,956 1.96 194,307 2.80 20,726 4.00 321,629 2.53 Tax-exempt securities 651 1.02 2,833 1.40 2,482 1.67 4,845 1.02 10,811 1.26 Total amortized cost of debt securities carried at fair value $ 26,291 0.90 $ 83,789 1.94 $ 196,789 2.78 $ 25,571 3.41 $ 332,440 2.49 Amortized cost of HTM debt securities (2) $ — — $ 11,629 2.30 $ 46,652 2.40 $ 1,791 2.94 $ 60,072 2.40 Debt securities carried at fair value U.S. Treasury and agency securities $ 572 $ 52,001 $ 5,769 $ 2 $ 58,344 Mortgage-backed securities: Agency 38 18,277 169,457 15,373 203,145 Agency-collateralized mortgage obligations 373 2,566 10,000 1 12,940 Non-agency residential 440 1,509 1,425 4,299 7,673 Commercial 88 526 4,493 3 5,110 Non-U.S. securities 21,371 1,966 6 — 23,343 Corporate/Agency bonds 66 93 96 2 257 Other taxable securities, substantially all asset-backed securities 3,017 4,617 2,144 916 10,694 Total taxable securities 25,965 81,555 193,390 20,596 321,506 Tax-exempt securities 651 2,839 2,479 4,832 10,801 Total debt securities carried at fair value $ 26,616 $ 84,394 $ 195,869 $ 25,428 $ 332,307 Fair value of HTM debt securities (2) $ — $ 11,567 $ 45,827 $ 1,769 $ 59,163 (1) Average yield is computed using the effective yield of each security 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 excludes the effect of related hedging derivatives. (2) Substantially all U.S. agency MBS. Certain Corporate and Strategic Investments The Corporation's 49 percent investment in a merchant services joint venture, which is recorded in other assets on the Consolidated Balance Sheet and in All Other, had a carrying value of $3.1 billion at both June 30, 2015 and December 31, 2014 . For additional information, see Note 10 – Commitments and Contingencies . |
Outstanding Loans and Leases
Outstanding Loans and Leases | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Outstanding Loans and Leases | NOTE 4 – Outstanding Loans and Leases The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2015 and December 31, 2014 . June 30, 2015 (Dollars in millions) 30-59 Days (1) 60-89 Days (1) 90 Days or Past Due (2) Total Past Due 30 Days or More Total Current or Less Than 30 Days Past Due (3) Purchased (4) Loans Accounted for Under the Fair Value Option Total Consumer real estate Core portfolio Residential mortgage $ 1,812 $ 657 $ 4,661 $ 7,130 $ 143,877 $ 151,007 Home equity 190 104 688 982 49,043 50,025 Legacy Assets & Servicing portfolio Residential mortgage (5) 1,869 932 7,431 10,232 24,357 $ 13,229 47,818 Home equity 308 162 1,047 1,517 24,351 5,113 30,981 Credit card and other consumer U.S. credit card 448 296 742 1,486 86,917 88,403 Non-U.S. credit card 43 35 86 164 10,112 10,276 Direct/Indirect consumer (6) 196 54 40 290 84,464 84,754 Other consumer (7) 11 2 2 15 1,985 2,000 Total consumer 4,877 2,242 14,697 21,816 425,106 18,342 465,264 Consumer loans accounted for under the fair value option (8) $ 1,971 1,971 Total consumer loans and leases 4,877 2,242 14,697 21,816 425,106 18,342 1,971 467,235 Commercial U.S. commercial 365 78 283 726 234,322 235,048 Commercial real estate (9) 79 14 101 194 52,150 52,344 Commercial lease financing 77 54 35 166 25,176 25,342 Non-U.S. commercial 5 4 — 9 87,565 87,574 U.S. small business commercial 67 36 86 189 13,059 13,248 Total commercial 593 186 505 1,284 412,272 413,556 Commercial loans accounted for under the fair value option (8) 5,658 5,658 Total commercial loans and leases 593 186 505 1,284 412,272 5,658 419,214 Total loans and leases $ 5,470 $ 2,428 $ 15,202 $ 23,100 $ 837,378 $ 18,342 $ 7,629 $ 886,449 Percentage of outstandings 0.62 % 0.27 % 1.72 % 2.61 % 94.46 % 2.07 % 0.86 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $2.0 billion and nonperforming loans of $460 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $1.0 billion and nonperforming loans of $336 million . (2) Consumer real estate includes fully-insured loans of $8.9 billion . (3) Consumer real estate includes $3.9 billion and direct/indirect consumer includes $24 million of nonperforming loans. (4) PCI loan amounts are shown gross of the valuation allowance. (5) Total outstandings includes pay option loans of $2.6 billion . The Corporation no longer originates this product. (6) Total outstandings includes auto and specialty lending loans of $39.6 billion , unsecured consumer lending loans of $1.1 billion , U.S. securities-based lending loans of $38.6 billion , non-U.S. consumer loans of $4.0 billion , student loans of $596 million and other consumer loans of $809 million . (7) Total outstandings includes consumer finance loans of $618 million , consumer leases of $1.2 billion and consumer overdrafts of $227 million . (8) Consumer loans accounted for under the fair value option were residential mortgage loans of $1.8 billion and home equity loans of $208 million . Commercial loans accounted for under the fair value option were U.S. commercial loans of $2.3 billion and non-U.S. commercial loans of $3.4 billion . For additional information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option . (9) Total outstandings includes U.S. commercial real estate loans of $48.6 billion and non-U.S. commercial real estate loans of $3.7 billion . December 31, 2014 (Dollars in millions) 30-59 Days (1) 60-89 Days (1) 90 Days or Past Due (2) Total Past Due 30 Days or More Total Current or Less Than 30 Days Past Due (3) Purchased (4) Loans for Under the Fair Total Consumer real estate Core portfolio Residential mortgage $ 1,847 $ 700 $ 5,561 $ 8,108 $ 154,112 $ 162,220 Home equity 218 105 744 1,067 50,820 51,887 Legacy Assets & Servicing portfolio Residential mortgage (5) 2,008 1,060 10,513 13,581 25,244 $ 15,152 53,977 Home equity 374 174 1,166 1,714 26,507 5,617 33,838 Credit card and other consumer U.S. credit card 494 341 866 1,701 90,178 91,879 Non-U.S. credit card 49 39 95 183 10,282 10,465 Direct/Indirect consumer (6) 245 71 65 381 80,000 80,381 Other consumer (7) 11 2 2 15 1,831 1,846 Total consumer 5,246 2,492 19,012 26,750 438,974 20,769 486,493 Consumer loans accounted for under the fair value option (8) $ 2,077 2,077 Total consumer loans and leases 5,246 2,492 19,012 26,750 438,974 20,769 2,077 488,570 Commercial U.S. commercial 320 151 318 789 219,504 220,293 Commercial real estate (9) 138 16 288 442 47,240 47,682 Commercial lease financing 121 41 42 204 24,662 24,866 Non-U.S. commercial 5 4 — 9 80,074 80,083 U.S. small business commercial 88 45 94 227 13,066 13,293 Total commercial 672 257 742 1,671 384,546 386,217 Commercial loans accounted for under the fair value option (8) 6,604 6,604 Total commercial loans and leases 672 257 742 1,671 384,546 6,604 392,821 Total loans and leases $ 5,918 $ 2,749 $ 19,754 $ 28,421 $ 823,520 $ 20,769 $ 8,681 $ 881,391 Percentage of outstandings 0.67 % 0.31 % 2.24 % 3.22 % 93.44 % 2.36 % 0.98 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $2.1 billion and nonperforming loans of $392 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $1.1 billion and nonperforming loans of $332 million . (2) Consumer real estate includes fully-insured loans of $11.4 billion . (3) Consumer real estate includes $3.6 billion and direct/indirect consumer includes $27 million of nonperforming loans. (4) PCI loan amounts are shown gross of the valuation allowance. (5) Total outstandings includes pay option loans of $3.2 billion . The Corporation no longer originates this product. (6) Total outstandings includes auto and specialty lending loans of $37.7 billion , unsecured consumer lending loans of $1.5 billion , U.S. securities-based lending loans of $35.8 billion , non-U.S. consumer loans of $4.0 billion , student loans of $632 million and other consumer loans of $761 million . (7) Total outstandings includes consumer finance loans of $676 million , consumer leases of $1.0 billion and consumer overdrafts of $162 million . (8) Consumer loans accounted for under the fair value option were residential mortgage loans of $1.9 billion and home equity loans of $196 million . Commercial loans accounted for under the fair value option were U.S. commercial loans of $1.9 billion and non-U.S. commercial loans of $4.7 billion . For additional information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option . (9) Total outstandings includes U.S. commercial real estate loans of $45.2 billion and non-U.S. commercial real estate loans of $2.5 billion . The Corporation has entered into long-term credit protection agreements with FNMA and FHLMC on loans totaling $8.3 billion and $17.2 billion at June 30, 2015 and December 31, 2014 , providing full credit protection on residential mortgage loans that become severely delinquent. All of these loans are individually insured and therefore the Corporation does not record an allowance for credit losses related to these loans. Nonperforming Loans and Leases The Corporation classifies junior-lien home equity loans as nonperforming when the first-lien loan becomes 90 days past due even if the junior-lien loan is performing. At June 30, 2015 and December 31, 2014 , $599 million and $800 million of such junior-lien home equity loans were included in nonperforming loans. The Corporation classifies consumer real estate loans that have been discharged in Chapter 7 bankruptcy and not reaffirmed by the borrower as troubled debt restructurings (TDR), irrespective of payment history or delinquency status, even if the repayment terms for the loan have not been otherwise modified. The Corporation continues to have a lien on the underlying collateral. At June 30, 2015 , nonperforming loans discharged in Chapter 7 bankruptcy with no change in repayment terms were $980 million of which $585 million were current on their contractual payments, while $334 million were 90 days or more past due. Of the contractually current nonperforming loans, more than 75 percent were discharged in Chapter 7 bankruptcy more than 12 months ago, and more than 55 percent were discharged 24 months or more ago. As subsequent cash payments are received on these nonperforming loans that are contractually current, the interest component of the payments is generally recorded as interest income on a cash basis and the principal component is recorded as a reduction in the carrying value of the loan. During the three and six months ended June 30, 2015 , the Corporation sold nonperforming and other delinquent consumer real estate loans with a carrying value of $1.0 billion and $1.9 billion , including $401 million and $987 million of purchased credit-impaired (PCI) loans, compared to $2.1 billion and $2.8 billion , including $98 million and $552 million of PCI loans, for the same periods in 2014. The Corporation recorded recoveries related to these sales of $27 million and $67 million for the three and six months ended June 30, 2015 compared to recoveries of $185 million for both of the same periods in 2014. Gains in noninterest income of $40 million and $75 million were also recorded for the three and six months ended June 30, 2015 compared to gains of $158 million and $170 million for the same periods in 2014. The table below presents the Corporation's nonperforming loans and leases including nonperforming TDRs, and loans accruing past due 90 days or more at June 30, 2015 and December 31, 2014 . Nonperforming loans held-for-sale (LHFS) are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Credit Quality Nonperforming Loans and Leases Accruing Past Due 90 Days or More (Dollars in millions) June 30 December 31 June 30 December 31 Consumer real estate Core portfolio Residential mortgage (1) $ 2,201 $ 2,398 $ 3,326 $ 3,942 Home equity 1,408 1,496 — — Legacy Assets & Servicing portfolio Residential mortgage (1) 3,784 4,491 5,591 7,465 Home equity 2,155 2,405 — — Credit card and other consumer U.S. credit card n/a n/a 742 866 Non-U.S. credit card n/a n/a 86 95 Direct/Indirect consumer 26 28 38 64 Other consumer 1 1 1 1 Total consumer 9,575 10,819 9,784 12,433 Commercial U.S. commercial 869 701 66 110 Commercial real estate 126 321 — 3 Commercial lease financing 19 3 27 41 Non-U.S. commercial 80 1 — — U.S. small business commercial 78 87 63 67 Total commercial 1,172 1,113 156 221 Total loans and leases $ 10,747 $ 11,932 $ 9,940 $ 12,654 (1) Residential mortgage loans in the Core and Legacy Assets & Servicing portfolios accruing past due 90 days or more are fully-insured loans. At June 30, 2015 and December 31, 2014 , residential mortgage includes $5.5 billion and $7.3 billion of loans on which interest has been curtailed by the FHA, and therefore are no longer accruing interest, although principal is still insured, and $3.4 billion and $4.1 billion of loans on which interest is still accruing. n/a = not applicable Credit Quality Indicators The Corporation monitors credit quality within its Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments based on primary credit quality indicators. For more information on the portfolio segments, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Within the Consumer Real Estate portfolio segment, the primary credit quality indicators are refreshed LTV and refreshed FICO score. Refreshed LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan, refreshed quarterly. Home equity loans are evaluated using combined loan-to-value (CLTV) which measures the carrying value of the combined loans that have liens against the property and the available line of credit as a percentage of the value of the property securing the loan, refreshed quarterly. FICO score measures the creditworthiness of the borrower based on the financial obligations of the borrower and the borrower's credit history. At a minimum, FICO scores are refreshed quarterly, and in many cases, more frequently. FICO scores are also a primary credit quality indicator for the Credit Card and Other Consumer portfolio segment and the business card portfolio within U.S. small business commercial. Within the Commercial portfolio segment, loans are evaluated using the internal classifications of pass rated or reservable criticized as the primary credit quality indicators. The term reservable criticized refers to those commercial loans that are internally classified or listed by the Corporation as Special Mention, Substandard or Doubtful, which are asset quality categories defined by regulatory authorities. These assets have an elevated level of risk and may have a high probability of default or total loss. Pass rated refers to all loans not considered reservable criticized. In addition to these primary credit quality indicators, the Corporation uses other credit quality indicators for certain types of loans. The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2015 and December 31, 2014 . Consumer Real Estate – Credit Quality Indicators (1) June 30, 2015 (Dollars in millions) Core Portfolio Residential Mortgage (2) Legacy Assets & Servicing Residential Mortgage (2) Residential (3) Core Portfolio Home Equity (2) Legacy Assets & Servicing Home Equity (2) Home Equity PCI Refreshed LTV (4) Less than or equal to 90 percent $ 103,478 $ 17,554 $ 8,839 $ 44,270 $ 16,208 $ 1,908 Greater than 90 percent but less than or equal to 100 percent 4,799 2,555 1,682 2,130 2,892 912 Greater than 100 percent 3,848 4,420 2,708 3,625 6,768 2,293 Fully-insured loans (5) 38,882 10,060 — — — — Total consumer real estate $ 151,007 $ 34,589 $ 13,229 $ 50,025 $ 25,868 $ 5,113 Refreshed FICO score Less than 620 $ 3,920 $ 5,366 $ 4,633 $ 2,026 $ 3,111 $ 771 Greater than or equal to 620 and less than 680 5,996 3,787 2,796 3,471 4,237 908 Greater than or equal to 680 and less than 740 21,914 6,071 3,201 9,670 7,261 1,495 Greater than or equal to 740 80,295 9,305 2,599 34,858 11,259 1,939 Fully-insured loans (5) 38,882 10,060 — — — — Total consumer real estate $ 151,007 $ 34,589 $ 13,229 $ 50,025 $ 25,868 $ 5,113 (1) Excludes $2.0 billion of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $2.2 billion of pay option loans. The Corporation no longer originates this product. (4) Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. (5) Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. Credit Card and Other Consumer – Credit Quality Indicators June 30, 2015 (Dollars in millions) U.S. Credit Non-U.S. Direct/Indirect Other (1) Refreshed FICO score Less than 620 $ 4,023 $ — $ 1,266 $ 237 Greater than or equal to 620 and less than 680 11,624 — 1,748 218 Greater than or equal to 680 and less than 740 33,678 — 10,667 315 Greater than or equal to 740 39,078 — 27,077 1,000 Other internal credit metrics (2, 3, 4) — 10,276 43,996 230 Total credit card and other consumer $ 88,403 $ 10,276 $ 84,754 $ 2,000 (1) Thirty-one percent of the other consumer portfolio is associated with portfolios from certain consumer finance businesses that the Corporation previously exited. (2) Other internal credit metrics may include delinquency status, geography or other factors. (3) Direct/indirect consumer includes $42.6 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $600 million of loans the Corporation no longer originates, primarily student loans. (4) Non-U.S. credit card represents the U.K. credit card portfolio which is evaluated using internal credit metrics, including delinquency status. At June 30, 2015 , 98 percent of this portfolio was current or less than 30 days past due, one percent was 30-89 days past due and one percent was 90 days or more past due. Commercial – Credit Quality Indicators (1) June 30, 2015 (Dollars in millions) U.S. Commercial Real Estate Commercial Non-U.S. U.S. Small (2) Risk ratings Pass rated $ 227,063 $ 51,656 $ 24,279 $ 86,193 $ 640 Reservable criticized 7,985 688 1,063 1,381 127 Refreshed FICO score (3) Less than 620 178 Greater than or equal to 620 and less than 680 544 Greater than or equal to 680 and less than 740 1,653 Greater than or equal to 740 3,122 Other internal credit metrics (3, 4) 6,984 Total commercial $ 235,048 $ 52,344 $ 25,342 $ 87,574 $ 13,248 (1) Excludes $5.7 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $713 million of criticized business card and small business loans which are evaluated using refreshed FICO scores or internal credit metrics, including delinquency status, rather than risk ratings. At June 30, 2015 , 99 percent of the balances where internal credit metrics are used was current or less than 30 days past due. (3) Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio. (4) Other internal credit metrics may include delinquency status, application scores, geography or other factors. Consumer Real Estate – Credit Quality Indicators (1) December 31, 2014 (Dollars in millions) Core Portfolio (2) Legacy Assets & Servicing (2) Residential (3) Core Portfolio Home Equity (2) Legacy Assets & Servicing Home (2) Home Equity PCI Refreshed LTV (4) Less than or equal to 90 percent $ 100,255 $ 18,499 $ 9,972 $ 45,414 $ 17,453 $ 2,046 Greater than 90 percent but less than or equal to 100 percent 4,958 3,081 2,005 2,442 3,272 1,048 Greater than 100 percent 4,017 5,265 3,175 4,031 7,496 2,523 Fully-insured loans (5) 52,990 11,980 — — — — Total consumer real estate $ 162,220 $ 38,825 $ 15,152 $ 51,887 $ 28,221 $ 5,617 Refreshed FICO score Less than 620 $ 4,184 $ 6,313 $ 6,109 $ 2,169 $ 3,470 $ 864 Greater than or equal to 620 and less than 680 6,272 4,032 3,014 3,683 4,529 995 Greater than or equal to 680 and less than 740 21,946 6,463 3,310 10,231 7,905 1,651 Greater than or equal to 740 76,828 10,037 2,719 35,804 12,317 2,107 Fully-insured loans (5) 52,990 11,980 — — — — Total consumer real estate $ 162,220 $ 38,825 $ 15,152 $ 51,887 $ 28,221 $ 5,617 (1) Excludes $2.1 billion of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $2.8 billion of pay option loans. The Corporation no longer originates this product. (4) Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. (5) Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. Credit Card and Other Consumer – Credit Quality Indicators December 31, 2014 (Dollars in millions) U.S. Credit Non-U.S. Direct/Indirect Other (1) Refreshed FICO score Less than 620 $ 4,467 $ — $ 1,296 $ 266 Greater than or equal to 620 and less than 680 12,177 — 1,892 227 Greater than or equal to 680 and less than 740 34,986 — 10,749 307 Greater than or equal to 740 40,249 — 25,279 881 Other internal credit metrics (2, 3, 4) — 10,465 41,165 165 Total credit card and other consumer $ 91,879 $ 10,465 $ 80,381 $ 1,846 (1) Thirty-seven percent of the other consumer portfolio is associated with portfolios from certain consumer finance businesses that the Corporation previously exited. (2) Other internal credit metrics may include delinquency status, geography or other factors. (3) Direct/indirect consumer includes $39.7 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $632 million of loans the Corporation no longer originates, primarily student loans. (4) Non-U.S. credit card represents the U.K. credit card portfolio which is evaluated using internal credit metrics, including delinquency status. At December 31, 2014 , 98 percent of this portfolio was current or less than 30 days past due, one percent was 30-89 days past due and one percent was 90 days or more past due. Commercial – Credit Quality Indicators (1) December 31, 2014 (Dollars in millions) U.S. Commercial Real Estate Commercial Non-U.S. U.S. Small (2) Risk ratings Pass rated $ 213,839 $ 46,632 $ 23,832 $ 79,367 $ 751 Reservable criticized 6,454 1,050 1,034 716 182 Refreshed FICO score (3) Less than 620 184 Greater than or equal to 620 and less than 680 529 Greater than or equal to 680 and less than 740 1,591 Greater than or equal to 740 2,910 Other internal credit metrics (3, 4) 7,146 Total commercial $ 220,293 $ 47,682 $ 24,866 $ 80,083 $ 13,293 (1) Excludes $6.6 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $762 million of criticized business card and small business loans which are evaluated using refreshed FICO scores or internal credit metrics, including delinquency status, rather than risk ratings. At December 31, 2014 , 98 percent of the balances where internal credit metrics are used was current or less than 30 days past due. (3) Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio. (4) Other internal credit metrics may include delinquency status, application scores, geography or other factors. Impaired Loans and Troubled Debt Restructurings A loan is considered impaired when, based on current information, it is probable that the Corporation will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans and all consumer and commercial TDRs. Impaired loans exclude nonperforming consumer loans and nonperforming commercial leases unless they are classified as TDRs. Loans accounted for under the fair value option are also excluded. PCI loans are excluded and reported separately on page 177 . For additional information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Consumer Real Estate Impaired consumer real estate loans within the Consumer Real Estate portfolio segment consist entirely of TDRs. Excluding PCI loans, most modifications of consumer real estate loans meet the definition of TDRs when a binding offer is extended to a borrower. Modifications of consumer real estate loans are done in accordance with the government's Making Home Affordable Program (modifications under government programs) or the Corporation's proprietary programs (modifications under proprietary programs). These modifications are considered to be TDRs if concessions have been granted to borrowers experiencing financial difficulties. Concessions may include reductions in interest rates, capitalization of past due amounts, principal and/or interest forbearance, payment extensions, principal and/or interest forgiveness, or combinations thereof. Prior to permanently modifying a loan, the Corporation may enter into trial modifications with certain borrowers under both government and proprietary programs. Trial modifications generally represent a three - to four -month period during which the borrower makes monthly payments under the anticipated modified payment terms. Upon successful completion of the trial period, the Corporation and the borrower enter into a permanent modification. Binding trial modifications are classified as TDRs when the trial offer is made and continue to be classified as TDRs regardless of whether the borrower enters into a permanent modification. Consumer real estate loans that have been discharged in Chapter 7 bankruptcy with no change in repayment terms and not reaffirmed by the borrower of $2.2 billion were included in TDRs at June 30, 2015 , of which $980 million were classified as nonperforming and $915 million were loans fully-insured by the Federal Housing Administration (FHA). For more information on loans discharged in Chapter 7 bankruptcy, see Nonperforming Loans and Leases in this Note. A consumer real estate loan, excluding PCI loans which are reported separately, is not classified as impaired unless it is a TDR. Once such a loan has been designated as a TDR, it is then individually assessed for impairment. Consumer real estate TDRs are measured primarily based on the net present value of the estimated cash flows discounted at the loan's original effective interest rate, as discussed in the following paragraph. If the carrying value of a TDR exceeds this amount, a specific allowance is recorded as a component of the allowance for loan and lease losses. Alternatively, consumer real estate TDRs that are considered to be dependent solely on the collateral for repayment (e.g., due to the lack of income verification) are measured based on the estimated fair value of the collateral and a charge-off is recorded if the carrying value exceeds the fair value of the collateral. Consumer real estate loans that reached 180 days past due prior to modification had been charged off to their net realizable value, less costs to sell, before they were modified as TDRs in accordance with established policy. Therefore, modifications of consumer real estate loans that are 180 or more days past due as TDRs do not have an impact on the allowance for loan and lease losses nor are additional charge-offs required at the time of modification. Subsequent declines in the fair value of the collateral after a loan has reached 180 days past due are recorded as charge-offs. Fully-insured loans are protected against principal loss, and therefore, the Corporation does not record an allowance for loan and lease losses on the outstanding principal balance, even after they have been modified in a TDR. The net present value of the estimated cash flows used to measure impairment is based on model-driven estimates of projected payments, prepayments, defaults and loss-given-default (LGD). Using statistical modeling methodologies, the Corporation estimates the probability that a loan will default prior to maturity based on the attributes of each loan. The factors that are most relevant to the probability of default are the refreshed LTV, or in the case of a subordinated lien, refreshed CLTV, borrower credit score, months since origination (i.e., vintage) and geography. Each of these factors is further broken down by present collection status (whether the loan is current, delinquent, in default or in bankruptcy). Severity (or LGD) is estimated based on the refreshed LTV for first mortgages or CLTV for subordinated liens. The estimates are based on the Corporation's historical experience as adjusted to reflect an assessment of environmental factors that may not be reflected in the historical data, such as changes in real estate values, local and national economies, underwriting standards and the regulatory environment. The probability of default models also incorporate recent experience with modification programs including redefaults subsequent to modification, a loan's default history prior to modification and the change in borrower payments post-modification. At June 30, 2015 and December 31, 2014 , remaining commitments to lend additional funds to debtors whose terms have been modified in a consumer real estate TDR were immaterial. Consumer real estate foreclosed properties totaled $553 million and $630 million at June 30, 2015 and December 31, 2014 . The carrying value of consumer real estate loans, including fully-insured and PCI loans, for which formal foreclosure proceedings were in process as of June 30, 2015 was $6.7 billion . The table below provides the unpaid principal balance, carrying value and related allowance at June 30, 2015 and December 31, 2014 , and the average carrying value and interest income recognized for the three and six months ended June 30, 2015 and 2014 for impaired loans in the Corporation's Consumer Real Estate portfolio segment and includes primarily loans managed by Legacy Assets & Servicing ( LAS) . Certain impaired consumer real estate loans do not have a related allowance as the current valuation of these impaired loans exceeded the carrying value, which is net of previously recorded charge-offs. Impaired Loans – Consumer Real Estate June 30, 2015 December 31, 2014 (Dollars in millions) Unpaid Carrying Related Unpaid Carrying Related With no recorded allowance Residential mortgage $ 17,058 $ 13,577 $ — $ 19,710 $ 15,605 $ — Home equity 3,597 1,752 — 3,540 1,630 — With an allowance recorded Residential mortgage $ 8,096 $ 7,923 $ 477 $ 7,861 $ 7,665 $ 531 Home equity 963 831 197 852 728 196 Total Residential mortgage $ 25,154 $ 21,500 $ 477 $ 27,571 $ 23,270 $ 531 Home equity 4,560 2,583 197 4,392 2,358 196 Three Months Ended June 30 Six Months Ended June 30 2015 2014 2015 2014 Average Interest (1) Average Interest (1) Average Interest (1) Average Interest (1) With no recorded allowance Residential mortgage $ 14,401 $ 105 $ 15,202 $ 125 $ 14,897 $ 213 $ 15,781 $ 285 Home equity 1,805 20 1,436 20 1,748 45 1,419 42 With an allowance recorded Residential mortgage $ 7,706 $ 61 $ 11,493 $ 118 $ 7,646 $ 125 $ 11,913 $ 249 Home equity 744 5 744 5 729 12 747 13 Total Residential mortgage $ 22,107 $ 166 $ 26,695 $ 243 $ 22,543 $ 338 $ 27,694 $ 534 Home equity 2,549 25 2,180 25 2,477 57 2,166 55 (1) Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible. The table below presents the June 30, 2015 and 2014 unpaid principal balance, carrying value, and average pre- and post-modification interest rates on consumer real estate loans that were modified in TDRs during the three and six months ended June 30, 2015 and 2014 , and net charge-offs recorded during the period in which the modification occurred. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. These TDRs are primarily managed by LAS . Consumer Real Estate – TDRs Entered into During the Three Months Ended June 30, 2015 and 2014 (1) June 30, 2015 Three Months Ended June 30, 2015 (Dollars in millions) Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (2) Net Charge-offs (3) Residential mortgage $ 1,409 $ 1,294 4.87 % 4.71 % $ 25 Home equity 348 285 3.49 3.36 19 Total $ 1,757 $ 1,579 4.60 4.44 $ 44 June 30, 2014 Three Months Ended June 30, 2014 Residential mortgage $ 1,677 $ 1,475 5.07 % 4.69 % $ 24 Home equity 236 163 3.97 3.58 29 Total $ 1,913 $ 1,638 4.94 4.55 $ 53 Consumer Real Estate – TDRs Entered into During the Six Months Ended June 30, 2015 and 2014 (1) June 30, 2015 Six Months Ended June 30, 2015 Residential mortgage $ 2,760 $ 2,479 4.98 % 4.64 % $ 42 Home equity 579 447 3.72 3.36 30 Total $ 3,339 $ 2,926 4.76 4.42 $ 72 June 30, 2014 Six Months Ended June 30, 2014 Residential mortgage $ 2,873 $ 2,513 5.09 % 4.59 % $ 41 Home equity 420 281 4.17 3.47 44 Total $ 3,293 $ 2,794 4.98 4.45 $ 85 (1) TDRs entered into during the three and six months ended June 30, 2015 include modifications with principal forgiveness of $102 million and $261 million related to residential mortgage and $2 million and $3 million related to home equity. TDRs entered into during the three and six months ended June 30, 2014 include modifications with principal forgiveness of $22 million and $39 million related to residential mortgage and none related to home equity. (2) The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period. (3) Net charge-offs include amounts recorded on loans modified during the period that are no longer held by the Corporation at Jun |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Allowance for Credit Losses | NOTE 5 – Allowance for Credit Losses The table below summarizes the changes in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2015 and 2014 . Three Months Ended June 30, 2015 (Dollars in millions) Consumer Real Estate Credit Card Commercial Total Allowance for loan and lease losses, April 1 $ 5,250 $ 3,929 $ 4,497 $ 13,676 Loans and leases charged off (533 ) (896 ) (124 ) (1,553 ) Recoveries of loans and leases previously charged off 205 204 76 485 Net charge-offs (328 ) (692 ) (48 ) (1,068 ) Write-offs of PCI loans (290 ) — — (290 ) Provision for loan and lease losses 108 445 176 729 Other (1) 1 20 — 21 Allowance for loan and lease losses, June 30 4,741 3,702 4,625 13,068 Reserve for unfunded lending commitments, April 1 — — 537 537 Provision for unfunded lending commitments — — 51 51 Reserve for unfunded lending commitments, June 30 — — 588 588 Allowance for credit losses, June 30 $ 4,741 $ 3,702 $ 5,213 $ 13,656 Three Months Ended June 30, 2014 Allowance for loan and lease losses, April 1 $ 7,556 $ 4,775 $ 4,287 $ 16,618 Loans and leases charged off (632 ) (1,051 ) (161 ) (1,844 ) Recoveries of loans and leases previously charged off 428 241 102 771 Net charge-offs (204 ) (810 ) (59 ) (1,073 ) Write-offs of PCI loans (160 ) — — (160 ) Provision for loan and lease losses (284 ) 441 260 417 Other (1) — 11 (2 ) 9 Allowance for loan and lease losses, June 30 6,908 4,417 4,486 15,811 Reserve for unfunded lending commitments, April 1 — — 509 509 Provision for unfunded lending commitments — — (6 ) (6 ) Reserve for unfunded lending commitments, June 30 — — 503 503 Allowance for credit losses, June 30 $ 6,908 $ 4,417 $ 4,989 $ 16,314 Six Months Ended June 30, 2015 Allowance for loan and lease losses, January 1 $ 5,935 $ 4,047 $ 4,437 $ 14,419 Loans and leases charged off (1,085 ) (1,860 ) (253 ) (3,198 ) Recoveries of loans and leases previously charged off 388 420 128 936 Net charge-offs (697 ) (1,440 ) (125 ) (2,262 ) Write-offs of PCI loans (578 ) — — (578 ) Provision for loan and lease losses 80 1,092 313 1,485 Other (1) 1 3 — 4 Allowance for loan and lease losses, June 30 4,741 3,702 4,625 13,068 Reserve for unfunded lending commitments, January 1 — — 528 528 Provision for unfunded lending commitments — — 60 60 Reserve for unfunded lending commitments, June 30 — — 588 588 Allowance for credit losses, June 30 $ 4,741 $ 3,702 $ 5,213 $ 13,656 Six Months Ended June 30, 2014 Allowance for loan and lease losses, January 1 $ 8,518 $ 4,905 $ 4,005 $ 17,428 Loans and leases charged off (1,228 ) (2,179 ) (305 ) (3,712 ) Recoveries of loans and leases previously charged off 595 459 197 1,251 Net charge-offs (633 ) (1,720 ) (108 ) (2,461 ) Write-offs of PCI loans (551 ) — — (551 ) Provision for loan and lease losses (425 ) 1,232 594 1,401 Other (1) (1 ) — (5 ) (6 ) Allowance for loan and lease losses, June 30 6,908 4,417 4,486 15,811 Reserve for unfunded lending commitments, January 1 — — 484 484 Provision for unfunded lending commitments — — 19 19 Reserve for unfunded lending commitments, June 30 — — 503 503 Allowance for credit losses, June 30 $ 6,908 $ 4,417 $ 4,989 $ 16,314 (1) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, and foreign currency translation adjustments. During the three and six months ended June 30, 2015 , for the PCI loan portfolio, the Corporation recorded provision expense of $78 million and $28 million with a corresponding increase in the valuation allowance included as part of the allowance for loan and lease losses. This compared to a benefit of $106 million in the provision for credit losses for both of the same periods in 2014 . Write-offs in the PCI loan portfolio totaled $290 million and $578 million with a corresponding decrease in the PCI valuation allowance during the three and six months ended June 30, 2015 compared to $160 million and $551 million for the same periods in 2014 . Write-offs included $65 million and $175 million associated with the sale of PCI loans during the three and six months ended June 30, 2015 compared to $28 million and $186 million for the same periods in 2014 . The valuation allowance associated with the PCI loan portfolio was $1.1 billion and $1.7 billion at June 30, 2015 and December 31, 2014 . The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at June 30, 2015 and December 31, 2014 . Allowance and Carrying Value by Portfolio Segment June 30, 2015 (Dollars in millions) Consumer Real Estate Credit Card Commercial Total Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses (2) $ 674 $ 307 $ 156 $ 1,137 Carrying value (3) 24,083 934 2,376 27,393 Allowance as a percentage of carrying value 2.80 % 32.87 % 6.57 % 4.15 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 2,965 $ 3,395 $ 4,469 $ 10,829 Carrying value (3, 4) 237,406 184,499 411,180 833,085 Allowance as a percentage of carrying value (4) 1.25 % 1.84 % 1.09 % 1.30 % Purchased credit-impaired loans Valuation allowance $ 1,102 n/a n/a $ 1,102 Carrying value gross of valuation allowance 18,342 n/a n/a 18,342 Valuation allowance as a percentage of carrying value 6.01 % n/a n/a 6.01 % Total Allowance for loan and lease losses $ 4,741 $ 3,702 $ 4,625 $ 13,068 Carrying value (3, 4) 279,831 185,433 413,556 878,820 Allowance as a percentage of carrying value (4) 1.69 % 2.00 % 1.12 % 1.49 % December 31, 2014 Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses (2) $ 727 $ 339 $ 159 $ 1,225 Carrying value (3) 25,628 1,141 2,198 28,967 Allowance as a percentage of carrying value 2.84 % 29.71 % 7.23 % 4.23 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 3,556 $ 3,708 $ 4,278 $ 11,542 Carrying value (3, 4) 255,525 183,430 384,019 822,974 Allowance as a percentage of carrying value (4) 1.39 % 2.02 % 1.11 % 1.40 % Purchased credit-impaired loans Valuation allowance $ 1,652 n/a n/a $ 1,652 Carrying value gross of valuation allowance 20,769 n/a n/a 20,769 Valuation allowance as a percentage of carrying value 7.95 % n/a n/a 7.95 % Total Allowance for loan and lease losses $ 5,935 $ 4,047 $ 4,437 $ 14,419 Carrying value (3, 4) 301,922 184,571 386,217 872,710 Allowance as a percentage of carrying value (4) 1.97 % 2.19 % 1.15 % 1.65 % (1) Impaired loans include nonperforming commercial loans and all TDRs, including both commercial and consumer TDRs. Impaired loans exclude nonperforming consumer loans unless they are TDRs, and all consumer and commercial loans accounted for under the fair value option. (2) Allowance for loan and lease losses includes $36 million and $35 million related to impaired U.S. small business commercial at June 30, 2015 and December 31, 2014 . (3) Amounts are presented gross of the allowance for loan and lease losses. (4) Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $7.6 billion and $8.7 billion at June 30, 2015 and December 31, 2014 . n/a = not applicable |
Securitizations and Other Varia
Securitizations and Other Variable Interest Entities | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Securitizations and Other Variable Interest Entities | NOTE 6 – Securitizations and Other Variable Interest Entities The Corporation utilizes variable interest entities (VIEs) in the ordinary course of business to support its own and its customers' financing and investing needs. The Corporation routinely securitizes loans and debt securities using VIEs as a source of funding for the Corporation and as a means of transferring the economic risk of the loans or debt securities to third parties. The assets are transferred into a trust or other securitization vehicle such that the assets are legally isolated from the creditors of the Corporation and are not available to satisfy its obligations. These assets can only be used to settle obligations of the trust or other securitization vehicle. The Corporation also administers, structures or invests in other VIEs including CDOs, investment vehicles and other entities. For more information on the Corporation's utilization of VIEs, see Note 1 – Summary of Significant Accounting Principles and Note 6 – Securitizations and Other Variable Interest Entities to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . The tables in this Note present the assets and liabilities of consolidated and unconsolidated VIEs at June 30, 2015 and December 31, 2014 , in situations where the Corporation has continuing involvement with transferred assets or if the Corporation otherwise has a variable interest in the VIE. The tables also present the Corporation's maximum loss exposure at June 30, 2015 and December 31, 2014 resulting from its involvement with consolidated VIEs and unconsolidated VIEs in which the Corporation holds a variable interest. The Corporation's maximum loss exposure is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with assets recorded on the Consolidated Balance Sheet but also potential losses associated with off-balance sheet commitments such as unfunded liquidity commitments and other contractual arrangements. The Corporation's maximum loss exposure does not include losses previously recognized through write-downs of assets. The Corporation invests in asset-backed securities (ABS) issued by third-party VIEs with which it has no other form of involvement and enters into certain commercial lending arrangements that may also incorporate the use of VIEs to hold collateral. These securities and loans are included in Note 3 – Securities or Note 4 – Outstanding Loans and Leases . In addition, the Corporation uses VIEs such as trust preferred securities trusts in connection with its funding activities. For additional information, see Note 11 – Long-term Debt to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . The Corporation uses VIEs, such as cash funds managed within Global Wealth & Investment Management (GWIM) , to provide investment opportunities for clients. These VIEs, which are not consolidated by the Corporation, are not included in the tables in this Note. Except as described below and in Note 6 – Securitizations and Other Variable Interest Entities to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K , the Corporation did not provide financial support to consolidated or unconsolidated VIEs during the three and six months ended June 30, 2015 or the year ended December 31, 2014 that it was not previously contractually required to provide, nor does it intend to do so. Mortgage-related Securitizations First-lien Mortgages As part of its mortgage banking activities, the Corporation securitizes a portion of the first-lien residential mortgage loans it originates or purchases from third parties, generally in the form of RMBS guaranteed by government-sponsored enterprises, FNMA and FHLMC (collectively the GSEs), or GNMA primarily in the case of FHA-insured and U.S. Department of Veterans Affairs (VA)-guaranteed mortgage loans. Securitization usually occurs in conjunction with or shortly after origination or purchase and the Corporation may also securitize loans held in its residential mortgage portfolio. In addition, the Corporation may, from time to time, securitize commercial mortgages it originates or purchases from other entities. The Corporation typically services the loans it securitizes. Further, the Corporation may retain beneficial interests in the securitization trusts including senior and subordinate securities and equity tranches issued by the trusts. Except as described below and in Note 7 – Representations and Warranties Obligations and Corporate Guarantees , the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties. The table below summarizes select information related to first-lien mortgage securitizations for the three and six months ended June 30, 2015 and 2014 . First-lien Mortgage Securitizations Three Months Ended June 30 Residential Mortgage Agency Non-agency - Subprime Commercial Mortgage (Dollars in millions) 2015 2014 2015 2014 2015 2014 Cash proceeds from new securitizations (1) $ 7,101 $ 7,552 $ — $ 809 $ 2,732 $ 1,508 Gain (loss) on securitizations (2) 184 (21 ) — 49 39 24 Six Months Ended June 30 2015 2014 2015 2014 2015 2014 Cash proceeds from new securitizations (1) $ 14,672 $ 15,018 $ — $ 809 $ 4,888 $ 2,212 Gain (loss) on securitizations (2) 357 (32 ) — 49 32 51 (1) The Corporation transfers residential mortgage loans to securitizations sponsored by the GSEs or GNMA in the normal course of business and receives RMBS in exchange which may then be sold into the market to third-party investors for cash proceeds. (2) A majority of the first-lien residential and commercial mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option. Gains recognized on these LHFS prior to securitization, which totaled $262 million and $431 million , net of hedges, during the three and six months ended June 30, 2015 compared to $185 million and $383 million for the same periods in 2014 , are not included in the table above. In addition to cash proceeds as reported in the table above, the Corporation received securities with an initial fair value of $5.9 billion and $11.3 billion in connection with first-lien mortgage securitizations for the three and six months ended June 30, 2015 compared to $354 million and $860 million for the same periods in 2014 . All of these securities were initially classified as Level 2 assets within the fair value hierarchy. During the three and six months ended June 30, 2015 and 2014 , there were no changes to the initial classification. The Corporation recognizes consumer MSRs from the sale or securitization of first-lien mortgage loans. Servicing fee and ancillary fee income on consumer mortgage loans serviced, including securitizations where the Corporation has continuing involvement, were $353 million and $741 million during the three and six months ended June 30, 2015 compared to $454 million and $948 million for the same periods in 2014 . Servicing advances on consumer mortgage loans, including securitizations where the Corporation has continuing involvement, were $8.9 billion and $10.4 billion at June 30, 2015 and December 31, 2014 . The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make. During the three and six months ended June 30, 2015 , $775 million and $1.9 billion of loans were repurchased from first-lien securitization trusts primarily as a result of loan delinquencies or to perform modifications compared to $1.1 billion and $2.4 billion for the same periods in 2014 . The majority of these loans repurchased were FHA-insured mortgages collateralizing GNMA securities. For more information on MSRs, see Note 17 – Mortgage Servicing Rights . During the three months ended June 30, 2015 , the Corporation deconsolidated agency residential mortgage securitization vehicles with total assets of $1.5 billion following the sale of retained interests to third parties, after which the Corporation no longer had the unilateral ability to liquidate the vehicles. Gains on sale of $106 million were recorded in other income in the Consolidated Statement of Income. The table below summarizes select information related to first-lien mortgage securitization trusts in which the Corporation held a variable interest at June 30, 2015 and December 31, 2014 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure (1) $ 24,816 $ 14,918 $ 1,163 $ 1,288 $ 3,132 $ 3,167 $ 684 $ 710 $ 354 $ 352 On-balance sheet assets Senior securities held (2) : Trading account assets $ 1,206 $ 584 $ 3 $ 3 $ 25 $ 14 $ 87 $ 81 $ 99 $ 54 Debt securities carried at fair value 22,921 13,473 716 816 2,675 2,811 369 383 — 76 Held-to-maturity securities 672 837 — — — — — — 38 42 Subordinate securities held (2) : Trading account assets — — — — 29 — 2 1 49 58 Debt securities carried at fair value — — 13 12 3 5 32 — 55 58 Held-to-maturity securities — — — — — — — — 14 15 Residual interests held — — 3 10 — — — — 10 22 All other assets (3) 17 24 48 56 — 1 194 245 — — Total retained positions $ 24,816 $ 14,918 $ 783 $ 897 $ 2,732 $ 2,831 $ 684 $ 710 $ 265 $ 325 Principal balance outstanding (4) $ 338,751 $ 397,055 $ 18,334 $ 20,167 $ 30,753 $ 32,592 $ 46,313 $ 50,054 $ 30,505 $ 20,593 Consolidated VIEs Maximum loss exposure (1) $ 32,598 $ 38,345 $ 73 $ 77 $ 195 $ 206 $ — $ — $ — $ — On-balance sheet assets Trading account assets $ 911 $ 1,538 $ — $ — $ 29 $ 30 $ — $ — $ — $ — Loans and leases 30,988 36,187 123 130 740 768 — — — — Allowance for loan and lease losses (2 ) (2 ) — — — — — — — — All other assets 701 623 3 6 19 15 — — — — Total assets $ 32,598 $ 38,346 $ 126 $ 136 $ 788 $ 813 $ — $ — $ — $ — On-balance sheet liabilities Long-term debt $ — $ 1 $ 53 $ 56 $ 755 $ 770 $ — $ — $ — $ — All other liabilities 15 — — 3 4 13 — — — — Total liabilities $ 15 $ 1 $ 53 $ 59 $ 759 $ 783 $ — $ — $ — $ — (1) Maximum loss exposure excludes the liability for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For additional information, see Note 7 – Representations and Warranties Obligations and Corporate Guarantees and Note 17 – Mortgage Servicing Rights . (2) As a holder of these securities, the Corporation receives scheduled principal and interest payments. During the three and six months ended June 30, 2015 and 2014 , there were no OTTI losses recorded on those securities classified as AFS debt securities. (3) Not included in the table above are all other assets of $180 million and $635 million , representing the unpaid principal balance of mortgage loans eligible for repurchase from unconsolidated residential mortgage securitization vehicles, principally guaranteed by GNMA, and all other liabilities of $180 million and $635 million , representing the principal amount that would be payable to the securitization vehicles if the Corporation was to exercise the repurchase option, at June 30, 2015 and December 31, 2014 . (4) Principal balance outstanding includes loans the Corporation transferred with which it has continuing involvement, which may include servicing the loans. Home Equity Loans The Corporation retains interests in home equity securitization trusts to which it transferred home equity loans. These retained interests include senior and subordinate securities and residual interests. In addition, the Corporation may be obligated to provide subordinate funding to the trusts during a rapid amortization event. The Corporation typically services the loans in the trusts. Except as described below and in Note 7 – Representations and Warranties Obligations and Corporate Guarantees , the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties. There were no securitizations of home equity loans during the three and six months ended June 30, 2015 and 2014 , and all of the home equity trusts that hold revolving home equity lines of credit have entered the rapid amortization phase. The table below summarizes select information related to home equity loan securitization trusts in which the Corporation held a variable interest at June 30, 2015 and December 31, 2014 . Home Equity Loan VIEs June 30, 2015 December 31, 2014 (Dollars in millions) Consolidated Unconsolidated Total Consolidated Unconsolidated Total Maximum loss exposure (1) $ 880 $ 4,928 $ 5,808 $ 991 $ 5,224 $ 6,215 On-balance sheet assets Trading account assets $ — $ 69 $ 69 $ — $ 14 $ 14 Debt securities carried at fair value — 114 114 — 39 39 Loans and leases 891 — 891 1,014 — 1,014 Allowance for loan and lease losses (50 ) — (50 ) (56 ) — (56 ) All other assets 39 — 39 33 — 33 Total $ 880 $ 183 $ 1,063 $ 991 $ 53 $ 1,044 On-balance sheet liabilities Long-term debt $ 933 $ — $ 933 $ 1,076 $ — $ 1,076 Total $ 933 $ — $ 933 $ 1,076 $ — $ 1,076 Principal balance outstanding $ 891 $ 5,869 $ 6,760 $ 1,014 $ 6,362 $ 7,376 (1) For unconsolidated VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves, and excludes the liability for representations and warranties obligations and corporate guarantees. The maximum loss exposure in the table above includes the Corporation's obligation to provide subordinate funding to the consolidated and unconsolidated home equity loan securitizations that have entered a rapid amortization period. During this period, cash payments from borrowers are accumulated to repay outstanding debt securities and the Corporation continues to make advances to borrowers when they draw on their lines of credit. At June 30, 2015 and December 31, 2014 , home equity loan securitizations in rapid amortization for which the Corporation has a subordinate funding obligation, including both consolidated and unconsolidated trusts, had $5.7 billion and $6.3 billion of trust certificates outstanding. This amount is significantly greater than the amount the Corporation expects to fund. The charges that will ultimately be recorded as a result of the rapid amortization events depend on the undrawn available credit on the home equity lines, which totaled $27 million and $39 million at June 30, 2015 and December 31, 2014 , as well as performance of the loans, the amount of subsequent draws and the timing of related cash flows. Credit Card Securitizations The Corporation securitizes originated and purchased credit card loans. The Corporation's continuing involvement with the securitization trust includes servicing the receivables, retaining an undivided interest (seller's interest) in the receivables, and holding certain retained interests including senior and subordinate securities, subordinate interests in accrued interest and fees on the securitized receivables, and cash reserve accounts. The seller's interest in the trust, which is pari passu to the investors' interest, is classified in loans and leases. The table below summarizes select information related to consolidated credit card securitization trusts in which the Corporation held a variable interest at June 30, 2015 and December 31, 2014 . Credit Card VIEs (Dollars in millions) June 30 December 31 Consolidated VIEs Maximum loss exposure $ 38,292 $ 43,139 On-balance sheet assets Loans and leases (1) $ 49,311 $ 53,068 Allowance for loan and lease losses (1,654 ) (1,904 ) All other assets (2) 1,365 392 Total assets $ 49,022 $ 51,556 On-balance sheet liabilities Long-term debt $ 10,689 $ 8,401 All other liabilities 41 16 Total liabilities $ 10,730 $ 8,417 (1) At June 30, 2015 and December 31, 2014 , loans and leases included $29.2 billion and $36.9 billion of seller's interest. (2) At June 30, 2015 and December 31, 2014 , all other assets included restricted cash, certain short-term investments, and unbilled accrued interest and fees. During the three and six months ended June 30, 2015 , $1.2 billion and $2.3 billion of new senior debt securities were issued to third-party investors from the credit card securitization trust compared to $1.3 billion and $3.0 billion for the same periods in 2014 . The Corporation held subordinate securities issued by the credit card securitization trust with a notional principal amount of $7.7 billion and $7.4 billion at June 30, 2015 and December 31, 2014 . These securities serve as a form of credit enhancement to the senior debt securities and have a stated interest rate of zero percent . There were $194 million and $371 million of these subordinate securities issued during the three and six months ended June 30, 2015 compared to $202 million and $484 million for the same periods in 2014 . Other Asset-backed Securitizations Other asset-backed securitizations include resecuritization trusts, municipal bond trusts, and automobile and other securitization trusts. The table below summarizes select information related to other asset-backed securitizations in which the Corporation held a variable interest at June 30, 2015 and December 31, 2014 . Other Asset-backed VIEs Resecuritization Trusts Municipal Bond Trusts Automobile and Other (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure $ 7,666 $ 8,569 $ 1,755 $ 2,100 $ 67 $ 77 On-balance sheet assets Senior securities held (1, 2) : Trading account assets $ 1,199 $ 767 $ 2 $ 25 $ — $ 6 Debt securities carried at fair value 5,614 6,945 — — 57 61 Held-to-maturity securities 710 740 — — — — Subordinate securities held (1, 2) : Trading account assets 73 37 — — — — Debt securities carried at fair value 70 73 — — — — Residual interests held (3) — 7 — — — — All other assets — — — — 10 10 Total retained positions $ 7,666 $ 8,569 $ 2 $ 25 $ 67 $ 77 Total assets of VIEs (4) $ 33,339 $ 28,065 $ 2,781 $ 3,314 $ 440 $ 1,276 Consolidated VIEs Maximum loss exposure $ 439 $ 654 $ 1,682 $ 2,440 $ — $ 92 On-balance sheet assets Trading account assets $ 666 $ 1,295 $ 1,693 $ 2,452 $ — $ — Loans held-for-sale — — — — — 555 All other assets — — 1 — — 54 Total assets $ 666 $ 1,295 $ 1,694 $ 2,452 $ — $ 609 On-balance sheet liabilities Short-term borrowings $ — $ — $ 358 $ 1,032 $ — $ — Long-term debt 227 641 12 12 — 516 All other liabilities — — — — — 1 Total liabilities $ 227 $ 641 $ 370 $ 1,044 $ — $ 517 (1) As a holder of these securities, the Corporation receives scheduled principal and interest payments. During the three and six months ended June 30, 2015 and 2014 , there were no OTTI losses recorded on those securities classified as AFS debt securities. (2) The retained senior and subordinate securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy). (3) The retained residual interests are carried at fair value which was derived using model valuations (Level 2 of the fair value hierarchy). (4) Total assets include loans the Corporation transferred with which the Corporation has continuing involvement, which may include servicing the loan. Resecuritization Trusts The Corporation transfers existing securities, typically MBS, into resecuritization vehicles at the request of customers seeking securities with specific characteristics. The Corporation may also resecuritize securities within its investment portfolio for purposes of improving liquidity and capital, and managing credit or interest rate risk. Generally, there are no significant ongoing activities performed in a resecuritization trust and no single investor has the unilateral ability to liquidate the trust. The Corporation resecuritized $6.9 billion and $13.0 billion of securities during the three and six months ended June 30, 2015 compared to $3.9 billion and $6.1 billion for the same periods in 2014 . Securities transferred into resecuritization vehicles during the three and six months ended June 30, 2015 and 2014 were classified as trading account assets. As such, changes in fair value were recorded in trading account profits prior to the resecuritization and no gain or loss on sale was recorded. Municipal Bond Trusts The Corporation administers municipal bond trusts that hold highly-rated, long-term, fixed-rate municipal bonds. The trusts obtain financing by issuing floating-rate trust certificates that reprice on a weekly or other short-term basis to third-party investors. The Corporation may transfer assets into the trusts and may also serve as remarketing agent and/or liquidity provider for the trusts. The floating-rate investors have the right to tender the certificates at specified dates. Should the Corporation be unable to remarket the tendered certificates, it may be obligated to purchase them at par under standby liquidity facilities. The Corporation also provides credit enhancement to investors in certain municipal bond trusts whereby the Corporation guarantees the payment of interest and principal on floating-rate certificates issued by these trusts in the event of default by the issuer of the underlying municipal bond. The Corporation's liquidity commitments to unconsolidated municipal bond trusts, including those for which the Corporation was transferor, totaled $1.8 billion and $2.1 billion at June 30, 2015 and December 31, 2014 . The weighted-average remaining life of bonds held in the trusts at June 30, 2015 was 7.1 years. There were no material write-downs or downgrades of assets or issuers during the three and six months ended June 30, 2015 and 2014 . Automobile and Other Securitization Trusts The Corporation transfers automobile and other loans into securitization trusts, typically to improve liquidity or manage credit risk. At June 30, 2015 and December 31, 2014 , the Corporation serviced assets or otherwise had continuing involvement with automobile and other securitization trusts with outstanding balances of $440 million and $1.9 billion , including trusts collateralized by automobile loans of $238 million and $400 million , student loans of $0 and $609 million , and other loans of $202 million and $876 million . Other Variable Interest Entities The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at June 30, 2015 and December 31, 2014 . Other VIEs June 30, 2015 December 31, 2014 (Dollars in millions) Consolidated Unconsolidated Total Consolidated Unconsolidated Total Maximum loss exposure $ 6,632 $ 10,769 $ 17,401 $ 7,981 $ 12,391 $ 20,372 On-balance sheet assets Trading account assets $ 1,564 $ 324 $ 1,888 $ 1,575 $ 355 $ 1,930 Debt securities carried at fair value — 165 165 — 483 483 Loans and leases 3,414 2,339 5,753 4,020 2,693 6,713 Allowance for loan and lease losses (5 ) — (5 ) (6 ) — (6 ) Loans held-for-sale 413 261 674 1,267 814 2,081 All other assets 1,553 6,500 8,053 1,646 6,658 8,304 Total $ 6,939 $ 9,589 $ 16,528 $ 8,502 $ 11,003 $ 19,505 On-balance sheet liabilities Long-term debt (1) $ 1,802 $ — $ 1,802 $ 1,834 $ — $ 1,834 All other liabilities 49 2,534 2,583 105 2,643 2,748 Total $ 1,851 $ 2,534 $ 4,385 $ 1,939 $ 2,643 $ 4,582 Total assets of VIEs $ 6,939 $ 38,761 $ 45,700 $ 8,502 $ 41,467 $ 49,969 (1) Includes $780 million and $722 million of long-term debt at June 30, 2015 and $780 million and $584 million of long-term debt at December 31, 2014 issued by consolidated investment vehicles and customer vehicles, respectively, which has recourse to the general credit of the Corporation. Customer Vehicles Customer vehicles include credit-linked, equity-linked and commodity-linked note vehicles, repackaging vehicles, and asset acquisition vehicles, which are typically created on behalf of customers who wish to obtain market or credit exposure to a specific company, index, commodity or financial instrument. The Corporation may transfer assets to and invest in securities issued by these vehicles. The Corporation typically enters into credit, equity, interest rate, commodity or foreign currency derivatives to synthetically create or alter the investment profile of the issued securities. The Corporation's maximum loss exposure to consolidated and unconsolidated customer vehicles totaled $3.4 billion and $4.7 billion at June 30, 2015 and December 31, 2014 , including the notional amount of derivatives to which the Corporation is a counterparty, net of losses previously recorded, and the Corporation's investment, if any, in securities issued by the vehicles. The maximum loss exposure has not been reduced to reflect the benefit of offsetting swaps with the customers or collateral arrangements. The Corporation also had liquidity commitments, including written put options and collateral value guarantees, with certain unconsolidated vehicles of $655 million and $658 million at June 30, 2015 and December 31, 2014 , that are included in the table above. Collateralized Debt Obligation Vehicles The Corporation receives fees for structuring CDO vehicles, which hold diversified pools of fixed-income securities, typically corporate debt or ABS, which they fund by issuing multiple tranches of debt and equity securities. Synthetic CDOs enter into a portfolio of CDS to synthetically create exposure to fixed-income securities. CLOs, which are a subset of CDOs, hold pools of loans, typically corporate loans. CDOs are typically managed by third-party portfolio managers. The Corporation typically transfers assets to these CDOs, holds securities issued by the CDOs and may be a derivative counterparty to the CDOs, including a CDS counterparty for synthetic CDOs. The Corporation has also entered into total return swaps with certain CDOs whereby the Corporation absorbs the economic returns generated by specified assets held by the CDO. The Corporation's maximum loss exposure to consolidated and unconsolidated CDOs totaled $628 million and $780 million at June 30, 2015 and December 31, 2014 . This exposure is calculated on a gross basis and does not reflect any benefit from insurance purchased from third parties. At June 30, 2015 , the Corporation had $998 million of aggregate liquidity exposure, included in the Other VIEs table net of previously recorded losses, to unconsolidated CDOs which hold senior CDO debt securities or other debt securities on the Corporation's behalf. For additional information, see Note 10 – Commitments and Contingencies . Investment Vehicles The Corporation sponsors, invests in or provides financing, which may be in connection with the sale of assets, to a variety of investment vehicles that hold loans, real estate, debt securities or other financial instruments and are designed to provide the desired investment profile to investors or the Corporation. At June 30, 2015 and December 31, 2014 , the Corporation's consolidated investment vehicles had total assets of $1.2 billion and $1.1 billion . The Corporation also held investments in unconsolidated vehicles with total assets of $9.8 billion and $11.2 billion at June 30, 2015 and December 31, 2014 . The Corporation's maximum loss exposure associated with both consolidated and unconsolidated investment vehicles totaled $3.9 billion and $5.1 billion at June 30, 2015 and December 31, 2014 comprised primarily of on-balance sheet assets less non-recourse liabilities. The Corporation transferred servicing advance receivables to independent third parties in connection with the sale of MSRs. Portions of the receivables were transferred into unconsolidated securitization trusts. The Corporation retained senior interests in such receivables with a maximum loss exposure and funding obligation of $250 million and $660 million , including a funded balance of $138 million and $431 million at June 30, 2015 and December 31, 2014 , which were classified in other debt securities carried at fair value. Leveraged Lease Trusts The Corporation's net investment in consolidated leveraged lease trusts totaled $3.1 billion and $3.3 billion at June 30, 2015 and December 31, 2014 . The trusts hold long-lived equipment such as rail cars, power generation and distribution equipment, and commercial aircraft. The Corporation structures the trusts and holds a significant residual interest. The net investment represents the Corporation's maximum loss exposure to the trusts in the unlikely event that the leveraged lease investments become worthless. Debt issued by the leveraged lease trusts is non-recourse to the Corporation. Real Estate Vehicles The Corporation held investments in unconsolidated real estate vehicles with total assets of $6.2 billion at both June 30, 2015 and December 31, 2014 , which primarily consisted of investments in unconsolidated limited partnerships that finance the construction and rehabilitation of affordable rental housing and commercial real estate. An unrelated third party is typically the general partner and has control over the significant activities of the partnership. The Corporation earns a return primarily through the receipt of tax credits allocated to the real estate projects. The Corporation's risk of loss is mitigated by policies requiring that the project qualify for the expected tax credits prior to making its investment. The Corporation may from time to time be asked to invest additional amounts to support a troubled project. Such additional investments have not been and are not expected to be significant. |
Representations and Warranties
Representations and Warranties Obligations and Corporate Guarantees | 6 Months Ended |
Jun. 30, 2015 | |
Representations and Warranties Obligations and Corporate Guarantees [Abstract] | |
Representations and Warranties Obligations and Corporate Guarantees | NOTE 7 – Representations and Warranties Obligations and Corporate Guarantees Background The Corporation securitizes first-lien residential mortgage loans generally in the form of RMBS guaranteed by the GSEs or by GNMA in the case of FHA-insured, VA-guaranteed and Rural Housing Service-guaranteed mortgage loans, and sells pools of first-lien residential mortgage loans in the form of whole loans. In addition, in prior years, legacy companies and certain subsidiaries sold pools of first-lien residential mortgage loans and home equity loans as private-label securitizations (in certain of these securitizations, monoline insurers or other financial guarantee providers insured all or some of the securities) or in the form of whole loans. In connection with these transactions, the Corporation or certain of its subsidiaries or legacy companies made various representations and warranties. These representations and warranties, as set forth in the agreements, related to, among other things, the ownership of the loan, the validity of the lien securing the loan, the absence of delinquent taxes or liens against the property securing the loan, the process used to select the loan for inclusion in a transaction, the loan's compliance with any applicable loan criteria, including underwriting standards, and the loan's compliance with applicable federal, state and local laws. Breaches of these representations and warranties have resulted in and may continue to result in the requirement to repurchase mortgage loans or to otherwise make whole or provide other remedies to the GSEs, U.S. Department of Housing and Urban Development (HUD) with respect to FHA-insured loans, VA, whole-loan investors, securitization trusts, monoline insurers or other financial guarantors as applicable (collectively, repurchases). In all such cases, subsequent to repurchasing the loan, the Corporation would be exposed to any credit loss on the repurchased mortgage loans after accounting for any mortgage insurance (MI) or mortgage guarantee payments that it may receive. Subject to the requirements and limitations of the applicable sales and securitization agreements, including the applicable statute of limitations for contractual claims, these representations and warranties can be enforced by the GSEs, HUD, VA, the whole-loan investor, the securitization trustee or others as provided by the applicable agreement or, in certain first-lien and home equity securitizations where monoline insurers or other financial guarantee providers have insured all or some of the securities issued, by the monoline insurer or other financial guarantor, where the contract so provides. In the case of private-label securitizations, the applicable agreements may permit investors, which in some instances include the GSEs, with sufficient holdings to direct or influence action by the securitization trustee. In the case of loans sold to parties other than the GSEs or GNMA, the contractual liability to repurchase typically arises only if there is a breach of the representations and warranties that materially and adversely affects the interest of the investor, or investors, or of the monoline insurer or other financial guarantor (as applicable) in the loan. Contracts with the GSEs do not contain equivalent language. The Corporation believes that the longer a loan performs prior to default, the less likely it is that an alleged underwriting breach of representations and warranties would have a material impact on the loan's performance. Currently, the volume of unresolved repurchase claims from the FHA and VA for loans in GNMA-guaranteed securities is not significant because the claims are typically resolved promptly. New York Court Decision on Statute of Limitations On June 11, 2015, the New York Court of Appeals, New York's highest appellate court , issued its opinion in ACE Securities Corp. v. DB Structured Products, Inc. (ACE), holding that, under New York law the six -year statute of limitations starts to run at the time the representations and warranties are made , not the date when the repurchase demand was denied. In addition, the Court of Appeals held that compliance with the contractual notice and cure period was a pre-condition to filing suit, and claims that did not comply with such contractual requirements prior to the expiration of the statute of limitations period were invalid. While no entity affiliated with the Corporation was a party to this litigation, the vast majority of the private-label RMBS trusts into which entities affiliated with the Corporation sold loans and made representations and warranties are governed by New York law, and the ACE decision should therefore apply to representations and warranties claims and litigation brought on those RMBS trusts. A significant number of representations and warranties claims and lawsuits brought against the Corporation have involved or may involve claims where the statute of limitations has expired under the ACE decision and are therefore time-barred. The Corporation treats time-barred claims as resolved and no longer outstanding; however, while post-ACE case law is in very early stages, investors or trustees may seek to distinguish certain aspects of the ACE ruling or to assert other claims seeking to avoid the impact of the ACE ruling. The impact on the Corporation, if any, of such claims is unclear at this time. For more information on repurchase demands, see Unresolved Repurchase Claims in this Note. The liability for representations and warranties exposures and the corresponding estimated range of possible loss are based upon currently available information, significant judgment, and a number of factors and assumptions, including those discussed in Liability for Representations and Warranties and Corporate Guarantees in this Note, that are subject to change. Changes to any one of these factors could significantly impact the liability for representations and warranties exposures and the corresponding estimated range of possible loss and could have a material adverse impact on the Corporation's results of operations for any particular period. Given that these factors vary by counterparty, the Corporation analyzes representations and warranties obligations based on the specific counterparty, or type of counterparty, with whom the sale was made. For additional information, see Note 7 – Representations and Warranties Obligations and Corporate Guarantees to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Settlement Actions The Corporation has vigorously contested any request for repurchase where it has concluded that a valid basis for repurchase does not exist and will continue to do so in the future. However, in an effort to resolve legacy mortgage-related issues, the Corporation has reached bulk settlements, including various settlements with the GSEs, and including settlement amounts which have been significant, with counterparties in lieu of a loan-by-loan review process. These bulk settlements generally did not cover all transactions with the relevant counterparties or all potential claims that may arise, including in some instances securities law, fraud and servicing claims, which may be addressed separately. The Corporation's liability in connection with the transactions and claims not covered by these settlements could be material to the Corporation's results of operations or cash flows for any particular reporting period. The Corporation may reach other settlements in the future if opportunities arise on terms it believes to be advantageous. However, there can be no assurance that the Corporation will reach future settlements or, if it does, that the terms of past settlements can be relied upon to predict the terms of future settlements. The following provides a summary of the settlement with Bank of New York Mellon (BNY Mellon), which remains subject to the satisfaction of certain conditions. For a discussion of other large settlement actions entered into by the Corporation in recent years, see Note 7 – Representations and Warranties Obligations and Corporate Guarantees to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Settlement with the Bank of New York Mellon, as Trustee On March 5, 2015, the New York Appellate Division, First Department issued an order unanimously approving the BNY Mellon Settlement in all respects. The deadline for further appeal has passed. On April 22, 2015, the New York County Supreme Court entered final judgment approving the settlement. The BNY Mellon Settlement remains subject to certain conditions, including that an Internal Revenue Service private letter ruling be obtained confirming that the settlement will not impact the real estate mortgage investment conduit tax status of the trusts and that certain state tax opinions be obtained. If those conditions are not satisfied by December 31, 2015, the Corporation and Countrywide may withdraw from the BNY Mellon Settlement, if the Trustee consents. If the conditions are not satisfied, or if the Corporation and Countrywide withdraw from the BNY Mellon Settlement in accordance with its terms, the Corporation's future representations and warranties losses could be substantially different from existing accruals and the estimated range of possible loss over existing accruals described under Private-label Securitizations and Whole-loan Sales Experience in this Note. For a description of the BNY Mellon Settlement, see Note 7 – Representations and Warranties Obligations and Corporate Guarantees to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K and Note 7 – Representations and Warranties Obligations and Corporate Guarantees of the Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015 . Unresolved Repurchase Claims Unresolved representations and warranties repurchase claims represent the notional amount of repurchase claims made by counterparties, typically the outstanding principal balance or the unpaid principal balance at the time of default . In the case of first-lien mortgages, the claim amount is often significantly greater than the expected loss amount due to the benefit of collateral and, in some cases , MI or mortgage guarantee payments. Claims received from a counterparty remain outstanding until the underlying loan is repurchased, the claim is rescinded by the counterparty, the Corporation determines that the applicable statute of limitations has expired (beginning in this quarter, this is determined, where applicable, in accordance with the ACE decision), or representations and warranties claims with respect to the applicable trust are settled, and fully and finally released. When a claim is denied and the Corporation does not receive a response from the counterparty, the claim remains in the unresolved repurchase claims balance until resolution in one of the ways described above . Certain of the claims that have been received are duplicate claims which represent more than one claim outstanding related to a particular loan, typically as the result of bulk claims submitted without individual file reviews. The table below presents unresolved repurchase claims at June 30, 2015 and December 31, 2014 . The unresolved repurchase claims include only claims where the Corporation believes that the counterparty has the contractual right to submit claims. For additional information, see Private-label Securitizations and Whole-loan Sales Experience in this Note . Unresolved Repurchase Claims by Counterparty and Product Type (Dollars in millions) June 30 December 31 2014 (1) By counterparty Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other (2, 3) $ 19,431 $ 24,489 Monolines (4) 1,631 1,546 GSEs 31 59 Total gross claims (3) 21,093 26,094 Duplicate claims (5) (2,622 ) (3,248 ) Total unresolved repurchase claims by counterparty, net of duplicate claims $ 18,471 $ 22,846 By product type Prime loans $ 200 $ 587 Alt-A 1,208 2,397 Home equity 2,195 2,485 Pay option 4,986 6,294 Subprime 12,495 14,121 Other 9 210 Total (3) 21,093 26,094 Duplicate claims (5) (2,622 ) (3,248 ) Total unresolved repurchase claims by product type, net of duplicate claims $ 18,471 $ 22,846 (1) The December 31, 2014 amounts have been updated to reflect additional claims submitted from a single monoline, currently pursuing litigation, served in the fourth quarter of 2014, and addressed by the Corporation in 2015 pursuant to an existing litigation schedule. For more information on bond insurance litigation, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . (2) The total notional amount of unresolved repurchase claims does not include repurchase claims related to the trusts covered by the BNY Mellon Settlement. (3) Includes $12.0 billion and $14.1 billion of claims based on individual file reviews and $7.4 billion and $10.4 billion of claims submitted without individual file reviews at June 30, 2015 and December 31, 2014 . (4) At June 30, 2015 , substantially all of the unresolved monoline claims are currently the subject of litigation with a single monoline insurer and predominately pertain to second-lien loans. (5) Represents more than one claim outstanding related to a particular loan, typically as the result of bulk claims submitted without individual file reviews. The June 30, 2015 and December 31, 2014 amounts include approximately $2.5 billion and $2.9 billion of duplicate claims related to private-label investors submitted without individual loan file reviews. During the three and six months ended June 30, 2015 , the Corporation received $224 million and $3.6 billion in new repurchase claims, primarily $3.2 billion in claims submitted without individual loan file reviews. During the three and six months ended June 30, 2015 , $7.3 billion and $7.5 billion in claims, net of duplicate claims, were resolved, including $7.1 billion which are deemed resolved as a result of the ACE decision. In addition to the unresolved repurchase claims in the Unresolved Repurchase Claims by Counterparty and Product Type table, the Corporation has received notifications from sponsors of third-party securitizations with whom the Corporation engaged in whole-loan transactions indicating that the Corporation may have indemnity obligations with respect to loans for which the Corporation has not received a repurchase request . These notifications totaled $2.0 billion at both June 30, 2015 and December 31, 2014 . The Corporation has considered this risk in the estimated range of possible loss . The Corporation also from time to time receives correspondence purporting to raise representations and warranties breach issues from entities that do not have contractual standing or ability to bring such claims . The Corporation believes such communications to be procedurally and/or substantively invalid, and generally does not respond . The presence of repurchase claims on a given trust, receipt of notices of indemnification obligations and receipt of other communications, as discussed above, are all factors that inform the Corporation's liability for representations and warranties and the corresponding estimated range of possible loss . Government-sponsored Enterprises Experience As a result of various bulk settlements with the GSEs, the Corporation has resolved substantially all outstanding and potential representations and warranties repurchase claims on whole loans sold by legacy Bank of America and Countrywide to FNMA and FHLMC through June 30, 2012 and December 31, 2009, respectively. After these settlements, the Corporation's exposure to representations and warranties liability for loans originated prior to 2009 and sold to the GSEs is limited to loans with an original principal balance of $18.3 billion and loans with certain characteristics excluded from the settlements that the Corporation does not believe will be material, such as certain specified violations of the GSEs' charters, fraud and title defects. As of June 30, 2015 , of the $18.3 billion , approximately $15.9 billion in principal has been paid and $986 million in principal has defaulted or was severely delinquent. At June 30, 2015 , the notional amount of unresolved repurchase claims submitted by the GSEs was $25 million related to these vintages. Private-label Securitizations and Whole-loan Sales Experience In prior years, legacy companies and certain subsidiaries sold pools of first-lien residential mortgage loans and home equity loans as private-label securitizations or in the form of whole loans. In connection with these transactions, the Corporation or certain of its subsidiaries or legacy companies made various representations and warranties. When the Corporation provided representations and warranties in connection with the sale of whole loans, the whole-loan investors may retain the right to make repurchase claims even when the loans were aggregated with other collateral into private-label securitizations sponsored by the whole-loan investors. In other third-party securitizations, the whole-loan investors' rights to enforce the representations and warranties were transferred to the securitization trustees. Private-label securitization investors generally do not have the contractual right to demand repurchase of loans directly or the right to access loan files directly. In private-label securitizations, the applicable contracts provide that investors must meet certain presentation thresholds to issue a binding direction to a trustee to assert repurchase claims. However, in certain circumstances, the Corporation believes that trustees have presented repurchase claims without requiring investors to meet contractual voting rights thresholds. New private-label claims are primarily related to repurchase requests received from trustees for private-label securitization transactions not included in the BNY Mellon Settlement . At June 30, 2015 and December 31, 2014 , for loans originated between 2004 and 2008 , the notional amount of unresolved repurchase claims, net of duplicate claims, submitted by private-label securitization trustees, whole-loan investors, including third-party securitization sponsors, and others was $16.8 billion and $21.2 billion . These repurchase claims at June 30, 2015 exclude claims in the amount of $7.1 billion , net of duplicate claims, where the statute of limitations has expired without litigation being commenced (beginning in this quarter, this is determined, where applicable, in accordance with the ACE decision). At December 31, 2014 , time-barred claims of $5.2 billion , net of duplicate claims, were included in unresolved repurchase claims . The notional amount of unresolved repurchase claims at both June 30, 2015 and December 31, 2014 includes $3.5 billion of claims, net of duplicate claims, related to loans in specific private-label securitization groups or tranches where the Corporation owns substantially all of the outstanding securities. The decrease in the notional amount of outstanding unresolved repurchase claims, net of duplicate claims, in the three and six months ended June 30, 2015 is primarily due to the impact of the ACE decision. Excluding time-barred claims that were treated as outstanding at December 31, 2014, the remaining outstanding unresolved repurchase claims are driven by: (1) continued submission of claims by private-label securitization trustees, (2) the level of detail, support and analysis accompanying such claims, which impact overall claim quality and, therefore, claims resolution and (3) the lack of an established process to resolve disputes related to these claims . For example, claims submitted without individual file reviews generally lack the level of detail and analysis of individual loans that is necessary to evaluate a claim . The Corporation reviews properly presented repurchase claims on a loan-by-loan basis. Claims that are time-barred under the ACE decision are treated as resolved. If, after the Corporation's review of timely claims, it does not believe a claim is valid, it will deny the claim and generally indicate a reason for the denial. When the counterparty agrees with the Corporation's denial of the claim, the counterparty may rescind the claim. When there is disagreement as to the resolution of the claim, meaningful dialogue and negotiation between the parties are generally necessary to reach a resolution on an individual claim. When a claim has been denied and the Corporation does not hear from the counterparty for six months, the Corporation views these claims as inactive; however, they remain in the outstanding claims balance until resolution in one of the manners described above. In the case of private-label securitization trustees and third-party sponsors, there is currently no established process in place for the parties to reach a conclusion on an individual loan if there is a disagreement on the resolution of the claim. The Corporation has performed an initial review with respect to substantially all of these claims and, although the Corporation does not believe a valid basis for repurchase has been established by the claimant, it considers such claims activity in the computation of its liability for representations and warranties. Parties seeking to pursue claims and/or lawsuits with respect to trusts where the statute of limitations for representations and warranties claims against the sponsor has expired may pursue other claims against the sponsor and/or assert claims against other contractual parties. For example, institutional investors have filed lawsuits against trustees based upon alleged contractual, statutory and tort theories of liability and alleging failure to pursue representations and warranties claims and servicer defaults. The impact on the Corporation, if any, of such legal theories or claims is unclear at this time. Monoline Insurers Experience For a description of the Corporation's experience with monoline insurers, see Note 7 – Representations and Warranties Obligations and Corporate Guarantees and Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Open Mortgage Insurance Rescission Notices In addition to repurchase claims, the Corporation receives notices from mortgage insurance companies of claim denials, cancellations or coverage rescission (collectively, MI rescission notices). For more information, see Note 7 – Representations and Warranties Obligations and Corporate Guarantees to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Liability for Representations and Warranties and Corporate Guarantees The liability for representations and warranties and corporate guarantees is included in accrued expenses and other liabilities on the Consolidated Balance Sheet and the related provision is included in mortgage banking income in the Consolidated Statement of Income . The liability for representations and warranties is established when those obligations are both probable and reasonably estimable. The Corporation's liability and corresponding estimated range of possible loss at June 30, 2015 for obligations under representations and warranties given to the GSEs considers a number of factors. These include the Corporation's experience related to actual defaults, projected future defaults, historical loss experience, estimated home prices and other economic conditions. In addition, the liability for representations and warranties and corporate guarantees and corresponding estimated range of possible loss consider such factors as the number of payments made by the borrower prior to default as well as certain other assumptions and judgmental factors. The Corporation's non-GSE representations and warranties liability and the corresponding estimated range of possible loss at June 30, 2015 considers, among other things, implied repurchase experience based on the BNY Mellon Settlement, adjusted to reflect differences between the trusts covered by the settlement and the remainder of the population of private-label securitizations where the statute of limitations for representations and warranties claims has not expired, and assumes that, for those trusts where timely representations and warranties claims exist or are still possible, the conditions to the BNY Mellon Settlement will be met. Since the securitization trusts that were included in the BNY Mellon Settlement differ from those that were not included in the BNY Mellon Settlement, the Corporation adjusted the repurchase experience implied in the settlement in order to determine the non-GSE representations and warranties liability and the corresponding estimated range of possible loss. The judgmental adjustments made include consideration of the differences in the mix of products in the subject securitizations, loan originator, likelihood of claims expected, the differences in the number of payments that the borrower has made prior to default and the sponsor of the securitizations. Where relevant, the Corporation also considers more recent experience, such as claim activity, notification of potential indemnification obligations, its experience with various counterparties, the ACE decision summarized above and other facts and circumstances, such as bulk settlements, as the Corporation believes appropriate. A factor that impacts the non-GSE representations and warranties liability and the portion of the estimated range of possible loss corresponding to non-GSE representations and warranties exposures is the likelihood that timely claims will be presented, which is impacted by a number of factors, including whether the applicable statute of limitations has lapsed, as well as the contractual provisions that investors meet certain presentation thresholds under the non-GSE securitization agreements. A securitization trustee may investigate or demand repurchase on its own action, and most agreements contain a presentation threshold, for example 25 percent of the voting rights per trust, that allows investors to declare a servicing event of default under certain circumstances or to request certain action, such as requesting loan files, that the trustee may choose to accept and follow, exempt from liability, provided the trustee is acting in good faith. If there is an uncured servicing event of default and the trustee fails to bring suit during a 60-day period, then, under most agreements, investors may file suit. In addition to this, most agreements allow investors to direct the securitization trustee to investigate loan files or demand the repurchase of loans if security holders hold a specified percentage, for example, 25 percent , of the voting rights of each tranche of the outstanding securities. However, in certain circumstances, the Corporation believes that trustees have presented repurchase claims without requiring investors to meet contractual voting rights thresholds. The population of private-label securitizations included in the BNY Mellon Settlement encompasses almost all Countrywide first-lien private-label securitizations including loans originated principally between 2004 and 2008 . For the remainder of the population of private-label securitizations, claimants have come forward on certain securitizations and the Corporation believes it is probable that other claimants may continue to come forward with claims that meet the contractual requirements of other securitizations. For more information on the representations and warranties liability and the corresponding estimated range of possible loss, see Estimated Range of Possible Loss in this Note. The table below presents a rollforward of the liability for representations and warranties and corporate guarantees. Representations and Warranties and Corporate Guarantees Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Liability for representations and warranties and corporate guarantees, beginning of period $ 11,992 $ 13,411 $ 12,081 $ 13,282 Additions for new sales 2 2 3 5 Net reductions (233 ) (1,417 ) (407 ) (1,469 ) Provision (benefit) (205 ) 88 (121 ) 266 Liability for representations and warranties and corporate guarantees, June 30 $ 11,556 $ 12,084 $ 11,556 $ 12,084 The representations and warranties liability represents the Corporation's best estimate of probable incurred losses as of June 30, 2015 . However, it is reasonably possible that future representations and warranties losses may occur in excess of the amounts recorded for these exposures. The benefit in the provision for representations and warranties for the three and six months compared to a provision in the same periods in 2014 was primarily driven by the impact of the ACE decision , as time-barred claims are now treated as resolved . Estimated Range of Possible Loss The Corporation currently estimates that the range of possible loss for representations and warranties exposures could be up to $2 billion over existing accruals at June 30, 2015 compared to up to $4 billion at March 31, 2015 . The decrease in the estimated range of possible loss is primarily driven by the impact of the ACE decision on the Corporation's estimate of ongoing representations and warranties risk . The Corporation treats claims that are time-barred under the ACE decision as resolved and no longer considers such claims in the estimated range of possible loss. The estimated range of possible loss reflects principally non-GSE exposures. It represents a reasonably possible loss, but does not represent a probable loss, and is based on currently available information, significant judgment and a number of assumptions that are subject to change. The liability for representations and warranties exposures and the corresponding estimated range of possible loss do not consider losses related to servicing (except as such losses are included as potential costs of the BNY Mellon Settlement), including foreclosure and related costs, fraud, indemnity, or claims (including for RMBS) related to securities law or monoline insurance litigation. Losses with respect to one or more of these matters could be material to the Corporation's results of operations or cash flows for any particular reporting period. Future provisions and/or ranges of possible loss for representations and warranties may be significantly impacted if actual experiences are different from the Corporation's assumptions in predictive models, including, without limitation, ultimate resolution of the BNY Mellon Settlement, the actual repurchase rates on loans in trusts not settled as part of the BNY Mellon settlement which may be different than the implied repurchase experience, estimated MI rescission rates, economic conditions, estimated home prices, consumer and counterparty behavior, the applicable statute of limitations, potential indemnity obligations to third parties to whom the Corporation has sold loans subject to representations and warranties and a variety of other judgmental factors. Adverse developments with respect to one or more of the assumptions underlying the liability for representations and warranties and the corresponding estimated range of possible loss could result in significant increases to future provisions and/or the estimated range of possible loss. Finally, although the Corporation believes that the representations and warranties typically given in non-GSE transactions are less rigorous than those given in GSE transactions, the Corporation does not have sufficient experience resolving loan-level claims in non-GSE transactions to measure the impact of these differences on the probability that a loan will be required to be repurchased. Cash Payments The Loan Repurchases and Indemnification Payments table presents first-lien and home equity loan repurchases and indemnification payments made by the Corporation to reimburse the investor or securitization trust for losses they incurred, and to resolve repurchase claims. Cash paid for loan repurchases includes the unpaid principal balance of the loan plus past due interest. The amount of loss for loan repurchases is reduced by the fair value of the underlying loan collateral. The repurchase of loans and indemnification payments related to first-lien and home equity repurchase claims generally resulted from material breaches of representations and warranties related to the loans' material compliance with the |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 8 – Goodwill and Intangible Assets Goodwill The table below presents goodwill balances by business segment at June 30, 2015 and December 31, 2014 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. For additional information, see Note 8 – Goodwill and Intangible Assets to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Goodwill (Dollars in millions) June 30 December 31 Consumer Banking $ 30,123 $ 30,123 Global Wealth & Investment Management 9,698 9,698 Global Banking 23,923 23,923 Global Markets 5,197 5,197 All Other 834 836 Total goodwill $ 69,775 $ 69,777 There was no goodwill in LAS at June 30, 2015 and December 31, 2014 . Intangible Assets The table below presents the gross carrying value and accumulated amortization for intangible assets at June 30, 2015 and December 31, 2014 . Intangible Assets (1, 2) June 30, 2015 December 31, 2014 (Dollars in millions) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Purchased credit card relationships $ 5,512 $ 4,672 $ 840 $ 5,504 $ 4,527 $ 977 Core deposit intangibles 1,779 1,445 334 1,779 1,382 397 Customer relationships 4,025 2,822 1,203 4,025 2,648 1,377 Affinity relationships 1,566 1,325 241 1,565 1,283 282 Other intangibles 2,045 475 1,570 2,045 466 1,579 Total intangible assets $ 14,927 $ 10,739 $ 4,188 $ 14,918 $ 10,306 $ 4,612 (1) Excludes fully amortized intangible assets. (2) At June 30, 2015 and December 31, 2014 , none of the intangible assets were impaired. The table below presents intangible asset amortization expense for the three and six months ended June 30, 2015 and 2014 . Amortization Expense Three Months Ended Six Months Ended (Dollars in millions) 2015 2014 2015 2014 Purchased credit card and affinity relationships $ 89 $ 102 $ 178 $ 207 Core deposit intangibles 31 36 63 72 Customer relationships 87 91 174 182 Other intangibles 5 6 10 13 Total amortization expense $ 212 $ 235 $ 425 $ 474 The table below presents estimated future intangible asset amortization expense as of June 30, 2015 . Estimated Future Amortization Expense (Dollars in millions) Remainder of 2015 2016 2017 2018 2019 2020 Purchased credit card and affinity relationships $ 179 $ 299 $ 239 $ 180 $ 121 $ 62 Core deposit intangibles 60 104 90 80 — — Customer relationships 166 325 310 302 — — Other intangibles 5 9 6 4 2 — Total estimated future amortization expense $ 410 $ 737 $ 645 $ 566 $ 123 $ 62 |
Federal Funds Sold or Purchased
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings | 6 Months Ended |
Jun. 30, 2015 | |
Federal Funds Sold, Securities Borrowed or Purchased Under Agreements to Resell and Short-term Borrowings [Abstract] | |
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings | NOTE 9 – Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings The table below presents federal funds sold or purchased, securities financing agreements, which include securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase, and short-term borrowings. Three Months Ended June 30 Six Months Ended June 30 Amount Rate Amount Rate (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 Average during period Federal funds sold and securities borrowed or purchased under agreements to resell $ 214,326 $ 235,393 0.50 % 0.51 % $ 214,130 $ 224,012 0.47 % 0.51 % Federal funds purchased and securities loaned or sold under agreements to repurchase $ 219,946 $ 222,524 1.03 % 1.10 % $ 217,348 $ 213,714 0.97 % 1.07 % Short-term borrowings 32,142 48,723 1.49 1.26 30,785 48,447 1.48 1.01 Total $ 252,088 $ 271,247 1.09 1.13 $ 248,133 $ 262,161 1.03 1.06 Maximum month-end balance during period Federal funds sold and securities borrowed or purchased under agreements to resell $ 224,701 $ 240,122 $ 226,502 $ 240,122 Federal funds purchased and securities loaned or sold under agreements to repurchase $ 227,753 $ 240,154 $ 227,753 $ 240,154 Short-term borrowings 39,903 50,071 39,903 51,409 June 30, 2015 December 31, 2014 Amount Rate Amount Rate Period-end Federal funds sold and securities borrowed or purchased under agreements to resell $ 199,903 0.51 % $ 191,823 0.47 % Federal funds purchased and securities loaned or sold under agreements to repurchase $ 213,024 0.92 % $ 201,277 0.98 % Short-term borrowings 39,903 1.18 31,172 1.47 Total $ 252,927 0.95 $ 232,449 1.04 Offsetting of Securities Financing Agreements Substantially all of the Corporation's repurchase and resale activities are transacted under legally enforceable master repurchase agreements that give the Corporation, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Corporation offsets repurchase and resale transactions with the same counterparty on the Consolidated Balance Sheet where it has such a legally enforceable master netting agreement and the transactions have the same maturity date. Substantially all securities borrowing and lending activities are transacted under legally enforceable master securities lending agreements that give the Corporation, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Corporation offsets securities borrowing and lending transactions with the same counterparty on the Consolidated Balance Sheet where it has such a legally enforceable master netting agreement and the transactions have the same maturity date. The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at June 30, 2015 and December 31, 2014 . Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 2 – Derivatives . The "Other" amount in the table, which is included on the Consolidated Balance Sheet in accrued expenses and other liabilities, relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged or sold as collateral. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities. Gross assets and liabilities in the table include activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries and, accordingly, these are reported on a gross basis. The column titled "Financial Instruments" in the table includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to the net balance sheet amount in this table to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is not certain is not included. Securities Financing Agreements June 30, 2015 (Dollars in millions) Gross Assets/Liabilities Amounts Offset Net Balance Sheet Amount Financial Instruments Net Assets/Liabilities Securities borrowed or purchased under agreements to resell (1) $ 337,193 $ (137,290 ) $ 199,903 $ (152,072 ) $ 47,831 Securities loaned or sold under agreements to repurchase $ 350,306 $ (137,290 ) $ 213,016 $ (173,851 ) $ 39,165 Other 12,723 — 12,723 (12,723 ) — Total $ 363,029 $ (137,290 ) $ 225,739 $ (186,574 ) $ 39,165 December 31, 2014 Securities borrowed or purchased under agreements to resell (1) $ 316,567 $ (124,744 ) $ 191,823 $ (145,573 ) $ 46,250 Securities loaned or sold under agreements to repurchase $ 326,007 $ (124,744 ) $ 201,263 $ (164,306 ) $ 36,957 Other 11,641 — 11,641 (11,641 ) — Total $ 337,648 $ (124,744 ) $ 212,904 $ (175,947 ) $ 36,957 (1) Excludes repurchase activity of $9.6 billion and $5.6 billion reported in loans and leases on the Consolidated Balance Sheet at June 30, 2015 and December 31, 2014 . Repurchase Agreements and Securities Loaned Transactions Accounted for as Secured Borrowings The tables below present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. Also included in "Other" are transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged or sold as collateral. Certain agreements contain a right to substitute collateral and/or terminate the agreement prior to maturity at the option of the Corporation or the counterparty. Such agreements are included in the table below based on the remaining contractual term to maturity. At June 30, 2015 , the Corporation had no outstanding repurchase-to-maturity transactions. Remaining Contractual Maturity June 30, 2015 (Dollars in millions) Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days After 90 Days through 1 Year After 1 Year (1) Total Securities sold under agreements to repurchase $ 147,401 $ 86,117 $ 50,447 $ 25,439 $ 500 $ 309,904 Securities loaned 34,615 1,161 2,205 2,229 192 40,402 Other 12,723 — — — — 12,723 Total $ 194,739 $ 87,278 $ 52,652 $ 27,668 $ 692 $ 363,029 (1) No agreements have maturities greater than three years . Class of Collateral Pledged (1) (Dollars in millions) June 30 U.S. government and agency securities $ 148,102 Corporate securities, trading loans and other 13,684 Equity securities 65,018 Non-U.S. sovereign debt 122,694 Mortgage trading loans and ABS 13,531 Total $ 363,029 (1) Amounts represent the carrying value of securities sold under agreements to repurchase and securities loaned by each class of collateral pledged. The Corporation is required to post collateral with a market value equal to or in excess of the principal amount borrowed under repurchase agreements. For securities loaned transactions, the Corporation receives collateral in the form of cash, letters of credit or other securities. To ensure that the market value of the underlying collateral remains sufficient, collateral is generally valued daily and the Corporation may be required to deposit additional collateral or may receive or return collateral pledged when appropriate. Repurchase agreements and securities loaned transactions are generally either overnight, continuous (i.e., no stated term) or short-term. The Corporation manages liquidity risks related to these agreements by sourcing funding from a diverse group of counterparties, providing a range of securities collateral and pursuing longer durations, when appropriate. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 10 – Commitments and Contingencies In the normal course of business, the Corporation enters into a number of off-balance sheet commitments. These commitments expose the Corporation to varying degrees of credit and market risk and are subject to the same credit and market risk limitation reviews as those instruments recorded on the Consolidated Balance Sheet. For more information on commitments and contingencies, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Credit Extension Commitments The Corporation enters into commitments to extend credit such as loan commitments, standby letters of credit (SBLCs) and commercial letters of credit to meet the financing needs of its customers. The table below includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (e.g., syndicated) to other financial institutions of $13.7 billion and $15.7 billion at June 30, 2015 and December 31, 2014 . At June 30, 2015 , the carrying value of these commitments, excluding commitments accounted for under the fair value option, was $606 million , including deferred revenue of $18 million and a reserve for unfunded lending commitments of $588 million . At December 31, 2014 , the comparable amounts were $546 million , $18 million and $528 million , respectively. The carrying value of these commitments is classified in accrued expenses and other liabilities on the Consolidated Balance Sheet. The table below also includes the notional amount of commitments of $8.1 billion and $9.9 billion at June 30, 2015 and December 31, 2014 that are accounted for under the fair value option. However, the table below excludes cumulative net fair value adjustments of $392 million and $405 million on these commitments, which are classified in accrued expenses and other liabilities. For more information regarding the Corporation's loan commitments accounted for under the fair value option, see Note 15 – Fair Value Option . Credit Extension Commitments June 30, 2015 (Dollars in millions) Expire in One Year or Less Expire After One Year Through Expire After Three Years Through Expire After Five Years Total Notional amount of credit extension commitments Loan commitments $ 70,970 $ 104,064 $ 135,726 $ 44,788 $ 355,548 Home equity lines of credit 6,616 20,139 8,026 17,342 52,123 Standby letters of credit and financial guarantees (1) 10,242 4,151 1,144 18,135 33,672 Letters of credit 2,177 52 3 258 2,490 Legally binding commitments 90,005 128,406 144,899 80,523 443,833 Credit card lines (2) 376,604 — — — 376,604 Total credit extension commitments $ 466,609 $ 128,406 $ 144,899 $ 80,523 $ 820,437 December 31, 2014 Notional amount of credit extension commitments Loan commitments $ 79,897 $ 97,583 $ 146,743 $ 18,942 $ 343,165 Home equity lines of credit 6,292 19,679 12,319 15,417 53,707 Standby letters of credit and financial guarantees (1) 19,259 9,106 4,519 1,807 34,691 Letters of credit 1,883 157 35 88 2,163 Legally binding commitments 107,331 126,525 163,616 36,254 433,726 Credit card lines (2) 363,989 — — — 363,989 Total credit extension commitments $ 471,320 $ 126,525 $ 163,616 $ 36,254 $ 797,715 (1) The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $25.5 billion and $7.8 billion at June 30, 2015 , and $26.1 billion and $8.2 billion at December 31, 2014 . Amounts include consumer SBLCs of $399 million and $396 million at June 30, 2015 and December 31, 2014 . (2) Includes business card unused lines of credit. Legally binding commitments to extend credit generally have specified rates and maturities. Certain of these commitments have adverse change clauses that help to protect the Corporation against deterioration in the borrower's ability to pay. Other Commitments At June 30, 2015 and December 31, 2014 , the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $1.5 billion and $1.8 billion , which upon settlement will be included in loans or LHFS. At June 30, 2015 and December 31, 2014 , the Corporation had commitments to purchase commodities, primarily liquefied natural gas of $3.0 billion and $241 million , which upon settlement will be included in trading account assets. At June 30, 2015 and December 31, 2014 , the Corporation had commitments to enter into forward-dated resale and securities borrowing agreements of $95.0 billion and $73.2 billion , and commitments to enter into forward-dated repurchase and securities lending agreements of $81.0 billion and $55.8 billion . These commitments expire within the next 12 months. The Corporation is a party to operating leases for certain of its premises and equipment. Commitments under these leases are approximately $1.3 billion , $2.4 billion , $2.0 billion , $1.6 billion and $1.3 billion for the remainder of 2015 and the years through 2019 , respectively, and $5.3 billion in the aggregate for all years thereafter . Other Guarantees Bank-owned Life Insurance Book Value Protection The Corporation sells products that offer book value protection to insurance carriers who offer group life insurance policies to corporations, primarily banks. The book value protection is provided on portfolios of intermediate investment-grade fixed-income securities and is intended to cover any shortfall in the event that policyholders surrender their policies and market value is below book value. These guarantees are recorded as derivatives and carried at fair value in the trading portfolio. At June 30, 2015 and December 31, 2014 , the notional amount of these guarantees totaled $13.7 billion and $13.6 billion . At both June 30, 2015 and December 31, 2014 the Corporation's maximum exposure related to these guarantees totaled $3.1 billion with estimated maturity dates between 2031 and 2039. The net fair value including the fee receivable associated with these guarantees was $16 million and $25 million at June 30, 2015 and December 31, 2014 , and reflects the probability of surrender as well as the multiple structural protection features in the contracts. Merchant Services In accordance with credit and debit card association rules, the Corporation sponsors merchant processing servicers that process credit and debit card transactions on behalf of various merchants. In connection with these services, a liability may arise in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder's favor. If the merchant defaults on its obligation to reimburse the cardholder, the cardholder, through its issuing bank, generally has until six months after the date of the transaction to present a chargeback to the merchant processor, which is primarily liable for any losses on covered transactions. However, if the merchant processor fails to meet its obligation to reimburse the cardholder for disputed transactions, then the Corporation, as the sponsor, could be held liable for the disputed amount. For the three and six months ended June 30, 2015 , the sponsored entities processed and settled $171.0 billion and $325.6 billion of transactions and recorded losses of $6 million and $10 million . For the three and six months ended June 30, 2014 , the sponsored entities processed and settled $164.3 billion and $313.7 billion of transactions and recorded losses of $4 million and $8 million . A significant portion of this activity was processed by a joint venture in which the Corporation holds a 49 percent ownership. At June 30, 2015 and December 31, 2014 , the sponsored merchant processing servicers held as collateral $164 million and $130 million of merchant escrow deposits which may be used to offset amounts due from the individual merchants. The Corporation believes the maximum potential exposure for chargebacks would not exceed the total amount of merchant transactions processed through Visa and MasterCard for the last six months, which represents the claim period for the cardholder, plus any outstanding delayed-delivery transactions. As of June 30, 2015 and December 31, 2014 , the maximum potential exposure for sponsored transactions totaled $262.4 billion and $269.3 billion . However, the Corporation believes that the maximum potential exposure is not representative of the actual potential loss exposure and does not expect to make material payments in connection with these guarantees. Other Derivative Contracts The Corporation funds selected assets, including securities issued by CDOs and CLOs, through derivative contracts, typically total return swaps, with third parties and VIEs that are not consolidated by the Corporation. The total notional amount of these derivative contracts was $464 million and $527 million with commercial banks at June 30, 2015 and December 31, 2014 , and $998 million and $1.2 billion with VIEs at June 30, 2015 and December 31, 2014 . The underlying securities are senior securities and substantially all of the Corporation's exposures are insured. Accordingly, the Corporation's exposure to loss consists principally of counterparty risk to the insurers. In certain circumstances, generally as a result of ratings downgrades, the Corporation may be required to purchase the underlying assets, which would not result in additional gain or loss to the Corporation as such exposure is already reflected in the fair value of the derivative contracts. Other Guarantees The Corporation has entered into additional guarantee agreements and commitments, including sold risk participation swaps, liquidity facilities, lease-end obligation agreements, partial credit guarantees on certain leases, real estate joint venture guarantees, divested business commitments and sold put options that require gross settlement. The maximum potential future payment under these agreements was approximately $6.1 billion and $6.2 billion at June 30, 2015 and December 31, 2014 . The estimated maturity dates of these obligations extend up to 2040. The Corporation has made no material payments under these guarantees. In the normal course of business, the Corporation periodically guarantees the obligations of its affiliates in a variety of transactions including ISDA-related transactions and non-ISDA related transactions such as commodities trading, repurchase agreements, prime brokerage agreements and other transactions. Payment Protection Insurance Claims Matter In the U.K., the Corporation previously sold payment protection insurance (PPI) through its international card services business to credit card customers and consumer loan customers. PPI covers a consumer's loan or debt repayment if certain events occur such as loss of job or illness. In response to an elevated level of customer complaints across the industry, heightened media coverage and pressure from consumer advocacy groups, the U.K. Financial Services Authority, which has subsequently been replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), investigated and raised concerns about the way some companies have handled complaints related to the sale of these insurance policies. In connection with this matter, the Corporation established a reserve for PPI. The reserve was $205 million and $378 million at June 30, 2015 and December 31, 2014 . The Corporation recorded expense of $16 million for the three and six months ended June 30, 2015 compared to $43 million and $184 million for the same periods in 2014 . It is reasonably possible that the Corporation will incur additional expense related to PPI claims; however, the amount of such additional expense cannot be reasonably estimated. Litigation and Regulatory Matters The following supplements the disclosure in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K and in Note 10 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015 (the prior commitments and contingencies disclosure). In the ordinary course of business, the Corporation and its subsidiaries are routinely defendants in or parties to many pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings are generally based on alleged violations of consumer protection, securities, environmental, banking, employment, contract and other laws. In some of these actions and proceedings, claims for substantial monetary damages are asserted against the Corporation and its subsidiaries. In the ordinary course of business, the Corporation and its subsidiaries are also subject to regulatory and governmental examinations, information gathering requests, inquiries, investigations, and threatened legal actions and proceedings. For example, certain subsidiaries of the Corporation are registered broker-dealers or investment advisors and are subject to regulation by the SEC, the Financial Industry Regulatory Authority, the European Commission, the PRA, the FCA and other international, federal and state securities regulators. In connection with formal and informal inquiries, the Corporation and its subsidiaries receive numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of the Corporation's regulated activities. In view of the inherent difficulty of predicting the outcome of such litigation, regulatory and governmental matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Corporation generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter may be. In accordance with applicable accounting guidance, the Corporation establishes an accrued liability for litigation, regulatory and governmental matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. As a litigation, regulatory or governmental matter develops, the Corporation, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. When a loss contingency is not both probable and estimable, the Corporation does not establish an accrued liability. If, at the time of evaluation, the loss contingency related to a litigation, regulatory or governmental matter is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. Once the loss contingency related to a litigation, regulatory or governmental matter is deemed to be both probable and estimable, the Corporation will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. The Corporation continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Excluding expenses of internal and external legal service providers, litigation-related expense of $175 million and $545 million was recognized for the three and six months ended June 30, 2015 compared to $4.0 billion and $10.0 billion for the same periods in 2014 . For a limited number of the matters disclosed in this Note, and in the prior commitments and contingencies disclosure, for which a loss, whether in excess of a related accrued liability or where there is no accrued liability, is reasonably possible in future periods, the Corporation is able to estimate a range of possible loss. In determining whether it is possible to estimate a range of possible loss, the Corporation reviews and evaluates its material litigation, regulatory and governmental matters on an ongoing basis, in conjunction with any outside counsel handling the matter, in light of potentially relevant factual and legal developments. These may include information learned through the discovery process, rulings on dispositive motions, settlement discussions, and other rulings by courts, arbitrators or others. In cases in which the Corporation possesses sufficient appropriate information to estimate a range of possible loss, that estimate is aggregated and disclosed below. There may be other disclosed matters for which a loss is probable or reasonably possible but such an estimate of the range of possible loss may not be possible. For those matters where an estimate of the range of possible loss is possible, management currently estimates the aggregate range of possible loss is $0 to $2.3 billion in excess of the accrued liability (if any) related to those matters. This estimated range of possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. Those matters for which an estimate is not possible are not included within this estimated range. Therefore, this estimated range of possible loss represents what the Corporation believes to be an estimate of possible loss only for certain matters meeting these criteria. It does not represent the Corporation's maximum loss exposure. Information is provided below, or in the prior commitments and contingencies disclosure, regarding the nature of all of these contingencies and, where specified, the amount of the claim associated with these loss contingencies. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, including the matters described herein and in the prior commitments and contingencies disclosure, will have a material adverse effect on the consolidated financial position or liquidity of the Corporation. However, in light of the inherent uncertainties involved in these matters, some of which are beyond the Corporation's control, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to the Corporation's results of operations or cash flows for any particular reporting period. Bond Insurance Litigation Ambac Countrywide Litigation On July 2, 2015, the court in the Wisconsin action issued an order dismissing the complaint for lack of personal jurisdiction. Ambac appealed the Wisconsin court order on July 21, 2015. Also on July 21, 2015, Ambac filed a complaint in New York Supreme Court, New York County, regarding the same claims asserted in the Wisconsin complaint. Interchange and Related Litigation On May 19, 2015, one of the two opt-out suits naming the Corporation as a defendant was settled for an amount not material to the Corporation's results of operations. LIBOR, Other Reference Rate and Foreign Exchange (FX) Inquiries and Litigation On May 20, 2015, the Corporation agreed to pay $205 million in civil penalties and to undertake various remedial measures pursuant to a consent order with the Board of Governors of the Federal Reserve System regarding the Corporation’s FX business and related systems and controls. Montgomery Following the district court's dismissal of plaintiffs' complaint and subsequent denial of plaintiffs' motion to amend, on June 15, 2015, the U.S. Court of Appeals for the Second Circuit affirmed the district court’s denial of plaintiffs' motion to amend. On June 29, 2015, plaintiffs filed a petition for rehearing en banc. Mortgage Repurchase Litigation U.S. Bank Summonses with Notice The Trustee has served complaints on four of the seven Trusts. Defendants have until January 8, 2016 to demand complaints relating to the final three Trusts. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 11 – Shareholders' Equity Common Stock The table below presents the declared quarterly cash dividends on common stock in 2015 and through July 29, 2015 . Declaration Date Record Date Payment Date Dividend Per Share July 23, 2015 September 4, 2015 September 25, 2015 $0.05 April 16, 2015 June 5, 2015 June 26, 2015 0.05 February 10, 2015 March 6, 2015 March 27, 2015 0.05 On March 11, 2015, the Corporation announced that the Federal Reserve completed its 2015 Comprehensive Capital Analysis and Review (CCAR) and advised that it did not object to the 2015 capital plan but gave a conditional, non-objection under which the Corporation is required to resubmit its capital plan by September 30, 2015 and address certain weaknesses identified in the capital planning process. The requested capital actions include a request to repurchase $4.0 billion of common stock over five quarters that began in the second quarter of 2015, and to maintain the quarterly common stock dividend at the current rate of $0.05 per share. During the three months ended June 30, 2015 , the Corporation repurchased and retired 48.7 million shares of common stock in connection with the 2015 capital plan, which reduced shareholders' equity by $775 million . During the six months ended June 30, 2015 , in connection with employee stock plans, the Corporation issued approximately 7 million shares and repurchased approximately 3 million shares of its common stock to satisfy tax withholding obligations. At June 30, 2015 , the Corporation had reserved 1.8 billion unissued shares of common stock for future issuances under employee stock plans, common stock warrants, convertible notes and preferred stock. The Corporation has certain warrants outstanding and exercisable to purchase 150.4 million shares of its common stock, expiring on January 16, 2019 and warrants outstanding and exercisable to purchase 121.8 million shares of its common stock, expiring on October 28, 2018. These warrants were originally issued in connection with preferred stock issuances to the U.S. Department of the Treasury in 2009 and 2008, and are listed on the New York Stock Exchange. The exercise price of the warrants expiring on January 16, 2019 is subject to continued adjustment each time the quarterly cash dividend is in excess of $0.01 per common share to compensate the holders of the warrants for dilution resulting from an increased dividend. As a result of the Corporation's second-quarter 2015 dividend of $0.05 per common share, the exercise price of these warrants was adjusted to $13.171 . The warrants expiring on October 28, 2018 also contain this anti-dilution provision except the adjustment is triggered only when the Corporation declares quarterly dividends at a level greater than $0.32 per common share. Preferred Stock During the three months ended March 31, 2015 and June 30, 2015 , the Corporation declared $382 million and $330 million of cash dividends on preferred stock, or a total of $712 million for the six months ended June 30, 2015 . Restricted Stock Units During the six months ended June 30, 2015 , the Corporation granted 131 million restricted stock unit (RSU) awards to certain employees under the Bank of America Corporation 2003 Key Associate Stock Plan (KASP). On May 6, 2015, Bank of America shareholders approved the amendment and restatement of KASP, and renamed it the Bank of America Corporation Key Employee Equity Plan. Generally, one-third of the RSUs vest on each of the first three anniversaries of the grant date provided that the employee remains continuously employed with the Corporation during that time. Except for two million RSUs that are authorized to settle in shares of common stock of the Corporation, the RSUs will be paid in cash to the employees on the vesting date based on the fair value of the Corporation's common stock as of the vesting date. The RSUs are expensed ratably over the vesting period, net of estimated forfeitures, for non-retirement eligible employees based upon the fair value of the Corporation's common stock on the accrual date. For RSUs granted to employees who are retirement eligible or will become retirement eligible during the vesting period, the RSUs are expensed as of the grant date or ratably over the period from the grant date to the date the employee becomes retirement eligible, net of estimated forfeitures. The accrued liability for the RSUs is adjusted to fair value based on changes in the fair value of the Corporation's common stock. The Corporation enters into cash-settled equity derivatives for a significant portion of the RSUs to minimize the change in expense driven by fluctuations in the fair value of the RSUs over the applicable vesting period. For additional information, see Note 18 – Stock-based Compensation Plans to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 12 – Accumulated Other Comprehensive Income (Loss) The table below presents the changes in accumulated OCI after-tax for the six months ended June 30, 2015 and 2014 . (Dollars in millions) Available-for-sale Debt Securities Available-for-sale Marketable Equity Securities Derivatives Employee Benefit Plans Foreign Currency (1) Total Balance, December 31, 2013 $ (3,257 ) $ (4 ) $ (2,277 ) $ (2,407 ) $ (512 ) $ (8,457 ) Net change 3,612 (18 ) 215 56 (119 ) 3,746 Balance, June 30, 2014 $ 355 $ (22 ) $ (2,062 ) $ (2,351 ) $ (631 ) $ (4,711 ) Balance, December 31, 2014 $ 1,343 $ 17 $ (1,661 ) $ (3,350 ) $ (669 ) $ (4,320 ) Net change (1,249 ) 48 289 50 (8 ) (870 ) Balance, June 30, 2015 $ 94 $ 65 $ (1,372 ) $ (3,300 ) $ (677 ) $ (5,190 ) (1) The net change in fair value represents the impact of changes in spot foreign exchange rates on the Corporation's net investment in non-U.S. operations and related hedges. The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI before- and after-tax for the six months ended June 30, 2015 and 2014 . Changes in OCI Components Before- and After-tax Six Months Ended June 30 2015 2014 (Dollars in millions) Before-tax Tax effect After-tax Before-tax Tax effect After-tax Available-for-sale debt securities: Net increase (decrease) in fair value $ (1,656 ) $ 631 $ (1,025 ) $ 6,497 $ (2,421 ) $ 4,076 Net realized gains reclassified into earnings (361 ) 137 (224 ) (748 ) 284 (464 ) Net change (2,017 ) 768 (1,249 ) 5,749 (2,137 ) 3,612 Available-for-sale marketable equity securities: Net increase (decrease) in fair value 77 (29 ) 48 (29 ) 11 (18 ) Net change 77 (29 ) 48 (29 ) 11 (18 ) Derivatives: Net increase (decrease) in fair value (24 ) 10 (14 ) (19 ) 25 6 Net realized losses reclassified into earnings 487 (184 ) 303 335 (126 ) 209 Net change 463 (174 ) 289 316 (101 ) 215 Employee benefit plans: Net decrease in fair value (2 ) 1 (1 ) — — — Net realized losses reclassified into earnings 85 (33 ) 52 25 (10 ) 15 Settlements, curtailments and other — (1 ) (1 ) — 41 41 Net change 83 (33 ) 50 25 31 56 Foreign currency: Net increase (decrease) in fair value 167 (174 ) (7 ) (368 ) 250 (118 ) Net realized gains reclassified into earnings (31 ) 30 (1 ) (2 ) 1 (1 ) Net change 136 (144 ) (8 ) (370 ) 251 (119 ) Total other comprehensive income $ (1,258 ) $ 388 $ (870 ) $ 5,691 $ (1,945 ) $ 3,746 The table below presents impacts on net income of significant amounts reclassified out of each component of accumulated OCI before- and after-tax for the six months ended June 30, 2015 and 2014 . There were no amounts reclassified out of AFS marketable equity securities for the six months ended June 30, 2015 and 2014 . Reclassifications Out of Accumulated OCI (Dollars in millions) Six Months Ended June 30 Accumulated OCI Components Income Statement Line Item Impacted 2015 2014 Available-for-sale debt securities: Gains on sales of debt securities $ 436 $ 759 Other loss (75 ) (11 ) Income before income taxes 361 748 Income tax expense 137 284 Reclassification to net income 224 464 Derivatives: Interest rate contracts Net interest income (514 ) (560 ) Equity compensation contracts Personnel 27 225 Loss before income taxes (487 ) (335 ) Income tax benefit (184 ) (126 ) Reclassification to net income (303 ) (209 ) Employee benefit plans: Net actuarial losses and prior service costs Personnel (85 ) (25 ) Loss before income taxes (85 ) (25 ) Income tax benefit (33 ) (10 ) Reclassification to net income (52 ) (15 ) Foreign currency: Insignificant items Other income 31 2 Income before income taxes 31 2 Income tax expense 30 1 Reclassification to net income 1 1 Total reclassification adjustments $ (130 ) $ 241 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 13 – Earnings Per Common Share The calculation of earnings per common share (EPS) and diluted EPS for both the three and six months ended June 30, 2015 and 2014 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions, except per share information; shares in thousands) 2015 2014 2015 2014 Earnings per common share Net income $ 5,320 $ 2,291 $ 8,677 $ 2,015 Preferred stock dividends (330 ) (256 ) (712 ) (494 ) Net income applicable to common shareholders $ 4,990 $ 2,035 $ 7,965 $ 1,521 Average common shares issued and outstanding 10,488,137 10,519,359 10,503,379 10,539,769 Earnings per common share $ 0.48 $ 0.19 $ 0.76 $ 0.14 Diluted earnings per common share Net income applicable to common shareholders $ 4,990 $ 2,035 $ 7,965 $ 1,521 Add preferred stock dividends due to assumed conversions 75 75 150 — Net income allocated to common shareholders $ 5,065 $ 2,110 $ 8,115 $ 1,521 Average common shares issued and outstanding 10,488,137 10,519,359 10,503,379 10,539,769 Dilutive potential common shares (1) 749,923 745,764 749,038 59,872 Total diluted average common shares issued and outstanding 11,238,060 11,265,123 11,252,417 10,599,641 Diluted earnings per common share $ 0.45 $ 0.19 $ 0.72 $ 0.14 (1) Includes incremental dilutive shares from restricted stock units, restricted stock, stock options and warrants. The Corporation previously issued a warrant to purchase 700 million shares of the Corporation's common stock to the holder of the Series T Preferred Stock. The warrant may be exercised, at the option of the holder, through tendering the Series T Preferred Stock or paying cash. For the three and six months ended June 30, 2015 , the 700 million average dilutive potential common shares were included in the diluted share count under the "if-converted" method. For the three months ended June 30, 2014 , the 700 million average dilutive potential common shares were included in the diluted share count under the "if-converted" method. For the six months ended June 30, 2014 , the 700 million average dilutive potential common shares were not included in the diluted share count because the result would have been antidilutive under the "if-converted" method. For both the three and six months ended June 30, 2015 and 2014 , 62 million average dilutive potential common shares associated with the 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L were not included in the diluted share count because the result would have been antidilutive under the "if-converted" method. For the three and six months ended June 30, 2015 , average options to purchase 64 million and 68 million shares of common stock were outstanding but not included in the computation of EPS because the result would have been antidilutive under the treasury stock method compared to 89 million and 95 million for the same periods in 2014 . For both the three and six months ended June 30, 2015 and 2014 , average warrants to purchase 122 million shares of common stock were outstanding but not included in the computation of EPS because the result would have been antidilutive under the treasury stock method and average warrants to purchase 150 million shares of common stock were included in the diluted EPS calculation using the treasury stock method. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 14 – Fair Value Measurements Under applicable accounting guidance, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Corporation determines the fair values of its financial instruments based on the fair value hierarchy established under applicable accounting guidance which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs used to measure fair value. The Corporation conducts a review of its fair value hierarchy classifications on a quarterly basis. Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair values of the assets and liabilities became unobservable or observable, respectively, in the current marketplace. These transfers are considered to be effective as of the beginning of the quarter in which they occur. For more information regarding the fair value hierarchy and how the Corporation measures fair value, see Note 1 – Summary of Significant Accounting Principles and Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . The Corporation accounts for certain financial instruments under the fair value option. For additional information, see Note 15 – Fair Value Option . Valuation Processes and Techniques The Corporation has various processes and controls in place to ensure that fair value is reasonably estimated. A model validation policy governs the use and control of valuation models used to estimate fair value. This policy requires review and approval of models by personnel who are independent of the front office, and periodic reassessments of models to ensure that they are continuing to perform as designed. In addition, detailed reviews of trading gains and losses are conducted on a daily basis by personnel who are independent of the front office. A price verification group, which is also independent of the front office, utilizes available market information including executed trades, market prices and market-observable valuation model inputs to ensure that fair values are reasonably estimated. The Corporation performs due diligence procedures over third-party pricing service providers in order to support their use in the valuation process. Where market information is not available to support internal valuations, independent reviews of the valuations are performed and any material exposures are escalated through a management review process. While the Corporation believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. During the six months ended June 30, 2015 , there were no changes to the valuation techniques that had, or are expected to have, a material impact on the Corporation's consolidated financial position or results of operations. Level 1, 2 and 3 Valuation Techniques Financial instruments are considered Level 1 when the valuation is based on quoted prices in active markets for identical assets or liabilities. Level 2 financial instruments are valued using quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or models using inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques, and at least one significant model assumption or input is unobservable and when determination of the fair value requires significant management judgment or estimation. Recurring Fair Value Assets and liabilities carried at fair value on a recurring basis at June 30, 2015 and December 31, 2014 , including financial instruments which the Corporation accounts for under the fair value option, are summarized in the following tables. June 30, 2015 Fair Value Measurements (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Assets/Liabilities at Fair Value Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ — $ 70,791 $ — $ — $ 70,791 Trading account assets: U.S. government and agency securities (2) 34,155 16,890 — — 51,045 Corporate securities, trading loans and other 286 28,868 3,326 — 32,480 Equity securities 40,558 21,789 386 — 62,733 Non-U.S. sovereign debt 17,647 13,302 468 — 31,417 Mortgage trading loans and ABS — 9,272 2,159 — 11,431 Total trading account assets 92,646 90,121 6,339 — 189,106 Derivative assets (3) 5,190 710,196 6,489 (670,898 ) 50,977 AFS debt securities: U.S. Treasury and agency securities 56,346 1,998 — — 58,344 Mortgage-backed securities: Agency — 188,260 — — 188,260 Agency-collateralized mortgage obligations — 12,931 — — 12,931 Non-agency residential — 3,652 234 — 3,886 Commercial — 5,110 — — 5,110 Non-U.S. securities 3,211 2,925 9 — 6,145 Corporate/Agency bonds — 257 — — 257 Other taxable securities 20 9,706 677 — 10,403 Tax-exempt securities — 10,217 584 — 10,801 Total AFS debt securities 59,577 235,056 1,504 — 296,137 Other debt securities carried at fair value: Mortgage-backed securities: Agency — 14,885 — — 14,885 Agency-collateralized mortgage obligations — 9 — — 9 Non-agency residential — 3,753 34 — 3,787 Non-U.S. securities 15,533 1,665 — — 17,198 Other taxable securities — 291 — — 291 Total other debt securities carried at fair value 15,533 20,603 34 — 36,170 Loans and leases — 5,659 1,970 — 7,629 Mortgage servicing rights — — 3,521 — 3,521 Loans held-for-sale — 4,264 660 — 4,924 Other assets 12,943 846 756 — 14,545 Total assets (4) $ 185,889 $ 1,137,536 $ 21,273 $ (670,898 ) $ 673,800 Liabilities Interest-bearing deposits in U.S. offices $ — $ 1,215 $ — $ — $ 1,215 Federal funds purchased and securities loaned or sold under agreements to repurchase — 31,649 368 — 32,017 Trading account liabilities: U.S. government and agency securities 16,863 148 — — 17,011 Equity securities 25,494 2,349 — — 27,843 Non-U.S. sovereign debt 17,193 2,120 — — 19,313 Corporate securities and other 248 8,124 57 — 8,429 Total trading account liabilities 59,798 12,741 57 — 72,596 Derivative liabilities (3) 5,225 709,114 6,840 (677,596 ) 43,583 Short-term borrowings — 1,841 — — 1,841 Accrued expenses and other liabilities 12,115 1,000 9 — 13,124 Long-term debt — 30,204 2,716 — 32,920 Total liabilities $ 77,138 $ 787,764 $ 9,990 $ (677,596 ) $ 197,296 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $16.4 billion of government-sponsored enterprise obligations. (3) For further disaggregation of derivative assets and liabilities, see Note 2 – Derivatives . (4) During the six months ended June 30, 2015 , approximately $327 million of assets were transferred from Level 2 to Level 1 due to a restriction that was lifted for an equity investment. December 31, 2014 Fair Value Measurements (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Assets/Liabilities at Fair Value Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ — $ 62,182 $ — $ — $ 62,182 Trading account assets: U.S. government and agency securities (2) 33,470 17,549 — — 51,019 Corporate securities, trading loans and other 243 31,699 3,270 — 35,212 Equity securities 33,518 22,488 352 — 56,358 Non-U.S. sovereign debt 20,348 15,332 574 — 36,254 Mortgage trading loans and ABS — 10,879 2,063 — 12,942 Total trading account assets 87,579 97,947 6,259 — 191,785 Derivative assets (3) 4,957 972,977 6,851 (932,103 ) 52,682 AFS debt securities: U.S. Treasury and agency securities 67,413 2,182 — — 69,595 Mortgage-backed securities: Agency — 165,039 — — 165,039 Agency-collateralized mortgage obligations — 14,248 — — 14,248 Non-agency residential — 4,175 279 — 4,454 Commercial — 4,000 — — 4,000 Non-U.S. securities 3,191 3,029 10 — 6,230 Corporate/Agency bonds — 368 — — 368 Other taxable securities 20 9,104 1,667 — 10,791 Tax-exempt securities — 8,950 599 — 9,549 Total AFS debt securities 70,624 211,095 2,555 — 284,274 Other debt securities carried at fair value: U.S. Treasury and agency securities 1,541 — — — 1,541 Mortgage-backed securities: Agency — 15,704 — — 15,704 Non-agency residential — 3,745 — — 3,745 Non-U.S. securities 13,270 1,862 — — 15,132 Other taxable securities — 299 — — 299 Total other debt securities carried at fair value 14,811 21,610 — — 36,421 Loans and leases — 6,698 1,983 — 8,681 Mortgage servicing rights — — 3,530 — 3,530 Loans held-for-sale — 6,628 173 — 6,801 Other assets 11,581 1,381 911 — 13,873 Total assets (4) $ 189,552 $ 1,380,518 $ 22,262 $ (932,103 ) $ 660,229 Liabilities Interest-bearing deposits in U.S. offices $ — $ 1,469 $ — $ — $ 1,469 Federal funds purchased and securities loaned or sold under agreements to repurchase — 35,357 — — 35,357 Trading account liabilities: U.S. government and agency securities 18,514 446 — — 18,960 Equity securities 24,679 3,670 — — 28,349 Non-U.S. sovereign debt 16,089 3,625 — — 19,714 Corporate securities and other 189 6,944 36 — 7,169 Total trading account liabilities 59,471 14,685 36 — 74,192 Derivative liabilities (3) 4,493 969,502 7,771 (934,857 ) 46,909 Short-term borrowings — 2,697 — — 2,697 Accrued expenses and other liabilities 10,795 1,250 10 — 12,055 Long-term debt — 34,042 2,362 — 36,404 Total liabilities (4) $ 74,759 $ 1,059,002 $ 10,179 $ (934,857 ) $ 209,083 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $17.2 billion of government-sponsored enterprise obligations. (3) For further disaggregation of derivative assets and liabilities, see Note 2 – Derivatives . (4) During 2014 , the Corporation reclassified certain assets and liabilities within its fair value hierarchy based on a review of its inputs used to measure fair value. Accordingly, approximately $4.1 billion of assets related to U.S. government and agency securities, non-U.S. government securities and equity derivatives, and $570 million of liabilities related to equity derivatives were transferred from Level 1 to Level 2. The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2015 and 2014 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements (1) Three Months Ended June 30, 2015 Gross (Dollars in millions) Balance April 1 2015 Gains (Losses) in Earnings Gains (Losses) in OCI (2) Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers out of Level 3 Balance June 30 Trading account assets: Corporate securities, trading loans and other $ 2,760 $ 55 $ — $ 338 $ (343 ) $ — $ (214 ) $ 812 $ (82 ) $ 3,326 Equity securities 340 11 — 16 (2 ) — — 22 (1 ) 386 Non-U.S. sovereign debt 508 16 12 25 — — (66 ) — (27 ) 468 Mortgage trading loans and ABS 2,106 101 — 490 (378 ) — (161 ) 1 — 2,159 Total trading account assets 5,714 183 12 869 (723 ) — (441 ) 835 (110 ) 6,339 Net derivative assets (3) (1,081 ) 610 — 57 (217 ) — 196 (14 ) 98 (351 ) AFS debt securities: Non-agency residential MBS 402 7 9 41 — — (225 ) — — 234 Non-U.S. securities 9 — — — — — — — — 9 Other taxable securities 690 — 2 6 — — (21 ) — — 677 Tax-exempt securities 583 — 2 — — — (1 ) — — 584 Total AFS debt securities 1,684 7 13 47 — — (247 ) — — 1,504 Other debt securities carried at fair value – Non-agency residential MBS — 1 — 33 — — — — — 34 Loans and leases (4, 5) 1,954 (10 ) — — (1 ) — (77 ) 112 (8 ) 1,970 Mortgage servicing rights (5) 3,394 458 — — (312 ) 204 (223 ) — — 3,521 Loans held-for-sale (4) 543 22 — 85 (13 ) 12 — 39 (28 ) 660 Other assets (6) 847 (14 ) — 9 (87 ) — (6 ) 8 (1 ) 756 Federal funds purchased and securities loaned or sold under agreements to repurchase (4) — (14 ) — — — (28 ) — (326 ) — (368 ) Trading account liabilities – Corporate securities and other (41 ) 2 — 31 (49 ) — — — — (57 ) Short-term borrowings (4) (15 ) — — — — — — — 15 — Accrued expenses and other liabilities (10 ) 1 — — — — — — — (9 ) Long-term debt (4) (2,806 ) 66 — 45 — (49 ) 63 (403 ) 368 (2,716 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes unrealized gains (losses) on AFS debt securities and foreign currency translation adjustments. (3) Net derivatives include derivative assets of $6.5 billion and derivative liabilities of $6.8 billion . (4) Amounts represent instruments that are accounted for under the fair value option. (5) Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole-loan sales. (6) Other assets is primarily comprised of certain long-term fixed-rate margin loans and private equity investments that are accounted for under the fair value option. During the three months ended June 30, 2015 , the transfers into Level 3 included $835 million of trading account assets, $112 million of loans and leases, $326 million of federal funds purchased and securities loaned or sold under agreements to repurchase and $403 million of long-term debt. Transfers into Level 3 for trading account assets were primarily the result of decreased availability of third-party prices for certain corporate debt securities. Transfers into Level 3 for loans and leases were primarily due to decreased price observability. Transfers into Level 3 for federal funds purchased and securities loaned or sold under agreements to repurchase were due to decreased price availability for certain structured secured financing agreements. Transfers into Level 3 for long-term debt were primarily due to changes in the impact of unobservable inputs on the value of certain structured liabilities. Transfers occur on a regular basis for these long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole. During the three months ended June 30, 2015 , the transfers out of Level 3 included $110 million of trading account assets and $368 million of long-term debt. Transfers out of Level 3 for trading account assets were primarily the result of increased market liquidity and price observability for certain corporate debt securities. Transfers out of Level 3 for long-term debt were primarily due to changes in the impact of unobservable inputs on the value of certain structured liabilities. Level 3 – Fair Value Measurements (1) Three Months Ended June 30, 2014 Gross (Dollars in millions) Balance April 1 2014 Gains (Losses) in Earnings Gains (Losses) in OCI Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers out of Level 3 Balance June 30 Trading account assets: Corporate securities, trading loans and other $ 2,617 $ 41 $ — $ 392 $ (87 ) $ — $ (271 ) $ 249 $ (169 ) $ 2,772 Equity securities 343 (7 ) — 16 (4 ) — — 9 (1 ) 356 Non-U.S. sovereign debt 533 32 — 76 — — — — (1 ) 640 Mortgage trading loans and ABS 4,287 123 — 453 (262 ) — (237 ) — (53 ) 4,311 Total trading account assets 7,780 189 — 937 (353 ) — (508 ) 258 (224 ) 8,079 Net derivative assets (2) (839 ) (177 ) — 189 (366 ) — (145 ) 29 274 (1,035 ) AFS debt securities: Other taxable securities 3,437 — (3 ) 86 — — (254 ) — — 3,266 Tax-exempt securities 783 2 3 — — — (54 ) 1 — 735 Total AFS debt securities 4,220 2 — 86 — — (308 ) 1 — 4,001 Loans and leases (3, 4) 3,053 27 — — — — (58 ) 7 (11 ) 3,018 Mortgage servicing rights (4) 4,765 (249 ) — — (26 ) 113 (235 ) — — 4,368 Loans held-for-sale (3) 736 59 — 24 (711 ) — (11 ) 14 (1 ) 110 Other assets (5) 1,132 (26 ) — — (112 ) — (22 ) — — 972 Trading account liabilities – Corporate securities and other (36 ) — — 9 — — — — — (27 ) Accrued expenses and other liabilities (8 ) — — — — — — — — (8 ) Long-term debt (3) (1,841 ) (52 ) — 57 — (42 ) 117 (676 ) 21 (2,416 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Net derivatives include derivative assets of $7.1 billion and derivative liabilities of $8.2 billion . (3) Amounts represent instruments that are accounted for under the fair value option. (4) Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole-loan sales. (5) Other assets is primarily comprised of certain long-term fixed-rate margin loans and private equity investments that are accounted for under the fair value option. During the three months ended June 30, 2014 , the transfers into Level 3 included $258 million of trading account assets and $676 million of long-term debt. Transfers into Level 3 for trading account assets were primarily the result of decreased availability of third-party prices for certain corporate loans and securities. Transfers into Level 3 for long-term debt were primarily due to changes in the impact of unobservable inputs on the value of certain structured liabilities. Transfers occur on a regular basis for these long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole. During the three months ended June 30, 2014 , the transfers out of Level 3 included $224 million of trading account assets and $274 million of net derivative assets. Transfers out of Level 3 for trading account assets were primarily the result of increased market liquidity and availability of third-party prices for certain corporate loans and securities. Transfers out of Level 3 for net derivative assets were primarily due to increased price observability for certain equity derivatives. Level 3 – Fair Value Measurements (1) Six Months Ended June 30, 2015 Gross (Dollars in millions) Balance January 1 2015 Gains (Losses) in Earnings Gains (Losses) in OCI (2) Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers out of Level 3 Balance June 30 Trading account assets: Corporate securities, trading loans and other $ 3,270 $ 34 $ — $ 477 $ (438 ) $ — $ (649 ) $ 983 $ (351 ) $ 3,326 Equity securities 352 14 — 16 (3 ) — (5 ) 31 (19 ) 386 Non-U.S. sovereign debt 574 82 (78 ) 27 — — (110 ) — (27 ) 468 Mortgage trading loans and ABS 2,063 161 — 809 (627 ) — (244 ) 10 (13 ) 2,159 Total trading account assets 6,259 291 (78 ) 1,329 (1,068 ) — (1,008 ) 1,024 (410 ) 6,339 Net derivative assets (3) (920 ) 566 — 113 (393 ) — 221 (60 ) 122 (351 ) AFS debt securities: Non-agency residential MBS 279 (12 ) 7 62 — — (234 ) 132 — 234 Non-U.S. securities 10 — — — — — (1 ) — — 9 Other taxable securities 1,667 — — 6 — — (63 ) — (933 ) 677 Tax-exempt securities 599 — (1 ) — — — (14 ) — — 584 Total AFS debt securities 2,555 (12 ) 6 68 — — (312 ) 132 (933 ) 1,504 Other debt securities carried at fair value – Non-agency residential MBS — 1 — 33 — — — — — 34 Loans and leases (4, 5) 1,983 5 — — (2 ) — (120 ) 118 (14 ) 1,970 Mortgage servicing rights (5) 3,530 373 — — (312 ) 383 (453 ) — — 3,521 Loans held-for-sale (4) 173 (48 ) — 491 (95 ) 33 (6 ) 177 (65 ) 660 Other assets (6) 911 (4 ) — 9 (118 ) — (15 ) 8 (35 ) 756 Federal funds purchased and securities loaned or sold under agreements to repurchase (4) — (14 ) — — — (28 ) — (326 ) — (368 ) Trading account liabilities – Corporate securities and other (36 ) 3 — 33 (57 ) — — — — (57 ) Short-term borrowings (4) — 5 — — — (21 ) 1 (4 ) 19 — Accrued expenses and other liabilities (10 ) 1 — — — — — — — (9 ) Long-term debt (4) (2,362 ) 70 — 177 — (139 ) 160 (1,116 ) 494 (2,716 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes unrealized gains (losses) on AFS debt securities and foreign currency translation adjustments. (3) Net derivatives include derivative assets of $6.5 billion and derivative liabilities of $6.8 billion . (4) Amounts represent instruments that are accounted for under the fair value option. (5) Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole-loan sales. (6) Other assets is primarily comprised of certain long-term fixed-rate margin loans and private equity investments that are accounted for under the fair value option. During the six months ended June 30, 2015 , the transfers into Level 3 included $1.0 billion of trading account assets, $132 million of AFS debt securities, $118 million of loans and leases, $177 million of LHFS, $326 million of federal funds purchased and securities loaned or sold under agreements to repurchase and $1.1 billion of long-term debt. Transfers into Level 3 for trading account assets were primarily the result of decreased availability of third-party prices for certain corporate debt securities. Transfers into Level 3 for AFS debt securities were primarily due to decreased price observability on certain CLOs. Transfers into Level 3 for loans and leases were primarily due to decreased price observability. Transfers into Level 3 for LHFS were primarily due to decreased price observability due to a decline in trading activity. Transfers into Level 3 for federal funds purchased and securities loaned or sold under agreements to repurchase were due to decreased price availability for certain structured secured financing agreements. Transfers into Level 3 for long-term debt were primarily due to changes in the impact of unobservable inputs on the value of certain structured liabilities. Transfers occur on a regular basis for these long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole. During the six months ended June 30, 2015 , the transfers out of Level 3 included $410 million of trading account assets, $122 million of net derivative assets, $933 million of AFS debt securities and $494 million of long-term debt. Transfers out of Level 3 for trading account assets were primarily the result of increased market liquidity and price observability for certain corporate debt securities. Transfers out of Level 3 for net derivative assets were primarily due to increased price observability related to certain equity derivatives. Transfers out of Level 3 for AFS debt securities were primarily due to increased price observability for certain corporate debt securities. Transfers out of Level 3 for long-term debt were primarily due to changes in the impact of unobservable inputs on the value of certain structured liabilities. Level 3 – Fair Value Measurements (1) Six Months Ended June 30, 2014 Gross (Dollars in millions) Balance January 1 2014 Gains (Losses) in Earnings Gains (Losses) in OCI Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers out of Level 3 Balance June 30 Trading account assets: Corporate securities, trading loans and other $ 3,559 $ 163 $ — $ 678 $ (441 ) $ — $ (509 ) $ 397 $ (1,075 ) $ 2,772 Equity securities 386 12 — 46 (33 ) — — 16 (71 ) 356 Non-U.S. sovereign debt 468 87 — 99 (6 ) — (6 ) — (2 ) 640 Mortgage trading loans and ABS 4,631 201 — 819 (814 ) — (461 ) — (65 ) 4,311 Total trading account assets 9,044 463 — 1,642 (1,294 ) — (976 ) 413 (1,213 ) 8,079 Net derivative assets (2) (224 ) (163 ) — 314 (1,057 ) — (246 ) 41 300 (1,035 ) AFS debt securities: Non-U.S. securities 107 — — — — — (107 ) — — — Other taxable securities 3,847 8 (5 ) 133 — — (717 ) — — 3,266 Tax-exempt securities 806 3 4 — — — (79 ) 1 — 735 Total AFS debt securities 4,760 11 (1 ) 133 — — (903 ) 1 — 4,001 Loans and leases (3, 4) 3,057 59 — — (3 ) 689 (781 ) 13 (16 ) 3,018 Mortgage servicing rights (4) 5,042 (539 ) — — (46 ) 378 (467 ) — — 4,368 Loans held-for-sale (3) 929 71 — 24 (714 ) — (212 ) 14 (2 ) 110 Other assets (5) 1,669 (86 ) — — (381 ) — (230 ) — — 972 Trading account liabilities – Corporate securities and other (35 ) 1 — 12 (7 ) — — — 2 (27 ) Accrued expenses and other liabilities (10 ) 1 — — — — — — 1 (8 ) Long-term debt (3) (1,990 ) (119 ) — 103 — (51 ) 236 (820 ) 225 (2,416 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Net derivatives include derivative assets of $7.1 billion and derivative liabilities of $8.2 billion . (3) Amounts represent instruments that are accounted for under the fair value option. (4) Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole-loan sales. (5) Other assets is primarily comprised of certain long-term fixed-rate margin loans and private equity investments that are accounted for under the fair value option. During the six months ended June 30, 2014 , the transfers into Level 3 included $413 million of trading account assets and $820 million of long-term debt. Transfers into Level 3 for trading account assets were primarily the result of decreased availability of third-party prices for certain corporate loans and securities, primarily municipal bonds. Transfers into Level 3 for long-term debt were primarily due to changes in the impact of unobservable inputs on the value of certain structured liabilities. Transfers occur on a regular basis for these long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole. During the six months ended June 30, 2014 , the transfers out of Level 3 included $1.2 billion of trading account assets, $300 million of net derivative assets and $225 million of long-term debt. Transfers out of Level 3 for trading account assets were primarily the result of increased market liquidity and availability of third-party prices for certain corporate loans and securities. Transfers out of Level 3 for net derivative assets were primarily due to increased price observability for certain equity derivatives. Transfers out of Level 3 for long-term debt were primarily due to changes in the impact of unobservable inputs on the value of certain structured liabilities. The following tables summarize gains (losses) due to changes in fair value, including both realized and unrealized gains (losses), recorded in earnings for Level 3 assets and liabilities during the three and six months ended June 30, 2015 and 2014 . These amounts include gains (losses) on loans, LHFS, loan commitments and structured liabilities that are accounted for under the fair value option. Level 3 – Total Realized and Unrealized Gains (Losses) Included in Earnings Three Months Ended June 30, 2015 (Dollars in millions) Trading Account Profits (Losses) Mortgage Banking Income (Loss) (1) Other Total Trading account assets: Corporate securities, trading loans and other $ 55 $ — $ — $ 55 Equity securities 11 — — 11 Non-U.S. sovereign debt 16 — — 16 Mortgage trading loans and ABS 101 — — 101 Total trading account assets 183 — — 183 Net derivative assets 416 196 (2 ) 610 AFS debt securities – Non-agency residential MBS — — 7 7 Other debt securities carried at fair value – Non-agency residential MBS — — 1 1 Loans and leases (2) (9 ) — (1 ) (10 ) Mortgage servicing rights 4 454 — 458 Loans held-for-sale (2) 15 — 7 22 Other assets — (3 ) (11 ) (14 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (2) (14 ) — — (14 ) Trading account liabilities – Corporate securities and other 2 — — 2 Accrued expenses and other liabilities — — 1 1 Long-term debt (2) 41 — 25 66 Total $ 638 $ 647 $ 27 $ 1,312 Three Months Ended June 30, 2014 Trading account assets: Corporate securities, trading loans and other $ 41 $ — $ — $ 41 Equity securities (7 ) — — (7 ) Non-U.S. sovereign debt 32 — — 32 Mortgage trading loans and ABS 123 — — 123 Total trading account assets 189 — — 189 Net derivative assets (427 ) 225 25 (177 ) AFS debt securities – Tax-exempt securities — — 2 2 Loans and leases (2) — — 27 27 Mortgage servicing rights 17 (266 ) — (249 ) Loans held-for-sale (2) — — 59 59 Other assets — (29 ) 3 (26 ) Long-term debt (2) (11 ) — (41 ) (52 ) Total $ (232 ) $ (70 ) $ 75 $ (227 ) (1) Mortgage banking income (loss) does not reflect the impact of Level 1 and Level 2 hedges on MSRs. (2) Amounts represent instruments that are accounted for under the fair value option. Level 3 – Total Realized and Unrealized Gains (Losses) Included in Earnings Six Months Ended June 30, 2015 (Dollars in millions) Trading Account Profits (Losses) Mortgage Banking Income (Loss) (1) Other Total Trading account assets: Corporate securities, trading loans and other $ 34 $ — $ — $ 34 Equity securities 14 — — 14 Non-U.S. sovereign debt 82 — — 82 Mortgage trading loans and ABS 161 — — 161 Total trading account assets 291 — — 291 Net derivative assets 65 478 23 566 AFS debt securities – Non-agency residential MBS — — (12 ) (12 ) Other debt securities carried at fair value – Non-agency residential MBS — — 1 1 Loans and leases (2) (6 ) — 11 5 Mortgage servicing rights (11 ) 384 — 373 Loans held-for-sale (2) (54 ) — 6 (48 ) Other assets — (24 ) 20 (4 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (2) (14 ) — — (14 ) Trading account liabilities – Corporate securities and other 3 — — 3 Short-term borrowings (2) 5 — — 5 Accrued expenses and other liabilities — — 1 1 Long-term debt (2) 99 — (29 ) 70 Total $ 378 $ 838 $ 21 $ 1,237 Six Months Ended June 30, 2014 Trading account assets: Corporate securities, trading loans and other $ 163 $ — $ — $ 163 Equity securities 12 — — 12 Non-U.S. sovereign debt 87 — — 87 Mortgage trading loans and ABS 201 — — 201 Total trading account assets 463 — — 463 Net derivative assets (595 ) 398 34 (163 ) AFS debt securities: Other taxable securities — — 8 8 Tax-exempt securities — — 3 3 Total AFS debt securities — — 11 11 Loans and leases (2) — — 59 59 Mortgage servicing rights 12 (551 ) — (539 ) Loans held-for-sale (2) — — 71 71 Other assets — (65 ) (21 ) (86 ) Trading account liabilities – Corporate securities and other 1 — — 1 Accrued expenses and other liabilities — — 1 1 Long-term debt (2) (64 ) — (55 ) (119 ) Total $ (183 ) $ (218 ) $ 100 $ (301 ) (1) Mortgage banking income (loss) does not reflect the impact of Level 1 and Level 2 hedges on MSRs. (2) Amounts represent instruments that are accounted for under the fair value option. The following tables summarize changes in unrealized gains (losses) recorded in earnings during the three and six months ended June 30, 2015 and 2014 for Level 3 assets and liabilities that were still held at June 30, 2015 and 2014 . These amounts include changes in fair value on loans, LHFS, loan commitments and structured liabilities that are accounted for under the fair value option. Level 3 – Changes in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at Reporting Date Three Months Ended June 30, 2015 (Dollars in millions) Trading Account Profits (Losses) Mortgage Banking Income (Loss) (1) Other Total Trading account assets: Corporate securities, trading loans and other $ (7 ) $ — $ — $ (7 ) Equity securities 7 — — 7 Non-U.S. sovereign debt 16 — — 16 Mortgage trading loans and ABS 4 — — 4 Total trading account assets 20 — — 20 Net derivative assets 317 52 (2 ) 367 Loans and leases (2) (9 ) — (2 ) (11 ) Mortgage servicing rights 4 373 — 377 Loans held-for-sale (2) 15 — 6 21 Other assets — 4 23 27 Federal funds purchased and securities loaned or sold under agreements to repurchase (2) (14 ) — — (14 ) Trading account liabilities – Corporate securities and other 1 — — 1 Long-term debt (2) 15 — 25 40 Total $ 349 $ 429 $ 50 $ 828 Three Months Ended June 30, 2014 Trading account assets: Corporate securities, trading loans and other $ (20 ) $ — $ — $ (20 ) Equity securities (8 ) — — (8 ) Non-U.S. sovereign debt 32 — — 32 Mortgage trading loans and ABS 92 — — 92 Total trading account assets 96 — — 96 Net derivative assets (520 ) 74 25 (421 ) Loans and leases (2) — — 37 37 Mortgage servicing rights 17 (408 ) — (391 ) Loans held-for-sale (2) — — 9 9 Other assets — (23 ) 4 (19 |
Fair Value Option
Fair Value Option | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Option [Abstract] | |
Fair Value, Option | NOTE 15 – Fair Value Option The Corporation elects to account for certain financial instruments under the fair value option. For more information on the primary financial instruments for which the fair value option elections have been made, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . The table below provides information about the fair value carrying amount and the contractual principal outstanding of assets and liabilities accounted for under the fair value option at June 30, 2015 and December 31, 2014 . Fair Value Option Elections June 30, 2015 December 31, 2014 (Dollars in millions) Fair Value Carrying Amount Contractual Principal Outstanding Fair Value Carrying Amount Less Unpaid Principal Fair Value Carrying Amount Contractual Principal Outstanding Fair Value Carrying Amount Less Unpaid Principal Federal funds sold and securities borrowed or purchased under agreements to resell $ 70,791 $ 70,490 $ 301 $ 62,182 $ 61,902 $ 280 Loans reported as trading account assets (1) 4,286 8,374 (4,088 ) 4,607 8,487 (3,880 ) Trading inventory – other 7,039 n/a n/a 6,865 n/a n/a Consumer and commercial loans 7,629 7,880 (251 ) 8,681 8,925 (244 ) Loans held-for-sale 4,924 6,335 (1,411 ) 6,801 8,072 (1,271 ) Other assets 268 270 (2 ) 253 270 (17 ) Long-term deposits 1,215 1,123 92 1,469 1,361 108 Federal funds purchased and securities loaned or sold under agreements to repurchase 32,017 32,534 (517 ) 35,357 35,332 25 Unfunded loan commitments 392 n/a n/a 405 n/a n/a Short-term borrowings 1,841 1,841 — 2,697 2,697 — Long-term debt (2) 32,920 32,603 317 36,404 35,815 589 (1) A significant portion of the loans reported as trading account assets are distressed loans which trade and were purchased at a deep discount to par, and the remainder are loans with a fair value near contractual principal outstanding. (2) Includes structured liabilities with a fair value of $31.9 billion and contractual principal outstanding of $31.4 billion at June 30, 2015 compared to $35.3 billion and $34.6 billion at December 31, 2014 . n/a = not applicable The following tables provide information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Consolidated Statement of Income for the three and six months ended June 30, 2015 and 2014 . Of the changes in fair value for loans reported as trading account assets, gains of $22 million and $30 million were attributable to changes in borrower-specific credit risk for the three and six months ended June 30, 2015 compared to gains of $1 million for both of the same periods in 2014 . Of the changes in fair value for consumer and commercial loans, gains of $16 million and losses of $12 million were attributable to changes in borrower-specific credit risk for the three and six months ended June 30, 2015 compared to gains of $43 million and $79 million for the same periods in 2014 . Of the changes in fair value for LHFS, gains of $11 million and $50 million were attributable to changes in borrower-specific credit risk for the three and six months ended June 30, 2015 compared to gains of $22 million and $49 million for the same periods in 2014 . Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option Three Months Ended June 30, 2015 (Dollars in millions) Trading Account Profits (Losses) Mortgage Banking Income (Loss) Other Income (Loss) Total Federal funds sold and securities borrowed or purchased under agreements to resell $ (24 ) $ — $ — $ (24 ) Loans reported as trading account assets 33 — — 33 Trading inventory – other (1) 188 — — 188 Consumer and commercial loans (6 ) — 16 10 Loans held-for-sale (2) 26 107 25 158 Other assets — — (1 ) (1 ) Long-term deposits 4 — 26 30 Federal funds purchased and securities loaned or sold under agreements to repurchase (6 ) — — (6 ) Unfunded loan commitments — — (63 ) (63 ) Long-term debt (3) 337 — 106 443 Total $ 552 $ 107 $ 109 $ 768 Three Months Ended June 30, 2014 Federal funds sold and securities borrowed or purchased under agreements to resell $ (13 ) $ — $ — $ (13 ) Loans reported as trading account assets 14 — — 14 Trading inventory – other (1) (122 ) — — (122 ) Consumer and commercial loans 13 — 53 66 Loans held-for-sale (2) (3 ) 197 30 224 Other assets — — 2 2 Long-term deposits (2 ) — (3 ) (5 ) Unfunded loan commitments — — 5 5 Short-term borrowings 18 — — 18 Long-term debt (3) (259 ) — 68 (191 ) Total $ (354 ) $ 197 $ 155 $ (2 ) (1) The gains (losses) in trading account profits (losses) are primarily offset by gains (losses) on trading liabilities that hedge these assets. (2) Includes the value of interest rate lock commitments on loans funded, including those sold during the period. (3) The majority of the net gains (losses) in trading account profits (losses) relate to the embedded derivative in structured liabilities and are offset by gains (losses) on derivatives and securities that hedge these liabilities. The net gains (losses) in other income (loss) relate to the impact on structured liabilities of changes in the Corporation's credit spreads. Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option Six Months Ended June 30, 2015 (Dollars in millions) Trading Account Profits (Losses) Mortgage Banking Income (Loss) Other Income (Loss) Total Federal funds sold and securities borrowed or purchased under agreements to resell $ (88 ) $ — $ — $ (88 ) Loans reported as trading account assets (68 ) — — (68 ) Trading inventory – other (1) 174 — — 174 Consumer and commercial loans 29 — (67 ) (38 ) Loans held-for-sale (2) (21 ) 372 88 439 Other assets — — 7 7 Long-term deposits — — 21 21 Federal funds purchased and securities loaned or sold under agreements to repurchase 48 — — 48 Unfunded loan commitments — — 55 55 Short-term borrowings (1 ) — — (1 ) Long-term debt (3) 590 — 171 761 Total $ 663 $ 372 $ 275 $ 1,310 Six Months Ended June 30, 2014 Federal funds sold and securities borrowed or purchased under agreements to resell $ (33 ) $ — $ — $ (33 ) Loans reported as trading account assets 48 — — 48 Trading inventory – other (1) (290 ) — — (290 ) Consumer and commercial loans 18 — 105 123 Loans held-for-sale (2) (4 ) 383 70 449 Long-term deposits 11 — (12 ) (1 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (2 ) — — (2 ) Unfunded loan commitments — — 14 14 Short-term borrowings 54 — — 54 Long-term debt (3) (627 ) — 265 (362 ) Total $ (825 ) $ 383 $ 442 $ — (1) The gains (losses) in trading account profits (losses) are primarily offset by gains (losses) on trading liabilities that hedge these assets. (2) Includes the value of interest rate lock commitments on loans funded, including those sold during the period. (3) The majority of the net gains (losses) in trading account profits (losses) relate to the embedded derivative in structured liabilities and are offset by gains (losses) on derivatives and securities that hedge these liabilities. The net gains (losses) in other income (loss) relate to the impact on structured liabilities of changes in the Corporation's credit spreads. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | NOTE 16 – Fair Value of Financial Instruments Financial instruments are classified within the fair value hierarchy using the methodologies described in Note 14 – Fair Value Measurements . The following disclosures include financial instruments where only a portion of the ending balance at June 30, 2015 and December 31, 2014 was carried at fair value on the Consolidated Balance Sheet. For more information on these financial instruments and their valuation methodologies, see Note 20 – Fair Value Measurements and Note 22 – Fair Value of Financial Instruments to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Fair Value of Financial Instruments The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at June 30, 2015 and December 31, 2014 are presented in the table below. Fair Value of Financial Instruments June 30, 2015 December 31, 2014 Fair Value Fair Value (Dollars in millions) Carrying Value Level 2 Level 3 Total Carrying Value Level 2 Level 3 Total Financial assets Loans $ 848,196 $ 72,467 $ 791,875 $ 864,342 $ 842,259 $ 87,174 $ 776,370 $ 863,544 Loans held-for-sale 6,914 5,984 930 6,914 12,836 12,236 618 12,854 Financial liabilities Deposits $ 1,149,560 $ 1,149,966 $ — $ 1,149,966 $ 1,118,936 $ 1,119,427 $ — $ 1,119,427 Long-term debt 243,414 247,433 2,716 250,149 243,139 249,692 2,362 252,054 Commercial Unfunded Lending Commitments Fair values were generally determined using a discounted cash flow valuation approach which is applied using market-based CDS or internally developed benchmark credit curves. The Corporation accounts for certain loan commitments under the fair value option. The carrying values and fair values of the Corporation's commercial unfunded lending commitments were $981 million and $4.1 billion at June 30, 2015 , and $932 million and $3.8 billion at December 31, 2014 . Commercial unfunded lending commitments are primarily classified as Level 3. The carrying value of these commitments is classified in accrued expenses and other liabilities. The Corporation does not estimate the fair values of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 10 – Commitments and Contingencies . |
Mortgage Servicing Rights
Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | NOTE 17 – Mortgage Servicing Rights The Corporation accounts for consumer MSRs at fair value with changes in fair value recorded in mortgage banking income in the Consolidated Statement of Income. The Corporation manages the risk in these MSRs with derivatives such as options and interest rate swaps, which are not designated as accounting hedges, as well as securities including MBS and U.S. Treasury securities. The securities used to manage the risk in the MSRs are classified in other assets with changes in the fair value of the securities and the related interest income recorded in mortgage banking income. The table below presents activity for residential mortgage and home equity MSRs for the three and six months ended June 30, 2015 and 2014 . Rollforward of Mortgage Servicing Rights Three Months Ended Six Months Ended (Dollars in millions) 2015 2014 2015 2014 Balance, beginning of period $ 3,394 $ 4,765 $ 3,530 $ 5,042 Additions 204 113 383 378 Sales (312 ) (26 ) (312 ) (46 ) Amortization of expected cash flows (1) (223 ) (235 ) (453 ) (467 ) Impact of changes in interest rates and other market factors (2) 468 (310 ) 292 (627 ) Model and other cash flow assumption changes: (3) Projected cash flows, including changes in costs to service loans (1 ) 82 86 46 Impact of changes in the Home Price Index 2 4 (10 ) (7 ) Impact of changes to the prepayment model — — 9 160 Other model changes (4) (11 ) (25 ) (4 ) (111 ) Balance, June 30 (5) $ 3,521 $ 4,368 $ 3,521 $ 4,368 Mortgage loans serviced for investors (in billions) $ 425 $ 521 $ 425 $ 521 (1) Represents the net change in fair value of the MSR asset due to the recognition of modeled cash flows. (2) These amounts reflect the changes in modeled MSR fair value primarily due to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve and periodic adjustments to valuation based on third-party price discovery. (3) These amounts reflect periodic adjustments to the valuation model to reflect changes in the modeled relationship between inputs and their impact on projected cash flows as well as changes in certain cash flow assumptions such as cost to service and ancillary income per loan. (4) These amounts include the impact of periodic recalibrations of the model to reflect changes in the relationship between market interest rate spreads and projected cash flows. (5) At June 30, 2015 , includes $3.2 billion of U.S. and $320 million of non-U.S. consumer MSR balances compared to $4.1 billion and $234 million at June 30, 2014 . The Corporation primarily uses an option-adjusted spread (OAS) valuation approach which factors in prepayment risk to determine the fair value of MSRs. This approach consists of projecting servicing cash flows under multiple interest rate scenarios and discounting these cash flows using risk-adjusted discount rates. In addition to updating the valuation model for interest, discount and prepayment rates, periodic adjustments are made to recalibrate the valuation model for factors used to project cash flows. The changes to the factors capture the effect of variances related to actual versus estimated servicing proceeds. Significant economic assumptions in estimating the fair value of MSRs at June 30, 2015 and December 31, 2014 are presented below. The change in fair value as a result of changes in OAS rates is included within "Model and other cash flow assumption changes" in the Rollforward of Mortgage Servicing Rights table. The weighted-average life is not an input in the valuation model but is a product of both changes in market rates of interest and changes in model and other cash flow assumptions. The weighted-average life represents the average period of time that the MSRs' cash flows are expected to be received. Absent other changes, an increase (decrease) to the weighted-average life would generally result in an increase (decrease) in the fair value of the MSRs. Significant Economic Assumptions June 30, 2015 December 31, 2014 Fixed Adjustable Fixed Adjustable Weighted-average OAS 4.56 % 7.67 % 4.52 % 7.61 % Weighted-average life, in years 4.89 3.36 4.53 2.95 The table below presents the sensitivity of the weighted-average lives and fair value of MSRs to changes in modeled assumptions. These sensitivities are hypothetical and should be used with caution. As the amounts indicate, changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of MSRs that continue to be held by the Corporation is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities. The below sensitivities do not reflect any hedge strategies that may be undertaken to mitigate such risk. Sensitivity Impacts June 30, 2015 Change in Weighted-average Lives (Dollars in millions) Fixed Adjustable Change in Fair Value Prepayment rates Impact of 10% decrease 0.23 years 0.20 years $ 200 Impact of 20% decrease 0.49 0.43 424 Impact of 10% increase (0.21 ) (0.18 ) (181 ) Impact of 20% increase (0.39 ) (0.33 ) (344 ) OAS level Impact of 100 bps decrease $ 156 Impact of 200 bps decrease 327 Impact of 100 bps increase (144 ) Impact of 200 bps increase (278 ) |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | NOTE 18 – Business Segment Information Effective January 1, 2015, to align the segments with how the Corporation manages the businesses in 2015, it changed its basis of presentation, and following such change, reports its results of operations through the following five business segments: Consumer Banking , Global Wealth & Investment Management (GWIM) , Global Banking , Global Markets and Legacy Assets & Servicing (LAS) , with the remaining operations recorded in All Other . The Home Loans business, which was included in the former Consumer Real Estate Services ( CRES) segment, is now included in Consumer Banking , and LAS (also in the former CRES segment) became a separate segment. A portion of the Business Banking business, based on the size of the client, was moved from the former Consumer & Business Banking (CBB) segment to Global Banking , and the former CBB segment was renamed Consumer Banking . Also, the merchant services joint venture moved from the former CBB segment to All Other . In addition, certain management accounting methodologies, including the treatment of intersegment assets and liabilities, and related allocations were refined. Prior periods have been reclassified to conform to the current period presentation. Consumer Banking Consumer Banking offers a diversified range of credit, banking and investment products and services to consumers and small businesses. Consumer Banking product offerings include traditional savings accounts, money market savings accounts, CDs and IRAs, noninterest- and interest-bearing checking accounts, investment accounts and products , as well as credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans to consumers and small businesses in the U.S. Customers and clients have access to a franchise network that stretches coast to coast through 33 states and the District of Columbia. The franchise network includes approximately 4,800 financial centers, 16,000 ATMs, nationwide call centers, and online and mobile platforms. Global Wealth & Investment Management GWIM provides a high-touch client experience through a network of financial advisors focused on clients with over $250,000 in total investable assets , as well as tailored solutions to meet clients' needs through a full set of brokerage, banking and retirement products. GWIM also provides comprehensive wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients' wealth structuring, investment management, trust and banking needs, including specialty asset management services. Global Banking Global Banking provides a wide range of lending-related products and services, integrated working capital management and treasury solutions to clients, and underwriting and advisory services through the Corporation's network of offices and client relationship teams. Global Banking's lending products and services include commercial loans, leases, commitment facilities, trade finance, real estate lending and asset-based lending. Global Banking's treasury solutions business includes treasury management, foreign exchange and short-term investing options. Global Banking also provides investment banking products to clients such as debt and equity underwriting and distribution, and merger-related and other advisory services. The economics of most investment banking and underwriting activities are shared primarily between Global Banking and Global Markets based on the activities performed by each segment . Global Banking clients generally include middle-market companies, commercial real estate firms, auto dealerships , not-for-profit companies , large global corporations, financial institutions , leasing clients , and mid-sized U.S.-based businesses requiring customized and integrated financial advice and solutions . Global Markets Global Markets offers sales and trading services, including research, to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to institutional investor clients in support of their investing and trading activities. Global Markets also works with commercial and corporate clients to provide risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income and mortgage-related products. As a result of market-making activities in these products, Global Markets may be required to manage risk in a broad range of financial products including government securities, equity and equity-linked securities, high-grade and high-yield corporate debt securities, syndicated loans, MBS, commodities and ABS. In addition, the economics of most investment banking and underwriting activities are shared primarily between Global Markets and Global Banking based on the activities performed by each segment . Legacy Assets & Servicing LAS is responsible for mortgage servicing activities related to residential first mortgage and home equity loans serviced for others and loans held by the Corporation, including loans that have been designated as the LAS Portfolios, and manages certain legacy exposures related to mortgage origination, sales and servicing activities (e.g., litigation, representations and warranties). LAS also includes the results of MSR activities, including net hedge results . Home equity loans are held on the balance sheet of LAS , and residential mortgage loans are included as part of All Other . The financial results of the on-balance sheet loans are reported in the segment that owns the loans or in All Other . All Other All Other consists of ALM activities, equity investments, the international consumer card business, liquidating businesses, residual expense allocations and other. ALM activities encompass residential mortgages, MBS, interest rate and foreign currency risk management activities including the residual net interest income allocation, the impact of certain allocation methodologies and accounting hedge ineffectiveness. Additionally, certain residential mortgage loans that are managed by LAS are held in All Other . The results of certain ALM activities are allocated to the business segments . Basis of Presentation The management accounting and reporting process derives segment and business results by utilizing allocation methodologies for revenue and expense. The net income derived for the businesses is dependent upon revenue and cost allocations using an activity-based costing model, funds transfer pricing, and other methodologies and assumptions management believes are appropriate to reflect the results of the business. Total revenue, net of interest expense, includes net interest income on an FTE basis and noninterest income. The adjustment of net interest income to an FTE basis results in a corresponding increase in income tax expense. The segment results also reflect certain revenue and expense methodologies that are utilized to determine net income. The net interest income of the businesses includes the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, the Corporation allocates assets to match liabilities. Net interest income of the business segments also includes an allocation of net interest income generated by certain of the Corporation's ALM activities. Further, net interest income on an FTE basis includes market-related adjustments, which are driven by the impact of changes in long-term interest rates on the estimated lives of mortgage-related debt securities thereby impacting premium amortization. Also included in market-related adjustments is hedge ineffectiveness that impacted net interest income. In addition, the business segments are impacted by the migration of customers and clients and their deposit, loan and brokerage balances between client-managed businesses. Subsequent to the date of migration, the associated net interest income, noninterest income and noninterest expense are recorded in the business to which the customers or clients migrated. The Corporation's ALM activities include an overall interest rate risk management strategy that incorporates the use of various derivatives and cash instruments to manage fluctuations in earnings and capital that are caused by interest rate volatility. The Corporation's goal is to manage interest rate sensitivity so that movements in interest rates do not significantly adversely affect earnings and capital. The results of a majority of the Corporation's ALM activities are allocated to the business segments and fluctuate based on the performance of the ALM activities. ALM activities include external product pricing decisions including deposit pricing strategies, the effects of the Corporation's internal funds transfer pricing process and the net effects of other ALM activities. Certain expenses not directly attributable to a specific business segment are allocated to the segments. The most significant of these expenses include data and item processing costs and certain centralized or shared functions. Data processing costs are allocated to the segments based on equipment usage. Item processing costs are allocated to the segments based on the volume of items processed for each segment. The costs of certain other centralized or shared functions are allocated based on methodologies that reflect utilization. The following tables present net income (loss) and the components thereto (with net interest income on an FTE basis) for the three and six months ended June 30, 2015 and 2014 , and total assets at June 30, 2015 and 2014 for each business segment, as well as All Other . Results for Business Segments and All Other At and for the Three Months Ended June 30 Total Corporation (1) Consumer Banking Global Wealth & Investment Management (Dollars in millions) 2015 2014 2015 2014 2015 2014 Net interest income (FTE basis) $ 10,716 $ 10,226 $ 4,910 $ 5,060 $ 1,359 $ 1,485 Noninterest income 11,629 11,734 2,634 2,589 3,214 3,104 Total revenue, net of interest expense (FTE basis) 22,345 21,960 7,544 7,649 4,573 4,589 Provision for credit losses 780 411 506 550 15 (8 ) Noninterest expense 13,818 18,541 4,321 4,505 3,457 3,445 Income before income taxes (FTE basis) 7,747 3,008 2,717 2,594 1,101 1,152 Income tax expense (FTE basis) 2,427 717 1,013 960 411 426 Net income $ 5,320 $ 2,291 $ 1,704 $ 1,634 $ 690 $ 726 Period-end total assets $ 2,149,034 $ 2,170,557 $ 611,122 $ 579,870 $ 267,021 $ 263,958 Global Banking Global Markets 2015 2014 2015 2014 Net interest income (FTE basis) $ 2,213 $ 2,442 $ 1,028 $ 962 Noninterest income 1,902 1,996 3,231 3,637 Total revenue, net of interest expense (FTE basis) 4,115 4,438 4,259 4,599 Provision for credit losses 177 136 6 20 Noninterest expense 1,941 2,007 2,723 2,875 Income before income taxes (FTE basis) 1,997 2,295 1,530 1,704 Income tax expense (FTE basis) 746 850 537 602 Net income $ 1,251 $ 1,445 $ 993 $ 1,102 Period-end total assets $ 367,045 $ 370,561 $ 580,955 $ 610,435 Legacy Assets & Servicing All Other 2015 2014 2015 2014 Net interest income (FTE basis) $ 416 $ 362 $ 790 $ (85 ) Noninterest income 673 438 (25 ) (30 ) Total revenue, net of interest expense (FTE basis) 1,089 800 765 (115 ) Provision for credit losses 57 (39 ) 19 (248 ) Noninterest expense 961 5,234 415 475 Income (loss) before income taxes (FTE basis) 71 (4,395 ) 331 (342 ) Income tax expense (benefit) (FTE basis) 26 (1,654 ) (306 ) (467 ) Net income (loss) $ 45 $ (2,741 ) $ 637 $ 125 Period-end total assets $ 50,853 $ 52,647 $ 272,038 $ 293,086 (1) There were no material intersegment revenues. Results of Business Segments and All Other At and for the Six Months Ended June 30 Total Corporation (1) Consumer Banking Global Wealth & (Dollars in millions) 2015 2014 2015 2014 2015 2014 Net interest income (FTE basis) $ 20,386 $ 20,512 $ 9,781 $ 10,130 $ 2,710 $ 2,970 Noninterest income 23,380 24,215 5,213 5,170 6,380 6,166 Total revenue, net of interest expense (FTE basis) 43,766 44,727 14,994 15,300 9,090 9,136 Provision for credit losses 1,545 1,420 1,222 1,359 38 15 Noninterest expense 29,513 40,779 8,710 9,000 6,916 6,803 Income before income taxes (FTE basis) 12,708 2,528 5,062 4,941 2,136 2,318 Income tax expense (FTE basis) 4,031 513 1,883 1,839 795 863 Net income $ 8,677 $ 2,015 $ 3,179 $ 3,102 $ 1,341 $ 1,455 Period-end total assets $ 2,149,034 $ 2,170,557 $ 611,122 $ 579,870 $ 267,021 $ 263,958 Global Banking Global Markets 2015 2014 2015 2014 Net interest income (FTE basis) $ 4,473 $ 4,946 $ 2,037 $ 1,968 Noninterest income 3,920 4,018 6,836 7,657 Total revenue, net of interest expense (FTE basis) 8,393 8,964 8,873 9,625 Provision for credit losses 273 417 27 38 Noninterest expense 3,951 4,184 5,854 5,964 Income before income taxes (FTE basis) 4,169 4,363 2,992 3,623 Income tax expense (FTE basis) 1,552 1,625 1,054 1,211 Net income $ 2,617 $ 2,738 $ 1,938 $ 2,412 Period-end total assets $ 367,045 $ 370,561 $ 580,955 $ 610,435 Legacy Assets & Servicing All Other 2015 2014 2015 2014 Net interest income (FTE basis) $ 844 $ 739 $ 541 $ (241 ) Noninterest income 1,159 747 (128 ) 457 Total revenue, net of interest expense (FTE basis) 2,003 1,486 413 216 Provision for credit losses 148 (27 ) (163 ) (382 ) Noninterest expense 2,164 12,637 1,918 2,191 Loss before income taxes (FTE basis) (309 ) (11,124 ) (1,342 ) (1,593 ) Income tax benefit (FTE basis) (115 ) (3,502 ) (1,138 ) (1,523 ) Net loss $ (194 ) $ (7,622 ) $ (204 ) $ (70 ) Period-end total assets $ 50,853 $ 52,647 $ 272,038 $ 293,086 (1) There were no material intersegment revenues. The table below presents a reconciliation of the five business segments' total revenue, net of interest expense, on an FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet. The adjustments presented in the table below include consolidated income, expense and asset amounts not specifically allocated to individual business segments. Business Segment Reconciliations Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Segments' total revenue, net of interest expense (FTE basis) $ 21,580 $ 22,075 $ 43,353 $ 44,511 Adjustments: ALM activities 1,013 (84 ) 792 (349 ) Equity investment income 11 95 12 793 Liquidating businesses and other (259 ) (126 ) (391 ) (228 ) FTE basis adjustment (228 ) (213 ) (447 ) (414 ) Consolidated revenue, net of interest expense $ 22,117 $ 21,747 $ 43,319 $ 44,313 Segments' total net income $ 4,683 $ 2,166 $ 8,881 $ 2,085 Adjustments, net-of-taxes: ALM activities 448 (169 ) 209 (75 ) Equity investment income 7 59 7 496 Liquidating businesses and other 182 235 (420 ) (491 ) Consolidated net income $ 5,320 $ 2,291 $ 8,677 $ 2,015 June 30 2015 2014 Segments' total assets $ 1,876,996 $ 1,877,471 Adjustments: ALM activities, including securities portfolio 688,743 694,031 Equity investments 4,670 5,126 Liquidating businesses and other 67,096 80,563 Elimination of segment asset allocations to match liabilities (488,471 ) (486,634 ) Consolidated total assets $ 2,149,034 $ 2,170,557 |
Summary of Significant Accoun26
Summary of Significant Accounting Principles (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Consolidation | The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries, and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it owns a voting interest and for which it has the ability to exercise significant influence over operating and financing decisions using the equity method of accounting. These investments are included in other assets. Equity method investments are subject to impairment testing and the Corporation's proportionate share of income or loss is included in equity investment income. |
Basis of Accounting | The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures. Realized results could differ from those estimates and assumptions. The Corporation's Annual Report on Form 10-K for the year ended December 31, 2014 as supplemented by a Current Report on Form 8-K filed on April 29, 2015 to reflect reclassified business segment information is referred to herein as the 2014 Annual Report on Form 10-K. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K. The nature of the Corporation's business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission (SEC). Certain prior-period amounts have been reclassified to conform to current period presentation. In the Consolidated Statement of Cash Flows for the six months ended June 30, 2014 , the Corporation revised certain line item amounts (e.g., purchases and proceeds from sales of debt securities carried at fair value) in the investing activities section to appropriately reflect sweep activity. This had no impact on total cash flows from investing activities. |
New Accounting Pronouncements | In February 2015, the Financial Accounting Standards Board (FASB) issued new accounting guidance that amends the criteria for determining whether limited partnerships and similar entities are VIEs, clarifies when a general partner or asset manager should consolidate an entity and eliminates the indefinite deferral of certain aspects of VIE accounting guidance for investments in certain investment funds. Money market funds registered under Rule 2a-7 of the Investment Company Act and similar funds are exempt from consolidation under the new guidance. The new accounting guidance is effective beginning on January 1, 2016. Early adoption is permitted; however, the Corporation does not expect to adopt this new guidance early. The Corporation does not expect the new guidance to have a material impact on its consolidated financial position or results of operations. In June 2014, the FASB issued new guidance on accounting and disclosure of repurchase-to-maturity (RTM) transactions and repurchase financings (repos). Under this new accounting guidance, RTMs are accounted for as secured borrowings rather than sales of an asset, and transfers of financial assets with a contemporaneous repo are no longer evaluated to determine whether they should be accounted for on a combined basis as forward contracts. The new guidance also prescribes additional disclosures particularly on the nature of collateral pledged in repos accounted for as secured borrowings. The new guidance was effective beginning on January 1, 2015 and did not have a material impact on the Corporation's consolidated financial position or results of operations. For the additional disclosures under this guidance, see Note 2 – Derivatives and Note 9 – Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings . In May 2014, the FASB issued new accounting guidance to clarify the principles for recognizing revenue from contracts with customers. The new accounting guidance, which does not apply to financial instruments, is effective on a retrospective basis beginning on January 1, 2018. The Corporation is assessing the impact of this new guidance on its consolidated financial position and results of operations. |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at June 30, 2015 and December 31, 2014 . Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by the cash collateral received or paid. June 30, 2015 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional (1) Trading and Other Risk Management Derivatives Qualifying Hedges Total Trading and Other Risk Management Derivatives Qualifying Hedges Total Interest rate contracts Swaps $ 22,487.0 $ 462.5 $ 7.2 $ 469.7 $ 462.1 $ 1.4 $ 463.5 Futures and forwards 8,595.9 1.7 — 1.7 1.7 — 1.7 Written options 1,648.3 — — — 63.2 — 63.2 Purchased options 1,626.4 63.9 — 63.9 — — — Foreign exchange contracts Swaps 2,195.2 46.1 0.8 46.9 48.4 2.4 50.8 Spot, futures and forwards 4,538.0 47.8 0.5 48.3 50.9 0.5 51.4 Written options 621.5 — — — 12.7 — 12.7 Purchased options 583.7 12.1 — 12.1 — — — Equity contracts Swaps 192.6 3.3 — 3.3 3.9 — 3.9 Futures and forwards 78.2 1.8 — 1.8 2.2 — 2.2 Written options 405.3 — — — 26.8 — 26.8 Purchased options 367.7 28.7 — 28.7 — — — Commodity contracts Swaps 59.3 3.6 — 3.6 6.5 — 6.5 Futures and forwards 378.5 3.8 — 3.8 1.3 — 1.3 Written options 119.6 — — — 6.4 — 6.4 Purchased options 135.1 6.6 — 6.6 — — — Credit derivatives Purchased credit derivatives: Credit default swaps 1,007.6 10.8 — 10.8 19.3 — 19.3 Total return swaps/other 60.3 0.2 — 0.2 1.2 — 1.2 Written credit derivatives: Credit default swaps 991.8 19.5 — 19.5 9.5 — 9.5 Total return swaps/other 63.9 1.0 — 1.0 0.8 — 0.8 Gross derivative assets/liabilities $ 713.4 $ 8.5 $ 721.9 $ 716.9 $ 4.3 $ 721.2 Less: Legally enforceable master netting agreements (631.2 ) (631.2 ) Less: Cash collateral received/paid (39.7 ) (46.4 ) Total derivative assets/liabilities $ 51.0 $ 43.6 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. December 31, 2014 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional (1) Trading and Other Risk Management Derivatives Qualifying Hedges Total Trading and Other Risk Management Derivatives Qualifying Hedges Total Interest rate contracts Swaps $ 29,445.4 $ 658.5 $ 8.5 $ 667.0 $ 658.2 $ 0.5 $ 658.7 Futures and forwards 10,159.4 1.7 — 1.7 2.0 — 2.0 Written options 1,725.2 — — — 85.4 — 85.4 Purchased options 1,739.8 85.6 — 85.6 — — — Foreign exchange contracts Swaps 2,159.1 51.5 0.8 52.3 54.6 1.9 56.5 Spot, futures and forwards 4,226.4 68.9 1.5 70.4 72.4 0.2 72.6 Written options 600.7 — — — 16.0 — 16.0 Purchased options 584.6 15.1 — 15.1 — — — Equity contracts Swaps 193.7 3.2 — 3.2 4.0 — 4.0 Futures and forwards 69.5 2.1 — 2.1 1.8 — 1.8 Written options 341.0 — — — 26.0 — 26.0 Purchased options 318.4 27.9 — 27.9 — — — Commodity contracts Swaps 74.3 5.8 — 5.8 8.5 — 8.5 Futures and forwards 376.5 4.5 — 4.5 1.8 — 1.8 Written options 129.5 — — — 11.5 — 11.5 Purchased options 141.3 10.7 — 10.7 — — — Credit derivatives Purchased credit derivatives: Credit default swaps 1,094.8 13.3 — 13.3 23.4 — 23.4 Total return swaps/other 44.3 0.2 — 0.2 1.4 — 1.4 Written credit derivatives: Credit default swaps 1,073.1 24.5 — 24.5 11.9 — 11.9 Total return swaps/other 61.0 0.5 — 0.5 0.3 — 0.3 Gross derivative assets/liabilities $ 974.0 $ 10.8 $ 984.8 $ 979.2 $ 2.6 $ 981.8 Less: Legally enforceable master netting agreements (884.8 ) (884.8 ) Less: Cash collateral received/paid (47.3 ) (50.1 ) Total derivative assets/liabilities $ 52.7 $ 46.9 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below summarizes information related to fair value hedges for the three and six months ended June 30, 2015 and 2014 , including hedges of interest rate risk on long-term debt that were acquired as part of a business combination and redesignated at that time. At redesignation, the fair value of the derivatives was positive. As the derivatives mature, the fair value will approach zero. As a result, ineffectiveness will occur and the fair value changes in the derivatives and the long-term debt being hedged may be directionally the same in certain scenarios. Based on a regression analysis, the derivatives continue to be highly effective at offsetting changes in the fair value of the long-term debt attributable to interest rate risk. Derivatives Designated as Fair Value Hedges Gains (Losses) Three Months Ended June 30 Six Months Ended June 30 2015 2015 (Dollars in millions) Derivative Hedged Item Hedge Ineffectiveness Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (2,293 ) $ 2,041 $ (252 ) $ (1,197 ) $ 749 $ (448 ) Interest rate and foreign currency risk on long-term debt (1) 388 (402 ) (14 ) (1,256 ) 1,186 (70 ) Interest rate risk on available-for-sale securities (2) 2 (3 ) (1 ) 45 (48 ) (3 ) Price risk on commodity inventory (3) 2 (2 ) — 13 (9 ) 4 Total $ (1,901 ) $ 1,634 $ (267 ) $ (2,395 ) $ 1,878 $ (517 ) 2014 2014 Interest rate risk on long-term debt (1) $ 735 $ (944 ) $ (209 ) $ 1,101 $ (1,504 ) $ (403 ) Interest rate and foreign currency risk on long-term debt (1) 145 (171 ) (26 ) 263 (315 ) (52 ) Interest rate risk on available-for-sale securities (2) (23 ) 19 (4 ) (21 ) 16 (5 ) Price risk on commodity inventory (3) — (2 ) (2 ) 2 3 5 Total $ 857 $ (1,098 ) $ (241 ) $ 1,345 $ (1,800 ) $ (455 ) (1) Amounts are recorded in interest expense on long-term debt and in other income. (2) Amounts are recorded in interest income on debt securities. (3) Amounts relating to commodity inventory are recorded in trading account profits. |
Cash Flow and Net Investment Hedges | The table below summarizes certain information related to cash flow hedges and net investment hedges for the three and six months ended June 30, 2015 and 2014 . Of the $1.4 billion net loss (after-tax) on derivatives in accumulated other comprehensive income (OCI) at June 30, 2015 , $698 million ( $436 million after-tax) is expected to be reclassified into earnings in the next 12 months. These net losses reclassified into earnings are expected to primarily reduce net interest income related to the respective hedged items. Amounts related to price risk on restricted stock awards reclassified from accumulated OCI are recorded in personnel expense. Derivatives Designated as Cash Flow and Net Investment Hedges Three Months Ended June 30 Six Months Ended June 30 2015 2015 (Dollars in millions, amounts pretax) Gains (Losses) Recognized in Accumulated OCI on Derivatives Gains (Losses) in Income Reclassified from Accumulated OCI Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing (1) Gains (Losses) Recognized in Accumulated OCI on Derivatives Gains (Losses) in Income Reclassified from Accumulated OCI Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing (1) Cash flow hedges Interest rate risk on variable-rate portfolios $ (19 ) $ (259 ) $ — $ 5 $ (514 ) $ (1 ) Price risk on restricted stock awards (2) 181 28 — (29 ) 27 — Total $ 162 $ (231 ) $ — $ (24 ) $ (487 ) $ (1 ) Net investment hedges Foreign exchange risk $ (992 ) $ 84 $ 11 $ 990 $ 84 $ (87 ) 2014 2014 Cash flow hedges Interest rate risk on variable-rate portfolios $ 28 $ (279 ) $ — $ 45 $ (560 ) $ — Price risk on restricted stock awards (2) (220 ) 75 — (64 ) 225 — Total $ (192 ) $ (204 ) $ — $ (19 ) $ (335 ) $ — Net investment hedges Foreign exchange risk $ (797 ) $ — $ (118 ) $ (978 ) $ (2 ) $ (176 ) (1) Amounts related to derivatives designated as cash flow hedges represent hedge ineffectiveness and amounts related to net investment hedges represent amounts excluded from effectiveness testing. (2) The hedge gain (loss) recognized in accumulated OCI is primarily related to the change in the Corporation's stock price for the period. |
Other Risk Management Derivatives | The table below presents gains (losses) on these derivatives for the three and six months ended June 30, 2015 and 2014 . These gains (losses) are largely offset by the income or expense that is recorded on the hedged item. Other Risk Management Derivatives Gains (Losses) Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Interest rate risk on mortgage banking income (1) $ (390 ) $ 196 $ (94 ) $ 376 Credit risk on loans (2) (31 ) (27 ) (58 ) (33 ) Interest rate and foreign currency risk on ALM activities (3) 585 (713 ) 266 (1,311 ) Price risk on restricted stock awards (4) 226 (338 ) (244 ) 26 Other (20 ) (1 ) (7 ) (4 ) (1) Net gains (losses) on these derivatives are recorded in mortgage banking income as they are used to mitigate the interest rate risk related to MSRs, interest rate lock commitments and mortgage loans held-for-sale, all of which are measured at fair value with changes in fair value recorded in mortgage banking income. The net gains on interest rate lock commitments related to the origination of mortgage loans that are held-for-sale, which are not included in the table but are considered derivative instruments, were $167 million and $427 million for the three and six months ended June 30, 2015 compared to $225 million and $398 million for the same periods in 2014 . (2) Primarily related to derivatives that are economic hedges of credit risk on loans. Net gains (losses) on these derivatives are recorded in other income. (3) Primarily related to hedges of debt securities carried at fair value and hedges of foreign currency-denominated debt. Gains (losses) on these derivatives and the related hedged items are recorded in other income. (4) Gains (losses) on these derivatives are recorded in personnel expense. |
Schedule of Derivative Instruments Included in Trading Activities | The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation's sales and trading revenue in Global Markets , categorized by primary risk, for the three and six months ended June 30, 2015 and 2014 . The difference between total trading account profits in the table below and in the Consolidated Statement of Income represents trading activities in business segments other than Global Markets . This table includes debit valuation and funding valuation adjustment (DVA/FVA) gains (losses). Global Markets results in Note 18 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis. Sales and Trading Revenue Three Months Ended June 30 Six Months Ended June 30 2015 2015 (Dollars in millions) Trading Account Profits Net Interest Income Other (1) Total Trading Net Interest Income Other (1) Total Interest rate risk $ 333 $ 333 $ 129 $ 795 $ 845 $ 639 $ 216 $ 1,700 Foreign exchange risk 295 (1 ) (31 ) 263 741 (3 ) (62 ) 676 Equity risk 667 (37 ) 565 1,195 1,237 (24 ) 1,142 2,355 Credit risk 297 603 125 1,025 741 1,190 292 2,223 Other risk 101 (18 ) 18 101 256 (39 ) 75 292 Total sales and trading revenue $ 1,693 $ 880 $ 806 $ 3,379 $ 3,820 $ 1,763 $ 1,663 $ 7,246 2014 2014 Interest rate risk $ 438 $ 302 $ 81 $ 821 $ 807 $ 581 $ 219 $ 1,607 Foreign exchange risk 228 2 (31 ) 199 465 4 (61 ) 408 Equity risk 550 (69 ) 566 1,047 1,151 (83 ) 1,170 2,238 Credit risk 509 679 207 1,395 1,536 1,378 362 3,276 Other risk 43 (94 ) 14 (37 ) 176 (184 ) 84 76 Total sales and trading revenue $ 1,768 $ 820 $ 837 $ 3,425 $ 4,135 $ 1,696 $ 1,774 $ 7,605 (1) Represents amounts in investment and brokerage services and other income that are recorded in Global Markets and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of $544 million and $1.1 billion for the three and six months ended June 30, 2015 and $540 million and $1.1 billion for the same periods in 2014 . |
Disclosure of Credit Derivatives | Credit derivative instruments where the Corporation is the seller of credit protection and their expiration are summarized in the table below. These instruments are classified as investment and non-investment grade based on the credit quality of the underlying referenced obligation. The Corporation considers ratings of BBB- or higher as investment grade. Non-investment grade includes non-rated credit derivative instruments. The Corporation discloses internal categorizations of investment grade and non-investment grade consistent with how risk is managed for these instruments. Credit Derivative Instruments June 30, 2015 Carrying Value (Dollars in millions) Less than One Year One to Three Years Three to Five Years Over Five Years Total Credit default swaps: Investment grade $ 38 $ 239 $ 876 $ 876 $ 2,029 Non-investment grade 301 1,775 1,558 3,853 7,487 Total 339 2,014 2,434 4,729 9,516 Total return swaps/other: Investment grade 53 — — — 53 Non-investment grade 315 249 8 170 742 Total 368 249 8 170 795 Total credit derivatives $ 707 $ 2,263 $ 2,442 $ 4,899 $ 10,311 Credit-related notes: Investment grade $ 28 $ 71 $ 427 $ 2,985 $ 3,511 Non-investment grade 72 172 84 1,125 1,453 Total credit-related notes $ 100 $ 243 $ 511 $ 4,110 $ 4,964 Maximum Payout/Notional Credit default swaps: Investment grade $ 124,622 $ 325,859 $ 204,971 $ 30,565 $ 686,017 Non-investment grade 53,198 172,583 59,595 20,416 305,792 Total 177,820 498,442 264,566 50,981 991,809 Total return swaps/other: Investment grade 33,482 — — — 33,482 Non-investment grade 20,293 9,238 650 229 30,410 Total 53,775 9,238 650 229 63,892 Total credit derivatives $ 231,595 $ 507,680 $ 265,216 $ 51,210 $ 1,055,701 December 31, 2014 Carrying Value Credit default swaps: Investment grade $ 100 $ 714 $ 1,455 $ 939 $ 3,208 Non-investment grade 916 2,107 1,338 4,301 8,662 Total 1,016 2,821 2,793 5,240 11,870 Total return swaps/other: Investment grade 24 — — — 24 Non-investment grade 64 247 2 — 313 Total 88 247 2 — 337 Total credit derivatives $ 1,104 $ 3,068 $ 2,795 $ 5,240 $ 12,207 Credit-related notes: Investment grade $ 2 $ 365 $ 568 $ 2,634 $ 3,569 Non-investment grade 5 141 85 1,443 1,674 Total credit-related notes $ 7 $ 506 $ 653 $ 4,077 $ 5,243 Maximum Payout/Notional Credit default swaps: Investment grade $ 132,974 $ 342,914 $ 242,728 $ 28,982 $ 747,598 Non-investment grade 54,326 170,580 80,011 20,586 325,503 Total 187,300 513,494 322,739 49,568 1,073,101 Total return swaps/other: Investment grade 22,645 — — — 22,645 Non-investment grade 23,839 10,792 3,268 487 38,386 Total 46,484 10,792 3,268 487 61,031 Total credit derivatives $ 233,784 $ 524,286 $ 326,007 $ 50,055 $ 1,134,132 |
Additional Collateral required to be posted upon downgrade | The table below presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at June 30, 2015 if the rating agencies had downgraded their long-term senior debt ratings for the Corporation or certain subsidiaries by one incremental notch and by an additional second incremental notch. Additional Collateral Required to Be Posted Upon Downgrade June 30, 2015 (Dollars in millions) One incremental notch Second incremental notch Bank of America Corporation $ 1,429 $ 1,799 Bank of America, N.A. and subsidiaries (1) 1,186 1,390 (1) Included in Bank of America Corporation collateral requirements in this table. |
Derivative Liabilities subject to unilateral termination upon downgrade | The table below presents the derivative liabilities that would be subject to unilateral termination by counterparties and the amounts of collateral that would have been contractually required at June 30, 2015 if the long-term senior debt ratings for the Corporation or certain subsidiaries had been lower by one incremental notch and by an additional second incremental notch. Derivative Liabilities Subject to Unilateral Termination Upon Downgrade June 30, 2015 (Dollars in millions) One incremental notch Second incremental notch Derivative liabilities $ 600 $ 2,992 Collateral posted 560 2,625 |
Valuation Adjustments on Derivatives | The table below presents CVA, DVA and FVA gains (losses) on derivatives, which are recorded in trading account profits, on a gross and net of hedge basis for the three and six months ended June 30, 2015 and 2014 . CVA gains reduce the cumulative CVA thereby increasing the derivative assets balance. DVA gains increase the cumulative DVA thereby decreasing the derivative liabilities balance. CVA and DVA losses have the opposite impact. FVA gains related to derivative assets reduce the cumulative FVA thereby increasing the derivative assets balance. FVA gains related to derivative liabilities increase the cumulative FVA thereby decreasing the derivative liabilities balance. Valuation Adjustments on Derivatives Gains (Losses) Three Months Ended June 30 Six Months Ended June 30 2015 2014 2015 2014 (Dollars in millions) Gross Net Gross Net Gross Net Gross Net Derivative assets (CVA) (1) $ 215 $ (17 ) $ 266 $ 161 $ 223 $ 107 $ 318 $ 201 Derivative assets (FVA) (2) (23 ) (23 ) — — 11 11 — — Derivative liabilities (DVA) (3) (14 ) (4 ) (2 ) 1 9 (50 ) (84 ) (84 ) Derivative liabilities (FVA) (2) 82 82 — — 54 54 — — (1) At June 30, 2015 and December 31, 2014 , the cumulative CVA reduced the derivative assets balance by $1.4 billion and $1.6 billion . (2) At June 30, 2015 and December 31, 2014 , the cumulative FVA reduced the net derivatives balances by $0.4 billion and $0.5 billion . (3) At both June 30, 2015 and December 31, 2014 , the cumulative DVA reduced the derivative liabilities balance by $0.8 billion . |
Derivative | |
Derivative [Line Items] | |
Offsetting Liabilities | Offsetting of Derivatives June 30, 2015 December 31, 2014 (Dollars in billions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter $ 316.5 $ 303.2 $ 386.6 $ 373.2 Exchange-traded 0.1 0.1 0.1 0.1 Over-the-counter cleared 216.6 221.4 365.7 368.7 Foreign exchange contracts Over-the-counter 103.3 110.2 133.0 139.9 Over-the-counter cleared 0.1 0.1 — — Equity contracts Over-the-counter 19.4 16.8 19.5 16.7 Exchange-traded 9.6 9.1 8.6 7.8 Commodity contracts Over-the-counter 6.4 8.8 10.2 11.9 Exchange-traded 4.0 3.9 7.4 7.7 Over-the-counter cleared 0.1 0.1 0.1 0.6 Credit derivatives Over-the-counter 24.3 24.1 30.8 30.2 Over-the-counter cleared 6.5 6.4 7.0 6.8 Total gross derivative assets/liabilities, before netting Over-the-counter 469.9 463.1 580.1 571.9 Exchange-traded 13.7 13.1 16.1 15.6 Over-the-counter cleared 223.3 228.0 372.8 376.1 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (437.0 ) (438.5 ) (545.7 ) (545.5 ) Exchange-traded (11.2 ) (11.2 ) (13.9 ) (13.9 ) Over-the-counter cleared (222.7 ) (227.9 ) (372.5 ) (375.5 ) Derivative assets/liabilities, after netting 36.0 26.6 36.9 28.7 Other gross derivative assets/liabilities 15.0 17.0 15.8 18.2 Total derivative assets/liabilities 51.0 43.6 52.7 46.9 Less: Financial instruments collateral (1) (12.3 ) (6.3 ) (13.3 ) (8.9 ) Total net derivative assets/liabilities $ 38.7 $ 37.3 $ 39.4 $ 38.0 (1) These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. |
Offsetting Assets | Offsetting of Derivatives June 30, 2015 December 31, 2014 (Dollars in billions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter $ 316.5 $ 303.2 $ 386.6 $ 373.2 Exchange-traded 0.1 0.1 0.1 0.1 Over-the-counter cleared 216.6 221.4 365.7 368.7 Foreign exchange contracts Over-the-counter 103.3 110.2 133.0 139.9 Over-the-counter cleared 0.1 0.1 — — Equity contracts Over-the-counter 19.4 16.8 19.5 16.7 Exchange-traded 9.6 9.1 8.6 7.8 Commodity contracts Over-the-counter 6.4 8.8 10.2 11.9 Exchange-traded 4.0 3.9 7.4 7.7 Over-the-counter cleared 0.1 0.1 0.1 0.6 Credit derivatives Over-the-counter 24.3 24.1 30.8 30.2 Over-the-counter cleared 6.5 6.4 7.0 6.8 Total gross derivative assets/liabilities, before netting Over-the-counter 469.9 463.1 580.1 571.9 Exchange-traded 13.7 13.1 16.1 15.6 Over-the-counter cleared 223.3 228.0 372.8 376.1 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (437.0 ) (438.5 ) (545.7 ) (545.5 ) Exchange-traded (11.2 ) (11.2 ) (13.9 ) (13.9 ) Over-the-counter cleared (222.7 ) (227.9 ) (372.5 ) (375.5 ) Derivative assets/liabilities, after netting 36.0 26.6 36.9 28.7 Other gross derivative assets/liabilities 15.0 17.0 15.8 18.2 Total derivative assets/liabilities 51.0 43.6 52.7 46.9 Less: Financial instruments collateral (1) (12.3 ) (6.3 ) (13.3 ) (8.9 ) Total net derivative assets/liabilities $ 38.7 $ 37.3 $ 39.4 $ 38.0 (1) These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The table below presents the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale (AFS) debt securities, other debt securities carried at fair value, held-to-maturity (HTM) debt securities and AFS marketable equity securities at June 30, 2015 and December 31, 2014 . Debt Securities and Available-for-Sale Marketable Equity Securities June 30, 2015 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale debt securities U.S. Treasury and agency securities $ 57,699 $ 661 $ (16 ) $ 58,344 Mortgage-backed securities: Agency 189,228 931 (1,899 ) 188,260 Agency-collateralized mortgage obligations 12,749 224 (42 ) 12,931 Non-agency residential (1) 3,649 299 (62 ) 3,886 Commercial 5,087 54 (31 ) 5,110 Non-U.S. securities 6,124 25 (4 ) 6,145 Corporate/Agency bonds 252 6 (1 ) 257 Other taxable securities, substantially all asset-backed securities 10,389 35 (21 ) 10,403 Total taxable securities 285,177 2,235 (2,076 ) 285,336 Tax-exempt securities 10,811 15 (25 ) 10,801 Total available-for-sale debt securities 295,988 2,250 (2,101 ) 296,137 Other debt securities carried at fair value 36,452 164 (446 ) 36,170 Total debt securities carried at fair value 332,440 2,414 (2,547 ) 332,307 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 60,072 160 (1,069 ) 59,163 Total debt securities $ 392,512 $ 2,574 $ (3,616 ) $ 391,470 Available-for-sale marketable equity securities (2) $ 336 $ 104 $ — $ 440 December 31, 2014 Available-for-sale debt securities U.S. Treasury and agency securities $ 69,267 $ 360 $ (32 ) $ 69,595 Mortgage-backed securities: Agency 163,592 2,040 (593 ) 165,039 Agency-collateralized mortgage obligations 14,175 152 (79 ) 14,248 Non-agency residential (1) 4,244 287 (77 ) 4,454 Commercial 3,931 69 — 4,000 Non-U.S. securities 6,208 33 (11 ) 6,230 Corporate/Agency bonds 361 9 (2 ) 368 Other taxable securities, substantially all asset-backed securities 10,774 39 (22 ) 10,791 Total taxable securities 272,552 2,989 (816 ) 274,725 Tax-exempt securities 9,556 12 (19 ) 9,549 Total available-for-sale debt securities 282,108 3,001 (835 ) 284,274 Other debt securities carried at fair value 36,524 261 (364 ) 36,421 Total debt securities carried at fair value 318,632 3,262 (1,199 ) 320,695 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 59,766 486 (611 ) 59,641 Total debt securities $ 378,398 $ 3,748 $ (1,810 ) $ 380,336 Available-for-sale marketable equity securities (2) $ 336 $ 27 $ — $ 363 (1) At June 30, 2015 and December 31, 2014 , the underlying collateral type included approximately 74 percent and 76 percent prime, 14 percent and 14 percent Alt-A, and 12 percent and 10 percent subprime. (2) Classified in other assets on the Consolidated Balance Sheet. |
Schedule of Other Debt Securities Carried at Fair Value | The table below presents the components of other debt securities carried at fair value where the changes in fair value are reported in other income. In the three and six months ended June 30, 2015 , the Corporation recorded unrealized mark-to-market net losses of $359 million and $170 million , and realized net losses of $17 million and $13 million , compared to unrealized net gains of $416 million and $860 million , and realized net gains of $100 million and $83 million for the same periods in 2014 . These amounts exclude hedge results. Other Debt Securities Carried at Fair Value (Dollars in millions) June 30 December 31 U.S. Treasury and agency securities $ — $ 1,541 Mortgage-backed securities: Agency 14,885 15,704 Agency-collateralized mortgage obligations 9 — Non-agency residential 3,787 3,745 Non-U.S. securities (1) 17,198 15,132 Other taxable securities, substantially all asset-backed securities 291 299 Total $ 36,170 $ 36,421 (1) These securities are primarily used to satisfy certain international regulatory liquidity requirements. |
Components of Realized Gains and Losses on Sales of Debt Securities | The gross realized gains and losses on sales of AFS debt securities for the three and six months ended June 30, 2015 and 2014 are presented in the table below. Gains and Losses on Sales of AFS Debt Securities Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Gross gains $ 170 $ 383 $ 445 $ 761 Gross losses (2 ) (1 ) (9 ) (2 ) Net gains on sales of AFS debt securities $ 168 $ 382 $ 436 $ 759 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 64 $ 145 $ 166 $ 288 |
Current Fair Value and Associated Gross Unrealized Losses on Investments | The table below presents the amortized cost and fair value of the Corporation's debt securities carried at fair value and HTM debt securities from Fannie Mae (FNMA), the Government National Mortgage Association (GNMA), U.S. Treasury and Freddie Mac (FHLMC), where the investment exceeded 10 percent of consolidated shareholders' equity at June 30, 2015 and December 31, 2014 . Selected Securities Exceeding 10 Percent of Shareholders' Equity June 30, 2015 December 31, 2014 (Dollars in millions) Amortized Cost Fair Value Amortized Cost Fair Value Fannie Mae $ 145,370 $ 144,395 $ 130,725 $ 131,418 Government National Mortgage Association 90,844 90,049 98,278 98,633 U.S. Treasury 55,590 56,174 68,481 68,801 Freddie Mac 46,282 46,059 28,288 28,556 |
Amortized Cost and Fair Value of Corporations Investment | The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer as of June 30, 2015 and December 31, 2014 . Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities June 30, 2015 Less than Twelve Months Twelve Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Temporarily impaired AFS debt securities U.S. Treasury and agency securities $ 1,561 $ (12 ) $ 259 $ (4 ) $ 1,820 $ (16 ) Mortgage-backed securities: Agency 106,914 (1,362 ) 16,042 (537 ) 122,956 (1,899 ) Agency-collateralized mortgage obligations 1,648 (12 ) 1,339 (30 ) 2,987 (42 ) Non-agency residential 385 (3 ) 724 (43 ) 1,109 (46 ) Commercial 1,716 (31 ) — — 1,716 (31 ) Non-U.S. securities 125 (1 ) 45 (3 ) 170 (4 ) Corporate/Agency bonds 79 (1 ) — — 79 (1 ) Other taxable securities, substantially all asset-backed securities 787 (3 ) 1,208 (18 ) 1,995 (21 ) Total taxable securities 113,215 (1,425 ) 19,617 (635 ) 132,832 (2,060 ) Tax-exempt securities 2,092 (2 ) 1,496 (23 ) 3,588 (25 ) Total temporarily impaired AFS debt securities 115,307 (1,427 ) 21,113 (658 ) 136,420 (2,085 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 407 (9 ) 87 (7 ) 494 (16 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 115,714 $ (1,436 ) $ 21,200 $ (665 ) $ 136,914 $ (2,101 ) December 31, 2014 Temporarily impaired AFS debt securities U.S. Treasury and agency securities $ 10,121 $ (22 ) $ 667 $ (10 ) $ 10,788 $ (32 ) Mortgage-backed securities: Agency 1,366 (8 ) 43,118 (585 ) 44,484 (593 ) Agency-collateralized mortgage obligations 2,242 (19 ) 3,075 (60 ) 5,317 (79 ) Non-agency residential 307 (3 ) 809 (41 ) 1,116 (44 ) Non-U.S. securities 157 (9 ) 32 (2 ) 189 (11 ) Corporate/Agency bonds 43 (1 ) 93 (1 ) 136 (2 ) Other taxable securities, substantially all asset-backed securities 575 (3 ) 1,080 (19 ) 1,655 (22 ) Total taxable securities 14,811 (65 ) 48,874 (718 ) 63,685 (783 ) Tax-exempt securities 980 (1 ) 680 (18 ) 1,660 (19 ) Total temporarily impaired AFS debt securities 15,791 (66 ) 49,554 (736 ) 65,345 (802 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 555 (33 ) — — 555 (33 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 16,346 $ (99 ) $ 49,554 $ (736 ) $ 65,900 $ (835 ) (1) Includes other-than-temporarily impaired AFS debt securities on which an OTTI loss, primarily related to changes in interest rates, remains in accumulated OCI. |
Corporation Recorded Other-than-Temporary Impairment Losses on AFS Debt Securities | The Corporation recorded other-than-temporary impairment (OTTI) losses on AFS debt securities for the three and six months ended June 30, 2015 and 2014 as presented in the Net Credit-related Impairment Losses Recognized in Earnings table. Substantially all OTTI losses in the three and six months ended June 30, 2015 and 2014 consisted of credit losses on non-agency residential mortgage-backed securities (RMBS) and were recorded in other income in the Consolidated Statement of Income. The credit losses on the RMBS during the six months ended June 30, 2015 were driven by decreases in the estimated RMBS cash flows primarily due to a model change resulting in the refinement of the expected cash flows. A debt security is impaired when its fair value is less than its amortized cost. If the Corporation intends or will more-likely-than-not be required to sell a debt security prior to recovery, the entire impairment loss is recorded in the Consolidated Statement of Income. For AFS debt securities the Corporation does not intend or will not more-likely-than-not be required to sell, an analysis is performed to determine if any of the impairment is due to credit or whether it is due to other factors (e.g., interest rate). Credit losses are considered unrecoverable and are recorded in the Consolidated Statement of Income with the remaining unrealized losses recorded in OCI. In certain instances, the credit loss on a debt security may exceed the total impairment, in which case, the excess of the credit loss over the total impairment is recorded as an unrealized gain in OCI. Net Credit-related Impairment Losses Recognized in Earnings Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Total OTTI losses $ (11 ) $ (12 ) $ (82 ) $ (13 ) Less: non-credit portion of total OTTI losses recognized in OCI 6 2 7 2 Net credit-related impairment losses recognized in earnings $ (5 ) $ (10 ) $ (75 ) $ (11 ) The table below presents a rollforward of the credit losses recognized in earnings for the three and six months ended June 30, 2015 and 2014 on AFS debt securities that the Corporation does not have the intent to sell or will not more-likely-than-not be required to sell. Rollforward of OTTI Credit Losses Recognized Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Balance, beginning of period $ 256 $ 185 $ 201 $ 184 Additions for credit losses recognized on AFS debt securities that had no previous impairment losses 2 10 49 10 Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses 3 — 26 1 Reductions for AFS debt securities matured, sold or intended to be sold — — (15 ) — Balance, June 30 $ 261 $ 195 $ 261 $ 195 |
Significant Assumptions Used in the Valuation of Non-Agency Residential MBS | Significant assumptions used in estimating the expected cash flows for measuring credit losses on non-agency RMBS were as follows at June 30, 2015 . Significant Assumptions Range (1) Weighted- average 10th Percentile (2) 90th Percentile (2) Annual prepayment speed 12.0 % 3.7 % 24.2 % Loss severity 38.9 13.2 48.0 Life default rate 34.6 1.3 97.5 (1) Represents the range of inputs/assumptions based upon the underlying collateral. (2) The value of a variable below which the indicated percentile of observations will fall. |
Expected Maturity Distribution | The expected maturity distribution of the Corporation's MBS, the contractual maturity distribution of the Corporation's other debt securities carried at fair value and HTM debt securities, and the yields on the Corporation's debt securities carried at fair value and HTM debt securities at June 30, 2015 are summarized in the table below. Actual maturities may differ from the contractual or expected maturities since borrowers may have the right to prepay obligations with or without prepayment penalties. Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities June 30, 2015 Due in One Year or Less Due after One Year through Five Years Due after Five Years through Ten Years Due after Ten Years Total (Dollars in millions) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amortized cost of debt securities carried at fair value U.S. Treasury and agency securities $ 572 0.23 % $ 51,424 1.60 % $ 5,701 2.20 % $ 2 4.60 % $ 57,699 1.69 % Mortgage-backed securities: Agency 37 4.40 18,004 2.60 170,756 2.80 15,618 2.90 204,415 2.80 Agency-collateralized mortgage obligations 372 0.60 2,567 2.00 9,816 2.80 1 0.60 12,756 2.60 Non-agency residential 409 4.10 1,512 4.90 1,324 4.52 4,188 8.19 7,433 6.61 Commercial 87 6.40 519 2.10 4,478 2.80 3 2.83 5,087 2.76 Non-U.S. securities 21,371 0.57 1,933 2.96 6 2.87 — — 23,310 0.79 Corporate/Agency bonds 66 3.51 89 3.64 95 3.48 2 6.34 252 3.48 Other taxable securities, substantially all asset-backed securities 2,726 1.07 4,908 1.29 2,131 2.40 912 3.23 10,677 1.57 Total taxable securities 25,640 0.90 80,956 1.96 194,307 2.80 20,726 4.00 321,629 2.53 Tax-exempt securities 651 1.02 2,833 1.40 2,482 1.67 4,845 1.02 10,811 1.26 Total amortized cost of debt securities carried at fair value $ 26,291 0.90 $ 83,789 1.94 $ 196,789 2.78 $ 25,571 3.41 $ 332,440 2.49 Amortized cost of HTM debt securities (2) $ — — $ 11,629 2.30 $ 46,652 2.40 $ 1,791 2.94 $ 60,072 2.40 Debt securities carried at fair value U.S. Treasury and agency securities $ 572 $ 52,001 $ 5,769 $ 2 $ 58,344 Mortgage-backed securities: Agency 38 18,277 169,457 15,373 203,145 Agency-collateralized mortgage obligations 373 2,566 10,000 1 12,940 Non-agency residential 440 1,509 1,425 4,299 7,673 Commercial 88 526 4,493 3 5,110 Non-U.S. securities 21,371 1,966 6 — 23,343 Corporate/Agency bonds 66 93 96 2 257 Other taxable securities, substantially all asset-backed securities 3,017 4,617 2,144 916 10,694 Total taxable securities 25,965 81,555 193,390 20,596 321,506 Tax-exempt securities 651 2,839 2,479 4,832 10,801 Total debt securities carried at fair value $ 26,616 $ 84,394 $ 195,869 $ 25,428 $ 332,307 Fair value of HTM debt securities (2) $ — $ 11,567 $ 45,827 $ 1,769 $ 59,163 (1) Average yield is computed using the effective yield of each security 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 excludes the effect of related hedging derivatives. (2) Substantially all U.S. agency MBS. |
Outstanding Loans and Leases (T
Outstanding Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Loans and Leases Outstanding | The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2015 and December 31, 2014 . June 30, 2015 (Dollars in millions) 30-59 Days (1) 60-89 Days (1) 90 Days or Past Due (2) Total Past Due 30 Days or More Total Current or Less Than 30 Days Past Due (3) Purchased (4) Loans Accounted for Under the Fair Value Option Total Consumer real estate Core portfolio Residential mortgage $ 1,812 $ 657 $ 4,661 $ 7,130 $ 143,877 $ 151,007 Home equity 190 104 688 982 49,043 50,025 Legacy Assets & Servicing portfolio Residential mortgage (5) 1,869 932 7,431 10,232 24,357 $ 13,229 47,818 Home equity 308 162 1,047 1,517 24,351 5,113 30,981 Credit card and other consumer U.S. credit card 448 296 742 1,486 86,917 88,403 Non-U.S. credit card 43 35 86 164 10,112 10,276 Direct/Indirect consumer (6) 196 54 40 290 84,464 84,754 Other consumer (7) 11 2 2 15 1,985 2,000 Total consumer 4,877 2,242 14,697 21,816 425,106 18,342 465,264 Consumer loans accounted for under the fair value option (8) $ 1,971 1,971 Total consumer loans and leases 4,877 2,242 14,697 21,816 425,106 18,342 1,971 467,235 Commercial U.S. commercial 365 78 283 726 234,322 235,048 Commercial real estate (9) 79 14 101 194 52,150 52,344 Commercial lease financing 77 54 35 166 25,176 25,342 Non-U.S. commercial 5 4 — 9 87,565 87,574 U.S. small business commercial 67 36 86 189 13,059 13,248 Total commercial 593 186 505 1,284 412,272 413,556 Commercial loans accounted for under the fair value option (8) 5,658 5,658 Total commercial loans and leases 593 186 505 1,284 412,272 5,658 419,214 Total loans and leases $ 5,470 $ 2,428 $ 15,202 $ 23,100 $ 837,378 $ 18,342 $ 7,629 $ 886,449 Percentage of outstandings 0.62 % 0.27 % 1.72 % 2.61 % 94.46 % 2.07 % 0.86 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $2.0 billion and nonperforming loans of $460 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $1.0 billion and nonperforming loans of $336 million . (2) Consumer real estate includes fully-insured loans of $8.9 billion . (3) Consumer real estate includes $3.9 billion and direct/indirect consumer includes $24 million of nonperforming loans. (4) PCI loan amounts are shown gross of the valuation allowance. (5) Total outstandings includes pay option loans of $2.6 billion . The Corporation no longer originates this product. (6) Total outstandings includes auto and specialty lending loans of $39.6 billion , unsecured consumer lending loans of $1.1 billion , U.S. securities-based lending loans of $38.6 billion , non-U.S. consumer loans of $4.0 billion , student loans of $596 million and other consumer loans of $809 million . (7) Total outstandings includes consumer finance loans of $618 million , consumer leases of $1.2 billion and consumer overdrafts of $227 million . (8) Consumer loans accounted for under the fair value option were residential mortgage loans of $1.8 billion and home equity loans of $208 million . Commercial loans accounted for under the fair value option were U.S. commercial loans of $2.3 billion and non-U.S. commercial loans of $3.4 billion . For additional information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option . (9) Total outstandings includes U.S. commercial real estate loans of $48.6 billion and non-U.S. commercial real estate loans of $3.7 billion . December 31, 2014 (Dollars in millions) 30-59 Days (1) 60-89 Days (1) 90 Days or Past Due (2) Total Past Due 30 Days or More Total Current or Less Than 30 Days Past Due (3) Purchased (4) Loans for Under the Fair Total Consumer real estate Core portfolio Residential mortgage $ 1,847 $ 700 $ 5,561 $ 8,108 $ 154,112 $ 162,220 Home equity 218 105 744 1,067 50,820 51,887 Legacy Assets & Servicing portfolio Residential mortgage (5) 2,008 1,060 10,513 13,581 25,244 $ 15,152 53,977 Home equity 374 174 1,166 1,714 26,507 5,617 33,838 Credit card and other consumer U.S. credit card 494 341 866 1,701 90,178 91,879 Non-U.S. credit card 49 39 95 183 10,282 10,465 Direct/Indirect consumer (6) 245 71 65 381 80,000 80,381 Other consumer (7) 11 2 2 15 1,831 1,846 Total consumer 5,246 2,492 19,012 26,750 438,974 20,769 486,493 Consumer loans accounted for under the fair value option (8) $ 2,077 2,077 Total consumer loans and leases 5,246 2,492 19,012 26,750 438,974 20,769 2,077 488,570 Commercial U.S. commercial 320 151 318 789 219,504 220,293 Commercial real estate (9) 138 16 288 442 47,240 47,682 Commercial lease financing 121 41 42 204 24,662 24,866 Non-U.S. commercial 5 4 — 9 80,074 80,083 U.S. small business commercial 88 45 94 227 13,066 13,293 Total commercial 672 257 742 1,671 384,546 386,217 Commercial loans accounted for under the fair value option (8) 6,604 6,604 Total commercial loans and leases 672 257 742 1,671 384,546 6,604 392,821 Total loans and leases $ 5,918 $ 2,749 $ 19,754 $ 28,421 $ 823,520 $ 20,769 $ 8,681 $ 881,391 Percentage of outstandings 0.67 % 0.31 % 2.24 % 3.22 % 93.44 % 2.36 % 0.98 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $2.1 billion and nonperforming loans of $392 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $1.1 billion and nonperforming loans of $332 million . (2) Consumer real estate includes fully-insured loans of $11.4 billion . (3) Consumer real estate includes $3.6 billion and direct/indirect consumer includes $27 million of nonperforming loans. (4) PCI loan amounts are shown gross of the valuation allowance. (5) Total outstandings includes pay option loans of $3.2 billion . The Corporation no longer originates this product. (6) Total outstandings includes auto and specialty lending loans of $37.7 billion , unsecured consumer lending loans of $1.5 billion , U.S. securities-based lending loans of $35.8 billion , non-U.S. consumer loans of $4.0 billion , student loans of $632 million and other consumer loans of $761 million . (7) Total outstandings includes consumer finance loans of $676 million , consumer leases of $1.0 billion and consumer overdrafts of $162 million . (8) Consumer loans accounted for under the fair value option were residential mortgage loans of $1.9 billion and home equity loans of $196 million . Commercial loans accounted for under the fair value option were U.S. commercial loans of $1.9 billion and non-U.S. commercial loans of $4.7 billion . For additional information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option . (9) Total outstandings includes U.S. commercial real estate loans of $45.2 billion and non-U.S. commercial real estate loans of $2.5 billion . |
Schedule of Financing Receivables, Non Accrual Status | The table below presents the Corporation's nonperforming loans and leases including nonperforming TDRs, and loans accruing past due 90 days or more at June 30, 2015 and December 31, 2014 . Nonperforming loans held-for-sale (LHFS) are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Credit Quality Nonperforming Loans and Leases Accruing Past Due 90 Days or More (Dollars in millions) June 30 December 31 June 30 December 31 Consumer real estate Core portfolio Residential mortgage (1) $ 2,201 $ 2,398 $ 3,326 $ 3,942 Home equity 1,408 1,496 — — Legacy Assets & Servicing portfolio Residential mortgage (1) 3,784 4,491 5,591 7,465 Home equity 2,155 2,405 — — Credit card and other consumer U.S. credit card n/a n/a 742 866 Non-U.S. credit card n/a n/a 86 95 Direct/Indirect consumer 26 28 38 64 Other consumer 1 1 1 1 Total consumer 9,575 10,819 9,784 12,433 Commercial U.S. commercial 869 701 66 110 Commercial real estate 126 321 — 3 Commercial lease financing 19 3 27 41 Non-U.S. commercial 80 1 — — U.S. small business commercial 78 87 63 67 Total commercial 1,172 1,113 156 221 Total loans and leases $ 10,747 $ 11,932 $ 9,940 $ 12,654 (1) Residential mortgage loans in the Core and Legacy Assets & Servicing portfolios accruing past due 90 days or more are fully-insured loans. At June 30, 2015 and December 31, 2014 , residential mortgage includes $5.5 billion and $7.3 billion of loans on which interest has been curtailed by the FHA, and therefore are no longer accruing interest, although principal is still insured, and $3.4 billion and $4.1 billion of loans on which interest is still accruing. n/a = not applicable |
Financing Receivable Credit Quality Indicators | The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2015 and December 31, 2014 . Consumer Real Estate – Credit Quality Indicators (1) June 30, 2015 (Dollars in millions) Core Portfolio Residential Mortgage (2) Legacy Assets & Servicing Residential Mortgage (2) Residential (3) Core Portfolio Home Equity (2) Legacy Assets & Servicing Home Equity (2) Home Equity PCI Refreshed LTV (4) Less than or equal to 90 percent $ 103,478 $ 17,554 $ 8,839 $ 44,270 $ 16,208 $ 1,908 Greater than 90 percent but less than or equal to 100 percent 4,799 2,555 1,682 2,130 2,892 912 Greater than 100 percent 3,848 4,420 2,708 3,625 6,768 2,293 Fully-insured loans (5) 38,882 10,060 — — — — Total consumer real estate $ 151,007 $ 34,589 $ 13,229 $ 50,025 $ 25,868 $ 5,113 Refreshed FICO score Less than 620 $ 3,920 $ 5,366 $ 4,633 $ 2,026 $ 3,111 $ 771 Greater than or equal to 620 and less than 680 5,996 3,787 2,796 3,471 4,237 908 Greater than or equal to 680 and less than 740 21,914 6,071 3,201 9,670 7,261 1,495 Greater than or equal to 740 80,295 9,305 2,599 34,858 11,259 1,939 Fully-insured loans (5) 38,882 10,060 — — — — Total consumer real estate $ 151,007 $ 34,589 $ 13,229 $ 50,025 $ 25,868 $ 5,113 (1) Excludes $2.0 billion of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $2.2 billion of pay option loans. The Corporation no longer originates this product. (4) Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. (5) Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. Credit Card and Other Consumer – Credit Quality Indicators June 30, 2015 (Dollars in millions) U.S. Credit Non-U.S. Direct/Indirect Other (1) Refreshed FICO score Less than 620 $ 4,023 $ — $ 1,266 $ 237 Greater than or equal to 620 and less than 680 11,624 — 1,748 218 Greater than or equal to 680 and less than 740 33,678 — 10,667 315 Greater than or equal to 740 39,078 — 27,077 1,000 Other internal credit metrics (2, 3, 4) — 10,276 43,996 230 Total credit card and other consumer $ 88,403 $ 10,276 $ 84,754 $ 2,000 (1) Thirty-one percent of the other consumer portfolio is associated with portfolios from certain consumer finance businesses that the Corporation previously exited. (2) Other internal credit metrics may include delinquency status, geography or other factors. (3) Direct/indirect consumer includes $42.6 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $600 million of loans the Corporation no longer originates, primarily student loans. (4) Non-U.S. credit card represents the U.K. credit card portfolio which is evaluated using internal credit metrics, including delinquency status. At June 30, 2015 , 98 percent of this portfolio was current or less than 30 days past due, one percent was 30-89 days past due and one percent was 90 days or more past due. Commercial – Credit Quality Indicators (1) June 30, 2015 (Dollars in millions) U.S. Commercial Real Estate Commercial Non-U.S. U.S. Small (2) Risk ratings Pass rated $ 227,063 $ 51,656 $ 24,279 $ 86,193 $ 640 Reservable criticized 7,985 688 1,063 1,381 127 Refreshed FICO score (3) Less than 620 178 Greater than or equal to 620 and less than 680 544 Greater than or equal to 680 and less than 740 1,653 Greater than or equal to 740 3,122 Other internal credit metrics (3, 4) 6,984 Total commercial $ 235,048 $ 52,344 $ 25,342 $ 87,574 $ 13,248 (1) Excludes $5.7 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $713 million of criticized business card and small business loans which are evaluated using refreshed FICO scores or internal credit metrics, including delinquency status, rather than risk ratings. At June 30, 2015 , 99 percent of the balances where internal credit metrics are used was current or less than 30 days past due. (3) Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio. (4) Other internal credit metrics may include delinquency status, application scores, geography or other factors. Consumer Real Estate – Credit Quality Indicators (1) December 31, 2014 (Dollars in millions) Core Portfolio (2) Legacy Assets & Servicing (2) Residential (3) Core Portfolio Home Equity (2) Legacy Assets & Servicing Home (2) Home Equity PCI Refreshed LTV (4) Less than or equal to 90 percent $ 100,255 $ 18,499 $ 9,972 $ 45,414 $ 17,453 $ 2,046 Greater than 90 percent but less than or equal to 100 percent 4,958 3,081 2,005 2,442 3,272 1,048 Greater than 100 percent 4,017 5,265 3,175 4,031 7,496 2,523 Fully-insured loans (5) 52,990 11,980 — — — — Total consumer real estate $ 162,220 $ 38,825 $ 15,152 $ 51,887 $ 28,221 $ 5,617 Refreshed FICO score Less than 620 $ 4,184 $ 6,313 $ 6,109 $ 2,169 $ 3,470 $ 864 Greater than or equal to 620 and less than 680 6,272 4,032 3,014 3,683 4,529 995 Greater than or equal to 680 and less than 740 21,946 6,463 3,310 10,231 7,905 1,651 Greater than or equal to 740 76,828 10,037 2,719 35,804 12,317 2,107 Fully-insured loans (5) 52,990 11,980 — — — — Total consumer real estate $ 162,220 $ 38,825 $ 15,152 $ 51,887 $ 28,221 $ 5,617 (1) Excludes $2.1 billion of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $2.8 billion of pay option loans. The Corporation no longer originates this product. (4) Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. (5) Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. Credit Card and Other Consumer – Credit Quality Indicators December 31, 2014 (Dollars in millions) U.S. Credit Non-U.S. Direct/Indirect Other (1) Refreshed FICO score Less than 620 $ 4,467 $ — $ 1,296 $ 266 Greater than or equal to 620 and less than 680 12,177 — 1,892 227 Greater than or equal to 680 and less than 740 34,986 — 10,749 307 Greater than or equal to 740 40,249 — 25,279 881 Other internal credit metrics (2, 3, 4) — 10,465 41,165 165 Total credit card and other consumer $ 91,879 $ 10,465 $ 80,381 $ 1,846 (1) Thirty-seven percent of the other consumer portfolio is associated with portfolios from certain consumer finance businesses that the Corporation previously exited. (2) Other internal credit metrics may include delinquency status, geography or other factors. (3) Direct/indirect consumer includes $39.7 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $632 million of loans the Corporation no longer originates, primarily student loans. (4) Non-U.S. credit card represents the U.K. credit card portfolio which is evaluated using internal credit metrics, including delinquency status. At December 31, 2014 , 98 percent of this portfolio was current or less than 30 days past due, one percent was 30-89 days past due and one percent was 90 days or more past due. Commercial – Credit Quality Indicators (1) December 31, 2014 (Dollars in millions) U.S. Commercial Real Estate Commercial Non-U.S. U.S. Small (2) Risk ratings Pass rated $ 213,839 $ 46,632 $ 23,832 $ 79,367 $ 751 Reservable criticized 6,454 1,050 1,034 716 182 Refreshed FICO score (3) Less than 620 184 Greater than or equal to 620 and less than 680 529 Greater than or equal to 680 and less than 740 1,591 Greater than or equal to 740 2,910 Other internal credit metrics (3, 4) 7,146 Total commercial $ 220,293 $ 47,682 $ 24,866 $ 80,083 $ 13,293 (1) Excludes $6.6 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $762 million of criticized business card and small business loans which are evaluated using refreshed FICO scores or internal credit metrics, including delinquency status, rather than risk ratings. At December 31, 2014 , 98 percent of the balances where internal credit metrics are used was current or less than 30 days past due. (3) Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio. (4) Other internal credit metrics may include delinquency status, application scores, geography or other factors. |
Financing Receivable, Modifications [Line Items] | |
Accretable Yield Activity | The table below shows activity for the accretable yield on PCI loans, which includes the Countrywide Financial Corporation (Countrywide) portfolio and loans repurchased in connection with the settlement with FNMA. For more information on the settlement with FNMA, see Note 7 – Representations and Warranties Obligations and Corporate Guarantees to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . The amount of accretable yield is affected by changes in credit outlooks, including metrics such as default rates and loss severities, prepayment speeds, which can change the amount and period of time over which interest payments are expected to be received, and the interest rates on variable rate loans. The reclassifications from nonaccretable difference in the three and six months ended June 30, 2015 were primarily due to a decrease in forecasted prepayment speeds as a result of higher interest rates. Changes in the prepayment assumption affect the expected remaining life of the portfolio which results in a change to the amount of future interest cash flows. Rollforward of Accretable Yield (Dollars in millions) Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Accretable yield, beginning of period $ 5,167 $ 5,608 Accretion (220 ) (453 ) Disposals/transfers (129 ) (265 ) Reclassifications from nonaccretable difference 150 78 Accretable yield, June 30, 2015 $ 4,968 $ 4,968 |
Consumer Real Estate | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivables | The table below provides the unpaid principal balance, carrying value and related allowance at June 30, 2015 and December 31, 2014 , and the average carrying value and interest income recognized for the three and six months ended June 30, 2015 and 2014 for impaired loans in the Corporation's Consumer Real Estate portfolio segment and includes primarily loans managed by Legacy Assets & Servicing ( LAS) . Certain impaired consumer real estate loans do not have a related allowance as the current valuation of these impaired loans exceeded the carrying value, which is net of previously recorded charge-offs. Impaired Loans – Consumer Real Estate June 30, 2015 December 31, 2014 (Dollars in millions) Unpaid Carrying Related Unpaid Carrying Related With no recorded allowance Residential mortgage $ 17,058 $ 13,577 $ — $ 19,710 $ 15,605 $ — Home equity 3,597 1,752 — 3,540 1,630 — With an allowance recorded Residential mortgage $ 8,096 $ 7,923 $ 477 $ 7,861 $ 7,665 $ 531 Home equity 963 831 197 852 728 196 Total Residential mortgage $ 25,154 $ 21,500 $ 477 $ 27,571 $ 23,270 $ 531 Home equity 4,560 2,583 197 4,392 2,358 196 Three Months Ended June 30 Six Months Ended June 30 2015 2014 2015 2014 Average Interest (1) Average Interest (1) Average Interest (1) Average Interest (1) With no recorded allowance Residential mortgage $ 14,401 $ 105 $ 15,202 $ 125 $ 14,897 $ 213 $ 15,781 $ 285 Home equity 1,805 20 1,436 20 1,748 45 1,419 42 With an allowance recorded Residential mortgage $ 7,706 $ 61 $ 11,493 $ 118 $ 7,646 $ 125 $ 11,913 $ 249 Home equity 744 5 744 5 729 12 747 13 Total Residential mortgage $ 22,107 $ 166 $ 26,695 $ 243 $ 22,543 $ 338 $ 27,694 $ 534 Home equity 2,549 25 2,180 25 2,477 57 2,166 55 (1) Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible. |
Financing Receivable, Modifications [Line Items] | |
Troubled Debt Restructurings on Financing Receivables | The table below presents the carrying value of consumer real estate loans that entered into payment default during the three and six months ended June 30, 2015 and 2014 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification. Payment defaults on a trial modification where the borrower has not yet met the terms of the agreement are included in the table below if the borrower is 90 days or more past due three months after the offer to modify is made. Consumer Real Estate – TDRs Entering Payment Default That Were Modified During the Preceding 12 Months Three Months Ended June 30, 2015 (Dollars in millions) Residential Mortgage Home Equity Total Carrying Value (1) Modifications under government programs $ 99 $ 1 $ 100 Modifications under proprietary programs 38 6 44 Loans discharged in Chapter 7 bankruptcy (2) 61 10 71 Trial modifications (3) 468 27 495 Total modifications $ 666 $ 44 $ 710 Three Months Ended June 30, 2014 Modifications under government programs $ 186 $ 1 $ 187 Modifications under proprietary programs 203 3 206 Loans discharged in Chapter 7 bankruptcy (2) 153 41 194 Trial modifications 516 15 531 Total modifications $ 1,058 $ 60 $ 1,118 Six Months Ended June 30, 2015 Modifications under government programs $ 206 $ 2 $ 208 Modifications under proprietary programs 78 18 96 Loans discharged in Chapter 7 bankruptcy (2) 132 20 152 Trial modifications (3) 2,236 51 2,287 Total modifications $ 2,652 $ 91 $ 2,743 Six Months Ended June 30, 2014 Modifications under government programs $ 344 $ 2 $ 346 Modifications under proprietary programs 475 3 478 Loans discharged in Chapter 7 bankruptcy (2) 274 42 316 Trial modifications 1,291 18 1,309 Total modifications $ 2,384 $ 65 $ 2,449 (1) Includes loans with a carrying value of $771 million and $545 million that entered into payment default during the six months ended June 30, 2015 and 2014 but were no longer held by the Corporation as of June 30, 2015 and 2014 due to sales and other dispositions. (2) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. (3) Includes $116 million and $1.5 billion for the three and six months ended June 30, 2015 of trial modification offers made in connection with the August 2014 Department of Justice settlement to which the customer has not responded. The table below presents the June 30, 2015 and 2014 unpaid principal balance, carrying value, and average pre- and post-modification interest rates on consumer real estate loans that were modified in TDRs during the three and six months ended June 30, 2015 and 2014 , and net charge-offs recorded during the period in which the modification occurred. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. These TDRs are primarily managed by LAS . Consumer Real Estate – TDRs Entered into During the Three Months Ended June 30, 2015 and 2014 (1) June 30, 2015 Three Months Ended June 30, 2015 (Dollars in millions) Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (2) Net Charge-offs (3) Residential mortgage $ 1,409 $ 1,294 4.87 % 4.71 % $ 25 Home equity 348 285 3.49 3.36 19 Total $ 1,757 $ 1,579 4.60 4.44 $ 44 June 30, 2014 Three Months Ended June 30, 2014 Residential mortgage $ 1,677 $ 1,475 5.07 % 4.69 % $ 24 Home equity 236 163 3.97 3.58 29 Total $ 1,913 $ 1,638 4.94 4.55 $ 53 Consumer Real Estate – TDRs Entered into During the Six Months Ended June 30, 2015 and 2014 (1) June 30, 2015 Six Months Ended June 30, 2015 Residential mortgage $ 2,760 $ 2,479 4.98 % 4.64 % $ 42 Home equity 579 447 3.72 3.36 30 Total $ 3,339 $ 2,926 4.76 4.42 $ 72 June 30, 2014 Six Months Ended June 30, 2014 Residential mortgage $ 2,873 $ 2,513 5.09 % 4.59 % $ 41 Home equity 420 281 4.17 3.47 44 Total $ 3,293 $ 2,794 4.98 4.45 $ 85 (1) TDRs entered into during the three and six months ended June 30, 2015 include modifications with principal forgiveness of $102 million and $261 million related to residential mortgage and $2 million and $3 million related to home equity. TDRs entered into during the three and six months ended June 30, 2014 include modifications with principal forgiveness of $22 million and $39 million related to residential mortgage and none related to home equity. (2) The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period. (3) Net charge-offs include amounts recorded on loans modified during the period that are no longer held by the Corporation at June 30, 2015 and 2014 due to sales and other dispositions. The table below presents the June 30, 2015 and 2014 carrying value for consumer real estate loans that were modified in a TDR during the three and six months ended June 30, 2015 and 2014 by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During the Three Months Ended June 30, 2015 (Dollars in millions) Residential Mortgage Home Equity Total Carrying Value Modifications under government programs Contractual interest rate reduction $ 95 $ 3 $ 98 Principal and/or interest forbearance — 2 2 Other modifications (1) 11 — 11 Total modifications under government programs 106 5 111 Modifications under proprietary programs Contractual interest rate reduction 38 1 39 Capitalization of past due amounts 19 1 20 Principal and/or interest forbearance 18 1 19 Other modifications (1) 14 1 15 Total modifications under proprietary programs 89 4 93 Trial modifications 997 230 1,227 Loans discharged in Chapter 7 bankruptcy (2) 102 46 148 Total modifications $ 1,294 $ 285 $ 1,579 TDRs Entered into During the Three Months Ended June 30, 2014 Modifications under government programs Contractual interest rate reduction $ 262 $ 11 $ 273 Principal and/or interest forbearance 1 3 4 Other modifications (1) 52 — 52 Total modifications under government programs 315 14 329 Modifications under proprietary programs Contractual interest rate reduction 53 4 57 Capitalization of past due amounts 5 — 5 Principal and/or interest forbearance 15 3 18 Other modifications (1) 4 — 4 Total modifications under proprietary programs 77 7 84 Trial modifications 917 94 1,011 Loans discharged in Chapter 7 bankruptcy (2) 166 48 214 Total modifications $ 1,475 $ 163 $ 1,638 (1) Includes other modifications such as term or payment extensions and repayment plans. (2) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. Consumer Real Estate – Modification Programs TDRs Entered into During the Six Months Ended June 30, 2015 (Dollars in millions) Residential Mortgage Home Equity Total Carrying Value Modifications under government programs Contractual interest rate reduction $ 266 $ 15 $ 281 Principal and/or interest forbearance 2 5 7 Other modifications (1) 23 1 24 Total modifications under government programs 291 21 312 Modifications under proprietary programs Contractual interest rate reduction 113 6 119 Capitalization of past due amounts 50 3 53 Principal and/or interest forbearance 75 9 84 Other modifications (1) 18 26 44 Total modifications under proprietary programs 256 44 300 Trial modifications 1,734 298 2,032 Loans discharged in Chapter 7 bankruptcy (2) 198 84 282 Total modifications $ 2,479 $ 447 $ 2,926 TDRs Entered into During the Six Months Ended June 30, 2014 Modifications under government programs Contractual interest rate reduction $ 456 $ 33 $ 489 Principal and/or interest forbearance 10 11 21 Other modifications (1) 70 — 70 Total modifications under government programs 536 44 580 Modifications under proprietary programs Contractual interest rate reduction 161 8 169 Capitalization of past due amounts 31 1 32 Principal and/or interest forbearance 41 8 49 Other modifications (1) 22 4 26 Total modifications under proprietary programs 255 21 276 Trial modifications 1,389 115 1,504 Loans discharged in Chapter 7 bankruptcy (2) 333 101 434 Total modifications $ 2,513 $ 281 $ 2,794 (1) Includes other modifications such as term or payment extensions and repayment plans. (2) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. |
Credit card and other consumer | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivables | The table below provides the unpaid principal balance, carrying value and related allowance at June 30, 2015 and December 31, 2014 , and the average carrying value and interest income recognized for the three and six months ended June 30, 2015 and 2014 on the Corporation's renegotiated TDR portfolio in the Credit Card and Other Consumer portfolio segment. Impaired Loans – Credit Card and Other Consumer – Renegotiated TDRs June 30, 2015 December 31, 2014 (Dollars in millions) Unpaid Carrying (1) Related Unpaid Carrying (1) Related With no recorded allowance Direct/Indirect consumer $ 55 $ 24 $ — $ 59 $ 25 $ — With an allowance recorded U.S. credit card $ 702 $ 717 $ 199 $ 804 $ 856 $ 207 Non-U.S. credit card 128 148 96 132 168 108 Direct/Indirect consumer 39 45 12 76 92 24 Total U.S. credit card $ 702 $ 717 $ 199 $ 804 $ 856 $ 207 Non-U.S. credit card 128 148 96 132 168 108 Direct/Indirect consumer 94 69 12 135 117 24 Three Months Ended June 30 Six Months Ended June 30 2015 2014 2015 2014 Average Interest (2) Average Interest (2) Average Interest (2) Average Interest (2) With no recorded allowance Direct/Indirect consumer $ 24 $ — $ 30 $ — $ 24 $ — $ 29 $ — Other consumer — — 34 — — — 34 1 With an allowance recorded U.S. credit card $ 776 $ 11 $ 1,205 $ 18 $ 812 $ 24 $ 1,306 $ 40 Non-U.S. credit card 150 1 224 1 154 2 230 3 Direct/Indirect consumer 57 1 196 3 69 2 227 6 Other consumer — — 24 1 — — 25 1 Total U.S. credit card $ 776 $ 11 $ 1,205 $ 18 $ 812 $ 24 $ 1,306 $ 40 Non-U.S. credit card 150 1 224 1 154 2 230 3 Direct/Indirect consumer 81 1 226 3 93 2 256 6 Other consumer — — 58 1 — — 59 2 (1) Includes accrued interest and fees. (2) Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible. |
Financing Receivable, Modifications [Line Items] | |
Troubled Debt Restructurings on Financing Receivables | The table below provides information on the Corporation's primary modification programs for the renegotiated TDR portfolio for loans that were modified in TDRs during the three and six months ended June 30, 2015 and 2014 . Credit Card and Other Consumer – Renegotiated TDRs Entered into During the Period by Program Type Three Months Ended June 30, 2015 (Dollars in millions) Internal Programs External Programs Other (1) Total U.S. credit card $ 43 $ 23 $ — $ 66 Non-U.S. credit card 1 1 40 42 Direct/Indirect consumer 1 — 4 5 Total renegotiated TDRs $ 45 $ 24 $ 44 $ 113 Three Months Ended June 30, 2014 U.S. credit card $ 58 $ 29 $ — $ 87 Non-U.S. credit card 1 2 52 55 Direct/Indirect consumer 2 1 5 8 Other consumer 3 — — 3 Total renegotiated TDRs $ 64 $ 32 $ 57 $ 153 Six Months Ended June 30, 2015 U.S. credit card $ 88 $ 45 $ — $ 133 Non-U.S. credit card 2 3 74 79 Direct/Indirect consumer 1 — 6 7 Total renegotiated TDRs $ 91 $ 48 $ 80 $ 219 Six Months Ended June 30, 2014 U.S. credit card $ 119 $ 57 $ — $ 176 Non-U.S. credit card 4 4 99 107 Direct/Indirect consumer 4 2 9 15 Other consumer 5 — — 5 Total renegotiated TDRs $ 132 $ 63 $ 108 $ 303 (1) Other TDRs for non-U.S. credit card include modifications of accounts that are ineligible for a fixed payment plan. The table below provides information on the Corporation's renegotiated TDR portfolio including the June 30, 2015 and 2014 unpaid principal balance, carrying value and average pre- and post-modification interest rates of loans that were modified in TDRs during the three and six months ended June 30, 2015 and 2014 , and net charge-offs recorded during the period in which the modification occurred. Credit Card and Other Consumer – Renegotiated TDRs Entered into During the Three Months Ended June 30, 2015 and 2014 June 30, 2015 Three Months Ended June 30, 2015 (Dollars in millions) Unpaid Principal Balance Carrying Value (1) Pre-Modification Interest Rate Post-Modification Interest Rate Net Charge-offs U.S. credit card $ 61 $ 66 16.96 % 4.90 % $ 6 Non-U.S. credit card 36 42 24.19 0.34 10 Direct/Indirect consumer 7 5 6.03 5.05 2 Total $ 104 $ 113 19.19 3.22 $ 18 June 30, 2014 Three Months Ended June 30, 2014 U.S. credit card $ 78 $ 87 16.74 % 5.03 % $ 8 Non-U.S. credit card 47 55 25.36 0.41 15 Direct/Indirect consumer 11 8 8.64 4.87 4 Other consumer 3 3 9.64 5.66 — Total $ 139 $ 153 19.30 3.37 $ 27 Credit Card and Other Consumer – Renegotiated TDRs Entered into During the Six Months Ended June 30, 2015 and 2014 June 30, 2015 Six Months Ended June 30, 2015 U.S. credit card $ 123 $ 133 16.98 % 5.01 % $ 8 Non-U.S. credit card 67 79 24.08 0.33 12 Direct/Indirect consumer 12 7 6.59 5.41 5 Total $ 202 $ 219 19.17 3.35 $ 25 June 30, 2014 Six Months Ended June 30, 2014 U.S. credit card $ 159 $ 176 16.70 % 5.13 % $ 11 Non-U.S. credit card 91 107 25.47 0.48 17 Direct/Indirect consumer 20 15 9.35 4.68 7 Other consumer 5 5 9.13 5.31 — Total $ 275 $ 303 19.32 3.47 $ 35 (1) Includes accrued interest and fees. The table below provides information on the Corporation's primary modification programs for the renegotiated TDR portfolio at June 30, 2015 and December 31, 2014 . Credit Card and Other Consumer – Renegotiated TDRs by Program Type Internal Programs External Programs Other (1) Total Percent of Balances Current or (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 U.S. credit card $ 378 $ 450 $ 337 $ 397 $ 2 $ 9 $ 717 $ 856 87.92 % 84.99 % Non-U.S. credit card 30 41 14 16 104 111 148 168 45.77 47.56 Direct/Indirect consumer 24 50 17 34 28 33 69 117 87.85 85.21 Total renegotiated TDRs $ 432 $ 541 $ 368 $ 447 $ 134 $ 153 $ 934 $ 1,141 81.24 79.51 (1) Other TDRs for non-U.S. credit card include modifications of accounts that are ineligible for a fixed payment plan. |
Commercial | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivables | The table below provides the unpaid principal balance, carrying value and related allowance at June 30, 2015 and December 31, 2014 , and the average carrying value and interest income recognized for the three and six months ended June 30, 2015 and 2014 for impaired loans in the Corporation's Commercial loan portfolio segment. Certain impaired commercial loans do not have a related allowance as the valuation of these impaired loans exceeded the carrying value, which is net of previously recorded charge-offs. Impaired Loans – Commercial June 30, 2015 December 31, 2014 (Dollars in millions) Unpaid Carrying Related Unpaid Carrying Related With no recorded allowance U.S. commercial $ 849 $ 814 $ — $ 668 $ 650 $ — Commercial real estate 90 73 — 60 48 — Non-U.S. commercial 59 59 — — — — With an allowance recorded U.S. commercial $ 1,192 $ 973 $ 84 $ 1,139 $ 839 $ 75 Commercial real estate 426 237 20 678 495 48 Non-U.S. commercial 150 117 16 47 44 1 U.S. small business commercial (1) 114 103 36 133 122 35 Total U.S. commercial $ 2,041 $ 1,787 $ 84 $ 1,807 $ 1,489 $ 75 Commercial real estate 516 310 20 738 543 48 Non-U.S. commercial 209 176 16 47 44 1 U.S. small business commercial (1) 114 103 36 133 122 35 Three Months Ended June 30 Six Months Ended June 30 2015 2014 2015 2014 Average Interest (2) Average Interest (2) Average Interest (2) Average Interest (2) With no recorded allowance U.S. commercial $ 710 $ 5 $ 480 $ 3 $ 669 $ 8 $ 499 $ 5 Commercial real estate 83 — 193 1 77 1 206 2 Non-U.S. commercial 34 1 5 — 19 1 7 — With an allowance recorded U.S. commercial $ 904 $ 12 $ 1,387 $ 15 $ 862 $ 25 $ 1,347 $ 30 Commercial real estate 232 2 632 6 282 5 667 13 Non-U.S. commercial 118 — 63 1 92 1 68 2 U.S. small business commercial (1) 108 — 159 1 114 — 165 2 Total U.S. commercial $ 1,614 $ 17 $ 1,867 $ 18 $ 1,531 $ 33 $ 1,846 $ 35 Commercial real estate 315 2 825 7 359 6 873 15 Non-U.S. commercial 152 1 68 1 111 2 75 2 U.S. small business commercial (1) 108 — 159 1 114 — 165 2 (1) Includes U.S. small business commercial renegotiated TDR loans and related allowance. (2) Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible. |
Financing Receivable, Modifications [Line Items] | |
Troubled Debt Restructurings on Financing Receivables | The table below presents the June 30, 2015 and 2014 unpaid principal balance and carrying value of commercial loans that were modified as TDRs during the three and six months ended June 30, 2015 and 2014 , and net charge-offs that were recorded during the period in which the modification occurred. The table below includes loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Commercial – TDRs Entered into During the Three Months Ended June 30, 2015 and 2014 June 30, 2015 Three Months Ended June 30, 2015 (Dollars in millions) Unpaid Principal Balance Carrying Value Net Charge-offs U.S. commercial $ 602 $ 583 $ 3 Commercial real estate 4 4 — Non-U.S. commercial 59 59 — U.S. small business commercial (1) 1 1 — Total $ 666 $ 647 $ 3 June 30, 2014 Three Months Ended June 30, 2014 U.S. commercial $ 493 $ 488 $ — Commercial real estate 39 39 — Non-U.S. commercial 46 46 — U.S. small business commercial (1) 3 3 — Total $ 581 $ 576 $ — Commercial – TDRs Entered into During the Six Months Ended June 30, 2015 and 2014 June 30, 2015 Six Months Ended June 30, 2015 U.S. commercial $ 794 $ 773 $ 6 Commercial real estate 28 28 — Non-U.S. commercial 66 66 — U.S. small business commercial (1) 3 4 — Total $ 891 $ 871 $ 6 June 30, 2014 Six Months Ended June 30, 2014 U.S. commercial $ 740 $ 726 $ 2 Commercial real estate 282 282 — Non-U.S. commercial 46 46 — U.S. small business commercial (1) 4 4 — Total $ 1,072 $ 1,058 $ 2 (1) U.S. small business commercial TDRs are comprised of renegotiated small business card loans. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Changes in the Allowance for Credit Losses | The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at June 30, 2015 and December 31, 2014 . Allowance and Carrying Value by Portfolio Segment June 30, 2015 (Dollars in millions) Consumer Real Estate Credit Card Commercial Total Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses (2) $ 674 $ 307 $ 156 $ 1,137 Carrying value (3) 24,083 934 2,376 27,393 Allowance as a percentage of carrying value 2.80 % 32.87 % 6.57 % 4.15 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 2,965 $ 3,395 $ 4,469 $ 10,829 Carrying value (3, 4) 237,406 184,499 411,180 833,085 Allowance as a percentage of carrying value (4) 1.25 % 1.84 % 1.09 % 1.30 % Purchased credit-impaired loans Valuation allowance $ 1,102 n/a n/a $ 1,102 Carrying value gross of valuation allowance 18,342 n/a n/a 18,342 Valuation allowance as a percentage of carrying value 6.01 % n/a n/a 6.01 % Total Allowance for loan and lease losses $ 4,741 $ 3,702 $ 4,625 $ 13,068 Carrying value (3, 4) 279,831 185,433 413,556 878,820 Allowance as a percentage of carrying value (4) 1.69 % 2.00 % 1.12 % 1.49 % December 31, 2014 Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses (2) $ 727 $ 339 $ 159 $ 1,225 Carrying value (3) 25,628 1,141 2,198 28,967 Allowance as a percentage of carrying value 2.84 % 29.71 % 7.23 % 4.23 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 3,556 $ 3,708 $ 4,278 $ 11,542 Carrying value (3, 4) 255,525 183,430 384,019 822,974 Allowance as a percentage of carrying value (4) 1.39 % 2.02 % 1.11 % 1.40 % Purchased credit-impaired loans Valuation allowance $ 1,652 n/a n/a $ 1,652 Carrying value gross of valuation allowance 20,769 n/a n/a 20,769 Valuation allowance as a percentage of carrying value 7.95 % n/a n/a 7.95 % Total Allowance for loan and lease losses $ 5,935 $ 4,047 $ 4,437 $ 14,419 Carrying value (3, 4) 301,922 184,571 386,217 872,710 Allowance as a percentage of carrying value (4) 1.97 % 2.19 % 1.15 % 1.65 % (1) Impaired loans include nonperforming commercial loans and all TDRs, including both commercial and consumer TDRs. Impaired loans exclude nonperforming consumer loans unless they are TDRs, and all consumer and commercial loans accounted for under the fair value option. (2) Allowance for loan and lease losses includes $36 million and $35 million related to impaired U.S. small business commercial at June 30, 2015 and December 31, 2014 . (3) Amounts are presented gross of the allowance for loan and lease losses. (4) Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $7.6 billion and $8.7 billion at June 30, 2015 and December 31, 2014 . n/a = not applicable The table below summarizes the changes in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2015 and 2014 . Three Months Ended June 30, 2015 (Dollars in millions) Consumer Real Estate Credit Card Commercial Total Allowance for loan and lease losses, April 1 $ 5,250 $ 3,929 $ 4,497 $ 13,676 Loans and leases charged off (533 ) (896 ) (124 ) (1,553 ) Recoveries of loans and leases previously charged off 205 204 76 485 Net charge-offs (328 ) (692 ) (48 ) (1,068 ) Write-offs of PCI loans (290 ) — — (290 ) Provision for loan and lease losses 108 445 176 729 Other (1) 1 20 — 21 Allowance for loan and lease losses, June 30 4,741 3,702 4,625 13,068 Reserve for unfunded lending commitments, April 1 — — 537 537 Provision for unfunded lending commitments — — 51 51 Reserve for unfunded lending commitments, June 30 — — 588 588 Allowance for credit losses, June 30 $ 4,741 $ 3,702 $ 5,213 $ 13,656 Three Months Ended June 30, 2014 Allowance for loan and lease losses, April 1 $ 7,556 $ 4,775 $ 4,287 $ 16,618 Loans and leases charged off (632 ) (1,051 ) (161 ) (1,844 ) Recoveries of loans and leases previously charged off 428 241 102 771 Net charge-offs (204 ) (810 ) (59 ) (1,073 ) Write-offs of PCI loans (160 ) — — (160 ) Provision for loan and lease losses (284 ) 441 260 417 Other (1) — 11 (2 ) 9 Allowance for loan and lease losses, June 30 6,908 4,417 4,486 15,811 Reserve for unfunded lending commitments, April 1 — — 509 509 Provision for unfunded lending commitments — — (6 ) (6 ) Reserve for unfunded lending commitments, June 30 — — 503 503 Allowance for credit losses, June 30 $ 6,908 $ 4,417 $ 4,989 $ 16,314 Six Months Ended June 30, 2015 Allowance for loan and lease losses, January 1 $ 5,935 $ 4,047 $ 4,437 $ 14,419 Loans and leases charged off (1,085 ) (1,860 ) (253 ) (3,198 ) Recoveries of loans and leases previously charged off 388 420 128 936 Net charge-offs (697 ) (1,440 ) (125 ) (2,262 ) Write-offs of PCI loans (578 ) — — (578 ) Provision for loan and lease losses 80 1,092 313 1,485 Other (1) 1 3 — 4 Allowance for loan and lease losses, June 30 4,741 3,702 4,625 13,068 Reserve for unfunded lending commitments, January 1 — — 528 528 Provision for unfunded lending commitments — — 60 60 Reserve for unfunded lending commitments, June 30 — — 588 588 Allowance for credit losses, June 30 $ 4,741 $ 3,702 $ 5,213 $ 13,656 Six Months Ended June 30, 2014 Allowance for loan and lease losses, January 1 $ 8,518 $ 4,905 $ 4,005 $ 17,428 Loans and leases charged off (1,228 ) (2,179 ) (305 ) (3,712 ) Recoveries of loans and leases previously charged off 595 459 197 1,251 Net charge-offs (633 ) (1,720 ) (108 ) (2,461 ) Write-offs of PCI loans (551 ) — — (551 ) Provision for loan and lease losses (425 ) 1,232 594 1,401 Other (1) (1 ) — (5 ) (6 ) Allowance for loan and lease losses, June 30 6,908 4,417 4,486 15,811 Reserve for unfunded lending commitments, January 1 — — 484 484 Provision for unfunded lending commitments — — 19 19 Reserve for unfunded lending commitments, June 30 — — 503 503 Allowance for credit losses, June 30 $ 6,908 $ 4,417 $ 4,989 $ 16,314 (1) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, and foreign currency translation adjustments. |
Securitizations and Other Var31
Securitizations and Other Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Variable Interest Entity [Line Items] | |
Mortgage Related Securitizations | The table below summarizes select information related to first-lien mortgage securitizations for the three and six months ended June 30, 2015 and 2014 . First-lien Mortgage Securitizations Three Months Ended June 30 Residential Mortgage Agency Non-agency - Subprime Commercial Mortgage (Dollars in millions) 2015 2014 2015 2014 2015 2014 Cash proceeds from new securitizations (1) $ 7,101 $ 7,552 $ — $ 809 $ 2,732 $ 1,508 Gain (loss) on securitizations (2) 184 (21 ) — 49 39 24 Six Months Ended June 30 2015 2014 2015 2014 2015 2014 Cash proceeds from new securitizations (1) $ 14,672 $ 15,018 $ — $ 809 $ 4,888 $ 2,212 Gain (loss) on securitizations (2) 357 (32 ) — 49 32 51 (1) The Corporation transfers residential mortgage loans to securitizations sponsored by the GSEs or GNMA in the normal course of business and receives RMBS in exchange which may then be sold into the market to third-party investors for cash proceeds. (2) A majority of the first-lien residential and commercial mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option. Gains recognized on these LHFS prior to securitization, which totaled $262 million and $431 million , net of hedges, during the three and six months ended June 30, 2015 compared to $185 million and $383 million for the same periods in 2014 , are not included in the table above. |
First Lien Mortgages | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The table below summarizes select information related to first-lien mortgage securitization trusts in which the Corporation held a variable interest at June 30, 2015 and December 31, 2014 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure (1) $ 24,816 $ 14,918 $ 1,163 $ 1,288 $ 3,132 $ 3,167 $ 684 $ 710 $ 354 $ 352 On-balance sheet assets Senior securities held (2) : Trading account assets $ 1,206 $ 584 $ 3 $ 3 $ 25 $ 14 $ 87 $ 81 $ 99 $ 54 Debt securities carried at fair value 22,921 13,473 716 816 2,675 2,811 369 383 — 76 Held-to-maturity securities 672 837 — — — — — — 38 42 Subordinate securities held (2) : Trading account assets — — — — 29 — 2 1 49 58 Debt securities carried at fair value — — 13 12 3 5 32 — 55 58 Held-to-maturity securities — — — — — — — — 14 15 Residual interests held — — 3 10 — — — — 10 22 All other assets (3) 17 24 48 56 — 1 194 245 — — Total retained positions $ 24,816 $ 14,918 $ 783 $ 897 $ 2,732 $ 2,831 $ 684 $ 710 $ 265 $ 325 Principal balance outstanding (4) $ 338,751 $ 397,055 $ 18,334 $ 20,167 $ 30,753 $ 32,592 $ 46,313 $ 50,054 $ 30,505 $ 20,593 Consolidated VIEs Maximum loss exposure (1) $ 32,598 $ 38,345 $ 73 $ 77 $ 195 $ 206 $ — $ — $ — $ — On-balance sheet assets Trading account assets $ 911 $ 1,538 $ — $ — $ 29 $ 30 $ — $ — $ — $ — Loans and leases 30,988 36,187 123 130 740 768 — — — — Allowance for loan and lease losses (2 ) (2 ) — — — — — — — — All other assets 701 623 3 6 19 15 — — — — Total assets $ 32,598 $ 38,346 $ 126 $ 136 $ 788 $ 813 $ — $ — $ — $ — On-balance sheet liabilities Long-term debt $ — $ 1 $ 53 $ 56 $ 755 $ 770 $ — $ — $ — $ — All other liabilities 15 — — 3 4 13 — — — — Total liabilities $ 15 $ 1 $ 53 $ 59 $ 759 $ 783 $ — $ — $ — $ — (1) Maximum loss exposure excludes the liability for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For additional information, see Note 7 – Representations and Warranties Obligations and Corporate Guarantees and Note 17 – Mortgage Servicing Rights . (2) As a holder of these securities, the Corporation receives scheduled principal and interest payments. During the three and six months ended June 30, 2015 and 2014 , there were no OTTI losses recorded on those securities classified as AFS debt securities. (3) Not included in the table above are all other assets of $180 million and $635 million , representing the unpaid principal balance of mortgage loans eligible for repurchase from unconsolidated residential mortgage securitization vehicles, principally guaranteed by GNMA, and all other liabilities of $180 million and $635 million , representing the principal amount that would be payable to the securitization vehicles if the Corporation was to exercise the repurchase option, at June 30, 2015 and December 31, 2014 . (4) Principal balance outstanding includes loans the Corporation transferred with which it has continuing involvement, which may include servicing the loans. |
Home equity | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The table below summarizes select information related to home equity loan securitization trusts in which the Corporation held a variable interest at June 30, 2015 and December 31, 2014 . Home Equity Loan VIEs June 30, 2015 December 31, 2014 (Dollars in millions) Consolidated Unconsolidated Total Consolidated Unconsolidated Total Maximum loss exposure (1) $ 880 $ 4,928 $ 5,808 $ 991 $ 5,224 $ 6,215 On-balance sheet assets Trading account assets $ — $ 69 $ 69 $ — $ 14 $ 14 Debt securities carried at fair value — 114 114 — 39 39 Loans and leases 891 — 891 1,014 — 1,014 Allowance for loan and lease losses (50 ) — (50 ) (56 ) — (56 ) All other assets 39 — 39 33 — 33 Total $ 880 $ 183 $ 1,063 $ 991 $ 53 $ 1,044 On-balance sheet liabilities Long-term debt $ 933 $ — $ 933 $ 1,076 $ — $ 1,076 Total $ 933 $ — $ 933 $ 1,076 $ — $ 1,076 Principal balance outstanding $ 891 $ 5,869 $ 6,760 $ 1,014 $ 6,362 $ 7,376 (1) For unconsolidated VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves, and excludes the liability for representations and warranties obligations and corporate guarantees |
Credit Card Receivable | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The table below summarizes select information related to consolidated credit card securitization trusts in which the Corporation held a variable interest at June 30, 2015 and December 31, 2014 . Credit Card VIEs (Dollars in millions) June 30 December 31 Consolidated VIEs Maximum loss exposure $ 38,292 $ 43,139 On-balance sheet assets Loans and leases (1) $ 49,311 $ 53,068 Allowance for loan and lease losses (1,654 ) (1,904 ) All other assets (2) 1,365 392 Total assets $ 49,022 $ 51,556 On-balance sheet liabilities Long-term debt $ 10,689 $ 8,401 All other liabilities 41 16 Total liabilities $ 10,730 $ 8,417 (1) At June 30, 2015 and December 31, 2014 , loans and leases included $29.2 billion and $36.9 billion of seller's interest. (2) At June 30, 2015 and December 31, 2014 , all other assets included restricted cash, certain short-term investments, and unbilled accrued interest and fees. |
Other Asset-backed Securitizations | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The table below summarizes select information related to other asset-backed securitizations in which the Corporation held a variable interest at June 30, 2015 and December 31, 2014 . Other Asset-backed VIEs Resecuritization Trusts Municipal Bond Trusts Automobile and Other (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure $ 7,666 $ 8,569 $ 1,755 $ 2,100 $ 67 $ 77 On-balance sheet assets Senior securities held (1, 2) : Trading account assets $ 1,199 $ 767 $ 2 $ 25 $ — $ 6 Debt securities carried at fair value 5,614 6,945 — — 57 61 Held-to-maturity securities 710 740 — — — — Subordinate securities held (1, 2) : Trading account assets 73 37 — — — — Debt securities carried at fair value 70 73 — — — — Residual interests held (3) — 7 — — — — All other assets — — — — 10 10 Total retained positions $ 7,666 $ 8,569 $ 2 $ 25 $ 67 $ 77 Total assets of VIEs (4) $ 33,339 $ 28,065 $ 2,781 $ 3,314 $ 440 $ 1,276 Consolidated VIEs Maximum loss exposure $ 439 $ 654 $ 1,682 $ 2,440 $ — $ 92 On-balance sheet assets Trading account assets $ 666 $ 1,295 $ 1,693 $ 2,452 $ — $ — Loans held-for-sale — — — — — 555 All other assets — — 1 — — 54 Total assets $ 666 $ 1,295 $ 1,694 $ 2,452 $ — $ 609 On-balance sheet liabilities Short-term borrowings $ — $ — $ 358 $ 1,032 $ — $ — Long-term debt 227 641 12 12 — 516 All other liabilities — — — — — 1 Total liabilities $ 227 $ 641 $ 370 $ 1,044 $ — $ 517 (1) As a holder of these securities, the Corporation receives scheduled principal and interest payments. During the three and six months ended June 30, 2015 and 2014 , there were no OTTI losses recorded on those securities classified as AFS debt securities. (2) The retained senior and subordinate securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy). (3) The retained residual interests are carried at fair value which was derived using model valuations (Level 2 of the fair value hierarchy). (4) Total assets include loans the Corporation transferred with which the Corporation has continuing involvement, which may include servicing the loan. |
Other Variable Interest Entities | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at June 30, 2015 and December 31, 2014 . Other VIEs June 30, 2015 December 31, 2014 (Dollars in millions) Consolidated Unconsolidated Total Consolidated Unconsolidated Total Maximum loss exposure $ 6,632 $ 10,769 $ 17,401 $ 7,981 $ 12,391 $ 20,372 On-balance sheet assets Trading account assets $ 1,564 $ 324 $ 1,888 $ 1,575 $ 355 $ 1,930 Debt securities carried at fair value — 165 165 — 483 483 Loans and leases 3,414 2,339 5,753 4,020 2,693 6,713 Allowance for loan and lease losses (5 ) — (5 ) (6 ) — (6 ) Loans held-for-sale 413 261 674 1,267 814 2,081 All other assets 1,553 6,500 8,053 1,646 6,658 8,304 Total $ 6,939 $ 9,589 $ 16,528 $ 8,502 $ 11,003 $ 19,505 On-balance sheet liabilities Long-term debt (1) $ 1,802 $ — $ 1,802 $ 1,834 $ — $ 1,834 All other liabilities 49 2,534 2,583 105 2,643 2,748 Total $ 1,851 $ 2,534 $ 4,385 $ 1,939 $ 2,643 $ 4,582 Total assets of VIEs $ 6,939 $ 38,761 $ 45,700 $ 8,502 $ 41,467 $ 49,969 (1) Includes $780 million and $722 million of long-term debt at June 30, 2015 and $780 million and $584 million of long-term debt at December 31, 2014 issued by consolidated investment vehicles and customer vehicles, respectively, which has recourse to the general credit of the Corporation. |
Representations and Warrantie32
Representations and Warranties Obligations and Corporate Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Representations and Warranties Obligations and Corporate Guarantees [Abstract] | |
Outstanding Claims By Category And Product | The table below presents unresolved repurchase claims at June 30, 2015 and December 31, 2014 . The unresolved repurchase claims include only claims where the Corporation believes that the counterparty has the contractual right to submit claims. For additional information, see Private-label Securitizations and Whole-loan Sales Experience in this Note . Unresolved Repurchase Claims by Counterparty and Product Type (Dollars in millions) June 30 December 31 2014 (1) By counterparty Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other (2, 3) $ 19,431 $ 24,489 Monolines (4) 1,631 1,546 GSEs 31 59 Total gross claims (3) 21,093 26,094 Duplicate claims (5) (2,622 ) (3,248 ) Total unresolved repurchase claims by counterparty, net of duplicate claims $ 18,471 $ 22,846 By product type Prime loans $ 200 $ 587 Alt-A 1,208 2,397 Home equity 2,195 2,485 Pay option 4,986 6,294 Subprime 12,495 14,121 Other 9 210 Total (3) 21,093 26,094 Duplicate claims (5) (2,622 ) (3,248 ) Total unresolved repurchase claims by product type, net of duplicate claims $ 18,471 $ 22,846 (1) The December 31, 2014 amounts have been updated to reflect additional claims submitted from a single monoline, currently pursuing litigation, served in the fourth quarter of 2014, and addressed by the Corporation in 2015 pursuant to an existing litigation schedule. For more information on bond insurance litigation, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . (2) The total notional amount of unresolved repurchase claims does not include repurchase claims related to the trusts covered by the BNY Mellon Settlement. (3) Includes $12.0 billion and $14.1 billion of claims based on individual file reviews and $7.4 billion and $10.4 billion of claims submitted without individual file reviews at June 30, 2015 and December 31, 2014 . (4) At June 30, 2015 , substantially all of the unresolved monoline claims are currently the subject of litigation with a single monoline insurer and predominately pertain to second-lien loans. (5) Represents more than one claim outstanding related to a particular loan, typically as the result of bulk claims submitted without individual file reviews. The June 30, 2015 and December 31, 2014 amounts include approximately $2.5 billion and $2.9 billion of duplicate claims related to private-label investors submitted without individual loan file reviews. |
Rollforward Of Liability For Representations And Warranties | The table below presents a rollforward of the liability for representations and warranties and corporate guarantees. Representations and Warranties and Corporate Guarantees Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Liability for representations and warranties and corporate guarantees, beginning of period $ 11,992 $ 13,411 $ 12,081 $ 13,282 Additions for new sales 2 2 3 5 Net reductions (233 ) (1,417 ) (407 ) (1,469 ) Provision (benefit) (205 ) 88 (121 ) 266 Liability for representations and warranties and corporate guarantees, June 30 $ 11,556 $ 12,084 $ 11,556 $ 12,084 |
Loan Repurchases And Indemnification Payments | Loan Repurchases and Indemnification Payments (excluding cash payments for settlements) Three Months Ended June 30 2015 2014 (Dollars in millions) Unpaid Principal Balance Cash Paid for Repurchases Loss Unpaid Principal Balance Cash Paid for Repurchases Loss First-lien Repurchases $ 38 $ 42 $ 12 $ 58 $ 63 $ 20 Indemnification payments 260 28 27 142 80 80 Total first-lien 298 70 39 200 143 100 Home equity, indemnification payments 2 2 2 3 3 3 Total first-lien and home equity $ 300 $ 72 $ 41 $ 203 $ 146 $ 103 Six Months Ended June 30 2015 2014 First-lien Repurchases $ 73 $ 80 $ 22 $ 104 $ 114 $ 32 Indemnification payments 359 51 50 243 108 108 Total first-lien 432 131 72 347 222 140 Home equity, indemnification payments 6 6 6 14 14 14 Total first-lien and home equity $ 438 $ 137 $ 78 $ 361 $ 236 $ 154 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The table below presents goodwill balances by business segment at June 30, 2015 and December 31, 2014 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. For additional information, see Note 8 – Goodwill and Intangible Assets to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Goodwill (Dollars in millions) June 30 December 31 Consumer Banking $ 30,123 $ 30,123 Global Wealth & Investment Management 9,698 9,698 Global Banking 23,923 23,923 Global Markets 5,197 5,197 All Other 834 836 Total goodwill $ 69,775 $ 69,777 |
Intangible Assets | The table below presents the gross carrying value and accumulated amortization for intangible assets at June 30, 2015 and December 31, 2014 . Intangible Assets (1, 2) June 30, 2015 December 31, 2014 (Dollars in millions) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Purchased credit card relationships $ 5,512 $ 4,672 $ 840 $ 5,504 $ 4,527 $ 977 Core deposit intangibles 1,779 1,445 334 1,779 1,382 397 Customer relationships 4,025 2,822 1,203 4,025 2,648 1,377 Affinity relationships 1,566 1,325 241 1,565 1,283 282 Other intangibles 2,045 475 1,570 2,045 466 1,579 Total intangible assets $ 14,927 $ 10,739 $ 4,188 $ 14,918 $ 10,306 $ 4,612 (1) Excludes fully amortized intangible assets. (2) At June 30, 2015 and December 31, 2014 , none of the intangible assets were impaired. |
Schedule of Amortization Expense | The table below presents intangible asset amortization expense for the three and six months ended June 30, 2015 and 2014 . Amortization Expense Three Months Ended Six Months Ended (Dollars in millions) 2015 2014 2015 2014 Purchased credit card and affinity relationships $ 89 $ 102 $ 178 $ 207 Core deposit intangibles 31 36 63 72 Customer relationships 87 91 174 182 Other intangibles 5 6 10 13 Total amortization expense $ 212 $ 235 $ 425 $ 474 |
Schedule of Future Intangible Asset Amortization Expense | The table below presents estimated future intangible asset amortization expense as of June 30, 2015 . Estimated Future Amortization Expense (Dollars in millions) Remainder of 2015 2016 2017 2018 2019 2020 Purchased credit card and affinity relationships $ 179 $ 299 $ 239 $ 180 $ 121 $ 62 Core deposit intangibles 60 104 90 80 — — Customer relationships 166 325 310 302 — — Other intangibles 5 9 6 4 2 — Total estimated future amortization expense $ 410 $ 737 $ 645 $ 566 $ 123 $ 62 |
Federal Funds Sold or Purchas34
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Federal Funds Sold, Securities Borrowed or Purchased Under Agreements to Resell and Short-term Borrowings [Abstract] | |
Federal Funds Sold Securities Borrowed Or Purchased Under Agreements To Resell And Short Term Borrowings | The table below presents federal funds sold or purchased, securities financing agreements, which include securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase, and short-term borrowings. Three Months Ended June 30 Six Months Ended June 30 Amount Rate Amount Rate (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 Average during period Federal funds sold and securities borrowed or purchased under agreements to resell $ 214,326 $ 235,393 0.50 % 0.51 % $ 214,130 $ 224,012 0.47 % 0.51 % Federal funds purchased and securities loaned or sold under agreements to repurchase $ 219,946 $ 222,524 1.03 % 1.10 % $ 217,348 $ 213,714 0.97 % 1.07 % Short-term borrowings 32,142 48,723 1.49 1.26 30,785 48,447 1.48 1.01 Total $ 252,088 $ 271,247 1.09 1.13 $ 248,133 $ 262,161 1.03 1.06 Maximum month-end balance during period Federal funds sold and securities borrowed or purchased under agreements to resell $ 224,701 $ 240,122 $ 226,502 $ 240,122 Federal funds purchased and securities loaned or sold under agreements to repurchase $ 227,753 $ 240,154 $ 227,753 $ 240,154 Short-term borrowings 39,903 50,071 39,903 51,409 June 30, 2015 December 31, 2014 Amount Rate Amount Rate Period-end Federal funds sold and securities borrowed or purchased under agreements to resell $ 199,903 0.51 % $ 191,823 0.47 % Federal funds purchased and securities loaned or sold under agreements to repurchase $ 213,024 0.92 % $ 201,277 0.98 % Short-term borrowings 39,903 1.18 31,172 1.47 Total $ 252,927 0.95 $ 232,449 1.04 |
Offsetting Assets [Line Items] | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | The tables below present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. Also included in "Other" are transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged or sold as collateral. Certain agreements contain a right to substitute collateral and/or terminate the agreement prior to maturity at the option of the Corporation or the counterparty. Such agreements are included in the table below based on the remaining contractual term to maturity. At June 30, 2015 , the Corporation had no outstanding repurchase-to-maturity transactions. Remaining Contractual Maturity June 30, 2015 (Dollars in millions) Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days After 90 Days through 1 Year After 1 Year (1) Total Securities sold under agreements to repurchase $ 147,401 $ 86,117 $ 50,447 $ 25,439 $ 500 $ 309,904 Securities loaned 34,615 1,161 2,205 2,229 192 40,402 Other 12,723 — — — — 12,723 Total $ 194,739 $ 87,278 $ 52,652 $ 27,668 $ 692 $ 363,029 (1) No agreements have maturities greater than three years . Class of Collateral Pledged (1) (Dollars in millions) June 30 U.S. government and agency securities $ 148,102 Corporate securities, trading loans and other 13,684 Equity securities 65,018 Non-U.S. sovereign debt 122,694 Mortgage trading loans and ABS 13,531 Total $ 363,029 (1) Amounts represent the carrying value of securities sold under agreements to repurchase and securities loaned by each class of collateral pledged. |
Securities Borrowed and Securities Purchased Under Agreements to Resell | |
Offsetting Assets [Line Items] | |
Offsetting Assets | Securities Financing Agreements June 30, 2015 (Dollars in millions) Gross Assets/Liabilities Amounts Offset Net Balance Sheet Amount Financial Instruments Net Assets/Liabilities Securities borrowed or purchased under agreements to resell (1) $ 337,193 $ (137,290 ) $ 199,903 $ (152,072 ) $ 47,831 Securities loaned or sold under agreements to repurchase $ 350,306 $ (137,290 ) $ 213,016 $ (173,851 ) $ 39,165 Other 12,723 — 12,723 (12,723 ) — Total $ 363,029 $ (137,290 ) $ 225,739 $ (186,574 ) $ 39,165 December 31, 2014 Securities borrowed or purchased under agreements to resell (1) $ 316,567 $ (124,744 ) $ 191,823 $ (145,573 ) $ 46,250 Securities loaned or sold under agreements to repurchase $ 326,007 $ (124,744 ) $ 201,263 $ (164,306 ) $ 36,957 Other 11,641 — 11,641 (11,641 ) — Total $ 337,648 $ (124,744 ) $ 212,904 $ (175,947 ) $ 36,957 (1) Excludes repurchase activity of $9.6 billion and $5.6 billion reported in loans and leases on the Consolidated Balance Sheet at June 30, 2015 and December 31, 2014 . |
Securities Loaned and Financial Assets Sold Under Agreements to Repurchase | |
Offsetting Liabilities [Line Items] | |
Offsetting Liabilities | Securities Financing Agreements June 30, 2015 (Dollars in millions) Gross Assets/Liabilities Amounts Offset Net Balance Sheet Amount Financial Instruments Net Assets/Liabilities Securities borrowed or purchased under agreements to resell (1) $ 337,193 $ (137,290 ) $ 199,903 $ (152,072 ) $ 47,831 Securities loaned or sold under agreements to repurchase $ 350,306 $ (137,290 ) $ 213,016 $ (173,851 ) $ 39,165 Other 12,723 — 12,723 (12,723 ) — Total $ 363,029 $ (137,290 ) $ 225,739 $ (186,574 ) $ 39,165 December 31, 2014 Securities borrowed or purchased under agreements to resell (1) $ 316,567 $ (124,744 ) $ 191,823 $ (145,573 ) $ 46,250 Securities loaned or sold under agreements to repurchase $ 326,007 $ (124,744 ) $ 201,263 $ (164,306 ) $ 36,957 Other 11,641 — 11,641 (11,641 ) — Total $ 337,648 $ (124,744 ) $ 212,904 $ (175,947 ) $ 36,957 (1) Excludes repurchase activity of $9.6 billion and $5.6 billion reported in loans and leases on the Consolidated Balance Sheet at June 30, 2015 and December 31, 2014 . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Credit Extension Commitment Expirations | The table below also includes the notional amount of commitments of $8.1 billion and $9.9 billion at June 30, 2015 and December 31, 2014 that are accounted for under the fair value option. However, the table below excludes cumulative net fair value adjustments of $392 million and $405 million on these commitments, which are classified in accrued expenses and other liabilities. For more information regarding the Corporation's loan commitments accounted for under the fair value option, see Note 15 – Fair Value Option . Credit Extension Commitments June 30, 2015 (Dollars in millions) Expire in One Year or Less Expire After One Year Through Expire After Three Years Through Expire After Five Years Total Notional amount of credit extension commitments Loan commitments $ 70,970 $ 104,064 $ 135,726 $ 44,788 $ 355,548 Home equity lines of credit 6,616 20,139 8,026 17,342 52,123 Standby letters of credit and financial guarantees (1) 10,242 4,151 1,144 18,135 33,672 Letters of credit 2,177 52 3 258 2,490 Legally binding commitments 90,005 128,406 144,899 80,523 443,833 Credit card lines (2) 376,604 — — — 376,604 Total credit extension commitments $ 466,609 $ 128,406 $ 144,899 $ 80,523 $ 820,437 December 31, 2014 Notional amount of credit extension commitments Loan commitments $ 79,897 $ 97,583 $ 146,743 $ 18,942 $ 343,165 Home equity lines of credit 6,292 19,679 12,319 15,417 53,707 Standby letters of credit and financial guarantees (1) 19,259 9,106 4,519 1,807 34,691 Letters of credit 1,883 157 35 88 2,163 Legally binding commitments 107,331 126,525 163,616 36,254 433,726 Credit card lines (2) 363,989 — — — 363,989 Total credit extension commitments $ 471,320 $ 126,525 $ 163,616 $ 36,254 $ 797,715 (1) The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $25.5 billion and $7.8 billion at June 30, 2015 , and $26.1 billion and $8.2 billion at December 31, 2014 . Amounts include consumer SBLCs of $399 million and $396 million at June 30, 2015 and December 31, 2014 . (2) Includes business card unused lines of credit. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of Dividends | The table below presents the declared quarterly cash dividends on common stock in 2015 and through July 29, 2015 . Declaration Date Record Date Payment Date Dividend Per Share July 23, 2015 September 4, 2015 September 25, 2015 $0.05 April 16, 2015 June 5, 2015 June 26, 2015 0.05 February 10, 2015 March 6, 2015 March 27, 2015 0.05 |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated OCI | The table below presents the changes in accumulated OCI after-tax for the six months ended June 30, 2015 and 2014 . (Dollars in millions) Available-for-sale Debt Securities Available-for-sale Marketable Equity Securities Derivatives Employee Benefit Plans Foreign Currency (1) Total Balance, December 31, 2013 $ (3,257 ) $ (4 ) $ (2,277 ) $ (2,407 ) $ (512 ) $ (8,457 ) Net change 3,612 (18 ) 215 56 (119 ) 3,746 Balance, June 30, 2014 $ 355 $ (22 ) $ (2,062 ) $ (2,351 ) $ (631 ) $ (4,711 ) Balance, December 31, 2014 $ 1,343 $ 17 $ (1,661 ) $ (3,350 ) $ (669 ) $ (4,320 ) Net change (1,249 ) 48 289 50 (8 ) (870 ) Balance, June 30, 2015 $ 94 $ 65 $ (1,372 ) $ (3,300 ) $ (677 ) $ (5,190 ) (1) The net change in fair value represents the impact of changes in spot foreign exchange rates on the Corporation's net investment in non-U.S. operations and related hedges. |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI before- and after-tax for the six months ended June 30, 2015 and 2014 . Changes in OCI Components Before- and After-tax Six Months Ended June 30 2015 2014 (Dollars in millions) Before-tax Tax effect After-tax Before-tax Tax effect After-tax Available-for-sale debt securities: Net increase (decrease) in fair value $ (1,656 ) $ 631 $ (1,025 ) $ 6,497 $ (2,421 ) $ 4,076 Net realized gains reclassified into earnings (361 ) 137 (224 ) (748 ) 284 (464 ) Net change (2,017 ) 768 (1,249 ) 5,749 (2,137 ) 3,612 Available-for-sale marketable equity securities: Net increase (decrease) in fair value 77 (29 ) 48 (29 ) 11 (18 ) Net change 77 (29 ) 48 (29 ) 11 (18 ) Derivatives: Net increase (decrease) in fair value (24 ) 10 (14 ) (19 ) 25 6 Net realized losses reclassified into earnings 487 (184 ) 303 335 (126 ) 209 Net change 463 (174 ) 289 316 (101 ) 215 Employee benefit plans: Net decrease in fair value (2 ) 1 (1 ) — — — Net realized losses reclassified into earnings 85 (33 ) 52 25 (10 ) 15 Settlements, curtailments and other — (1 ) (1 ) — 41 41 Net change 83 (33 ) 50 25 31 56 Foreign currency: Net increase (decrease) in fair value 167 (174 ) (7 ) (368 ) 250 (118 ) Net realized gains reclassified into earnings (31 ) 30 (1 ) (2 ) 1 (1 ) Net change 136 (144 ) (8 ) (370 ) 251 (119 ) Total other comprehensive income $ (1,258 ) $ 388 $ (870 ) $ 5,691 $ (1,945 ) $ 3,746 |
Reclassification out of Accumulated Other Comprehensive Income | The table below presents impacts on net income of significant amounts reclassified out of each component of accumulated OCI before- and after-tax for the six months ended June 30, 2015 and 2014 . There were no amounts reclassified out of AFS marketable equity securities for the six months ended June 30, 2015 and 2014 . Reclassifications Out of Accumulated OCI (Dollars in millions) Six Months Ended June 30 Accumulated OCI Components Income Statement Line Item Impacted 2015 2014 Available-for-sale debt securities: Gains on sales of debt securities $ 436 $ 759 Other loss (75 ) (11 ) Income before income taxes 361 748 Income tax expense 137 284 Reclassification to net income 224 464 Derivatives: Interest rate contracts Net interest income (514 ) (560 ) Equity compensation contracts Personnel 27 225 Loss before income taxes (487 ) (335 ) Income tax benefit (184 ) (126 ) Reclassification to net income (303 ) (209 ) Employee benefit plans: Net actuarial losses and prior service costs Personnel (85 ) (25 ) Loss before income taxes (85 ) (25 ) Income tax benefit (33 ) (10 ) Reclassification to net income (52 ) (15 ) Foreign currency: Insignificant items Other income 31 2 Income before income taxes 31 2 Income tax expense 30 1 Reclassification to net income 1 1 Total reclassification adjustments $ (130 ) $ 241 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Calculation of earnings per common share and diluted earnings per common share | The calculation of earnings per common share (EPS) and diluted EPS for both the three and six months ended June 30, 2015 and 2014 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2014 Annual Report on Form 10-K . Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions, except per share information; shares in thousands) 2015 2014 2015 2014 Earnings per common share Net income $ 5,320 $ 2,291 $ 8,677 $ 2,015 Preferred stock dividends (330 ) (256 ) (712 ) (494 ) Net income applicable to common shareholders $ 4,990 $ 2,035 $ 7,965 $ 1,521 Average common shares issued and outstanding 10,488,137 10,519,359 10,503,379 10,539,769 Earnings per common share $ 0.48 $ 0.19 $ 0.76 $ 0.14 Diluted earnings per common share Net income applicable to common shareholders $ 4,990 $ 2,035 $ 7,965 $ 1,521 Add preferred stock dividends due to assumed conversions 75 75 150 — Net income allocated to common shareholders $ 5,065 $ 2,110 $ 8,115 $ 1,521 Average common shares issued and outstanding 10,488,137 10,519,359 10,503,379 10,539,769 Dilutive potential common shares (1) 749,923 745,764 749,038 59,872 Total diluted average common shares issued and outstanding 11,238,060 11,265,123 11,252,417 10,599,641 Diluted earnings per common share $ 0.45 $ 0.19 $ 0.72 $ 0.14 (1) Includes incremental dilutive shares from restricted stock units, restricted stock, stock options and warrants. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Carried at Fair Value on a Recurring Basis | Assets and liabilities carried at fair value on a recurring basis at June 30, 2015 and December 31, 2014 , including financial instruments which the Corporation accounts for under the fair value option, are summarized in the following tables. June 30, 2015 Fair Value Measurements (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Assets/Liabilities at Fair Value Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ — $ 70,791 $ — $ — $ 70,791 Trading account assets: U.S. government and agency securities (2) 34,155 16,890 — — 51,045 Corporate securities, trading loans and other 286 28,868 3,326 — 32,480 Equity securities 40,558 21,789 386 — 62,733 Non-U.S. sovereign debt 17,647 13,302 468 — 31,417 Mortgage trading loans and ABS — 9,272 2,159 — 11,431 Total trading account assets 92,646 90,121 6,339 — 189,106 Derivative assets (3) 5,190 710,196 6,489 (670,898 ) 50,977 AFS debt securities: U.S. Treasury and agency securities 56,346 1,998 — — 58,344 Mortgage-backed securities: Agency — 188,260 — — 188,260 Agency-collateralized mortgage obligations — 12,931 — — 12,931 Non-agency residential — 3,652 234 — 3,886 Commercial — 5,110 — — 5,110 Non-U.S. securities 3,211 2,925 9 — 6,145 Corporate/Agency bonds — 257 — — 257 Other taxable securities 20 9,706 677 — 10,403 Tax-exempt securities — 10,217 584 — 10,801 Total AFS debt securities 59,577 235,056 1,504 — 296,137 Other debt securities carried at fair value: Mortgage-backed securities: Agency — 14,885 — — 14,885 Agency-collateralized mortgage obligations — 9 — — 9 Non-agency residential — 3,753 34 — 3,787 Non-U.S. securities 15,533 1,665 — — 17,198 Other taxable securities — 291 — — 291 Total other debt securities carried at fair value 15,533 20,603 34 — 36,170 Loans and leases — 5,659 1,970 — 7,629 Mortgage servicing rights — — 3,521 — 3,521 Loans held-for-sale — 4,264 660 — 4,924 Other assets 12,943 846 756 — 14,545 Total assets (4) $ 185,889 $ 1,137,536 $ 21,273 $ (670,898 ) $ 673,800 Liabilities Interest-bearing deposits in U.S. offices $ — $ 1,215 $ — $ — $ 1,215 Federal funds purchased and securities loaned or sold under agreements to repurchase — 31,649 368 — 32,017 Trading account liabilities: U.S. government and agency securities 16,863 148 — — 17,011 Equity securities 25,494 2,349 — — 27,843 Non-U.S. sovereign debt 17,193 2,120 — — 19,313 Corporate securities and other 248 8,124 57 — 8,429 Total trading account liabilities 59,798 12,741 57 — 72,596 Derivative liabilities (3) 5,225 709,114 6,840 (677,596 ) 43,583 Short-term borrowings — 1,841 — — 1,841 Accrued expenses and other liabilities 12,115 1,000 9 — 13,124 Long-term debt — 30,204 2,716 — 32,920 Total liabilities $ 77,138 $ 787,764 $ 9,990 $ (677,596 ) $ 197,296 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $16.4 billion of government-sponsored enterprise obligations. (3) For further disaggregation of derivative assets and liabilities, see Note 2 – Derivatives . (4) During the six months ended June 30, 2015 , approximately $327 million of assets were transferred from Level 2 to Level 1 due to a restriction that was lifted for an equity investment. December 31, 2014 Fair Value Measurements (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Assets/Liabilities at Fair Value Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ — $ 62,182 $ — $ — $ 62,182 Trading account assets: U.S. government and agency securities (2) 33,470 17,549 — — 51,019 Corporate securities, trading loans and other 243 31,699 3,270 — 35,212 Equity securities 33,518 22,488 352 — 56,358 Non-U.S. sovereign debt 20,348 15,332 574 — 36,254 Mortgage trading loans and ABS — 10,879 2,063 — 12,942 Total trading account assets 87,579 97,947 6,259 — 191,785 Derivative assets (3) 4,957 972,977 6,851 (932,103 ) 52,682 AFS debt securities: U.S. Treasury and agency securities 67,413 2,182 — — 69,595 Mortgage-backed securities: Agency — 165,039 — — 165,039 Agency-collateralized mortgage obligations — 14,248 — — 14,248 Non-agency residential — 4,175 279 — 4,454 Commercial — 4,000 — — 4,000 Non-U.S. securities 3,191 3,029 10 — 6,230 Corporate/Agency bonds — 368 — — 368 Other taxable securities 20 9,104 1,667 — 10,791 Tax-exempt securities — 8,950 599 — 9,549 Total AFS debt securities 70,624 211,095 2,555 — 284,274 Other debt securities carried at fair value: U.S. Treasury and agency securities 1,541 — — — 1,541 Mortgage-backed securities: Agency — 15,704 — — 15,704 Non-agency residential — 3,745 — — 3,745 Non-U.S. securities 13,270 1,862 — — 15,132 Other taxable securities — 299 — — 299 Total other debt securities carried at fair value 14,811 21,610 — — 36,421 Loans and leases — 6,698 1,983 — 8,681 Mortgage servicing rights — — 3,530 — 3,530 Loans held-for-sale — 6,628 173 — 6,801 Other assets 11,581 1,381 911 — 13,873 Total assets (4) $ 189,552 $ 1,380,518 $ 22,262 $ (932,103 ) $ 660,229 Liabilities Interest-bearing deposits in U.S. offices $ — $ 1,469 $ — $ — $ 1,469 Federal funds purchased and securities loaned or sold under agreements to repurchase — 35,357 — — 35,357 Trading account liabilities: U.S. government and agency securities 18,514 446 — — 18,960 Equity securities 24,679 3,670 — — 28,349 Non-U.S. sovereign debt 16,089 3,625 — — 19,714 Corporate securities and other 189 6,944 36 — 7,169 Total trading account liabilities 59,471 14,685 36 — 74,192 Derivative liabilities (3) 4,493 969,502 7,771 (934,857 ) 46,909 Short-term borrowings — 2,697 — — 2,697 Accrued expenses and other liabilities 10,795 1,250 10 — 12,055 Long-term debt — 34,042 2,362 — 36,404 Total liabilities (4) $ 74,759 $ 1,059,002 $ 10,179 $ (934,857 ) $ 209,083 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $17.2 billion of government-sponsored enterprise obligations. (3) For further disaggregation of derivative assets and liabilities, see Note 2 – Derivatives . (4) During 2014 , the Corporation reclassified certain assets and liabilities within its fair value hierarchy based on a review of its inputs used to measure fair value. Accordingly, approximately $4.1 billion of assets related to U.S. government and agency securities, non-U.S. government securities and equity derivatives, and $570 million of liabilities related to equity derivatives were transferred from Level 1 to Level 2. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Level 3 – Fair Value Measurements (1) Six Months Ended June 30, 2015 Gross (Dollars in millions) Balance January 1 2015 Gains (Losses) in Earnings Gains (Losses) in OCI (2) Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers out of Level 3 Balance June 30 Trading account assets: Corporate securities, trading loans and other $ 3,270 $ 34 $ — $ 477 $ (438 ) $ — $ (649 ) $ 983 $ (351 ) $ 3,326 Equity securities 352 14 — 16 (3 ) — (5 ) 31 (19 ) 386 Non-U.S. sovereign debt 574 82 (78 ) 27 — — (110 ) — (27 ) 468 Mortgage trading loans and ABS 2,063 161 — 809 (627 ) — (244 ) 10 (13 ) 2,159 Total trading account assets 6,259 291 (78 ) 1,329 (1,068 ) — (1,008 ) 1,024 (410 ) 6,339 Net derivative assets (3) (920 ) 566 — 113 (393 ) — 221 (60 ) 122 (351 ) AFS debt securities: Non-agency residential MBS 279 (12 ) 7 62 — — (234 ) 132 — 234 Non-U.S. securities 10 — — — — — (1 ) — — 9 Other taxable securities 1,667 — — 6 — — (63 ) — (933 ) 677 Tax-exempt securities 599 — (1 ) — — — (14 ) — — 584 Total AFS debt securities 2,555 (12 ) 6 68 — — (312 ) 132 (933 ) 1,504 Other debt securities carried at fair value – Non-agency residential MBS — 1 — 33 — — — — — 34 Loans and leases (4, 5) 1,983 5 — — (2 ) — (120 ) 118 (14 ) 1,970 Mortgage servicing rights (5) 3,530 373 — — (312 ) 383 (453 ) — — 3,521 Loans held-for-sale (4) 173 (48 ) — 491 (95 ) 33 (6 ) 177 (65 ) 660 Other assets (6) 911 (4 ) — 9 (118 ) — (15 ) 8 (35 ) 756 Federal funds purchased and securities loaned or sold under agreements to repurchase (4) — (14 ) — — — (28 ) — (326 ) — (368 ) Trading account liabilities – Corporate securities and other (36 ) 3 — 33 (57 ) — — — — (57 ) Short-term borrowings (4) — 5 — — — (21 ) 1 (4 ) 19 — Accrued expenses and other liabilities (10 ) 1 — — — — — — — (9 ) Long-term debt (4) (2,362 ) 70 — 177 — (139 ) 160 (1,116 ) 494 (2,716 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes unrealized gains (losses) on AFS debt securities and foreign currency translation adjustments. (3) Net derivatives include derivative assets of $6.5 billion and derivative liabilities of $6.8 billion . (4) Amounts represent instruments that are accounted for under the fair value option. (5) Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole-loan sales. (6) Other assets is primarily comprised of certain long-term fixed-rate margin loans and private equity investments that are accounted for under the fair value option. Level 3 – Fair Value Measurements (1) Three Months Ended June 30, 2014 Gross (Dollars in millions) Balance April 1 2014 Gains (Losses) in Earnings Gains (Losses) in OCI Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers out of Level 3 Balance June 30 Trading account assets: Corporate securities, trading loans and other $ 2,617 $ 41 $ — $ 392 $ (87 ) $ — $ (271 ) $ 249 $ (169 ) $ 2,772 Equity securities 343 (7 ) — 16 (4 ) — — 9 (1 ) 356 Non-U.S. sovereign debt 533 32 — 76 — — — — (1 ) 640 Mortgage trading loans and ABS 4,287 123 — 453 (262 ) — (237 ) — (53 ) 4,311 Total trading account assets 7,780 189 — 937 (353 ) — (508 ) 258 (224 ) 8,079 Net derivative assets (2) (839 ) (177 ) — 189 (366 ) — (145 ) 29 274 (1,035 ) AFS debt securities: Other taxable securities 3,437 — (3 ) 86 — — (254 ) — — 3,266 Tax-exempt securities 783 2 3 — — — (54 ) 1 — 735 Total AFS debt securities 4,220 2 — 86 — — (308 ) 1 — 4,001 Loans and leases (3, 4) 3,053 27 — — — — (58 ) 7 (11 ) 3,018 Mortgage servicing rights (4) 4,765 (249 ) — — (26 ) 113 (235 ) — — 4,368 Loans held-for-sale (3) 736 59 — 24 (711 ) — (11 ) 14 (1 ) 110 Other assets (5) 1,132 (26 ) — — (112 ) — (22 ) — — 972 Trading account liabilities – Corporate securities and other (36 ) — — 9 — — — — — (27 ) Accrued expenses and other liabilities (8 ) — — — — — — — — (8 ) Long-term debt (3) (1,841 ) (52 ) — 57 — (42 ) 117 (676 ) 21 (2,416 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Net derivatives include derivative assets of $7.1 billion and derivative liabilities of $8.2 billion . (3) Amounts represent instruments that are accounted for under the fair value option. (4) Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole-loan sales. (5) Other assets is primarily comprised of certain long-term fixed-rate margin loans and private equity investments that are accounted for under the fair value option. The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2015 and 2014 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements (1) Three Months Ended June 30, 2015 Gross (Dollars in millions) Balance April 1 2015 Gains (Losses) in Earnings Gains (Losses) in OCI (2) Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers out of Level 3 Balance June 30 Trading account assets: Corporate securities, trading loans and other $ 2,760 $ 55 $ — $ 338 $ (343 ) $ — $ (214 ) $ 812 $ (82 ) $ 3,326 Equity securities 340 11 — 16 (2 ) — — 22 (1 ) 386 Non-U.S. sovereign debt 508 16 12 25 — — (66 ) — (27 ) 468 Mortgage trading loans and ABS 2,106 101 — 490 (378 ) — (161 ) 1 — 2,159 Total trading account assets 5,714 183 12 869 (723 ) — (441 ) 835 (110 ) 6,339 Net derivative assets (3) (1,081 ) 610 — 57 (217 ) — 196 (14 ) 98 (351 ) AFS debt securities: Non-agency residential MBS 402 7 9 41 — — (225 ) — — 234 Non-U.S. securities 9 — — — — — — — — 9 Other taxable securities 690 — 2 6 — — (21 ) — — 677 Tax-exempt securities 583 — 2 — — — (1 ) — — 584 Total AFS debt securities 1,684 7 13 47 — — (247 ) — — 1,504 Other debt securities carried at fair value – Non-agency residential MBS — 1 — 33 — — — — — 34 Loans and leases (4, 5) 1,954 (10 ) — — (1 ) — (77 ) 112 (8 ) 1,970 Mortgage servicing rights (5) 3,394 458 — — (312 ) 204 (223 ) — — 3,521 Loans held-for-sale (4) 543 22 — 85 (13 ) 12 — 39 (28 ) 660 Other assets (6) 847 (14 ) — 9 (87 ) — (6 ) 8 (1 ) 756 Federal funds purchased and securities loaned or sold under agreements to repurchase (4) — (14 ) — — — (28 ) — (326 ) — (368 ) Trading account liabilities – Corporate securities and other (41 ) 2 — 31 (49 ) — — — — (57 ) Short-term borrowings (4) (15 ) — — — — — — — 15 — Accrued expenses and other liabilities (10 ) 1 — — — — — — — (9 ) Long-term debt (4) (2,806 ) 66 — 45 — (49 ) 63 (403 ) 368 (2,716 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes unrealized gains (losses) on AFS debt securities and foreign currency translation adjustments. (3) Net derivatives include derivative assets of $6.5 billion and derivative liabilities of $6.8 billion . (4) Amounts represent instruments that are accounted for under the fair value option. (5) Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole-loan sales. (6) Other assets is primarily comprised of certain long-term fixed-rate margin loans and private equity investments that are accounted for under the fair value option. Level 3 – Fair Value Measurements (1) Six Months Ended June 30, 2014 Gross (Dollars in millions) Balance January 1 2014 Gains (Losses) in Earnings Gains (Losses) in OCI Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers out of Level 3 Balance June 30 Trading account assets: Corporate securities, trading loans and other $ 3,559 $ 163 $ — $ 678 $ (441 ) $ — $ (509 ) $ 397 $ (1,075 ) $ 2,772 Equity securities 386 12 — 46 (33 ) — — 16 (71 ) 356 Non-U.S. sovereign debt 468 87 — 99 (6 ) — (6 ) — (2 ) 640 Mortgage trading loans and ABS 4,631 201 — 819 (814 ) — (461 ) — (65 ) 4,311 Total trading account assets 9,044 463 — 1,642 (1,294 ) — (976 ) 413 (1,213 ) 8,079 Net derivative assets (2) (224 ) (163 ) — 314 (1,057 ) — (246 ) 41 300 (1,035 ) AFS debt securities: Non-U.S. securities 107 — — — — — (107 ) — — — Other taxable securities 3,847 8 (5 ) 133 — — (717 ) — — 3,266 Tax-exempt securities 806 3 4 — — — (79 ) 1 — 735 Total AFS debt securities 4,760 11 (1 ) 133 — — (903 ) 1 — 4,001 Loans and leases (3, 4) 3,057 59 — — (3 ) 689 (781 ) 13 (16 ) 3,018 Mortgage servicing rights (4) 5,042 (539 ) — — (46 ) 378 (467 ) — — 4,368 Loans held-for-sale (3) 929 71 — 24 (714 ) — (212 ) 14 (2 ) 110 Other assets (5) 1,669 (86 ) — — (381 ) — (230 ) — — 972 Trading account liabilities – Corporate securities and other (35 ) 1 — 12 (7 ) — — — 2 (27 ) Accrued expenses and other liabilities (10 ) 1 — — — — — — 1 (8 ) Long-term debt (3) (1,990 ) (119 ) — 103 — (51 ) 236 (820 ) 225 (2,416 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Net derivatives include derivative assets of $7.1 billion and derivative liabilities of $8.2 billion . (3) Amounts represent instruments that are accounted for under the fair value option. (4) Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole-loan sales. (5) Other assets is primarily comprised of certain long-term fixed-rate margin loans and private equity investments that are accounted for under the fair value option. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2015 and 2014 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements (1) Three Months Ended June 30, 2015 Gross (Dollars in millions) Balance April 1 2015 Gains (Losses) in Earnings Gains (Losses) in OCI (2) Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers out of Level 3 Balance June 30 Trading account assets: Corporate securities, trading loans and other $ 2,760 $ 55 $ — $ 338 $ (343 ) $ — $ (214 ) $ 812 $ (82 ) $ 3,326 Equity securities 340 11 — 16 (2 ) — — 22 (1 ) 386 Non-U.S. sovereign debt 508 16 12 25 — — (66 ) — (27 ) 468 Mortgage trading loans and ABS 2,106 101 — 490 (378 ) — (161 ) 1 — 2,159 Total trading account assets 5,714 183 12 869 (723 ) — (441 ) 835 (110 ) 6,339 Net derivative assets (3) (1,081 ) 610 — 57 (217 ) — 196 (14 ) 98 (351 ) AFS debt securities: Non-agency residential MBS 402 7 9 41 — — (225 ) — — 234 Non-U.S. securities 9 — — — — — — — — 9 Other taxable securities 690 — 2 6 — — (21 ) — — 677 Tax-exempt securities 583 — 2 — — — (1 ) — — 584 Total AFS debt securities 1,684 7 13 47 — — (247 ) — — 1,504 Other debt securities carried at fair value – Non-agency residential MBS — 1 — 33 — — — — — 34 Loans and leases (4, 5) 1,954 (10 ) — — (1 ) — (77 ) 112 (8 ) 1,970 Mortgage servicing rights (5) 3,394 458 — — (312 ) 204 (223 ) — — 3,521 Loans held-for-sale (4) 543 22 — 85 (13 ) 12 — 39 (28 ) 660 Other assets (6) 847 (14 ) — 9 (87 ) — (6 ) 8 (1 ) 756 Federal funds purchased and securities loaned or sold under agreements to repurchase (4) — (14 ) — — — (28 ) — (326 ) — (368 ) Trading account liabilities – Corporate securities and other (41 ) 2 — 31 (49 ) — — — — (57 ) Short-term borrowings (4) (15 ) — — — — — — — 15 — Accrued expenses and other liabilities (10 ) 1 — — — — — — — (9 ) Long-term debt (4) (2,806 ) 66 — 45 — (49 ) 63 (403 ) 368 (2,716 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes unrealized gains (losses) on AFS debt securities and foreign currency translation adjustments. (3) Net derivatives include derivative assets of $6.5 billion and derivative liabilities of $6.8 billion . (4) Amounts represent instruments that are accounted for under the fair value option. (5) Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole-loan sales. (6) Other assets is primarily comprised of certain long-term fixed-rate margin loans and private equity investments that are accounted for under the fair value option. Level 3 – Fair Value Measurements (1) Three Months Ended June 30, 2014 Gross (Dollars in millions) Balance April 1 2014 Gains (Losses) in Earnings Gains (Losses) in OCI Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers out of Level 3 Balance June 30 Trading account assets: Corporate securities, trading loans and other $ 2,617 $ 41 $ — $ 392 $ (87 ) $ — $ (271 ) $ 249 $ (169 ) $ 2,772 Equity securities 343 (7 ) — 16 (4 ) — — 9 (1 ) 356 Non-U.S. sovereign debt 533 32 — 76 — — — — (1 ) 640 Mortgage trading loans and ABS 4,287 123 — 453 (262 ) — (237 ) — (53 ) 4,311 Total trading account assets 7,780 189 — 937 (353 ) — (508 ) 258 (224 ) 8,079 Net derivative assets (2) (839 ) (177 ) — 189 (366 ) — (145 ) 29 274 (1,035 ) AFS debt securities: Other taxable securities 3,437 — (3 ) 86 — — (254 ) — — 3,266 Tax-exempt securities 783 2 3 — — — (54 ) 1 — 735 Total AFS debt securities 4,220 2 — 86 — — (308 ) 1 — 4,001 Loans and leases (3, 4) 3,053 27 — — — — (58 ) 7 (11 ) 3,018 Mortgage servicing rights (4) 4,765 (249 ) — — (26 ) 113 (235 ) — — 4,368 Loans held-for-sale (3) 736 59 — 24 (711 ) — (11 ) 14 (1 ) 110 Other assets (5) 1,132 (26 ) — — (112 ) — (22 ) — — 972 Trading account liabilities – Corporate securities and other (36 ) — — 9 — — — — — (27 ) Accrued expenses and other liabilities (8 ) — — — — — — — — (8 ) Long-term debt (3) (1,841 ) (52 ) — 57 — (42 ) 117 (676 ) 21 (2,416 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Net derivatives include derivative assets of $7.1 billion and derivative liabilities of $8.2 billion . (3) Amounts represent instruments that are accounted for under the fair value option. (4) Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole-loan sales. (5) Other assets is primarily comprised of certain long-term fixed-rate margin loans and private equity investments that are accounted for under the fair value option. Level 3 – Fair Value Measurements (1) Six Months Ended June 30, 2015 Gross (Dollars in millions) Balance January 1 2015 Gains (Losses) in Earnings Gains (Losses) in OCI (2) Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers out of Level 3 Balance June 30 Trading account assets: Corporate securities, trading loans and other $ 3,270 $ 34 $ — $ 477 $ (438 ) $ — $ (649 ) $ 983 $ (351 ) $ 3,326 Equity securities 352 14 — 16 (3 ) — (5 ) 31 (19 ) 386 Non-U.S. sovereign debt 574 82 (78 ) 27 — — (110 ) — (27 ) 468 Mortgage trading loans and ABS 2,063 161 — 809 (627 ) — (244 ) 10 (13 ) 2,159 Total trading account assets 6,259 291 (78 ) 1,329 (1,068 ) — (1,008 ) 1,024 (410 ) 6,339 Net derivative assets (3) (920 ) 566 — 113 (393 ) — 221 (60 ) 122 (351 ) AFS debt securities: Non-agency residential MBS 279 (12 ) 7 62 — — (234 ) 132 — 234 Non-U.S. securities 10 — — — — — (1 ) — — 9 Other taxable securities 1,667 — — 6 — — (63 ) — (933 ) 677 Tax-exempt securities 599 — (1 ) — — — (14 ) — — 584 Total AFS debt securities 2,555 (12 ) 6 68 — — (312 ) 132 (933 ) 1,504 Other debt securities carried at fair value – Non-agency residential MBS — 1 — 33 — — — — — 34 Loans and leases (4, 5) 1,983 5 — — (2 ) — (120 ) 118 (14 ) 1,970 Mortgage servicing rights (5) 3,530 373 — — (312 ) 383 (453 ) — — 3,521 Loans held-for-sale (4) 173 (48 ) — 491 (95 ) 33 (6 ) 177 (65 ) 660 Other assets (6) 911 (4 ) — 9 (118 ) — (15 ) 8 (35 ) 756 Federal funds purchased and securities loaned or sold under agreements to repurchase (4) — (14 ) — — — (28 ) — (326 ) — (368 ) Trading account liabilities – Corporate securities and other (36 ) 3 — 33 (57 ) — — — — (57 ) Short-term borrowings (4) — 5 — — — (21 ) 1 (4 ) 19 — Accrued expenses and other liabilities (10 ) 1 — — — — — — — (9 ) Long-term debt (4) (2,362 ) 70 — 177 — (139 ) 160 (1,116 ) 494 (2,716 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes unrealized gains (losses) on AFS debt securities and foreign currency translation adjustments. (3) Net derivatives include derivative assets of $6.5 billion and derivative liabilities of $6.8 billion . (4) Amounts represent instruments that are accounted for under the fair value option. (5) Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole-loan sales. (6) Other assets is primarily comprised of certain long-term fixed-rate margin loans and private equity investments that are accounted for under the fair value option. Level 3 – Fair Value Measurements (1) Six Months Ended June 30, 2014 Gross (Dollars in millions) Balance January 1 2014 Gains (Losses) in Earnings Gains (Losses) in OCI Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers out of Level 3 Balance June 30 Trading account assets: Corporate securities, trading loans and other $ 3,559 $ 163 $ — $ 678 $ (441 ) $ — $ (509 ) $ 397 $ (1,075 ) $ 2,772 Equity securities 386 12 — 46 (33 ) — — 16 (71 ) 356 Non-U.S. sovereign debt 468 87 — 99 (6 ) — (6 ) — (2 ) 640 Mortgage trading loans and ABS 4,631 201 — 819 (814 ) — (461 ) — (65 ) 4,311 Total trading account assets 9,044 463 — 1,642 (1,294 ) — (976 ) 413 (1,213 ) 8,079 Net derivative assets (2) (224 ) (163 ) — 314 (1,057 ) — (246 ) 41 300 (1,035 ) AFS debt securities: Non-U.S. securities 107 — — — — — (107 ) — — — Other taxable securities 3,847 8 (5 ) 133 — — (717 ) — — 3,266 Tax-exempt securities 806 3 4 — — — (79 ) 1 — 735 Total AFS debt securities 4,760 11 (1 ) 133 — — (903 ) 1 — 4,001 Loans and leases (3, 4) 3,057 59 — — (3 ) 689 (781 ) 13 (16 ) 3,018 Mortgage servicing rights (4) 5,042 (539 ) — — (46 ) 378 (467 ) — — 4,368 Loans held-for-sale (3) 929 71 — 24 (714 ) — (212 ) 14 (2 ) 110 Other assets (5) 1,669 (86 ) — — (381 ) — (230 ) — — 972 Trading account liabilities – Corporate securities and other (35 ) 1 — 12 (7 ) — — — 2 (27 ) Accrued expenses and other liabilities (10 ) 1 — — — — — — 1 (8 ) Long-term debt (3) (1,990 ) (119 ) — 103 — (51 ) 236 (820 ) 225 (2,416 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Net derivatives include derivative assets of $7.1 billion and derivative liabilities of $8.2 billion . (3) Amounts represent instruments that are accounted for under the fair value option. (4) Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole-loan sales. (5) Other assets is primarily comprised of certain long-term fixed-rate margin loans and private equity investments that are accounted for under the fair value option. |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | The following tables summarize gains (losses) due to changes in fair value, including both realized and unrealized gains (losses), recorded in earnings for Level 3 assets and liabilities during the three and six months ended June 30, 2015 and 2014 . These amounts include gains (losses) on loans, LHFS, loan commitments and structured liabilities that are accounted for under the fair value option. Level 3 – Total Realized and Unrealized Gains (Losses) Included in Earnings Three Months Ended June 30, 2015 (Dollars in millions) Trading Account Profits (Losses) Mortgage Banking Income (Loss) (1) Other Total Trading account assets: Corporate securities, trading loans and other $ 55 $ — $ — $ 55 Equity securities 11 — — 11 Non-U.S. sovereign debt 16 — — 16 Mortgage trading loans and ABS 101 — — 101 Total trading account assets 183 — — 183 Net derivative assets 416 196 (2 ) 610 AFS debt securities – Non-agency residential MBS — — 7 7 Other debt securities carried at fair value – Non-agency residential MBS — — 1 1 Loans and leases (2) (9 ) — (1 ) (10 ) Mortgage servicing rights 4 454 — 458 Loans held-for-sale (2) 15 — 7 22 Other assets — (3 ) (11 ) (14 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (2) (14 ) — — (14 ) Trading account liabilities – Corporate securities and other 2 — — 2 Accrued expenses and other liabilities — — 1 1 Long-term debt (2) 41 — 25 66 Total $ 638 $ 647 $ 27 $ 1,312 Three Months Ended June 30, 2014 Trading account assets: Corporate securities, trading loans and other $ 41 $ — $ — $ 41 Equity securities (7 ) — — (7 ) Non-U.S. sovereign debt 32 — — 32 Mortgage trading loans and ABS 123 — — 123 Total trading account assets 189 — — 189 Net derivative assets (427 ) 225 25 (177 ) AFS debt securities – Tax-exempt securities — — 2 2 Loans and leases (2) — — 27 27 Mortgage servicing rights 17 (266 ) — (249 ) Loans held-for-sale (2) — — 59 59 Other assets — (29 ) 3 (26 ) Long-term debt (2) (11 ) — (41 ) (52 ) Total $ (232 ) $ (70 ) $ 75 $ (227 ) (1) Mortgage banking income (loss) does not reflect the impact of Level 1 and Level 2 hedges on MSRs. (2) Amounts represent instruments that are accounted for under the fair value option. Level 3 – Total Realized and Unrealized Gains (Losses) Included in Earnings Six Months Ended June 30, 2015 (Dollars in millions) Trading Account Profits (Losses) Mortgage Banking Income (Loss) (1) Other Total Trading account assets: Corporate securities, trading loans and other $ 34 $ — $ — $ 34 Equity securities 14 — — 14 Non-U.S. sovereign debt 82 — — 82 Mortgage trading loans and ABS 161 — — 161 Total trading account assets 291 — — 291 Net derivative assets 65 478 23 566 AFS debt securities – Non-agency residential MBS — — (12 ) (12 ) Other debt securities carried at fair value – Non-agency residential MBS — — 1 1 Loans and leases (2) (6 ) — 11 5 Mortgage servicing rights (11 ) 384 — 373 Loans held-for-sale (2) (54 ) — 6 (48 ) Other assets — (24 ) 20 (4 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (2) (14 ) — — (14 ) Trading account liabilities – Corporate securities and other 3 — — 3 Short-term borrowings (2) 5 — — 5 Accrued expenses and other liabilities — — 1 1 Long-term debt (2) 99 — (29 ) 70 Total $ 378 $ 838 $ 21 $ 1,237 Six Months Ended June 30, 2014 Trading account assets: Corporate securities, trading loans and other $ 163 $ — $ — $ 163 Equity securities 12 — — 12 Non-U.S. sovereign debt 87 — — 87 Mortgage trading loans and ABS 201 — — 201 Total trading account assets 463 — — 463 Net derivative assets (595 ) 398 34 (163 ) AFS debt securities: Other taxable securities — — 8 8 Tax-exempt securities — — 3 3 Total AFS debt securities — — 11 11 Loans and leases (2) — — 59 59 Mortgage servicing rights 12 (551 ) — (539 ) Loans held-for-sale (2) — — 71 71 Other assets — (65 ) (21 ) (86 ) Trading account liabilities – Corporate securities and other 1 — — 1 Accrued expenses and other liabilities — — 1 1 Long-term debt (2) (64 ) — (55 ) (119 ) Total $ (183 ) $ (218 ) $ 100 $ (301 ) (1) Mortgage banking income (loss) does not reflect the impact of Level 1 and Level 2 hedges on MSRs. (2) Amounts represent instruments that are accounted for under the fair value option. |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at Reporting Date | The following tables summarize changes in unrealized gains (losses) recorded in earnings during the three and six months ended June 30, 2015 and 2014 for Level 3 assets and liabilities that were still held at June 30, 2015 and 2014 . These amounts include changes in fair value on loans, LHFS, loan commitments and structured liabilities that are accounted for under the fair value option. Level 3 – Changes in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at Reporting Date Three Months Ended June 30, 2015 (Dollars in millions) Trading Account Profits (Losses) Mortgage Banking Income (Loss) (1) Other Total Trading account assets: Corporate securities, trading loans and other $ (7 ) $ — $ — $ (7 ) Equity securities 7 — — 7 Non-U.S. sovereign debt 16 — — 16 Mortgage trading loans and ABS 4 — — 4 Total trading account assets 20 — — 20 Net derivative assets 317 52 (2 ) 367 Loans and leases (2) (9 ) — (2 ) (11 ) Mortgage servicing rights 4 373 — 377 Loans held-for-sale (2) 15 — 6 21 Other assets — 4 23 27 Federal funds purchased and securities loaned or sold under agreements to repurchase (2) (14 ) — — (14 ) Trading account liabilities – Corporate securities and other 1 — — 1 Long-term debt (2) 15 — 25 40 Total $ 349 $ 429 $ 50 $ 828 Three Months Ended June 30, 2014 Trading account assets: Corporate securities, trading loans and other $ (20 ) $ — $ — $ (20 ) Equity securities (8 ) — — (8 ) Non-U.S. sovereign debt 32 — — 32 Mortgage trading loans and ABS 92 — — 92 Total trading account assets 96 — — 96 Net derivative assets (520 ) 74 25 (421 ) Loans and leases (2) — — 37 37 Mortgage servicing rights 17 (408 ) — (391 ) Loans held-for-sale (2) — — 9 9 Other assets — (23 ) 4 (19 ) Long-term debt (2) (11 ) — (41 ) (52 ) Total $ (418 ) $ (357 ) $ 34 $ (741 ) (1) Mortgage banking income (loss) does not reflect the impact of Level 1 and Level 2 hedges on MSRs. (2) Amounts represent instruments that are accounted for under the fair value option. Level 3 – Changes in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at Reporting Date Six Months Ended June 30, 2015 (Dollars in millions) Trading Account Profits (Losses) Mortgage Banking Income (Loss) (1) Other Total Trading account assets: Corporate securities, trading loans and other $ (101 ) $ — $ — $ (101 ) Equity securities 9 — — 9 Non-U.S. sovereign debt 69 — — 69 Mortgage trading loans and ABS (26 ) — — (26 ) Total trading account assets (49 ) — — (49 ) Net derivative assets 19 54 23 96 Loans and leases (2) (1 ) — 23 22 Mortgage servicing rights (11 ) 200 — 189 Loans held-for-sale (2) (38 ) — (1 ) (39 ) Other assets — (12 ) 77 65 Federal funds purchased and securities loaned or sold under agreements to repurchase (2) (14 ) — — (14 ) Trading account liabilities – Corporate securities and other 1 — — 1 Long-term debt (2) 52 — (29 ) 23 Total $ (41 ) $ 242 $ 93 $ 294 Six Months Ended June 30, 2014 Trading account assets: Corporate securities, trading loans and other $ 105 $ — $ — $ 105 Equity securities 2 — — 2 Non-U.S. sovereign debt 51 — — 51 Mortgage trading loans and ABS 77 — — 77 Total trading account assets 235 — — 235 Net derivative assets (509 ) 75 34 (400 ) Loans and leases (2) — — 64 64 Mortgage servicing rights 12 (876 ) — (864 ) Loans held-for-sale (2) — — 14 14 Other assets — (51 ) 30 (21 ) Trading account liabilities – Corporate securities and other 1 — — 1 Long-term debt (2) (50 ) — (63 ) (113 ) Total $ (311 ) $ (852 ) $ 79 $ (1,084 ) (1) Mortgage banking income (loss) does not reflect the impact of Level 1 and Level 2 hedges on MSRs. (2) Amounts represent instruments that are accounted for under the fair value option. |
Fair Value Inputs, Assets, Quantitative Information | The following tables present information about significant unobservable inputs related to the Corporation's material categories of Level 3 financial assets and liabilities at June 30, 2015 and December 31, 2014 . Quantitative Information about Level 3 Fair Value Measurements at June 30, 2015 (Dollars in millions) Inputs Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of Inputs Weighted Average Loans and Securities (1) Instruments backed by residential real estate assets $ 2,180 Discounted cash flow, Market comparables Yield 0% to 25% 5 % Trading account assets – Mortgage trading loans and ABS 35 Prepayment speed 0% to 33% CPR 12 % Loans and leases 1,485 Default rate 0% to 14% CDR 6 % Loans held-for-sale 660 Loss severity 0% to 80% 40 % Commercial loans, debt securities and other $ 6,205 Discounted cash flow, Market comparables Yield 0% to 29% 10 % Trading account assets – Corporate securities, trading loans and other 2,959 Prepayment speed 5% to 30% 15 % Trading account assets – Non-U.S. sovereign debt 468 Default rate 1% to 5% 4 % Trading account assets – Mortgage trading loans and ABS 2,124 Loss severity 25% to 50% 38 % AFS debt securities – Other taxable securities 169 Duration 0 to 4 years 3 years Loans and leases 485 Price $0 to $138 $66 Auction rate securities $ 1,459 Discounted cash flow, Market comparables Price $44 to $105 $98 Trading account assets – Corporate securities, trading loans and other 367 AFS debt securities – Other taxable securities 508 AFS debt securities – Tax-exempt securities 584 Structured liabilities Long-term debt $ (2,716 ) Industry standard derivative pricing (2, 3) Equity correlation 20% to 98% 65 % Long-dated equity volatilities 4% to 91% 23 % Long-dated volatilities (IR) 1% n/a Net derivative assets Credit derivatives $ (265 ) Discounted cash flow, Stochastic recovery correlation model Yield 0% to 26% 15 % Upfront points 0 to 100 points 75 points Credit correlation 26% to 99% 51 % Prepayment speed 3% to 20% CPR 17 % Default rate 1% to 4% CDR 3 % Loss severity 20% to 40% 35 % Equity derivatives $ (1,209 ) Industry standard derivative pricing (2) Equity correlation 20% to 98% 65 % Long-dated equity volatilities 4% to 91% 23 % Commodity derivatives $ 151 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $2/MMBtu to $7/MMBtu $5/MMBtu Correlation 66% to 93% 84 % Volatilities 17% to 131% 40 % Interest rate derivatives $ 972 Industry standard derivative pricing (3) Correlation (IR/IR) 21% to 99% 46 % Correlation (FX/IR) -25% to 40% -8 % Long-dated inflation rates 0% to 4% 2 % Long-dated inflation volatilities 0% to 2% 1 % Total net derivative assets $ (351 ) (1) The categories are aggregated based upon product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 211 : Trading account assets – Corporate securities, trading loans and other of $3.3 billion , Trading account assets – Non-U.S. sovereign debt of $468 million , Trading account assets – Mortgage trading loans and ABS of $2.2 billion , AFS debt securities – Other taxable securities of $677 million , AFS debt securities – Tax-exempt securities of $584 million , Loans and leases of $2.0 billion and LHFS of $660 million . (2) Includes models such as Monte Carlo simulation and Black-Scholes. (3) Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. CPR = Constant Prepayment Rate CDR = Constant Default Rate MMBtu = Million British thermal units IR = Interest Rate FX = Foreign Exchange n/a = not applicable Quantitative Information about Level 3 Fair Value Measurements at December 31, 2014 (Dollars in millions) Inputs Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of Inputs Weighted Average Loans and Securities (1) Instruments backed by residential real estate assets $ 2,030 Discounted cash flow, Market comparables Yield 0% to 25% 6 % Trading account assets – Mortgage trading loans and ABS 483 Prepayment speed 0% to 35% CPR 14 % Loans and leases 1,374 Default rate 2% to 15% CDR 7 % Loans held-for-sale 173 Loss severity 26% to 100% 34 % Commercial loans, debt securities and other $ 7,203 Discounted cash flow, Market comparables Yield 0% to 40% 9 % Trading account assets – Corporate securities, trading loans and other 3,224 Enterprise value/EBITDA multiple 0x to 30x 6x Trading account assets – Non-U.S. sovereign debt 574 Prepayment speed 1% to 30% 12 % Trading account assets – Mortgage trading loans and ABS 1,580 Default rate 1% to 5% 4 % AFS debt securities – Other taxable securities 1,216 Loss severity 25% to 40% 38 % Loans and leases 609 Duration 0 to 5 years 3 years Price $0 to $107 $76 Auction rate securities $ 1,096 Discounted cash flow, Market comparables Price $60 to $100 $95 Trading account assets – Corporate securities, trading loans and other 46 AFS debt securities – Other taxable securities 451 AFS debt securities – Tax-exempt securities 599 Structured liabilities Long-term debt $ (2,362 ) Industry standard derivative pricing (2, 3) Equity correlation 20% to 98% 65 % Long-dated equity volatilities 6% to 69% 24 % Long-dated volatilities (IR) 0% to 2% 1 % Net derivative assets Credit derivatives $ 22 Discounted cash flow, Stochastic recovery correlation model Yield 0% to 25% 14 % Upfront points 0 to 100 points 65 points Spread to index 25 bps to 450 bps 119 bps Credit correlation 24% to 99% 51 % Prepayment speed 3% to 20% CPR 11 % Default rate 4% CDR n/a Loss severity 35 % n/a Equity derivatives $ (1,560 ) Industry standard derivative pricing (2) Equity correlation 20% to 98% 65 % Long-dated equity volatilities 6% to 69% 24 % Commodity derivatives $ 141 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $2/MMBtu to $7/MMBtu $5/MMBtu Correlation 82% to 93% 90 % Volatilities 16% to 98% 35 % Interest rate derivatives $ 477 Industry standard derivative pricing (3) Correlation (IR/IR) 11% to 99% 55 % Correlation (FX/IR) -48% to 40% -5 % Long-dated inflation rates 0% to 3% 1 % Long-dated inflation volatilities 0% to 2% 1 % Total net derivative assets $ (920 ) (1) The categories are aggregated based upon product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 212 : Trading account assets – Corporate securities, trading loans and other of $3.3 billion , Trading account assets – Non-U.S. sovereign debt of $574 million , Trading account assets – Mortgage trading loans and ABS of $2.1 billion , AFS debt securities – Other taxable securities of $1.7 billion , AFS debt securities – Tax-exempt securities of $599 million , Loans and leases of $2.0 billion and LHFS of $173 million . (2) Includes models such as Monte Carlo simulation and Black-Scholes. (3) Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. CPR = Constant Prepayment Rate CDR = Constant Default Rate EBITDA = Earnings before interest, taxes, depreciation and amortization MMBtu = Million British thermal units IR = Interest Rate FX = Foreign Exchange n/a = not applicable |
Fair Value Inputs, Liabilities, Quantitative Information | The following tables present information about significant unobservable inputs related to the Corporation's material categories of Level 3 financial assets and liabilities at June 30, 2015 and December 31, 2014 . Quantitative Information about Level 3 Fair Value Measurements at June 30, 2015 (Dollars in millions) Inputs Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of Inputs Weighted Average Loans and Securities (1) Instruments backed by residential real estate assets $ 2,180 Discounted cash flow, Market comparables Yield 0% to 25% 5 % Trading account assets – Mortgage trading loans and ABS 35 Prepayment speed 0% to 33% CPR 12 % Loans and leases 1,485 Default rate 0% to 14% CDR 6 % Loans held-for-sale 660 Loss severity 0% to 80% 40 % Commercial loans, debt securities and other $ 6,205 Discounted cash flow, Market comparables Yield 0% to 29% 10 % Trading account assets – Corporate securities, trading loans and other 2,959 Prepayment speed 5% to 30% 15 % Trading account assets – Non-U.S. sovereign debt 468 Default rate 1% to 5% 4 % Trading account assets – Mortgage trading loans and ABS 2,124 Loss severity 25% to 50% 38 % AFS debt securities – Other taxable securities 169 Duration 0 to 4 years 3 years Loans and leases 485 Price $0 to $138 $66 Auction rate securities $ 1,459 Discounted cash flow, Market comparables Price $44 to $105 $98 Trading account assets – Corporate securities, trading loans and other 367 AFS debt securities – Other taxable securities 508 AFS debt securities – Tax-exempt securities 584 Structured liabilities Long-term debt $ (2,716 ) Industry standard derivative pricing (2, 3) Equity correlation 20% to 98% 65 % Long-dated equity volatilities 4% to 91% 23 % Long-dated volatilities (IR) 1% n/a Net derivative assets Credit derivatives $ (265 ) Discounted cash flow, Stochastic recovery correlation model Yield 0% to 26% 15 % Upfront points 0 to 100 points 75 points Credit correlation 26% to 99% 51 % Prepayment speed 3% to 20% CPR 17 % Default rate 1% to 4% CDR 3 % Loss severity 20% to 40% 35 % Equity derivatives $ (1,209 ) Industry standard derivative pricing (2) Equity correlation 20% to 98% 65 % Long-dated equity volatilities 4% to 91% 23 % Commodity derivatives $ 151 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $2/MMBtu to $7/MMBtu $5/MMBtu Correlation 66% to 93% 84 % Volatilities 17% to 131% 40 % Interest rate derivatives $ 972 Industry standard derivative pricing (3) Correlation (IR/IR) 21% to 99% 46 % Correlation (FX/IR) -25% to 40% -8 % Long-dated inflation rates 0% to 4% 2 % Long-dated inflation volatilities 0% to 2% 1 % Total net derivative assets $ (351 ) (1) The categories are aggregated based upon product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 211 : Trading account assets – Corporate securities, trading loans and other of $3.3 billion , Trading account assets – Non-U.S. sovereign debt of $468 million , Trading account assets – Mortgage trading loans and ABS of $2.2 billion , AFS debt securities – Other taxable securities of $677 million , AFS debt securities – Tax-exempt securities of $584 million , Loans and leases of $2.0 billion and LHFS of $660 million . (2) Includes models such as Monte Carlo simulation and Black-Scholes. (3) Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. CPR = Constant Prepayment Rate CDR = Constant Default Rate MMBtu = Million British thermal units IR = Interest Rate FX = Foreign Exchange n/a = not applicable Quantitative Information about Level 3 Fair Value Measurements at December 31, 2014 (Dollars in millions) Inputs Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of Inputs Weighted Average Loans and Securities (1) Instruments backed by residential real estate assets $ 2,030 Discounted cash flow, Market comparables Yield 0% to 25% 6 % Trading account assets – Mortgage trading loans and ABS 483 Prepayment speed 0% to 35% CPR 14 % Loans and leases 1,374 Default rate 2% to 15% CDR 7 % Loans held-for-sale 173 Loss severity 26% to 100% 34 % Commercial loans, debt securities and other $ 7,203 Discounted cash flow, Market comparables Yield 0% to 40% 9 % Trading account assets – Corporate securities, trading loans and other 3,224 Enterprise value/EBITDA multiple 0x to 30x 6x Trading account assets – Non-U.S. sovereign debt 574 Prepayment speed 1% to 30% 12 % Trading account assets – Mortgage trading loans and ABS 1,580 Default rate 1% to 5% 4 % AFS debt securities – Other taxable securities 1,216 Loss severity 25% to 40% 38 % Loans and leases 609 Duration 0 to 5 years 3 years Price $0 to $107 $76 Auction rate securities $ 1,096 Discounted cash flow, Market comparables Price $60 to $100 $95 Trading account assets – Corporate securities, trading loans and other 46 AFS debt securities – Other taxable securities 451 AFS debt securities – Tax-exempt securities 599 Structured liabilities Long-term debt $ (2,362 ) Industry standard derivative pricing (2, 3) Equity correlation 20% to 98% 65 % Long-dated equity volatilities 6% to 69% 24 % Long-dated volatilities (IR) 0% to 2% 1 % Net derivative assets Credit derivatives $ 22 Discounted cash flow, Stochastic recovery correlation model Yield 0% to 25% 14 % Upfront points 0 to 100 points 65 points Spread to index 25 bps to 450 bps 119 bps Credit correlation 24% to 99% 51 % Prepayment speed 3% to 20% CPR 11 % Default rate 4% CDR n/a Loss severity 35 % n/a Equity derivatives $ (1,560 ) Industry standard derivative pricing (2) Equity correlation 20% to 98% 65 % Long-dated equity volatilities 6% to 69% 24 % Commodity derivatives $ 141 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $2/MMBtu to $7/MMBtu $5/MMBtu Correlation 82% to 93% 90 % Volatilities 16% to 98% 35 % Interest rate derivatives $ 477 Industry standard derivative pricing (3) Correlation (IR/IR) 11% to 99% 55 % Correlation (FX/IR) -48% to 40% -5 % Long-dated inflation rates 0% to 3% 1 % Long-dated inflation volatilities 0% to 2% 1 % Total net derivative assets $ (920 ) (1) The categories are aggregated based upon product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 212 : Trading account assets – Corporate securities, trading loans and other of $3.3 billion , Trading account assets – Non-U.S. sovereign debt of $574 million , Trading account assets – Mortgage trading loans and ABS of $2.1 billion , AFS debt securities – Other taxable securities of $1.7 billion , AFS debt securities – Tax-exempt securities of $599 million , Loans and leases of $2.0 billion and LHFS of $173 million . (2) Includes models such as Monte Carlo simulation and Black-Scholes. (3) Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. CPR = Constant Prepayment Rate CDR = Constant Default Rate EBITDA = Earnings before interest, taxes, depreciation and amortization MMBtu = Million British thermal units IR = Interest Rate FX = Foreign Exchange n/a = not applicable |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | The amounts below represent assets still held as of the reporting date for which a nonrecurring fair value adjustment was recorded during the three and six months ended June 30, 2015 and 2014 . Assets Measured at Fair Value on a Nonrecurring Basis June 30, 2015 Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 (Dollars in millions) Level 2 Level 3 Gains (Losses) Assets Loans held-for-sale $ 19 $ 26 $ (4 ) $ (4 ) Loans and leases (1) 21 2,076 (371 ) (702 ) Foreclosed properties (2, 3) — 188 (38 ) (50 ) Other assets 27 — (4 ) (4 ) June 30, 2014 Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Assets Loans held-for-sale $ 1,057 $ 127 $ 5 $ 4 Loans and leases (1) 5 3,244 (318 ) (564 ) Foreclosed properties (2, 3) 6 187 (21 ) (28 ) Other assets 90 2 (16 ) (16 ) (1) Includes $106 million and $151 million of losses on loans that were written down to a collateral value of zero during the three and six months ended June 30, 2015 compared to losses of $113 million and $203 million for the same periods in 2014 . (2) Amounts are included in other assets on the Consolidated Balance Sheet and represent the carrying value of foreclosed properties that were written down subsequent to their initial classification as foreclosed properties. Losses on foreclosed properties include losses taken during the first 90 days after transfer of a loan to foreclosed properties. (3) Excludes $1.3 billion and $1.1 billion of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) as of June 30, 2015 and 2014 . |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The table below presents information about significant unobservable inputs related to the Corporation's nonrecurring Level 3 financial assets and liabilities at June 30, 2015 and December 31, 2014 . Quantitative Information about Nonrecurring Level 3 Fair Value Measurements June 30, 2015 (Dollars in millions) Inputs Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of Inputs Weighted Average Instruments backed by residential real estate assets $ 2,076 Market comparables OREO discount 14% to 26% 18 % Loans and leases 2,076 Cost to sell 7% to 16% 7 % December 31, 2014 Instruments backed by residential real estate assets $ 4,636 Market comparables OREO discount 0% to 28% 8 % Loans and leases 4,636 Cost to sell 7% to 14% 8 % |
Fair Value Option (Tables)
Fair Value Option (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Option [Abstract] | |
Schedule of Fair Value Option Elections | The following tables provide information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Consolidated Statement of Income for the three and six months ended June 30, 2015 and 2014 . Of the changes in fair value for loans reported as trading account assets, gains of $22 million and $30 million were attributable to changes in borrower-specific credit risk for the three and six months ended June 30, 2015 compared to gains of $1 million for both of the same periods in 2014 . Of the changes in fair value for consumer and commercial loans, gains of $16 million and losses of $12 million were attributable to changes in borrower-specific credit risk for the three and six months ended June 30, 2015 compared to gains of $43 million and $79 million for the same periods in 2014 . Of the changes in fair value for LHFS, gains of $11 million and $50 million were attributable to changes in borrower-specific credit risk for the three and six months ended June 30, 2015 compared to gains of $22 million and $49 million for the same periods in 2014 . Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option Three Months Ended June 30, 2015 (Dollars in millions) Trading Account Profits (Losses) Mortgage Banking Income (Loss) Other Income (Loss) Total Federal funds sold and securities borrowed or purchased under agreements to resell $ (24 ) $ — $ — $ (24 ) Loans reported as trading account assets 33 — — 33 Trading inventory – other (1) 188 — — 188 Consumer and commercial loans (6 ) — 16 10 Loans held-for-sale (2) 26 107 25 158 Other assets — — (1 ) (1 ) Long-term deposits 4 — 26 30 Federal funds purchased and securities loaned or sold under agreements to repurchase (6 ) — — (6 ) Unfunded loan commitments — — (63 ) (63 ) Long-term debt (3) 337 — 106 443 Total $ 552 $ 107 $ 109 $ 768 Three Months Ended June 30, 2014 Federal funds sold and securities borrowed or purchased under agreements to resell $ (13 ) $ — $ — $ (13 ) Loans reported as trading account assets 14 — — 14 Trading inventory – other (1) (122 ) — — (122 ) Consumer and commercial loans 13 — 53 66 Loans held-for-sale (2) (3 ) 197 30 224 Other assets — — 2 2 Long-term deposits (2 ) — (3 ) (5 ) Unfunded loan commitments — — 5 5 Short-term borrowings 18 — — 18 Long-term debt (3) (259 ) — 68 (191 ) Total $ (354 ) $ 197 $ 155 $ (2 ) (1) The gains (losses) in trading account profits (losses) are primarily offset by gains (losses) on trading liabilities that hedge these assets. (2) Includes the value of interest rate lock commitments on loans funded, including those sold during the period. (3) The majority of the net gains (losses) in trading account profits (losses) relate to the embedded derivative in structured liabilities and are offset by gains (losses) on derivatives and securities that hedge these liabilities. The net gains (losses) in other income (loss) relate to the impact on structured liabilities of changes in the Corporation's credit spreads. Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option Six Months Ended June 30, 2015 (Dollars in millions) Trading Account Profits (Losses) Mortgage Banking Income (Loss) Other Income (Loss) Total Federal funds sold and securities borrowed or purchased under agreements to resell $ (88 ) $ — $ — $ (88 ) Loans reported as trading account assets (68 ) — — (68 ) Trading inventory – other (1) 174 — — 174 Consumer and commercial loans 29 — (67 ) (38 ) Loans held-for-sale (2) (21 ) 372 88 439 Other assets — — 7 7 Long-term deposits — — 21 21 Federal funds purchased and securities loaned or sold under agreements to repurchase 48 — — 48 Unfunded loan commitments — — 55 55 Short-term borrowings (1 ) — — (1 ) Long-term debt (3) 590 — 171 761 Total $ 663 $ 372 $ 275 $ 1,310 Six Months Ended June 30, 2014 Federal funds sold and securities borrowed or purchased under agreements to resell $ (33 ) $ — $ — $ (33 ) Loans reported as trading account assets 48 — — 48 Trading inventory – other (1) (290 ) — — (290 ) Consumer and commercial loans 18 — 105 123 Loans held-for-sale (2) (4 ) 383 70 449 Long-term deposits 11 — (12 ) (1 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (2 ) — — (2 ) Unfunded loan commitments — — 14 14 Short-term borrowings 54 — — 54 Long-term debt (3) (627 ) — 265 (362 ) Total $ (825 ) $ 383 $ 442 $ — (1) The gains (losses) in trading account profits (losses) are primarily offset by gains (losses) on trading liabilities that hedge these assets. (2) Includes the value of interest rate lock commitments on loans funded, including those sold during the period. (3) The majority of the net gains (losses) in trading account profits (losses) relate to the embedded derivative in structured liabilities and are offset by gains (losses) on derivatives and securities that hedge these liabilities. The net gains (losses) in other income (loss) relate to the impact on structured liabilities of changes in the Corporation's credit spreads. The table below provides information about the fair value carrying amount and the contractual principal outstanding of assets and liabilities accounted for under the fair value option at June 30, 2015 and December 31, 2014 . Fair Value Option Elections June 30, 2015 December 31, 2014 (Dollars in millions) Fair Value Carrying Amount Contractual Principal Outstanding Fair Value Carrying Amount Less Unpaid Principal Fair Value Carrying Amount Contractual Principal Outstanding Fair Value Carrying Amount Less Unpaid Principal Federal funds sold and securities borrowed or purchased under agreements to resell $ 70,791 $ 70,490 $ 301 $ 62,182 $ 61,902 $ 280 Loans reported as trading account assets (1) 4,286 8,374 (4,088 ) 4,607 8,487 (3,880 ) Trading inventory – other 7,039 n/a n/a 6,865 n/a n/a Consumer and commercial loans 7,629 7,880 (251 ) 8,681 8,925 (244 ) Loans held-for-sale 4,924 6,335 (1,411 ) 6,801 8,072 (1,271 ) Other assets 268 270 (2 ) 253 270 (17 ) Long-term deposits 1,215 1,123 92 1,469 1,361 108 Federal funds purchased and securities loaned or sold under agreements to repurchase 32,017 32,534 (517 ) 35,357 35,332 25 Unfunded loan commitments 392 n/a n/a 405 n/a n/a Short-term borrowings 1,841 1,841 — 2,697 2,697 — Long-term debt (2) 32,920 32,603 317 36,404 35,815 589 (1) A significant portion of the loans reported as trading account assets are distressed loans which trade and were purchased at a deep discount to par, and the remainder are loans with a fair value near contractual principal outstanding. (2) Includes structured liabilities with a fair value of $31.9 billion and contractual principal outstanding of $31.4 billion at June 30, 2015 compared to $35.3 billion and $34.6 billion at December 31, 2014 . n/a = not applicable |
Fair Value of Financial Instr41
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Carrying and Fair Value of Financial Instruments | The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at June 30, 2015 and December 31, 2014 are presented in the table below. Fair Value of Financial Instruments June 30, 2015 December 31, 2014 Fair Value Fair Value (Dollars in millions) Carrying Value Level 2 Level 3 Total Carrying Value Level 2 Level 3 Total Financial assets Loans $ 848,196 $ 72,467 $ 791,875 $ 864,342 $ 842,259 $ 87,174 $ 776,370 $ 863,544 Loans held-for-sale 6,914 5,984 930 6,914 12,836 12,236 618 12,854 Financial liabilities Deposits $ 1,149,560 $ 1,149,966 $ — $ 1,149,966 $ 1,118,936 $ 1,119,427 $ — $ 1,119,427 Long-term debt 243,414 247,433 2,716 250,149 243,139 249,692 2,362 252,054 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Activity for Residential First Mortgage MSRs | The table below presents activity for residential mortgage and home equity MSRs for the three and six months ended June 30, 2015 and 2014 . Rollforward of Mortgage Servicing Rights Three Months Ended Six Months Ended (Dollars in millions) 2015 2014 2015 2014 Balance, beginning of period $ 3,394 $ 4,765 $ 3,530 $ 5,042 Additions 204 113 383 378 Sales (312 ) (26 ) (312 ) (46 ) Amortization of expected cash flows (1) (223 ) (235 ) (453 ) (467 ) Impact of changes in interest rates and other market factors (2) 468 (310 ) 292 (627 ) Model and other cash flow assumption changes: (3) Projected cash flows, including changes in costs to service loans (1 ) 82 86 46 Impact of changes in the Home Price Index 2 4 (10 ) (7 ) Impact of changes to the prepayment model — — 9 160 Other model changes (4) (11 ) (25 ) (4 ) (111 ) Balance, June 30 (5) $ 3,521 $ 4,368 $ 3,521 $ 4,368 Mortgage loans serviced for investors (in billions) $ 425 $ 521 $ 425 $ 521 (1) Represents the net change in fair value of the MSR asset due to the recognition of modeled cash flows. (2) These amounts reflect the changes in modeled MSR fair value primarily due to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve and periodic adjustments to valuation based on third-party price discovery. (3) These amounts reflect periodic adjustments to the valuation model to reflect changes in the modeled relationship between inputs and their impact on projected cash flows as well as changes in certain cash flow assumptions such as cost to service and ancillary income per loan. (4) These amounts include the impact of periodic recalibrations of the model to reflect changes in the relationship between market interest rate spreads and projected cash flows. (5) At June 30, 2015 , includes $3.2 billion of U.S. and $320 million of non-U.S. consumer MSR balances compared to $4.1 billion and $234 million at June 30, 2014 . |
Assumption for Fair Value of MSRs | Significant Economic Assumptions June 30, 2015 December 31, 2014 Fixed Adjustable Fixed Adjustable Weighted-average OAS 4.56 % 7.67 % 4.52 % 7.61 % Weighted-average life, in years 4.89 3.36 4.53 2.95 |
Sensitivity of the Weighted-Average Lives and Fair Value of MSRs | The table below presents the sensitivity of the weighted-average lives and fair value of MSRs to changes in modeled assumptions. These sensitivities are hypothetical and should be used with caution. As the amounts indicate, changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of MSRs that continue to be held by the Corporation is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities. The below sensitivities do not reflect any hedge strategies that may be undertaken to mitigate such risk. Sensitivity Impacts June 30, 2015 Change in Weighted-average Lives (Dollars in millions) Fixed Adjustable Change in Fair Value Prepayment rates Impact of 10% decrease 0.23 years 0.20 years $ 200 Impact of 20% decrease 0.49 0.43 424 Impact of 10% increase (0.21 ) (0.18 ) (181 ) Impact of 20% increase (0.39 ) (0.33 ) (344 ) OAS level Impact of 100 bps decrease $ 156 Impact of 200 bps decrease 327 Impact of 100 bps increase (144 ) Impact of 200 bps increase (278 ) |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present net income (loss) and the components thereto (with net interest income on an FTE basis) for the three and six months ended June 30, 2015 and 2014 , and total assets at June 30, 2015 and 2014 for each business segment, as well as All Other . Results for Business Segments and All Other At and for the Three Months Ended June 30 Total Corporation (1) Consumer Banking Global Wealth & Investment Management (Dollars in millions) 2015 2014 2015 2014 2015 2014 Net interest income (FTE basis) $ 10,716 $ 10,226 $ 4,910 $ 5,060 $ 1,359 $ 1,485 Noninterest income 11,629 11,734 2,634 2,589 3,214 3,104 Total revenue, net of interest expense (FTE basis) 22,345 21,960 7,544 7,649 4,573 4,589 Provision for credit losses 780 411 506 550 15 (8 ) Noninterest expense 13,818 18,541 4,321 4,505 3,457 3,445 Income before income taxes (FTE basis) 7,747 3,008 2,717 2,594 1,101 1,152 Income tax expense (FTE basis) 2,427 717 1,013 960 411 426 Net income $ 5,320 $ 2,291 $ 1,704 $ 1,634 $ 690 $ 726 Period-end total assets $ 2,149,034 $ 2,170,557 $ 611,122 $ 579,870 $ 267,021 $ 263,958 Global Banking Global Markets 2015 2014 2015 2014 Net interest income (FTE basis) $ 2,213 $ 2,442 $ 1,028 $ 962 Noninterest income 1,902 1,996 3,231 3,637 Total revenue, net of interest expense (FTE basis) 4,115 4,438 4,259 4,599 Provision for credit losses 177 136 6 20 Noninterest expense 1,941 2,007 2,723 2,875 Income before income taxes (FTE basis) 1,997 2,295 1,530 1,704 Income tax expense (FTE basis) 746 850 537 602 Net income $ 1,251 $ 1,445 $ 993 $ 1,102 Period-end total assets $ 367,045 $ 370,561 $ 580,955 $ 610,435 Legacy Assets & Servicing All Other 2015 2014 2015 2014 Net interest income (FTE basis) $ 416 $ 362 $ 790 $ (85 ) Noninterest income 673 438 (25 ) (30 ) Total revenue, net of interest expense (FTE basis) 1,089 800 765 (115 ) Provision for credit losses 57 (39 ) 19 (248 ) Noninterest expense 961 5,234 415 475 Income (loss) before income taxes (FTE basis) 71 (4,395 ) 331 (342 ) Income tax expense (benefit) (FTE basis) 26 (1,654 ) (306 ) (467 ) Net income (loss) $ 45 $ (2,741 ) $ 637 $ 125 Period-end total assets $ 50,853 $ 52,647 $ 272,038 $ 293,086 (1) There were no material intersegment revenues. Results of Business Segments and All Other At and for the Six Months Ended June 30 Total Corporation (1) Consumer Banking Global Wealth & (Dollars in millions) 2015 2014 2015 2014 2015 2014 Net interest income (FTE basis) $ 20,386 $ 20,512 $ 9,781 $ 10,130 $ 2,710 $ 2,970 Noninterest income 23,380 24,215 5,213 5,170 6,380 6,166 Total revenue, net of interest expense (FTE basis) 43,766 44,727 14,994 15,300 9,090 9,136 Provision for credit losses 1,545 1,420 1,222 1,359 38 15 Noninterest expense 29,513 40,779 8,710 9,000 6,916 6,803 Income before income taxes (FTE basis) 12,708 2,528 5,062 4,941 2,136 2,318 Income tax expense (FTE basis) 4,031 513 1,883 1,839 795 863 Net income $ 8,677 $ 2,015 $ 3,179 $ 3,102 $ 1,341 $ 1,455 Period-end total assets $ 2,149,034 $ 2,170,557 $ 611,122 $ 579,870 $ 267,021 $ 263,958 Global Banking Global Markets 2015 2014 2015 2014 Net interest income (FTE basis) $ 4,473 $ 4,946 $ 2,037 $ 1,968 Noninterest income 3,920 4,018 6,836 7,657 Total revenue, net of interest expense (FTE basis) 8,393 8,964 8,873 9,625 Provision for credit losses 273 417 27 38 Noninterest expense 3,951 4,184 5,854 5,964 Income before income taxes (FTE basis) 4,169 4,363 2,992 3,623 Income tax expense (FTE basis) 1,552 1,625 1,054 1,211 Net income $ 2,617 $ 2,738 $ 1,938 $ 2,412 Period-end total assets $ 367,045 $ 370,561 $ 580,955 $ 610,435 Legacy Assets & Servicing All Other 2015 2014 2015 2014 Net interest income (FTE basis) $ 844 $ 739 $ 541 $ (241 ) Noninterest income 1,159 747 (128 ) 457 Total revenue, net of interest expense (FTE basis) 2,003 1,486 413 216 Provision for credit losses 148 (27 ) (163 ) (382 ) Noninterest expense 2,164 12,637 1,918 2,191 Loss before income taxes (FTE basis) (309 ) (11,124 ) (1,342 ) (1,593 ) Income tax benefit (FTE basis) (115 ) (3,502 ) (1,138 ) (1,523 ) Net loss $ (194 ) $ (7,622 ) $ (204 ) $ (70 ) Period-end total assets $ 50,853 $ 52,647 $ 272,038 $ 293,086 (1) There were no material intersegment revenues. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The table below presents a reconciliation of the five business segments' total revenue, net of interest expense, on an FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet. The adjustments presented in the table below include consolidated income, expense and asset amounts not specifically allocated to individual business segments. Business Segment Reconciliations Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Segments' total revenue, net of interest expense (FTE basis) $ 21,580 $ 22,075 $ 43,353 $ 44,511 Adjustments: ALM activities 1,013 (84 ) 792 (349 ) Equity investment income 11 95 12 793 Liquidating businesses and other (259 ) (126 ) (391 ) (228 ) FTE basis adjustment (228 ) (213 ) (447 ) (414 ) Consolidated revenue, net of interest expense $ 22,117 $ 21,747 $ 43,319 $ 44,313 Segments' total net income $ 4,683 $ 2,166 $ 8,881 $ 2,085 Adjustments, net-of-taxes: ALM activities 448 (169 ) 209 (75 ) Equity investment income 7 59 7 496 Liquidating businesses and other 182 235 (420 ) (491 ) Consolidated net income $ 5,320 $ 2,291 $ 8,677 $ 2,015 June 30 2015 2014 Segments' total assets $ 1,876,996 $ 1,877,471 Adjustments: ALM activities, including securities portfolio 688,743 694,031 Equity investments 4,670 5,126 Liquidating businesses and other 67,096 80,563 Elimination of segment asset allocations to match liabilities (488,471 ) (486,634 ) Consolidated total assets $ 2,149,034 $ 2,170,557 |
Reconciliation of Revenue from Segments to Consolidated | The table below presents a reconciliation of the five business segments' total revenue, net of interest expense, on an FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet. The adjustments presented in the table below include consolidated income, expense and asset amounts not specifically allocated to individual business segments. Business Segment Reconciliations Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Segments' total revenue, net of interest expense (FTE basis) $ 21,580 $ 22,075 $ 43,353 $ 44,511 Adjustments: ALM activities 1,013 (84 ) 792 (349 ) Equity investment income 11 95 12 793 Liquidating businesses and other (259 ) (126 ) (391 ) (228 ) FTE basis adjustment (228 ) (213 ) (447 ) (414 ) Consolidated revenue, net of interest expense $ 22,117 $ 21,747 $ 43,319 $ 44,313 Segments' total net income $ 4,683 $ 2,166 $ 8,881 $ 2,085 Adjustments, net-of-taxes: ALM activities 448 (169 ) 209 (75 ) Equity investment income 7 59 7 496 Liquidating businesses and other 182 235 (420 ) (491 ) Consolidated net income $ 5,320 $ 2,291 $ 8,677 $ 2,015 June 30 2015 2014 Segments' total assets $ 1,876,996 $ 1,877,471 Adjustments: ALM activities, including securities portfolio 688,743 694,031 Equity investments 4,670 5,126 Liquidating businesses and other 67,096 80,563 Elimination of segment asset allocations to match liabilities (488,471 ) (486,634 ) Consolidated total assets $ 2,149,034 $ 2,170,557 |
Reconciliation of Assets from Segment to Consolidated | The table below presents a reconciliation of the five business segments' total revenue, net of interest expense, on an FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet. The adjustments presented in the table below include consolidated income, expense and asset amounts not specifically allocated to individual business segments. Business Segment Reconciliations Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2015 2014 2015 2014 Segments' total revenue, net of interest expense (FTE basis) $ 21,580 $ 22,075 $ 43,353 $ 44,511 Adjustments: ALM activities 1,013 (84 ) 792 (349 ) Equity investment income 11 95 12 793 Liquidating businesses and other (259 ) (126 ) (391 ) (228 ) FTE basis adjustment (228 ) (213 ) (447 ) (414 ) Consolidated revenue, net of interest expense $ 22,117 $ 21,747 $ 43,319 $ 44,313 Segments' total net income $ 4,683 $ 2,166 $ 8,881 $ 2,085 Adjustments, net-of-taxes: ALM activities 448 (169 ) 209 (75 ) Equity investment income 7 59 7 496 Liquidating businesses and other 182 235 (420 ) (491 ) Consolidated net income $ 5,320 $ 2,291 $ 8,677 $ 2,015 June 30 2015 2014 Segments' total assets $ 1,876,996 $ 1,877,471 Adjustments: ALM activities, including securities portfolio 688,743 694,031 Equity investments 4,670 5,126 Liquidating businesses and other 67,096 80,563 Elimination of segment asset allocations to match liabilities (488,471 ) (486,634 ) Consolidated total assets $ 2,149,034 $ 2,170,557 |
Derivatives - Derivative Balanc
Derivatives - Derivative Balances (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | $ 1,055,701 | $ 1,134,132 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 721,900 | 984,800 |
Less: Legally enforceable master netting agreements | (631,200) | (884,800) |
Less: Cash collateral received/paid | (39,700) | (47,300) |
Derivative assets | 50,977 | 52,682 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 721,200 | 981,800 |
Less: Legally enforceable master netting agreements | (631,200) | (884,800) |
Less: Cash collateral received/paid | (46,400) | (50,100) |
Derivative liabilities | 43,583 | 46,909 |
Interest Rate Swap | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 22,487,000 | 29,445,400 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 469,700 | 667,000 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 463,500 | 658,700 |
Interest Rate Future and Forward | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 8,595,900 | 10,159,400 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 1,700 | 1,700 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,700 | 2,000 |
Interest Rate Option | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 1,648,300 | 1,725,200 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 63,200 | 85,400 |
Interest Rate Option | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 1,626,400 | 1,739,800 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 63,900 | 85,600 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Currency Swap | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 2,195,200 | 2,159,100 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 46,900 | 52,300 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 50,800 | 56,500 |
Foreign Exchange Spot Future And Forward | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 4,538,000 | 4,226,400 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 48,300 | 70,400 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 51,400 | 72,600 |
Foreign Exchange Option | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 621,500 | 600,700 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 12,700 | 16,000 |
Foreign Exchange Option | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 583,700 | 584,600 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 12,100 | 15,100 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Equity Swap | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 192,600 | 193,700 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 3,300 | 3,200 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 3,900 | 4,000 |
Equity Future and Forward | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 78,200 | 69,500 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 1,800 | 2,100 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 2,200 | 1,800 |
Equity Option | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 405,300 | 341,000 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 26,800 | 26,000 |
Equity Option | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 367,700 | 318,400 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 28,700 | 27,900 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Commodity Swap | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 59,300 | 74,300 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 3,600 | 5,800 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 6,500 | 8,500 |
Commodity Future and Forward | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 378,500 | 376,500 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 3,800 | 4,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,300 | 1,800 |
Commodity Option | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 119,600 | 129,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 6,400 | 11,500 |
Commodity Option | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 135,100 | 141,300 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 6,600 | 10,700 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Credit Default Swaps | Purchased credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 1,007,600 | 1,094,800 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 10,800 | 13,300 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 19,300 | 23,400 |
Credit Default Swaps | Written credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 991,809 | 1,073,101 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 19,500 | 24,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 9,516 | 11,870 |
Total Return Swaps/Other | Purchased credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 60,300 | 44,300 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 200 | 200 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,200 | 1,400 |
Total Return Swaps/Other | Written credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 63,892 | 61,031 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 1,000 | 500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 795 | 337 |
Trading and Other Risk Management Derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 713,400 | 974,000 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 716,900 | 979,200 |
Trading and Other Risk Management Derivatives | Interest Rate Swap | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 462,500 | 658,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 462,100 | 658,200 |
Trading and Other Risk Management Derivatives | Interest Rate Future and Forward | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 1,700 | 1,700 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,700 | 2,000 |
Trading and Other Risk Management Derivatives | Interest Rate Option | Written options | ||
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 63,200 | 85,400 |
Trading and Other Risk Management Derivatives | Interest Rate Option | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 63,900 | 85,600 |
Trading and Other Risk Management Derivatives | Currency Swap | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 46,100 | 51,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 48,400 | 54,600 |
Trading and Other Risk Management Derivatives | Foreign Exchange Spot Future And Forward | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 47,800 | 68,900 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 50,900 | 72,400 |
Trading and Other Risk Management Derivatives | Foreign Exchange Option | Written options | ||
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 12,700 | 16,000 |
Trading and Other Risk Management Derivatives | Foreign Exchange Option | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 12,100 | 15,100 |
Trading and Other Risk Management Derivatives | Equity Swap | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 3,300 | 3,200 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 3,900 | 4,000 |
Trading and Other Risk Management Derivatives | Equity Future and Forward | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 1,800 | 2,100 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 2,200 | 1,800 |
Trading and Other Risk Management Derivatives | Equity Option | Written options | ||
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 26,800 | 26,000 |
Trading and Other Risk Management Derivatives | Equity Option | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 28,700 | 27,900 |
Trading and Other Risk Management Derivatives | Commodity Swap | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 3,600 | 5,800 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 6,500 | 8,500 |
Trading and Other Risk Management Derivatives | Commodity Future and Forward | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 3,800 | 4,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,300 | 1,800 |
Trading and Other Risk Management Derivatives | Commodity Option | Written options | ||
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 6,400 | 11,500 |
Trading and Other Risk Management Derivatives | Commodity Option | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 6,600 | 10,700 |
Trading and Other Risk Management Derivatives | Credit Default Swaps | Purchased credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 10,800 | 13,300 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 19,300 | 23,400 |
Trading and Other Risk Management Derivatives | Credit Default Swaps | Written credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 19,500 | 24,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 9,500 | 11,900 |
Trading and Other Risk Management Derivatives | Total Return Swaps/Other | Purchased credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 200 | 200 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,200 | 1,400 |
Trading and Other Risk Management Derivatives | Total Return Swaps/Other | Written credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 1,000 | 500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 800 | 300 |
Qualifying Accounting Hedges | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 8,500 | 10,800 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 4,300 | 2,600 |
Qualifying Accounting Hedges | Interest Rate Swap | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 7,200 | 8,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,400 | 500 |
Qualifying Accounting Hedges | Interest Rate Future and Forward | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Qualifying Accounting Hedges | Currency Swap | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 800 | 800 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 2,400 | 1,900 |
Qualifying Accounting Hedges | Foreign Exchange Spot Future And Forward | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 500 | 1,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 500 | 200 |
Qualifying Accounting Hedges | Commodity Swap | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Qualifying Accounting Hedges | Commodity Future and Forward | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | $ 0 | $ 0 |
Derivatives - Offsetting Assets
Derivatives - Offsetting Assets (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Derivative assets, after netting | $ 36,000 | $ 36,900 |
Other gross derivative assets | 15,000 | 15,800 |
Derivative assets | 50,977 | 52,682 |
Less: Financial instruments collateral | (12,300) | (13,300) |
Total net derivative assets | 38,700 | 39,400 |
Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 469,900 | 580,100 |
Less: Legally enforceable master netting agreements and cash collateral received | (437,000) | (545,700) |
Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 13,700 | 16,100 |
Less: Legally enforceable master netting agreements and cash collateral received | (11,200) | (13,900) |
Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 223,300 | 372,800 |
Less: Legally enforceable master netting agreements and cash collateral received | (222,700) | (372,500) |
Interest rate contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 316,500 | 386,600 |
Interest rate contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 100 | 100 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 216,600 | 365,700 |
Foreign exchange contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 103,300 | 133,000 |
Foreign exchange contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 100 | 0 |
Equity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 19,400 | 19,500 |
Equity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 9,600 | 8,600 |
Commodity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 6,400 | 10,200 |
Commodity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 4,000 | 7,400 |
Commodity contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 100 | 100 |
Credit derivatives | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 110 | |
Credit derivatives | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 24,300 | 30,800 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | $ 6,500 | $ 7,000 |
Derivatives - Offsetting Liabil
Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, after netting | $ 26,600 | $ 28,700 |
Other gross derivative liabilities | 17,000 | 18,200 |
Derivative liabilities | 43,583 | 46,909 |
Less: Financial instruments collateral | (6,300) | (8,900) |
Total net derivative liabilities | 37,300 | 38,000 |
Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 463,100 | 571,900 |
Less: Legally enforceable master netting agreements and cash collateral paid | (438,500) | (545,500) |
Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 13,100 | 15,600 |
Less: Legally enforceable master netting agreements and cash collateral paid | (11,200) | (13,900) |
Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 228,000 | 376,100 |
Less: Legally enforceable master netting agreements and cash collateral paid | (227,900) | (375,500) |
Interest rate contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 303,200 | 373,200 |
Interest rate contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 100 | 100 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 221,400 | 368,700 |
Foreign exchange contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 110,200 | 139,900 |
Foreign exchange contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 100 | 0 |
Equity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 16,800 | 16,700 |
Equity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 9,100 | 7,800 |
Commodity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 8,800 | 11,900 |
Commodity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 3,900 | 7,700 |
Commodity contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 100 | 600 |
Credit derivatives | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 15 | |
Credit derivatives | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 24,100 | 30,200 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | $ 6,400 | $ 6,800 |
Derivatives - Derivatives Desig
Derivatives - Derivatives Designated as Accounting Hedges - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | $ (1,901) | $ 857 | $ (2,395) | $ 1,345 |
Hedged Item | 1,634 | (1,098) | 1,878 | (1,800) |
Hedge Ineffectiveness | (267) | (241) | (517) | (455) |
Interest rate risk on long-term debt | Interest expense | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | (2,293) | 735 | (1,197) | 1,101 |
Hedged Item | 2,041 | (944) | 749 | (1,504) |
Hedge Ineffectiveness | (252) | (209) | (448) | (403) |
Interest rate and foreign currency risk on long-term debt | Interest expense | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | 388 | 145 | (1,256) | 263 |
Hedged Item | (402) | (171) | 1,186 | (315) |
Hedge Ineffectiveness | (14) | (26) | (70) | (52) |
Interest rate risk on AFS securities | Interest income | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | 2 | (23) | 45 | (21) |
Hedged Item | (3) | 19 | (48) | 16 |
Hedge Ineffectiveness | (1) | (4) | (3) | (5) |
Price risk on commodity inventory | Trading gain (loss) | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | 2 | 0 | 13 | 2 |
Hedged Item | $ (2) | (2) | (9) | 3 |
Hedge Ineffectiveness | $ (2) | $ 4 | $ 5 |
Derivatives - Derivatives Des48
Derivatives - Derivatives Designated as Accounting Hedges - Cash Flow and Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flow hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | $ 162 | $ (192) | $ (24) | $ (19) |
Gains (Losses) in Income Reclassified from Accumulated OCI | (231) | (204) | (487) | (335) |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | (1) | |||
Interest rate risk on variable-rate portfolios | Cash flow hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (19) | 28 | 5 | 45 |
Gains (Losses) in Income Reclassified from Accumulated OCI | (259) | (279) | (514) | (560) |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | (1) | |||
Price risk on restricted stock awards | Cash flow hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 181 | (220) | (29) | (64) |
Gains (Losses) in Income Reclassified from Accumulated OCI | 28 | 75 | 27 | 225 |
Foreign exchange risk | Net investment hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (992) | (797) | 990 | (978) |
Gains (Losses) in Income Reclassified from Accumulated OCI | 84 | 84 | (2) | |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | $ 11 | $ (118) | $ (87) | $ (176) |
Derivatives - Economic Hedges (
Derivatives - Economic Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | $ (20) | $ (1) | $ (7) | $ (4) |
Interest rate lock commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | 167 | 225 | 427 | 398 |
Mortgage banking income | Interest rate risk on mortgage banking income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | (390) | 196 | (94) | 376 |
Other income | Credit risk on loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | (31) | (27) | (58) | (33) |
Other income | Interest rate and foreign currency risk on ALM activities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | 585 | (713) | 266 | (1,311) |
Personnel expense | Price risk on restricted stock awards | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | $ 226 | $ (338) | $ (244) | $ 26 |
Derivatives - Sales and Trading
Derivatives - Sales and Trading Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | $ 1,647 | $ 1,832 | $ 3,894 | $ 4,299 |
Brokerage commissions and asset management fee revenue | Global Markets | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 544 | 540 | 1,100 | 1,100 |
Trading Securities | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 3,379 | 3,425 | 7,246 | 7,605 |
Trading Securities | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,693 | 1,768 | 3,820 | 4,135 |
Trading Securities | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 880 | 820 | 1,763 | 1,696 |
Trading Securities | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 806 | 837 | 1,663 | 1,774 |
Trading Securities | Interest rate risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 795 | 821 | 1,700 | 1,607 |
Trading Securities | Interest rate risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 333 | 438 | 845 | 807 |
Trading Securities | Interest rate risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 333 | 302 | 639 | 581 |
Trading Securities | Interest rate risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 129 | 81 | 216 | 219 |
Trading Securities | Foreign exchange risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 263 | 199 | 676 | 408 |
Trading Securities | Foreign exchange risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 295 | 228 | 741 | 465 |
Trading Securities | Foreign exchange risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (1) | 2 | (3) | 4 |
Trading Securities | Foreign exchange risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (31) | (31) | (62) | (61) |
Trading Securities | Equity risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,195 | 1,047 | 2,355 | 2,238 |
Trading Securities | Equity risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 667 | 550 | 1,237 | 1,151 |
Trading Securities | Equity risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (37) | (69) | (24) | (83) |
Trading Securities | Equity risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 565 | 566 | 1,142 | 1,170 |
Trading Securities | Credit risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,025 | 1,395 | 2,223 | 3,276 |
Trading Securities | Credit risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 297 | 509 | 741 | 1,536 |
Trading Securities | Credit risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 603 | 679 | 1,190 | 1,378 |
Trading Securities | Credit risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 125 | 207 | 292 | 362 |
Trading Securities | Other risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 101 | (37) | 292 | 76 |
Trading Securities | Other risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 101 | 43 | 256 | 176 |
Trading Securities | Other risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (18) | (94) | (39) | (184) |
Trading Securities | Other risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | $ 18 | $ 14 | $ 75 | $ 84 |
Derivatives - Credit Derivative
Derivatives - Credit Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Carrying Value of Derivatives [Abstract] | ||
Total | $ 721,200 | $ 981,800 |
Carrying Value of Credit-Related Notes [Abstract] | ||
Less than One Year | 100 | 7 |
One to Three Years | 243 | 506 |
Three to Five Years | 511 | 653 |
Over Five Years | 4,110 | 4,077 |
Total | 4,964 | 5,243 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 231,595 | 233,784 |
One to Three Years | 507,680 | 524,286 |
Three to Five Years | 265,216 | 326,007 |
Over Five Years | 51,210 | 50,055 |
Total | 1,055,701 | 1,134,132 |
Credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 707 | 1,104 |
One to Three Years | 2,263 | 3,068 |
Three to Five Years | 2,442 | 2,795 |
Over Five Years | 4,899 | 5,240 |
Total | 10,311 | 12,207 |
Total return swaps/other | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Total | 795 | 337 |
Notional Amount of Derivatives, [Abstract] | ||
Total | 63,892 | 61,031 |
Credit Default Swaps | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Total | 9,516 | 11,870 |
Notional Amount of Derivatives, [Abstract] | ||
Total | 991,809 | 1,073,101 |
Swaps | Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 339 | 1,016 |
One to Three Years | 2,014 | 2,821 |
Three to Five Years | 2,434 | 2,793 |
Over Five Years | 4,729 | 5,240 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 177,820 | 187,300 |
One to Three Years | 498,442 | 513,494 |
Three to Five Years | 264,566 | 322,739 |
Over Five Years | 50,981 | 49,568 |
Total return swaps/other | Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 368 | 88 |
One to Three Years | 249 | 247 |
Three to Five Years | 8 | 2 |
Over Five Years | 170 | |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 53,775 | 46,484 |
One to Three Years | 9,238 | 10,792 |
Three to Five Years | 650 | 3,268 |
Over Five Years | 229 | 487 |
Investment grade | ||
Carrying Value of Credit-Related Notes [Abstract] | ||
Less than One Year | 28 | 2 |
One to Three Years | 71 | 365 |
Three to Five Years | 427 | 568 |
Over Five Years | 2,985 | 2,634 |
Total | 3,511 | 3,569 |
Investment grade | Swaps | Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 38 | 100 |
One to Three Years | 239 | 714 |
Three to Five Years | 876 | 1,455 |
Over Five Years | 876 | 939 |
Total | 2,029 | 3,208 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 124,622 | 132,974 |
One to Three Years | 325,859 | 342,914 |
Three to Five Years | 204,971 | 242,728 |
Over Five Years | 30,565 | 28,982 |
Total | 686,017 | 747,598 |
Investment grade | Total return swaps/other | Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 53 | 24 |
Total | 53 | 24 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | $ 33,482 | 22,645 |
Three to Five Years | ||
Total | $ 33,482 | 22,645 |
Non-investment grade | ||
Carrying Value of Credit-Related Notes [Abstract] | ||
Less than One Year | 72 | 5 |
One to Three Years | 172 | 141 |
Three to Five Years | 84 | 85 |
Over Five Years | 1,125 | 1,443 |
Total | 1,453 | 1,674 |
Non-investment grade | Swaps | Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 301 | 916 |
One to Three Years | 1,775 | 2,107 |
Three to Five Years | 1,558 | 1,338 |
Over Five Years | 3,853 | 4,301 |
Total | 7,487 | 8,662 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 53,198 | 54,326 |
One to Three Years | 172,583 | 170,580 |
Three to Five Years | 59,595 | 80,011 |
Over Five Years | 20,416 | 20,586 |
Total | 305,792 | 325,503 |
Non-investment grade | Total return swaps/other | Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 315 | 64 |
One to Three Years | 249 | 247 |
Three to Five Years | 8 | 2 |
Over Five Years | 170 | |
Total | 742 | 313 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 20,293 | 23,839 |
One to Three Years | 9,238 | 10,792 |
Three to Five Years | 650 | 3,268 |
Over Five Years | 229 | 487 |
Total | $ 30,410 | $ 38,386 |
Derivatives - Credit-related Co
Derivatives - Credit-related Contingent Features and Collateral (Details) $ in Millions | Jun. 30, 2015USD ($) |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | $ 1,429 |
Additional collateral required to be posted upon downgrade, second incremental notch | 1,799 |
Credit derivatives | |
Derivative [Line Items] | |
Derivative liability subject to unilateral termination upon downgrade, one incremental notch | 600 |
Derivative liability subject to unilateral termination upon downgrade, second incremental notch | 2,992 |
Collateral posted subject to unilateral termination upon downgrade, one incremental notch | 560 |
Collateral posted subject to unilateral termination upon downgrade, second incremental notch | 2,625 |
Bank of America, N.A. and subsidiaries | |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | 1,186 |
Additional collateral required to be posted upon downgrade, second incremental notch | $ 1,390 |
Derivatives - Derivative Valuat
Derivatives - Derivative Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Valuation adjustments on derivative assets, gross | $ 215 | $ 266 | $ 223 | $ 318 | |
Funding valuation adjustment on derivative assets, gross | (23) | 0 | 11 | 0 | |
Valuation adjustments on derivative liabilities, gross | (14) | (2) | 9 | (84) | |
Funding valuation adjustment on derivative liabilities, gross | 82 | 0 | 54 | 0 | |
Valuation adjustments on derivative assets, net | (17) | 161 | 107 | 201 | |
Funding valuation adjustment on derivative assets, net | (23) | 0 | 11 | 0 | |
Valuation adjustments on derivative liabilities, net | (4) | 1 | (50) | (84) | |
Funding valuation adjustment on derivative liabilities, net | 82 | $ 0 | 54 | $ 0 | |
Cumulative credit valuation adjustment | 1,400 | 1,400 | $ 1,600 | ||
Cumulative funding valuation adjustment | 400 | 400 | 500 | ||
Cumulative debit valuation adjustment | $ 800 | $ 800 | $ 800 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ||||
Net loss on derivatives in AOCI | $ 251,659 | $ 243,471 | $ 237,411 | $ 232,685 |
Net Losses in AOCI expected to be reclassified to earnings | 698 | |||
Net Losses in AOCI expected to be reclassified to earnings, after tax | 436 | |||
Credit derivatives | ||||
Derivative [Line Items] | ||||
Derivative assets | 110 | |||
Total gross derivative liabilities, before netting | 15 | |||
Fair value of derivative | 9,100 | |||
Cash and securities held as collateral | 73,500 | 82,000 | ||
Cash and securities collateral posted | 62,500 | 67,700 | ||
Collateral not yet posted | 1,400 | |||
Aggregate fair value of derivative liability | 397 | |||
Credit derivatives, Unilateral Termination Option | ||||
Derivative [Line Items] | ||||
Cash and securities collateral posted | 16 | |||
Foreign Mortgage-backed Securities and Foreign Securities | ||||
Derivative [Line Items] | ||||
Marketable securities transferred | 8,900 | |||
Proceeds from sale of securities | 8,900 | |||
Purchased credit derivatives | Credit derivatives | ||||
Derivative [Line Items] | ||||
Carrying value of written credit derivatives | 5,100 | 5,700 | ||
Notional amount of written credit derivatives | 814,100 | 880,600 | ||
Bank of America, N.A. | Credit derivatives | ||||
Derivative [Line Items] | ||||
Collateral not yet posted | 659 | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Net loss on derivatives in AOCI | $ (1,372) | $ (1,661) | $ (2,062) | $ (2,277) |
Securities - Amortized Cost, Ga
Securities - Amortized Cost, Gains and Losses, and Fair Value Available-for-sale (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Available-for-sale debt securities | ||||
Amortized Cost | $ 295,988 | $ 282,108 | ||
Gross Unrealized Gains | 2,250 | 3,001 | ||
Gross Unrealized Losses | (2,101) | (835) | ||
Fair Value | 296,137 | 284,274 | ||
Available-for-sale marketable equity securities | ||||
Net unrealized gain on AFS debt securities in AOCI | 251,659 | 243,471 | $ 237,411 | $ 232,685 |
Other debt securities carried at fair value | ||||
Amortized Cost | 36,452 | 36,524 | ||
Gross Unrealized Gains | 164 | 261 | ||
Gross Unrealized Losses | (446) | (364) | ||
Fair Value | 36,170 | 36,421 | ||
Total debt securities carried at fair value | ||||
Amortized Cost | 332,440 | 318,632 | ||
Gross Unrealized Gains | 2,414 | 3,262 | ||
Gross Unrealized Losses | (2,547) | (1,199) | ||
Debt securities carried at fair value | 332,307 | 320,695 | ||
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities | ||||
Amortized Cost | 60,072 | 59,766 | ||
Gross Unrealized Gains | 160 | 486 | ||
Gross Unrealized Losses | (1,069) | (611) | ||
Held-to-maturity, fair value | 59,163 | 59,641 | ||
Total debt securities | ||||
Amortized Cost | 392,512 | 378,398 | ||
Gross Unrealized Gains | 2,574 | 3,748 | ||
Gross Unrealized Losses | (3,616) | (1,810) | ||
Fair Value | 391,470 | 380,336 | ||
Other assets | ||||
Available-for-sale marketable equity securities | ||||
Amortized Cost | 336 | 336 | ||
Gross Unrealized Gains | 104 | 27 | ||
Gross Unrealized Losses | 0 | 0 | ||
Fair Value | 440 | 363 | ||
Nonperforming Financing Receivable | ||||
Available-for-sale debt securities | ||||
Fair Value | 182 | 161 | ||
U.S. Treasury and agency securities | ||||
Available-for-sale debt securities | ||||
Amortized Cost | 57,699 | 69,267 | ||
Gross Unrealized Gains | 661 | 360 | ||
Gross Unrealized Losses | (16) | (32) | ||
Fair Value | 58,344 | 69,595 | ||
Total debt securities carried at fair value | ||||
Debt securities carried at fair value | 58,344 | |||
Agency | ||||
Available-for-sale debt securities | ||||
Amortized Cost | 189,228 | 163,592 | ||
Gross Unrealized Gains | 931 | 2,040 | ||
Gross Unrealized Losses | (1,899) | (593) | ||
Fair Value | 188,260 | 165,039 | ||
Total debt securities carried at fair value | ||||
Debt securities carried at fair value | 203,145 | |||
Agency-collateralized mortgage obligations | ||||
Available-for-sale debt securities | ||||
Amortized Cost | 12,749 | 14,175 | ||
Gross Unrealized Gains | 224 | 152 | ||
Gross Unrealized Losses | (42) | (79) | ||
Fair Value | 12,931 | 14,248 | ||
Other debt securities carried at fair value | ||||
Fair Value | 9 | 0 | ||
Total debt securities carried at fair value | ||||
Debt securities carried at fair value | 12,940 | |||
Non-agency residential | ||||
Available-for-sale debt securities | ||||
Amortized Cost | 3,649 | 4,244 | ||
Gross Unrealized Gains | 299 | 287 | ||
Gross Unrealized Losses | (62) | (77) | ||
Fair Value | 3,886 | $ 4,454 | ||
Total debt securities carried at fair value | ||||
Debt securities carried at fair value | $ 7,673 | |||
Non-agency residential | Prime | ||||
Available-for-sale marketable equity securities | ||||
Available-for-sale securities, percent held by rating | 74.00% | 76.00% | ||
Non-agency residential | Alt-A Loan | ||||
Available-for-sale marketable equity securities | ||||
Available-for-sale securities, percent held by rating | 14.00% | 14.00% | ||
Non-agency residential | Subprime | ||||
Available-for-sale marketable equity securities | ||||
Available-for-sale securities, percent held by rating | 12.00% | 10.00% | ||
Commercial | ||||
Available-for-sale debt securities | ||||
Amortized Cost | $ 5,087 | $ 3,931 | ||
Gross Unrealized Gains | 54 | 69 | ||
Gross Unrealized Losses | (31) | |||
Fair Value | 5,110 | 4,000 | ||
Total debt securities carried at fair value | ||||
Debt securities carried at fair value | 5,110 | |||
Non-U.S. securities | ||||
Available-for-sale debt securities | ||||
Amortized Cost | 6,124 | 6,208 | ||
Gross Unrealized Gains | 25 | 33 | ||
Gross Unrealized Losses | (4) | (11) | ||
Fair Value | 6,145 | 6,230 | ||
Total debt securities carried at fair value | ||||
Debt securities carried at fair value | 23,343 | |||
Corporate/Agency bonds | ||||
Available-for-sale debt securities | ||||
Amortized Cost | 252 | 361 | ||
Gross Unrealized Gains | 6 | 9 | ||
Gross Unrealized Losses | (1) | (2) | ||
Fair Value | 257 | 368 | ||
Total debt securities carried at fair value | ||||
Debt securities carried at fair value | 257 | |||
Other taxable securities, substantially all asset-backed securities | ||||
Available-for-sale debt securities | ||||
Amortized Cost | 10,389 | 10,774 | ||
Gross Unrealized Gains | 35 | 39 | ||
Gross Unrealized Losses | (21) | (22) | ||
Fair Value | 10,403 | 10,791 | ||
Total debt securities carried at fair value | ||||
Debt securities carried at fair value | 10,694 | |||
Total taxable securities | ||||
Available-for-sale debt securities | ||||
Amortized Cost | 285,177 | 272,552 | ||
Gross Unrealized Gains | 2,235 | 2,989 | ||
Gross Unrealized Losses | (2,076) | (816) | ||
Fair Value | 285,336 | 274,725 | ||
Total debt securities carried at fair value | ||||
Debt securities carried at fair value | 321,506 | |||
Tax-exempt securities | ||||
Available-for-sale debt securities | ||||
Amortized Cost | 10,811 | 9,556 | ||
Gross Unrealized Gains | 15 | 12 | ||
Gross Unrealized Losses | (25) | (19) | ||
Fair Value | 10,801 | 9,549 | ||
Total debt securities carried at fair value | ||||
Debt securities carried at fair value | 10,801 | |||
Debt securities | ||||
Available-for-sale marketable equity securities | ||||
Accumulated other comprehensive income tax expense | 55 | |||
Total debt securities carried at fair value | ||||
Debt securities carried at fair value | 332,307 | |||
Debt securities | Available-for-sale debt securities | ||||
Available-for-sale marketable equity securities | ||||
Net unrealized gain on AFS debt securities in AOCI | $ 94 | $ 1,343 | $ 355 | $ (3,257) |
Securities - Other Debt Securit
Securities - Other Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Other Debt Securities Carried at Fair Value [Line Items] | |||||
Other debt securities carried at fair value | $ 36,170 | $ 36,170 | $ 36,421 | ||
Agency-collateralized mortgage obligations | |||||
Other Debt Securities Carried at Fair Value [Line Items] | |||||
Other debt securities carried at fair value | 9 | 9 | 0 | ||
Other income | |||||
Other Debt Securities Carried at Fair Value [Line Items] | |||||
Unrealized mark-to-market net gains (losses) | (359) | $ 416 | (170) | $ 860 | |
Realized net gains (losses) | (17) | $ 100 | (13) | $ 83 | |
Other debt securities carried at fair value | 36,170 | 36,170 | 36,421 | ||
Other income | U.S. Treasury and agency securities | |||||
Other Debt Securities Carried at Fair Value [Line Items] | |||||
Other debt securities carried at fair value | 0 | 0 | 1,541 | ||
Other income | Agency | |||||
Other Debt Securities Carried at Fair Value [Line Items] | |||||
Other debt securities carried at fair value | 14,885 | 14,885 | 15,704 | ||
Other income | Non-agency residential | |||||
Other Debt Securities Carried at Fair Value [Line Items] | |||||
Other debt securities carried at fair value | 3,787 | 3,787 | 3,745 | ||
Other income | Non-U.S. securities | |||||
Other Debt Securities Carried at Fair Value [Line Items] | |||||
Other debt securities carried at fair value | 17,198 | 17,198 | 15,132 | ||
Other income | Other taxable securities, substantially all asset-backed securities | |||||
Other Debt Securities Carried at Fair Value [Line Items] | |||||
Other debt securities carried at fair value | $ 291 | $ 291 | $ 299 |
Securities - Realized Gains and
Securities - Realized Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | ||||
Net gains on sales of AFS debt securities | $ 436 | $ 759 | ||
Debt securities | ||||
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | ||||
Gross gains | $ 170 | $ 383 | 445 | 761 |
Gross losses | (2) | (1) | (9) | (2) |
Net gains on sales of AFS debt securities | 168 | 382 | 436 | 759 |
Income tax expense attributable to realized net gains on sales of AFS debt securities | $ 64 | $ 145 | $ 166 | $ 288 |
Securities - U.S. GSE, Agency,
Securities - U.S. GSE, Agency, and Treasury Securities (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 392,512 | $ 378,398 |
Fair Value | 391,470 | 380,336 |
Fannie Mae | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 145,370 | 130,725 |
Fair Value | 144,395 | 131,418 |
Government National Mortgage Association | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 90,844 | 98,278 |
Fair Value | 90,049 | 98,633 |
U.S. Treasury | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 55,590 | 68,481 |
Fair Value | 56,174 | 68,801 |
Freddie Mac | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 46,282 | 28,288 |
Fair Value | $ 46,059 | $ 28,556 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | $ 115,714 | $ 16,346 |
Less than Twelve Months, Gross Unrealized Losses | (1,436) | (99) |
Twelve Months or Longer, Fair Value | 21,200 | 49,554 |
Twelve Months or Longer, Gross Unrealized Losses | (665) | (736) |
Total, Fair Value | 136,914 | 65,900 |
Total, Gross Unrealized Losses | (2,101) | (835) |
Temporarily impaired AFS debt securities | Debt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 115,307 | 15,791 |
Less than Twelve Months, Gross Unrealized Losses | (1,427) | (66) |
Twelve Months or Longer, Fair Value | 21,113 | 49,554 |
Twelve Months or Longer, Gross Unrealized Losses | (658) | (736) |
Total, Fair Value | 136,420 | 65,345 |
Total, Gross Unrealized Losses | (2,085) | (802) |
Temporarily impaired AFS debt securities | U.S. Treasury and agency securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 1,561 | 10,121 |
Less than Twelve Months, Gross Unrealized Losses | (12) | (22) |
Twelve Months or Longer, Fair Value | 259 | 667 |
Twelve Months or Longer, Gross Unrealized Losses | (4) | (10) |
Total, Fair Value | 1,820 | 10,788 |
Total, Gross Unrealized Losses | (16) | (32) |
Temporarily impaired AFS debt securities | Agency | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 106,914 | 1,366 |
Less than Twelve Months, Gross Unrealized Losses | (1,362) | (8) |
Twelve Months or Longer, Fair Value | 16,042 | 43,118 |
Twelve Months or Longer, Gross Unrealized Losses | (537) | (585) |
Total, Fair Value | 122,956 | 44,484 |
Total, Gross Unrealized Losses | (1,899) | (593) |
Temporarily impaired AFS debt securities | Agency-collateralized mortgage obligations | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 1,648 | 2,242 |
Less than Twelve Months, Gross Unrealized Losses | (12) | (19) |
Twelve Months or Longer, Fair Value | 1,339 | 3,075 |
Twelve Months or Longer, Gross Unrealized Losses | (30) | (60) |
Total, Fair Value | 2,987 | 5,317 |
Total, Gross Unrealized Losses | (42) | (79) |
Temporarily impaired AFS debt securities | Non-agency residential | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 385 | 307 |
Less than Twelve Months, Gross Unrealized Losses | (3) | (3) |
Twelve Months or Longer, Fair Value | 724 | 809 |
Twelve Months or Longer, Gross Unrealized Losses | (43) | (41) |
Total, Fair Value | 1,109 | 1,116 |
Total, Gross Unrealized Losses | (46) | (44) |
Temporarily impaired AFS debt securities | Commercial | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 1,716 | |
Less than Twelve Months, Gross Unrealized Losses | (31) | |
Twelve Months or Longer, Fair Value | 0 | |
Twelve Months or Longer, Gross Unrealized Losses | 0 | |
Total, Fair Value | 1,716 | |
Total, Gross Unrealized Losses | (31) | |
Temporarily impaired AFS debt securities | Non-U.S. securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 125 | 157 |
Less than Twelve Months, Gross Unrealized Losses | (1) | (9) |
Twelve Months or Longer, Fair Value | 45 | 32 |
Twelve Months or Longer, Gross Unrealized Losses | (3) | (2) |
Total, Fair Value | 170 | 189 |
Total, Gross Unrealized Losses | (4) | (11) |
Temporarily impaired AFS debt securities | Corporate/Agency bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 79 | 43 |
Less than Twelve Months, Gross Unrealized Losses | (1) | (1) |
Twelve Months or Longer, Fair Value | 0 | 93 |
Twelve Months or Longer, Gross Unrealized Losses | 0 | (1) |
Total, Fair Value | 79 | 136 |
Total, Gross Unrealized Losses | (1) | (2) |
Temporarily impaired AFS debt securities | Other taxable securities, substantially all asset-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 787 | 575 |
Less than Twelve Months, Gross Unrealized Losses | (3) | (3) |
Twelve Months or Longer, Fair Value | 1,208 | 1,080 |
Twelve Months or Longer, Gross Unrealized Losses | (18) | (19) |
Total, Fair Value | 1,995 | 1,655 |
Total, Gross Unrealized Losses | (21) | (22) |
Temporarily impaired AFS debt securities | Total taxable securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 113,215 | 14,811 |
Less than Twelve Months, Gross Unrealized Losses | (1,425) | (65) |
Twelve Months or Longer, Fair Value | 19,617 | 48,874 |
Twelve Months or Longer, Gross Unrealized Losses | (635) | (718) |
Total, Fair Value | 132,832 | 63,685 |
Total, Gross Unrealized Losses | (2,060) | (783) |
Temporarily impaired AFS debt securities | Tax-exempt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 2,092 | 980 |
Less than Twelve Months, Gross Unrealized Losses | (2) | (1) |
Twelve Months or Longer, Fair Value | 1,496 | 680 |
Twelve Months or Longer, Gross Unrealized Losses | (23) | (18) |
Total, Fair Value | 3,588 | 1,660 |
Total, Gross Unrealized Losses | (25) | (19) |
Other-than-temporarily impaired AFS debt securities | Non-agency residential | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 407 | 555 |
Less than Twelve Months, Gross Unrealized Losses | (9) | (33) |
Twelve Months or Longer, Fair Value | 87 | 0 |
Twelve Months or Longer, Gross Unrealized Losses | (7) | 0 |
Total, Fair Value | 494 | 555 |
Total, Gross Unrealized Losses | $ (16) | $ (33) |
Securities - Asset Impairment L
Securities - Asset Impairment Losses Recognized in Earnings (Details) - Non-agency residential - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities [Abstract] | ||||
Total OTTI losses | $ (11) | $ (12) | $ (82) | $ (13) |
Less: non-credit portion of total OTTI losses recognized in OCI | 6 | 2 | 7 | 2 |
Net credit-related impairment losses recognized in earnings | $ (5) | $ (10) | $ (75) | $ (11) |
Securities - Rollforward of Cre
Securities - Rollforward of Credit Losses Recognized (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Rollforward of Credit Losses Recognized: | ||||
Balance, beginning of period | $ 256 | $ 185 | $ 201 | $ 184 |
Additions for credit losses recognized on AFS debt securities that had no previous impairment losses | 2 | 10 | 49 | 10 |
Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses | 3 | 0 | 26 | 1 |
Reductions for AFS debt securities matured, sold or intended to be sold | 0 | 0 | (15) | 0 |
Balance, June 30 | $ 261 | $ 195 | $ 261 | $ 195 |
Securities - OTTI Significant A
Securities - OTTI Significant Assumptions (Details) - Non-agency residential | Jun. 30, 2015 |
Weighted Average | |
Significant Assumptions: | |
Annual prepayment speed | 12.00% |
Loss severity | 38.90% |
Life default rate | 34.60% |
Weighted Average | Prime | |
Significant Assumptions: | |
Loss severity | 35.60% |
Life default rate | 21.50% |
Weighted Average | Alt-A Loan | |
Significant Assumptions: | |
Loss severity | 37.40% |
Life default rate | 36.90% |
Weighted Average | Subprime | |
Significant Assumptions: | |
Loss severity | 50.40% |
Life default rate | 38.20% |
10th Percentile | |
Significant Assumptions: | |
Annual prepayment speed | 3.70% |
Loss severity | 13.20% |
Life default rate | 1.30% |
90th Percentile | |
Significant Assumptions: | |
Annual prepayment speed | 24.20% |
Loss severity | 48.00% |
Life default rate | 97.50% |
Securities - Expected Maturity
Securities - Expected Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Amortized cost of HTM debt securities | ||
Due in One Year or Less, Amount | $ 0 | |
Due in One Year or Less, Yield | 0.00% | |
Due after One Year through Five Years, Amount | $ 11,629 | |
Due after One Year through Five Years, Yield | 2.30% | |
Due after Five Years through Ten Years, Amount | $ 46,652 | |
Due after Five Years though Ten Years, Yield | 2.40% | |
Due after Ten Years, Amount | $ 1,791 | |
Due after Ten Years, Yield | 2.94% | |
Amortized Cost | $ 60,072 | $ 59,766 |
Total, Yield | 2.40% | |
Debt securities carried at fair value | ||
Total, Amount | $ 332,307 | 320,695 |
Fair value of HTM debt securities | ||
Due in One Year or Less, Amount | 0 | |
Due after One Year through Five Years, Amount | 11,567 | |
Due after Five Years though Ten Years, Amount | 45,827 | |
Due after Ten Years, Amount | 1,769 | |
Total, Amount | 59,163 | $ 59,641 |
U.S. Treasury and agency securities | ||
Amortized cost of debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 572 | |
Due in One Year or Less, Yield | 0.23% | |
Due after One Year through Five Years, Amount | $ 51,424 | |
Due after One Year through Five Years, Yield | 1.60% | |
Due after Five Years though Ten Years, Amount | $ 5,701 | |
Due after Five Years though Ten Years, Yield | 2.20% | |
Due after Ten Years, Amount | $ 2 | |
Due after Ten Years, Yield | 4.60% | |
Total, Amount | $ 57,699 | |
Total, Yield | 1.69% | |
Debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 572 | |
Due after One Year through Five Years, Amount | 52,001 | |
Due after Five Years though Ten Years, Amount | 5,769 | |
Due after Ten Years, Amount | 2 | |
Total, Amount | 58,344 | |
Agency | ||
Amortized cost of debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 37 | |
Due in One Year or Less, Yield | 4.40% | |
Due after One Year through Five Years, Amount | $ 18,004 | |
Due after One Year through Five Years, Yield | 2.60% | |
Due after Five Years though Ten Years, Amount | $ 170,756 | |
Due after Five Years though Ten Years, Yield | 2.80% | |
Due after Ten Years, Amount | $ 15,618 | |
Due after Ten Years, Yield | 2.90% | |
Total, Amount | $ 204,415 | |
Total, Yield | 2.80% | |
Debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 38 | |
Due after One Year through Five Years, Amount | 18,277 | |
Due after Five Years though Ten Years, Amount | 169,457 | |
Due after Ten Years, Amount | 15,373 | |
Total, Amount | 203,145 | |
Agency-collateralized mortgage obligations | ||
Amortized cost of debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 372 | |
Due in One Year or Less, Yield | 0.60% | |
Due after One Year through Five Years, Amount | $ 2,567 | |
Due after One Year through Five Years, Yield | 2.00% | |
Due after Five Years though Ten Years, Amount | $ 9,816 | |
Due after Five Years though Ten Years, Yield | 2.80% | |
Due after Ten Years, Amount | $ 1 | |
Due after Ten Years, Yield | 0.60% | |
Total, Amount | $ 12,756 | |
Total, Yield | 2.60% | |
Debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 373 | |
Due after One Year through Five Years, Amount | 2,566 | |
Due after Five Years though Ten Years, Amount | 10,000 | |
Due after Ten Years, Amount | 1 | |
Total, Amount | 12,940 | |
Non-agency residential | ||
Amortized cost of debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 409 | |
Due in One Year or Less, Yield | 4.10% | |
Due after One Year through Five Years, Amount | $ 1,512 | |
Due after One Year through Five Years, Yield | 4.90% | |
Due after Five Years though Ten Years, Amount | $ 1,324 | |
Due after Five Years though Ten Years, Yield | 4.52% | |
Due after Ten Years, Amount | $ 4,188 | |
Due after Ten Years, Yield | 8.19% | |
Total, Amount | $ 7,433 | |
Total, Yield | 6.61% | |
Debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 440 | |
Due after One Year through Five Years, Amount | 1,509 | |
Due after Five Years though Ten Years, Amount | 1,425 | |
Due after Ten Years, Amount | 4,299 | |
Total, Amount | 7,673 | |
Commercial | ||
Amortized cost of debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 87 | |
Due in One Year or Less, Yield | 6.40% | |
Due after One Year through Five Years, Amount | $ 519 | |
Due after One Year through Five Years, Yield | 2.10% | |
Due after Five Years though Ten Years, Amount | $ 4,478 | |
Due after Five Years though Ten Years, Yield | 2.80% | |
Due after Ten Years, Amount | $ 3 | |
Due after Ten Years, Yield | 2.83% | |
Total, Amount | $ 5,087 | |
Total, Yield | 2.76% | |
Debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 88 | |
Due after One Year through Five Years, Amount | 526 | |
Due after Five Years though Ten Years, Amount | 4,493 | |
Due after Ten Years, Amount | 3 | |
Total, Amount | 5,110 | |
Non-U.S. securities | ||
Amortized cost of debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 21,371 | |
Due in One Year or Less, Yield | 0.57% | |
Due after One Year through Five Years, Amount | $ 1,933 | |
Due after One Year through Five Years, Yield | 2.96% | |
Due after Five Years though Ten Years, Amount | $ 6 | |
Due after Five Years though Ten Years, Yield | 2.87% | |
Due after Ten Years, Amount | $ 0 | |
Due after Ten Years, Yield | 0.00% | |
Total, Amount | $ 23,310 | |
Total, Yield | 0.79% | |
Debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 21,371 | |
Due after One Year through Five Years, Amount | 1,966 | |
Due after Five Years though Ten Years, Amount | 6 | |
Due after Ten Years, Amount | 0 | |
Total, Amount | 23,343 | |
Corporate/Agency bonds | ||
Amortized cost of debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 66 | |
Due in One Year or Less, Yield | 3.51% | |
Due after One Year through Five Years, Amount | $ 89 | |
Due after One Year through Five Years, Yield | 3.64% | |
Due after Five Years though Ten Years, Amount | $ 95 | |
Due after Five Years though Ten Years, Yield | 3.48% | |
Due after Ten Years, Amount | $ 2 | |
Due after Ten Years, Yield | 6.34% | |
Total, Amount | $ 252 | |
Total, Yield | 3.48% | |
Debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 66 | |
Due after One Year through Five Years, Amount | 93 | |
Due after Five Years though Ten Years, Amount | 96 | |
Due after Ten Years, Amount | 2 | |
Total, Amount | 257 | |
Other taxable securities, substantially all asset-backed securities | ||
Amortized cost of debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 2,726 | |
Due in One Year or Less, Yield | 1.07% | |
Due after One Year through Five Years, Amount | $ 4,908 | |
Due after One Year through Five Years, Yield | 1.29% | |
Due after Five Years though Ten Years, Amount | $ 2,131 | |
Due after Five Years though Ten Years, Yield | 2.40% | |
Due after Ten Years, Amount | $ 912 | |
Due after Ten Years, Yield | 3.23% | |
Total, Amount | $ 10,677 | |
Total, Yield | 1.57% | |
Debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 3,017 | |
Due after One Year through Five Years, Amount | 4,617 | |
Due after Five Years though Ten Years, Amount | 2,144 | |
Due after Ten Years, Amount | 916 | |
Total, Amount | 10,694 | |
Total taxable securities | ||
Amortized cost of debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 25,640 | |
Due in One Year or Less, Yield | 0.90% | |
Due after One Year through Five Years, Amount | $ 80,956 | |
Due after One Year through Five Years, Yield | 1.96% | |
Due after Five Years though Ten Years, Amount | $ 194,307 | |
Due after Five Years though Ten Years, Yield | 2.80% | |
Due after Ten Years, Amount | $ 20,726 | |
Due after Ten Years, Yield | 4.00% | |
Total, Amount | $ 321,629 | |
Total, Yield | 2.53% | |
Debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 25,965 | |
Due after One Year through Five Years, Amount | 81,555 | |
Due after Five Years though Ten Years, Amount | 193,390 | |
Due after Ten Years, Amount | 20,596 | |
Total, Amount | 321,506 | |
Tax-exempt securities | ||
Amortized cost of debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 651 | |
Due in One Year or Less, Yield | 1.02% | |
Due after One Year through Five Years, Amount | $ 2,833 | |
Due after One Year through Five Years, Yield | 1.40% | |
Due after Five Years though Ten Years, Amount | $ 2,482 | |
Due after Five Years though Ten Years, Yield | 1.67% | |
Due after Ten Years, Amount | $ 4,845 | |
Due after Ten Years, Yield | 1.02% | |
Total, Amount | $ 10,811 | |
Total, Yield | 1.26% | |
Debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 651 | |
Due after One Year through Five Years, Amount | 2,839 | |
Due after Five Years though Ten Years, Amount | 2,479 | |
Due after Ten Years, Amount | 4,832 | |
Total, Amount | 10,801 | |
Debt securities | ||
Amortized cost of debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 26,291 | |
Due in One Year or Less, Yield | 0.90% | |
Due after One Year through Five Years, Amount | $ 83,789 | |
Due after One Year through Five Years, Yield | 1.94% | |
Due after Five Years though Ten Years, Amount | $ 196,789 | |
Due after Five Years though Ten Years, Yield | 2.78% | |
Due after Ten Years, Amount | $ 25,571 | |
Due after Ten Years, Yield | 3.41% | |
Total, Amount | $ 332,440 | |
Total, Yield | 2.49% | |
Debt securities carried at fair value | ||
Due in One Year or Less, Amount | $ 26,616 | |
Due after One Year through Five Years, Amount | 84,394 | |
Due after Five Years though Ten Years, Amount | 195,869 | |
Due after Ten Years, Amount | 25,428 | |
Total, Amount | $ 332,307 |
Securities - Certain Corporate
Securities - Certain Corporate and Strategic Investments (Details) - Merchant Servicing Joint Venture - USD ($) $ in Billions | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment ownership percentage | 49.00% | 49.00% |
Equity method investments | $ 3.1 | $ 3.1 |
Outstanding Loans and Leases -
Outstanding Loans and Leases - Past Due (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Accounted for Under the Fair Value Option | $ 7,629 | $ 8,681 |
Total Outstandings | $ 886,449 | $ 881,391 |
Percentage outstanding, purchase credit-impaired | 2.07% | 2.36% |
Percentage outstanding, loans accounted for under the fair value option | 0.86% | 0.98% |
Percentage outstanding, total outstanding | 100.00% | 100.00% |
Federal National Mortgage Association Certificates and Obligations (FNMA) and Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Unpaid principal balance of loans covered by protection agreement | $ 8,300 | $ 17,200 |
Other Loans | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 809 | |
Nonperforming Financing Receivable | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans | 24 | 27 |
Purchased Credit - impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit - impaired | 18,342 | 20,769 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 5,470 | $ 5,918 |
Percentage of outstandings | 0.62% | 0.67% |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 2,428 | $ 2,749 |
Percentage of outstandings | 0.27% | 0.31% |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 15,202 | $ 19,754 |
Percentage of outstandings | 1.72% | 2.24% |
Total Past Due 30 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 23,100 | $ 28,421 |
Percentage of outstandings | 2.61% | 3.22% |
Total Current or Less Than 30 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 837,378 | $ 823,520 |
Percentage of outstandings | 94.46% | 93.44% |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Accounted for Under the Fair Value Option | $ 1,971 | $ 2,077 |
Total Outstandings | 467,235 | 488,570 |
Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Accounted for Under the Fair Value Option | 1,800 | 1,900 |
Consumer Portfolio Segment | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Accounted for Under the Fair Value Option | 208 | 196 |
Consumer Portfolio Segment | Carrying Value | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 465,264 | 486,493 |
Consumer Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 1,971 | 2,077 |
Consumer Portfolio Segment | Purchased Credit - impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit - impaired | 18,342 | 20,769 |
Consumer Portfolio Segment | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 4,877 | 5,246 |
Consumer Portfolio Segment | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,242 | 2,492 |
Consumer Portfolio Segment | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 14,697 | 19,012 |
Consumer Portfolio Segment | Total Past Due 30 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 21,816 | 26,750 |
Consumer Portfolio Segment | Total Current or Less Than 30 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 425,106 | 438,974 |
Consumer Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Accounted for Under the Fair Value Option | 2,000 | 2,100 |
Consumer Real Estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 151,007 | 162,220 |
Consumer Real Estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 50,025 | 51,887 |
Consumer Real Estate | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 34,589 | 38,825 |
Consumer Real Estate | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 25,868 | 28,221 |
Consumer Real Estate | Pay option | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 2,600 | 3,200 |
Consumer Real Estate | Fully Insured Loans | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 38,882 | 52,990 |
Consumer Real Estate | Fully Insured Loans | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 0 | 0 |
Consumer Real Estate | Fully Insured Loans | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 10,060 | 11,980 |
Consumer Real Estate | Fully Insured Loans | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 0 | 0 |
Consumer Real Estate | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans | 3,900 | 3,600 |
Consumer Real Estate | Carrying Value | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 151,007 | 162,220 |
Consumer Real Estate | Carrying Value | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 50,025 | 51,887 |
Consumer Real Estate | Carrying Value | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 47,818 | 53,977 |
Consumer Real Estate | Carrying Value | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 30,981 | 33,838 |
Consumer Real Estate | Purchased Credit - impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit - impaired | 18,342 | 20,769 |
Consumer Real Estate | Purchased Credit - impaired | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit - impaired | 13,229 | 15,152 |
Consumer Real Estate | Purchased Credit - impaired | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit - impaired | 5,113 | 5,617 |
Consumer Real Estate | 30 to 59 Days Past Due | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,812 | 1,847 |
Consumer Real Estate | 30 to 59 Days Past Due | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 190 | 218 |
Consumer Real Estate | 30 to 59 Days Past Due | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,869 | 2,008 |
Consumer Real Estate | 30 to 59 Days Past Due | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 308 | 374 |
Consumer Real Estate | 30 to 59 Days Past Due | Fully Insured Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,000 | 2,100 |
Consumer Real Estate | 30 to 59 Days Past Due | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 460 | 392 |
Consumer Real Estate | 60 to 89 Days Past Due | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 657 | 700 |
Consumer Real Estate | 60 to 89 Days Past Due | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 104 | 105 |
Consumer Real Estate | 60 to 89 Days Past Due | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 932 | 1,060 |
Consumer Real Estate | 60 to 89 Days Past Due | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 162 | 174 |
Consumer Real Estate | 60 to 89 Days Past Due | Fully Insured Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,000 | 1,100 |
Consumer Real Estate | 60 to 89 Days Past Due | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 336 | 332 |
Consumer Real Estate | 90 Days or More Past Due | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 4,661 | 5,561 |
Consumer Real Estate | 90 Days or More Past Due | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 688 | 744 |
Consumer Real Estate | 90 Days or More Past Due | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 7,431 | 10,513 |
Consumer Real Estate | 90 Days or More Past Due | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,047 | 1,166 |
Consumer Real Estate | 90 Days or More Past Due | Fully Insured Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 8,900 | 11,400 |
Consumer Real Estate | Total Past Due 30 Days or Greater | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 7,130 | 8,108 |
Consumer Real Estate | Total Past Due 30 Days or Greater | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 982 | 1,067 |
Consumer Real Estate | Total Past Due 30 Days or Greater | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 10,232 | 13,581 |
Consumer Real Estate | Total Past Due 30 Days or Greater | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,517 | 1,714 |
Consumer Real Estate | Total Current or Less Than 30 Days Past Due | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 143,877 | 154,112 |
Consumer Real Estate | Total Current or Less Than 30 Days Past Due | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 49,043 | 50,820 |
Consumer Real Estate | Total Current or Less Than 30 Days Past Due | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 24,357 | 25,244 |
Consumer Real Estate | Total Current or Less Than 30 Days Past Due | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 24,351 | 26,507 |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 88,403 | 91,879 |
Credit card and other consumer | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 10,276 | 10,465 |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 84,754 | 80,381 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 2,000 | 1,846 |
Credit card and other consumer | Dealer Financial Services Loans | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 39,600 | 37,700 |
Credit card and other consumer | Unsecured Consumed Lending Loans | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 1,100 | 1,500 |
Credit card and other consumer | Securities Based Lending Loans | Direct/Indirect Consumer | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 38,600 | 35,800 |
Credit card and other consumer | Securities Based Lending Loans | Direct/Indirect Consumer | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 4,000 | 4,000 |
Credit card and other consumer | Student Loans | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 596 | 632 |
Credit card and other consumer | Other Loans | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 761 | |
Credit card and other consumer | Consumer Finance Loans | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 618 | 676 |
Credit card and other consumer | Consumer Leases | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 1,200 | 1,000 |
Credit card and other consumer | Consumer Overdrafts | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 227 | 162 |
Credit card and other consumer | Carrying Value | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 88,403 | 91,879 |
Credit card and other consumer | Carrying Value | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 10,276 | 10,465 |
Credit card and other consumer | Carrying Value | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 84,754 | 80,381 |
Credit card and other consumer | Carrying Value | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 2,000 | 1,846 |
Credit card and other consumer | 30 to 59 Days Past Due | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 448 | 494 |
Credit card and other consumer | 30 to 59 Days Past Due | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 43 | 49 |
Credit card and other consumer | 30 to 59 Days Past Due | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 196 | 245 |
Credit card and other consumer | 30 to 59 Days Past Due | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 11 | 11 |
Credit card and other consumer | 60 to 89 Days Past Due | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 296 | 341 |
Credit card and other consumer | 60 to 89 Days Past Due | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 35 | 39 |
Credit card and other consumer | 60 to 89 Days Past Due | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 54 | 71 |
Credit card and other consumer | 60 to 89 Days Past Due | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2 | 2 |
Credit card and other consumer | 90 Days or More Past Due | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 742 | 866 |
Credit card and other consumer | 90 Days or More Past Due | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 86 | 95 |
Credit card and other consumer | 90 Days or More Past Due | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 40 | 65 |
Credit card and other consumer | 90 Days or More Past Due | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2 | 2 |
Credit card and other consumer | Total Past Due 30 Days or Greater | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,486 | 1,701 |
Credit card and other consumer | Total Past Due 30 Days or Greater | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 164 | 183 |
Credit card and other consumer | Total Past Due 30 Days or Greater | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 290 | 381 |
Credit card and other consumer | Total Past Due 30 Days or Greater | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 15 | 15 |
Credit card and other consumer | Total Current or Less Than 30 Days Past Due | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 86,917 | 90,178 |
Credit card and other consumer | Total Current or Less Than 30 Days Past Due | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 10,112 | 10,282 |
Credit card and other consumer | Total Current or Less Than 30 Days Past Due | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 84,464 | 80,000 |
Credit card and other consumer | Total Current or Less Than 30 Days Past Due | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,985 | 1,831 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Accounted for Under the Fair Value Option | 5,658 | 6,604 |
Total Outstandings | 419,214 | 392,821 |
Commercial | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Accounted for Under the Fair Value Option | 2,300 | 1,900 |
Total Outstandings | 235,048 | 220,293 |
Commercial | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Accounted for Under the Fair Value Option | 3,400 | 4,700 |
Total Outstandings | 87,574 | 80,083 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 52,344 | 47,682 |
Commercial | Commercial Real Estate | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 48,600 | 45,200 |
Commercial | Commercial Real Estate | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 3,700 | 2,500 |
Commercial | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 25,342 | 24,866 |
Commercial | Small Business Commercial | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 13,248 | 13,293 |
Commercial | Carrying Value | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 413,556 | 386,217 |
Commercial | Carrying Value | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 235,048 | 220,293 |
Commercial | Carrying Value | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 87,574 | 80,083 |
Commercial | Carrying Value | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 52,344 | 47,682 |
Commercial | Carrying Value | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 25,342 | 24,866 |
Commercial | Carrying Value | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 13,248 | 13,293 |
Commercial | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 5,658 | 6,604 |
Commercial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 593 | 672 |
Commercial | 30 to 59 Days Past Due | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 365 | 320 |
Commercial | 30 to 59 Days Past Due | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5 | 5 |
Commercial | 30 to 59 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 79 | 138 |
Commercial | 30 to 59 Days Past Due | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 77 | 121 |
Commercial | 30 to 59 Days Past Due | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 67 | 88 |
Commercial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 186 | 257 |
Commercial | 60 to 89 Days Past Due | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 78 | 151 |
Commercial | 60 to 89 Days Past Due | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 4 | 4 |
Commercial | 60 to 89 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 14 | 16 |
Commercial | 60 to 89 Days Past Due | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 54 | 41 |
Commercial | 60 to 89 Days Past Due | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 36 | 45 |
Commercial | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 505 | 742 |
Commercial | 90 Days or More Past Due | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 283 | 318 |
Commercial | 90 Days or More Past Due | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial | 90 Days or More Past Due | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 101 | 288 |
Commercial | 90 Days or More Past Due | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 35 | 42 |
Commercial | 90 Days or More Past Due | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 86 | 94 |
Commercial | Total Past Due 30 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,284 | 1,671 |
Commercial | Total Past Due 30 Days or Greater | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 726 | 789 |
Commercial | Total Past Due 30 Days or Greater | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 9 | 9 |
Commercial | Total Past Due 30 Days or Greater | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 194 | 442 |
Commercial | Total Past Due 30 Days or Greater | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 166 | 204 |
Commercial | Total Past Due 30 Days or Greater | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 189 | 227 |
Commercial | Total Current or Less Than 30 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 412,272 | 384,546 |
Commercial | Total Current or Less Than 30 Days Past Due | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 234,322 | 219,504 |
Commercial | Total Current or Less Than 30 Days Past Due | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 87,565 | 80,074 |
Commercial | Total Current or Less Than 30 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 52,150 | 47,240 |
Commercial | Total Current or Less Than 30 Days Past Due | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 25,176 | 24,662 |
Commercial | Total Current or Less Than 30 Days Past Due | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 13,059 | $ 13,066 |
Outstanding Loans and Leases 66
Outstanding Loans and Leases - Nonperforming (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Threshold period past due for nonperforming status of financing receivables | 90 days | ||||
Loans and leases | $ 886,449 | $ 886,449 | $ 881,391 | ||
Proceeds from sales | 11,662 | $ 11,863 | |||
Purchased credit impaired loans sold | 401 | $ 98 | 987 | 552 | |
Nonperforming loans and leases | 10,747 | 10,747 | 11,932 | ||
Accruing past due 90 days or more | 9,940 | 9,940 | 12,654 | ||
Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Accruing past due 90 days or more | 3,400 | 3,400 | 4,100 | ||
Federal Housing Administration | Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonperforming loans and leases | 5,500 | 5,500 | 7,300 | ||
Nonperforming Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Proceeds from sales | 1,000 | 2,100 | 1,900 | 2,800 | |
Recoveries related to sales | 27 | 185 | 67 | 185 | |
Nonperforming Financing Receivable | Junior Lien Home Equity Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 599 | 599 | 800 | ||
Chapter Seven Bankruptcy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 2,200 | 2,200 | |||
Chapter Seven Bankruptcy | Nonperforming Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 980 | 980 | |||
Non-performing troubled debt with no change in repayment terms at time of discharge, current with contractual payments | $ 585 | $ 585 | |||
Nonperforming loans discharged more than twelve months prior (more than) | 75.00% | 75.00% | |||
Nonperforming loans discharged more than twenty four months prior (more than) | 55.00% | 55.00% | |||
Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 467,235 | $ 467,235 | 488,570 | ||
Nonperforming loans and leases | 9,575 | 9,575 | 10,819 | ||
Accruing past due 90 days or more | 9,784 | $ 9,784 | 12,433 | ||
Consumer Real Estate | Junior Lien Home Equity Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Threshold period past due for nonperforming status of financing receivables | 90 days | ||||
Consumer Real Estate | Core Portfolio, Residential Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 151,007 | $ 151,007 | 162,220 | ||
Nonperforming loans and leases | 2,201 | 2,201 | 2,398 | ||
Accruing past due 90 days or more | 3,326 | 3,326 | 3,942 | ||
Consumer Real Estate | Core Portfolio, Home Equity Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 50,025 | 50,025 | 51,887 | ||
Nonperforming loans and leases | 1,408 | 1,408 | 1,496 | ||
Accruing past due 90 days or more | 0 | 0 | 0 | ||
Consumer Real Estate | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 34,589 | 34,589 | 38,825 | ||
Nonperforming loans and leases | 3,784 | 3,784 | 4,491 | ||
Accruing past due 90 days or more | 5,591 | 5,591 | 7,465 | ||
Consumer Real Estate | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 25,868 | 25,868 | 28,221 | ||
Nonperforming loans and leases | 2,155 | 2,155 | 2,405 | ||
Accruing past due 90 days or more | 0 | 0 | 0 | ||
Credit card and other consumer | Credit Card Receivable | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 88,403 | 88,403 | 91,879 | ||
Accruing past due 90 days or more | 742 | 742 | 866 | ||
Credit card and other consumer | Credit Card Receivable | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 10,276 | 10,276 | 10,465 | ||
Accruing past due 90 days or more | 86 | 86 | 95 | ||
Credit card and other consumer | Direct/Indirect Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 84,754 | 84,754 | 80,381 | ||
Nonperforming loans and leases | 26 | 26 | 28 | ||
Accruing past due 90 days or more | 38 | 38 | 64 | ||
Credit card and other consumer | Other consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 2,000 | 2,000 | 1,846 | ||
Nonperforming loans and leases | 1 | 1 | 1 | ||
Accruing past due 90 days or more | 1 | $ 1 | 1 | ||
Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Threshold period past due for nonperforming status of financing receivables | 90 days | ||||
Loans and leases | 419,214 | $ 419,214 | 392,821 | ||
Nonperforming loans and leases | 1,172 | 1,172 | 1,113 | ||
Accruing past due 90 days or more | 156 | 156 | 221 | ||
Commercial | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 235,048 | 235,048 | 220,293 | ||
Nonperforming loans and leases | 869 | 869 | 701 | ||
Accruing past due 90 days or more | 66 | 66 | 110 | ||
Commercial | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 87,574 | 87,574 | 80,083 | ||
Nonperforming loans and leases | 80 | 80 | 1 | ||
Accruing past due 90 days or more | 0 | 0 | 0 | ||
Commercial | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 52,344 | 52,344 | 47,682 | ||
Nonperforming loans and leases | 126 | 126 | 321 | ||
Accruing past due 90 days or more | 0 | 0 | 3 | ||
Commercial | Commercial Real Estate | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 48,600 | 48,600 | 45,200 | ||
Commercial | Commercial Real Estate | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 3,700 | 3,700 | 2,500 | ||
Commercial | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 25,342 | 25,342 | 24,866 | ||
Nonperforming loans and leases | 19 | 19 | 3 | ||
Accruing past due 90 days or more | 27 | 27 | 41 | ||
Commercial | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonperforming loans and leases | 78 | 78 | 87 | ||
Accruing past due 90 days or more | 63 | 63 | 67 | ||
Commercial | Small Business Commercial | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 13,248 | 13,248 | 13,293 | ||
Noninterest income | Nonperforming Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Gain (loss) on sale | 40 | $ 158 | 75 | $ 170 | |
90 Days or More Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 15,202 | 15,202 | 19,754 | ||
90 Days or More Past Due | Chapter Seven Bankruptcy | Nonperforming Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 334 | 334 | |||
90 Days or More Past Due | Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 14,697 | 14,697 | 19,012 | ||
90 Days or More Past Due | Consumer Real Estate | Core Portfolio, Residential Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 4,661 | 4,661 | 5,561 | ||
90 Days or More Past Due | Consumer Real Estate | Core Portfolio, Home Equity Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 688 | 688 | 744 | ||
90 Days or More Past Due | Consumer Real Estate | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 7,431 | 7,431 | 10,513 | ||
90 Days or More Past Due | Consumer Real Estate | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 1,047 | 1,047 | 1,166 | ||
90 Days or More Past Due | Credit card and other consumer | Credit Card Receivable | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 742 | 742 | 866 | ||
90 Days or More Past Due | Credit card and other consumer | Credit Card Receivable | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 86 | 86 | 95 | ||
90 Days or More Past Due | Credit card and other consumer | Direct/Indirect Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 40 | 40 | 65 | ||
90 Days or More Past Due | Credit card and other consumer | Other consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 2 | 2 | 2 | ||
90 Days or More Past Due | Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 505 | 505 | 742 | ||
90 Days or More Past Due | Commercial | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 283 | 283 | 318 | ||
90 Days or More Past Due | Commercial | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 0 | 0 | 0 | ||
90 Days or More Past Due | Commercial | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 101 | 101 | 288 | ||
90 Days or More Past Due | Commercial | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 35 | 35 | 42 | ||
90 Days or More Past Due | Commercial | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | $ 86 | $ 86 | $ 94 |
Outstanding Loans and Leases 67
Outstanding Loans and Leases - Consumer Real Estate - Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 886,449 | $ 881,391 |
Loans and leases, measured at fair value | 7,629 | 8,681 |
Consumer Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, measured at fair value | 2,000 | 2,100 |
Consumer Real Estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 151,007 | 162,220 |
Consumer Real Estate | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 34,589 | 38,825 |
Consumer Real Estate | Legacy Assets & Servicing Residential Mortgage | Pay option | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,600 | 3,200 |
Consumer Real Estate | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 13,229 | 15,152 |
Consumer Real Estate | Residential Mortgage PCI | Pay option | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,200 | 2,800 |
Consumer Real Estate | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 50,025 | 51,887 |
Consumer Real Estate | Legacy Assets & Servicing Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 25,868 | 28,221 |
Consumer Real Estate | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 5,113 | 5,617 |
Consumer Real Estate | Less than 620 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,920 | 4,184 |
Consumer Real Estate | Less than 620 | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 5,366 | 6,313 |
Consumer Real Estate | Less than 620 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,633 | 6,109 |
Consumer Real Estate | Less than 620 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,026 | 2,169 |
Consumer Real Estate | Less than 620 | Legacy Assets & Servicing Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,111 | 3,470 |
Consumer Real Estate | Less than 620 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 771 | 864 |
Consumer Real Estate | Greater than or equal to 620 and less than 680 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 5,996 | 6,272 |
Consumer Real Estate | Greater than or equal to 620 and less than 680 | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,787 | 4,032 |
Consumer Real Estate | Greater than or equal to 620 and less than 680 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,796 | 3,014 |
Consumer Real Estate | Greater than or equal to 620 and less than 680 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,471 | 3,683 |
Consumer Real Estate | Greater than or equal to 620 and less than 680 | Legacy Assets & Servicing Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,237 | 4,529 |
Consumer Real Estate | Greater than or equal to 620 and less than 680 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 908 | 995 |
Consumer Real Estate | Greater than or equal to 680 and less than 740 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 21,914 | 21,946 |
Consumer Real Estate | Greater than or equal to 680 and less than 740 | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,071 | 6,463 |
Consumer Real Estate | Greater than or equal to 680 and less than 740 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,201 | 3,310 |
Consumer Real Estate | Greater than or equal to 680 and less than 740 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 9,670 | 10,231 |
Consumer Real Estate | Greater than or equal to 680 and less than 740 | Legacy Assets & Servicing Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,261 | 7,905 |
Consumer Real Estate | Greater than or equal to 680 and less than 740 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,495 | 1,651 |
Consumer Real Estate | Greater than or equal to 740 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 80,295 | 76,828 |
Consumer Real Estate | Greater than or equal to 740 | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 9,305 | 10,037 |
Consumer Real Estate | Greater than or equal to 740 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,599 | 2,719 |
Consumer Real Estate | Greater than or equal to 740 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 34,858 | 35,804 |
Consumer Real Estate | Greater than or equal to 740 | Legacy Assets & Servicing Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 11,259 | 12,317 |
Consumer Real Estate | Greater than or equal to 740 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,939 | 2,107 |
Consumer Real Estate | Less than or equal to 90 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 103,478 | 100,255 |
Consumer Real Estate | Less than or equal to 90 percent | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 17,554 | 18,499 |
Consumer Real Estate | Less than or equal to 90 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 8,839 | 9,972 |
Consumer Real Estate | Less than or equal to 90 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 44,270 | 45,414 |
Consumer Real Estate | Less than or equal to 90 percent | Legacy Assets & Servicing Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 16,208 | 17,453 |
Consumer Real Estate | Less than or equal to 90 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,908 | 2,046 |
Consumer Real Estate | Greater than 90 percent but less than or equal to 100 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,799 | 4,958 |
Consumer Real Estate | Greater than 90 percent but less than or equal to 100 percent | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,555 | 3,081 |
Consumer Real Estate | Greater than 90 percent but less than or equal to 100 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,682 | 2,005 |
Consumer Real Estate | Greater than 90 percent but less than or equal to 100 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,130 | 2,442 |
Consumer Real Estate | Greater than 90 percent but less than or equal to 100 percent | Legacy Assets & Servicing Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,892 | 3,272 |
Consumer Real Estate | Greater than 90 percent but less than or equal to 100 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 912 | 1,048 |
Consumer Real Estate | Greater than 100 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,848 | 4,017 |
Consumer Real Estate | Greater than 100 percent | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,420 | 5,265 |
Consumer Real Estate | Greater than 100 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,708 | 3,175 |
Consumer Real Estate | Greater than 100 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,625 | 4,031 |
Consumer Real Estate | Greater than 100 percent | Legacy Assets & Servicing Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,768 | 7,496 |
Consumer Real Estate | Greater than 100 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,293 | 2,523 |
Consumer Real Estate | Fully Insured Loans | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 38,882 | 52,990 |
Consumer Real Estate | Fully Insured Loans | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 10,060 | 11,980 |
Consumer Real Estate | Fully Insured Loans | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Consumer Real Estate | Fully Insured Loans | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Consumer Real Estate | Fully Insured Loans | Legacy Assets & Servicing Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Consumer Real Estate | Fully Insured Loans | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 0 | $ 0 |
Outstanding Loans and Leases 68
Outstanding Loans and Leases - Credit Card and Other Consumer - Credit Quality Indicators (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 886,449 | $ 881,391 |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 84,754 | 80,381 |
Securities based lending overcollateralized | 42,600 | 39,700 |
Loans no longer originated by corporation | 600 | 632 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 2,000 | $ 1,846 |
Percentage from exited businesses | 31.00% | 37.00% |
Credit card and other consumer | United States | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 88,403 | $ 91,879 |
Credit card and other consumer | Non United States | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 10,276 | $ 10,465 |
Percentage outstanding, current or less than 30 days past due | 98.00% | 98.00% |
Percentage outstanding, 30-89 days past due | 1.00% | 1.00% |
Percentage outstanding, equal to greater than 90 days past due | 1.00% | 1.00% |
Credit card and other consumer | Less than 620 | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 1,266 | $ 1,296 |
Credit card and other consumer | Less than 620 | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 237 | 266 |
Credit card and other consumer | Less than 620 | United States | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,023 | 4,467 |
Credit card and other consumer | Less than 620 | Non United States | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Credit card and other consumer | Greater than or equal to 620 and less than 680 | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,748 | 1,892 |
Credit card and other consumer | Greater than or equal to 620 and less than 680 | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 218 | 227 |
Credit card and other consumer | Greater than or equal to 620 and less than 680 | United States | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 11,624 | 12,177 |
Credit card and other consumer | Greater than or equal to 620 and less than 680 | Non United States | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Credit card and other consumer | Greater than or equal to 680 and less than 740 | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 10,667 | 10,749 |
Credit card and other consumer | Greater than or equal to 680 and less than 740 | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 315 | 307 |
Credit card and other consumer | Greater than or equal to 680 and less than 740 | United States | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 33,678 | 34,986 |
Credit card and other consumer | Greater than or equal to 680 and less than 740 | Non United States | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Credit card and other consumer | Greater than or equal to 740 | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 27,077 | 25,279 |
Credit card and other consumer | Greater than or equal to 740 | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,000 | 881 |
Credit card and other consumer | Greater than or equal to 740 | United States | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 39,078 | 40,249 |
Credit card and other consumer | Greater than or equal to 740 | Non United States | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Credit card and other consumer | Other internal credit metrics | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 43,996 | 41,165 |
Credit card and other consumer | Other internal credit metrics | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 230 | 165 |
Credit card and other consumer | Other internal credit metrics | United States | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Credit card and other consumer | Other internal credit metrics | Non United States | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 10,276 | $ 10,465 |
Outstanding Loans and Leases 69
Outstanding Loans and Leases - Commercial - Credit Quality Indicators (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 886,449 | $ 881,391 |
Loans and leases, measured at fair value | 7,629 | 8,681 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 419,214 | 392,821 |
Loans and leases, measured at fair value | 5,658 | 6,604 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 52,344 | 47,682 |
Commercial | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 25,342 | 24,866 |
Commercial | Pass rated | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 51,656 | 46,632 |
Commercial | Pass rated | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 24,279 | 23,832 |
Commercial | Reservable criticized | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 688 | 1,050 |
Commercial | Reservable criticized | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,063 | 1,034 |
Commercial | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 235,048 | 220,293 |
Loans and leases, measured at fair value | 2,300 | 1,900 |
Commercial | United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 48,600 | 45,200 |
Commercial | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 13,248 | 13,293 |
Commercial | United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 227,063 | 213,839 |
Commercial | United States | Pass rated | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 640 | 751 |
Commercial | United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,985 | 6,454 |
Commercial | United States | Reservable criticized | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 127 | $ 182 |
Commercial | United States | Internal Credit Metrics | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage outstanding, current or less than 30 days past due | 99.00% | 98.00% |
Commercial | United States | Business Card and Small Business Loan | Refreshed FICO or Internal Credit Metric | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 713 | $ 762 |
Commercial | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 87,574 | 80,083 |
Loans and leases, measured at fair value | 3,400 | 4,700 |
Commercial | Non United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,700 | 2,500 |
Commercial | Non United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 86,193 | 79,367 |
Commercial | Non United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,381 | 716 |
Commercial | Less than 620 | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 178 | 184 |
Commercial | Greater than or equal to 620 and less than 680 | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 544 | 529 |
Commercial | Greater than or equal to 680 and less than 740 | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,653 | 1,591 |
Commercial | Greater than or equal to 740 | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,122 | 2,910 |
Commercial | Refreshed FICO score other internal credit metrics [Member] | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 6,984 | $ 7,146 |
Outstanding Loans and Leases 70
Outstanding Loans and Leases - Consumer Real Estate - Impaired Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | $ 886,449 | $ 886,449 | $ 881,391 | ||
Chapter Seven Bankruptcy | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | 2,200 | 2,200 | |||
Nonperforming Financing Receivable | Chapter Seven Bankruptcy | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | 980 | 980 | |||
Federal Housing Administration | Fully Insured Loans | Chapter Seven Bankruptcy | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | 915 | $ 915 | |||
Consumer Real Estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Minimum period for modified payments under trial modification | 3 months | ||||
Maximum period for modified payments under trial modification | 4 months | ||||
Real estate acquired through foreclosure | 553 | $ 553 | 630 | ||
Loans with formal foreclosure proceeding in process | 6,700 | 6,700 | |||
Consumer Real Estate | Residential Mortgage | |||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
With no recorded allowance | 17,058 | 17,058 | 19,710 | ||
With an allowance recorded | 8,096 | 8,096 | 7,861 | ||
Total | 25,154 | 25,154 | 27,571 | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
With no recorded allowance | 13,577 | 13,577 | 15,605 | ||
With an allowance recorded | 7,923 | 7,923 | 7,665 | ||
Total | 21,500 | 21,500 | 23,270 | ||
Related Allowance | 477 | 477 | 531 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
With no recorded allowance | 14,401 | $ 15,202 | 14,897 | $ 15,781 | |
With an allowance recorded | 7,706 | 11,493 | 7,646 | 11,913 | |
Total | 22,107 | 26,695 | 22,543 | 27,694 | |
Impaired Financing Receivable, Interest Income, Accrual and Cash Basis Method [Abstract] | |||||
With no recorded allowance | 105 | 125 | 213 | 285 | |
With an allowance recorded | 61 | 118 | 125 | 249 | |
Total | 166 | 243 | $ 338 | 534 | |
Consumer Real Estate | Home equity | |||||
Financing Receivable, Impaired [Line Items] | |||||
Threshold period past due for write-off of financing receivable | 180 days | ||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
With no recorded allowance | 3,597 | $ 3,597 | 3,540 | ||
With an allowance recorded | 963 | 963 | 852 | ||
Total | 4,560 | 4,560 | 4,392 | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
With no recorded allowance | 1,752 | 1,752 | 1,630 | ||
With an allowance recorded | 831 | 831 | 728 | ||
Total | 2,583 | 2,583 | 2,358 | ||
Related Allowance | 197 | 197 | $ 196 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
With no recorded allowance | 1,805 | 1,436 | 1,748 | 1,419 | |
With an allowance recorded | 744 | 744 | 729 | 747 | |
Total | 2,549 | 2,180 | 2,477 | 2,166 | |
Impaired Financing Receivable, Interest Income, Accrual and Cash Basis Method [Abstract] | |||||
With no recorded allowance | 20 | 20 | 45 | 42 | |
With an allowance recorded | 5 | 5 | 12 | 13 | |
Total | $ 25 | $ 25 | $ 57 | $ 55 |
Outstanding Loans and Leases 71
Outstanding Loans and Leases - Consumer Real Estate - TDRs Entered into During the Period (Details) - Consumer Real Estate - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 1,757,000,000 | $ 1,913,000,000 | $ 3,339,000,000 | $ 3,293,000,000 |
Carrying Value | $ 1,579,000,000 | $ 1,638,000,000 | $ 2,926,000,000 | $ 2,794,000,000 |
Pre-Modification Interest Rate | 4.60% | 4.94% | 4.76% | 4.98% |
Post-Modification Interest Rate | 4.44% | 4.55% | 4.42% | 4.45% |
Net Charge-offs | $ 44,000,000 | $ 53,000,000 | $ 72,000,000 | $ 85,000,000 |
Residential Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 1,409,000,000 | 1,677,000,000 | 2,760,000,000 | 2,873,000,000 |
Carrying Value | $ 1,294,000,000 | $ 1,475,000,000 | $ 2,479,000,000 | $ 2,513,000,000 |
Pre-Modification Interest Rate | 4.87% | 5.07% | 4.98% | 5.09% |
Post-Modification Interest Rate | 4.71% | 4.69% | 4.64% | 4.59% |
Net Charge-offs | $ 25,000,000 | $ 24,000,000 | $ 42,000,000 | $ 41,000,000 |
Principal forgiveness | 102,000,000 | 22,000,000 | 261,000,000 | 39,000,000 |
Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 348,000,000 | 236,000,000 | 579,000,000 | 420,000,000 |
Carrying Value | $ 285,000,000 | $ 163,000,000 | $ 447,000,000 | $ 281,000,000 |
Pre-Modification Interest Rate | 3.49% | 3.97% | 3.72% | 4.17% |
Post-Modification Interest Rate | 3.36% | 3.58% | 3.36% | 3.47% |
Net Charge-offs | $ 19,000,000 | $ 29,000,000 | $ 30,000,000 | $ 44,000,000 |
Principal forgiveness | $ 2,000,000 | $ 0 | $ 3,000,000 | $ 0 |
Outstanding Loans and Leases Ou
Outstanding Loans and Leases Outstanding Loans and Leases - Consumer Real Estate - Modification Programs (Details) - Consumer Real Estate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | $ 1,579 | $ 1,638 | $ 2,926 | $ 2,794 |
Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 111 | 329 | 312 | 580 |
Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 93 | 84 | 300 | 276 |
Trial modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 1,227 | 1,011 | 2,032 | 1,504 |
Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 148 | 214 | 282 | 434 |
Contractual interest rate reduction | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 98 | 273 | 281 | 489 |
Contractual interest rate reduction | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 39 | 57 | 119 | 169 |
Capitalization of past due amounts | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 20 | 5 | 53 | 32 |
Principal and/or interest forbearance | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 2 | 4 | 7 | 21 |
Principal and/or interest forbearance | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 19 | 18 | 84 | 49 |
Other modifications | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 11 | 52 | 24 | 70 |
Other modifications | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 15 | 4 | 44 | 26 |
Residential Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 1,294 | 1,475 | 2,479 | 2,513 |
Residential Mortgage | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 106 | 315 | 291 | 536 |
Residential Mortgage | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 89 | 77 | 256 | 255 |
Residential Mortgage | Trial modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 997 | 917 | 1,734 | 1,389 |
Residential Mortgage | Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 102 | 166 | 198 | 333 |
Residential Mortgage | Contractual interest rate reduction | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 95 | 262 | 266 | 456 |
Residential Mortgage | Contractual interest rate reduction | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 38 | 53 | 113 | 161 |
Residential Mortgage | Capitalization of past due amounts | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 19 | 5 | 50 | 31 |
Residential Mortgage | Principal and/or interest forbearance | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 0 | 1 | 2 | 10 |
Residential Mortgage | Principal and/or interest forbearance | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 18 | 15 | 75 | 41 |
Residential Mortgage | Other modifications | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 11 | 52 | 23 | 70 |
Residential Mortgage | Other modifications | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 14 | 4 | 18 | 22 |
Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 285 | 163 | 447 | 281 |
Home equity | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 5 | 14 | 21 | 44 |
Home equity | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 4 | 7 | 44 | 21 |
Home equity | Trial modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 230 | 94 | 298 | 115 |
Home equity | Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 46 | 48 | 84 | 101 |
Home equity | Contractual interest rate reduction | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 3 | 11 | 15 | 33 |
Home equity | Contractual interest rate reduction | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 1 | 4 | 6 | 8 |
Home equity | Capitalization of past due amounts | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 1 | 0 | 3 | 1 |
Home equity | Principal and/or interest forbearance | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 2 | 3 | 5 | 11 |
Home equity | Principal and/or interest forbearance | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 1 | 3 | 9 | 8 |
Home equity | Other modifications | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 0 | 0 | 1 | 0 |
Home equity | Other modifications | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | $ 1 | $ 0 | $ 26 | $ 4 |
Outstanding Loans and Leases 73
Outstanding Loans and Leases - Consumer Real Estate - TDRs Entering Payment Default That Were Modified During the Preceding 12 Months (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)payment | Jun. 30, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Loans in default sold or disposed of by the company | $ 771 | $ 545 | ||
Consumer Real Estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | $ 710 | $ 1,118 | 2,743 | 2,449 |
Consumer Real Estate | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 100 | 187 | 208 | 346 |
Consumer Real Estate | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 44 | 206 | 96 | 478 |
Consumer Real Estate | Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 71 | 194 | 152 | 316 |
Consumer Real Estate | Trial modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 495 | 531 | 2,287 | 1,309 |
Loans in which customer did not response with payment to Department of Justice mailings | 116 | $ 1,500 | ||
Residential Mortgage | Consumer Real Estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of missing payments causing default | payment | 3 | |||
Threshold period past due after modification of financing receivable | 90 days | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 666 | 1,058 | $ 2,652 | 2,384 |
Residential Mortgage | Consumer Real Estate | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 99 | 186 | 206 | 344 |
Residential Mortgage | Consumer Real Estate | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 38 | 203 | 78 | 475 |
Residential Mortgage | Consumer Real Estate | Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 61 | 153 | 132 | 274 |
Residential Mortgage | Consumer Real Estate | Trial modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 468 | 516 | 2,236 | 1,291 |
Home equity | Consumer Real Estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 44 | 60 | 91 | 65 |
Home equity | Consumer Real Estate | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 1 | 1 | 2 | 2 |
Home equity | Consumer Real Estate | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 6 | 3 | 18 | 3 |
Home equity | Consumer Real Estate | Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 10 | 41 | 20 | 42 |
Home equity | Consumer Real Estate | Trial modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | $ 27 | $ 15 | $ 51 | $ 18 |
Outstanding Loans and Leases 74
Outstanding Loans and Leases - Credit Card and Other Consumer - Impaired Loans (Details) - Credit card and other consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Fixed payment plan period for loans modified | 60 months | ||||
Threshold period past due for write-off of financing receivable | 180 days | ||||
Threshold period past due for write-off of financing receivable after placed on fixed payment plan | 120 days | ||||
Direct/Indirect Consumer | |||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
With no recorded allowance | $ 55 | $ 55 | $ 59 | ||
With an allowance recorded | 39 | 39 | 76 | ||
Total | 94 | 94 | 135 | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
With no recorded allowance | 24 | 24 | 25 | ||
With an allowance recorded | 45 | 45 | 92 | ||
Total | 69 | 69 | 117 | ||
Related Allowance | 12 | 12 | 24 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
With no recorded allowance | 24 | $ 30 | 24 | $ 29 | |
With an allowance recorded | 57 | 196 | 69 | 227 | |
Total | 81 | 226 | 93 | 256 | |
Impaired Financing Receivable, Interest Income, Accrual and Cash Basis Method [Abstract] | |||||
With no recorded allowance | 0 | 0 | 0 | 0 | |
With an allowance recorded | 1 | 3 | 2 | 6 | |
Total | 1 | 3 | 2 | 6 | |
Other consumer | |||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
With no recorded allowance | 0 | 34 | 0 | 34 | |
With an allowance recorded | 0 | 24 | 0 | 25 | |
Total | 0 | 58 | 0 | 59 | |
Impaired Financing Receivable, Interest Income, Accrual and Cash Basis Method [Abstract] | |||||
With no recorded allowance | 0 | 0 | 0 | 1 | |
With an allowance recorded | 0 | 1 | 0 | 1 | |
Total | 0 | 1 | 0 | 2 | |
United States | Credit Card Receivable | |||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
With an allowance recorded | 702 | 702 | 804 | ||
Total | 702 | 702 | 804 | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
With an allowance recorded | 717 | 717 | 856 | ||
Total | 717 | 717 | 856 | ||
Related Allowance | 199 | 199 | 207 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
With an allowance recorded | 776 | 1,205 | 812 | 1,306 | |
Total | 776 | 1,205 | 812 | 1,306 | |
Impaired Financing Receivable, Interest Income, Accrual and Cash Basis Method [Abstract] | |||||
With an allowance recorded | 11 | 18 | 24 | 40 | |
Total | 11 | 18 | 24 | 40 | |
Non United States | Credit Card Receivable | |||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
With an allowance recorded | 128 | 128 | 132 | ||
Total | 128 | 128 | 132 | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
With an allowance recorded | 148 | 148 | 168 | ||
Total | 148 | 148 | 168 | ||
Related Allowance | 96 | 96 | $ 108 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
With an allowance recorded | 150 | 224 | 154 | 230 | |
Total | 150 | 224 | 154 | 230 | |
Impaired Financing Receivable, Interest Income, Accrual and Cash Basis Method [Abstract] | |||||
With an allowance recorded | 1 | 1 | 2 | 3 | |
Total | $ 1 | $ 1 | $ 2 | $ 3 |
Outstanding Loans and Leases 75
Outstanding Loans and Leases - Credit Card and Other Consumer - Renegotiated TDRs by Program Type (Details) - Credit card and other consumer - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 934 | $ 1,141 |
Percent of balances current or less than 30 days past due | 81.24% | 79.51% |
Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 432 | $ 541 |
External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 368 | 447 |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 134 | 153 |
Credit Card Receivable | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 717 | $ 856 |
Percent of balances current or less than 30 days past due | 87.92% | 84.99% |
Credit Card Receivable | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 148 | $ 168 |
Percent of balances current or less than 30 days past due | 45.77% | 47.56% |
Credit Card Receivable | Internal Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 378 | $ 450 |
Credit Card Receivable | Internal Programs | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 30 | 41 |
Credit Card Receivable | External Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 337 | 397 |
Credit Card Receivable | External Programs | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 14 | 16 |
Credit Card Receivable | Other | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 2 | 9 |
Credit Card Receivable | Other | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 104 | 111 |
Direct/Indirect Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 69 | $ 117 |
Percent of balances current or less than 30 days past due | 87.85% | 85.21% |
Direct/Indirect Consumer | Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 24 | $ 50 |
Direct/Indirect Consumer | External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 17 | 34 |
Direct/Indirect Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 28 | $ 33 |
Outstanding Loans and Leases 76
Outstanding Loans and Leases - Credit Card and Other Consumer - Renegotiated TDRs Entered into During the Period (Details) - Credit card and other consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 104 | $ 139 | $ 202 | $ 275 |
Carrying Value | $ 113 | $ 153 | $ 219 | $ 303 |
Pre-Modification Interest Rate | 19.19% | 19.30% | 19.17% | 19.32% |
Post-Modification Interest Rate | 3.22% | 3.37% | 3.35% | 3.47% |
Net Charge-offs | $ 18 | $ 27 | $ 25 | $ 35 |
Credit Card Receivable | United States | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 61 | 78 | 123 | 159 |
Carrying Value | $ 66 | $ 87 | $ 133 | $ 176 |
Pre-Modification Interest Rate | 16.96% | 16.74% | 16.98% | 16.70% |
Post-Modification Interest Rate | 4.90% | 5.03% | 5.01% | 5.13% |
Net Charge-offs | $ 6 | $ 8 | $ 8 | $ 11 |
Credit Card Receivable | Non United States | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 36 | 47 | 67 | 91 |
Carrying Value | $ 42 | $ 55 | $ 79 | $ 107 |
Pre-Modification Interest Rate | 24.19% | 25.36% | 24.08% | 25.47% |
Post-Modification Interest Rate | 0.34% | 0.41% | 0.33% | 0.48% |
Net Charge-offs | $ 10 | $ 15 | $ 12 | $ 17 |
Direct/Indirect Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 7 | 11 | 12 | 20 |
Carrying Value | $ 5 | $ 8 | $ 7 | $ 15 |
Pre-Modification Interest Rate | 6.03% | 8.64% | 6.59% | 9.35% |
Post-Modification Interest Rate | 5.05% | 4.87% | 5.41% | 4.68% |
Net Charge-offs | $ 2 | $ 4 | $ 5 | $ 7 |
Other consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 3 | 5 | ||
Carrying Value | $ 3 | $ 5 | ||
Pre-Modification Interest Rate | 9.64% | 9.13% | ||
Post-Modification Interest Rate | 5.66% | 5.31% | ||
Net Charge-offs | $ 0 | $ 0 |
Outstanding Loans and Leases 77
Outstanding Loans and Leases - Credit Card and Other Consumer - Renegotiated TDRs Entered into During the Period by Program Type (Details) - Credit card and other consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | $ 113 | $ 153 | $ 219 | $ 303 |
Internal Programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 45 | 64 | 91 | 132 |
External Programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 24 | 32 | 48 | 63 |
Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 44 | 57 | 80 | 108 |
Credit Card Receivable | United States | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 66 | 87 | $ 133 | 176 |
Percent expected to be in payment default within 12 months after modification | 14.00% | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 10 | 12 | $ 22 | 25 |
Credit Card Receivable | Non United States | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 42 | 55 | $ 79 | 107 |
Percent expected to be in payment default within 12 months after modification | 85.00% | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 39 | 54 | $ 80 | 110 |
Credit Card Receivable | Internal Programs | United States | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 43 | 58 | 88 | 119 |
Credit Card Receivable | Internal Programs | Non United States | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 1 | 1 | 2 | 4 |
Credit Card Receivable | External Programs | United States | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 23 | 29 | 45 | 57 |
Credit Card Receivable | External Programs | Non United States | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 1 | 2 | 3 | 4 |
Credit Card Receivable | Other | United States | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 0 | 0 | 0 | 0 |
Credit Card Receivable | Other | Non United States | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 40 | 52 | 74 | 99 |
Direct/Indirect Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 5 | 8 | $ 7 | 15 |
Percent expected to be in payment default within 12 months after modification | 12.00% | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 1 | 1 | $ 2 | 3 |
Direct/Indirect Consumer | Internal Programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 1 | 2 | 1 | 4 |
Direct/Indirect Consumer | External Programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 0 | 1 | 0 | 2 |
Direct/Indirect Consumer | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | $ 4 | 5 | $ 6 | 9 |
Other consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 3 | 5 | ||
Other consumer | Internal Programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 3 | 5 | ||
Other consumer | External Programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | 0 | 0 | ||
Other consumer | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Carrying Value | $ 0 | $ 0 |
Outstanding Loans and Leases 78
Outstanding Loans and Leases - Commercial Loans - Impaired Loans (Details) - Commercial - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Real estate acquired through foreclosure | $ 265 | $ 265 | $ 67 | ||
U.S. Commercial | |||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
With no recorded allowance | 849 | 849 | 668 | ||
With an allowance recorded | 1,192 | 1,192 | 1,139 | ||
Total | 2,041 | 2,041 | 1,807 | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
With no recorded allowance | 814 | 814 | 650 | ||
With an allowance recorded | 973 | 973 | 839 | ||
Total | 1,787 | 1,787 | 1,489 | ||
Related Allowance | 84 | 84 | 75 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
With no recorded allowance | 710 | $ 480 | 669 | $ 499 | |
With an allowance recorded | 904 | 1,387 | 862 | 1,347 | |
Total | 1,614 | 1,867 | 1,531 | 1,846 | |
Impaired Financing Receivable, Interest Income, Accrual and Cash Basis Method [Abstract] | |||||
With no recorded allowance | 5 | 3 | 8 | 5 | |
With an allowance recorded | 12 | 15 | 25 | 30 | |
Total | 17 | 18 | 33 | 35 | |
Non United States | |||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
With no recorded allowance | 59 | 59 | 0 | ||
With an allowance recorded | 150 | 150 | 47 | ||
Total | 209 | 209 | 47 | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
With no recorded allowance | 59 | 59 | 0 | ||
With an allowance recorded | 117 | 117 | 44 | ||
Total | 176 | 176 | 44 | ||
Related Allowance | 16 | 16 | 1 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
With no recorded allowance | 34 | 5 | 19 | 7 | |
With an allowance recorded | 118 | 63 | 92 | 68 | |
Total | 152 | 68 | 111 | 75 | |
Impaired Financing Receivable, Interest Income, Accrual and Cash Basis Method [Abstract] | |||||
With no recorded allowance | 1 | 0 | 1 | 0 | |
With an allowance recorded | 1 | 1 | 2 | ||
Total | 1 | 1 | 2 | 2 | |
Commercial Real Estate | |||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
With no recorded allowance | 90 | 90 | 60 | ||
With an allowance recorded | 426 | 426 | 678 | ||
Total | 516 | 516 | 738 | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
With no recorded allowance | 73 | 73 | 48 | ||
With an allowance recorded | 237 | 237 | 495 | ||
Total | 310 | 310 | 543 | ||
Related Allowance | 20 | 20 | 48 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
With no recorded allowance | 83 | 193 | 77 | 206 | |
With an allowance recorded | 232 | 632 | 282 | 667 | |
Total | 315 | 825 | 359 | 873 | |
Impaired Financing Receivable, Interest Income, Accrual and Cash Basis Method [Abstract] | |||||
With no recorded allowance | 0 | 1 | 1 | 2 | |
With an allowance recorded | 2 | 6 | 5 | 13 | |
Total | 2 | 7 | 6 | 15 | |
Small Business Commercial | |||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
With an allowance recorded | 114 | 114 | 133 | ||
Total | 114 | 114 | 133 | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
With an allowance recorded | 103 | 103 | 122 | ||
Total | 103 | 103 | 122 | ||
Related Allowance | 36 | 36 | $ 35 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
With an allowance recorded | 108 | 159 | 114 | 165 | |
Total | 108 | 159 | 114 | 165 | |
Impaired Financing Receivable, Interest Income, Accrual and Cash Basis Method [Abstract] | |||||
With an allowance recorded | 0 | 1 | 0 | 2 | |
Total | $ 0 | $ 1 | $ 0 | $ 2 |
Outstanding Loans and Leases 79
Outstanding Loans and Leases - Commercial Loans TDRs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Modifications [Line Items] | ||||
Threshold period past due for nonperforming status of financing receivables | 90 days | |||
Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 666 | $ 581 | $ 891 | $ 1,072 |
Carrying Value | 647 | 576 | 871 | 1,058 |
Net Charge-offs | 3 | 0 | $ 6 | 2 |
Threshold period past due for nonperforming status of financing receivables | 90 days | |||
Commercial | U.S. Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 602 | 493 | $ 794 | 740 |
Carrying Value | 583 | 488 | 773 | 726 |
Net Charge-offs | 3 | 0 | 6 | 2 |
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 132 | 63 | ||
Commercial | Non United States | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 59 | 46 | 66 | 46 |
Carrying Value | 59 | 46 | 66 | 46 |
Net Charge-offs | 0 | 0 | 0 | 0 |
Commercial | Commercial Real Estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 4 | 39 | 28 | 282 |
Carrying Value | 4 | 39 | 28 | 282 |
Net Charge-offs | 0 | 0 | 0 | 0 |
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 28 | 82 | ||
Commercial | Small Business Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 1 | 3 | 3 | 4 |
Carrying Value | 1 | 3 | 4 | 4 |
Net Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 |
Outstanding Loans and Leases 80
Outstanding Loans and Leases - Purchased Credit-Impaired Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Accretable yield, beginning of period | $ 5,167 | $ 5,608 | ||
Accretion | (220) | (453) | ||
Disposals/transfers | (129) | (265) | ||
Reclassifications from nonaccretable difference | 150 | 78 | ||
Accretable yield, June 30, 2015 | 4,968 | 4,968 | ||
Purchased credit impaired loans sold | 401 | $ 98 | 987 | $ 552 |
Purchased Credit - impaired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable allowance sold | $ 65 | $ 28 | $ 175 | $ 186 |
Outstanding Loans and Leases 81
Outstanding Loans and Leases - Loans Held-for-Sale (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Loans and Leases Receivable Disclosure [Abstract] | |||
Loans held-for-sale | $ 6,914 | $ 12,836 | |
Proceeds including cash and securities from sales securitizations and paydowns of loans held for sale | 23,200 | $ 19,800 | |
Originations and purchases | $ (19,868) | $ (18,794) |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance by Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning balance | $ 13,676 | $ 16,618 | $ 14,419 | $ 17,428 |
Loans and leases charged off | (1,553) | (1,844) | (3,198) | (3,712) |
Recoveries of loans and leases previously charged off | 485 | 771 | 936 | 1,251 |
Net charge-offs | (1,068) | (1,073) | (2,262) | (2,461) |
Provision for loan and lease losses | 729 | 417 | 1,485 | 1,401 |
Other | 21 | 9 | 4 | (6) |
Allowance for loan and lease losses, ending balance | 13,068 | 15,811 | 13,068 | 15,811 |
Provision for unfunded lending commitments | 780 | 411 | 1,545 | 1,420 |
Reserve for unfunded lending commitments, ending balance | 13,656 | 16,314 | 13,656 | 16,314 |
Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning balance | 537 | 509 | 528 | 484 |
Provision for unfunded lending commitments | 51 | (6) | 60 | 19 |
Reserve for unfunded lending commitments, ending balance | 588 | 503 | 588 | 503 |
Purchased Credit - impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | (290) | (160) | (578) | (551) |
Provision for loan and lease losses | 78 | (106) | 28 | (106) |
Reserve for unfunded lending commitments, beginning balance | 1,652 | |||
Reserve for unfunded lending commitments, ending balance | 1,102 | 1,102 | ||
Consumer Real Estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning balance | 5,250 | 7,556 | 5,935 | 8,518 |
Loans and leases charged off | (533) | (632) | (1,085) | (1,228) |
Recoveries of loans and leases previously charged off | 205 | 428 | 388 | 595 |
Net charge-offs | (328) | (204) | (697) | (633) |
Provision for loan and lease losses | 108 | (284) | 80 | (425) |
Other | 1 | 0 | 1 | (1) |
Allowance for loan and lease losses, ending balance | 4,741 | 6,908 | 4,741 | 6,908 |
Reserve for unfunded lending commitments, ending balance | 4,741 | 6,908 | 4,741 | 6,908 |
Consumer Real Estate | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning balance | 0 | 0 | 0 | 0 |
Provision for unfunded lending commitments | 0 | 0 | 0 | 0 |
Reserve for unfunded lending commitments, ending balance | 0 | 0 | 0 | 0 |
Consumer Real Estate | Purchased Credit - impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | (290) | (160) | (578) | (551) |
Reserve for unfunded lending commitments, beginning balance | 1,652 | |||
Reserve for unfunded lending commitments, ending balance | 1,102 | 1,102 | ||
Credit Card and Other Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning balance | 3,929 | 4,775 | 4,047 | 4,905 |
Loans and leases charged off | (896) | (1,051) | (1,860) | (2,179) |
Recoveries of loans and leases previously charged off | 204 | 241 | 420 | 459 |
Net charge-offs | (692) | (810) | (1,440) | (1,720) |
Provision for loan and lease losses | 445 | 441 | 1,092 | 1,232 |
Other | 20 | 11 | 3 | 0 |
Allowance for loan and lease losses, ending balance | 3,702 | 4,417 | 3,702 | 4,417 |
Reserve for unfunded lending commitments, ending balance | 3,702 | 4,417 | 3,702 | 4,417 |
Credit Card and Other Consumer | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning balance | 0 | 0 | 0 | 0 |
Provision for unfunded lending commitments | 0 | 0 | 0 | 0 |
Reserve for unfunded lending commitments, ending balance | 0 | 0 | 0 | 0 |
Credit Card and Other Consumer | Purchased Credit - impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | 0 | 0 | 0 | 0 |
Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning balance | 4,497 | 4,287 | 4,437 | 4,005 |
Loans and leases charged off | (124) | (161) | (253) | (305) |
Recoveries of loans and leases previously charged off | 76 | 102 | 128 | 197 |
Net charge-offs | (48) | (59) | (125) | (108) |
Provision for loan and lease losses | 176 | 260 | 313 | 594 |
Other | 0 | (2) | 0 | (5) |
Allowance for loan and lease losses, ending balance | 4,625 | 4,486 | 4,625 | 4,486 |
Reserve for unfunded lending commitments, ending balance | 5,213 | 4,989 | 5,213 | 4,989 |
Commercial | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning balance | 537 | 509 | 528 | 484 |
Provision for unfunded lending commitments | 51 | (6) | 60 | 19 |
Reserve for unfunded lending commitments, ending balance | 588 | 503 | 588 | 503 |
Commercial | Purchased Credit - impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Credit Losses -83
Allowance for Credit Losses - Additional Information (Details) - Financing Receivable Portfolio Segment [Domain] - Class of Financing Receivable [Domain] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Provision for loan and lease losses | $ 729 | $ 417 | $ 1,485 | $ 1,401 | |
Loans and leases charged off | (1,553) | (1,844) | (3,198) | (3,712) | |
Allowance for credit losses | 13,656 | 16,314 | 13,656 | 16,314 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Provision for loan and lease losses | 78 | (106) | 28 | (106) | |
Loans and leases charged off | (290) | (160) | (578) | (551) | |
Financing receivable allowance sold | 65 | $ 28 | 175 | $ 186 | |
Allowance for credit losses | $ 1,102 | $ 1,102 | $ 1,652 |
Allowance for Credit Losses -84
Allowance for Credit Losses - Allowance and Carrying Value by Portfolio Segment (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | $ 1,137 | $ 1,225 | ||||
Carrying value | $ 27,393 | $ 28,967 | ||||
Allowance as a percentage of carrying value | 4.15% | 4.23% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 10,829 | $ 11,542 | ||||
Carrying value | $ 833,085 | $ 822,974 | ||||
Allowance as a percentage of carrying value | 1.30% | 1.40% | ||||
Purchased credit-impaired loans | ||||||
Valuation allowance | $ 13,656 | $ 16,314 | ||||
Valuation allowance as a percentage of carrying value | 6.01% | 7.95% | ||||
Total | ||||||
Allowance for loan and lease losses | $ 13,068 | $ 13,676 | $ 14,419 | 15,811 | $ 16,618 | $ 17,428 |
Carrying value | $ 878,820 | $ 872,710 | ||||
Allowance as a percentage of carrying value | 1.49% | 1.65% | ||||
Loans and leases, measured at fair value | $ 7,629 | $ 8,681 | ||||
Consumer Real Estate | ||||||
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | 674 | 727 | ||||
Carrying value | $ 24,083 | $ 25,628 | ||||
Allowance as a percentage of carrying value | 2.80% | 2.84% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 2,965 | $ 3,556 | ||||
Carrying value | $ 237,406 | $ 255,525 | ||||
Allowance as a percentage of carrying value | 1.25% | 1.39% | ||||
Purchased credit-impaired loans | ||||||
Valuation allowance | $ 4,741 | 6,908 | ||||
Valuation allowance as a percentage of carrying value | 6.01% | 7.95% | ||||
Total | ||||||
Allowance for loan and lease losses | $ 4,741 | 5,250 | $ 5,935 | 6,908 | 7,556 | 8,518 |
Carrying value | $ 279,831 | $ 301,922 | ||||
Allowance as a percentage of carrying value | 1.69% | 1.97% | ||||
Loans and leases, measured at fair value | $ 2,000 | $ 2,100 | ||||
Credit Card and Other Consumer | ||||||
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | 307 | 339 | ||||
Carrying value | $ 934 | $ 1,141 | ||||
Allowance as a percentage of carrying value | 32.87% | 29.71% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 3,395 | $ 3,708 | ||||
Carrying value | $ 184,499 | $ 183,430 | ||||
Allowance as a percentage of carrying value | 1.84% | 2.02% | ||||
Purchased credit-impaired loans | ||||||
Valuation allowance | $ 3,702 | 4,417 | ||||
Total | ||||||
Allowance for loan and lease losses | 3,702 | 3,929 | $ 4,047 | 4,417 | 4,775 | 4,905 |
Carrying value | $ 185,433 | $ 184,571 | ||||
Allowance as a percentage of carrying value | 2.00% | 2.19% | ||||
Commercial | ||||||
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | $ 156 | $ 159 | ||||
Carrying value | $ 2,376 | $ 2,198 | ||||
Allowance as a percentage of carrying value | 6.57% | 7.23% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 4,469 | $ 4,278 | ||||
Carrying value | $ 411,180 | $ 384,019 | ||||
Allowance as a percentage of carrying value | 1.09% | 1.11% | ||||
Purchased credit-impaired loans | ||||||
Valuation allowance | $ 5,213 | 4,989 | ||||
Total | ||||||
Allowance for loan and lease losses | 4,625 | $ 4,497 | $ 4,437 | $ 4,486 | $ 4,287 | $ 4,005 |
Carrying value | $ 413,556 | $ 386,217 | ||||
Allowance as a percentage of carrying value | 1.12% | 1.15% | ||||
Loans and leases, measured at fair value | $ 5,658 | $ 6,604 | ||||
Commercial | United States | ||||||
Total | ||||||
Loans and leases, measured at fair value | 2,300 | 1,900 | ||||
Small Business Commercial Loan | United States | ||||||
Total | ||||||
Allowance for loan and lease losses | 36 | 35 | ||||
Purchased Credit - impaired | ||||||
Purchased credit-impaired loans | ||||||
Valuation allowance | 1,102 | 1,652 | ||||
Carrying value gross of valuation allowance | 18,342 | 20,769 | ||||
Purchased Credit - impaired | Consumer Real Estate | ||||||
Purchased credit-impaired loans | ||||||
Valuation allowance | 1,102 | 1,652 | ||||
Carrying value gross of valuation allowance | $ 18,342 | $ 20,769 |
Securitizations and Other Var85
Securitizations and Other Variable Interest Entities - First Lien Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Servicing fees | $ 353 | $ 454 | $ 741 | $ 948 | |
First Lien Mortgages | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Gain (loss) on loans securitized | 262 | 185 | 431 | 383 | |
Servicing advance | 8,900 | 8,900 | $ 10,400 | ||
Loans repurchased from investors and securitization trusts | 775 | 1,100 | 1,900 | 2,400 | |
Agency | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Cash proceeds from new securitizations | 7,101 | 7,552 | 14,672 | 15,018 | |
Gain (loss) on securitizations | 184 | (21) | 357 | (32) | |
Assets of deconsolidated securitization vehicles | 1,500 | 1,500 | |||
Gain on sale of securitization vehicles | 106 | ||||
Non-agency | Subprime | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Cash proceeds from new securitizations | 0 | 809 | 0 | 809 | |
Gain (loss) on securitizations | 0 | 49 | 0 | 49 | |
Commercial Mortgage | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Cash proceeds from new securitizations | 2,732 | 1,508 | 4,888 | 2,212 | |
Gain (loss) on securitizations | 39 | 24 | 32 | 51 | |
Level 2 | First Lien Mortgages | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Transfers of financial assets accounted for as sale initial fair value of assets | $ 5,900 | $ 354 | $ 11,300 | $ 860 |
Securitizations and Other Var86
Securitizations and Other Variable Interest Entities - First Lien Mortgages VIE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
On-balance sheet assets | ||||||||
Trading account assets | $ 189,106,000,000 | $ 189,106,000,000 | $ 191,785,000,000 | |||||
Debt securities carried at fair value | 332,307,000,000 | 332,307,000,000 | 320,695,000,000 | |||||
Held-to-maturity securities | 60,072,000,000 | 60,072,000,000 | 59,766,000,000 | |||||
Loans and leases | 886,449,000,000 | 886,449,000,000 | 881,391,000,000 | |||||
Allowance for loan and lease losses | (13,068,000,000) | $ (15,811,000,000) | (13,068,000,000) | $ (15,811,000,000) | $ (13,676,000,000) | (14,419,000,000) | $ (16,618,000,000) | $ (17,428,000,000) |
All other assets | 113,175,000,000 | 113,175,000,000 | 112,063,000,000 | |||||
Total assets | 2,149,034,000,000 | 2,170,557,000,000 | 2,149,034,000,000 | 2,170,557,000,000 | 2,104,534,000,000 | |||
On-balance sheet liabilities | ||||||||
Long-term debt | 243,414,000,000 | 243,414,000,000 | 243,139,000,000 | |||||
Total liabilities | 1,897,375,000,000 | 1,897,375,000,000 | 1,861,063,000,000 | |||||
Unpaid principal balance of mortgage loans eligible for repurchase | 180,000,000 | 180,000,000 | 635,000,000 | |||||
Principal amount that would be payable to the securitization vehicles | 180,000,000 | 180,000,000 | 635,000,000 | |||||
Unconsolidated VIEs | ||||||||
On-balance sheet liabilities | ||||||||
Other than temporary impairment losses recorded on AFS debt securities | 0 | $ 0 | 0 | $ 0 | ||||
Unconsolidated VIEs | Agency | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Maximum loss exposure | 24,816,000,000 | 24,816,000,000 | 14,918,000,000 | |||||
On-balance sheet assets | ||||||||
Residual interests held | 0 | 0 | 0 | |||||
All other assets | 17,000,000 | 17,000,000 | 24,000,000 | |||||
Total assets | 24,816,000,000 | 24,816,000,000 | 14,918,000,000 | |||||
Principal amount outstanding | 338,751,000,000 | 338,751,000,000 | 397,055,000,000 | |||||
Unconsolidated VIEs | Agency | Senior Lien | ||||||||
On-balance sheet assets | ||||||||
Trading account assets | 1,206,000,000 | 1,206,000,000 | 584,000,000 | |||||
Debt securities carried at fair value | 22,921,000,000 | 22,921,000,000 | 13,473,000,000 | |||||
Held-to-maturity securities | 672,000,000 | 672,000,000 | 837,000,000 | |||||
Unconsolidated VIEs | Agency | Junior Lien | ||||||||
On-balance sheet assets | ||||||||
Trading account assets | 0 | 0 | 0 | |||||
Debt securities carried at fair value | 0 | 0 | 0 | |||||
Held-to-maturity securities | 0 | 0 | 0 | |||||
Unconsolidated VIEs | Non-agency | Prime | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Maximum loss exposure | 1,163,000,000 | 1,163,000,000 | 1,288,000,000 | |||||
On-balance sheet assets | ||||||||
Residual interests held | 3,000,000 | 3,000,000 | 10,000,000 | |||||
All other assets | 48,000,000 | 48,000,000 | 56,000,000 | |||||
Total assets | 783,000,000 | 783,000,000 | 897,000,000 | |||||
Principal amount outstanding | 18,334,000,000 | 18,334,000,000 | 20,167,000,000 | |||||
Unconsolidated VIEs | Non-agency | Prime | Senior Lien | ||||||||
On-balance sheet assets | ||||||||
Trading account assets | 3,000,000 | 3,000,000 | 3,000,000 | |||||
Debt securities carried at fair value | 716,000,000 | 716,000,000 | 816,000,000 | |||||
Held-to-maturity securities | 0 | 0 | 0 | |||||
Unconsolidated VIEs | Non-agency | Prime | Junior Lien | ||||||||
On-balance sheet assets | ||||||||
Trading account assets | 0 | 0 | 0 | |||||
Debt securities carried at fair value | 13,000,000 | 13,000,000 | 12,000,000 | |||||
Held-to-maturity securities | 0 | 0 | 0 | |||||
Unconsolidated VIEs | Non-agency | Subprime | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Maximum loss exposure | 3,132,000,000 | 3,132,000,000 | 3,167,000,000 | |||||
On-balance sheet assets | ||||||||
Residual interests held | 0 | 0 | 0 | |||||
All other assets | 0 | 0 | 1,000,000 | |||||
Total assets | 2,732,000,000 | 2,732,000,000 | 2,831,000,000 | |||||
Principal amount outstanding | 30,753,000,000 | 30,753,000,000 | 32,592,000,000 | |||||
Unconsolidated VIEs | Non-agency | Subprime | Senior Lien | ||||||||
On-balance sheet assets | ||||||||
Trading account assets | 25,000,000 | 25,000,000 | 14,000,000 | |||||
Debt securities carried at fair value | 2,675,000,000 | 2,675,000,000 | 2,811,000,000 | |||||
Held-to-maturity securities | 0 | 0 | 0 | |||||
Unconsolidated VIEs | Non-agency | Subprime | Junior Lien | ||||||||
On-balance sheet assets | ||||||||
Trading account assets | 29,000,000 | 29,000,000 | 0 | |||||
Debt securities carried at fair value | 3,000,000 | 3,000,000 | 5,000,000 | |||||
Held-to-maturity securities | 0 | 0 | 0 | |||||
Unconsolidated VIEs | Non-agency | Alt-A Loan | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Maximum loss exposure | 684,000,000 | 684,000,000 | 710,000,000 | |||||
On-balance sheet assets | ||||||||
Residual interests held | 0 | 0 | 0 | |||||
All other assets | 194,000,000 | 194,000,000 | 245,000,000 | |||||
Total assets | 684,000,000 | 684,000,000 | 710,000,000 | |||||
Principal amount outstanding | 46,313,000,000 | 46,313,000,000 | 50,054,000,000 | |||||
Unconsolidated VIEs | Non-agency | Alt-A Loan | Senior Lien | ||||||||
On-balance sheet assets | ||||||||
Trading account assets | 87,000,000 | 87,000,000 | 81,000,000 | |||||
Debt securities carried at fair value | 369,000,000 | 369,000,000 | 383,000,000 | |||||
Held-to-maturity securities | 0 | 0 | 0 | |||||
Unconsolidated VIEs | Non-agency | Alt-A Loan | Junior Lien | ||||||||
On-balance sheet assets | ||||||||
Trading account assets | 2,000,000 | 2,000,000 | 1,000,000 | |||||
Debt securities carried at fair value | 32,000,000 | 32,000,000 | 0 | |||||
Held-to-maturity securities | 0 | 0 | 0 | |||||
Unconsolidated VIEs | Commercial Mortgage | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Maximum loss exposure | 354,000,000 | 354,000,000 | 352,000,000 | |||||
On-balance sheet assets | ||||||||
Residual interests held | 10,000,000 | 10,000,000 | 22,000,000 | |||||
All other assets | 0 | 0 | 0 | |||||
Total assets | 265,000,000 | 265,000,000 | 325,000,000 | |||||
Principal amount outstanding | 30,505,000,000 | 30,505,000,000 | 20,593,000,000 | |||||
Unconsolidated VIEs | Commercial Mortgage | Senior Lien | ||||||||
On-balance sheet assets | ||||||||
Trading account assets | 99,000,000 | 99,000,000 | 54,000,000 | |||||
Debt securities carried at fair value | 0 | 0 | 76,000,000 | |||||
Held-to-maturity securities | 38,000,000 | 38,000,000 | 42,000,000 | |||||
Unconsolidated VIEs | Commercial Mortgage | Junior Lien | ||||||||
On-balance sheet assets | ||||||||
Trading account assets | 49,000,000 | 49,000,000 | 58,000,000 | |||||
Debt securities carried at fair value | 55,000,000 | 55,000,000 | 58,000,000 | |||||
Held-to-maturity securities | 14,000,000 | 14,000,000 | 15,000,000 | |||||
Consolidated VIEs | Agency | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Maximum loss exposure | 32,598,000,000 | 32,598,000,000 | 38,345,000,000 | |||||
On-balance sheet assets | ||||||||
Trading account assets | 911,000,000 | 911,000,000 | 1,538,000,000 | |||||
Loans and leases | 30,988,000,000 | 30,988,000,000 | 36,187,000,000 | |||||
Allowance for loan and lease losses | (2,000,000) | (2,000,000) | (2,000,000) | |||||
All other assets | 701,000,000 | 701,000,000 | 623,000,000 | |||||
Total assets | 32,598,000,000 | 32,598,000,000 | 38,346,000,000 | |||||
On-balance sheet liabilities | ||||||||
Long-term debt | 0 | 0 | 1,000,000 | |||||
All other liabilities | 15,000,000 | 15,000,000 | 0 | |||||
Total liabilities | 15,000,000 | 15,000,000 | 1,000,000 | |||||
Consolidated VIEs | Non-agency | Prime | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Maximum loss exposure | 73,000,000 | 73,000,000 | 77,000,000 | |||||
On-balance sheet assets | ||||||||
Trading account assets | 0 | 0 | 0 | |||||
Loans and leases | 123,000,000 | 123,000,000 | 130,000,000 | |||||
Allowance for loan and lease losses | 0 | 0 | 0 | |||||
All other assets | 3,000,000 | 3,000,000 | 6,000,000 | |||||
Total assets | 126,000,000 | 126,000,000 | 136,000,000 | |||||
On-balance sheet liabilities | ||||||||
Long-term debt | 53,000,000 | 53,000,000 | 56,000,000 | |||||
All other liabilities | 0 | 0 | 3,000,000 | |||||
Total liabilities | 53,000,000 | 53,000,000 | 59,000,000 | |||||
Consolidated VIEs | Non-agency | Subprime | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Maximum loss exposure | 195,000,000 | 195,000,000 | 206,000,000 | |||||
On-balance sheet assets | ||||||||
Trading account assets | 29,000,000 | 29,000,000 | 30,000,000 | |||||
Loans and leases | 740,000,000 | 740,000,000 | 768,000,000 | |||||
Allowance for loan and lease losses | 0 | 0 | 0 | |||||
All other assets | 19,000,000 | 19,000,000 | 15,000,000 | |||||
Total assets | 788,000,000 | 788,000,000 | 813,000,000 | |||||
On-balance sheet liabilities | ||||||||
Long-term debt | 755,000,000 | 755,000,000 | 770,000,000 | |||||
All other liabilities | 4,000,000 | 4,000,000 | 13,000,000 | |||||
Total liabilities | 759,000,000 | 759,000,000 | 783,000,000 | |||||
Consolidated VIEs | Non-agency | Alt-A Loan | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Maximum loss exposure | 0 | 0 | 0 | |||||
On-balance sheet assets | ||||||||
Trading account assets | 0 | 0 | 0 | |||||
Loans and leases | 0 | 0 | 0 | |||||
Allowance for loan and lease losses | 0 | 0 | 0 | |||||
All other assets | 0 | 0 | 0 | |||||
Total assets | 0 | 0 | 0 | |||||
On-balance sheet liabilities | ||||||||
Long-term debt | 0 | 0 | 0 | |||||
All other liabilities | 0 | 0 | 0 | |||||
Total liabilities | 0 | 0 | 0 | |||||
Consolidated VIEs | Commercial Mortgage | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Maximum loss exposure | 0 | 0 | 0 | |||||
On-balance sheet assets | ||||||||
Trading account assets | 0 | 0 | 0 | |||||
Loans and leases | 0 | 0 | 0 | |||||
Allowance for loan and lease losses | 0 | 0 | 0 | |||||
All other assets | 0 | 0 | 0 | |||||
Total assets | 0 | 0 | 0 | |||||
On-balance sheet liabilities | ||||||||
Long-term debt | 0 | 0 | 0 | |||||
All other liabilities | 0 | 0 | 0 | |||||
Total liabilities | $ 0 | $ 0 | $ 0 |
Securitizations and Other Var87
Securitizations and Other Variable Interest Entities - Home Equity Loans (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
On-balance sheet assets | ||||||
Trading account assets | $ 189,106 | $ 191,785 | ||||
Debt securities carried at fair value | 332,307 | 320,695 | ||||
Loans and leases | 886,449 | 881,391 | ||||
Allowance for loan and lease losses | (13,068) | $ (13,676) | (14,419) | $ (15,811) | $ (16,618) | $ (17,428) |
All other assets | 113,175 | 112,063 | ||||
Total assets | 2,149,034 | 2,104,534 | $ 2,170,557 | |||
On-balance sheet liabilities | ||||||
Long-term debt | 243,414 | 243,139 | ||||
Total liabilities | 1,897,375 | 1,861,063 | ||||
Home equity | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 5,808 | 6,215 | ||||
On-balance sheet assets | ||||||
Trading account assets | 69 | 14 | ||||
Debt securities carried at fair value | 114 | 39 | ||||
Loans and leases | 891 | 1,014 | ||||
Allowance for loan and lease losses | (50) | (56) | ||||
All other assets | 39 | 33 | ||||
Total assets | 1,063 | 1,044 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 933 | 1,076 | ||||
Total liabilities | 933 | 1,076 | ||||
Principal amount outstanding | 6,760 | 7,376 | ||||
Trust certificates outstanding | 5,700 | 6,300 | ||||
Remaining borrowing capacity on home equity line | 27 | 39 | ||||
Home equity | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 880 | 991 | ||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Debt securities carried at fair value | 0 | 0 | ||||
Loans and leases | 891 | 1,014 | ||||
Allowance for loan and lease losses | (50) | (56) | ||||
All other assets | 39 | 33 | ||||
Total assets | 880 | 991 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 933 | 1,076 | ||||
Total liabilities | 933 | 1,076 | ||||
Principal amount outstanding | 891 | 1,014 | ||||
Home equity | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 4,928 | 5,224 | ||||
On-balance sheet assets | ||||||
Trading account assets | 69 | 14 | ||||
Debt securities carried at fair value | 114 | 39 | ||||
Loans and leases | 0 | 0 | ||||
Allowance for loan and lease losses | 0 | 0 | ||||
All other assets | 0 | 0 | ||||
Total assets | 183 | 53 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 0 | 0 | ||||
Total liabilities | 0 | 0 | ||||
Principal amount outstanding | $ 5,869 | $ 6,362 |
Securitizations and Other Var88
Securitizations and Other Variable Interest Entities - Credit Card (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
On-balance sheet assets | ||||||||
Loans and leases | $ 886,449 | $ 886,449 | $ 881,391 | |||||
Allowance for loan and lease losses | (13,068) | $ (15,811) | (13,068) | $ (15,811) | $ (13,676) | (14,419) | $ (16,618) | $ (17,428) |
All other assets | 113,175 | 113,175 | 112,063 | |||||
Total assets | 2,149,034 | 2,170,557 | 2,149,034 | 2,170,557 | 2,104,534 | |||
On-balance sheet liabilities | ||||||||
Long-term debt | 243,414 | 243,414 | 243,139 | |||||
Total liabilities | 1,897,375 | 1,897,375 | 1,861,063 | |||||
Credit Card Receivable | ||||||||
On-balance sheet liabilities | ||||||||
Principal amount outstanding | $ 7,700 | $ 7,700 | 7,400 | |||||
Transferred financial assets, stated interest rate | 0.00% | 0.00% | ||||||
Credit Card Receivable | Senior Lien | ||||||||
On-balance sheet liabilities | ||||||||
Transferred financial assets, amount issued | $ 1,200 | 1,300 | $ 2,300 | 3,000 | ||||
Credit Card Receivable | Junior Lien | ||||||||
On-balance sheet liabilities | ||||||||
Transferred financial assets, amount issued | 194 | $ 202 | 371 | $ 484 | ||||
Consolidated VIEs | Credit Card Receivable | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Maximum loss exposure | 38,292 | 38,292 | 43,139 | |||||
On-balance sheet assets | ||||||||
Loans and leases | 49,311 | 49,311 | 53,068 | |||||
Allowance for loan and lease losses | (1,654) | (1,654) | (1,904) | |||||
All other assets | 1,365 | 1,365 | 392 | |||||
Total assets | 49,022 | 49,022 | 51,556 | |||||
On-balance sheet liabilities | ||||||||
Long-term debt | 10,689 | 10,689 | 8,401 | |||||
All other liabilities | 41 | 41 | 16 | |||||
Total liabilities | 10,730 | 10,730 | 8,417 | |||||
Consolidated VIEs | Credit Card Receivable | Loans and leases | ||||||||
On-balance sheet liabilities | ||||||||
Residual interests held | $ 29,200 | $ 29,200 | $ 36,900 |
Securitizations and Other Var89
Securitizations and Other Variable Interest Entities - Other Asset Backed (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
On-balance sheet assets | |||||
Trading account assets | $ 189,106,000,000 | $ 189,106,000,000 | $ 191,785,000,000 | ||
Debt securities carried at fair value | 332,307,000,000 | 332,307,000,000 | 320,695,000,000 | ||
Held-to-maturity securities | 60,072,000,000 | 60,072,000,000 | 59,766,000,000 | ||
Loans held-for-sale | 6,914,000,000 | 6,914,000,000 | 12,836,000,000 | ||
All other assets | 113,175,000,000 | 113,175,000,000 | 112,063,000,000 | ||
Total assets | 2,149,034,000,000 | $ 2,170,557,000,000 | 2,149,034,000,000 | $ 2,170,557,000,000 | 2,104,534,000,000 |
On-balance sheet liabilities | |||||
Short-term borrowings | 252,927,000,000 | 252,927,000,000 | 232,449,000,000 | ||
Long-term debt | 243,414,000,000 | 243,414,000,000 | 243,139,000,000 | ||
Total liabilities | 1,897,375,000,000 | 1,897,375,000,000 | 1,861,063,000,000 | ||
Resecuritization Trusts | |||||
On-balance sheet liabilities | |||||
Cash proceeds from new securitizations | 6,900,000,000 | 3,900,000,000 | 13,000,000,000 | 6,100,000,000 | |
Automobile and Other Securitization Trusts | |||||
On-balance sheet liabilities | |||||
Principal amount outstanding | 440,000,000 | 440,000,000 | 1,900,000,000 | ||
Automobile Loan | |||||
On-balance sheet liabilities | |||||
Principal amount outstanding | 238,000,000 | 238,000,000 | 400,000,000 | ||
Student Loan | |||||
On-balance sheet liabilities | |||||
Principal amount outstanding | 0 | 0 | 609,000,000 | ||
Other Loan and Receivable | |||||
On-balance sheet liabilities | |||||
Principal amount outstanding | 202,000,000 | 202,000,000 | 876,000,000 | ||
Unconsolidated VIEs | Resecuritization Trusts | |||||
On-balance sheet assets | |||||
Unconsolidated total assets of VIEs | 33,339,000,000 | 33,339,000,000 | 28,065,000,000 | ||
Unconsolidated VIEs | Municipal Bond Trusts | |||||
On-balance sheet assets | |||||
Unconsolidated total assets of VIEs | 2,781,000,000 | 2,781,000,000 | 3,314,000,000 | ||
Unconsolidated VIEs | Automobile and Other Securitization Trusts | |||||
On-balance sheet assets | |||||
Unconsolidated total assets of VIEs | 440,000,000 | 440,000,000 | 1,276,000,000 | ||
Unconsolidated VIEs | |||||
On-balance sheet liabilities | |||||
Other than temporary impairment losses recorded on AFS debt securities | 0 | $ 0 | $ 0 | $ 0 | |
Weighted average remaining life of bonds held in the trusts in years | 7 years 1 month | ||||
Unconsolidated VIEs | Resecuritization Trusts | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 7,666,000,000 | $ 7,666,000,000 | 8,569,000,000 | ||
On-balance sheet assets | |||||
Residual interests held | 0 | 0 | 7,000,000 | ||
All other assets | 0 | 0 | 0 | ||
Total assets | 7,666,000,000 | 7,666,000,000 | 8,569,000,000 | ||
Unconsolidated VIEs | Resecuritization Trusts | Senior Lien | |||||
On-balance sheet assets | |||||
Trading account assets | 1,199,000,000 | 1,199,000,000 | 767,000,000 | ||
Debt securities carried at fair value | 5,614,000,000 | 5,614,000,000 | 6,945,000,000 | ||
Held-to-maturity securities | 710,000,000 | 710,000,000 | 740,000,000 | ||
Unconsolidated VIEs | Resecuritization Trusts | Junior Lien | |||||
On-balance sheet assets | |||||
Trading account assets | 73,000,000 | 73,000,000 | 37,000,000 | ||
Debt securities carried at fair value | 70,000,000 | 70,000,000 | 73,000,000 | ||
Unconsolidated VIEs | Municipal Bond Trusts | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 1,755,000,000 | 1,755,000,000 | 2,100,000,000 | ||
On-balance sheet assets | |||||
Residual interests held | 0 | 0 | 0 | ||
All other assets | 0 | 0 | 0 | ||
Total assets | 2,000,000 | 2,000,000 | 25,000,000 | ||
On-balance sheet liabilities | |||||
Liquidity commitments to unconsolidated securitization trusts | 1,800,000,000 | 1,800,000,000 | 2,100,000,000 | ||
Unconsolidated VIEs | Municipal Bond Trusts | Senior Lien | |||||
On-balance sheet assets | |||||
Trading account assets | 2,000,000 | 2,000,000 | 25,000,000 | ||
Debt securities carried at fair value | 0 | 0 | 0 | ||
Held-to-maturity securities | 0 | 0 | 0 | ||
Unconsolidated VIEs | Municipal Bond Trusts | Junior Lien | |||||
On-balance sheet assets | |||||
Trading account assets | 0 | 0 | 0 | ||
Debt securities carried at fair value | 0 | 0 | 0 | ||
Unconsolidated VIEs | Automobile and Other Securitization Trusts | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 67,000,000 | 67,000,000 | 77,000,000 | ||
On-balance sheet assets | |||||
Residual interests held | 0 | 0 | 0 | ||
All other assets | 10,000,000 | 10,000,000 | 10,000,000 | ||
Total assets | 67,000,000 | 67,000,000 | 77,000,000 | ||
Unconsolidated VIEs | Automobile and Other Securitization Trusts | Senior Lien | |||||
On-balance sheet assets | |||||
Trading account assets | 0 | 0 | 6,000,000 | ||
Debt securities carried at fair value | 57,000,000 | 57,000,000 | 61,000,000 | ||
Held-to-maturity securities | 0 | 0 | 0 | ||
Unconsolidated VIEs | Automobile and Other Securitization Trusts | Junior Lien | |||||
On-balance sheet assets | |||||
Trading account assets | 0 | 0 | 0 | ||
Debt securities carried at fair value | 0 | 0 | 0 | ||
Consolidated VIEs | Resecuritization Trusts | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 439,000,000 | 439,000,000 | 654,000,000 | ||
On-balance sheet assets | |||||
Trading account assets | 666,000,000 | 666,000,000 | 1,295,000,000 | ||
Loans held-for-sale | 0 | 0 | 0 | ||
All other assets | 0 | 0 | 0 | ||
Total assets | 666,000,000 | 666,000,000 | 1,295,000,000 | ||
On-balance sheet liabilities | |||||
Short-term borrowings | 0 | 0 | 0 | ||
Long-term debt | 227,000,000 | 227,000,000 | 641,000,000 | ||
All other liabilities | 0 | 0 | 0 | ||
Total liabilities | 227,000,000 | 227,000,000 | 641,000,000 | ||
Consolidated VIEs | Municipal Bond Trusts | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 1,682,000,000 | 1,682,000,000 | 2,440,000,000 | ||
On-balance sheet assets | |||||
Trading account assets | 1,693,000,000 | 1,693,000,000 | 2,452,000,000 | ||
Loans held-for-sale | 0 | 0 | 0 | ||
All other assets | 1,000,000 | 1,000,000 | 0 | ||
Total assets | 1,694,000,000 | 1,694,000,000 | 2,452,000,000 | ||
On-balance sheet liabilities | |||||
Short-term borrowings | 358,000,000 | 358,000,000 | 1,032,000,000 | ||
Long-term debt | 12,000,000 | 12,000,000 | 12,000,000 | ||
All other liabilities | 0 | 0 | 0 | ||
Total liabilities | 370,000,000 | 370,000,000 | 1,044,000,000 | ||
Consolidated VIEs | Automobile and Other Securitization Trusts | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 0 | 0 | 92,000,000 | ||
On-balance sheet assets | |||||
Trading account assets | 0 | 0 | 0 | ||
Loans held-for-sale | 0 | 0 | 555,000,000 | ||
All other assets | 0 | 0 | 54,000,000 | ||
Total assets | 0 | 0 | 609,000,000 | ||
On-balance sheet liabilities | |||||
Short-term borrowings | 0 | 0 | 0 | ||
Long-term debt | 0 | 0 | 516,000,000 | ||
All other liabilities | 0 | 0 | 1,000,000 | ||
Total liabilities | $ 0 | $ 0 | $ 517,000,000 |
Securitizations and Other Var90
Securitizations and Other Variable Interest Entities - Other (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
On-balance sheet assets | ||||||
Trading account assets | $ 189,106 | $ 191,785 | ||||
Debt securities carried at fair value | 332,307 | 320,695 | ||||
Loans and leases | 886,449 | 881,391 | ||||
Allowance for loan and lease losses | (13,068) | $ (13,676) | (14,419) | $ (15,811) | $ (16,618) | $ (17,428) |
Loans held-for-sale | 6,914 | 12,836 | ||||
All other assets | 113,175 | 112,063 | ||||
Total assets | 2,149,034 | 2,104,534 | $ 2,170,557 | |||
On-balance sheet liabilities | ||||||
Long-term debt | 243,414 | 243,139 | ||||
Total liabilities | 1,897,375 | 1,861,063 | ||||
Investment Vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 3,900 | 5,100 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 780 | 780 | ||||
Customer Vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 3,400 | 4,700 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 722 | 584 | ||||
Liquidity commitments to unconsolidated securitization trusts | 655 | 658 | ||||
Collateralized Debt Obligations | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 628 | 780 | ||||
On-balance sheet liabilities | ||||||
Notional amount of liquidity exposure | 998 | |||||
Consolidated VIEs | Investment Vehicles | ||||||
On-balance sheet assets | ||||||
Total assets | 1,200 | 1,100 | ||||
Consolidated VIEs | Leveraged Lease Trusts | ||||||
On-balance sheet assets | ||||||
Total assets | 3,100 | 3,300 | ||||
Unconsolidated VIEs | Investment Vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 250 | 660 | ||||
On-balance sheet assets | ||||||
Total assets | 9,800 | 11,200 | ||||
On-balance sheet liabilities | ||||||
Consolidated total assets of VIEs | 138 | 431 | ||||
Unconsolidated VIEs | Real Estate Vehicles | ||||||
On-balance sheet assets | ||||||
Total assets | 6,200 | 6,200 | ||||
Other Variable Interest Entities | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 17,401 | 20,372 | ||||
On-balance sheet assets | ||||||
Trading account assets | 1,888 | 1,930 | ||||
Debt securities carried at fair value | 165 | 483 | ||||
Loans and leases | 5,753 | 6,713 | ||||
Allowance for loan and lease losses | (5) | (6) | ||||
Loans held-for-sale | 674 | 2,081 | ||||
All other assets | 8,053 | 8,304 | ||||
Total assets | 16,528 | 19,505 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 1,802 | 1,834 | ||||
All other liabilities | 2,583 | 2,748 | ||||
Total liabilities | 4,385 | 4,582 | ||||
Other Variable Interest Entities | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 6,632 | 7,981 | ||||
On-balance sheet assets | ||||||
Trading account assets | 1,564 | 1,575 | ||||
Debt securities carried at fair value | 0 | 0 | ||||
Loans and leases | 3,414 | 4,020 | ||||
Allowance for loan and lease losses | (5) | (6) | ||||
Loans held-for-sale | 413 | 1,267 | ||||
All other assets | 1,553 | 1,646 | ||||
Total assets | 6,939 | 8,502 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 1,802 | 1,834 | ||||
All other liabilities | 49 | 105 | ||||
Total liabilities | 1,851 | 1,939 | ||||
Other Variable Interest Entities | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 10,769 | 12,391 | ||||
On-balance sheet assets | ||||||
Trading account assets | 324 | 355 | ||||
Debt securities carried at fair value | 165 | 483 | ||||
Loans and leases | 2,339 | 2,693 | ||||
Allowance for loan and lease losses | 0 | 0 | ||||
Loans held-for-sale | 261 | 814 | ||||
All other assets | 6,500 | 6,658 | ||||
Total assets | 9,589 | 11,003 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 0 | 0 | ||||
All other liabilities | 2,534 | 2,643 | ||||
Total liabilities | 2,534 | 2,643 | ||||
Other Variable Interest Entities | Unconsolidated VIEs | ||||||
On-balance sheet liabilities | ||||||
Consolidated total assets of VIEs | 6,939 | 8,502 | ||||
Unconsolidated total assets of VIEs | 38,761 | 41,467 | ||||
Total assets of VIEs | $ 45,700 | $ 49,969 |
Representations and Warrantie91
Representations and Warranties Obligations and Corporate Guarantees - Outstanding Claims (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | $ 21,093 | $ 21,093 | $ 26,094 |
Duplicate claims | (2,622) | (2,622) | (3,248) |
Total unresolved repurchase claims by product type, net of duplicate claims | 18,471 | 18,471 | 22,846 |
Outstanding claims with review | 12,000 | 12,000 | 14,100 |
Outstanding claims without review | 7,400 | 7,400 | 10,400 |
New purchase claims | 224 | 3,600 | |
Individual loan file reviews on repurchase claims | 3,200 | ||
Amount of loan repurchase claims resolved | 7,300 | 7,500 | |
Claims resolved as a result of the ACE decision | 7,100 | 7,100 | |
Unresolved repurchase claims, repurchase demands amount | 2,000 | 2,000 | 2,000 |
Prime loans | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 200 | 200 | 587 |
Alt-A | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 1,208 | 1,208 | 2,397 |
Home equity | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 2,195 | 2,195 | 2,485 |
Pay option | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 4,986 | 4,986 | 6,294 |
Subprime | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 12,495 | 12,495 | 14,121 |
Other | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 9 | 9 | 210 |
Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 19,431 | 19,431 | 24,489 |
Monolines | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 1,631 | 1,631 | 1,546 |
GSEs | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 31 | 31 | 59 |
GSEs | Mortgage Loans Originated 2009 and Prior | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 18,300 | 18,300 | |
Unresolved repurchase claims principal paid | 15,900 | 15,900 | |
Principal amount of delinquent loans | 986 | 986 | |
Unresolved repurchase claims notional amount | 25 | 25 | |
Private-Label Investors | |||
Loss Contingencies [Line Items] | |||
Duplicate claims submitted without individual loan file review | $ 2,500 | $ 2,500 | $ 2,900 |
Representations and Warrantie92
Representations and Warranties Obligations and Corporate Guarantees - Private-label Securitization and Whole-loan Sales Experience (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | $ 21,093,000,000 | $ 26,094,000,000 | |
Inactive claims, threshold period of inactivity after denial | 6 months | ||
Maximum estimated range of possible loss | $ 2,300,000,000 | ||
Representations and Warranties Exposure | |||
Loss Contingencies [Line Items] | |||
Maximum estimated range of possible loss | 2,000,000,000 | $ 4,000,000,000 | |
Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 19,431,000,000 | 24,489,000,000 | |
Mortgage Loans Originated between 2004 and 2008 | Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 16,800,000,000 | 21,200,000,000 | |
Net duplicate claims amount in which statue of limitations has expired | 7,100,000,000 | 5,200,000,000 | |
Mortgage Loans Originated between 2004 and 2008 | Private-Label Securitization Trustees | |||
Loss Contingencies [Line Items] | |||
Amount in which corporation owns substantially all outstanding bonds in the tranche | $ 3,500,000,000 | $ 3,500,000,000 |
Representations and Warrantie93
Representations and Warranties Obligations and Corporate Guarantees - Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Loss Contingency Accrual [Roll Forward] | ||||
Net reductions | $ (72) | $ (146) | $ (137) | $ (236) |
Representations and Warranties Obligations and Corporate Guarantees | ||||
Loss Contingency Accrual [Roll Forward] | ||||
Additions for new sales | 2 | 2 | 3 | 5 |
Net reductions | (233) | (1,417) | (407) | (1,469) |
Representations and Warranties Obligations and Corporate Guarantees | Provision for Loan Lease and Other Losses | ||||
Loss Contingency Accrual [Roll Forward] | ||||
Provision | (205) | 88 | (121) | 266 |
Representations and Warranties Obligations and Corporate Guarantees | Accrued Expenses And Other Liabilities | ||||
Loss Contingency Accrual [Roll Forward] | ||||
Liability for representations and warranties and corporate guarantees, January 1 | 11,992 | 13,411 | 12,081 | 13,282 |
Liability for representations and warranties and corporate guarantees, March 31 | $ 11,556 | $ 12,084 | $ 11,556 | $ 12,084 |
Representations and Warrantie94
Representations and Warranties Obligations and Corporate Guarantees - Loan Repurchases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Loss Contingencies [Line Items] | ||||
Unpaid Principal Balance | $ 300 | $ 203 | $ 438 | $ 361 |
Cash Paid for Repurchases | 72 | 146 | 137 | 236 |
Loss | 41 | 103 | 78 | 154 |
First Mortgage | ||||
Loss Contingencies [Line Items] | ||||
Unpaid Principal Balance | 298 | 200 | 432 | 347 |
Cash Paid for Repurchases | 70 | 143 | 131 | 222 |
Loss | 39 | 100 | 72 | 140 |
First Mortgage | Repurchases | ||||
Loss Contingencies [Line Items] | ||||
Unpaid Principal Balance | 38 | 58 | 73 | 104 |
Cash Paid for Repurchases | 42 | 63 | 80 | 114 |
Loss | 12 | 20 | 22 | 32 |
First Mortgage | Indemnification Agreement | ||||
Loss Contingencies [Line Items] | ||||
Unpaid Principal Balance | 260 | 142 | 359 | 243 |
Cash Paid for Repurchases | 28 | 80 | 51 | 108 |
Loss | 27 | 80 | 50 | 108 |
Home equity | Indemnification Agreement | ||||
Loss Contingencies [Line Items] | ||||
Unpaid Principal Balance | 2 | 3 | 6 | 14 |
Cash Paid for Repurchases | 2 | 3 | 6 | 14 |
Loss | $ 2 | $ 3 | $ 6 | $ 14 |
Goodwill and Intangible Asset95
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Total goodwill | $ 69,775,000,000 | $ 69,777,000,000 |
Operating Segments | Consumer Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 30,123,000,000 | 30,123,000,000 |
Operating Segments | Global Wealth & Investment Management | ||
Goodwill [Line Items] | ||
Total goodwill | 9,698,000,000 | 9,698,000,000 |
Operating Segments | Global Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 23,923,000,000 | 23,923,000,000 |
Operating Segments | Global Markets | ||
Goodwill [Line Items] | ||
Total goodwill | 5,197,000,000 | 5,197,000,000 |
Operating Segments | Legacy Assets & Servicing | ||
Goodwill [Line Items] | ||
Total goodwill | 0 | 0 |
All Other | ||
Goodwill [Line Items] | ||
Total goodwill | $ 834,000,000 | $ 836,000,000 |
Goodwill and Intangible Asset96
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Intangible Assets [Abstract] | ||
Gross Carrying Value | $ 14,927 | $ 14,918 |
Accumulated Amortization | 10,739 | 10,306 |
Net Carrying Value | 4,188 | 4,612 |
Purchased credit card relationships | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 5,512 | 5,504 |
Accumulated Amortization | 4,672 | 4,527 |
Net Carrying Value | 840 | 977 |
Core deposit intangibles | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 1,779 | 1,779 |
Accumulated Amortization | 1,445 | 1,382 |
Net Carrying Value | 334 | 397 |
Customer relationships | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 4,025 | 4,025 |
Accumulated Amortization | 2,822 | 2,648 |
Net Carrying Value | 1,203 | 1,377 |
Affinity relationships | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 1,566 | 1,565 |
Accumulated Amortization | 1,325 | 1,283 |
Net Carrying Value | 241 | 282 |
Other intangibles | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 2,045 | 2,045 |
Accumulated Amortization | 475 | 466 |
Net Carrying Value | $ 1,570 | $ 1,579 |
Goodwill and Intangible Asset97
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | $ 212 | $ 235 | $ 425 | $ 474 |
Purchased credit card and affinity relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | 89 | 102 | 178 | 207 |
Core deposit intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | 31 | 36 | 63 | 72 |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | 87 | 91 | 174 | 182 |
Other intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | $ 5 | $ 6 | $ 10 | $ 13 |
Goodwill and Intangible Asset98
Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) $ in Millions | Jun. 30, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2015 | $ 410 |
2,016 | 737 |
2,017 | 645 |
2,018 | 566 |
2,019 | 123 |
2,020 | 62 |
Purchased credit card and affinity relationships | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2015 | 179 |
2,016 | 299 |
2,017 | 239 |
2,018 | 180 |
2,019 | 121 |
2,020 | 62 |
Core deposit intangibles | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2015 | 60 |
2,016 | 104 |
2,017 | 90 |
2,018 | 80 |
2,019 | 0 |
2,020 | 0 |
Customer relationships | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2015 | 166 |
2,016 | 325 |
2,017 | 310 |
2,018 | 302 |
2,019 | 0 |
2,020 | 0 |
Other intangibles | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2015 | 5 |
2,016 | 9 |
2,017 | 6 |
2,018 | 4 |
2,019 | 2 |
2,020 | $ 0 |
Federal Funds Sold or Purchas99
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-Term Borrowings [Line Items] | |||||
Average liability amount during year | $ 252,088 | $ 271,247 | $ 248,133 | $ 262,161 | |
Average liability rate during year (percent) | 1.09% | 1.13% | 1.03% | 1.06% | |
Short-term Investments [Abstract] | |||||
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $70,791 and $62,182 measured at fair value) | $ 199,903 | $ 199,903 | $ 191,823 | ||
Short-term Debt [Abstract] | |||||
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $32,017 and $35,357 measured at fair value) | 213,024 | 213,024 | 201,277 | ||
Short-term borrowings | 39,903 | 39,903 | 31,172 | ||
Total | $ 252,927 | $ 252,927 | $ 232,449 | ||
Weighted average interest rate | 0.95% | 0.95% | 1.04% | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase | |||||
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-Term Borrowings [Line Items] | |||||
Average liability amount during year | $ 219,946 | $ 222,524 | $ 217,348 | $ 213,714 | |
Average liability rate during year (percent) | 1.03% | 1.10% | 0.97% | 1.07% | |
Maximum month-end liability balance during year | $ 227,753 | $ 240,154 | $ 227,753 | $ 240,154 | |
Short-term Debt [Abstract] | |||||
Weighted average interest rate | 0.92% | 0.92% | 0.98% | ||
Short-term borrowings | |||||
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-Term Borrowings [Line Items] | |||||
Average liability amount during year | $ 32,142 | $ 48,723 | $ 30,785 | $ 48,447 | |
Average liability rate during year (percent) | 1.49% | 1.26% | 1.48% | 1.01% | |
Maximum month-end liability balance during year | $ 39,903 | $ 50,071 | $ 39,903 | $ 51,409 | |
Short-term Debt [Abstract] | |||||
Weighted average interest rate | 1.18% | 1.18% | 1.47% | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | |||||
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-Term Borrowings [Line Items] | |||||
Average asset outstanding amount | $ 214,326 | $ 235,393 | $ 214,130 | $ 224,012 | |
Average asset outstanding rate (percent) | 0.50% | 0.51% | 0.47% | 0.51% | |
Maximum month-end asset outstanding amount | $ 224,701 | $ 240,122 | $ 226,502 | $ 240,122 | |
Short-term Investments [Abstract] | |||||
Weighted average interest rate | 0.51% | 0.51% | 0.47% |
Federal Funds Sold or Purcha100
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Securities borrowed or purchased under agreements to resell: | ||
Gross Assets | $ 337,193 | $ 316,567 |
Amounts Offset | (137,290) | (124,744) |
Net Balance Sheet Amount | 199,903 | 191,823 |
Financial Instruments | (152,072) | (145,573) |
Net Assets | 47,831 | 46,250 |
Securities loaned or sold under agreements to repurchase: | ||
Gross Liabilities | 350,306 | 326,007 |
Amounts Offset | (137,290) | (124,744) |
Net Balance Sheet Amount | 213,016 | 201,263 |
Financial Instruments | (173,851) | (164,306) |
Net Liabilities | 39,165 | 36,957 |
Other: | ||
Gross Liabilities | 12,723 | 11,641 |
Amounts Offset | 0 | 0 |
Net Balance Sheet Amount | 12,723 | 11,641 |
Financial Instruments | (12,723) | (11,641) |
Net Liabilities | 0 | 0 |
Total Securities Financing Agreements Liability: | ||
Gross Liabilities | 363,029 | 337,648 |
Amounts Offset | (137,290) | (124,744) |
Net Balance Sheet Amount | 225,739 | 212,904 |
Financial Instruments | (186,574) | (175,947) |
Net Liabilities | 39,165 | 36,957 |
Loans and leases repurchased | $ 9,600 | $ 5,600 |
Federal Funds Sold or Purcha101
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Repurchase Agreements and Securities Loaned Transactions Accounted for as Secured Borrowings (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 309,904 | |
Securities loaned | 40,402 | |
Other | 12,723 | $ 11,641 |
Total | $ 363,029 | |
Maximum agreement maturity period (less than) | 3 years | |
Overnight and Continuous | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 147,401 | |
Securities loaned | 34,615 | |
Other | 12,723 | |
Total | 194,739 | |
30 Days or Less | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 86,117 | |
Securities loaned | 1,161 | |
Other | 0 | |
Total | 87,278 | |
After 30 Days Through 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 50,447 | |
Securities loaned | 2,205 | |
Other | 0 | |
Total | 52,652 | |
After 90 Days through 1 Year | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 25,439 | |
Securities loaned | 2,229 | |
Other | 0 | |
Total | 27,668 | |
After 1 Year | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 500 | |
Securities loaned | 192 | |
Other | 0 | |
Total | $ 692 |
Federal Funds Sold or Purcha102
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Class of Collateral Pledged (Details) $ in Millions | Jun. 30, 2015USD ($) |
Class of Collateral Pledged (1) | |
Total | $ 363,029 |
U.S. government and agency securities | |
Class of Collateral Pledged (1) | |
Total | 148,102 |
Corporate securities, trading loans and other | |
Class of Collateral Pledged (1) | |
Total | 13,684 |
Equity securities | |
Class of Collateral Pledged (1) | |
Total | 65,018 |
Non-U.S. sovereign debt | |
Class of Collateral Pledged (1) | |
Total | 122,694 |
Mortgage trading loans and ABS | |
Class of Collateral Pledged (1) | |
Total | $ 13,531 |
Commitments and Contingencies -
Commitments and Contingencies - Credit Extension Commitments Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other Commitments [Line Items] | ||
Legally binding unfunded commitments syndicated | $ 13,700 | $ 15,700 |
Carrying amount credit extension commitments syndicated | 606 | 546 |
Deferred revenue | 18 | 18 |
Other liabilities reserve for unfunded lending commitments | 588 | 528 |
Notional amount of credit extension commitments under fair value option | 8,100 | 9,900 |
Unfunded loan commitments | ||
Other Commitments [Line Items] | ||
Fair value carrying amount liabilities | $ 392 | $ 405 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Credit Extension Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other Commitments [Line Items] | ||
Expire in One Year or Less | $ 466,609 | $ 471,320 |
Expire After One Year Through Three Years | 128,406 | 126,525 |
Expire After Three Years Through Five Years | 144,899 | 163,616 |
Expire After Five Years | 80,523 | 36,254 |
Total | 820,437 | 797,715 |
Loan Commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 70,970 | 79,897 |
Expire After One Year Through Three Years | 104,064 | 97,583 |
Expire After Three Years Through Five Years | 135,726 | 146,743 |
Expire After Five Years | 44,788 | 18,942 |
Total | 355,548 | 343,165 |
Home equity | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 6,616 | 6,292 |
Expire After One Year Through Three Years | 20,139 | 19,679 |
Expire After Three Years Through Five Years | 8,026 | 12,319 |
Expire After Five Years | 17,342 | 15,417 |
Total | 52,123 | 53,707 |
Standby letters of credit and financial guarantees | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 10,242 | 19,259 |
Expire After One Year Through Three Years | 4,151 | 9,106 |
Expire After Three Years Through Five Years | 1,144 | 4,519 |
Expire After Five Years | 18,135 | 1,807 |
Total | 33,672 | 34,691 |
Standby letters of credit and financial guarantees | Investment grade | ||
Other Commitments [Line Items] | ||
Total | 25,500 | 26,100 |
Standby letters of credit and financial guarantees | Non-investment grade | ||
Other Commitments [Line Items] | ||
Total | 7,800 | 8,200 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 2,177 | 1,883 |
Expire After One Year Through Three Years | 52 | 157 |
Expire After Three Years Through Five Years | 3 | 35 |
Expire After Five Years | 258 | 88 |
Total | 2,490 | 2,163 |
Legally binding commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 90,005 | 107,331 |
Expire After One Year Through Three Years | 128,406 | 126,525 |
Expire After Three Years Through Five Years | 144,899 | 163,616 |
Expire After Five Years | 80,523 | 36,254 |
Total | 443,833 | 433,726 |
Credit card lines | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 376,604 | 363,989 |
Expire After One Year Through Three Years | 0 | 0 |
Expire After Three Years Through Five Years | 0 | 0 |
Expire After Five Years | 0 | 0 |
Total | 376,604 | 363,989 |
Consumer Portfolio Segment | Standby letters of credit and financial guarantees | ||
Other Commitments [Line Items] | ||
Total | $ 399 | $ 396 |
Commitments and Contingencie105
Commitments and Contingencies - Additional Information (Details) | May. 20, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)trust | Jun. 30, 2014USD ($) | May. 19, 2015opt_out_suit | Dec. 31, 2014USD ($) |
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||
Remainder of 2015 | $ 1,300,000,000 | $ 1,300,000,000 | |||||
2,016 | 2,400,000,000 | 2,400,000,000 | |||||
2,017 | 2,000,000,000 | 2,000,000,000 | |||||
2,018 | 1,600,000,000 | 1,600,000,000 | |||||
2,019 | 1,300,000,000 | 1,300,000,000 | |||||
Thereafter | 5,300,000,000 | 5,300,000,000 | |||||
Notional amount of derivatives | 1,055,701,000,000 | 1,055,701,000,000 | $ 1,134,132,000,000 | ||||
Litigation expense | 175,000,000 | $ 4,000,000,000 | 545,000,000 | $ 10,000,000,000 | |||
Minimum estimate range of possible loss | 0 | 0 | |||||
Maximum estimated range of possible loss | 2,300,000,000 | 2,300,000,000 | |||||
Commercial Banks | |||||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||
Notional amount of derivatives | 464,000,000 | 464,000,000 | 527,000,000 | ||||
Unconsolidated VIEs | |||||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||
Notional amount of derivatives | 998,000,000 | 998,000,000 | 1,200,000,000 | ||||
Life Insurance Book Value Protection | |||||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||
Notional amount of derivatives | 13,700,000,000 | 13,700,000,000 | 13,600,000,000 | ||||
Maximum potential exposure | 3,100,000,000 | 3,100,000,000 | 3,100,000,000 | ||||
Net fair value of bank-owned life insurance book value protection | 16,000,000 | 16,000,000 | 25,000,000 | ||||
Other Guarantee | |||||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||
Maximum potential exposure | 6,100,000,000 | 6,100,000,000 | 6,200,000,000 | ||||
Loan Commitments | |||||||
Loss Contingencies [Line Items] | |||||||
Other commitments | 1,500,000,000 | 1,500,000,000 | 1,800,000,000 | ||||
Commodities Investment | |||||||
Loss Contingencies [Line Items] | |||||||
Other commitments | 3,000,000,000 | 3,000,000,000 | 241,000,000 | ||||
Forward-Dated Resale and Securities Borrowing Agreements | |||||||
Loss Contingencies [Line Items] | |||||||
Other commitments | 95,000,000,000 | 95,000,000,000 | 73,200,000,000 | ||||
Forward-Dated Repurchase and Securities Lending Agreements | |||||||
Loss Contingencies [Line Items] | |||||||
Other commitments | 81,000,000,000 | 81,000,000,000 | 55,800,000,000 | ||||
Payment Protection Insurance | |||||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||
Loss contingency accrual | 205,000,000 | 205,000,000 | $ 378,000,000 | ||||
Provision | $ 16,000,000 | 43,000,000 | $ 16,000,000 | 184,000,000 | |||
Merchant Servicing Joint Venture | |||||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||
Equity method investment ownership percentage | 49.00% | 49.00% | 49.00% | ||||
Merchant Processing Servicers, Sponsored Entities | |||||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||
Transactions processed and settled by sponsored entities | $ 171,000,000,000 | 164,300,000,000 | $ 325,600,000,000 | 313,700,000,000 | |||
Losses as result of cardholder disputed transactions | 6,000,000 | $ 4,000,000 | 10,000,000 | $ 8,000,000 | |||
Merchant escrow deposits held as collateral | 164,000,000 | 164,000,000 | $ 130,000,000 | ||||
Merchant Processing Servicers, Sponsored Entities | Merchant Services | |||||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||
Maximum potential exposure | $ 262,400,000,000 | $ 262,400,000,000 | $ 269,300,000,000 | ||||
Interchange and Related Litigation | |||||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||
Litigation settlement, number of opt-out suits settled | opt_out_suit | 1 | ||||||
Litigation settlement, number of opt-out suits | opt_out_suit | 2 | ||||||
LIBOR, Other Reference Rate, and Foreign Exchange Litigation | |||||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||
Litigation settlement | $ 205,000,000 | ||||||
Mortgage Repurchase Litigation | |||||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||
Number of trusts with complaints served | trust | 4 | ||||||
Mortgage repurchase trusts in litigation | trust | 7 | ||||||
Number of trusts without complaints served | trust | 3 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 23, 2015 | Apr. 16, 2015 | Mar. 11, 2015 | Feb. 10, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Class of Stock [Line Items] | ||||||||
Common stock dividends declared (in usd per share) | $ 0.05 | $ 0.05 | ||||||
Common stock repurchased | $ 775 | $ 1,675 | ||||||
Share-based compensation, number of shares authorized (shares) | 1,800,000,000 | 1,800,000,000 | ||||||
Preferred stock dividends | $ 330 | $ 382 | $ 712 | $ 494 | ||||
Key Associate Stock Plan | Restricted Stock Units (RSUs) | ||||||||
Class of Stock [Line Items] | ||||||||
Awards granted in period | 131,000,000 | |||||||
Restricted stock units authorized to be converted to common stock upon vesting (shares) | 2,000,000 | 2,000,000 | ||||||
Key Associate Stock Plan | Restricted Stock Units (RSUs) | Anniversary One | ||||||||
Class of Stock [Line Items] | ||||||||
Vesting percentage | 33.00% | |||||||
Key Associate Stock Plan | Restricted Stock Units (RSUs) | Anniversary Two | ||||||||
Class of Stock [Line Items] | ||||||||
Vesting percentage | 33.00% | |||||||
Key Associate Stock Plan | Restricted Stock Units (RSUs) | Anniversary Three | ||||||||
Class of Stock [Line Items] | ||||||||
Vesting percentage | 33.00% | |||||||
Warrants Expiring January 16, 2019 | ||||||||
Class of Stock [Line Items] | ||||||||
Warrants outstanding | 150,400,000 | 150,400,000 | ||||||
Minimum required dividend rate (in usd per share) | $ 0.01 | $ 0.01 | ||||||
Exercise price per warrant (in usd per share) | $ 13.171 | $ 13.171 | ||||||
Warrants Expiring October 28, 2018 | ||||||||
Class of Stock [Line Items] | ||||||||
Warrants outstanding | 121,800,000 | 121,800,000 | ||||||
Minimum required dividend rate (in usd per share) | $ 0.32 | $ 0.32 | ||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Stock issued (shares) | 7,000,000 | |||||||
Shares paid for tax withholding for share based compensation (shares) | 3,000,000 | |||||||
2015 Capital Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Requested stock repurchase (in shares) | 4,000,000,000 | |||||||
Stock Repurchase Program, Required Quarterly Dividend Rate | $ 0.05 | |||||||
Stock repurchase period | 15 months | |||||||
Common stock repurchased (in shares) | 48,700,000 | |||||||
Common stock repurchased | $ 775 | |||||||
Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock dividends declared (in usd per share) | $ 0.05 |
Accumulated Other Comprehens107
Accumulated Other Comprehensive Income (Loss) - Change in Accumulated OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 243,471 | $ 232,685 | ||
Net change | $ (2,223) | $ 2,326 | (870) | 3,746 |
Ending Balance | 251,659 | 237,411 | 251,659 | 237,411 |
Derivatives | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (1,661) | (2,277) | ||
Net change | 289 | 215 | ||
Ending Balance | (1,372) | (2,062) | (1,372) | (2,062) |
Employee Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (3,350) | (2,407) | ||
Net change | 50 | 56 | ||
Ending Balance | (3,300) | (2,351) | (3,300) | (2,351) |
Foreign currency | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (669) | (512) | ||
Net change | (8) | (119) | ||
Ending Balance | (677) | (631) | (677) | (631) |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (4,320) | (8,457) | ||
Net change | (870) | 3,746 | ||
Ending Balance | (5,190) | (4,711) | (5,190) | (4,711) |
Debt securities | Available-for-sale debt securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 1,343 | (3,257) | ||
Net change | (1,249) | 3,612 | ||
Ending Balance | 94 | 355 | 94 | 355 |
Equity securities | Available-for-sale debt securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 17 | (4) | ||
Net change | 48 | (18) | ||
Ending Balance | $ 65 | $ (22) | $ 65 | $ (22) |
Accumulated Other Comprehens108
Accumulated Other Comprehensive Income (Loss) - Changes in OCI Components Before- and After-tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Available-for-sale Securities, after tax | ||||
Net changer, after tax | $ (2,537) | $ 2,305 | $ (1,201) | $ 3,594 |
Derivatives, before tax | ||||
Net increase (decrease) in fair value, before tax | (24) | (19) | ||
Net realized losses reclassified into earnings, before tax | 487 | 335 | ||
Net change, before tax | 463 | 316 | ||
Derivatives, tax | ||||
Net increase (decrease) in fair value, tax | 10 | 25 | ||
Net realized losses reclassified into earnings, tax | (184) | (126) | ||
Net change, tax | (174) | (101) | ||
Derivatives, after tax | ||||
Net increase (decrease) in fair value, after tax | (14) | 6 | ||
Net realized losses reclassified into earnings, after tax | 303 | 209 | ||
Net change, after tax | 246 | 7 | 289 | 215 |
Employee benefit plans, before tax | ||||
Net decrease in fair value, before tax | (2) | 0 | ||
Net realized losses reclassified into earnings, before tax | 85 | 25 | ||
Settlements, curtailments and other, before tax | 0 | 0 | ||
Net change, before tax | 83 | 25 | ||
Employee benefit plans, tax | ||||
Net decrease in fair value, tax | 1 | 0 | ||
Net realized losses reclassified into earnings, tax | (33) | (10) | ||
Settlements, curtailments and other, tax | (1) | 41 | ||
Net change, tax | (33) | 31 | ||
Employee benefit plans, after tax | ||||
Net decrease in fair value, after tax | (1) | 0 | ||
Net realized losses reclassified into earnings, after Tax | 52 | 15 | ||
Settlements, curtailments and other, after Tax | (1) | 41 | ||
Net change, after Tax | 25 | 7 | 50 | 56 |
Foreign currency, before tax | ||||
Net increase (decrease) in fair value, before Tax | 167 | (368) | ||
Net realized gains reclassified into earnings, before Tax | (31) | (2) | ||
Net change, before tax | 136 | (370) | ||
Foreign currency, tax | ||||
Net increase (decrease) in fair value, tax | (174) | 250 | ||
Net realized losses reclassified into earnings, tax | 30 | 1 | ||
Net change, tax | (144) | 251 | ||
Foreign currency, after tax | ||||
Net increase (decrease) in fair value, after tax | (7) | (118) | ||
Net realized losses reclassified into earnings, after tax | (1) | (1) | ||
Net change, after tax | 43 | 7 | (8) | (119) |
Other comprehensive income (loss), net-of-tax: | ||||
Other comprehensive income (loss), before tax | (1,258) | 5,691 | ||
Other comprehensive income (loss), tax | 388 | (1,945) | ||
Other comprehensive income (loss) | $ (2,223) | $ 2,326 | (870) | 3,746 |
Debt securities | ||||
Available-for-sale Securities, before tax | ||||
Net increase (decrease) in fair value, before tax | (1,656) | 6,497 | ||
Net realized gains reclassified into earnings, before tax | (361) | (748) | ||
Net change, before tax | (2,017) | 5,749 | ||
Available-for-sale Securities, tax | ||||
Net increase (decrease) in fair value, tax | 631 | (2,421) | ||
Net realized gains reclassified into earnings, tax | 137 | 284 | ||
Net change, tax | 768 | (2,137) | ||
Available-for-sale Securities, after tax | ||||
Net increase (decrease) in fair value, after tax | (1,025) | 4,076 | ||
Net realized gains reclassified into earnings, after tax | (224) | (464) | ||
Net changer, after tax | (1,249) | 3,612 | ||
Equity securities | ||||
Available-for-sale Securities, before tax | ||||
Net increase (decrease) in fair value, before tax | 77 | (29) | ||
Net change, before tax | 77 | (29) | ||
Available-for-sale Securities, tax | ||||
Net increase (decrease) in fair value, tax | (29) | 11 | ||
Net change, tax | (29) | 11 | ||
Available-for-sale Securities, after tax | ||||
Net increase (decrease) in fair value, after tax | 48 | (18) | ||
Net changer, after tax | $ 48 | $ (18) |
Accumulated Other Comprehens109
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on sales of debt securities | $ 168 | $ 382 | $ 436 | $ 759 |
Other income (loss) | 478 | 407 | 970 | 818 |
Income (loss) before income taxes | 7,519 | 2,795 | 12,261 | 2,114 |
Net interest income | 10,488 | 10,013 | 19,939 | 20,098 |
Personnel | (7,890) | (8,306) | (17,504) | (18,055) |
Income tax expense | 2,199 | 504 | 3,584 | 99 |
Net income | $ 5,320 | $ 2,291 | 8,677 | 2,015 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | (130) | 241 | ||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Unrealized Investment Gain (Loss) | Debt securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on sales of debt securities | 436 | 759 | ||
Other income (loss) | (75) | (11) | ||
Income (loss) before income taxes | 361 | 748 | ||
Income tax expense | 137 | 284 | ||
Net income | 224 | 464 | ||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) before income taxes | (487) | (335) | ||
Income tax expense | (184) | (126) | ||
Net income | (303) | (209) | ||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Interest rate contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net interest income | (514) | (560) | ||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Equity contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Personnel | 27 | 225 | ||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) before income taxes | (85) | (25) | ||
Personnel | (85) | (25) | ||
Income tax expense | (33) | (10) | ||
Net income | (52) | (15) | ||
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income (loss) | 31 | 2 | ||
Income (loss) before income taxes | 31 | 2 | ||
Income tax expense | 30 | 1 | ||
Net income | $ 1 | $ 1 |
Earnings Per Common Share - Bas
Earnings Per Common Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings per common share | ||||
Net income | $ 5,320 | $ 2,291 | $ 8,677 | $ 2,015 |
Preferred stock dividends | (330) | (256) | (712) | (494) |
Net income applicable to common shareholders | $ 4,990 | $ 2,035 | $ 7,965 | $ 1,521 |
Average common shares issued and outstanding (in thousands) | 10,488,137 | 10,519,359 | 10,503,379 | 10,539,769 |
Earnings per common share (in dollars per share) | $ 0.48 | $ 0.19 | $ 0.76 | $ 0.14 |
Diluted earnings per common share | ||||
Add preferred stock dividends due to assumed conversions | $ 75 | $ 75 | $ 150 | $ 0 |
Net income allocated to common shareholders | $ 5,065 | $ 2,110 | $ 8,115 | $ 1,521 |
Average common shares issued and outstanding (in thousands) | 10,488,137 | 10,519,359 | 10,503,379 | 10,539,769 |
Dilutive potential common (in thousands) | 749,923 | 745,764 | 749,038 | 59,872 |
Total diluted average common shares issued and outstanding (in thousands) | 11,238,060 | 11,265,123 | 11,252,417 | 10,599,641 |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.45 | $ 0.19 | $ 0.72 | $ 0.14 |
Earnings Per Common Share - Ant
Earnings Per Common Share - Antidilutive Securities (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Average options to purchase shares of common stock (in shares) | 64 | 89 | 68 | 95 |
Series T Preferred Stock | Warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Average options to purchase shares of common stock (in shares) | 700 | |||
Series L Preferred Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Preferred stock dividend rate | 7.25% | |||
Series L Preferred Stock | Convertible Preferred Stock Subject to Mandatory Redemption | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Average options to purchase shares of common stock (in shares) | 62 | 62 | 62 | 62 |
Common Stock | Warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Average options to purchase shares of common stock (in shares) | 122 | 122 | 122 | 122 |
Earnings Per Common Share - Dil
Earnings Per Common Share - Dilutive Shares (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Series T Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Incremental common shares attributable to dilutive effect of conversion of preferred stock | 700 | 700 | 700 | |
Common Stock | ||||
Class of Stock [Line Items] | ||||
Incremental common shares attributable to dilutive effect of call options and warrants | 150 | 150 | 150 | 150 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Financial assets | ||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ 70,791 | $ 62,182 | ||||
Trading account assets | 189,106 | 191,785 | ||||
Gross derivative assets | 721,900 | 984,800 | ||||
Derivative assets | 50,977 | 52,682 | ||||
Total available-for-sale debt securities | 296,137 | 284,274 | ||||
Other debt securities carried at fair value | 36,170 | 36,421 | ||||
Loans and leases, measured at fair value | 7,629 | 8,681 | ||||
Mortgage servicing rights | 3,521 | $ 3,394 | 3,530 | $ 4,368 | $ 4,765 | $ 5,042 |
Loans held-for-sale, measured at fair value | 4,924 | 6,801 | ||||
Other assets | 14,545 | 13,873 | ||||
Liabilities | ||||||
Interest-bearing deposits in U.S. offices | 1,215 | 1,469 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 32,017 | 35,357 | ||||
Gross derivative liabilities | 721,200 | 981,800 | ||||
Derivative liabilities | 43,583 | 46,909 | ||||
Short-term borrowings, measured at fair value | 1,841 | 2,697 | ||||
Long-term debt | 32,920 | 36,404 | ||||
Assets and Liabilities, Recurring Basis, Supplemental Information: | ||||||
Assets transferred from Level 2 to Level 1 | 327 | |||||
Assets transferred from Level 1 to Level 2 | 4,100 | |||||
Liabilities transferred from Level 1 to Level 2 | 570 | |||||
U.S. Treasury and agency securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 58,344 | 69,595 | ||||
Agency | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 188,260 | 165,039 | ||||
Agency-collateralized mortgage obligations | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 12,931 | 14,248 | ||||
Other debt securities carried at fair value | 9 | 0 | ||||
Non-agency residential | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 3,886 | 4,454 | ||||
Commercial | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 5,110 | 4,000 | ||||
Other taxable securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 10,403 | 10,791 | ||||
Tax-exempt securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 10,801 | 9,549 | ||||
US Government-sponsored Enterprises Debt Securities | ||||||
Financial assets | ||||||
Trading account assets | 16,400 | 17,200 | ||||
Recurring | ||||||
Financial assets | ||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 70,791 | 62,182 | ||||
Trading account assets | 189,106 | 191,785 | ||||
Netting adjustments | (670,898) | (932,103) | ||||
Derivative assets | 50,977 | 52,682 | ||||
Total available-for-sale debt securities | 296,137 | 284,274 | ||||
Other debt securities carried at fair value | 36,170 | 36,421 | ||||
Loans and leases, measured at fair value | 7,629 | 8,681 | ||||
Mortgage servicing rights | 3,521 | 3,530 | ||||
Loans held-for-sale, measured at fair value | 4,924 | 6,801 | ||||
Other assets | 14,545 | 13,873 | ||||
Total assets | 673,800 | 660,229 | ||||
Liabilities | ||||||
Interest-bearing deposits in U.S. offices | 1,215 | 1,469 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 32,017 | 35,357 | ||||
Total trading account liabilities | 72,596 | 74,192 | ||||
Netting adjustment | (677,596) | (934,857) | ||||
Derivative liabilities | 43,583 | 46,909 | ||||
Short-term borrowings, measured at fair value | 1,841 | 2,697 | ||||
Accrued expenses and other liabilities | 13,124 | 12,055 | ||||
Long-term debt | 32,920 | 36,404 | ||||
Total liabilities | 197,296 | 209,083 | ||||
Recurring | U.S. government and agency securities | ||||||
Financial assets | ||||||
Trading account assets | 51,045 | 51,019 | ||||
Liabilities | ||||||
Total trading account liabilities | 17,011 | 18,960 | ||||
Recurring | Corporate securities, trading loans and other | ||||||
Financial assets | ||||||
Trading account assets | 32,480 | 35,212 | ||||
Liabilities | ||||||
Total trading account liabilities | 8,429 | 7,169 | ||||
Recurring | Equity securities | ||||||
Financial assets | ||||||
Trading account assets | 62,733 | 56,358 | ||||
Liabilities | ||||||
Total trading account liabilities | 27,843 | 28,349 | ||||
Recurring | Non-U.S. sovereign debt | ||||||
Financial assets | ||||||
Trading account assets | 31,417 | 36,254 | ||||
Liabilities | ||||||
Total trading account liabilities | 19,313 | 19,714 | ||||
Recurring | Mortgage trading loans and ABS | ||||||
Financial assets | ||||||
Trading account assets | 11,431 | 12,942 | ||||
Recurring | U.S. Treasury and agency securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 58,344 | 69,595 | ||||
Other debt securities carried at fair value | 1,541 | |||||
Recurring | Agency | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 188,260 | 165,039 | ||||
Other debt securities carried at fair value | 14,885 | 15,704 | ||||
Recurring | Agency-collateralized mortgage obligations | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 12,931 | 14,248 | ||||
Other debt securities carried at fair value | 9 | |||||
Recurring | Non-agency residential | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 3,886 | 4,454 | ||||
Other debt securities carried at fair value | 3,787 | 3,745 | ||||
Recurring | Commercial | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 5,110 | 4,000 | ||||
Recurring | Non-U.S. securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 6,145 | 6,230 | ||||
Other debt securities carried at fair value | 17,198 | 15,132 | ||||
Recurring | Corporate/Agency bonds | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 257 | 368 | ||||
Recurring | Other taxable securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 10,403 | 10,791 | ||||
Other debt securities carried at fair value | 291 | 299 | ||||
Recurring | Tax-exempt securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 10,801 | 9,549 | ||||
Recurring | Level 1 | ||||||
Financial assets | ||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | ||||
Trading account assets | 92,646 | 87,579 | ||||
Gross derivative assets | 5,190 | 4,957 | ||||
Total available-for-sale debt securities | 59,577 | 70,624 | ||||
Other debt securities carried at fair value | 15,533 | 14,811 | ||||
Loans and leases, measured at fair value | 0 | 0 | ||||
Mortgage servicing rights | 0 | 0 | ||||
Loans held-for-sale, measured at fair value | 0 | 0 | ||||
Other assets | 12,943 | 11,581 | ||||
Total assets | 185,889 | 189,552 | ||||
Liabilities | ||||||
Interest-bearing deposits in U.S. offices | 0 | 0 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 0 | 0 | ||||
Total trading account liabilities | 59,798 | 59,471 | ||||
Gross derivative liabilities | 5,225 | 4,493 | ||||
Short-term borrowings, measured at fair value | 0 | 0 | ||||
Accrued expenses and other liabilities | 12,115 | 10,795 | ||||
Long-term debt | 0 | 0 | ||||
Total liabilities | 77,138 | 74,759 | ||||
Recurring | Level 1 | U.S. government and agency securities | ||||||
Financial assets | ||||||
Trading account assets | 34,155 | 33,470 | ||||
Liabilities | ||||||
Total trading account liabilities | 16,863 | 18,514 | ||||
Recurring | Level 1 | Corporate securities, trading loans and other | ||||||
Financial assets | ||||||
Trading account assets | 286 | 243 | ||||
Liabilities | ||||||
Total trading account liabilities | 248 | 189 | ||||
Recurring | Level 1 | Equity securities | ||||||
Financial assets | ||||||
Trading account assets | 40,558 | 33,518 | ||||
Liabilities | ||||||
Total trading account liabilities | 25,494 | 24,679 | ||||
Recurring | Level 1 | Non-U.S. sovereign debt | ||||||
Financial assets | ||||||
Trading account assets | 17,647 | 20,348 | ||||
Liabilities | ||||||
Total trading account liabilities | 17,193 | 16,089 | ||||
Recurring | Level 1 | U.S. Treasury and agency securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 56,346 | 67,413 | ||||
Other debt securities carried at fair value | 1,541 | |||||
Recurring | Level 1 | Agency | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 0 | 0 | ||||
Other debt securities carried at fair value | 0 | 0 | ||||
Recurring | Level 1 | Agency-collateralized mortgage obligations | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 0 | 0 | ||||
Other debt securities carried at fair value | 0 | |||||
Recurring | Level 1 | Non-agency residential | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 0 | 0 | ||||
Other debt securities carried at fair value | 0 | 0 | ||||
Recurring | Level 1 | Commercial | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 0 | 0 | ||||
Recurring | Level 1 | Non-U.S. securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 3,211 | 3,191 | ||||
Other debt securities carried at fair value | 15,533 | 13,270 | ||||
Recurring | Level 1 | Corporate/Agency bonds | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 0 | 0 | ||||
Recurring | Level 1 | Other taxable securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 20 | 20 | ||||
Other debt securities carried at fair value | 0 | |||||
Recurring | Level 1 | Tax-exempt securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 0 | 0 | ||||
Recurring | Level 2 | ||||||
Financial assets | ||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 70,791 | 62,182 | ||||
Trading account assets | 90,121 | 97,947 | ||||
Gross derivative assets | 710,196 | 972,977 | ||||
Total available-for-sale debt securities | 235,056 | 211,095 | ||||
Other debt securities carried at fair value | 20,603 | 21,610 | ||||
Loans and leases, measured at fair value | 5,659 | 6,698 | ||||
Mortgage servicing rights | 0 | |||||
Loans held-for-sale, measured at fair value | 4,264 | 6,628 | ||||
Other assets | 846 | 1,381 | ||||
Total assets | 1,137,536 | 1,380,518 | ||||
Liabilities | ||||||
Interest-bearing deposits in U.S. offices | 1,215 | 1,469 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 31,649 | 35,357 | ||||
Total trading account liabilities | 12,741 | 14,685 | ||||
Gross derivative liabilities | 709,114 | 969,502 | ||||
Short-term borrowings, measured at fair value | 1,841 | 2,697 | ||||
Accrued expenses and other liabilities | 1,000 | 1,250 | ||||
Long-term debt | 30,204 | 34,042 | ||||
Total liabilities | 787,764 | 1,059,002 | ||||
Recurring | Level 2 | U.S. government and agency securities | ||||||
Financial assets | ||||||
Trading account assets | 16,890 | 17,549 | ||||
Liabilities | ||||||
Total trading account liabilities | 148 | 446 | ||||
Recurring | Level 2 | Corporate securities, trading loans and other | ||||||
Financial assets | ||||||
Trading account assets | 28,868 | 31,699 | ||||
Liabilities | ||||||
Total trading account liabilities | 8,124 | 6,944 | ||||
Recurring | Level 2 | Equity securities | ||||||
Financial assets | ||||||
Trading account assets | 21,789 | 22,488 | ||||
Liabilities | ||||||
Total trading account liabilities | 2,349 | 3,670 | ||||
Recurring | Level 2 | Non-U.S. sovereign debt | ||||||
Financial assets | ||||||
Trading account assets | 13,302 | 15,332 | ||||
Liabilities | ||||||
Total trading account liabilities | 2,120 | 3,625 | ||||
Recurring | Level 2 | Mortgage trading loans and ABS | ||||||
Financial assets | ||||||
Trading account assets | 9,272 | 10,879 | ||||
Recurring | Level 2 | U.S. Treasury and agency securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 1,998 | 2,182 | ||||
Other debt securities carried at fair value | 0 | |||||
Recurring | Level 2 | Agency | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 188,260 | 165,039 | ||||
Other debt securities carried at fair value | 14,885 | 15,704 | ||||
Recurring | Level 2 | Agency-collateralized mortgage obligations | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 12,931 | 14,248 | ||||
Other debt securities carried at fair value | 9 | |||||
Recurring | Level 2 | Non-agency residential | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 3,652 | 4,175 | ||||
Other debt securities carried at fair value | 3,753 | 3,745 | ||||
Recurring | Level 2 | Commercial | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 5,110 | 4,000 | ||||
Recurring | Level 2 | Non-U.S. securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 2,925 | 3,029 | ||||
Other debt securities carried at fair value | 1,665 | 1,862 | ||||
Recurring | Level 2 | Corporate/Agency bonds | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 257 | 368 | ||||
Recurring | Level 2 | Other taxable securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 9,706 | 9,104 | ||||
Other debt securities carried at fair value | 291 | 299 | ||||
Recurring | Level 2 | Tax-exempt securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 10,217 | 8,950 | ||||
Recurring | Level 3 | ||||||
Financial assets | ||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | ||||
Trading account assets | 6,339 | 6,259 | ||||
Gross derivative assets | 6,489 | 6,851 | 7,100 | |||
Total available-for-sale debt securities | 1,504 | 2,555 | ||||
Other debt securities carried at fair value | 34 | 0 | ||||
Loans and leases, measured at fair value | 1,970 | 1,983 | ||||
Mortgage servicing rights | 3,521 | 3,530 | ||||
Loans held-for-sale, measured at fair value | 660 | 173 | ||||
Other assets | 756 | 911 | ||||
Total assets | 21,273 | 22,262 | ||||
Liabilities | ||||||
Interest-bearing deposits in U.S. offices | 0 | 0 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 368 | 0 | ||||
Total trading account liabilities | 57 | 36 | ||||
Gross derivative liabilities | 6,840 | 7,771 | $ 8,200 | |||
Short-term borrowings, measured at fair value | 0 | |||||
Accrued expenses and other liabilities | 9 | 10 | ||||
Long-term debt | 2,716 | 2,362 | ||||
Total liabilities | 9,990 | 10,179 | ||||
Recurring | Level 3 | U.S. government and agency securities | ||||||
Financial assets | ||||||
Trading account assets | 0 | |||||
Liabilities | ||||||
Total trading account liabilities | 0 | 0 | ||||
Recurring | Level 3 | Corporate securities, trading loans and other | ||||||
Financial assets | ||||||
Trading account assets | 3,326 | 3,270 | ||||
Total assets | 3,300 | 3,300 | ||||
Liabilities | ||||||
Total trading account liabilities | 57 | 36 | ||||
Recurring | Level 3 | Equity securities | ||||||
Financial assets | ||||||
Trading account assets | 386 | 352 | ||||
Liabilities | ||||||
Total trading account liabilities | 0 | 0 | ||||
Recurring | Level 3 | Non-U.S. sovereign debt | ||||||
Financial assets | ||||||
Trading account assets | 468 | 574 | ||||
Total assets | 468 | 574 | ||||
Liabilities | ||||||
Total trading account liabilities | 0 | 0 | ||||
Recurring | Level 3 | Mortgage trading loans and ABS | ||||||
Financial assets | ||||||
Trading account assets | 2,159 | 2,063 | ||||
Total assets | 2,200 | 2,100 | ||||
Recurring | Level 3 | U.S. Treasury and agency securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 0 | 0 | ||||
Other debt securities carried at fair value | 0 | |||||
Recurring | Level 3 | Agency | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 0 | 0 | ||||
Other debt securities carried at fair value | 0 | 0 | ||||
Recurring | Level 3 | Agency-collateralized mortgage obligations | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 0 | 0 | ||||
Recurring | Level 3 | Non-agency residential | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 234 | 279 | ||||
Other debt securities carried at fair value | 34 | 0 | ||||
Recurring | Level 3 | Commercial | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 0 | 0 | ||||
Recurring | Level 3 | Non-U.S. securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 9 | 10 | ||||
Other debt securities carried at fair value | 0 | 0 | ||||
Recurring | Level 3 | Corporate/Agency bonds | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 0 | 0 | ||||
Recurring | Level 3 | Other taxable securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 677 | 1,667 | ||||
Other debt securities carried at fair value | 0 | 0 | ||||
Total assets | 677 | 1,700 | ||||
Recurring | Level 3 | Tax-exempt securities | ||||||
Financial assets | ||||||
Total available-for-sale debt securities | 584 | 599 | ||||
Total assets | $ 584 | $ 599 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||
Balance, beginning | $ (1,081) | $ (839) | $ (920) | $ (224) | |
Gains (Losses) in Earnings | 610 | (177) | 566 | (163) | |
Gains (Losses) in OCI (2) | 0 | 0 | 0 | 0 | |
Purchases | 57 | 189 | 113 | 314 | |
Sales | (217) | (366) | (393) | (1,057) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 196 | (145) | 221 | (246) | |
Gross Transfers into Level 3 | (14) | 29 | (60) | 41 | |
Gross Transfers out of Level 3 | 98 | 274 | 122 | 300 | |
Balance, ending | (351) | (1,035) | (351) | (1,035) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Gross Derivative Assets | 721,900 | 721,900 | $ 984,800 | ||
Gross Derivative Liabilities | 721,200 | 721,200 | 981,800 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 0 | 0 | |||
Gains (Losses) in Earnings | (14) | (14) | |||
Gains (Losses) in OCI | 0 | 0 | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Issuances | (28) | (28) | |||
Settlements | 0 | 0 | |||
Gross Transfers into Level 3 | (326) | (326) | |||
Gross Transfers out of Level 3 | 0 | 0 | |||
Balance, ending | (368) | (368) | |||
Corporate securities, trading loans and other | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (41) | (36) | (36) | (35) | |
Gains (Losses) in Earnings | 2 | 0 | 3 | 1 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 31 | 9 | 33 | 12 | |
Sales | (49) | 0 | (57) | (7) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 2 | |
Balance, ending | (57) | (27) | (57) | (27) | |
Short-term borrowings | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (15) | 0 | |||
Gains (Losses) in Earnings | 0 | 5 | |||
Gains (Losses) in OCI | 0 | 0 | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Issuances | 0 | (21) | |||
Settlements | 0 | 1 | |||
Gross Transfers into Level 3 | 0 | (4) | |||
Gross Transfers out of Level 3 | 15 | 19 | |||
Balance, ending | 0 | 0 | |||
Accrued expenses and other liabilities | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (10) | (8) | (10) | (10) | |
Gains (Losses) in Earnings | 1 | 0 | 1 | 1 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 1 | |
Balance, ending | (9) | (8) | (9) | (8) | |
Long-term debt | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (2,806) | (1,841) | (2,362) | (1,990) | |
Gains (Losses) in Earnings | 66 | (52) | 70 | (119) | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 45 | 57 | 177 | 103 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | (49) | (42) | (139) | (51) | |
Settlements | 63 | 117 | 160 | 236 | |
Gross Transfers into Level 3 | (403) | (676) | (1,116) | (820) | |
Gross Transfers out of Level 3 | 368 | 21 | 494 | 225 | |
Balance, ending | (2,716) | (2,416) | (2,716) | (2,416) | |
Level 3 | Recurring | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||
Balance, beginning | (920) | ||||
Balance, ending | (351) | (351) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Gross Derivative Assets | 6,489 | 7,100 | 6,489 | 7,100 | 6,851 |
Gross Derivative Liabilities | 6,840 | 8,200 | 6,840 | 8,200 | $ 7,771 |
Corporate securities, trading loans and other | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 2,760 | 2,617 | 3,270 | 3,559 | |
Gains (Losses) in Earnings | 55 | 41 | 34 | 163 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 338 | 392 | 477 | 678 | |
Sales | (343) | (87) | (438) | (441) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (214) | (271) | (649) | (509) | |
Gross Transfers into Level 3 | 812 | 249 | 983 | 397 | |
Gross Transfers out of Level 3 | (82) | (169) | (351) | (1,075) | |
Balance, ending | 3,326 | 2,772 | 3,326 | 2,772 | |
Equity securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 340 | 343 | 352 | 386 | |
Gains (Losses) in Earnings | 11 | (7) | 14 | 12 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 16 | 16 | 16 | 46 | |
Sales | (2) | (4) | (3) | (33) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (5) | 0 | |
Gross Transfers into Level 3 | 22 | 9 | 31 | 16 | |
Gross Transfers out of Level 3 | (1) | (1) | (19) | (71) | |
Balance, ending | 386 | 356 | 386 | 356 | |
Non-U.S. sovereign debt | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 508 | 533 | 574 | 468 | |
Gains (Losses) in Earnings | 16 | 32 | 82 | 87 | |
Gains (Losses) in OCI | 12 | 0 | (78) | 0 | |
Purchases | 25 | 76 | 27 | 99 | |
Sales | 0 | 0 | 0 | (6) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (66) | 0 | (110) | (6) | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 0 | |
Gross Transfers out of Level 3 | (27) | (1) | (27) | (2) | |
Balance, ending | 468 | 640 | 468 | 640 | |
Mortgage trading loans and ABS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 2,106 | 4,287 | 2,063 | 4,631 | |
Gains (Losses) in Earnings | 101 | 123 | 161 | 201 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 490 | 453 | 809 | 819 | |
Sales | (378) | (262) | (627) | (814) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (161) | (237) | (244) | (461) | |
Gross Transfers into Level 3 | 1 | 0 | 10 | 0 | |
Gross Transfers out of Level 3 | 0 | (53) | (13) | (65) | |
Balance, ending | 2,159 | 4,311 | 2,159 | 4,311 | |
Trading Securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 5,714 | 7,780 | 6,259 | 9,044 | |
Gains (Losses) in Earnings | 183 | 189 | 291 | 463 | |
Gains (Losses) in OCI | 12 | 0 | (78) | 0 | |
Purchases | 869 | 937 | 1,329 | 1,642 | |
Sales | (723) | (353) | (1,068) | (1,294) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (441) | (508) | (1,008) | (976) | |
Gross Transfers into Level 3 | 835 | 258 | 1,024 | 413 | |
Gross Transfers out of Level 3 | (110) | (224) | (410) | (1,213) | |
Balance, ending | 6,339 | 8,079 | 6,339 | 8,079 | |
Non-agency residential MBS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 402 | 279 | |||
Gains (Losses) in Earnings | 7 | (12) | |||
Gains (Losses) in OCI | 9 | 7 | |||
Purchases | 41 | 62 | |||
Sales | 0 | 0 | |||
Issuances | 0 | 0 | |||
Settlements | (225) | (234) | |||
Gross Transfers into Level 3 | 0 | 132 | |||
Gross Transfers out of Level 3 | 0 | 0 | |||
Balance, ending | 234 | 234 | |||
Non-U.S. securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 9 | 10 | 107 | ||
Gains (Losses) in Earnings | 0 | 0 | 0 | ||
Gains (Losses) in OCI | 0 | 0 | 0 | ||
Purchases | 0 | 0 | 0 | ||
Sales | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | ||
Settlements | 0 | (1) | (107) | ||
Gross Transfers into Level 3 | 0 | 0 | 0 | ||
Gross Transfers out of Level 3 | 0 | 0 | 0 | ||
Balance, ending | 9 | 0 | 9 | 0 | |
Other taxable securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 690 | 3,437 | 1,667 | 3,847 | |
Gains (Losses) in Earnings | 0 | 0 | 0 | 8 | |
Gains (Losses) in OCI | 2 | (3) | 0 | (5) | |
Purchases | 6 | 86 | 6 | 133 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (21) | (254) | (63) | (717) | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | (933) | 0 | |
Balance, ending | 677 | 3,266 | 677 | 3,266 | |
Tax-exempt securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 583 | 783 | 599 | 806 | |
Gains (Losses) in Earnings | 0 | 2 | 0 | 3 | |
Gains (Losses) in OCI | 2 | 3 | (1) | 4 | |
Purchases | 0 | 0 | 0 | ||
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | (54) | (14) | (79) | |
Gross Transfers into Level 3 | 0 | 1 | 0 | 1 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | 584 | 735 | 584 | 735 | |
Available-for-sale Securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 1,684 | 4,220 | 2,555 | 4,760 | |
Gains (Losses) in Earnings | 7 | 2 | (12) | 11 | |
Gains (Losses) in OCI | 13 | 0 | 6 | (1) | |
Purchases | 47 | 86 | 68 | 133 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (247) | (308) | (312) | (903) | |
Gross Transfers into Level 3 | 0 | 1 | 132 | 1 | |
Gross Transfers out of Level 3 | 0 | 0 | (933) | 0 | |
Balance, ending | 1,504 | 4,001 | 1,504 | 4,001 | |
Other debt securities carried at fair value – Non-agency residential MBS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 0 | 0 | |||
Gains (Losses) in Earnings | 1 | 1 | |||
Gains (Losses) in OCI | 0 | 0 | |||
Purchases | 33 | 33 | |||
Sales | 0 | 0 | |||
Issuances | 0 | 0 | |||
Settlements | 0 | 0 | |||
Gross Transfers into Level 3 | 0 | 0 | |||
Gross Transfers out of Level 3 | 0 | 0 | |||
Balance, ending | 34 | 34 | |||
Loans and leases | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 1,954 | 3,053 | 1,983 | 3,057 | |
Gains (Losses) in Earnings | (10) | 27 | 5 | 59 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | (1) | 0 | (2) | (3) | |
Issuances | 0 | 0 | 0 | 689 | |
Settlements | (77) | (58) | (120) | (781) | |
Gross Transfers into Level 3 | 112 | 7 | 118 | 13 | |
Gross Transfers out of Level 3 | (8) | (11) | (14) | (16) | |
Balance, ending | 1,970 | 3,018 | 1,970 | 3,018 | |
Mortgage servicing rights | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 3,394 | 4,765 | 3,530 | 5,042 | |
Gains (Losses) in Earnings | 458 | (249) | 373 | (539) | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | (312) | (26) | (312) | (46) | |
Issuances | 204 | 113 | 383 | 378 | |
Settlements | (223) | (235) | (453) | (467) | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | 3,521 | 4,368 | 3,521 | 4,368 | |
Loans held-for-sale | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 543 | 736 | 173 | 929 | |
Gains (Losses) in Earnings | 22 | 59 | (48) | 71 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 85 | 24 | 491 | 24 | |
Sales | (13) | (711) | (95) | (714) | |
Issuances | 12 | 0 | 33 | 0 | |
Settlements | 0 | (11) | (6) | (212) | |
Gross Transfers into Level 3 | 39 | 14 | 177 | 14 | |
Gross Transfers out of Level 3 | (28) | (1) | (65) | (2) | |
Balance, ending | 660 | 110 | 660 | 110 | |
Other assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 847 | 1,132 | 911 | 1,669 | |
Gains (Losses) in Earnings | (14) | (26) | (4) | (86) | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 9 | 0 | 9 | 0 | |
Sales | (87) | (112) | (118) | (381) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (6) | (22) | (15) | (230) | |
Gross Transfers into Level 3 | 8 | 0 | 8 | 0 | |
Gross Transfers out of Level 3 | (1) | 0 | (35) | 0 | |
Balance, ending | $ 756 | $ 972 | $ 756 | $ 972 |
Fair Value Measurements - Gains
Fair Value Measurements - Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total | $ 1,312 | $ (227) | $ 1,237 | $ (301) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Total | 828 | (741) | 294 | (1,084) |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | (14) | (14) | ||
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to liabilities still held at reporting date | (14) | (14) | ||
Corporate securities and other | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 2 | 3 | 1 | |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to liabilities still held at reporting date | 1 | 1 | 1 | |
Accrued expenses and other liabilities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 1 | 0 | 1 | 1 |
Short-term borrowings | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 0 | 5 | ||
Long-term debt | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 66 | (52) | 70 | (119) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to liabilities still held at reporting date | 40 | (52) | 23 | (113) |
Corporate securities, trading loans and other | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 55 | 41 | 34 | 163 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | (7) | (20) | (101) | 105 |
Equity securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 11 | (7) | 14 | 12 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 7 | (8) | 9 | 2 |
Non-U.S. sovereign debt | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 16 | 32 | 82 | 87 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 16 | 32 | 69 | 51 |
Mortgage trading loans and ABS | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 101 | 123 | 161 | 201 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 4 | 92 | (26) | 77 |
Trading Securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 183 | 189 | 291 | 463 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 20 | 96 | (49) | 235 |
Derivative assets | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 610 | (177) | 566 | (163) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 367 | (421) | 96 | (400) |
Other taxable securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 8 |
Tax-exempt securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 2 | 0 | 3 |
Available-for-sale Securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 7 | 2 | (12) | 11 |
Other debt securities carried at fair value – Non-agency RMBS | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 1 | 1 | ||
Loans and leases | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | (10) | 27 | 5 | 59 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | (11) | 37 | 22 | 64 |
Mortgage servicing rights | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 458 | (249) | 373 | (539) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 377 | (391) | 189 | (864) |
Loans held-for-sale | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 22 | 59 | (48) | 71 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 21 | 9 | (39) | 14 |
Other assets | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | (14) | (26) | (4) | (86) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 27 | (19) | 65 | (21) |
Trading Account Profits (Losses) | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total | 638 | (232) | 378 | (183) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Total | 349 | (418) | (41) | (311) |
Trading Account Profits (Losses) | Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | (14) | (14) | ||
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to liabilities still held at reporting date | (14) | (14) | ||
Trading Account Profits (Losses) | Corporate securities and other | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 2 | 3 | 1 | |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to liabilities still held at reporting date | 1 | 1 | 1 | |
Trading Account Profits (Losses) | Accrued expenses and other liabilities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 0 | 0 | ||
Trading Account Profits (Losses) | Short-term borrowings | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 5 | |||
Trading Account Profits (Losses) | Long-term debt | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 41 | (11) | 99 | (64) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to liabilities still held at reporting date | 15 | (11) | 52 | (50) |
Trading Account Profits (Losses) | Corporate securities, trading loans and other | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 55 | 41 | 34 | 163 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | (7) | (20) | (101) | 105 |
Trading Account Profits (Losses) | Equity securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 11 | (7) | 14 | 12 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 7 | (8) | 9 | 2 |
Trading Account Profits (Losses) | Non-U.S. sovereign debt | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 16 | 32 | 82 | 87 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 16 | 32 | 69 | 51 |
Trading Account Profits (Losses) | Mortgage trading loans and ABS | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 101 | 123 | 161 | 201 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 4 | 92 | (26) | 77 |
Trading Account Profits (Losses) | Trading Securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 183 | 189 | 291 | 463 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 20 | 96 | (49) | 235 |
Trading Account Profits (Losses) | Derivative assets | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 416 | (427) | 65 | (595) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 317 | (520) | 19 | (509) |
Trading Account Profits (Losses) | Other taxable securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | |||
Trading Account Profits (Losses) | Tax-exempt securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | ||
Trading Account Profits (Losses) | Available-for-sale Securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | |
Trading Account Profits (Losses) | Other debt securities carried at fair value – Non-agency RMBS | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | ||
Trading Account Profits (Losses) | Loans and leases | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | (9) | 0 | (6) | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | (9) | 0 | (1) | 0 |
Trading Account Profits (Losses) | Mortgage servicing rights | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 4 | 17 | (11) | 12 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 4 | 17 | (11) | 12 |
Trading Account Profits (Losses) | Loans held-for-sale | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 15 | 0 | (54) | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 15 | 0 | (38) | 0 |
Trading Account Profits (Losses) | Other assets | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total | 647 | (70) | 838 | (218) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Total | 429 | (357) | 242 | (852) |
Mortgage Banking Income (Loss) | Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 0 | 0 | ||
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to liabilities still held at reporting date | 0 | 0 | ||
Mortgage Banking Income (Loss) | Corporate securities and other | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 0 | 0 | 0 | |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to liabilities still held at reporting date | 0 | 0 | 0 | |
Mortgage Banking Income (Loss) | Accrued expenses and other liabilities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 0 | 0 | ||
Mortgage Banking Income (Loss) | Short-term borrowings | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 0 | |||
Mortgage Banking Income (Loss) | Long-term debt | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to liabilities still held at reporting date | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Corporate securities, trading loans and other | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Equity securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Non-U.S. sovereign debt | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Mortgage trading loans and ABS | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Trading Securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Derivative assets | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 196 | 225 | 478 | 398 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 52 | 74 | 54 | 75 |
Mortgage Banking Income (Loss) | Other taxable securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | |||
Mortgage Banking Income (Loss) | Tax-exempt securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | ||
Mortgage Banking Income (Loss) | Available-for-sale Securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | |
Mortgage Banking Income (Loss) | Other debt securities carried at fair value – Non-agency RMBS | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | ||
Mortgage Banking Income (Loss) | Loans and leases | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Mortgage servicing rights | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 454 | (266) | 384 | (551) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 373 | (408) | 200 | (876) |
Mortgage Banking Income (Loss) | Loans held-for-sale | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Other assets | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | (3) | (29) | (24) | (65) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 4 | (23) | (12) | (51) |
Other | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total | 27 | 75 | 21 | 100 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Total | 50 | 34 | 93 | 79 |
Other | Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 0 | 0 | ||
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to liabilities still held at reporting date | 0 | 0 | ||
Other | Corporate securities and other | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 0 | 0 | 0 | |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to liabilities still held at reporting date | 0 | 0 | 0 | |
Other | Accrued expenses and other liabilities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 1 | 1 | 1 | |
Other | Short-term borrowings | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 0 | |||
Other | Long-term debt | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Total Realized and Unrealized Gains (losses) included in Earnings, Liabilities | 25 | (41) | (29) | (55) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to liabilities still held at reporting date | 25 | (41) | (29) | (63) |
Other | Corporate securities, trading loans and other | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Other | Equity securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Other | Non-U.S. sovereign debt | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Other | Mortgage trading loans and ABS | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Other | Trading Securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Other | Derivative assets | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | (2) | 25 | 23 | 34 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | (2) | 25 | 23 | 34 |
Other | Other taxable securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 8 | |||
Other | Tax-exempt securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 2 | 3 | ||
Other | Available-for-sale Securities | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 7 | (12) | 11 | |
Other | Other debt securities carried at fair value – Non-agency RMBS | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 1 | 1 | ||
Other | Loans and leases | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | (1) | 27 | 11 | 59 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | (2) | 37 | 23 | 64 |
Other | Mortgage servicing rights | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 0 | 0 | 0 | 0 |
Other | Loans held-for-sale | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | 7 | 59 | 6 | 71 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | 6 | 9 | (1) | 14 |
Other | Other assets | ||||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | ||||
Change in realized gains (losses) included in earnings | (11) | 3 | 20 | (21) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | ||||
Change in unrealized gains (losses) relating to assets still held at reporting date | $ 23 | $ 4 | $ 77 | $ 30 |
Fair Value Measurements - Re116
Fair Value Measurements - Recurring Fair Value Inputs (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Long-term debt | $ (32,920,000,000) | $ (36,404,000,000) | ||||
Net derivative asset | (351,000,000) | (920,000,000) | $ (1,081,000,000) | $ (1,035,000,000) | $ (839,000,000) | $ (224,000,000) |
Recurring | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 673,800,000,000 | 660,229,000,000 | ||||
Long-term debt | (32,920,000,000) | (36,404,000,000) | ||||
Recurring | Level 3 | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 21,273,000,000 | 22,262,000,000 | ||||
Long-term debt | (2,716,000,000) | (2,362,000,000) | ||||
Net derivative asset | (351,000,000) | (920,000,000) | ||||
Recurring | Level 3 | Loans held-for-sale | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 660,000,000 | 173,000,000 | ||||
Recurring | Level 3 | Loans and leases | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 2,000,000,000 | 2,000,000,000 | ||||
Recurring | Level 3 | Credit derivatives | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset | $ (265,000,000) | $ 22,000,000 | ||||
Recurring | Level 3 | Credit derivatives | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Default rate | 1.00% | 4.00% | ||||
Loss severity | 35.00% | |||||
Recurring | Level 3 | Credit derivatives | Minimum | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 0.00% | 0.00% | ||||
Prepayment speed | 3.00% | 3.00% | ||||
Loss severity | 20.00% | |||||
Upfront points | 0.00% | 0.00% | ||||
Spread to index | 0.25% | |||||
Credit correlation | 26.00% | 24.00% | ||||
Recurring | Level 3 | Credit derivatives | Maximum | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 26.00% | 25.00% | ||||
Prepayment speed | 20.00% | 20.00% | ||||
Default rate | 4.00% | |||||
Loss severity | 40.00% | |||||
Upfront points | 1.00% | 1.00% | ||||
Spread to index | 4.50% | |||||
Credit correlation | 99.00% | 99.00% | ||||
Recurring | Level 3 | Credit derivatives | Weighted Average | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 15.00% | 14.00% | ||||
Prepayment speed | 17.00% | 11.00% | ||||
Default rate | 3.00% | |||||
Loss severity | 35.00% | |||||
Upfront points | 0.75% | 0.65% | ||||
Spread to index | 1.19% | |||||
Credit correlation | 51.00% | 51.00% | ||||
Recurring | Level 3 | Equity derivatives | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset | $ (1,209,000,000) | $ (1,560,000,000) | ||||
Recurring | Level 3 | Equity derivatives | Minimum | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Equity correlation | 20.00% | 20.00% | ||||
Long-dated equity volatilities | 4.00% | 6.00% | ||||
Recurring | Level 3 | Equity derivatives | Maximum | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Equity correlation | 98.00% | 98.00% | ||||
Long-dated equity volatilities | 91.00% | 69.00% | ||||
Recurring | Level 3 | Equity derivatives | Weighted Average | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Equity correlation | 65.00% | 65.00% | ||||
Long-dated equity volatilities | 23.00% | 24.00% | ||||
Recurring | Level 3 | Commodity contracts | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset | $ 151,000,000 | $ 141,000,000 | ||||
Recurring | Level 3 | Commodity contracts | Minimum | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Long-dated equity volatilities | 17.00% | 16.00% | ||||
Natural gas forward price | $ 2 | $ 2 | ||||
Correlation | 66.00% | 82.00% | ||||
Recurring | Level 3 | Commodity contracts | Maximum | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Long-dated equity volatilities | 131.00% | 98.00% | ||||
Natural gas forward price | $ 7 | $ 7 | ||||
Correlation | 93.00% | 93.00% | ||||
Recurring | Level 3 | Commodity contracts | Weighted Average | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Long-dated equity volatilities | 40.00% | 35.00% | ||||
Natural gas forward price | $ 5 | $ 5 | ||||
Correlation | 84.00% | 90.00% | ||||
Recurring | Level 3 | Interest rate derivatives | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset | $ 972,000,000 | $ 477,000,000 | ||||
Recurring | Level 3 | Interest rate derivatives | Minimum | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Correlation (IR/IR) | 21.00% | 11.00% | ||||
Long-dated volatilities (IR) | 0.00% | 0.00% | ||||
Correlation (FX/IR) | (25.00%) | (48.00%) | ||||
Long-dated inflation rates | 0.00% | 0.00% | ||||
Recurring | Level 3 | Interest rate derivatives | Maximum | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Correlation (IR/IR) | 99.00% | 99.00% | ||||
Long-dated volatilities (IR) | 2.00% | 2.00% | ||||
Correlation (FX/IR) | 40.00% | 40.00% | ||||
Long-dated inflation rates | 4.00% | 3.00% | ||||
Recurring | Level 3 | Interest rate derivatives | Weighted Average | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Correlation (IR/IR) | 46.00% | 55.00% | ||||
Long-dated volatilities (IR) | 1.00% | 1.00% | ||||
Correlation (FX/IR) | (8.00%) | (5.00%) | ||||
Long-dated inflation rates | 2.00% | 1.00% | ||||
Recurring | Level 3 | Mortgage trading loans and ABS | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 2,200,000,000 | $ 2,100,000,000 | ||||
Recurring | Level 3 | Corporate securities, trading loans and other | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 3,300,000,000 | 3,300,000,000 | ||||
Recurring | Level 3 | Non-U.S. sovereign debt | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 468,000,000 | 574,000,000 | ||||
Recurring | Level 3 | Other taxable securities, substantially all asset-backed securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 677,000,000 | 1,700,000,000 | ||||
Recurring | Level 3 | Tax-exempt securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 584,000,000 | 599,000,000 | ||||
Recurring | Level 3 | Instruments backed by residential real estate assets | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 2,180,000,000 | $ 2,030,000,000 | ||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Minimum | Income and Market Approach Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 0.00% | 0.00% | ||||
Prepayment speed | 0.00% | 0.00% | ||||
Default rate | 0.00% | 2.00% | ||||
Loss severity | 0.00% | 26.00% | ||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Maximum | Income and Market Approach Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 25.00% | 25.00% | ||||
Prepayment speed | 33.00% | 35.00% | ||||
Default rate | 14.00% | 15.00% | ||||
Loss severity | 80.00% | 100.00% | ||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Weighted Average | Income and Market Approach Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 5.00% | 6.00% | ||||
Prepayment speed | 12.00% | 14.00% | ||||
Default rate | 6.00% | 7.00% | ||||
Loss severity | 40.00% | 34.00% | ||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Loans held-for-sale | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 660,000,000 | $ 173,000,000 | ||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Loans and leases | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 1,485,000,000 | 1,374,000,000 | ||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Mortgage trading loans and ABS | Trading Securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 35,000,000 | 483,000,000 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 6,205,000,000 | $ 7,203,000,000 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Minimum | Income and Market Approach Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 0.00% | 0.00% | ||||
Enterprise value/EBITDA multiple | 0 | |||||
Prepayment speed | 5.00% | 1.00% | ||||
Default rate | 1.00% | 1.00% | ||||
Loss severity | 25.00% | 25.00% | ||||
Duration | ||||||
Price (in usd per share) | $ 0 | $ 0 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Maximum | Income and Market Approach Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 29.00% | 40.00% | ||||
Enterprise value/EBITDA multiple | 30 | |||||
Prepayment speed | 30.00% | 30.00% | ||||
Default rate | 5.00% | 5.00% | ||||
Loss severity | 50.00% | 40.00% | ||||
Duration | 4 years | 5 years | ||||
Price (in usd per share) | $ 138 | $ 107 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Weighted Average | Income and Market Approach Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 10.00% | 9.00% | ||||
Enterprise value/EBITDA multiple | 6 | |||||
Prepayment speed | 15.00% | 12.00% | ||||
Default rate | 4.00% | 4.00% | ||||
Loss severity | 38.00% | 38.00% | ||||
Duration | 3 years | 3 years | ||||
Price (in usd per share) | $ 66 | $ 76 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Loans and leases | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 485,000,000 | $ 609,000,000 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Mortgage trading loans and ABS | Trading Securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 2,124,000,000 | 1,580,000,000 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Corporate securities, trading loans and other | Trading Securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 2,959,000,000 | 3,224,000,000 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Non-U.S. sovereign debt | Trading Securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 468,000,000 | 574,000,000 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Other taxable securities, substantially all asset-backed securities | Available-for-sale Securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 169,000,000 | 1,216,000,000 | ||||
Recurring | Level 3 | Auction rate securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 1,459,000,000 | $ 1,096,000,000 | ||||
Recurring | Level 3 | Auction rate securities | Minimum | Income and Market Approach Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Price (in usd per share) | $ 44 | $ 60 | ||||
Recurring | Level 3 | Auction rate securities | Maximum | Income and Market Approach Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Price (in usd per share) | 105 | 100 | ||||
Recurring | Level 3 | Auction rate securities | Weighted Average | Income and Market Approach Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Price (in usd per share) | $ 98 | $ 95 | ||||
Recurring | Level 3 | Auction rate securities | Corporate securities, trading loans and other | Trading Securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 367,000,000 | $ 46,000,000 | ||||
Recurring | Level 3 | Auction rate securities | Other taxable securities, substantially all asset-backed securities | Available-for-sale Securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 508,000,000 | 451,000,000 | ||||
Recurring | Level 3 | Auction rate securities | Tax-exempt securities | Available-for-sale Securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 584,000,000 | $ 599,000,000 | ||||
Recurring | Level 3 | Structured liabilities | Minimum | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Equity correlation | 20.00% | 20.00% | ||||
Long-dated equity volatilities | 4.00% | 6.00% | ||||
Long-dated volatilities (IR) | 1.00% | 0.00% | ||||
Recurring | Level 3 | Structured liabilities | Maximum | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Equity correlation | 98.00% | 98.00% | ||||
Long-dated equity volatilities | 91.00% | 69.00% | ||||
Long-dated volatilities (IR) | 1.00% | 2.00% | ||||
Recurring | Level 3 | Structured liabilities | Weighted Average | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Equity correlation | 65.00% | |||||
Long-dated equity volatilities | 23.00% | |||||
Recurring | Level 3 | Structured liabilities | Long-term debt | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Long-term debt | $ (2,716,000,000) | $ (2,362,000,000) | ||||
Recurring | Level 3 | Structured liabilities | Long-term debt | Weighted Average | Income Approach Valuation Technique | ||||||
Fair Value Inputs [Abstract] | ||||||
Equity correlation | 65.00% | |||||
Long-dated equity volatilities | 24.00% | |||||
Long-dated volatilities (IR) | 1.00% |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale, measured at fair value | $ 4,924 | $ 4,924 | $ 6,801 | ||
Loans and leases, measured at fair value | 7,629 | 7,629 | 8,681 | ||
Other assets, measured at fair value | 14,545 | 14,545 | $ 13,873 | ||
Nonrecurring | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Gains (Losses) on loans held-for-sale | (4) | $ 5 | (4) | $ 4 | |
Gains (Losses) on loans and leases | (371) | (318) | (702) | (564) | |
Gains (Losses) on foreclosed properties | (38) | (21) | (50) | (28) | |
Gains (Losses) on other assets | (4) | (16) | (4) | (16) | |
Nonrecurring | Level 2 | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale, measured at fair value | 19 | 1,057 | 19 | 1,057 | |
Loans and leases, measured at fair value | 21 | 5 | 21 | 5 | |
Foreclosed properties, measured at fair value | 0 | 6 | 0 | 6 | |
Other assets, measured at fair value | 27 | 90 | 27 | 90 | |
Loan loss write-offs | $ 106 | 113 | 151 | 203 | |
Period of gain/(loss) after transfer of loan to a foreclosed properties | 90 days | ||||
Nonrecurring | Level 3 | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale, measured at fair value | $ 26 | 127 | 26 | 127 | |
Loans and leases, measured at fair value | 2,076 | 3,244 | 2,076 | 3,244 | |
Foreclosed properties, measured at fair value | 188 | 187 | 188 | 187 | |
Other assets, measured at fair value | 0 | 2 | 0 | 2 | |
Government Guaranteed Mortgage Loans upon Foreclosure Receivable | Nonrecurring | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Foreclosed properties, measured at fair value | $ 1,300 | $ 1,100 | $ 1,300 | $ 1,100 |
Fair Value Measurements - No118
Fair Value Measurements - Nonrecurring Fair Value Inputs (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Instruments backed by residential real estate assets | ||
Fair Value Inputs [Abstract] | ||
Frequency of appraisals conducted | 90 days | |
Nonrecurring | Level 3 | Market Comparables | Minimum | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 14.00% | 0.00% |
Cost to sell | 7.00% | 7.00% |
Nonrecurring | Level 3 | Market Comparables | Maximum | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 26.00% | 28.00% |
Cost to sell | 16.00% | 14.00% |
Nonrecurring | Level 3 | Instruments backed by residential real estate assets | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value | $ 2,076 | $ 4,636 |
Nonrecurring | Level 3 | Instruments backed by residential real estate assets | Market Comparables | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 18.00% | 8.00% |
Cost to sell | 7.00% | 8.00% |
Nonrecurring | Level 3 | Instruments backed by residential real estate assets | Loans and leases | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value | $ 2,076 | $ 4,636 |
Fair Value Option - Elections (
Fair Value Option - Elections (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount Assets | $ 70,791 | $ 62,182 |
Contractual Principal Outstanding Assets | 70,490 | 61,902 |
Fair Value Carrying Amount Less Unpaid Principal Assets | 301 | 280 |
Loans reported as trading account assets | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount Assets | 4,286 | 4,607 |
Contractual Principal Outstanding Assets | 8,374 | 8,487 |
Fair Value Carrying Amount Less Unpaid Principal Assets | (4,088) | (3,880) |
Trading inventory – other | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount Assets | 7,039 | 6,865 |
Consumer and commercial loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount Assets | 7,629 | 8,681 |
Contractual Principal Outstanding Assets | 7,880 | 8,925 |
Fair Value Carrying Amount Less Unpaid Principal Assets | (251) | (244) |
Loans held-for-sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount Assets | 4,924 | 6,801 |
Contractual Principal Outstanding Assets | 6,335 | 8,072 |
Fair Value Carrying Amount Less Unpaid Principal Assets | (1,411) | (1,271) |
Other assets | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount Assets | 268 | 253 |
Contractual Principal Outstanding Assets | 270 | 270 |
Fair Value Carrying Amount Less Unpaid Principal Assets | (2) | (17) |
Long-term deposits | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount Liabilities | 1,215 | 1,469 |
Contractual Principal Outstanding Liabilities | 1,123 | 1,361 |
Fair Value Carrying Amount Less Unpaid Principal Liabilities | 92 | 108 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount Liabilities | 32,017 | 35,357 |
Contractual Principal Outstanding Liabilities | 32,534 | 35,332 |
Fair Value Carrying Amount Less Unpaid Principal Liabilities | (517) | 25 |
Unfunded loan commitments | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount Liabilities | 392 | 405 |
Short-term borrowings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount Liabilities | 1,841 | 2,697 |
Contractual Principal Outstanding Liabilities | 1,841 | 2,697 |
Fair Value Carrying Amount Less Unpaid Principal Liabilities | 0 | 0 |
Long-term debt | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount Liabilities | 32,920 | 36,404 |
Contractual Principal Outstanding Liabilities | 32,603 | 35,815 |
Fair Value Carrying Amount Less Unpaid Principal Liabilities | 317 | 589 |
Structured liabilities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount Liabilities | 31,900 | 35,300 |
Contractual Principal Outstanding Liabilities | $ 31,400 | $ 34,600 |
Fair Value Option - Changes in
Fair Value Option - Changes in FV of Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | $ 768 | $ (2) | $ 1,310 | $ 0 |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (24) | (13) | (88) | (33) |
Loans reported as trading account assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair value option, changes in borrower specific credit risk, gains (losses) on assets | 22 | 1 | 30 | 1 |
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 33 | 14 | (68) | 48 |
Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 188 | (122) | 174 | (290) |
Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair value option, changes in borrower specific credit risk, gains (losses) on assets | 16 | 43 | (12) | 79 |
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 10 | 66 | (38) | 123 |
Loans held-for-sale | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair value option, changes in borrower specific credit risk, gains (losses) on assets | 11 | 22 | 50 | 49 |
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 158 | 224 | 439 | 449 |
Other assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (1) | 2 | 7 | |
Long-term deposits | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 30 | (5) | 21 | (1) |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (6) | 48 | (2) | |
Unfunded loan commitments | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (63) | 5 | 55 | 14 |
Short-term borrowings | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 18 | (1) | 54 | |
Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 443 | (191) | 761 | (362) |
Trading Account Profits (Losses) | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 552 | (354) | 663 | (825) |
Trading Account Profits (Losses) | Federal funds sold and securities borrowed or purchased under agreements to resell | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (24) | (13) | (88) | (33) |
Trading Account Profits (Losses) | Loans reported as trading account assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 33 | 14 | (68) | 48 |
Trading Account Profits (Losses) | Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 188 | (122) | 174 | (290) |
Trading Account Profits (Losses) | Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (6) | 13 | 29 | 18 |
Trading Account Profits (Losses) | Loans held-for-sale | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 26 | (3) | (21) | (4) |
Trading Account Profits (Losses) | Other assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | ||
Trading Account Profits (Losses) | Long-term deposits | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 4 | (2) | 11 | |
Trading Account Profits (Losses) | Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (6) | 48 | (2) | |
Trading Account Profits (Losses) | Unfunded loan commitments | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | |
Trading Account Profits (Losses) | Short-term borrowings | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 18 | (1) | 54 | |
Trading Account Profits (Losses) | Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 337 | (259) | 590 | (627) |
Mortgage Banking Income (Loss) | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 107 | 197 | 372 | 383 |
Mortgage Banking Income (Loss) | Federal funds sold and securities borrowed or purchased under agreements to resell | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Loans reported as trading account assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Loans held-for-sale | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 107 | 197 | 372 | 383 |
Mortgage Banking Income (Loss) | Other assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | |
Mortgage Banking Income (Loss) | Long-term deposits | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | |
Mortgage Banking Income (Loss) | Unfunded loan commitments | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Mortgage Banking Income (Loss) | Short-term borrowings | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | |
Mortgage Banking Income (Loss) | Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Other Income (Loss) | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 109 | 155 | 275 | 442 |
Other Income (Loss) | Federal funds sold and securities borrowed or purchased under agreements to resell | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Other Income (Loss) | Loans reported as trading account assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Other Income (Loss) | Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Other Income (Loss) | Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 16 | 53 | (67) | 105 |
Other Income (Loss) | Loans held-for-sale | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 25 | 30 | 88 | 70 |
Other Income (Loss) | Other assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (1) | 2 | 7 | |
Other Income (Loss) | Long-term deposits | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 26 | (3) | 21 | (12) |
Other Income (Loss) | Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | |
Other Income (Loss) | Unfunded loan commitments | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (63) | 5 | 55 | 14 |
Other Income (Loss) | Short-term borrowings | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | |
Other Income (Loss) | Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | $ 106 | $ 68 | $ 171 | $ 265 |
Fair Value of Financial Inst121
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Financial assets | ||
Loans held-for-sale, measured at fair value | $ 4,924 | $ 6,801 |
Financial liabilities | ||
Long-term debt | 32,920 | 36,404 |
Carrying Value | ||
Financial assets | ||
Loans | 848,196 | 842,259 |
Loans held-for-sale, measured at fair value | 6,914 | 12,836 |
Financial liabilities | ||
Deposits | 1,149,560 | 1,118,936 |
Long-term debt | 243,414 | 243,139 |
Commercial unfunded lending commitments | (981) | (932) |
Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans | 864,342 | 863,544 |
Loans held-for-sale, measured at fair value | 6,914 | 12,854 |
Financial liabilities | ||
Deposits | 1,149,966 | 1,119,427 |
Long-term debt | 250,149 | 252,054 |
Commercial unfunded lending commitments | (4,100) | (3,800) |
Level 2 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans | 72,467 | 87,174 |
Loans held-for-sale, measured at fair value | 5,984 | 12,236 |
Financial liabilities | ||
Deposits | 1,149,966 | 1,119,427 |
Long-term debt | 247,433 | 249,692 |
Level 3 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans | 791,875 | 776,370 |
Loans held-for-sale, measured at fair value | 930 | 618 |
Financial liabilities | ||
Deposits | 0 | 0 |
Long-term debt | $ 2,716 | $ 2,362 |
Mortgage Servicing Rights - Rol
Mortgage Servicing Rights - Rollforward of Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Activity for residential first mortgage MSRs | ||||
Balance, beginning of period | $ 3,394 | $ 4,765 | $ 3,530 | $ 5,042 |
Additions | 204 | 113 | 383 | 378 |
Sales | (312) | (26) | (312) | (46) |
Amortization of expected cash flows | (223) | (235) | (453) | (467) |
Impact of changes in interest rates and other market factors | 468 | (310) | 292 | (627) |
Model and other cash flow assumption changes: | ||||
Projected cash flows, including changes in costs to service loans | (1) | 82 | 86 | 46 |
Impact of changes in the Home Price Index | 2 | 4 | (10) | (7) |
Impact of changes to the prepayment model | 0 | 0 | 9 | 160 |
Other model changes | (11) | (25) | (4) | (111) |
Balance, end of period | 3,521 | 4,368 | 3,521 | 4,368 |
Mortgage loans serviced for investors (in billions) | 425,000 | 521,000 | 425,000 | 521,000 |
Consumer Portfolio Segment | United States | ||||
Model and other cash flow assumption changes: | ||||
Balance, end of period | 3,200 | 4,100 | 3,200 | 4,100 |
Consumer Portfolio Segment | Non United States | ||||
Model and other cash flow assumption changes: | ||||
Balance, end of period | $ 320 | $ 234 | $ 320 | $ 234 |
Mortgage Servicing Rights - Sig
Mortgage Servicing Rights - Significant Economic Assumptions (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fixed | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Weighted-average OAS | 4.56% | 4.52% |
Weighted-average life, in years | 4 years 10 months 20 days | 4 years 6 months 10 days |
Adjustable | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Weighted-average OAS | 7.67% | 7.61% |
Weighted-average life, in years | 3 years 4 months 9 days | 2 years 11 months 12 days |
Mortgage Servicing Rights - Sen
Mortgage Servicing Rights - Sensitivity Impacts (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |
Prepayment rates, impact of 10 percent decrease | $ 200 |
Prepayment rates, impact of 20 percent decrease | 424 |
Prepayment rates, impact of 10 percent increase | (181) |
Prepayment rates, impact of 20 percent increase | (344) |
OAS level, impact of 100 bps decrease | 156 |
OAS level, impact of 200 bps decrease | 327 |
OAS level, impact of 100 bps increase | (144) |
OAS level, impact of 200 bps increase | $ (278) |
Fixed | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |
Impact of 10 percent decrease | 2 months 23 days |
Impact of 20 percent decrease | 5 months 26 days |
Impact of 10 percent increase | 2 months 15 days |
Impact of 20 percent increase | 4 months 20 days |
Adjustable | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |
Impact of 10 percent decrease | 2 months 12 days |
Impact of 20 percent decrease | 5 months 4 days |
Impact of 10 percent increase | 2 months 4 days |
Impact of 20 percent increase | 3 months 29 days |
Business Segment Information Bu
Business Segment Information Business Segment Information - Narrative (Details) - Jun. 30, 2015 atm in Thousands | business_segmentstateatmbanking_center |
Segment Reporting [Abstract] | |
Number of operating segments | business_segment | 5 |
Consumer Banking | |
Segment Reporting Information [Line Items] | |
Number of states in which entity operates | state | 33 |
Number of banking centers | 4,800 |
Number of ATMs | atm | 16 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | $ 10,716 | $ 10,226 | $ 20,386 | $ 20,512 | |
Noninterest income | 11,629 | 11,734 | 23,380 | 24,215 | |
Total revenue, net of interest expense (FTE basis) | 22,345 | 21,960 | 43,766 | 44,727 | |
Provision for credit losses | 780 | 411 | 1,545 | 1,420 | |
Noninterest expense | 13,818 | 18,541 | 29,513 | 40,779 | |
Income before income taxes (FTE basis) | 7,747 | 3,008 | 12,708 | 2,528 | |
Income tax expense (FTE basis) | 2,427 | 717 | 4,031 | 513 | |
Net income | 5,320 | 2,291 | 8,677 | 2,015 | |
Period-end total assets | 2,149,034 | 2,170,557 | 2,149,034 | 2,170,557 | $ 2,104,534 |
Global Wealth & Investment Management | |||||
Segment Reporting Information [Line Items] | |||||
Period-end total assets | 263,958 | 263,958 | |||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue, net of interest expense (FTE basis) | 21,580 | 22,075 | 43,353 | 44,511 | |
Net income | 4,683 | 2,166 | 8,881 | 2,085 | |
Period-end total assets | 1,876,996 | 1,877,471 | 1,876,996 | 1,877,471 | |
Operating Segments | Consumer Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 4,910 | 5,060 | 9,781 | 10,130 | |
Noninterest income | 2,634 | 2,589 | 5,213 | 5,170 | |
Total revenue, net of interest expense (FTE basis) | 7,544 | 7,649 | 14,994 | 15,300 | |
Provision for credit losses | 506 | 550 | 1,222 | 1,359 | |
Noninterest expense | 4,321 | 4,505 | 8,710 | 9,000 | |
Income before income taxes (FTE basis) | 2,717 | 2,594 | 5,062 | 4,941 | |
Income tax expense (FTE basis) | 1,013 | 960 | 1,883 | 1,839 | |
Net income | 1,704 | 1,634 | 3,179 | 3,102 | |
Period-end total assets | 611,122 | 579,870 | 611,122 | 579,870 | |
Operating Segments | Global Wealth & Investment Management | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 1,359 | 1,485 | 2,710 | 2,970 | |
Noninterest income | 3,214 | 3,104 | 6,380 | 6,166 | |
Total revenue, net of interest expense (FTE basis) | 4,573 | 4,589 | 9,090 | 9,136 | |
Provision for credit losses | 15 | (8) | 38 | 15 | |
Noninterest expense | 3,457 | 3,445 | 6,916 | 6,803 | |
Income before income taxes (FTE basis) | 1,101 | 1,152 | 2,136 | 2,318 | |
Income tax expense (FTE basis) | 411 | 426 | 795 | 863 | |
Net income | 690 | 726 | 1,341 | 1,455 | |
Period-end total assets | 267,021 | 263,958 | 267,021 | 263,958 | |
Operating Segments | Global Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 2,213 | 2,442 | 4,473 | 4,946 | |
Noninterest income | 1,902 | 1,996 | 3,920 | 4,018 | |
Total revenue, net of interest expense (FTE basis) | 4,115 | 4,438 | 8,393 | 8,964 | |
Provision for credit losses | 177 | 136 | 273 | 417 | |
Noninterest expense | 1,941 | 2,007 | 3,951 | 4,184 | |
Income before income taxes (FTE basis) | 1,997 | 2,295 | 4,169 | 4,363 | |
Income tax expense (FTE basis) | 746 | 850 | 1,552 | 1,625 | |
Net income | 1,251 | 1,445 | 2,617 | 2,738 | |
Period-end total assets | 367,045 | 370,561 | 367,045 | 370,561 | |
Operating Segments | Global Markets | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 1,028 | 962 | 2,037 | 1,968 | |
Noninterest income | 3,231 | 3,637 | 6,836 | 7,657 | |
Total revenue, net of interest expense (FTE basis) | 4,259 | 4,599 | 8,873 | 9,625 | |
Provision for credit losses | 6 | 20 | 27 | 38 | |
Noninterest expense | 2,723 | 2,875 | 5,854 | 5,964 | |
Income before income taxes (FTE basis) | 1,530 | 1,704 | 2,992 | 3,623 | |
Income tax expense (FTE basis) | 537 | 602 | 1,054 | 1,211 | |
Net income | 993 | 1,102 | 1,938 | 2,412 | |
Period-end total assets | 580,955 | 610,435 | 580,955 | 610,435 | |
Operating Segments | Legacy Assets & Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 416 | 362 | 844 | 739 | |
Noninterest income | 673 | 438 | 1,159 | 747 | |
Total revenue, net of interest expense (FTE basis) | 1,089 | 800 | 2,003 | 1,486 | |
Provision for credit losses | 57 | (39) | 148 | (27) | |
Noninterest expense | 961 | 5,234 | 2,164 | 12,637 | |
Income before income taxes (FTE basis) | 71 | (4,395) | (309) | (11,124) | |
Income tax expense (FTE basis) | 26 | (1,654) | (115) | (3,502) | |
Net income | 45 | (2,741) | (194) | (7,622) | |
Period-end total assets | 50,853 | 52,647 | 50,853 | 52,647 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 790 | (85) | 541 | (241) | |
Noninterest income | (25) | (30) | (128) | 457 | |
Total revenue, net of interest expense (FTE basis) | 765 | (115) | 413 | 216 | |
Provision for credit losses | 19 | (248) | (163) | (382) | |
Noninterest expense | 415 | 475 | 1,918 | 2,191 | |
Income before income taxes (FTE basis) | 331 | (342) | (1,342) | (1,593) | |
Income tax expense (FTE basis) | (306) | (467) | (1,138) | (1,523) | |
Net income | 637 | 125 | (204) | (70) | |
Period-end total assets | $ 272,038 | $ 293,086 | $ 272,038 | $ 293,086 |
Business Segment Information -
Business Segment Information - Reconciliation of Revenue and Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Segments' total revenue, net of interest expense (FTE basis) | $ 22,345 | $ 21,960 | $ 43,766 | $ 44,727 | |
Revenues | 22,117 | 21,747 | 43,319 | 44,313 | |
Reclassification to net income | 5,320 | 2,291 | 8,677 | 2,015 | |
Total assets | 2,149,034 | 2,170,557 | 2,149,034 | 2,170,557 | $ 2,104,534 |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Segments' total revenue, net of interest expense (FTE basis) | 21,580 | 22,075 | 43,353 | 44,511 | |
Reclassification to net income | 4,683 | 2,166 | 8,881 | 2,085 | |
Total assets | 1,876,996 | 1,877,471 | 1,876,996 | 1,877,471 | |
ALM activities | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,013 | (84) | 792 | (349) | |
Reclassification to net income | 448 | (169) | 209 | (75) | |
Total assets | 688,743 | 694,031 | 688,743 | 694,031 | |
Equity investment income | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 11 | 95 | 12 | 793 | |
Reclassification to net income | 7 | 59 | 7 | 496 | |
Total assets | 4,670 | 5,126 | 4,670 | 5,126 | |
Liquidating businesses and other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (259) | (126) | (391) | (228) | |
Reclassification to net income | 182 | 235 | (420) | (491) | |
Total assets | 67,096 | 80,563 | 67,096 | 80,563 | |
FTE basis adjustment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (228) | (213) | (447) | (414) | |
Elimination of segment asset allocations to match liabilities | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ (488,471) | $ (486,634) | $ (488,471) | $ (486,634) |